# EDGAR Filing Document

**Accession Number:** 0001750821
**File Stem:** 0001580642-26-001277
**Filing Date:** 2026-2
**Character Count:** 459749
**Document Hash:** 948fa2f4a18b4d308886658f34ab91ac
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-001277.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001580642-26-001277

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Place Advisors Trust
- **CENTRAL INDEX KEY:** 0001750821

**ORGANIZATION NAME:**
- **EIN:** 462828241
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23373
- **FILM NUMBER:** 26696242

**BUSINESS ADDRESS:**
- **STREET 1:** 10 SOUTH LASALLE STREET, SUITE 1925
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (312) 857-2160

**MAIL ADDRESS:**
- **STREET 1:** 10 SOUTH LASALLE STREET, SUITE 1925
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** North Square Investments Trust
- **DATE OF NAME CHANGE:** 20180821
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Exchange Place Advisors Trust
- **CENTRAL INDEX KEY:** 0001750821

**ORGANIZATION NAME:**
- **EIN:** 462828241
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-226989
- **FILM NUMBER:** 26696241

**BUSINESS ADDRESS:**
- **STREET 1:** 10 SOUTH LASALLE STREET, SUITE 1925
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603
- **BUSINESS PHONE:** (312) 857-2160

**MAIL ADDRESS:**
- **STREET 1:** 10 SOUTH LASALLE STREET, SUITE 1925
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60603

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** North Square Investments Trust
- **DATE OF NAME CHANGE:** 20180821

## Series and Classes Contracts Data

### FORT PITT CAPITAL TOTAL RETURN FUND (Series ID: S000084768)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000249248 | FORT PITT CAPITAL TOTAL RETURN FUND | FPCGX           |

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

Filed with the Securities and Exchange Commission on February 27, 2026

Securities Act Registration No. 333-226989

Investment Company Act Registration No. 811-23373

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM N-1A**

---

| | | |
|:---|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☒ |
|  | Pre-Effective Amendment No. ____ | ☐ |
|  | Post-Effective Amendment No. 52 | ☒ |
| and/or | and/or | and/or |
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☒ |
|  | Amendment No. 54 | ☒ |

---

**<u>Exchange Place Advisors Trust</u>**

(Exact Name of Registrant as Specified in Charter)

Karen Jacoppo-Wood

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450, Cincinnati, OH 45246

(Address of Principal Executive Offices) (Zip Code)

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

The Corporation Trust Company

Corporation Trust Center

1209 Orange Street

Wilmington, DE 19801

(Name and Address of Agent for Service)

With Copies To:

Stacy H. Louizos, Esq.

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

(212) 885-5147

It is proposed that this filing will become effective:

☒ immediately upon filing pursuant to paragraph (b);

☐ on (date) pursuant to paragraph (b)

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

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

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

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

If appropriate, check the following box:

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

![](pro_001.jpg)<br>**FORT PITT CAPITAL TOTAL RETURN FUND**<br>**(FPCGX)**<br>**PROSPECTUS**<br>**February 27, 2026**<br>***The United States Securities and Exchange Commission (the "SEC") has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.***<br> ****<br> ****<br> ****<br>

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| SUMMARY SECTION | 1 |
| MORE INFORMATION ABOUT THE FUND'S PRINCIPAL INVESTMENT STRATEGIES, PRINCIPAL RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS | 7 |
| INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGIES | 7 |
| PRINCIPAL RISKS OF INVESTING IN THE FUND | 9 |
| PORTFOLIO HOLDINGS INFORMATION | 12 |
| INVESTMENT ADVISOR AND PORTFOLIO MANAGER | 12 |
| SHAREHOLDER INFORMATION | 14 |
| &nbsp;&nbsp;&nbsp;How to Buy Shares | 14 |
| &nbsp;&nbsp;&nbsp;How to Sell Shares | 17 |
| ACCOUNT INFORMATION RECAP | 21 |
| RETIREMENT INVESTING | 23 |
| DIVIDENDS AND DISTRIBUTIONS | 23 |
| TOOLS TO COMBAT FREQUENT TRANSACTIONS | 24 |
| TAX CONSEQUENCES | 25 |
| MARKETING AND DISTRIBUTION ARRANGEMENTS | 26 |
| GENERAL POLICIES | 26 |
| INDEX DESCRIPTION | 28 |
| FINANCIAL HIGHLIGHTS | 29 |
| PRIVACY NOTICE | PN-1 |
| ADDITIONAL INFORMATION | Back Cover |

---

**Important Note:** The Board of Trustees of the Fund has approved the reorganization of the Fund into Kovitz Core Equity ETF, a series of Valued Advisers Trust, which is also advised by Focus Partners Wealth, LLC ("FPW") and that operates as an exchange-traded fund ("Reorganization"). The Reorganization is expected to close in Q2 2026 subject to the fulfillment of closing conditions, including the approval of the Reorganization by the Fund's shareholders. Beginning on January 1, 2026, following an internal restructuring, FPW began serving as the Fund's advisor pursuant to an interim advisory agreement, pending shareholder approval of a new advisory agreement. Prior to January 1, 2026, Kovitz Investment Group Partners, LLC served as the Fund's investment advisor. Focus Financial Partners Inc. is the ultimate parent company of FPW and Kovitz. Please see the section entitled "Investment Advisor and Portfolio Manager" in this Prospectus for more information. More detailed information regarding the Reorganization and the proposals to be voted upon at a special meeting of the Fund's shareholders will be provided in a proxy statement/prospectus in connection with the special meeting. There is no assurance that the shareholders of the Fund will approve the proposals with respect to the Fund.

i

**SUMMARY SECTION**

**Investment Objective:** The Fort Pitt Capital Total Return Fund (the "Fund") seeks to realize the combination of long-term capital appreciation and income that will produce maximum total return.

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

***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) |  |
| Management Fees | 0.76% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.49% |
| Total Annual Fund Operating Expenses | 1.25% |
| &nbsp;&nbsp;&nbsp;Less: Fee Waiver | -0.25% |
| Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement<sup>(1)</sup> | 1.00% |

---

<sup>(1)</sup> Focus Partners Wealth, LLC (the "Advisor"), has contractually agreed to waive all or a portion of its management fees and reimburse Fund expenses to ensure that Total Annual Fund Operating Expenses (excluding interest, taxes, brokerage commissions, acquired fund fees and expenses ("AFFE"), extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees or any other class-specific expenses) do not exceed 1.00% of the Fund's average daily net assets ("Expense Cap"). The Expense Cap will remain in effect through at least February 28, 2027, and may be amended or terminated only by the Fund's Board of Trustees (the "Board"). The Advisor is permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived, payments made or expenses reimbursed to the Fund for a period ending 36 months after the date of the waiver, payment or reimbursement. This reimbursement may be requested from the Fund if the reimbursement will not cause the Fund's annual expense ratio to exceed the lesser of (a) the expense limitation amount in effect at the time such fees were waived, payments made or expenses reimbursed, or (b) the expense limitation amount in effect at the time of the reimbursement.

**Example:** This 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 these periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same (taking into account the Expense Cap only in the first year). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $102 | $372 | $662 | $1489 |

---

**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 portfolio turnover rate for the Fund was 27% of the average value of its portfolio.

**Principal Investment Strategies of the Fund:** The Fund has a long-term investment outlook and generally undertakes a "buy and hold" strategy in order to reduce turnover and maximize after-tax returns. Under normal market conditions, the Fund will invest primarily in common stocks of large and mid-sized U.S. companies that the Advisor considers to be profitable and which have returns on equity near or higher than their peers, and that the Advisor believes are undervalued as measured by their price-to-earnings ("P/E") ratio. Return on equity measures how much profit a company generates with the money that shareholders have invested in the company, and is calculated by dividing net income by shareholder equity. The Fund currently considers companies with a market capitalization between $2 billion

and $10 billion to be mid-sized companies and companies with a market capitalization over $10 billion to be large-sized companies. The Fund also may purchase small capitalization stocks (companies with less than $2 billion in market capitalization). The Fund may from time to time emphasize investments in certain sectors of the market. Industry and sector classifications can differ widely amongst various data sources and financial institutions.

A portion of the Fund's assets may also be invested in fixed income investments (primarily U.S. government obligations) when the Advisor determines that prospective returns from fixed income securities are competitive with those of common stocks. The percentage of assets allocated between equity and fixed income securities is flexible rather than fixed. The Fund will only invest in fixed income investments which are rated investment grade, or BBB and above as defined by S&P Global Ratings ("Standard & Poor's<sup>®</sup>") or Baa and above by Moody's Investors Service, Inc. ("Moody's"). The Fund may invest in fixed income investments of any maturity.

The Fund also may invest without limit in American Depositary Receipts ("ADRs"), which are equity securities traded on U.S. exchanges, that are generally issued by banks or trust companies to evidence ownership of foreign equity securities. The Fund may also invest up to 10% of its net assets in other mutual funds, including exchange-traded funds ("ETFs").

With respect to the selection of stocks in which the Fund invests, the Advisor identifies stocks for investment using its own research and analysis techniques, and supplements its internal research with the research and analysis of major U.S. investment and brokerage firms.

**Principal Risks of Investing in the Fund:** The risks associated with an investment in the Fund can increase during times of significant market volatility. There is the risk that you could lose all or a portion of your money on your investment in the Fund. The principal risks that could adversely affect the Fund's net asset value ("NAV"), yield and total return include:

●  ***Sector Emphasis Risk.*** Securities of companies in the same or related businesses, if comprising a significant portion of the Fund's portfolio, could react in some circumstances negatively 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 such business comprised a lesser portion of the Fund's portfolio.

○  ***Financials Sector Risk*.** The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted.

○  ***Industrials Sector Risk*.** Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector can be adversely affected by environmental damages, product liability claims and exchange rates.

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

*●*  ***General Market Risk.*** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions affecting a single issuer, 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 financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; real or perceived adverse economic conditions; military conflict; political turmoil; social unrest; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors, which has resulted in disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, inflation, political events, U.S. government debt and trade tensions, including tariffs, also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects on the region, including significant adverse effects on the regional or global economies and the markets for certain securities. The U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to market volatility and may continue to do so.

●  ***Interest Rate Risk.*** The Fund's investments in fixed income securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value.

●  ***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. In addition, as noted below, certain sectors of the market may be "out of favor" during a particular time period which can result in volatility in equity price movements. 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.

●  ***Large Capitalization Company 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.

●  ***Small- and Medium-Capitalization Company Risk.*** Investing in small and medium capitalization companies can be riskier than investing in larger, more established companies due to, among other things, narrower product lines, more limited financial resources and fewer experienced managers. Securities of small-cap or medium-cap companies may trade less frequently and in smaller volumes than securities of larger companies.

●  ***Credit Risks*.** If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund's portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund.

●  ***U.S. Government Obligations Risk*.** U.S. government obligations are viewed as having minimal or no credit risk but are still subject to interest rate risk. Securities issued by certain U.S. government agencies and U.S. government-sponsored enterprises are not guaranteed by the U.S. government or supported by the full faith and credit of the United States. If a government-sponsored entity is unable to meet its obligation, the performance of the Fund may be adversely impacted.

●  ***American Depositary Receipts Risk.*** Investing in ADRs may involve risks in addition to the risks in domestic investments, including less regulatory oversight and less publicly-available information, less stable governments and economies, and non-uniform accounting, auditing and financial reporting standards. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR.

***●***  ***Investment Company Risk.*** **  When the Fund invests in other investment companies, such as an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the investment company's operating expenses, including the management fees of unaffiliated funds in addition to those paid by the Fund. The risk of owning an investment company generally reflects the risks of owning the underlying securities the investment company holds. The Fund may also incur brokerage costs when it purchases shares of investment companies.

●  ***Yield Curve Risk.*** This is the risk that there is an adverse shift in market interest rates of fixed income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long- and short-term interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest rates increases which means long-term bond prices decrease relative to short-term bond prices.

●  ***Cybersecurity Risk.*** With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its net asset value ("NAV"), impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs.

**Performance.** Effective January 1, 2026, following an internal restructuring, the Advisor began serving as the Fund's investment adviser. Prior to January 1, 2026, Kovitz Investment Group Partners, LLC (the "Prior Advisor") served as the Fund's investment adviser. Prior to November 1, 2024, Fort Pitt Capital Group, LLC ("Fort Pitt Capital") served as the Fund's investment adviser. The Advisor was under common control with the Prior Advisor and the portfolio manager of the Fund did not change. The Fund's performance for the period from November 1, 2024, until January 1, 2026, reflects the management of the Fund by the Prior Advisor.

On June 28, 2024, the Fund acquired all of the assets, and assumed all liabilities, of the Fort Pitt Capital Total Return Fund, a series of Advisors Series Trust (the "Predecessor Fund"), in a tax-free reorganization (the "Reorganization"). In connection with the Reorganization, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. In addition, the Fund's portfolio manager managed the Predecessor Fund at Fort Pitt Capital from 2021 until the Reorganization. The Fund's performance shown below for periods prior to June 28, 2024, is that of the Predecessor Fund. The Fund is a continuation of the Predecessor Fund and assumed the performance and accounting history of the Predecessor Fund as of the date of the Reorganization. Therefore, the performance information includes the performance of the Predecessor Fund. Prior to the Reorganization, the Fund was a "shell" fund with no assets and had not yet commenced operations. The Fund's performance for the period from the Reorganization until November 1, 2024, reflects the management of the Fund by Fort Pitt Capital.

The Predecessor Fund was organized on July 15, 2011 to acquire the assets and liabilities of the Fort Pitt Capital Total Return Fund, a series of Fort Pitt Capital Funds (the "Prior Predecessor Fund"), which commenced operations on December 31, 2001, in exchange for shares of the Predecessor Fund. Accordingly, the Predecessor Fund is the successor to the Prior Predecessor Fund. The Predecessor Fund had an investment objective, strategies and policies substantially similar to the Prior Predecessor Fund, which was advised by the Prior Advisor. The following information provides some indication of the risks of investing in the Fund by showing the performance of the Fund's shares from year to year and by showing the Fund's average annual total returns compared with those of a broad-based market index. The performance of the Fund and of the Predecessor Fund was calculated net of the Fund's and Predecessor Fund's respective fees and expenses. The Fund's performance has not been restated to reflect any differences in expenses paid by the Predecessor Fund and those paid by the Fund. The Predecessor Fund's performance is included because the Fund believes that the performance information presented is relevant for consideration by prospective Fund investors. **Although the actual performance of the Predecessor Fund is not the performance of the Fund, the Fund has adopted the performance of the Predecessor Fund as its performance. Such performance is not necessarily indicative of the Fund's future performance.** Updated performance information is available on the Fund's website at www.FortPittCapitalFunds.com or by calling the Fund toll-free at 1-866-688-8775.

**Annual Total Returns (before taxes) as of December 31**

![](pro_002.jpg)

During the period shown on the bar chart, the Fund's highest and lowest quarterly returns are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Highest Quarter:** | **Highest Quarter:** | **Lowest Quarter:** | **Lowest Quarter:** |
| Q4 ended December 31, 2020 | 18.18% | Q1 ended March 31, 2020 | -24.97% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns <br> (For the Periods Ended December 31, 2025)** | **1 Year** | **5 Years** | **10 Years** |
| **Fort Pitt Capital Total Return Fund** |  |  |  |
| &nbsp;&nbsp;&nbsp;Return Before Taxes | 20.98% | 11.31% | 12.51% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions | 15.79% | 7.85% | 10.19% |
| &nbsp;&nbsp;&nbsp;Return After Taxes on Distributions and Sale of Fund Shares | 16.11% | 8.46% | 9.93% |
| **S&P 500<sup>®</sup> Index<sup>(1)</sup>**<br> (reflects no deduction for fees, expenses or taxes) | 17.88% | 14.42% | 14.82% |

---

(1) The S&P 500 Index is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading. Investors cannot invest directly in an index or benchmark. Index returns are gross of any fees, brokerage commission or other expenses of investing.

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 their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts ("IRAs").

**Management**

***Investment Adviser:*** Focus Partners Wealth, LLC is the Fund's investment adviser.

***Portfolio Manager:*** Dan Eye has served as the Fund's and the Predecessor Fund's Portfolio Manager since 2021 and is primarily responsible for the day-to-day management of the Fund.

**Purchase and Sale of Fund Shares:**

You may purchase or redeem Fund shares on any business day by written request via mail (Fort Pitt Capital Total Return Fund, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246), by telephone at 1-866-688-8775, 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.

---

| | | |
|:---|:---|:---|
| **Type of Account** | **To Open Your Account** | **To Add to Your Account** |
| Regular Accounts | $2500 | $100 |
| Qualified Retirement Accounts | $2500 | Any amount |
| Coverdell Education Savings Accounts | $2000 | Any amount |
| Automatic Investment Plan Participation | $1000 | $100 |

---

**Tax Information:** The Fund's distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing 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 Fund shares through a broker-dealer or other financial intermediary, the Fund and/or the Advisor may pay the intermediary for the sale of Fund shares and related services. Currently, because the Fund has not enacted a formal Distribution and Service Plan (defined within the statutory prospectus), payments to intermediaries are being paid by the Advisor, not the Fund. These payments create conflicts of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**MORE INFORMATION ABOUT THE FUND'S PRINCIPAL INVESTMENT STRATEGIES,<br> PRINCIPAL RISKS AND DISCLOSURE OF PORTFOLIO HOLDINGS**

**INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGIES**

**Investment Objective**

The investment objective of the Fund is to realize the combination of long-term capital appreciation and income that will produce maximum total return. This objective is non-fundamental, which means that it may be changed or modified in the future by action of the Fund's Board of Trustees without shareholder approval. Shareholders will receive 60-day advance written notice of any change in the Fund's investment objective. There is no guarantee that the Fund will achieve its investment objective.

**Principal Investment Strategies**

The Fund has a long-term investment outlook and generally undertakes a "buy and hold" strategy in order to reduce turnover and maximize after-tax returns.

The Fund seeks to produce maximum total return. Under normal market conditions, the Fund will invest primarily in common stocks of large and mid-sized U.S. companies. Under normal market conditions, the Fund primarily invests in domestic (U.S.) common stocks that the Advisor considers to be profitable and which have returns on equity near or higher than their peers, and that the Advisor believes are undervalued as measured by P/E ratio. Return on equity measures how much profit a company generates with the money that shareholders have invested in the company, and is calculated by dividing net income by shareholder equity. The Fund may invest a portion of its total assets in shares of companies which sell at an above-average P/E ratio or are not yet profitable, but show a dominant share of revenue in a rapidly growing or emerging industry, such as technology and biotechnology. Accordingly, the Advisor seeks to invest in companies with the potential for strong growth with a comparatively low P/E ratio.

The Fund currently considers companies with a market capitalization between $2 billion and $10 billion to be mid-sized companies and companies with a market capitalization over $10 billion to be large-sized companies. The Fund also may purchase small capitalization stocks (companies with less than $2 billion in market capitalization), or preferred stock, warrants, rights or other securities that are convertible into or exchangeable for shares of common stock. The Fund may from time to time emphasize investments in certain sectors of the market. Industry and sector classifications can differ widely amongst various data sources and financial institutions.

A portion of its assets may also be invested in fixed income investments (primarily U.S. government obligations). The percentage of assets allocated between equity and fixed income securities is flexible rather than fixed. The Fund will only invest in fixed income investments which are rated as investment grade, or BBB and above as defined by Standard & Poor's<sup>®</sup> or Baa and above by Moody's. The Fund may invest in fixed income investments of any maturity.

When the Advisor determines that prospective returns from fixed income securities are competitive with those of common stocks, it may invest Fund assets in fixed income investments (primarily U.S. government obligations). In its analysis, the Advisor compares the valuation of the Standard & Poor's ("S&P") 500<sup>®</sup> Index to historical valuations as well as to the yield to maturity of long-term U.S. Treasury bonds. This comparison is based on the value of the S&P 500<sup>®</sup> Index and the expected earnings of the S&P 500<sup>®</sup> Index. If the Advisor deems the S&P 500<sup>®</sup> Index to be overvalued on a risk-adjusted basis relative to long-term U.S. Treasury bonds, the Fund may invest in fixed income securities. Although there is no limit or minimum on the amount of Fund assets that may be invested in fixed income investments, the Advisor anticipates that such investments will be no more than one-third of the Fund's total assets.

The Fund also may invest without limit in ADRs, which are equity securities traded on U.S. exchanges, including the Nasdaq Global Market<sup>®</sup>, that are generally issued by banks or trust companies to evidence ownership of foreign equity securities. An ADR entitles the holder to all dividends and capital gains earned by the underlying foreign shares. The Fund may also invest up to 10% of its net assets in other mutual funds, including ETFs.

**Temporary Defensive Investments.** The Fund has authority to invest up to 100% of its assets in short-term money market instruments, including money market funds, for temporary defensive purposes when the Advisor believes market, economic, political or other conditions are unfavorable for investors. In temporary defensive situations, the Fund will be unable to pursue its investment goal of long-term capital appreciation and income.

**Cash Management.** The Fund may also temporarily invest in money market instruments or in U.S. Treasury bills during times when excess cash is generated from new sales of the Fund's shares, when income is paid on securities held by the Fund or when cash is held pending investment in suitable stocks or other fixed income securities. To the extent that the Fund uses a money market fund for its cash position, there will be some duplication of expenses due to the Fund's pro rata portion of such money market fund's advisory fees and operational expenses.

**Stock Selection Process.** The Advisor identifies stocks for investment using its own research and analysis techniques, and supplements its internal research with the research and analysis of major U.S. investment and brokerage firms. When analyzing a company's growth prospects, the Advisor considers the growth in a company's market share and unit sales, as well as growth in overall revenues and earnings per share. The Advisor uses a proprietary database containing detailed financial information for over 6,000 companies to analyze comparative growth rates, and looks for companies that are growing substantially faster than their peers in the same industries. The Advisor determines whether a company's growth rate can be sustained over time by analyzing the fundamental financial strength of the company, as evidenced by its debt burden or its ability to generate excess cash.

Once the Advisor identifies a company that it has determined would fit the Fund's investment strategy, it seeks to purchase the company's stock at reasonable prices. Using fundamental financial statement analysis, the Advisor compares a company's P/E ratio with its growth rate, in order to evaluate the price of the stock relative to its future earnings. The Advisor generally seeks companies with P/E multiples as low as one times the company's growth rate. When deciding between two companies that may fit the Fund's investment strategy, the Advisor will normally choose the company which has a lower P/E compared to its growth rate. This approach is designed to enable the Fund to pay a lower price for the future earnings stream of one company versus another company with a similar earnings stream.

The Advisor purchases stocks for the Fund with the intention of holding them for at least three to five years. The Advisor will sell a stock when it believes the underlying company's intrinsic value has been fully realized, when growth prospects falter due to changing market or economic conditions, or when earnings fail to meet the Advisor's expectations. The Advisor determines that a company's intrinsic value has been fully realized by comparing current enterprise value (equity plus outstanding debt at market value) with its discounted estimate of future cash flows. The discount rate employed in this calculation consists of the current yield-to-maturity of the 30-year U.S. Treasury plus an equity premium.

Although the Advisor intends to hold stocks for three to five years, it may sell stocks and other investments regardless of how long they have been held. When the Advisor sells individual stocks, it attempts to manage the liquidation process to take advantage of longer holding periods for favorable capital gains tax rates in order to optimize after-tax returns to Fund shareholders.

**Fixed Income Security Selection Process.** The Advisor seeks fixed income investments that it considers as investment grade instruments. For purposes of the Fund, it determines whether the security is "investment grade" by considering if it is at the time of purchase, an "investment grade" debt instrument as rated by a nationally recognized statistical rating organization. Investment grade debt securities are generally considered to be those rated "Baa" or better by Moody's or "BBB" or better by Standard & Poor's<sup>®</sup>, or if the security is unrated, as determined to be of comparable quality by the Advisor. A fixed income security may also be selected if it is issued under favorable terms in light of the then state of the fixed income and equity investment markets, the most important terms of which would be duration and interest rate.

**PRINCIPAL RISKS OF INVESTING IN THE FUND**

Investments in securities are subject to inherent market risks and fluctuations in value due to earnings, economic and political conditions and other factors, therefore, the Fund may not achieve its investment objective. Since the price of securities the Fund holds may fluctuate, the value of your investment in the Fund may also fluctuate and you could lose money. An investment in the Fund should be considered a long-term investment, one with a minimum investment horizon of three to five years. The Fund's success depends on the skill of the Advisor in evaluating, selecting and monitoring the Fund's investments. If the Advisor's conclusions about growth rates or stock values are incorrect, the Fund may not perform as anticipated. Although the Advisor selects stocks based upon what the Advisor believes to be their potential for long-term earnings growth, there can be no assurance that this potential will be realized.

The principal risks of investing in the Fund are described below. These risks could adversely affect the NAV, total return, and value of the Fund and your investment in the Fund.

**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 such business or businesses comprised a lesser portion of the Fund's portfolio.

**Financials Sector Risk.** The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted. The impact of more stringent capital requirements, recent or future regulation on any individual financial company or recent or future regulation on the financials sector could have an adverse impact on the Fund. Due to increased inter-sector consolidation, banks, insurance companies, and financial services companies may be subject to severe competition.

**Healthcare Sector Risk.** The Fund may invest a substantial portion of its assets directly or indirectly in securities issued by healthcare companies and, as a result, the performance of the Fund will be impacted by economic, political and regulatory risks or other occurrences associated with the healthcare industry. Healthcare companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims and legislative or regulatory activities, among other factors.

**Industrials Sector Risk.** Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector can be adversely affected by environmental damages, product liability claims and exchange rates.

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

**General Market Risk.** Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions affecting a single issuer, 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 financial market or other asset classes due to a number of factors, including: inflation (or expectations for inflation); interest rates; global demand for particular products or resources; natural disasters or events; pandemic diseases; terrorism; real or perceived adverse economic conditions; military conflict; political turmoil; social unrest; regulatory events; and government controls. U.S. and international markets have experienced significant periods of volatility in recent years and months due to a number of economic, political and global macro factors, which have resulted in, among other results, disruptions to business operations and supply chains, stress on the global healthcare system, growth concerns in the U.S. and overseas, staffing shortages and the inability to meet consumer demand, and widespread concern and uncertainty. Continuing uncertainties regarding interest rates, inflation, political events, U.S. government debt, and trade tensions, including tariffs, also contribute to market volatility. Conflict, loss of life and disaster connected to ongoing armed conflict between Ukraine and Russia in Europe and Israel and Hamas in the Middle East could have severe adverse effects, including significant adverse effects on the regional or global economies and the markets for certain securities, as well as increased regional and global market volatility.

**Interest Rate Risk.** Bond prices generally rise when interest rates decline and decline when interest rates rise. The longer the duration of a bond, the more a change in interest rates affects the bond's price. Short-term and long-term interest rates may not move the same amount and may not move in the same direction. Other types of securities also may be adversely affected from an increase in interest rates. Over the past several years, the Federal Reserve has maintained the level of interest rates at or near historic lows. However, more recently, interest rates have begun to increase as a result of action that has been taken by the Federal Reserve, which has raised, and may continue to raise, interest rates. Changing interest rates may have unpredictable effects on the markets and the Fund's investments. The Fund may be exposed to heightened interest rate risk as interest rates rise from historically low levels. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

**Equity Securities Risk.** The Fund is designed for long-term investors who can accept the risks of investing in a portfolio with significant common stock holdings. The prices of common stocks move up or down (sometimes rapidly and unpredictably) in response to general market and economic conditions, interest rates, investor perception and anticipated events, as well as the activities of the particular issuer. Stock market risk may affect individual companies, industries, sectors, or the securities markets generally.

**Large-Capitalization Company 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.

**Small- and Medium-Capitalization Company Risk.** Investments in small and medium capitalization companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.

**Credit Risk**. If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of the Fund's portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund. Even if issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

**U.S. Government Obligations Risk.** Not all securities issued by U.S. Government agencies or government-sponsored entities are guaranteed by the full faith and credit of the United States. The Government National Mortgage Association ("GNMA"), a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or the Department of Veterans Affairs. U.S. Government agencies or government-sponsored entities (*i.e*., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate. If a government-sponsored entity is unable to meet its obligations, the performance of the Fund may be adversely impacted. U.S. Government obligations are viewed as having minimal or no credit risk but are still subject to interest rate risk.

**American Depositary Receipts Risk**. Investing in ADRs may involve risks in addition to the risks in domestic investments, including less regulatory oversight and less publicly-available information, less stable governments and economies, and non-uniform accounting, auditing and financial reporting standards. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice versa, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR.

**Investment Company Risk.** When the Fund invests in other investment companies, such as an ETF or mutual fund, it will bear additional expenses based on its pro rata share of the investment company's operating expenses, including the management fees of unaffiliated funds in addition to those paid by the Fund. The risk of owning an investment company generally reflects the risks of owning the underlying securities the investment company holds. The Fund may also incur brokerage costs when it purchases shares of investment companies.

Many ETFs seek to replicate a specific benchmark index. However, an ETF may not fully replicate the performance of its benchmark index for many reasons, including the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of stocks held. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities it holds. In addition, because of ETF expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. The Fund also will incur brokerage costs when it purchases ETFs.

**Fixed Income Securities Risk.** When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. New regulations applicable to, and changing business practices of, financial intermediaries that make markets in fixed income securities have resulted in less market making activity for certain fixed income securities, which may reduce the liquidity and may increase the volatility for such fixed income securities. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund's performance. Duration risk arises when holding long duration and long maturity investments, which will magnify certain risks, including interest rate risk and credit risk. Longer-term securities may be more sensitive to interest rate changes. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security's price. If rates drop significantly, effective duration may tend to overstate the rise in a security's price.

**Yield Curve Risk.** This is the risk that there is an adverse shift in market interest rates of fixed income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between long-and short-term interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest rates increases which means long-term bond prices decrease relative to short-term bond prices.

**Cybersecurity Risk.** With the increased use of technologies such as the Internet to conduct business, the Fund is susceptible to operational, information security, and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber attacks include, but are not limited to, gaining unauthorized access to digital systems (e.g., through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (i.e., efforts to make network services unavailable to intended users). Cyber incidents affecting the Fund or its service providers may cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. Similar adverse consequences could result from cyber incidents affecting issuers of securities in which the Fund invests, counterparties with which the Fund engages in transactions, governmental and other regulatory authorities, exchange and other financial market operators, banks, brokers, dealers, insurance companies and other financial institutions (including financial intermediaries and service providers for shareholders) and other parties. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund's service providers have established business continuity plans in the event of, and risk management systems to prevent, such cyber incidents, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund or its shareholders. As a result, the Fund and its shareholders could be negatively impacted.

**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 Fund's SAI. In addition, the Fund may publish on its website (www.FortPittCapitalFunds.com) each calendar quarter: (a) top ten portfolio holdings of the Fund and the percentage that each holding represents of the Fund's portfolio, and (b) the sector allocation for the Fund's portfolio, in each case no earlier than twenty calendar days after the end of each calendar quarter. This information will be available on the Fund's website until the next quarter in which portfolio holdings are posted in accordance with the above policy.

**INVESTMENT ADVISOR AND PORTFOLIO MANAGER**

Beginning on January 1, 2026 (the "Closing Date"), following an internal restructuring (the "Transaction"), Focus Partners Wealth, LLC, located at 190 Carondelet Plaza, Suite 600, St. Louis, MO 63105, began serving as the Fund's investment adviser. Prior to January 1, 2026, Kovitz Investment Group Partners, LLC ("Kovitz"), served as the Fund's investment adviser. Prior to November 1, 2024, Fort Pitt Capital Group, LLC ("Fort Pitt Capital"), served as the Fund's investment adviser. Focus Financial Partners, Inc. is the ultimate parent company of the Advisor. The Fort Pitt Capital Group division of the Advisor is responsible for managing the investment of the Fund's portfolio of securities. The Advisor identifies companies for investment, determines when securities should be purchased or sold by the Fund and selects brokers or dealers to execute transactions for the Fund's portfolio.

As a result of the Transaction, the investment advisory agreement between the Trust and Kovitz with respect to the Fund (the "Current Advisory Agreement") was terminated as of the Closing Date. In connection with the Transaction, it is proposed that the Fund, which currently operates as an open-end mutual fund, be reorganized into Kovitz Core Equity ETF (the "Acquiring Fund"), a series of Valued Advisers Trust (the "Acquiring Trust"), which is also advised by the Advisor and that operates as an exchange-traded fund (the "Reorganization"). At a meeting held on December 9-10, 2025, the Board approved the Agreement and Plan of Reorganization (the "Plan") for the

Reorganization. Pursuant to the Plan, the Fund will transfer substantially all of its assets and all of its liabilities to the Acquiring Fund in exchange for newly issued common shares of the Acquiring Fund. The Reorganization is expected to close in the second quarter of 2026, subject to the fulfillment of closing conditions, including the approval of the Plan by the Fund's shareholders. More detailed information regarding the Reorganization and the proposals to be voted upon at the special meeting of the Fund's shareholders will be provided in a proxy statement/prospectus in connection with the special meeting.

At the December 9-10, 2025, meeting of the Board, the Board, comprised solely of Trustees who are not "interested persons" of the Trust (as defined by the 1940 Act) (the "Independent Trustees"), also unanimously voted to approve, and to recommend that shareholders approve, an investment advisory agreement between the Advisor and the Trust, on behalf of the Fund (the "New Advisory Agreement"), on substantially the same terms as the Current Advisory Agreement. Under the New Advisory Agreement, the Advisor will provide investment advisory services to the Fund on the same terms and conditions and advisory fee rate as those currently in effect. The Fund's investment objective, policies, risks, principal or non-principal strategies, fundamental or non-fundamental investment restrictions, and portfolio manager did not change as a result of the Transaction. The New Advisory Agreement with the Advisor will be submitted to the Fund's shareholders for approval at the forthcoming special meeting of the Fund's shareholders. Shareholders will be asked to approve the New Advisory Agreement in the event the Reorganization is not approved or not consummated in a timely manner.

Pending shareholder approval of the New Advisory Agreement, the Advisor acts as the investment adviser to the Fund pursuant to an interim advisory agreement pursuant to Rule 15a-4 under the 1940 Act between the Trust, on behalf of the Fund, and the Advisor, which was also approved by the Board and that took effect on the Closing Date. The interim advisory agreement has substantially the same terms as the Current Advisory Agreement, except for the start and end date of the agreement and other provisions applicable to the interim investment advisory agreement as required under the 1940 Act. The Advisor will continue managing the Fund under either the interim advisory agreement or the New Advisory Agreement until the Reorganization is consummated. As required by Rule 15a-4 under the 1940 Act, shareholder approval of the New Advisory Agreement is also necessary to permit payment to the Advisor of the fees accrued under the interim advisory agreement even if the Reorganization is separately approved.

The Advisor currently manages approximately $181 billion of client assets, of which approximately $66 billion is invested in 100% equity securities as of December 31, 2025. The Advisor's clients include families, individuals, foundations and other organizations or entities.

The Advisor receives a management fee from the Fund at an annual rate of 0.76% of the Fund's average daily net assets.

***Fund Expenses.*** The Fund is responsible for its own operating expenses. However, the Advisor has contractually agreed to waive all or a portion of its management fees and reimburse the Fund for expenses (excluding interest, taxes, brokerage commissions, AFFE, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees or any other class-specific expenses) in order to limit Total Annual Fund Operating Expenses to 1.00% of average daily net assets for the Fund's shares through at least February 28, 2027. The term of the Fund's operating expenses limitation agreement is indefinite, and it may be terminated by the Board. The Advisor 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.

A discussion regarding the basis of the Board's approval of the investment advisory agreement will be available in the Fund's Form N-CSR filing with the SEC for the fiscal period ending April 30, 2026.

The Fund, as a series of Exchange Place Advisors Trust (the "Trust"), does not hold itself out as related to any other series of the Trust for purposes of investment and investor services, nor does it share the same investment adviser with any other series.

**Portfolio Manager**

**Dan Eye** *Portfolio Manager*

Mr. Eye has served as the Fund's and the Predecessor Fund's Portfolio Manager since December 2021. Mr. Eye is Senior Portfolio Manager of the Advisor. He joined Fort Pitt Capital in October 2019, Kovitz in November 2024, and the Advisor in January 2026. Mr. Eye has more than 20 years of investment management experience. Prior to joining Fort Pitt Capital, Mr. Eye served as the Chief Investment Officer of Roof Advisory Group.

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

**SHAREHOLDER INFORMATION**

**Pricing of Fund Shares**

Shares of the Fund are sold at NAV per share, which is calculated as of the close of regular trading (generally, 4:00 p.m., Eastern Time) on each day that the New York Stock Exchange (the "NYSE") is open for unrestricted business. However, the Fund's NAV may be calculated earlier if trading on the NYSE is restricted or as permitted by the SEC. The NYSE is closed on weekends and most national holidays, including New Year's Day, Martin Luther King, Jr. Day, Washington's Birthday/Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV will not be calculated on days when the NYSE is closed for trading.

Purchase and redemption requests are priced based on the next NAV per share calculated after receipt of such requests. The NAV is the value of the Fund's securities, cash and other assets, minus all expenses and liabilities (assets – liabilities = NAV). NAV per share is determined by dividing NAV by the number of shares outstanding (NAV/ # of shares = NAV per share). The NAV takes into account the expenses and fees of the Fund, including management and administration fees, which are accrued daily.

In calculating the NAV, portfolio securities are valued using current market values or official closing prices, if available. Each security owned by the Fund that is listed on a securities exchange is valued at its last sale price on that exchange on the date as of which assets are valued. Where the security is listed on more than one exchange, the Fund will use the price of the exchange that the Fund generally considers to be the principal exchange on which the security is traded.

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 Advisor and approved by the Board. 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 Advisor 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.

**How to Buy Shares**

You may purchase shares of the Fund without any sales charge directly from the Fund by check, via electronic funds transfer through the Automated Clearing House ("ACH") network by telephone, by wire transfer, through the Automatic Investment Plan ("AIP"), or through a bank or one or more brokers authorized as agents by the Fund to receive purchase orders. Shares are also available through "fund supermarkets" or similar programs that offer access to a broad array of mutual funds. Such agents are authorized to designate other intermediaries to receive purchase orders on the Fund's behalf. Please note that your broker or other agent may charge you a fee when you purchase shares of the Fund. The broker or other agent is also responsible for processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions and ensuring that you receive a copy of the Fund's Prospectus. Please use the appropriate 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 1-866-688-8775. The Fund reserves the right to reject any purchase order. For example, a purchase order may be refused if, in the Advisor'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 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 checks, U.S. 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.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (the "USA PATRIOT Act"), please note that Ultimus Fund Solutions, LLC (the "Transfer Agent") will verify certain information on your account application as part of the Trust's Anti-Money Laundering Program. As requested on the account application, you must supply your full name, date of birth, social security number and permanent street address. If you are opening the account in the name of a legal entity (*e.g.*, partnership, limited liability company, business trust, corporation, etc.), you must provide the identity of the beneficial owners. Mailing addresses containing only a P.O. Box will not be accepted. Please contact the Transfer Agent at 1-866-688-8775 if you need additional assistance when completing your account application.

If the Transfer Agent does not have a reasonable belief of the identity of an investor, the account application will be rejected or the investor 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.

Shares of the Fund have not been registered for sale outside of the United States. The Trust 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.

**Minimum Investments.** The minimum initial investment in the Fund is $2,500 and each additional investment must be at least $100. If you choose to participate in the AIP, the minimum initial investment is $1,000. The minimum initial investment for qualified retirement accounts is $2,500 ($2,000 for Coverdell Education Savings Accounts) and there is no minimum for subsequent investments. The Fund may change its policies concerning minimum investment amounts at any time.

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

● current and retired employees, directors/trustees and officers of the Trust, the Advisor 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);

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

● 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 Advisor and the immediate family members of any of them;

● existing clients of the Advisor, their employees and immediate family members of such employees;

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

● qualified broker-dealers who have entered into an agreement with the Fund's distributor.

***Purchasing Shares by Mail***

 ****

Please complete the new account application and mail it with your check, payable to the ***Fort Pitt Capital Total Return Fund,*** to the Transfer Agent at the following address:

Fort Pitt Capital Total Return Fund

c/o Ultimus Fund Solutions, LLC

P.O. Box 46707

Cincinnati, OH 45246

You may not send an account application via overnight delivery to a United States Postal Service post office box. If you wish to use an overnight delivery service, send your account application and check to the Transfer Agent at the following address:

Fort Pitt Capital Total Return Fund

c/o Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

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| **Note:** | The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, a 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. |

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***Purchasing Shares by Telephone***

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Unless you declined telephone options on your account application or by subsequent arrangement in writing with the Fund, you may purchase additional Fund shares by calling the Fund toll-free at 1-866-688-8775. You may not make your initial purchase of Fund shares by telephone. After your account has been open for seven business days, telephone orders will be accepted via electronic funds transfer from your pre-designated bank account through the ACH network. 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 share price 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 Shares by Wire***

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You may also purchase shares of the Fund by wiring federal funds from your bank, which may charge you a fee for doing so. To wire money, you must call the Transfer Agent at 1-866-688-8775 to obtain instructions on how to set up your account and to obtain an account number.

You must provide a signed application to the Transfer Agent at the above address, to complete your initial wire purchase. Wire orders will be accepted only on a day on which the Fund, the custodian and the transfer agent are open for business. A wire purchase will not be considered made until the wired money is received and the purchase is accepted by the Fund. The purchase price per share will be the NAV determined after the wire purchase is received by the Fund. Any delays which may occur in wiring money, including delays which may occur in processing by the banks, are not the responsibility of the Fund or the Transfer Agent. There is presently no fee for the receipt of wired funds, but the Fund may charge shareholders for this service in the future.

***Purchasing Shares through the Automatic Investment Plan***

You may open your account with a reduced initial minimum investment of $1,000 if you also make additional purchases of Fund shares at regular intervals through the AIP. Otherwise, once your account has been opened with the initial minimum investment of $2,500, you may make additional purchases of Fund shares at regular intervals through the AIP. The AIP provides a convenient method to have monies deducted from your bank account, for investment into the Fund, on a monthly or quarterly basis. In order to participate in the AIP, each purchase must be in the amount of $100 or more, and your financial institution must be a member of the ACH network. If your bank rejects your payment, the Transfer Agent will charge a $25 fee to your account. To begin participating in the AIP, please complete the Automatic Investment Plan section on the account application or call the Transfer Agent at 1-866-688-8775 for additional information. Any request to change or terminate your AIP should be submitted to the Transfer Agent at least five calendar days prior to the automatic investment date.

***Purchasing Shares through a Broker***

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You may buy shares of the Fund through certain brokers and financial intermediaries (and their agents) (collectively, "Brokers") that have made arrangements with the Fund to sell its shares. When you place your order with such a Broker, your order is treated as if you had placed it directly with the Transfer Agent, and you will pay or receive the next applicable price 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 a Fund's behalf. An order is deemed to be received when a Fund, a Broker or, if applicable, a Broker's authorized designee accepts the order. The Broker holds your shares in an omnibus account in the Broker's name, and the Broker maintains your individual ownership records. The Advisor may pay the Broker for maintaining these records as well as providing other shareholder services. The Broker may charge you a fee for handling your order. The Broker is responsible for processing your order correctly and promptly, keeping you advised regarding the status of your individual account, confirming your transactions and ensuring that you receive copies of the Fund's Prospectus.

***Purchasing Shares In-Kind***

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In addition to cash purchases, Fund shares may be purchased by tendering payment in-kind in the form of shares of stock, bonds or other securities. Any securities used to buy Fund shares must be readily marketable, their acquisition consistent with the Fund's objective and otherwise acceptable to the Advisor and the Board. For further information, you may call a customer service representative of the Fund toll-free at 1-866-688-8775.

**Additional Purchase Information**

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 Transfer Agent. If you do not have the Invest by Mail form, include the Fund name, address, and account number on a separate piece of paper along with your check. If your payment (whether by check or electronic means) is returned for any reason, your purchase will be canceled and a $25 fee will be assessed against your account by the Transfer Agent. You may also be responsible for any loss sustained by the Fund.

**Other Fees**

The Fund's Transfer Agent may charge account maintenance or transaction fees including, but not limited to, an annual IRA custodial fee (currently $25), statement retrieval fees (currently $25 per request) and fees for removal of excess contributions or Roth conversions or recharacterizations (currently $25 per transaction). These fees may change in the future.

**How to Sell Shares**

You may sell (redeem) your Fund shares on any day the Fund and the NYSE are open for business either directly to the Fund by written request, by telephone via electronic funds transfer through the ACH network, by wire transfer, through the Systematic Withdrawal Plan ("SWP"), or through your Broker. As discussed below, you may receive proceeds of your sale in a check, ACH, or federal wire transfer. The Fund typically expects that it will take one to three days following the receipt of your redemption request in good order, 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. There may also be temporary holds on redemptions from an account when there is a reasonable belief of financial exploitation. If you did not purchase your shares with a wire payment, the Fund may delay payment of your redemption proceeds for up to 15 calendar days from purchase or until your payment has cleared, whichever occurs first.

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 "Redeeming Shares 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.

***Redeeming Shares In Writing***

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You may redeem your shares by sending a written request to the Transfer Agent. You should provide your account number and state whether you want all or some of your shares redeemed. The letter should be signed by all of the shareholders whose names appear on the account registration and include a signature guarantee(s), if necessary. You should send your redemption request to:

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|:---|:---|
| <u>**Regular Mail**</u><br> Fort Pitt Capital Total Return Fund<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246 | <u>**Overnight Express Mail**</u><br> Fort Pitt Capital Total Return Fund<br> c/o Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 |

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|:---|:---|
| **NOTE:** | The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, a 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 offices. |

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***Redeeming Shares by Telephone or Wire***

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Unless you declined the telephone option on your account application, you may redeem your shares, between $500 and $50,000, by calling the Transfer Agent at 1-866-688-8775 before the close of trading on the NYSE (which is generally 4:00 p.m., Eastern Time). Redemption proceeds will be processed on the next business day and sent to the address that appears on the Transfer Agent's records or via ACH to a previously established bank account. If you request, redemption proceeds will be wired on the next business day to the bank account you designated on the account application. The minimum amount that may be wired is $1,000. A wire fee of $15 will be deducted from your redemption proceeds for complete and share certain redemptions. In the case of a partial redemption, the fee will be deducted from the remaining account balance. Telephone redemptions cannot be made if you notified the Transfer Agent of a change of address within 15 calendar days before the redemption request.

You may request telephone redemption privileges after your account is opened by calling the Transfer Agent at 1-866-688-8775 for instructions. Telephone privileges and account designations may be changed by sending the Transfer Agent a written request with all signatures guaranteed as described below. The Fund and the Transfer Agent are not liable for following redemption instructions communicated by telephone that they reasonably believe to be genuine. However, if the Fund and the Transfer Agent do not employ reasonable procedures to confirm that telephone instructions are genuine, they may be liable for any losses due to unauthorized or fraudulent instructions. Procedures employed may include recording telephone instructions and requiring a form of personal identification from the caller.

You may encounter higher than usual call wait times during periods of high market activity. Please allow sufficient time to ensure that 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 mail your redemption request in writing to the address noted above. Once a telephone transaction has been accepted, it may not be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern Time).

***Redeeming Shares Through the Systematic Withdrawal Plan***

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As another convenience, you may redeem your shares through the SWP. Under the SWP, shareholders or their Brokers may request that a payment drawn in a predetermined amount be sent to them on a monthly, quarterly or annual basis. In order to participate in the SWP, your account balance must be at least $10,000 and each withdrawal amount must be for a minimum of $250. If you elect this method of redemption, the Fund will send a check directly to your address of record or will send the payment directly to your bank account via electronic funds transfer through the ACH network. For payment through the ACH network, your bank must be an ACH member and your bank account information must be previously established on your account. The SWP may be terminated at any time by the Fund. You may also elect to terminate your participation in the SWP by communicating in writing or by telephone (1-866-688-8775) to the Transfer Agent no later than five days before the next scheduled withdrawal.

A withdrawal under the SWP involves a redemption of shares and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the dividends credited to your account, the account ultimately may be depleted. To establish a SWP, an investor must complete the appropriate section of the new account application. For additional information on the SWP, please call the Transfer Agent at 1-866-688-8775.

***Redeeming Shares Through a Broker***

You may redeem the Fund's shares through Brokers. Redemptions made through a Broker may be subject to procedures established by them. Your Broker is responsible for sending your order to the Fund and for crediting your account with the proceeds. For redemption through Brokers, orders will be processed at the NAV per share next effective after receipt by the Broker of the order. Please keep in mind that your Broker may charge additional fees for its services. Investors should check with their Broker to determine if it is subject to these arrangements.

***Redeeming Shares "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 (a "redemption in-kind"). It is not expected that the Fund would do so except during unusual market conditions. A redemption, whether in cash or in-kind, is a taxable event to you. 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.

***Signature Guarantees***

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 New York Stock Exchange Medallion Signature Program and the Securities Transfer Agents Medallion Program. *A notary public is not an acceptable signature guarantor.*

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

● When ownership is being changed on your account;

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

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

● For all redemptions in excess of $50,000 from any shareholder 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 may require a signature guarantee or signature validation program stamp in other instances based on the circumstances.

**Cost Basis Information**

Federal tax law requires that regulated investment companies, such as the Fund, report their shareholders' cost basis, gain/loss, and holding period to the IRS on the shareholders' Consolidated Form 1099s when "covered" shares of the regulated investment companies are sold. Covered shares are any shares acquired (including pursuant to a dividend reinvestment plan) on or after January 1, 2012.

The Fund has chosen average cost as its standing (default) tax lot identification method for all shareholders, which means this is the method the Fund will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing net asset values, and the entire position is not sold at one time. The Fund's standing tax lot identification method is the method it will use to report the sale of covered shares on your Consolidated Form 1099 if you do not select a specific tax lot identification method. Redemptions are taxable and you may realize a gain or a loss upon the sale of your shares. Certain shareholders may be subject to backup withholding.

Subject to certain limitations, you may choose a method other than the Fund's standing method at the time of your purchase or upon the sale of covered shares. **For all shareholders using a method other than the specific tax lot identification method, the Fund first redeems shares you acquired on or before December 30, 2011, and then applies your elected method to shares acquired after that date.** Please refer to the appropriate Treasury regulations or consult your tax adviser with regard to your personal circumstances.

**Other Information about Redemptions**

The Fund may redeem the shares in your account if the value of your account is less than $1,000 as a result of redemptions you have made. This does not apply to retirement plan or Uniform Gifts or Transfers to Minors Act accounts. You will be notified that the value of your account is less than $1,000 before the Fund makes an involuntary redemption. You will then have 60 days in which to make an additional investment to bring the value of your account to at least $1,000 before the Fund takes any action.

**Other Fees**

The Fund's Transfer Agent may charge account maintenance or transaction fees including, but not limited to, fees for outbound wires ($15 per wire), IRA withdrawal fees (transfer or redemption) ($25 per withdrawal), and overnight delivery fees ($35 per overnight delivery). These fees may change in the future.

**ACCOUNT INFORMATION RECAP**

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|:---|:---|:---|
| **To Open an Account** | **To Add to an Account** | **To Sell Shares** |
| Regular Account Minimum: $2,500<br> ($1,000 for AIP accounts)<br>Retirement Account Minimum: $2,500<br> ($2,000 for Coverdell Education Savings Accounts) | Regular and AIP Account Minimum: $100<br>Retirement Account Minimum: None | Shareholders who have an IRA or other retirement plan must indicate on their written redemption request whether to withhold federal income tax. Redemption requests failing to indicate an election not to have tax withheld will generally be subject to a 10% withholding. |
| **In Writing** | **In Writing** | **In Writing** |
| Complete the Application.<br>| Complete the detachable investment slip from your confirmation statement, or if the slip is not available, include a note specifying the Fund's name, your account number and the name on the account. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write a letter of instruction that includes:<br>-<br>your name(s) and signature(s)<br> -<br>your account number<br> -<br>the Fund's name<br> -<br>the dollar or share amount you want to sell |
|  | 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 of the Fund. | Proceeds will be sent to the address of record unless specified in the letter and accompanied by a signature guarantee (if applicable). |

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|:---|:---|
| **In Writing** | **In Writing** |
| Mail your Application along with your check made payable to "Fort Pitt Capital Total Return Fund" to:<br>Fort Pitt Capital Total Return Fund<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246<br>For overnight mail, use the following address:<br>Fort Pitt Capital Total Return Fund<br> c/o Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246<br> Mail the slip, along with your check<sup>(1)</sup> made payable to "Fort Pitt Capital Total Return Fund" to:<br>Fort Pitt Capital Total Return Fund<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246 | Mail your letter to:<br>Fort Pitt Capital Total Return Fund<br> c/o Ultimus Fund Solutions, LLC<br> P.O. Box 46707<br> Cincinnati, OH 45246 |

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|:---|:---|:---|
| **To Open an Account** | **To Add to an Account By Telephone** | **To Sell Shares By Telephone<sup>(1)</sup>** |
|  | Unless you specifically declined telephone options on your account application, call 1-866-688-8775 to request the amount to be transferred to your account. Telephone orders will be accepted via EFT from your bank account through the ACH network. Initial investments in the Fund cannot be made via ACH. You must have banking information established on your account prior to making a purchase. Your shares will be purchased at the NAV next calculated after the receipt of your purchase order. Establishing or modifying telephone options on an existing 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. | When you are ready to sell shares, call 1-866-688-8775 and select how you would like to receive the proceeds: |
|  | Unless you specifically declined telephone options on your account application, call 1-866-688-8775 to request the amount to be transferred to your account. Telephone orders will be accepted via EFT from your bank account through the ACH network. Initial investments in the Fund cannot be made via ACH. You must have banking information established on your account prior to making a purchase. Your shares will be purchased at the NAV next calculated after the receipt of your purchase order. Establishing or modifying telephone options on an existing 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. | Mail check to the address of record |
|  | Unless you specifically declined telephone options on your account application, call 1-866-688-8775 to request the amount to be transferred to your account. Telephone orders will be accepted via EFT from your bank account through the ACH network. Initial investments in the Fund cannot be made via ACH. You must have banking information established on your account prior to making a purchase. Your shares will be purchased at the NAV next calculated after the receipt of your purchase order. Establishing or modifying telephone options on an existing 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. | Mail check to a previously designated alternate address |
|  | Unless you specifically declined telephone options on your account application, call 1-866-688-8775 to request the amount to be transferred to your account. Telephone orders will be accepted via EFT from your bank account through the ACH network. Initial investments in the Fund cannot be made via ACH. You must have banking information established on your account prior to making a purchase. Your shares will be purchased at the NAV next calculated after the receipt of your purchase order. Establishing or modifying telephone options on an existing 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. | Wire funds to a domestic financial institution |
|  | Unless you specifically declined telephone options on your account application, call 1-866-688-8775 to request the amount to be transferred to your account. Telephone orders will be accepted via EFT from your bank account through the ACH network. Initial investments in the Fund cannot be made via ACH. You must have banking information established on your account prior to making a purchase. Your shares will be purchased at the NAV next calculated after the receipt of your purchase order. Establishing or modifying telephone options on an existing 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. | Transfer funds electronically via ACH |
|  | Unless you specifically declined telephone options on your account application, call 1-866-688-8775 to request the amount to be transferred to your account. Telephone orders will be accepted via EFT from your bank account through the ACH network. Initial investments in the Fund cannot be made via ACH. You must have banking information established on your account prior to making a purchase. Your shares will be purchased at the NAV next calculated after the receipt of your purchase order. Establishing or modifying telephone options on an existing 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. | <br> Sale of shares by telephone is limited to a minimum amount of $500 and a maximum of $50,000. Shares held in IRA or other retirement plan accounts may be redeemed by telephone. Investors will be asked whether or not to withhold taxes from any distribution. |
|  | Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern Time). | Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern Time). |

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|:---|:---|:---|
| **To Open an Account By Wire** | **To Add to an Account By Wire** | **To Sell Shares By Wire** |
| To open an account by wire a completed Application is required before your wire can be accepted. The number assigned to your account is a critical part of the wiring instructions below. Call 1-866-688-8775 to notify the Fund of the incoming wire using the wiring instructions below:<br>[&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<br> ABA #: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<br> Credit: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<br> Account #: [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]<br> Further Credit: Fort Pitt Capital Total Return Fund<br> (your account # and account registration) | To make additional investments by wire, call 1-866-688-8775 to notify the Fund of the incoming wire using the wiring instructions to the left.<br>Wired funds must be received prior to 4:00 p.m., Eastern Time to be eligible for same day pricing. The Fund and the Transfer Agent are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions. | If you wish to redeem shares by wire, call the Fund at 1-866-688-8775 to be sure the Fund has your bank account information on file and to specify the amount of money you are requesting. Sale proceeds may be wired to your designated bank account at any commercial bank in the United States if the amount is $1,000 or more. A wire fee of $15 will be deducted from your redemption proceeds for complete and share certain redemptions. In the case of a partial redemption, the fee of $15 will be deducted from the remaining account balance. |

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|:---|:---|:---|
| **Automatically** | **Automatically** | **Automatically** |
| **Automatic Investment Plan** – Indicate on your Application which automatic service(s) you want. Complete and return your Application with your investment. | **For All Services** – Call us to request a form to add any automatic investing service. Complete and return the form along with any other required materials. | **Systematic Withdrawal Plan** – Call us to request a form to add the Plan. Complete the form, specifying the amount and frequency of withdrawals you would like. Be sure to maintain an account balance of $10,000 or more. |

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<sup>(1)</sup> Unless you have instructed us otherwise, if an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person. All telephone calls are recorded for your protection and reasonable procedures are taken to verify the identity of the caller (such as providing your account number and taxpayer identification number). If such measures are followed to ensure against unauthorized transactions, neither the Trust, the Advisor, the Transfer Agent nor Ultimus Fund Distributors, LLC (the "Distributor") will be responsible for any losses. Written confirmation will be provided for all purchase and redemption transactions initiated by the telephone. The Fund reserves the right to refuse a request to sell shares by wire or telephone if it is believed the request was not received in good order. Procedures for selling shares of the Fund by wire or telephone may be modified or terminated at any time.

**RETIREMENT INVESTING**

You may purchase Fund shares for use in all types of tax-deferred qualified retirement plans, such as IRAs, employer-sponsored retirement plans (including 401(k) Plans), and tax-sheltered custodial accounts described in Section 403(b) of the Internal Revenue Code. Distributions of net investment income and capital gains will be automatically reinvested in the Fund through such plans or accounts. Special applications for certain of these plans or accounts are required and can be obtained by calling or writing the Fund.

There may be special distribution requirements for a retirement account, such as required distributions or mandatory Federal income tax withholding. For more information, call the Fund's Transfer Agent at 1-866-688-8775. You may be charged a $25 annual account maintenance fee for each retirement account and a $25 fee for transferring assets to another custodian or for closing a retirement account. Fees charged by institutions may vary.

**DIVIDENDS AND DISTRIBUTIONS**

The Fund will make distributions of dividends and capital gains, if any, at least annually, typically in December. The Fund may make an additional payment of dividends or distributions of capital gains if it deems it desirable at any other time of the year.

All distributions will be reinvested in Fund shares unless you choose one of the following options: (1) receive dividends in cash while reinvesting capital gain distributions in additional Fund shares; (2) reinvest dividends in additional Fund shares and receive capital gains in cash; or (3) receive all distributions in cash. Dividends are taxable whether received in cash or in additional shares.

If you elect to receive distributions in cash and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Fund reserves the right to reinvest the distribution check in your account, at the Fund's current NAV per share, and to reinvest all subsequent distributions. If you wish to change your distribution option, notify the Transfer Agent in writing or by telephone at least five days in advance of the payment date for the distribution.

Any dividend or capital gain distribution paid by the Fund has the effect of reducing the NAV per share on the ex-dividend date by the amount of the dividend or capital gain distribution. You should note that a dividend or capital gain distribution paid on shares purchased shortly before that dividend or capital gain distribution was declared will be subject to income taxes even though the dividend or capital gain distribution represents, in an economic sense, a partial return of capital to you.

**TOOLS TO COMBAT FREQUENT TRANSACTIONS**

The Board has adopted policies and procedures to prevent frequent transactions in the Fund. 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 may decide to restrict purchase and sale activity in their 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. The Fund takes 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 it believes is consistent with the best interests of shareholders. 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, the "Distributor", on behalf of the Fund, has entered into written agreements with each of the Fund's financial intermediaries, under which the intermediary must, upon request, provide the Fund 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 and to prevent dilution by frequent traders or market timers who seek to take advantage of temporary market anomalies. The Advisor has developed procedures which 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 judgment of the Advisor to the Fund does not represent the security's fair value), or when, in the judgment of the Advisor, events have rendered the market value unreliable. Valuing securities at fair value involves reliance on judgment. Fair value determinations are made in good faith in accordance with procedures adopted by the Advisor. 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 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. 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 Advisor 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 not a current market value quotation.

More detailed information regarding fair value pricing can be found under the heading titled, "Pricing of Fund Shares."

**TAX CONSEQUENCES**

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 income as required by the tax law and satisfies certain other requirements that are described in the SAI.

The Fund typically makes distributions of dividends and capital gains. Dividends are taxable to you as ordinary income or, in some cases, qualified dividend income, depending on the source of such income to the distributing Fund and the holding period of the Fund for its dividend-paying securities and of you for your Fund shares. The rate you pay on capital gain distributions will depend on how long the Fund held the securities that generated the gain, not on how long you owned your Fund shares. You will be taxed in the same manner whether you receive your dividends and capital gain distributions in cash or reinvest them in additional Fund shares. Generally, none or only a small portion of the dividends paid to you as a result of the Fund's investment in real estate investment trusts is anticipated to be qualified dividend income eligible for taxation by individuals at long-term capital gain tax rates. The eligibility for qualified dividend tax rates depends on the underlying investments of the Fund. Some or all of your distributions may not be eligible for this preferential tax rate. Although distributions are generally taxable when received, certain distributions declared in October, November, or December to shareholders of record on a specified date in such a month but paid in January are taxable as if received the prior December. Dividends and net capital gains are subject to a 3.8% surtax on net investment income for non-corporate shareholders in the higher tax brackets.

Non-corporate taxpayers generally may deduct 20% of the "qualified business income" derived either directly or through partnerships or S corporations or sole proprietorships. For this purpose, "qualified business income" generally includes dividends paid by a real estate investment trust ("REIT") and certain income from publicly traded partnerships. Regulations adopted by the United States Treasury allow non-corporate shareholders of the Fund to benefit from the 20% deduction with respect to net REIT dividends received by the Fund if the Fund meets certain reporting requirements. There is currently no mechanism for the Fund, to the extent that the Fund invests in MLPs, to pass through to non-corporate shareholders the character of income derived from MLP investments so as to allow such shareholders to claim this deduction. It is uncertain whether future legislation or other guidance will enable the Fund to pass through to non-corporate shareholders the ability to claim this deduction.

By law, the Fund must withhold from your taxable distributions and redemption proceeds an amount as backup withholding determined at a rate as set forth under section 3406 of the Code, if you do not provide your correct Social Security or taxpayer identification number and certify that you are not subject to backup withholding, or if the Internal Revenue Service instructs the Fund to do so (24% as of the date of this Prospectus).

If you sell your Fund shares it is a taxable event for you. Depending on the purchase and sale price of the shares you sell, you may have a gain or a loss on the transaction. The Code limits the deductibility of capital losses in certain circumstances. You are responsible for any tax liabilities generated by your transaction.

The Fund's distributions, whether received in cash or reinvested in additional shares of the Fund, may be subject to federal, state and local income tax. In managing the Fund, the Advisor does not consider the tax effects of its investment decisions to be of primary importance. Shareholders should note that the Fund may make taxable distributions of income and capital gains even when share values have declined.

Additional information concerning taxation of the Fund and its shareholders is contained in the SAI. You should consult your own tax advisor concerning federal, state and local taxation of distributions from the Fund.

**MARKETING AND DISTRIBUTION ARRANGEMENTS**

The Fund's shares are offered directly from the Fund and through certain financial supermarkets and retirement plans, investment advisors and consultants, financial planners, brokers, dealers and other investment professionals. The shares are offered and sold without any sales charges imposed by the Fund or the Distributor.

Investment professionals who offer the Fund's shares generally are paid separately by their individual clients. If you invest through a third party, you may be charged transaction fees or be subject to a set of different minimum investment amounts. In addition, investing through a third party often results in short-term redemption fees for Fund shares held less than 90 days.

The Fund has adopted a distribution and service plan pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Distribution and Service Plan"), but the Fund does not intend to implement the Distribution and Service Plan or authorize any payments under the Distribution and Service Plan.

If the Distribution and Service Plan is implemented, the Fund would reimburse the Distributor or others for amounts spent in connection with the sales and distribution of its shares or for shareholder servicing activities. Distribution activities include the preparation, printing and mailing of prospectuses, shareholder reports and sales materials for marketing purposes, marketing activities, advertising and payments to brokers or others who sell shares of the Fund. Shareholder servicing activities include ongoing maintenance and service of shareholder accounts for the Fund, responding to inquiries regarding shareholder accounts and acting as agent or intermediary between shareholders and the Fund or its service providers. The maximum amount that the Fund would pay for any distribution activities is limited to 0.25% per year of the average daily net assets of the Fund. Because these fees would be paid out of the Fund's assets on an ongoing basis, over time these fees would increase the cost of your investment and may cost you more than paying other types of sales charges. If the Board of Trustees determines it is in the Trust's best interests to begin charging the Fund fees under the Distribution and Service Plan, the fees would primarily be used to compensate the Distributor and mutual fund supermarkets or retirement plan recordkeepers for their activities on behalf of the Fund and its shareholders. Currently, all marketing and distribution expenses of the Fund are paid by the Advisor, with the exception of certain Sub-Transfer Agency reimbursements which are paid by the Fund to the Advisor. The Board of Trustees reviews and approves the fees paid by the Advisor and the Fund at least annually.

Ultimus Fund Solutions, LLC ("Ultimus") serves as the administrator, Transfer Agent, and dividend disbursing agent for the Fund. The Fund may also compensate other parties who provide transfer agency services in addition to those provided by Ultimus. U.S. Bank N.A. serves as the custodian for the Fund.

**GENERAL POLICIES**

Some of the following policies are mentioned above. In general, the Fund reserves the right to:

● Refuse, change, discontinue, or temporarily suspend account services, including purchase, or telephone redemption privileges, for any reason;

● Reject any purchase request for any reason. Generally, the Fund will do this if the purchase is disruptive to the efficient management of the Fund (due to the timing of the investment or an investor's history of excessive trading);

● Redeem all shares in your account if your balance falls below a $1,000 due to redemption activity. If, within 60 days of the Fund's written request, you have not increased your account balance, you may be required to redeem your shares. The Fund will not require you to redeem shares if the value of your account drops below the investment minimum due to fluctuations of NAV; and

● Reject any purchase or redemption request that does not contain all required documentation or in circumstances where financial exploitation is suspected.

If you elect telephone privileges on the account application or in a letter to the Fund, you may be responsible for any fraudulent telephone orders as long as the Fund has taken reasonable precautions to verify your identity. In addition, once you place a telephone transaction request, it cannot be canceled or modified after the close of regular trading on the NYSE (generally, 4:00 p.m., Eastern Time).

Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call wait times. Please allow sufficient time to ensure that 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 also mail your request to the Fund at the address listed under "Purchasing Shares by Mail."

Your financial intermediary may establish policies that differ from those of the Fund. For example, the organization may charge transaction fees, set higher minimum investments, or impose certain limitations on buying or selling shares in addition to those identified in this Prospectus. Contact your financial intermediary for details.

**Householding**

In an effort to decrease costs, the Fund intends to reduce the number of duplicate prospectuses, proxy statements and other similar documents you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders the Transfer Agent reasonably believes are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-866-688-8775 to request individual copies of these documents. 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.

**Lost Shareholders, Inactive Accounts and Unclaimed Property**

It is important that the Fund maintain 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 1-866-688-8775 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.

**Investment by Other Investment Companies**

For purposes of the 1940 Act, the Fund is a registered investment company, and the acquisition of the Fund's shares by other investment companies is subject to restrictions of Section 12(d)(1) thereof. Rule 12d1-4 under the 1940 Act allows a registered investment company to invest the Fund shares beyond the limits of Section 12(d)(1) subject to certain conditions, including that a registered investment company enters into an Investment Agreement with the Trust regarding the terms of the investment. Any investment company considering purchasing shares of the Fund in amounts that would cause it to exceed the restrictions of Section 12(d)(1) should contact the Fund.

**INDEX DESCRIPTION**

**Please note that you cannot invest directly in an index, although you may invest in the underlying securities represented in the index. Index returns are adjusted to reflect the reinvestment of dividends on securities in the index, but do not reflect the expenses of the Fund.**

The **S&P 500<sup>®</sup> Index** is a market-capitalization-weighted index of the 500 largest U.S. publicly traded companies. The S&P 500 Index is a float-weighted index, meaning company market capitalizations are adjusted by the number of shares available for public trading.

**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 an investor would have earned or lost on an investment in the Fund, assuming the reinvestment of all dividends and distributions. On June 28, 2024, pursuant to a reorganization, the Fund acquired all of the assets, and assumed all of the liabilities, of the Predecessor Fund. Upon completion of the reorganization, the Fund assumed the performance, financial and other historical information of the Predecessor Fund. Financial performance shown below prior to June 28, 2024, is that of the Predecessor Fund.

The information for the fiscal years ended October 31, 2024, and October 31, 2025, has been audited by Cohen & Company, Ltd., the Fund's independent registered public accounting firm, whose report, along with the Fund's audited financial statements, is included in the Fund's most recent Form N-CSR filing, which is available without charge upon request. The financial information for the fiscal years ended prior to October 31, 2024, were audited by another auditor whose report expressed unqualified opinions on those financial statements and financial highlights.

For a share outstanding during each period

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** | **For the Years Ended October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **Selected Per Share Data:** |  |  |  |  |  |
| **Net asset value, beginning of year** | $**29.82** | $25.66 | $26.81 | $34.53 | $25.06 |
| **Income from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | **0.01** | 0.06 | 0.24 | 0.21 | 0.20 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | **4.78** | 8.76 | 0.87 | (5.59) | 9.53 |
| Total from investment operations | **4.79** | 8.82 | 1.11 | (5.38) | 9.73 |
| **Less distributions to shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | **(0.05)** | (0.25) | (0.22) | (0.20) | (0.26) |
| &nbsp;&nbsp;&nbsp;Net realized gains | **(4.94)** | (4.41) | (2.04) | (2.14) |  |
| Total distributions | **(4.99)** | (4.66) | (2.26) | (2.34) | (0.26) |
| **Redemption fees** |  |  |  |  | — <sup>(a)</sup> |
| **Net asset value, end of year** | $**29.62** | $29.82 | $25.66 | $26.81 | $34.53 |
| **Total return<sup>(b)</sup>** | 19.14% | 38.26% | 4.07% | (16.87)% | 39.00% |
| **Ratios and supplemental data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000 omitted) | $**64540** | $63664 | $57727 | $64601 | $87011 |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | 1.25% | 1.18% | 1.17% | 1.14% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 1.00% | 1.00% | 1.00% | 1.00% | 1.04% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before fee waivers | (0.23)% | 0.03% | 0.67% | 0.53% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After fee waivers | 0.03% | 0.21% | 0.84% | 0.67% | 0.59% |
| Portfolio turnover rate | 27% | 14% | 19% | 14% | 4% |

---

<sup>(a)</sup> Rounds to less than $0.01 per share.

<sup>(b)</sup> Total returns would have been lower had expenses not been waived by the Advisor. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.

**PRIVACY NOTICE**

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| | |
|:---|:---|
| **FACTS** | &nbsp;&nbsp; **WHAT DOES THE FORT PITT CAPITAL TOTAL RETURN FUND DO WITH YOUR PERSONAL INFORMATION?** |

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---

| | |
|:---|:---|
| **Why?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |

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| | | | |
|:---|:---|:---|:---|
| **What?** | &nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | &nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include: | &nbsp;&nbsp;The types of personal information we collect and share depends on the product or service that you have with us. This information can include: |
|  |  | &nbsp;&nbsp;● | Social Security number and wire transfer instructions |
|  |  | &nbsp;&nbsp;● | account transactions and transaction history |
|  |  | &nbsp;&nbsp;● | investment experience and purchase history |
|  | &nbsp;&nbsp;When you are no longer our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are no longer our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;When you are no longer our customer, we continue to share your information as described in this notice. |

---

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| | |
|:---|:---|
| **How?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund chooses to share; and whether you can limit this sharing. |

---

---

| | | |
|:---|:---|:---|
| **Reasons we can share your personal information:** | **Does the<br> Fund share<br> information?** | **Can you limit<br> this sharing?** |
| **For our everyday business purposes -** <br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus. | **YES** | **NO** |
| **For our marketing purposes -**<br> to offer our products and services to you. | **NO** | **We don't share** |
| **For joint marketing with other financial companies.** | **NO** | **We don't share** |
| **For our affiliates' everyday business purposes -**<br> information about your transactions and records. | **NO** | **We don't share** |
| **For our affiliates' everyday business purposes -**<br> information about your credit worthiness. | **NO** | **We don't share** |
| **For nonaffiliates to market to you** | **NO** | **We don't share** |

---

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| | |
|:---|:---|
| **QUESTIONS?** | &nbsp;&nbsp;**Call 1-866-688-8775** |

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**Page 2**

● open an account or deposit money

● direct us to buy securities or direct us to sell your securities

● seek advice about your investments

● sharing for affiliates' everyday business purposes – information about your creditworthiness.

● affiliates from using your information to market to you.

● sharing for nonaffiliates to market to you.

● *Focus Partners Wealth, LLC, the investment adviser to the Fund, could be deemed to be an affiliate.* 

● *The Fund does not share with affiliates.* 

● *The Fund does not share with nonaffiliates so they can market to you.* 

● *The Fund doesn't jointly market.* 

***INVESTMENT ADVISOR***

Focus Partners Wealth, LLC

190 Carondelet Plaza, Suite 600

St. Louis, MO 63105

***DISTRIBUTOR***

Ultimus Fund Distributors, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

***ADMINISTRATOR, FUND ACCOUNTANT & TRANSFER AGENT***

Ultimus Fund Solutions, LLC

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

***CUSTODIAN***

U.S. Bank N.A.

1555 N. RiverCenter Drive, Suite 302

Milwaukee, WI 53212

***LEGAL COUNSEL***

Blank Rome LLP

1271 Avenue of the Americas

New York, NY 10020

***INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM***

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

**ADDITIONAL INFORMATION**

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

**Statement of Additional Information**

The SAI provides additional details about the investments and techniques of the Fund and certain other additional information. A current SAI is on file with the SEC and is incorporated into this Prospectus by reference. This means that the SAI is legally considered a part of this Prospectus even though it is not physically within this Prospectus.

**Annual and Semi-Annual Reports**

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports (collectively, the "Shareholder 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 its most recent fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements. The Fund's financial statements, including the notes thereto and the report of the independent registered public accounting firm thereon, included in the Fund's most recent Form N-CSR are incorporated into this Prospectus by reference.

The SAI, the Shareholder Reports, and other information, such as the Fund's financial statements, are available free of charge on the Fund's website at www.FortPittCapitalFunds.com. You can obtain a free copy of the SAI, Shareholder Reports, and other information, such as the Fund's financial statements, or make general inquiries about the Fund by calling the Fund (toll-free) at 1-866-688-8775 or by writing to:

**Fort Pitt Capital Total Return Fund**

c/o Ultimus Fund Solutions, LLC

Regular/Express Mail

P.O. Box 46707

Cincinnati, OH 45246

-or-

Overnight Mail

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

www.FortPittCapitalFunds.com

Reports and other information about the Fund are also available:

● Free of charge from the SEC's EDGAR database on the SEC's website at http://www.sec.gov; or

● For a fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

SEC Investment Company Act File No: 811-23373

![](sai_001.jpg)

**FORT PITT CAPITAL TOTAL RETURN FUND**

**(FPCGX)**

**A series of Exchange Place Advisors Trust**

**c/o Ultimus Fund Solutions, LLC**

**Regular/Express Mail**

**P.O. Box 46707**

**Cincinnati,OH 45246**

**-or-**

**Overnight Mail**

**225 Pictoria Drive, Suite 450**

**Cincinnati, OH 45246**

**1-866-688-8775**

**STATEMENT OF ADDITIONAL INFORMATION**

**Dated February 27, 2026**

This Statement of Additional Information ("SAI") relates to the Fort Pitt Capital Total Return Fund (the "Fund"), which is a series of Exchange Place Advisors Trust. This SAI is not a prospectus and should be read only in conjunction with the prospectus for the Fund dated February 27, 2026 (the "Prospectus"), as may be amended from time to time. The Prospectus is hereby incorporated by reference, which means it is legally part of this document. The Prospectus, which contains the basic information you should know before investing in the Fund, may be obtained by writing or calling the Fund at the address and phone number shown above or at www.FortPittCapitalFunds.com.

The audited financial statements and notes thereto for the Fund for the fiscal year ended October 31, 2025, are contained in the Fund's Form N-CSR filing, dated January 7, 2026, and are incorporated by reference into this SAI. A copy of the Fund's [financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/1750821/000158064226000126/exchange_ncsr.htm), and the Annual and Semi-Annual Reports to shareholders may be obtained without charge on the Fund's website or by calling or writing the Fund as shown above or at www.FortPittCapitalFunds.com.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| THE TRUST | 1 |
| ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENTS | 2 |
| INVESTMENT RESTRICTIONS | 16 |
| PORTFOLIO TURNOVER | 17 |
| PORTFOLIO HOLDINGS INFORMATION | 18 |
| MANAGEMENT | 19 |
| CODE OF ETHICS | 27 |
| PROXY VOTING POLICY | 27 |
| CONTROL PERSONS, PRINCIPAL SHAREHOLDERS, AND MANAGEMENT OWNERSHIP | 29 |
| INVESTMENT ADVISOR AND ADVISORY AGREEMENT | 29 |
| PORTFOLIO MANAGER | 32 |
| SERVICE AGREEMENTS | 33 |
| DISTRIBUTION AGREEMENT | 34 |
| PORTFOLIO TRANSACTIONS AND TURNOVER | 36 |
| ADDITIONAL INFORMATION ABOUT PURCHASES, SALES AND PRICING OF SHARES | 37 |
| DIVIDENDS | 39 |
| ADDITIONAL INFORMATION ON DISTRIBUTIONS AND TAXES | 39 |
| DIVIDENDS AND DISTRIBUTIONS | 43 |
| ANTI-MONEY LAUNDERING PROGRAM | 43 |
| GENERAL INFORMATION | 44 |
| FINANCIAL STATEMENTS | 45 |
| APPENDIX A | A-1 |
| APPENDIX B | B-1 |

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i

**THE TRUST**

The Fund is a series of Exchange Place Advisors Trust (the "Trust"). The Trust was organized as a Delaware statutory trust under the laws of the State of Delaware on August 2, 2018, and is registered with the U.S. Securities and Exchange Commission (the "SEC") as an open-end management investment company. The Trust's Amended and Restated 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 currently consists of sixteen 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 Fund.

**History of the Fund.** Concurrently with the Fund's commencement of operations, the Fund acquired all of the assets, and assumed all liabilities, of the Fort Pitt Capital Total Return Fund, a series of Advisors Series Trust (the "Predecessor Fund"), in a tax-free reorganization that occurred on June 28, 2024 (the "Reorganization"). In connection with the Reorganization, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Prior Predecessor Fund (as defined below) commenced operations on December 31, 2001. The Fund's performance for periods prior to June 28, 2024, is that of the Predecessor Fund. The Fund is a continuation of the Predecessor Fund and assumed the performance and accounting history of the Predecessor Fund as of the date of the Reorganization. Therefore, the performance information includes the performance of the Predecessor Fund.

The Predecessor Fund is the successor to the Fort Pitt Capital Total Return Fund, a series of Fort Pitt Capital Funds (the "Prior Predecessor Fund"), a separate registered investment company. The Predecessor Fund and the Prior Predecessor Fund were managed, and until October 31, 2024, the Fund was managed, by Fort Pitt Capital Group, LLC (the "Previous Advisor"). From November 1, 2024, to January 1, 2026, the Fund was managed by Kovitz Investment Group Partners, LLC ("Kovitz"). Beginning on January 1, 2026 (the "Closing Date"), following an internal restructuring (the "Transaction"), Focus Partners Wealth, LLC (the "Advisor") began serving as the Fund's investment adviser. Focus Financial Partners Inc. is the ultimate parent company of the Previous Advisor, Kovitz and the Advisor. The Previous Advisor was responsible for the day-to-day management of the Predecessor Fund and the Prior Predecessor Fund, each of which had a substantially similar investment objective, investment strategies, policies and restrictions as those of the Fund. The Prior Predecessor Fund's date of inception was December 31, 2001. The Prior Predecessor Fund reorganized into the Predecessor Fund on July 15, 2011. Substantially all of the assets of the Prior Predecessor Fund were acquired by the Predecessor Fund in connection with its commencement of operations on July 15, 2011.

The Fund is a diversified open-end investment company, which means it is subject to the diversification requirements under the Investment Company Act of 1940, as amended (the "1940 Act"). Under the 1940 Act, a diversified fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in the securities of one issuer (and in not more than 10% of the outstanding voting securities of an issuer), excluding cash, Government securities, and securities of other investment companies.

**ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENTS**

The Fund's investment goal is long-term capital appreciation and income. The Fund seeks to achieve its goal by investing primarily in a diversified portfolio of common stocks of domestic (U.S.) companies and fixed income investments. The Fund's investment goal is not fundamental, and therefore may be changed in the future by action of the Board. Shareholders would not be asked to vote on any change in the investment goal, but would receive advance written notice of any such change.

The Fund's Prospectus outlines the principal investment strategies of the Fund and related risks. The following discussion of investment techniques and instruments supplements, and should be read in conjunction with, the investment information set forth in the Fund's Prospectus, and includes some information about strategies that are not considered to be principal investment strategies. The investment practices described below, except for the discussion of the Fund's fundamental investment restrictions, are not fundamental and may be changed by the Board of Trustees without the approval of the shareholders. In seeking to meet the investment goal of the Fund, the Advisor may cause the Fund to invest in securities whose characteristics are consistent with the Fund's investment goal. The securities in which the Fund may invest include those described below.

**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 such business or businesses comprised a lesser portion of the Fund's portfolio.

● *Communications Sector Risk.* Communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures (including innovation by competitors and pricing competition), substantial capital requirements, research and development costs, fluctuating demand due to shifting demographics and changing consumer tastes, and changes in regulation. Certain companies in the communications sector may be particular targets of hacking and/or other cybersecurity breaches, which could adversely affect their businesses.

● *Consumer Discretionary Sector Risk.* The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability. In addition, the impact of any epidemic, pandemic or natural disaster, or widespread fear that such events may occur, could negatively affect the global economy and, in turn, negatively affect companies in the consumer discretionary sector. An example is the negative impact on the consumer discretionary sector of the aggressive measures taken worldwide by governments in response to COVID-19, including closing borders, restricting international and domestic travel, and the imposition of prolonged quarantines of large populations, and by businesses, including changes to operations and reducing staff.

● *Financials Sector Risk.* The performance of companies in the financials sector, as traditionally defined, may be adversely impacted by many factors, including, among others, changes in government regulations, economic conditions, and interest rates, credit rating downgrades, adverse public perception, exposure concentration and decreased liquidity in credit markets. The impact of changes in regulation of any individual financial company, or of the financials sector as a whole, cannot be predicted.

● *Healthcare Sector Risk.* The Fund may invest a substantial portion of its assets directly or indirectly in securities issued by healthcare companies and, as a result, the performance of the Fund will be impacted by economic, political and regulatory risks or other occurrences associated with the healthcare industry. Healthcare companies may be significantly affected by product obsolescence, thin capitalization, limited product lines and markets, civil liability claims and legislative or regulatory activities, among other factors.

● *Industrials Sector Risk.* Companies in the industrials sector may be adversely affected by changes in government regulation, world events and economic conditions. In addition, companies in the industrials sector can be adversely affected by environmental damages, product liability claims and exchange rates.

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

**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 net asset value ("NAV"), and an increase in Fund expenses. It may also be unusually difficult to identify both investment risks and opportunities, in which case 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, 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.

**Interest Rate Risk**

Bond prices generally rise when interest rates decline and decline when interest rates rise. The longer the duration of a bond, the more a change in interest rates affects the bond's price. Short-term and long-term interest rates may not move the same amount and may not move in the same direction. Other types of securities also may be adversely affected from an increase in interest rates. Over the past several years, the Federal Reserve has maintained the level of interest rates at or near historic lows. However, more recently, interest rates have begun to increase as a result of action that has been taken by the Federal Reserve, which has raised, and may continue to raise, interest rates. Changing interest rates may have unpredictable effects on the markets and the Fund's investments. The Fund may be exposed to heightened interest rate risk as interest rates rise from historically low levels. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

**Equity Securities Risk**

The Fund is designed for long-term investors who can accept the risks of investing in a portfolio with significant common stock holdings. The prices of common stocks move up or down (sometimes rapidly and unpredictably) in response to general market and economic conditions, interest rates, investor perception and anticipated events, as well as the activities of the particular issuer. Stock market risk may affect individual companies, industries, sectors, or the securities markets generally.

**Large-Capitalization Company 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.

**Small- and Medium-Capitalization Company Risk**

Investments in small- and medium-capitalization companies may be riskier than investments in larger, more established companies. The securities of smaller companies may trade less frequently and in smaller volumes than securities of larger companies. In addition, smaller companies may be more vulnerable to economic, market and industry changes. As a result, share price changes may be more sudden or erratic than the prices of other equity securities, especially over the short term. Because smaller companies may have limited product lines, markets or financial resources or may depend on a few key employees, they may be more susceptible to particular economic events or competitive factors than large capitalization companies.

**Credit Risk**

If an issuer or guarantor of a debt security held by the Fund or a counterparty to a financial contract with the Fund defaults or is downgraded or is perceived to be less creditworthy, or if the value of the assets underlying

a security declines, the value of the Fund's portfolio will typically decline to some extent. The Fund could lose money if an issuer or guarantor of a fixed income security is unwilling or unable to make timely payments to meet its contractual obligation on an investment held by the Fund. Even if issuers are able to make interest or principal payments, they may suffer adverse changes in financial condition that would lower the credit quality of the security, leading to greater volatility in the price of the security.

**U.S. Government Obligations Risk**

Not all securities issued by U.S. government agencies or government-sponsored entities are guaranteed by the full faith and credit of the United States. The Government National Mortgage Association ("GNMA"), a wholly owned U.S. government corporation, is authorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or the Department of Veterans Affairs. U.S. government agencies or government-sponsored entities (i.e., not backed by the full faith and credit of the U.S. government) include the Federal National Mortgage Association ("FNMA") and the Federal Home Loan Mortgage Corporation ("FHLMC"). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. government. Additionally, the U.S. government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate. If a government-sponsored entity is unable to meet its obligations, the performance of the Fund may be adversely impacted. U.S. government obligations are viewed as having minimal or no credit risk but are still subject to interest rate risk.

Although the U.S. government has honored its credit obligations, it remains possible that the U.S. could default on its obligations. While it is impossible to predict the consequences of such an unprecedented event, it is likely that a default by the U.S. would be highly disruptive to the U.S. and global securities markets and could significantly impair the value of the Fund's investments. Similarly, political events within the U.S. at times have resulted, and may in the future result, in a shutdown of government services, which could negatively affect the U.S. economy, decrease the value of the Fund's investments, and increase uncertainty in or impair the operation of the U.S. or other securities markets. In recent years, the U.S. renegotiated many of its global trade relationships and imposed or threatened to impose significant import tariffs. These actions could lead to price volatility and overall declines in U.S. and global investment markets. The current contentious domestic political environment, as well as political and diplomatic events within the U.S. and abroad, such as presidential elections in the U.S. or abroad may adversely affect the U.S. regulatory landscape, the general market environment and/or investor sentiment, which could have an adverse impact on the Fund's investments and operations.

**American Depositary Receipts Risk**

Investing in American Depositary Receipts ("ADRs") may involve risks in addition to the risks in domestic investments, including less regulatory oversight and less publicly-available information, less stable governments and economies, and non-uniform accounting, auditing and financial reporting standards. Certain countries may limit the ability to convert ADRs into the underlying foreign securities and vice vera, which may cause the securities of the foreign company to trade at a discount or premium to the market price of the related ADR.

**Investment Company Risk**

When the Fund invests in other investment companies, such as an exchange-traded fund ("ETF") or mutual fund, it will bear additional expenses based on its pro rata share of the investment company's operating expenses, including the management fees of unaffiliated funds in addition to those paid by the Fund. The risk of owning an investment company generally reflects the risks of owning the underlying securities the investment company holds. The Fund may also incur brokerage costs when it purchases shares of investment companies. Furthermore, investments in other mutual funds could affect the timing, amount and character of distributions to shareholders and therefore may increase the amount of taxes payable by investors in the Fund.

Many ETFs seek to replicate a specific benchmark index. However, an ETF may not fully replicate the performance of its benchmark index for many reasons, including the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of stocks held. Lack of liquidity in an ETF could result in an ETF being more volatile than the underlying portfolio of securities it holds. In addition, because of ETF expenses, compared to owning the underlying securities directly, it may be more costly to own an ETF. The Fund also will incur brokerage costs when it purchases ETFs.

**Fixed Income Securities Risk**

When the Fund invests in fixed income securities, the value of your investment in the Fund will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities owned by the Fund. In general, the market price of fixed income securities with longer maturities will increase or decrease more in response to changes in interest rates than shorter-term securities. Other risk factors include credit risk (the debtor may default) and prepayment risk (the debtor may pay its obligation early, reducing the amount of interest payments). These risks could affect the value of a particular investment by the Fund, possibly causing the Fund's share price and total return to be reduced and fluctuate more than other types of investments. The fixed-income securities market can be susceptible to increases in volatility and decreases in liquidity. New regulations applicable to, and changing business practices of, financial intermediaries that make markets in fixed income securities have resulted in less market making activity for certain fixed income securities, which may reduce the liquidity and may increase the volatility for such fixed income securities. Liquidity may decline unpredictably in response to overall economic conditions or credit tightening. For example, a general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Heavy redemptions could cause the Fund to sell assets at inopportune times or at a loss or depressed value and could hurt the Fund's performance. Duration risk arises when holding long duration and long maturity investments, which will magnify certain risks, including interest rate risk and credit risk. Longer-term securities may be more sensitive to interest rate changes. Effective duration estimates price changes for relatively small changes in rates. If rates rise significantly, effective duration may tend to understate the drop in a security's price. If rates drop significantly, effective duration may tend to overstate the rise in a security's price.

**Yield Curve Risk**

This is the risk that there is an adverse shift in market interest rates of fixed income investments. The risk is associated with either flattening or steepening of the yield curve, which is a result of changing yields among comparable bonds with different maturities. If the yield curve flattens, then the yield spread between

long-and short-term interest rates narrows and the price of a bond will change. If the curve steepens, then the spread between the long- and short-term interest rates increases which means long-term bond prices decrease relative to short-term bond prices.

**Common and Preferred Stock**

Equity securities, such as common stocks, represent shares of ownership of a corporation. 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. Some preferred stocks may be convertible into common stock. Common stock is a principal investment of the Fund.

**Convertible Securities**

Traditional convertible securities include corporate bonds, notes and preferred stocks that may be converted into or exchanged for common stock, and other securities that also provide an opportunity for equity participation. These securities are generally convertible either at a stated price or a stated rate (that is, for a specific number of shares of common stock or other security). As with other fixed-income securities, the price of a convertible security to some extent varies inversely with interest rates. While providing a fixed-income stream (generally higher in yield than the income derivable from a common stock, but lower than that afforded by a non-convertible debt security), a convertible security also affords the investor an opportunity, through its conversion feature, to participate in the capital appreciation of the common stock into which it is convertible. As the market price of the underlying common stock declines, convertible securities tend to trade increasingly on a yield basis and so may not experience market value declines to the same extent as the underlying common stock. When the market price of the underlying common stock increases, the price of a convertible security tends to rise as a reflection of the value of the underlying common stock. To obtain such a higher yield, the Fund may be required to pay for a convertible security an amount in excess of the value of the underlying common stock. Common stock acquired by the Fund upon conversion of a convertible security will generally be held for so long as the Advisor anticipates such stock will provide the Fund with opportunities that are consistent with the Fund's investment goal and policies.

**Debt Securities**

Debt securities purchased by the Fund will consist of obligations that are rated investment grade or better, having at least adequate capacity to pay interest and repay principal. Non-convertible debt obligations will be rated BBB or higher by S&P Global Ratings ("S&P"), or Baa or higher by Moody's Investors Service, Inc. ("Moody's") or determined to be of comparable quality by the Advisor if the security is unrated. Convertible debt obligations will be rated A or higher by S&P, or A or higher by Moody's, or determined to be of comparable quality by the Advisor if the security is unrated. Bonds in the lowest investment grade category (BBB by S&P or Baa by Moody's) have speculative characteristics. Changes in the economy or other circumstances are more likely to lead to a weakened capacity of the bonds to make principal and interest payments than would occur with bonds rated in higher categories. Fixed income securities (primarily U.S. obligations) are principal investments of the Fund. See Appendix A to this SAI.

**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% limits are applied as of the date the Fund purchases an illiquid investment. It is possible that the Fund's holding of illiquid investments could exceed the 15% limit, for example as a result of market developments or redemptions.

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.

**When Issued, Delayed Delivery Securities and Forward Commitments**

The Fund may enter into forward commitments for the purchase or sale of securities, including on a "when issued" or "delayed delivery" basis in excess of customary settlement periods for the type of security involved. In some cases, a forward commitment may be conditioned upon the occurrence of a subsequent event, such as approval and consummation of a merger, corporate reorganization or debt restructuring, *i.e.,* a "when, as and if issued" security. When such transactions are negotiated, the price is fixed at the time of the commitment, with payment and delivery taking place in the future, generally a month or more after the date of the commitment. While the Fund will only enter into a forward commitment with the intention of actually acquiring the security, the Fund may sell the security before the settlement date if it is deemed advisable.

Securities purchased under a forward commitment are subject to market fluctuation, and no interest (or dividends) accrues to the Fund prior to the settlement date.

Rule 18f-4 under the 1940 Act permits the Fund to invest in securities on a when-issued or forward-settling basis, or with a non-standard settlement cycle, notwithstanding the limitation on the issuance of senior securities in Section 18 of the 1940 Act, provided that the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date (the "Delayed-Settlement Securities Provision"). A when-issued, forward-settling, or non-standard settlement cycle security that does not satisfy the Delayed-Settlement Securities Provision is treated as a derivatives transaction under Rule 18f-4.

**U.S. Government Securities**

U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies or instrumentalities. The U.S. government does not guarantee the NAV of the Fund's shares. Some U.S. government securities, such as U.S. Treasury bills, notes and bonds, and securities guaranteed by the Government National Mortgage Association ("GNMA"), are supported by the full faith and credit of the United States; others, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as those of the Federal National Mortgage Association ("FNMA"), are supported by the discretionary authority of the U.S. government to purchase the agency's obligations; and still others, such as those of the Student Loan Marketing Association, are supported only by the credit of the instrumentality. The Fund may also invest in other securities issued or guaranteed by the U.S. government, its agencies and instrumentalities; such as obligations of Federal Home Loan Banks, Federal Farm Credit Banks, Federal Land Banks, the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, GNMA, FNMA, General Services Administration, Central Bank for Cooperatives, Federal Home Loan Mortgage Corporation, Federal Intermediate Credit Banks, Maritime Administration, and Resolution Trust Corp. No assurance can be given that the U.S. government will provide financial support to U.S. government-sponsored agencies or instrumentalities if it is not obligated to do so by law.

U.S. government securities include securities that have no coupons, or have been stripped of their unmatured interest coupons, individual interest coupons from such securities that trade separately, and evidences of receipt of such securities. Such securities may pay no cash income, and are purchased at a deep discount from their value at maturity. The discount varies depending on the time remaining until maturity, as well as market interest

rates, liquidity of the security, and the issuer's perceived credit quality. The discount, in the absence of financial difficulties of the issuer, typically decreases as the final maturity date approaches. If the issuer defaults, the Fund may not receive any return on its investment. Because zero-coupon securities bear no interest and compound semiannually at the rate fixed at the time of issuance, their value generally is more volatile than the value of other fixed-income securities. Since zero-coupon bondholders do not receive interest payments, when interest rates rise, zero-coupon securities fall more dramatically in value than bonds paying interest on a current basis. When interest rates fall, zero-coupon securities rise more rapidly in value because the bonds reflect a fixed rate of return. An investment in zero-coupon and delayed interest securities may cause the Fund to recognize income and make distributions to shareholders before it receives any cash payments on its investment. To generate cash to satisfy distribution requirements, the Fund may have to sell portfolio securities that it otherwise would have continued to hold or to use cash flows from other sources such as the sale of Fund shares. Because interest on zero-coupon securities is not distributed on a current basis but is, in effect, compounded, zero-coupon securities tend to be subject to greater market risk than interest-payment securities, such as CATs and TIGRs, which are not issued by the U.S. Treasury, and are therefore not U.S. government securities, although the underlying bond represented by such receipt is a debt obligation of the U.S. Treasury. Other zero coupon Treasury securities (STRIPs and CUBEs) are direct obligations of the U.S. government.

**Bank Obligations**

Bank obligations include bankers' acceptances, negotiable certificates of deposit and non-negotiable time deposits, including U.S. dollar-denominated instruments issued or supported by the credit of U.S. or foreign banks or savings institutions. Although the Fund may invest in money market obligations of foreign banks or foreign branches of U.S. banks only where the Advisor determines the instrument to present minimal credit risks, such investments may nevertheless entail risks that are different from those of investments in domestic obligations of U.S. banks due to differences in political, regulatory and economic systems and conditions. All investments in bank obligations are limited to the obligations of financial institutions having more than $1 billion in total assets at the time of purchase, and investments by the Fund in the obligations of foreign banks and foreign branches of U.S. banks will not exceed 10% of the Fund's total assets at the time of purchase. The Fund may also make interest-bearing savings deposits in commercial and savings banks in amounts not in excess of 10% of its net assets.

**Foreign Securities**

The Fund may invest in securities of foreign companies. However, the Fund will not invest more than 10% of the value of its net assets, at the time of purchase, in foreign securities (other than securities of Canadian issuers registered under the Securities Exchange Act of 1934 or ADRs, on which there are no such limits). Although the Fund may invest up to 10% of its net assets in foreign securities, the Advisor typically invests only a small portion of the Fund's portfolio in such securities, if at all.

There has been in the past, and there may be again in the future, an interest equalization tax levied by the United States in connection with the purchase of foreign securities such as those purchased by the Fund. Payment of such interest equalization tax, if imposed, would reduce the Fund's rate of return on its investment. Dividends paid by foreign issuers may be subject to withholding and other foreign taxes which may decrease the net return on such investments as compared to dividends paid to the Fund by U.S. corporations.

Investors should recognize that investing in foreign corporations involves certain considerations, including those set forth below, which are not typically associated with investing in U.S. corporations. Foreign corporations are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. corporations. There may also be less supervision and regulation of foreign stock exchanges, brokers, and listed corporations than exist in the United States. The Fund may be affected either unfavorably or favorably by fluctuations in the relative rates of exchange between the currencies of different nations and control regulations. Furthermore, there may be the possibility of expropriation or confiscatory taxation, political, economic or social instability, or diplomatic developments that could affect assets of the Fund held in foreign countries.

*Brexit*. The United Kingdom formally left the European Union ("EU") on January 31, 2020 (a measure commonly referred to as "Brexit"). Following the withdrawal, in December 2020, the United Kingdom and the EU entered into a new trading relationship. The agreement allows for continued trading free of tariffs, but institutes other new requirements for trading between the United Kingdom and the EU. Even with a new trading relationship having been established, Brexit could continue to affect European or world wide political, regulatory, economic, or market conditions. There is the possibility that there will continue to be considerable uncertainty about the potential impact of these developments on United Kingdom, European and global economies and markets. There is also the possibility of withdrawal movements within other EU countries and the possibility of additional political, economic and market uncertainty and instability. Brexit and any similar developments may have negative effects on economies and markets, such as increased volatility and illiquidity and potentially lower economic growth in the United Kingdom, EU and globally, which may adversely affect the value of the Fund's investments. Whether or not the Fund invests in securities of issuers located in Europe or with significant exposure to European issuers or countries, these events could result in losses to the Fund, as there may be negative effects on the value and liquidity of the Fund's investments and/or the Fund's ability to enter into certain transactions.

**American Depositary Receipts**

The Fund may make foreign investments through the purchase and sale of sponsored or unsponsored American Depositary Receipts ("ADRs") without limitation. ADRs evidence ownership of, and represent the right to receive, securities of foreign issuers deposited in a domestic bank or trust company or a foreign correspondent bank. Prices of ADRs are quoted in U.S. dollars, and ADRs are traded in the U.S. on exchanges or over-the-counter. While ADRs do not eliminate all the risks associated with foreign investments, by investing in ADRs rather than directly in the stock of foreign issuers, the Fund will avoid currency and certain foreign market trading risks during the settlement period for either purchases or sales. In general, there is a large, liquid market in the U.S. for ADRs quoted on a national securities exchange. The information available for ADRs is subject to the accounting, auditing and financial reporting standards of the U.S. market or exchange on which they are traded, which standards are generally more uniform and more exacting than those to which many foreign issuers may be subject.

In sponsored programs, an issuer has made arrangements to have its securities traded in the form of depositary receipts. In unsponsored programs, the issuer may not be directly involved in the creation of the program. Although regulatory requirements with respect to sponsored and unsponsored programs are generally similar, in some cases it may be easier to obtain financial information about an issuer that has participated in the creation

of a sponsored program. There may be an increased possibility of untimely responses to certain corporate actions of the issuer, such as stock splits and rights offerings, in an unsponsored program. Accordingly, there may be less information available regarding issuers of securities underlying unsponsored programs and there may not be a correlation between this information and the market value of the depositary receipts. If the Fund's investment depends on obligations being met by the arranger as well as the issuer of an unsponsored program, the Fund will be exposed to additional credit risk.

**Other Investment Companies**

The Fund may invest in shares of other investment companies or mutual funds, including 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 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 Advisor 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.

**Loans of Portfolio Securities**

The Fund may lend its investment securities to approved borrowers who need to borrow securities in order to complete certain transactions, such as covering short sales, avoiding failures to deliver securities or completing arbitrage operations. By lending its investment securities, the Fund attempts to increase its income through the receipt of interest on the loan. Any gain or loss in the market price of the securities loaned that might occur during the term of the loan would be for the account of the Fund. The Fund may lend its investment securities to qualified brokers, dealers, domestic and foreign banks or other financial institutions, so long as the terms, the structure and the aggregate amount of such loans are not inconsistent with the 1940 Act or the rules and regulations or interpretations of the SEC thereunder, which currently require that: (a) the borrower pledge and maintain with the Fund collateral consisting of cash, an irrevocable letter of credit issued by a bank or securities issued or guaranteed by the U.S. government having a value at all times not less than 100% of the value of the securities loaned; (b) the borrower add to such collateral whenever the price of the securities loaned rises (*i.e.*, the borrower "marks to the market" on a daily basis); (c) the loan be made subject to termination by the Fund at any time; and (d) the Fund receives reasonable interest on the loan (which may include the Fund investing any cash collateral in interest bearing short-term investments). All relevant facts and circumstances, including the creditworthiness of the broker, dealer or institution, will be considered in making decisions with respect to the lending of securities, and will be subject to review by the Board of Trustees. The Fund will not lend portfolio securities with a value in excess of 33-1/3% of the value of its total assets.

At the present time, the staff of the SEC does not object if an investment company pays reasonable negotiated fees in connection with loaned securities so long as such fees are set forth in a written contract and approved by the investment company's Board of Trustees. In addition, voting rights may pass with the loaned securities, but if a material event occurs affecting an investment on a loan, the loan must be called and the securities voted.

**Borrowing**

Currently, the 1940 Act permits the Fund to borrow money in amounts of up to one-third of the Fund's total assets from banks for any purpose, and to 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 that the value of the Fund's total assets, minus liabilities other than borrowings, bears to the aggregate amount of all borrowings. Borrowing money to increase the Fund's investment portfolio is known as "leveraging." Borrowing, especially when used for leverage, may cause the value of the Fund's shares to be more volatile than if the Fund did not borrow. This is because borrowing tends to magnify the effect of any increase or decrease in the value of the Fund's portfolio holdings. Borrowed money thus creates an opportunity for greater gains, but also greater losses. To repay borrowings, the Fund may have to sell securities at a time and at a price that is unfavorable to the Fund. There also are costs associated with borrowing money, and these costs would offset and could eliminate the Fund's net investment income in any given period.

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. The Fund will reduce its borrowing amount within three days, if its asset coverage falls below the amount required by the 1940 Act.

**Derivatives**

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.

**Temporary Investments**

Under normal market conditions, the Fund may have money received from the purchase of Fund shares, or money received on the sale of its portfolio securities for which suitable investments consistent with the Fund's investment goals are not immediately available. Under these circumstances, the Fund may have such monies invested in cash or cash equivalents in order to earn income on this portion of its assets. Cash equivalents include investments such as U.S. government obligations, repurchase agreements, bank obligations, commercial paper and corporate bonds with remaining maturities of thirteen months or less. The Fund also may have a portion of its assets invested in cash equivalents in order to meet anticipated redemption requests or if other suitable securities are unavailable. In addition, the Fund may reduce its holdings in equity and other securities and may invest in cash and cash equivalents for temporary defensive purposes, during periods in which the Advisor believes changes in economic, financial, political or other conditions make it advisable.

Investments by the Fund in commercial paper will consist of issues rated at the time of investment as A-1 and/or P-1 by S&P, Moody's or similar rating by another nationally recognized rating agency. In addition, the Fund may acquire unrated commercial paper and corporate bonds that are determined by the Advisor at the time of purchase to be of comparable quality to rated instruments that may be acquired by the Fund as previously described.

**Other Investments**

The Board of 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 goal and that it would not violate any fundamental investment policies or restrictions or securities laws, including the 1940 Act.

**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.

Although the Fund and its service providers, as well as exchanges and market participants through or with which the Fund trades and other infrastructures on which the Fund or its service providers rely, may have established business continuity plans and systems reasonably designed to protect from and/or defend against the risks or adverse consequences associated with cyber incidents, there are inherent limitations in these plans and systems, including that certain risks may not yet be identified, in large part because different or unknown threats may emerge in the future and the threats continue to rapidly evolve and increase in sophistication. As a result, it is not possible to anticipate and prevent every cyber incident and attempts to mitigate the occurrence or impact of a cyber incident may be unsuccessful. The nature, extent, and potential magnitude of the adverse consequences of a cyber incident cannot be predicted accurately but may result in significant risks and costs to the Fund and its shareholders.

The issuers of securities in which the Fund invests are also subject to the ongoing risks and threats associated with cyber incidents. These incidents could result in adverse consequences for such issuers, and may cause the Fund's investment in such securities to lose value. For example, a cyber incident involving an issuer may include the theft, destruction or misappropriation of financial assets, intellectual property or other sensitive information belonging to the issuer or their customers (*i.e*., identity theft or other privacy breaches). As a result, the issuer may experience the types of adverse consequences summarized above, among others (such as loss of revenue), despite having implemented preventative and other measures reasonably designed to protect from and/or defend against the risks or adverse effects associated with cyber incidents.

The Fund and its service providers are also subject to the risks associated with technological and operational disruptions or failures arising from, for example, processing errors and human errors, inadequate or failed internal or external processes, failures in systems and technology, errors in algorithms used with respect to the Fund, changes in personnel, and errors caused by third parties or trading counterparties. Although the Fund attempts to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures or other disruptions in service.

**INVESTMENT RESTRICTIONS**

**Fundamental Investment Policies and Restrictions:**

The Fund has adopted the following fundamental investment restrictions which cannot be changed without the approval of a "majority of the outstanding voting securities" of the Fund. Under the 1940 Act, a "majority of the outstanding voting securities" of a fund means the vote of: (i) more than 50% of the outstanding voting securities of the fund; or (ii) 67% or more of the voting securities of the fund present at a meeting, if the holders of more than 50% of the outstanding voting securities are present or represented by proxy, whichever is less.

&nbsp;&nbsp;&nbsp;&nbsp;1. **Concentration:** The Fund may not concentrate (invest 25% or more of its total assets) in securities of issuers in a particular industry or group of industries (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities). With respect to the Fund's fundamental investment policies and restrictions adopted by the Trust, "concentration" involves the Fund investing 25% or more of its total assets in securities of issuers in a particular industry or group of industries.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Borrowing:** The Fund may not borrow money, except as the 1940 Act, any rule or order thereunder, or SEC staff interpretation thereof, may permit. The 1940 Act allows a fund to borrow from banks if they maintain 300% asset coverage for all such borrowings. The Fund can also borrow for temporary or emergency purposes in an amount not exceeding 5% of the value of the total assets of the Fund at the time the loan is made. This loan may but need not be from a bank and the aggregate of all loans may not exceed 33-1/3% of the Fund's assets.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Senior Securities:** The Fund will not issue securities senior to the Fund's presently authorized shares of beneficial interest, except as permitted by the 1940 Act and any rule or order thereunder, or SEC staff interpretation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Underwriting:** The Fund may not underwrite the securities of other issuers, except that the Fund may engage in transactions involving the acquisition, disposition or resale of its portfolio securities, under circumstances where it may be considered to be an underwriter under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Real Estate:** The Fund may not purchase or sell real estate, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from investing in issuers which invest, deal or otherwise engage in transactions in real estate or interests therein (including real estate investment trusts), or investing in securities that are secured by real estate or interests therein.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Commodities:** The Fund may not purchase or sell physical commodities, unless acquired as a result of ownership of securities or other instruments and provided that this restriction does not prevent the Fund from engaging in transactions involving financial instruments that are secured by physical commodities.

&nbsp;&nbsp;&nbsp;&nbsp;7. **Lending:** The Fund may not make loans if, as a result, the amount of the Fund's assets loaned would exceed the amount permitted under the 1940 Act or any applicable rule or regulation thereof, or any exemption therefrom, except that the Fund may (i) purchase or hold debt instruments, loan participations and/or engage in direct corporate loans in accordance with its investment goal and policies; (ii) enter into repurchase agreements; and (iii) lend its portfolio securities to broker/dealers or institutional investors. The Fund may also make loans to other investment companies to the extent permitted by the 1940 Act or any exemptions therefrom which may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;8. **Diversification:** The Fund may not purchase the securities of any one issuer (other than the U.S. government or any of its agencies or instrumentalities or securities of other investment companies) if immediately after such investment (a) more than 5% of the value of the Fund's total assets would be invested in such issuer; or (b) more than 10% of the outstanding voting securities of such issuer would be owned by the Fund, except that up to 25% of the value of the Fund's total assets may be invested without regard to such 5% and 10% limitations.

&nbsp;&nbsp;&nbsp;&nbsp;9. **Other Investment Companies:** The Fund will not invest in the securities of other investment companies, except as permitted under the 1940 Act, as amended.

**PORTFOLIO TURNOVER**

Although the Fund generally will not invest for short-term trading purposes, portfolio securities may be sold without regard to the length of time they have been held when, in the opinion of the Advisor, investment considerations warrant such action. Portfolio turnover rate is calculated by dividing (1) the lesser of purchases or sales of portfolio securities for the fiscal year by (2) the monthly average of the value of portfolio securities owned during the fiscal year. A 100% turnover rate would occur if all the securities in the Fund's portfolio, with the exception of securities whose maturities at the time of acquisition were one year or less, were sold and either repurchased or replaced within one year. 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, generally resulting in larger taxable distributions to shareholders.

The following table provides the Fund's portfolio turnover rate for the past two fiscal years ended October 31.

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| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Portfolio Turnover Rate | 27% | 14% |

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**PORTFOLIO HOLDINGS INFORMATION**

The Advisor and the Fund are subject to portfolio holdings disclosure policies. These policies govern the timing and circumstances of disclosure to shareholders and third parties about the portfolio investments which the Fund holds. These portfolio holdings disclosure policies have been approved by the Trust's Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;1. **Portfolio Holdings Information Defined.** It is the Trust's policy to permit the dissemination of Portfolio Holdings Information to third parties prior to the time of its public dissemination only when such disclosure is in the best interest of Fund shareholders and only when such disclosure is accompanied by appropriate and reasonable protections against the improper use and dissemination of such information. For purposes of this policy "Portfolio Holdings Information" is defined as information which, at any point in time, identifies, or may be used to identify (1) any security owned by the Fund, (2) the current value of any security owned by the Fund, (3) characteristics of securities owned by the Fund or of the Fund's portfolio as a whole including, but not limited to, sector or geographic weightings, and (4) financial and other proprietary or non-public information concerning the Fund and the securities contained in the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;2. **Exclusions from Portfolio Holdings Information.** Portfolio Holdings Information does not include information which has been: (1) disclosed to the public in either a prospectus or in a shareholder report filed with the SEC and delivered to shareholders pursuant to Section 30(e) of the 1940 Act, or posted on the Fund's internet website in accordance with the requirement of Instruction 3 to Item 11(f)(2) of Form N-lA; (2) filed with the SEC on (a) Form N-CSR or (b) in a filing as a schedule to Form N-PORT made in accordance with the requirements of Rule 30b1-9 under the 1940 Act; or (3) posted on the Fund's website.

&nbsp;&nbsp;&nbsp;&nbsp;3. **PROCEDURES** 

To the extent that they are not in conflict with this policy, the Fund may adopt Fund specific procedures for the method, timing and frequency of its public disclosure of Portfolio Holdings Information. Portfolio Holdings Information posted on the Fund's website may be separately provided to any person, commencing after it is first published on the Fund's website.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Disclosure of Portfolio Holdings Information.** Portfolio Holdings Information is to be kept strictly confidential and should not be disclosed to any third party prior to the time of its public dissemination by the Trust. Notwithstanding the above, the disclosure of the Fund's Portfolio Holdings Information to a third party prior to its public dissemination under the following circumstances:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Approved Periodic Disclosure.** Periodic disclosure of the Fund's Portfolio Holdings Information may be made:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) to the Fund's service provider to facilitate performance of contractual and/or fiduciary duties necessary for the Fund's operations, including but not limited to the Fund's investment adviser, administrator, custodian, fund accountant, principal underwriter, mailing service providers, financial printers, proxy voting services, broker-dealers in connection with the purchase and sale of portfolio securities, legal counsel, independent auditor, the Trust's Board of Trustees ("Board") and officers ("Service Providers"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) pursuant to a regulatory request, court order or other legal proceedings and the approval of the Trust's Chief Compliance Officer ("CCO").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Additional Disclosure.** Disclosure of the Fund's Portfolio Holdings Information may also be made to the following additional entities ("Potential Recipients") subject to the referenced disclosure requirements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) **Potential Recipients** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) mutual fund rating or, statistical agency, consultants or person performing similar functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) a broker dealer, investment adviser or other financial intermediary performing due diligence on the Fund (and not for dissemination to clients); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) others pursuant to the prior written approval of the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) **Disclosure Requirements.** Prior to disclosing the Fund's Portfolio Holdings Information to a Potential Recipient, the CCO must find that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Fund has a legitimate business purpose for releasing the information in advance of release to all shareholders or the general public; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the disclosure is in the best interests of Fund shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Fund has obtained a signed confidentiality agreement or its equivalent from the Potential Recipient.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Duty of Confidentiality.** Service Providers shall be subject to a duty of confidentiality by contract, internal policies or procedures and/or pursuant to the requirements of a professional code. Potential Recipients will be subject to a similar duty of confidentiality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Frequency of Disclosure to Potential Recipients.** In general, Service Providers may receive portfolio holdings as needed with little or no lag between the date of the information and the date of which the information is disclosed. The frequency with which portfolio holdings may be disclosed to other potential recipient, and the length of the lag, if any, between the date of the information and the date on which the information is disclosed, shall be determined by the CCO based on the facts and circumstances, including, without limitation, the nature of the portfolio holdings information to be disclosed, the risk of harm to the Fund and its shareholders from the disclosure, and the legitimate business purposes served by such disclosure. The frequency of disclosure to a potential recipient, other than a Service Provider, may vary and may be as frequent as daily, with no lag.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Compensation.** Neither the Fund, nor any other party, including the Fund's investment adviser, shall accept compensation in connection with the disclosure of its Portfolio Holdings Information.

**MANAGEMENT**

The overall management of the business and affairs of the Trust is vested with its Board. The Board consists of three individuals, all of whom are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). The Board approves all significant agreements between the Trust and persons or companies furnishing services to it, including the agreements with the Advisor, Administrator, distributor, custodian and transfer agent. The Board appoints officers who are responsible for day-to-day business decisions based on policies set by the Board.

The current Trustees and officers of the Trust and their years of birth are listed below with their addresses, present positions with the Trust, term of office with the Trust and length of time served, principal occupations over at least the last five years and other directorships/trusteeships held.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(a)</sup>,<br> Year of Birth and<br> Position(s) with<br> the Trust** | **Position<br> with the<br> Trust** | **Term of<br> Office and<br> Length of**<br> **Time Served<sup>(b)</sup>** | **Principal Occupations<br> During the Past Five Years or Longer** | **Number of**<br> **Portfolios<br> in Fund<br> Complex<br> Overseen<br> by Trustee<sup>(c)</sup>** | **Other Directorship/<br> Trusteeship Positions held by<br> Trustee During the<br> Past 5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| David B. Boon<br> (1960)<br>| Chairperson of the Board and Trustee | 08/2018 to present (Chairperson since 03/2024) | Chief Financial Officer and Managing Director, Eagle Capital Management, LLC (since 2018); Chief Financial Officer and Partner, Cedar Capital, LLC (2013-2018). | 1 | Trustee of Evanston Multi-Alpha Fund (formerly North Square Evanston Multi-Alpha Fund) (since 2024). |
| Donald J. Herrema<br> (1952)<br>| Trustee | 08/2018 to present (Chairperson from 08/2018-03/2024) | Vice Chair and Chief Investment Officer, Independent Life Insurance Company (since 2018); Financial Services Executive, Advisor and Founder of BlackSterling Partners, LLC (private investments and advisory firm) (since 2004). | 1 | Chairperson and Director Emeritus, TD Funds USA (2009-2019); Director, Abel Noser Holdings, LLC (since 2016); Member, USC Marshall Business School Board (since 2010); Director, FEG Investment Advisors (since 2017); Director, Independent Life Insurance Company (since 2018); Director, Independent Insurance Group (since 2023); and Trustee of Evanston Multi-Alpha Fund (formerly North Square Evanston Multi-Alpha Fund) (since 2024). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(a)</sup>,<br> Year of Birth and<br> Position(s) with<br> the Trust** | **Position<br> with the<br> Trust** | **Term of<br> Office and<br> Length of**<br> **Time Served<sup>(b)</sup>** | **Principal Occupations<br> During the Past Five Years or Longer** | **Number of<br> Portfolios<br> in Fund<br> Complex<br> Overseen<br> by Trustee<sup>(c)</sup>** | **Other Directorship/<br> Trusteeship Positions held by<br> Trustee During the<br> Past 5 Years** |
| Catherine A. Zaharis<br> (1960)<br>| Trustee | 08/2018 to present | Professor of Practice (since 2019), Director, Professional/ Employer Development, Finance Department (2015-2019), Adjunct Lecturer (2010-2019), and Business Director, MBA Finance Career Academy (2008-2015), University of Iowa, Tippie College of Business; Chair (2013-2016), Director (1999-2016), and Investment Committee Member (1999-2013) and Chair (2003-2013), University of Iowa Foundation. | 1 | Trustee of Evanston Multi-Alpha Fund (formerly North Square Evanston Multi-Alpha Fund) (since 2024). |
| **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** | **Officers of the Trust** |
| Ian Martin<sup>(d)</sup><br> (1968)<br>| President | 05/2023 to present | Executive Vice President, Chief Administrative Officer of Ultimus Fund Solutions, LLC (2019-present); Executive Vice President (1992-2019), U.S. Bank Global Fund Services. | N/A | N/A |
| Zachary P. Richmond<br> (1980)<br>| Treasurer | 05/2023 to present | Senior Vice President, Director of Financial Administration of Ultimus Fund Solutions, LLC (2024-present) (Vice President from 2015-2024). | N/A | N/A |
| Karen Jacoppo-Wood<br> (1966)<br>| Secretary | 05/2023 to present | Senior Vice President and Associate General Counsel of Ultimus Fund Solutions, LLC (2022-present); Managing Director and Managing Counsel of State Street Bank and Trust Company (2019- 2022) (Vice President and Managing Counsel from 2014-2019). | N/A | N/A |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>(a)</sup>,<br> Year of Birth and<br> Position(s) with<br> the Trust** | **Position<br> with the<br> Trust** | **Term of<br> Office and<br> Length of**<br> **Time Served<sup>(b)</sup>** | **Principal Occupations<br> During the Past Five Years or Longer** | **Number of<br> Portfolios<br> in Fund<br> Complex<br> Overseen<br> by Trustee<sup>(c)</sup>** | **Other Directorship/<br> Trusteeship Positions held by<br> Trustee During the<br> Past 5 Years** |
| Martin R. Dean<br> (1963) | Chief Compliance Officer | 05/2023 to present | President of Northern Lights Compliance Services, LLC (01/2023-present); Senior Vice President, Head of Fund Compliance (2020-01/2023) of Ultimus Fund Solutions, LLC (Vice President and Director of Fund Compliance from 2016-2020). | N/A | N/A |

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a. The business address of each Trustee and officer is Exchange Place Advisors Trust, c/o Ultimus Fund Solutions, LLC, 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

b. Trustees and officers serve until their successors are duly elected and qualified.

c. As of the date of this SAI, the Trust was comprised of 16 active portfolios managed by three unaffiliated investment advisers. The term "Fund Complex" applies only to those funds that are (i) advised by a common investment adviser or by an investment adviser that is an affiliated person of the investment adviser of any of the other funds of the Trust or (ii) hold themselves out to investors as related companies for purposes of investment and investor services. The Fund does not hold itself out as related to any other series within the Trust.

d. Mr. Martin served as an interested trustee from May 2023 to December 31, 2024. He was considered to be an "interested person" of the Trust as that term is defined in the 1940 Act by virtue of his positions with the administrator, transfer agent and fund accountant.

**Additional Information Concerning the Board of Trustees**

**Board Leadership Structure**

The Board has general oversight responsibility with respect to the operation of the Trust. The Board has engaged the Advisor to manage the Fund and is responsible for overseeing the Advisor and other service providers to the Fund in accordance with the provisions of the 1940 Act and other applicable laws. Subject to the provisions of the Declaration of Trust, its Amended and Restated By-Laws (the "By-Laws") and Delaware law, the Board has all powers necessary and convenient to carry out these responsibilities, including, among other things, the election and removal of the Trust's officers.

The Board is currently composed of three members, all of whom are Independent Trustees. The Board meets periodically throughout the year to discuss and consider matters concerning the Trust and to oversee the Trust's activities, including its investment performance, compliance program and risks associated with its activities. The Board also regularly meets outside the presence of management and is advised by independent legal counsel.

The Board has appointed Mr. Boon to serve in the role of Chairperson. The Chairperson's role is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Trustees between meetings. The Chairperson may also perform such other functions as may be delegated by the Board from time to time. Except for duties specified herein or pursuant to the Trust's charter documents, the designation of Chairperson does not impose on such Independent Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Board generally. The Board has established two standing Committees (described in more detail below) to assist the Board in the oversight and direction of the business and affairs of the Trust, and from time to time may establish additional committees or informal working groups to review and address the policies and practices of

the Trust with respect to certain specified matters. The Board reviews its structure regularly as part of its annual self-assessment. The Board has determined that its current leadership structure is appropriate in light of the characteristics and circumstances of the Trust because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among the Committees and the full Board in a manner that enhances effective oversight. The leadership structure of the Board may be changed at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Trust.

**Board Oversight of Risk Management**

The Board oversees risk as part of its general oversight of the Fund. The Board has emphasized to the Advisor and other service providers the importance of maintaining vigorous risk management programs and procedures. The Fund is subject to a number of risks, including investment, liquidity, compliance, financial, operational, and valuation risks, among others. Under the overall supervision of the Board, the Advisor and other service providers perform risk management as part of the day-to-day operations of the Fund. Each of the Advisor and other service providers have their own independent interest in risk management, and their policies and methods of carrying out risk management functions will depend, in part, on their individual priorities, resources and controls. The Board has appointed a Chief Compliance Officer for the Trust who oversees the implementation and testing of the Fund's compliance program and regularly reports to the Board regarding compliance matters for the Fund and its principal service providers. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and Committee activities. Various personnel, including the Trust's Chief Compliance Officer and senior personnel of the Advisor and other service providers (such as the Fund's independent registered public accounting firm) make periodic reports to the Board and its Committees with respect to a variety of matters, including matters relating to risk management.

**Board Committees**

The Board has two standing committees: the Audit Committee and the Nominating and Governance Committee (the "Governance Committee").

The Audit Committee is responsible for advising the full Board with respect to the oversight of accounting, auditing and financial matters affecting the Trust. In performing its oversight function, the Audit Committee has, among other things, specific power and responsibility: (1) to oversee the Fund's accounting and financial reporting policies and practices, their internal controls and, as deemed appropriate by the Audit Committee, the internal controls of the Fund's service providers; (2) to oversee the quality, objectivity, and integrity of the Fund's financial statements and the independent audit thereof; (3) to approve, prior to appointment by the Board, the engagement of the Trust's independent registered public accounting firm and, in connection therewith, monitor the independent auditor's qualifications, independence, and performance; and (4) to act as a liaison between the Trust's independent registered public accounting firm and the Board. The Audit Committee meets as often as necessary or appropriate to discharge its functions and will meet at least semi-annually. The Audit Committee is comprised of all of the Independent Trustees. Mr. Herrema is the Chairperson of the Audit Committee. For the fiscal year ended October 31, 2025, the Audit Committee met four times.

The Governance Committee is responsible for assisting the Board with matters related to the periodic review and evaluation of the governance, composition and operations of the Board and its Committees, including the selection and nomination of candidates to serve as Trustees of the Trust and of chairpersons of the Committees. The Governance Committee is comprised of all of the Independent Trustees. Ms. Zaharis is the Chairperson of the Governance Committee. Shareholders who wish to recommend a nominee should send nominations to the Secretary of the Trust, including biographical information and qualifications of the proposed nominee. The Governance Committee may request additional information deemed reasonably necessary for the Committee to evaluate such nominee. The Governance Committee meets as often as necessary or appropriate to discharge its functions and will meet at least annually. For the fiscal year ended October 31, 2025, the Governance Committee met four times.

**Qualifications of the Trustees**

The governing documents for the Trust do not set forth any specific qualifications to serve as a Trustee. The charter of the Governance Committee also does not set forth any specific qualifications. The Board has determined that each of the Trustees is qualified to serve as a Trustee of the Trust, based on a review of the experience, qualifications, attributes and skills ("Qualifications") of each Trustee, including those listed in the chart earlier in this section. Among the Qualifications common to all Trustees are their ability to review critically, evaluate, question and discuss information and proposals provided to them regarding the Trust, to interact effectively with each of the other Trustees, the Advisor, independent registered public accounting firm and the other service providers, and to exercise effective and independent business judgment in the performance of their duties as Trustees. Each Trustee's ability to perform his or her duties effectively has been attained through: (1) the individual's business and professional experience and accomplishments; (2) the individual's experience working with the other Trustees and management; (3) the individual's prior experience serving in senior executive positions and/or on the boards of other companies and organizations; and (4) the individual's educational background, professional training, and/or other experiences. Generally, no one factor was decisive in determining that an individual should serve as a Trustee. The following is a summary of Qualifications that support the conclusion that each individual qualifies to serve as a Trustee of the Trust. Additional details regarding the background of each Trustee is included in the chart earlier in this section.

*David B. Boon.* Mr. Boon has been a Trustee since August 2018 and Chairperson of the Board since March 2024. Mr. Boon has experience in the financial, operations and management areas of the financial industry, including as the chief financial officer at various investment management firms. He has also served as the managing director of a retail and institutional investment management firm and full service defined contribution provider. Mr. Boon has been determined by the Board to be an audit committee financial expert as such term is defined in the applicable rules of the SEC.

*Donald J. Herrema*. Mr. Herrema has been a Trustee since August 2018 and was Chairperson of the Board from August 2018 to March 2024. Mr. Herrema has over 25 years of executive-level experience in the asset management and private wealth segments of the financial services industry, including as chief executive officer of a large private wealth management company. Mr. Herrema has served as a director and chairperson of the board of directors of another mutual fund complex. He has also served on the boards of directors of a variety of public and private companies and non-profit organizations. Mr. Herrema has been determined by the Board to be an audit committee financial expert as such term is defined in the applicable rules of the SEC.

*Catherine A. Zaharis.* Ms. Zaharis has been a Trustee since August 2018. Ms. Zaharis has experience in the financial services industry having served in senior positions at various asset management firms, including an SEC-registered investment adviser. Ms. Zaharis has served on the board of directors of another mutual fund complex. She has also served as a director, chairperson and committee member (as well as committee chair) of the board of directors at an educational organization's endowment foundation, and she has served on the boards of directors of certain philanthropic and civic leadership organizations.

**Security and Other Interests**. As of the calendar year ended December 31, 2025, none of the Independent Trustees or their immediate family members owned beneficially or of record any securities of the Advisor or the Distributor (as defined below), or any of their affiliates. During the two most recently completed calendar years, none of the Independent Trustees or their immediate family members had a direct or indirect interest, the value of which exceeds $120,000, in the Advisor or the Distributor, or any of their affiliates. In addition, during the two most recently completed calendar years, none of the Independent Trustees or their immediate family members had any material interest, direct or indirect, in any transaction (or series of transactions), in which the amount involved exceeds $120,000 and to which the Advisor or the Distributor, or any affiliate thereof, was a party. During the two most recently completed calendar years, none of the Independent Trustees or their immediate family members had any direct or indirect relationship, in which the amount involved exceeds $120,000, with the Advisor or the Distributor, or any of their affiliates.

**Trustee Ownership of Fund Shares and Other Interests**. The following table shows the aggregate dollar range of equity securities in all registered investment companies overseen by the Trustees in the family of investment companies owned by the Trustees as of December 31, 2025, using the following ranges: None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, and over $100,000.

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| | | | |
|:---|:---|:---|:---|
| **Name of Fund<sup>(1)</sup>** | **David B. Boon <br>Independent <br>Trustee** | **Donald J. Herrema <br>Independent <br>Trustee** | **Catherine A. Zaharis <br>Independent <br>Trustee** |
| **Fort Pitt Capital Total Return Fund** |  |  |  |
| **Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies<sup>(2)</sup>** |  |  | Over $100,000 |

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<sup>(1)</sup> Beneficial ownership is determined in accordance with Rule 16a-1(a)(2) under the Securities Exchange Act of 1934, as amended. <br> <sup>(2)</sup> Refers to all series of the Trust.

**Compensation**

Effective January 1, 2026, each Independent Trustee receives from the Trust an annual retainer of $52,500, plus an annual fee per Fund of $2,000, plus reimbursement of related expenses. The Chairperson of the Board receives an additional annual retainer of $18,750, and each of the Chairpersons of the Audit Committee and the Governance Committee receives an additional annual retainer of $7,500 and $3,000, respectively. Prior to January 1, 2026, each Independent Trustee received from the Trust an annual retainer of $50,000, plus an annual fee per Fund of $2,000, plus reimbursement of related expenses. The Chairperson of the Board received an additional annual retainer of $18,750, and each of the Chairpersons of the Audit Committee and the

Governance Committee received an additional annual retainer of $7,500 and $3,000, respectively. Each Independent Trustee receives $2,000 for each special in-person or telephonic meeting attended. The Independent Trustees may waive part of the annual retainer fees from time to time. The Trust has no pension or retirement plan. No other entity affiliated with the Trust pays any compensation to the Trustees. The Trust does not pay any compensation to the Trust's officers.

Set forth below is the compensation received by the Independent Trustees from the Trust for the fiscal year ended October 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Person/Position** | **Aggregate<br> Compensation from<br> the Fund** | **Pension or<br> Retirement Benefits<br> Accrued as Part of<br> the Trust Expenses** | **Estimated Annual<br> Benefits Upon<br> Retirement** | **Total Compensation<br> from Fund<br> Complex Paid to<br> Trustees<sup>1</sup>** |
| David B. Boon | $6117.19 | $0 | $0 | $6117.19 |
| Donald J. Herrema | $5515.63 | $0 | $0 | $5515.63 |
| Catherine A. Zaharis | $5279.17 | $0 | $0 | $5279.17 |

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| | |
|:---|:---|
| 1 | The Trust is comprised of multiple series with differing fiscal year ends. The compensation paid to the Board of Trustees is determined on a calendar quarter basis. As of the date of this SAI, the Trust was comprised of 16 active portfolios managed by three unaffiliated investment advisers. The term "Fund Complex" refers only to the Fund, and not to any other series of the Trust. For the fiscal year ended October 31, 2025, the aggregate Independent Trustees' fees paid by the entire Trust were $262,562.50. |

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**CODE OF ETHICS**

The Trust, the Advisor and the Distributor 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 and Distributor to invest in securities that may be purchased or held by the Fund.

**PROXY VOTING POLICY**

The Board has adopted Proxy Voting Policies and Procedures (the "Trust Proxy Policies") on behalf of the Trust which delegate the responsibility for voting proxies to the Advisor, subject to the Board's continuing oversight. The Trust Proxy Policies require that the Advisor vote proxies received in a manner consistent with the best interests of the Fund and its shareholders. The Trust Proxy Policies also require the Advisor to present to the Board, at least annually, the Advisor's Proxy Voting Policies and Procedures (the "Advisor Proxy Policies") and a record of each proxy voted by the Advisor on behalf of the Fund, including a report on the resolution of all proxies identified by the Advisor as involving a conflict of interest. See Appendix B for the Trust Proxy Policies and the Advisor Proxy Policies.

The Advisor has adopted the Advisor Proxy Policies and understands its obligations to ensure that the proxies are voted in the best interests of its clients. The Advisor Proxy Policies also require the Advisor to present to the Board, at least annually, its proxy voting guidelines used pursuant to the Advisor Proxy Policies, including a report on the resolution of all proxies identified by the Advisor as involving a conflict of interest and any material deviations from the guidelines. It is the policy of the Advisor to consider the guidelines when voting Fund proxies, though all proxy issues are considered on their own merits and voting decisions may take into account particular circumstances of the issuer. Matters not covered by the Advisor's guidelines are referred to

the Fund's Board of Trustees for consideration. The Advisor has also established a Proxy Voting Manager responsible for maintaining the Advisor Proxy Policies, including the Advisor's proxy voting guidelines.

Certain of the Advisor's proxy voting guidelines are summarized below:

**●** In the area of individual securities management, mergers, acquisitions, divestitures and the like, the Advisor will judge each proposal on its merits keeping in mind the best interest of Fund shareholders, however, the Advisor generally votes for proposals that enhance shareholder rights and against proposals that tend to limit shareholder rights;

**●** With respect to corporate takeover defenses and related actions, the Advisor generally votes in favor of proposals that enhance the shareholders' bargaining position;

**●** With respect to changes in compensation plans, because the Advisor recognizes that companies need to provide competitive compensation, it will generally vote for proposals that provide incentive-based compensation and against proposals that do not; and

**●** Regarding changes in corporate structure and capitalization, the Advisor generally supports actions that enable companies to gain better access to capital markets, but will generally vote against proposals that appear to entrench management and that do not provide economic value to shareholders.

Although many proxy proposals can be voted in accordance with the guidelines established by the Proxy Committee, some proposals will require special consideration, and the Advisor will make a decision on a case-by-case basis in these situations.

**Conflicts of Interest.** In the event that a proposal raises a material conflict of interest between the Advisor and the Fund, the Advisor will consult the Board of Trustees of the Fund and will abide by their recommendation with respect to the proposal, which may include, among other things; following the Board's voting recommendation, abstaining, or following the recommendation of an independent third party.

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 1-866-688-8775, on or through the Fund's website at www.FortPittCapitalFunds.com, and on the SEC's website at www.sec.gov.

**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 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 January 30, 2026, the entities listed below were principal shareholders and/or control persons of the Fund.

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| | | | |
|:---|:---|:---|:---|
| **Name and Address** | **Parent Company** | **% Ownership** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br> Special Custody Account<br> FBO Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | The Charles Schwab Corporation DE | 82.87% | Record |
| Morgan Stanley Smith Barney LLC<br> FBO A Customer of MSSB<br> 273-324946-000<br> 1 New York Plaza<br> New York, NY 10004 | Morgan Stanley DE | 6.01% | Record |
| National Financial Services LLC<br> 499 Washington Boulevard<br> Jersey City, NJ 07310 | FMR LLC DE | 5.40% | Record |

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*Management Ownership Information.* As of the date of this SAI, the Trustees and Officers of the Trust, as a group, beneficially owned less than 1% of the outstanding shares of the Fund.

**INVESTMENT ADVISOR AND ADVISORY AGREEMENT**

Beginning on January 1, 2026 (the "Closing Date"), following an internal restructuring (the "Transaction"), Focus Partners Wealth, LLC, located at 190 Carondelet Plaza, Suite 600, St. Louis, MO 63105, began serving as the Fund's investment adviser. Prior to January 1, 2026, Kovitz Investment Group Partners, LLC ("Kovitz"), served as the Fund's investment adviser. The Advisor and Kovitz are indirect, wholly-owned subsidiaries of Focus Financial Partners, LLC ("Focus"), a Delaware limited liability company that is a strategic and financial investor in independently-managed wealth management firms.

The Advisor serves as investment adviser to the Fund pursuant to an Investment Advisory Agreement with the Trust (the "Advisory Agreement"). The Advisor, subject to the supervision of the Trustees, provides a continuous investment program for the Fund, including investment research and management with respect to securities, investments and cash equivalents, in accordance with the Fund's investment goal, policies and restrictions as set forth in its prospectus, this SAI and the resolutions of the Trustees. The Advisor is responsible for effecting all security transactions on behalf of the Fund, including the allocation of principal business and portfolio brokerage and the negotiation of commissions. The Advisor also maintains books and records with respect to the securities transactions of the Fund and furnishes to the Trustees such periodic or other reports as the Trustees may request. To protect the Fund, the Advisor and its officers, directors and employees are covered by fidelity insurance. The Advisor pays all expenses incurred by it in connection with its activities except the cost of securities (including brokerage commissions, if any) purchased for the Fund. The services furnished by the Advisor are not exclusive, and the Advisor is free to perform similar services for others.

Under the Advisory Agreement, the Advisor receives a monthly management fee from the Fund. The Advisor's fee schedule provides that the Fund will pay the Advisor a flat fee of 0.76% of the Fund's average daily net assets. The fee is computed at the close of business on the last business day of each month in accordance with the Advisory Agreement. The Advisor has contractually agreed to waive its management fee or reimburse the Fund for expenses otherwise payable by the Fund ("Operating Expenses Limitation Agreement") to the extent necessary to ensure that net operating expenses of the Fund (excluding interest, taxes, brokerage commissions, AFFE, extraordinary expenses, Rule 12b-1 fees, shareholder servicing fees or any other class-specific expenses) do not exceed 1.00% of the Fund's average daily net assets through at least February 27, 2027. The Advisor may request recoupment of previously waived fees and paid expenses in any subsequent month in the thirty-six 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. The management fees accrued for the Fund and/or the Predecessor Fund for the three most recent fiscal years ended October 31 are shown below.

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| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2024** | **2023** |
| Total Management Fees Accrued | $453551 | $479123 | $491110 |
| Management Fees Waived | $149529 | $114922 | $110211 |
| Net Management Fees Paid to Advisor | $304022 | $364201 | $380899 |

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The Advisory Agreement may be continued from year to year, provided that such continuance is approved at least annually by a vote of the holders of a "majority" (as defined in the 1940 Act) of the outstanding voting securities of the Fund, or by the Trustees, and in either event by vote of a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such approval.

As a result of the Transaction, the Advisory Agreement was terminated as of the Closing Date. In connection with the Transaction, it is proposed that the Fund, which currently operates as an open-end mutual fund, be reorganized into Kovitz Core Equity ETF (the "Acquiring Fund"), a series of Valued Advisers Trust (the "Acquiring Trust"), which is also advised by the Advisor and that operates as an exchange-traded fund (the "Reorganization"). At a meeting held on December 9-10, 2025, the Board approved the Agreement and Plan

of Reorganization (the "Plan") for the Reorganization. Pursuant to the Plan, the Fund will transfer substantially of its assets and all of its liabilities to the Acquiring Fund in exchange for newly issued common shares of the Acquiring Fund. The Reorganization is expected to close in the second quarter of 2026, subject to the fulfillment of closing conditions, including the approval of the Plan by the Fund's shareholders. More detailed information regarding the Reorganization and the proposals to be voted upon at the special meeting of the Fund's shareholders will be provided in a proxy statement/prospectus in connection with the special meeting.

At the December 9-10, 2025, meeting of the Board, the Board, comprised solely of Independent Trustees, also unanimously voted to approve, and to recommend that shareholders approve, an investment advisory agreement between the Advisor and the Trust, on behalf of the Fund (the "New Advisory Agreement"), on substantially the same terms as the Advisory Agreement. Under the New Advisory Agreement, the Advisor will provide investment advisory services to the Fund on the same terms and conditions and advisory fee rate as those currently in effect. The Fund's investment objective, policies, risks, principal or non-principal strategies, fundamental or non-fundamental investment restrictions, and portfolio manager did not change as a result of the Transaction. The New Advisory Agreement with the Advisor will be submitted to the Fund's shareholders for approval at the forthcoming special meeting of the Fund's shareholders. Shareholders will be asked to approve the New Advisory Agreement in the event the Reorganization is not approved or not consummated in a timely manner.

Pending shareholder approval of the New Advisory Agreement, the Advisor acts as the investment adviser to the Fund pursuant to an interim advisory agreement pursuant to Rule 15a-4 under the 1940 Act between the Trust, on behalf of the Fund, and the Advisor, which was also approved by the Board and that took effect on the Closing Date. The interim advisory agreement has substantially the same terms as the Advisory Agreement, except for the start and end date of the agreement and other provisions applicable to the interim investment advisory agreement as required under the 1940 Act. The Advisor will continue managing the Fund under either the interim advisory agreement or the New Advisory Agreement until the Reorganization is consummated. As required by Rule 15a-4 under the 1940 Act, shareholder approval of the New Advisory Agreement is also necessary to permit payment to the Advisor of the fees accrued under the interim advisory agreement even if the Reorganization is separately approved.

**PORTFOLIO MANAGER**

The Advisor serves as investment adviser to the Fund. Dan Eye serves as the Portfolio Manager of the Fund. The portfolio manager is primarily responsible for the day-to-day management of the Fund and manages the Advisor's separately managed accounts in addition to the Fund. Information regarding the other accounts (not including the Fund) managed by Mr. Eye, including the number of accounts, the total assets in those accounts, and the categorization of the accounts as of October 31, 2025, is set forth below.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Total Accounts**<br> **(excluding the Fund)** | **Total Accounts**<br> **(excluding the Fund)** | **Accounts with Performance<br> Based Fees** | **Accounts with Performance<br> Based Fees** |
| <br>**Portfolio Manager Other Accounts** | **Number** | **Assets<br> (in billions)** | **Number** | **Assets** |
| **Dan Eye** | | | | |
| &nbsp;&nbsp;&nbsp;Registered Investment Companies | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp;Other Accounts | 10009 | $6.50 | 0 | $0 |

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**Material Conflicts of Interest**

The Advisor has not identified any material conflicts between the Fund and other accounts managed by the firm. However, actual or apparent conflicts may arise in connection with the day-to-day management of the Fund and other accounts. The management of the Fund and other accounts results in unequal time and attention being devoted to the Fund and other accounts. The Advisor's management fees for the services it provides to other accounts may be higher or lower than the advisory fees it receives from the Fund. On behalf of all clients, including the Fund, the Advisor strives to provide investment advice that is the most cost effective for them given the size of their investable assets, time horizon and investment objectives. The firm uses a modified random allocation procedure to reduce the possibility that the Fund or another account may receive favorable treatment.

No direct conflicts of interest between the Fund and the Advisor exist. The Advisor has an Asset Management group which is made up of the portfolio management, research and trading staff of the firm. Dan Eye serves as the sole Portfolio Manager of the Fund; however, all investment decisions are discussed by the Asset Management group prior to implementation. The Portfolio Manager relies on the members of the Asset Management group in formulating trades for the firm's equity strategies, which includes the Fund.

**Compensation**

As of October 31, 2025, the portfolio manager receives a base salary to manage both the Fund and separate client accounts. The base salary is determined by the Advisor's senior management and is in line with current industry averages. The portfolio manager is also eligible for an annual performance-based bonus based upon his performance and the execution of goals for the year. The portfolio manager's compensation is not based on the performance of the Fund or any other separate account that he manages, nor is such compensation based on the value of assets in the Fund or any other separate account.

The Advisor believes that this arrangement encourages the portfolio manager to focus on consistent, long-term results for the Fund.

*Securities Owned in the Fund by the Portfolio Manager.* As of October 31, 2025, Mr. Eye beneficially owned the following dollar range of shares of the Fund:

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Fund Shares Beneficially Owned**<br> (None, $1-$10,000, $10,001-$50,000, $50,001-$100,000, $100,001-$500,000, $500,001-$1,000,000, or over $1,000,000) |
| Dan Eye | $500001-$1000000 |

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**SERVICE AGREEMENTS**

**Fund Administrator, Transfer Agent and Fund Accountant**

The Fund retains Ultimus Fund Solutions, LLC ("Ultimus"), 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246 (the "Administrator" or the "Transfer Agent"), to serve as transfer agent, dividend paying agent and shareholder service agent, and to provide the Fund with administrative services, including regulatory reporting and necessary office equipment, personnel and facilities. The Fund also retains Ultimus to provide the Fund with fund accounting services, including calculating the Fund's daily NAV, necessary office equipment, personnel and facilities. The Fund pays Ultimus for its transfer agency fund administrative services, and fund accounting services. Officers of the Trust are also officers and/or employees of Ultimus (the Administrator, the Transfer Agent and accounting services agent for the Trust).

For the fiscal years indicated below, the Fund and/or the Predecessor Fund paid the following fees to the Fund's prior and current administrators for fund administration services (including fund accounting):

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| | | |
|:---|:---|:---|
| **2023** | **2024** | **2025** |
| $86744 | $76732 | $66510 |

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**Custodian**

Pursuant to a Custody Agreement between the Trust and U.S. Bank National Association, located at 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212 (the "Custodian"), the Custodian serves as the custodian of the Fund's assets, 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 does not participate in decisions relating to the purchase and sale of securities by the Fund.

**Compliance Services**

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of Ultimus, provides a Chief Compliance Officer to the Trust, as well as related compliance services; pursuant to a consulting agreement between NLCS and the Trust, on behalf of the Fund. Under this consulting agreement, NLCS receives fees from the Fund, which are approved annually by the Board.

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., located at 1350 Euclid Avenue, Suite 800, Cleveland, OH 44115, is the independent registered public accounting firm for the Fund. Cohen & Company, Ltd. will perform an annual audit of the Fund's financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., will provide tax and other permissible non-audit services as requested.

**Counsel to the Trust**

Blank Rome LLP, 1271 Avenue of the Americas, New York, NY, 10020 serves as legal counsel to the Trust.

**DISTRIBUTION AGREEMENT**

Ultimus Fund Distributors, LLC (the "Distributor") is the distributor (also known as principal underwriter) of the shares of the Fund and is located at 225 Pictoria Drive, Suite 450, Cincinnati, OH 45246. The Distributor is a registered broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Under a Distribution Agreement with the Trust, the Distributor acts as the agent of the Trust in connection with the continuous offering of shares of the Fund. The Distributor continually distributes shares of the Fund on a best efforts basis. The Distributor has no obligation to sell any specific quantity of Fund shares. The Distributor and its officers have no role in determining the investment policies or which securities are to be purchased or sold by the Trust.

The Distribution Agreement provides that, unless sooner terminated with respect to the Fund, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not interested persons of the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement may be terminated with respect to the Fund at any time, without the payment of any penalty, by vote of a majority of the entire Board of the Trust or by vote of a majority of the outstanding shares of the Fund on 60 days written notice to the Distributor, or by the Distributor at any time, without the payment of any penalty, on 60 days written notice to the Fund. The Distribution Agreement will automatically terminate in the event of its assignment.

The Distributor may enter into agreements with selected broker-dealers, banks or other financial intermediaries for distribution of shares of the Fund. With respect to certain financial intermediaries and related fund "supermarket" platform arrangements, the Fund and/or the Advisor, rather than the Distributor, typically enter into such agreements. These financial intermediaries may charge a fee for their services and may receive shareholder service or other fees from parties other than the Distributor. These financial intermediaries may otherwise act as processing agents and are responsible for promptly transmitting purchase, redemption and other requests to the Fund.

Investors who purchase shares through financial intermediaries will be subject to the procedures of those intermediaries through which they purchase shares, which may include charges, investment minimums, cutoff times and other restrictions in addition to, or different from, those listed herein. Information concerning any charges or services will be provided to customers by the financial intermediary through which they purchase shares. Investors purchasing shares of the Fund through financial intermediaries should acquaint themselves with their financial intermediary's procedures and should read the Prospectus in conjunction with any materials and information provided by their financial intermediary. The financial intermediary, and not its customers,

will be the shareholder of record, although customers may have the right to vote shares depending upon their arrangement with the intermediary. The Distributor does not receive compensation from the Fund for its distribution services. The Advisor pays the Distributor a fee for certain distribution-related services.

**Distribution Plan**

The Board of Trustees has adopted (but has not yet implemented), and the Fund's shareholders have approved, a distribution plan pursuant to Rule 12b-1 under the 1940 Act (the "Distribution Plan"). If the Distribution Plan is implemented, the Fund will be authorized to use the assets of the Fund to reimburse the Advisor, the Distributor or others for expenses incurred by such parties in the promotion and distribution of the shares of the Fund. If implemented, the Distribution Plan will authorize the use of distribution fees to pay expenses including, but not limited to, printing prospectuses and reports used for sales purposes, preparing advertising and sales literature, and other distribution-related expenses. The maximum amount payable under the Distribution Plan is 0.25% of the Fund's average daily net assets on an annual basis. Because these fees would be paid out of the Fund's assets on an ongoing basis, over time these fees would increase the cost of your investment.

FINRA's maximum sales charge rule relating to mutual fund shares establishes limits on all types of sales charges, whether front-end, deferred or asset-based. This rule limits the aggregate distribution fees to which shareholders might be subject under the terms of the Distribution Plan.

The Distribution Plan may be extended annually by the approval of a majority of the Fund's Board of Trustees, including a majority of the Independent Trustees. As adopted, the Fund does not intend to implement the Distribution Plan. This means that any current distribution-related expenses are not paid by the Fund but are being paid by the Advisor.

If implemented, the Distribution Plan would require that any person authorized to direct the disposition of monies paid or payable by the Fund pursuant to the Distribution Plan or any related agreement prepare and furnish to the Trustees for their review, at least quarterly, written reports complying with the requirements of Rule 12b-1 under the 1940 Act and setting out the amounts expended under the Distribution Plan and the purposes for which those expenditures were made. The Distribution Plan provides that so long as it is in effect the selection and nomination of the Independent Trustees will be committed to the discretion of the Independent Trustees then in office.

The Distribution Plan would continue in effect only so long as its continuance is specifically approved at least annually by the Trustees in the manner described above for Trustee approval of the Distribution Plan. The Distribution Plan could be terminated at any time by a majority vote of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Plan or in any agreement related to the Distribution Plan or by vote of a majority of the outstanding voting securities of the Fund.

The Distribution Plan may not be enacted or amended so as to materially increase the amount of the distribution fees for the Fund unless the amendment is approved by a vote of at least a majority of the outstanding voting securities of the Fund. In addition, no material amendment may be made unless approved by the Trustees in the manner described above for Trustee approval of the Distribution Plan.

**PORTFOLIO TRANSACTIONS AND TURNOVER**

The Fund's portfolio securities transactions are placed by the Advisor. The goal of the Fund is to obtain the best available prices in its portfolio transactions, taking into account the costs, promptness of executions and other qualitative considerations. There is no pre-existing commitment to place orders with any broker, dealer or member of an exchange. The Advisor evaluates a wide range of criteria in seeking the most favorable price and market for the execution of transactions, including the broker's commission rate, execution capability, positioning and distribution capabilities, information in regard to the availability of securities, trading patterns, statistical or factual information, opinions pertaining to trading strategy, back office efficiency, ability to handle difficult trades, financial stability, and prior performance in servicing the Advisor and its clients. In transactions on equity securities and U.S. government securities executed in the over-the-counter market, purchases and sales are transacted directly with principal market-makers except in those circumstances where, in the opinion of the Advisor, better prices and executions are available elsewhere.

The Advisor, when effecting purchases and sales of portfolio securities for the account of the Fund, will seek execution of trades either (i) at the most favorable and competitive rate of commission charged by any broker, dealer or member of an exchange; or (ii) at a higher rate of commission charges, if reasonable, in relation to brokerage and research services provided to the Fund or the Advisor by such member, broker, or dealer. Such services may include, but are not limited to, any one or more of the following: information as to the availability of securities for purchase or sale, statistical or factual information, opinions pertaining to investments or the ability to aggregate or bunch trades with other clients of the Advisor. The Advisor may use research and services provided by brokers and dealers in servicing all its clients, including the Fund, and not all such services will be used by the Advisor in connection with the Fund. In accordance with the provisions of Section 28(e) of the Securities Exchange Act of 1934, the Advisor may from time to time receive services and products which serve both research and non-research functions. In such event, the Advisor makes a good faith determination of the anticipated research and non-research use of the product or service and allocates brokerage only with respect to the research component. The execution of a transaction for any portfolio by a broker or dealer is permitted only if the selection of that broker or dealer is not influenced by considerations about the sale of Fund shares. The Fund and/or the Predecessor Fund paid the following in brokerage commissions for the three prior fiscal years ended October 31:

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| | | | |
|:---|:---|:---|:---|
|  | **2023** | **2024** | **2025** |
| **Brokerage Fees Paid** | $5267 | $5160 | $3638 |

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The Advisor provides investment advisory services to individuals and other institutional clients, including corporate pension plans, profit-sharing and other employee benefit trusts. There may be occasions on which other investment advisory clients advised by the Advisor may also invest in the same securities as the Fund. When these clients buy or sell the same securities at substantially the same time, the Advisor averages the transactions as to price and allocates the amount of available investments in a manner which is believed to be equitable to each client, including the Fund. On the other hand, to the extent permitted by law, the Advisor will aggregate the securities to be sold or purchased for the Fund with those to be sold or purchased for other clients managed by it in order to obtain lower brokerage commissions, if any.

The SEC requires the Fund to provide certain information regarding securities held of its regular brokers or dealers (or their parents) as of the Fund's most recent fiscal year end. As of October 31, 2025, the Fund did not hold securities issued by regular broker dealers of the Fund. The Advisor did not direct the Fund's brokerage transactions to a broker because of research services during the Fund's fiscal year ended October 31, 2025.

**ADDITIONAL INFORMATION ABOUT PURCHASES, SALES AND PRICING OF SHARES**

Detailed information on the purchase and redemption of shares is included in the Fund's Prospectus. Shares of the Fund are sold at the next offering price calculated after receipt of an order for purchase. In order to purchase shares of the Fund, you must invest the initial minimum investment for the relevant class of shares. However, the Advisor reserves the right, in its sole discretion, to waive the minimum initial investment amount for certain investors, or to waive or reduce the minimum initial investment for 401(k) plans or other tax-deferred retirement plans. You may purchase shares on any day that the NYSE is open for business by placing orders with the Fund.

The Fund reserves the right to refuse any purchase requests, particularly those that would not be in the best interests of the Fund or its shareholders and could adversely affect the Fund or its operations. This includes those from any individual or group who, in the Fund's view, is likely to engage in or has a history of excessive trading (usually defined as more than four round-trip transactions out of the Fund within a calendar year). Furthermore, the Fund may suspend the right to redeem its shares or postpone the date of payment upon redemption for more than seven calendar days (i) for any period during which the NYSE is closed (other than customary weekend or holiday closings) or trading on the NYSE is restricted; (ii) for any period during which an emergency exists affecting the sale of the Fund's securities or making such sale or the fair determination of the value of the Fund's net assets not reasonably practicable; or (iii) for such other periods as the SEC may permit for the protection of the Fund's shareholders. In addition, if shares are purchased using a check or electronic funds transfer through the ACH network and a redemption is requested before the purchase amount has cleared, the Fund may postpone payment of the redemption proceeds up to 15 calendar days while the Fund waits for the purchase amount to clear.

**Redemptions In-Kind**

The Fund has reserved the right to pay the redemption price of its shares in excess of the amounts specified by the rule, either totally or partially, by an in-kind distribution of portfolio securities (instead of cash). The securities so distributed would be valued at the same amounts as those assigned to them in calculating the NAV for the Fund shares being redeemed. If a shareholder receives an in-kind distribution, the shareholder could incur brokerage or other charges in converting the securities to cash.

The Fund does not intend to hold any significant percentage of its portfolio in investments that are classified as illiquid, although the Fund, like virtually all mutual funds, may from time to time hold a small percentage of investments that are classified as illiquid. In the unlikely event the Fund were to elect to make an in-kind redemption, the Fund expects that it would follow the normal protocol of making such distribution by way of a pro rata distribution based on its entire portfolio. If the Fund held investments that are classified as illiquid, such distribution may contain a pro rata portion of such illiquid investments or the Fund may determine, based

on a materiality assessment, not to include illiquid investments in the in-kind redemption. The Fund does not anticipate that it would selectively distribute a greater than pro rata portion of any illiquid investments to satisfy a redemption request. If such investments are included in the distribution, shareholders may not be able to liquidate such investments and may be required to hold such investments indefinitely. Shareholders' ability to liquidate such investments distributed in-kind may be restricted by resale limitations or substantial restrictions on transfer imposed by the issuers of the securities or by law. Shareholders may only be able to liquidate such investments distributed in-kind at a substantial discount from their value, and there may be higher brokerage costs associated with any subsequent disposition of these investments by the recipient.

**Pricing of Shares**

The NAV of the Fund's shares will fluctuate and are determined as of 4:00 p.m. Eastern Time, the normal close of regular trading on the New York Stock Exchange (the "NYSE") on each day the NYSE is open for trading. The NAV may be calculated earlier if trading on the NYSE is restricted or if permitted by the SEC. The NYSE annually announces the days on which it will not be open for trading. The most recent announcement indicates that the NYSE will not be open for the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. However, the NYSE may close on days not included in that announcement.

The NAV of the Fund is computed by dividing (a) the difference between the value of the Fund's securities, cash and other assets and the amount of the Fund's expenses and liabilities by (b) the number of shares outstanding (assets – liabilities / # of shares = NAV). The NAV takes into account all of the expenses and fees of the Fund, including management fees and administration fees, which are accrued daily.

<u>Net Assets of the Fund's Class</u> = NAV of the Fund's Class <br> Shares Outstanding of the Fund's Class

Generally, the Fund's investments are valued at market value. Fair value pricing involves subjective judgments, and it is possible that the fair value determined for a security may be materially different than the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Board has appointed the Advisor as its designee (the "Valuation Designee") for all fair value determinations and responsibilities, with respect to the Fund. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Valuation Designee, in accordance with procedures approved by the Board. This designation is subject to Board oversight and certain reporting and other requirements designed to facilitate the Board's ability to effectively oversee the Valuation Designee's fair value determinations

The Fund's securities 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 ask prices.

Securities that are traded on more than one exchange are valued on the exchange determined by the Advisor to be the primary market. Securities primarily traded in the National Association of Securities Dealers Automated Quotation ("NASDAQ"), National Market System for which market quotations are readily available

shall be valued using the NASDAQ 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 not been any sale on such day, at the mean between the bid and ask prices. OTC securities which are not traded in the NASDAQ National Market System are valued at the most recent trade price.

Stocks that are "thinly traded" or events occurring when a foreign market is closed but the NYSE is open (for example, the value of a security held by the Fund has been materially affected by events occurring after the close of the exchange or market on which the security is principally traded) may create a situation where a market quote would not be readily available. When a market quote is not readily available, the security's value is based on "fair value" as determined in good faith by the Valuation Designee, in accordance with procedures adopted by the Board. The Fund may hold portfolio securities, such as those traded on foreign securities exchanges that trade on weekends or other days when the Fund's shares are not priced. Therefore, the value of the Fund's shares may change on days when shareholders will not be able to purchase or redeem shares.

Short-term debt obligations with remaining maturities in excess of 60 days are valued at current market prices, as discussed above. 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.

**DIVIDENDS**

A shareholder will automatically receive all income dividends and capital gain distributions in additional full and fractional shares of the Fund at their NAV as of the date of payment unless the shareholder elects to receive such dividends or distributions in cash. Shareholders will receive a confirmation of each new transaction in their account. The Trust will confirm all account activity, including the payment of dividend and capital gain distributions and transactions made as a result of a Systematic Withdrawal Plan or an Automatic Investment Plan. Shareholders may rely on these statements in lieu of stock certificates. Stock certificates representing shares of the Fund will not be issued.

**ADDITIONAL INFORMATION ON DISTRIBUTIONS AND TAXES**

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 (generally including gains from options, futures or forward contracts) 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 also must satisfy both of the following 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 consist of 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 investment company taxable income (before the dividends paid deduction), 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.

*Distributions of Net Investment Income.* The Fund generally receives income in the form of dividends and interest on its investments. This income, less expenses incurred in the operation of the Fund, constitutes its net investment income from which dividends may be paid to you. If you are a taxable investor, any distributions by the Fund from such income will be taxable to you as ordinary income, whether you take them in cash or in additional shares.

*Distributions of Capital Gains.* The Fund may derive capital gains and losses in connection with sales or other dispositions of its portfolio securities. Distributions derived from the excess of net short-term capital gain over net long-term capital loss will be taxable to you as ordinary income. Distributions paid from long-term capital gains realized by the Fund will be taxable to you as long-term capital gain, regardless of how long you have held your shares in the Fund. Any net short-term or long-term capital gains realized by the Fund (net of any capital loss carryovers) generally will be distributed once each year, and may be distributed more frequently, if necessary, in order to reduce or eliminate a 4% federal excise tax or income taxes on the Fund.

*Effect of Foreign Taxes*. The Fund may be subject to foreign withholding taxes on income from certain foreign securities. This, in turn, could reduce the dividends paid to you. Based on the principal investment strategy of the Fund, it is not expected that the Fund will be eligible to pass through to shareholders any credits or deductions with respect to such foreign taxes.

The Foreign Account Tax Compliance Act ("FATCA") imposes a 30% withholding tax on the Fund's ordinary income distributions, which 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 ordinary income distributions from the Fund. 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.

*Effect of Foreign Investments on Distributions.* Most foreign exchange gains realized on the sale of debt securities are treated as ordinary income by the Fund. Similarly, foreign exchange losses realized by the Fund on the sale of debt securities generally are treated as ordinary losses by the Fund. These gains when distributed will be taxable to you as ordinary dividends, and any losses will reduce the Fund's ordinary income otherwise available

for distribution. This treatment could increase or decrease the Fund's ordinary income distributions to you and may cause some or all of the Fund's previously distributed income to be classified as a return of capital. A return of capital generally is not taxable to you upon distribution; however, it reduces your tax basis in your shares, which can lead to increased capital gain or reduced capital loss upon redemption of your Fund shares.

*PFIC securities*. The Fund may invest in securities of foreign entities that could be deemed for tax purposes to be passive foreign investment companies ("PFICs"). When investing in PFIC securities, if possible under the tax rules, the Fund intends to mark-to-market these securities and recognize any gains at the end of its fiscal and excise (described below) tax years. Deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that the Fund is required to distribute, even though it has not sold the securities. The Fund does not guarantee and can give no assurances that its distributions will be sufficient to eliminate all PFIC-related taxes in every year.

*Information on the Tax Character of Distributions.* The Fund will inform you of the amount and character of your distributions at the time they are paid and will advise you of the tax status for federal income tax purposes of such distributions shortly after the close of each calendar year. If you have not held Fund shares for a full year, the Fund may report and distribute to you as ordinary income or capital gain a percentage of income that is not equal to the actual amount of such income earned during the period of your investment in the Fund.

*Election to be Taxed as a Regulated Investment Company ("RIC").* The Fund has elected and intends to continue to be treated as a RIC under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and intends to so qualify during the current fiscal year. As a RIC, the Fund generally pays no federal income tax on the income and gains it distributes. The Board reserves the right not to maintain the qualification of the Fund as a RIC if it determines such course of action to be beneficial to you. In such a case, the Fund will be subject to federal, and possibly state, corporate income taxes on its taxable income and gains, and distributions to you will be taxed as ordinary dividend income to the extent of the Fund's earnings and profits.

*Excise Tax Distribution Requirements.* The Code requires the Fund to distribute at least 98% of its taxable ordinary income earned during the calendar year and 98.2% of its capital gain net income earned during the twelve-month period ending October 31 (in addition to 100% of undistributed amounts from the prior year) to you by December 31 of each year in order to avoid nondeductible federal excise taxes. The Fund intends to declare and pay sufficient dividends in December (which may be paid in January, in which case you must treat such dividends as received in December) but does not guarantee and can give no assurances that its distributions will be sufficient to eliminate all such taxes in every year.

*Redemption of Fund Shares.* Redemptions, including redemptions in-kind, are taxable transactions for federal and state income tax purposes that could cause you to recognize a taxable gain or loss. If you redeem your fund shares, you are required to report any gain or loss. If you hold your shares as a capital asset, any gain or loss that you realize will be capital gain or loss and will be short-term or long-term, generally depending on how long you have owned your shares. Any loss incurred on the redemption of shares held for six (6) months or less will be treated as a long-term capital loss to the extent of any long-term capital gains distributed to you by the Fund on those shares. All or a portion of any loss that you realize upon the redemption or sale of your Fund shares will be disallowed to the extent that you purchase other shares in the Fund (through reinvestment of dividends or otherwise) within thirty (30) days before or after your redemption. Any loss disallowed under these rules will be added to your tax basis in the new shares you purchase.

*U.S. Government Obligations.* Most states grant tax-free status to dividends paid to you from interest earned on direct obligations of the U.S. government, subject in some states to minimum investment or reporting requirements that must be met by the Fund. Investments in GNMA or FNMA securities, bankers' acceptances, commercial paper and repurchase agreements collateralized by U.S. government securities generally do not qualify for tax-free treatment. The rules on exclusion of this income are different for corporations.

*Dividends-Received Deduction for Corporations.* Dividends (excluding capital gain dividends) paid by the Fund generally will qualify for the 50% dividends-received deduction for corporations, but the portion of the dividends so qualified depends on the aggregate taxable qualifying dividend income received by the Fund from domestic (U.S.) sources. The dividends-received deduction will be available only with respect to dividends reported by the Fund as eligible for such treatment. Additionally, if requested, the Fund will send to any such corporate shareholders a statement each year advising them of the amount reported by the Fund as eligible for such treatment.

*Qualified Dividend Income Distribution for Individual Shareholders*. A portion of the dividends paid by the Fund may be taxable to non-corporate shareholders at long-term capital gain rates, which are significantly lower than the highest rate that applies to ordinary income. If the qualifying dividend income received by the Fund is equal to 95% (or a greater percentage) of the Fund's gross income (exclusive of net capital gain) in any taxable year, all of the ordinary income dividends paid by the Fund will be qualifying dividend income. The Fund will advise you of the tax status of distributions shortly after the close of each calendar year.

*Qualified Business Income*. 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 dividends paid by a real estate investment trust ("REIT") and certain income from publicly traded partnerships. Regulations adopted by the United States Treasury allow non-corporate shareholders of the Fund to benefit from the 20% deduction with respect to net REIT dividends received by the Fund if the Fund meets certain reporting requirements, but do not permit any such deduction with respect to publicly traded partnerships.

*Investment in Complex Securities.* The Fund may invest in complex securities that could require it to adjust the amount, timing and/or tax character (ordinary or capital) of gains and losses it recognizes on these investments. This, in turn, could affect the amount, timing and/or tax character of income distributed to you by the Fund. For example, if the Fund is permitted to invest in options or futures contracts, it could be required to mark-to-market these contracts at its fiscal year end. Under these rules, gains or losses on these contracts would be treated as 60% long-term and 40% short-term capital gains or losses.

*Capital Loss Carryforwards.* As of October 31, 2025, the Fund had no capital loss carryforwards.

The foregoing discussion of U.S. federal income tax law relates solely to the application of the law to "U.S. Holders," which are beneficial owners of Fund shares that are U.S. citizens or residents and U.S. domestic corporations, partnerships, 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 authorization 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.

If you are a "Non-U.S. Holder," which is a beneficial owner of fund shares that is not a U.S. Holder, you should consult your tax advisor regarding U.S. and non-U.S. tax consequences of ownership of shares of the Fund, including the likelihood that distributions to you would be subject to withholding of U.S. federal income tax at a rate of 30% (or at a lower rate under a tax treaty) and the possibility they you may be subject to U.S. estate tax. A portion of the Fund's distributions received by a Non-U.S. Holder may, however, be exempt from U.S. withholding tax to the extent properly reported by the Fund as attributable to U.S. source interest income and short-term capital gains. If a Non-U.S. Holder is eligible for a reduced rate of withholding tax under an applicable tax treaty, the Non-U.S. Holder will be required to provide an applicable IRS Form W-8 certifying its entitlement to benefits under the treaty in order to obtain a reduced rate of withholding tax. However, if the distributions are effectively connected with a U.S. trade or business of the Non-U.S. Holder (or, if an income tax treaty applies, attributable to a permanent establishment in the United States of the Non-U.S. Holder), then the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons, plus, in certain cases where the Non-U.S. Holder is a corporation, a branch profits tax at a 30% rate (or lower rate provided in an applicable treaty). If the Non-U.S. Holder is subject to such U.S. income tax on a distribution, then the Fund is not required to withhold U.S. federal tax if the Non-U.S. Holder complies with applicable certification and disclosure requirements.

**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 its 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 is taxed as 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 capital 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 capital loss, the balance 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. If you wish to change your distribution option, notify the Transfer Agent in writing or by telephone at least five days in advance of the payment date for the distribution.

**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 (the "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 opening 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.

**GENERAL INFORMATION**

Exchange Place Advisors Trust is an open-end management investment company organized as a Delaware statutory trust under the laws of the State of Delaware on August 2, 2018. The Trust has a number of outstanding series of shares of beneficial interest, each of which represents interests in a separate portfolio of securities. The Declaration of Trust permits the Trustees to create additional series of shares, to issue an unlimited number of full and fractional shares of beneficial interest of each series, including the Fund, and to divide or combine the shares of any series into a greater or lesser number of shares without thereby materially changing the proportionate beneficial interest in the series. The Trust may offer more than one class of shares of any series.

The Trust has reserved the right to create and issue additional series or classes. Subject to the distinctions permitted among classes of the Trust or any series as established by the Board consistent with the requirements of the 1940 Act, each share of the Trust or any series shall represent an equal beneficial interest in the net assets of the Trust or such series, and each shareholder of the Trust or any series shall be entitled to receive such shareholder's pro rata share of distributions of income and capital gains, if any, made with respect to the Trust or such series. Upon redemption of the shares of any series, the applicable shareholder shall be paid solely out of the funds and property of such series of the Trust. Except as otherwise provided by the Board, shareholders shall have no preemptive or other right to subscribe to any additional shares or other securities issued by the Trust.

The Board may require shareholders to redeem shares for any reason under terms set by the Board. When issued, shares are fully paid and non-assessable. The Board may, however, cause shareholders, or shareholders of a particular series or class, to pay certain transfer agency, servicing or similar agent charges by setting off such charges due from such shareholder from declared but unpaid dividends owed such shareholder and/or by reducing the number of shares in the account of such shareholder by that number of full and/or fractional shares which represents the outstanding amount of such charges due from such shareholder.

Shareholders are entitled to one vote for each share held on matters on which they are entitled to vote (and a proportionate fractional vote for each fraction of a share). The Trust is not required and has no current intention to hold annual meetings of shareholders, although the Trust will hold special meetings of Fund shareholders when in the judgment of the Board of the Trust it is necessary or desirable to submit matters for a shareholder vote or as otherwise required by the 1940 Act or other applicable federal law. It is not anticipated that the Trust will hold shareholders' meetings unless required by law or the Declaration of Trust or By-Laws. On any matters submitted to a vote of the shareholders, all shares of the Trust then entitled to vote shall be voted in aggregate, except: (i) when required by the 1940 Act, shares shall be voted by individual series or class; (ii) when the matter involves any action that the Board has determined will affect only the interests of one or more series, then only shareholders of such series shall be entitled to vote thereon; and (iii) when the matter involves any action that the Board has determined will affect only the interests of one or more classes, then only the shareholders of such class or classes shall be entitled to vote thereon. Accordingly, shareholders of

each series generally vote separately, for example, to approve investment advisory contracts or changes in fundamental investment policies or restrictions, but shareholders of all series may vote together to the extent required under the 1940 Act, such as in the election or selection of Trustees, principal underwriters and accountants for the Trust. Under certain circumstances, the shareholders of one or more series could control the outcome of these votes.

Shares of each class of a series represent an equal pro rata interest in such series and, generally, have identical voting, dividend, liquidation, and other rights, preferences, powers, terms and conditions, except that: (i) each class shall have a different designation; (ii) each class of shares shall bear any class expenses; and (iii) each class shall have separate voting rights on any matter submitted to shareholders in which the interests of one class differ from the interests of any other class. Upon liquidation or dissolution of the Fund, shareholders of the Fund would generally be entitled to share pro rata in the net assets of the Fund available for distribution to shareholders.

The shareholders of the Fund have the power to vote only: (i) for the election or removal of Trustees as and to the extent provided in the Declaration of Trust; (ii) with respect to such additional matters relating to the Trust as may be required by federal law including the 1940 Act, or any registration of the Trust with the SEC (or any successor agency) or any state; and (iii) as the Board may otherwise consider necessary or desirable in its sole discretion.

The Trust is an entity of the type commonly known as a "Delaware statutory trust." Under Delaware law and the Declaration of Trust, shareholders are entitled to the same limitation of personal liability extended to shareholders of corporations organized under Delaware law. Therefore, shareholders generally will not be subject to personal liability for Fund obligations. The risk that a shareholder will incur personal liability for Fund obligations is limited to the circumstances in which a state court may not apply Delaware law or the terms of the Declaration of Trust.

**FINANCIAL STATEMENTS**

Incorporated by reference herein are the [financial statements](https://www.sec.gov/ix?doc=/Archives/edgar/data/1750821/000158064226000126/exchange_ncsr.htm) of the Fund dated as of the fiscal year ended October 31, 2025, which include the "Report of Independent Registered Public Accounting Firm," "Schedule of Investments," "Statement of Assets and Liabilities," "Statement of Operations," "Statements of Changes in Net Assets," "Financial Highlights" and "Notes to Financial Statements." A copy of the Fund's financial statements can be obtained at no charge on the Fund's website, www.FortPittCapitalFunds.com. or by contacting the Fund at the address or telephone number located on the cover page of this SAI.

**APPENDIX A**

**S&P Global Ratings ("S&P") Corporate Bond Rating Definitions**

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

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

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

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

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

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

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

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

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

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

**D-**An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless S&P

believes that such payments will be made within the next five business days in the absence of a stated grace period or within the earlier of the stated grace period or the next 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. A rating on an obligation is lowered to 'D' if it is subject to a distressed debt restructuring.

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

**Moody's Investors Service, Inc. Corporate Bond Rating Definitions**

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

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

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

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

**Ba-**Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

**B-**Obligations rated B are considered speculative and are subject to high credit risk.

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

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

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

**Note:** Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category. Additionally, a "(hyb)" indicator is appended to all ratings of hybrid securities issued by banks, insurers, finance companies, and securities firms.

**Fitch Ratings, Inc. Bond Rating Definitions**

**AAA: *Highest Credit Quality***

'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events.

**AA: *Very High Credit Quality***

'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

**A: *High Credit Quality***

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

**BBB: *Good Credit Quality***

'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate, but adverse business or economic conditions are more likely to impair this capacity.

**BB: *Speculative***

'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists that supports the servicing of financial commitments.

**B: *Highly Speculative***

'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment.

**CCC: *Substantial Credit Risk***

Very low margin for safety. Default is a real possibility.

**CC: *Very High Levels of Credit Risk***

Default of some kind appears probable.

**C: *Near Default***

A default or default-like process has begun, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include:

● The issuer has entered into a grace or cure period following non-payment of a material financial obligation.

● The formal announcement by the issuer or their agent of a distressed debt exchange ("DDE").

● A closed financing vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full during the life of the transaction, but where no payment default is imminent.

**RD: *Restricted Default***

'RD' ratings indicate an issuer that in Fitch's opinion has experienced:

● An uncured payment default or DDE on a bond, loan or other material financial obligation, but

● Has not entered into bankruptcy filings, administration, receivership, liquidation, or other formal winding-up procedure, and

● Has not otherwise ceased operating. This would include:

○ The selective payment default on a specific class or currency of debt;

○ The uncured expiry of any applicable original grace period, cure period or default forbearance period following a payment default on a bank loan, capital markets security or other material financial obligation.

**D: *Default***

'D' ratings indicate an issuer that in Fitch's opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure or that has otherwise ceased business and debt is still outstanding.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a DDE.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

**APPENDIX B**

**PROXY VOTING POLICIES**

**EXCHANGE PLACE ADVISORS TRUST PROXY VOTING POLICIES AND PROCEDURES**

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

<u>**Delegation of Proxy Voting Authority to a Fund's Adviser and/or Sub-Advisers**</u>

The power to vote proxies may be delegated to the Funds' investment adviser or sub-adviser, and it is the policy of Exchange Place Advisors Trust to so delegate voting authority to North Square Investments, LLC, Kovitz Investment Group Partners, LLC and Reflection Asset Management, LLC (the "Adviser"), who may, in turn, delegate voting authority to the applicable Sub-Adviser of a Fund. The applicable Sub-Advisers have each accepted the delegation to vote proxies of securities held by the Funds in which they serve as Sub-Adviser, and shall vote such proxies in accordance with the Sub-Adviser's own proxy voting policies, practices and procedures; provided that the Sub-Adviser shall vote such proxies in what it deems to be in the best interests of the Funds' shareholders and in a manner that is consistent with this Proxy Voting Policy, as amended from time to time by the Board.

To ensure that the Sub-Advisers' voting policies, practices and procedures are in the best interests of the Funds' shareholders and consistent with this Proxy Voting Policy, Sub-Advisers shall review with the Board any proposed material changes or amendments to the Sub-Adviser's proxy voting policies, practices and procedures as they are adopted and implemented.

Consistent with its duties under this Policy, each Sub-Adviser shall monitor and review corporate transactions of corporations in which each Fund has invested, obtain all information sufficient to allow an informed vote on all proxy solicitations, ensure that all proxy votes are cast in a timely fashion, and maintain all records required to be maintained by the Funds under the Proxy Rule and the 1940 Act. Each Sub-Adviser shall perform these duties in accordance with the Sub-Adviser's proxy voting policy, a copy of which shall be presented to the Board for its review. Each Sub-Adviser shall promptly provide to the Board updates to its proxy voting policy as they are adopted and implemented.

**Annual Filing of Proxy Voting Record**

Each Adviser shall provide a complete voting record, as required by the Proxy Rule, for each series of the Trust for which it acts as adviser, to the Trust's administrator shortly after June 30 of each year. The Trust (through the Trust's administrator) shall file an annual report of each proxy voted with respect to portfolio securities held by the Funds during the twelve-month period ended June 30 on Form N-PX not later than August 31 of each year.

<u>**Availability of Proxy Voting Policy and Records Available to Fund Shareholders**</u>

If a Fund has a website, it must make publicly available free of charge the information disclosed in the Fund's most recently filed report on Form N-PX. The Fund must make available such information on or through its

website as soon as reasonably practicable after filing the report with the Commission. The information disclosed in the Fund's most recently filed report on Form N-PX must remain available on or through the Fund's website for as long as the Fund remains subject to the requirements of the Proxy Rule and discloses that the Fund's proxy voting record is available on or through its website.

Each Fund's proxy voting record shall also be made available, without charge, upon request of any Fund shareholder, by calling the applicable Fund's toll-free telephone number as printed in the Fund's prospectus. The Trust's administrator shall reply to any such Fund shareholder request within three business days of receipt of the request, by first-class mail or other means designed to ensure equally prompt delivery.

Because each Fund will post its most current prospectus and statement of additional information on its website, the Fund's proxy voting policies and procedures will be available on the website.

<u>**Other Proxy Voting Disclosures**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Trust shall include in its registration statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A description of these Policies and Procedures and of each Adviser's Policies and Procedures. A Fund may satisfy the requirement to provide a description of the policies and procedures that it uses to determine how to vote proxies relating to portfolio securities by including a copy of the policies and procedures themselves; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A statement disclosing that information regarding how the Fund(s) voted proxies relating to portfolio securities held by the Fund(s) during the most recent twelve-month period ended June 30 is available without charge, upon request, by calling the Fund's toll-free telephone number or on or through the Fund's website at a specified Internet address or both, and on the SEC's website at http://www.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Trust shall include in its Annual and Semi-Annual Reports to shareholders a brief, plain English statement that certain additional Fund information is available on the Fund's website, including proxy voting information.

**Responsible Party:** Adviser, Sub-Advisers, Administrator

See each Adviser's/Sub-Adviser's Manual for its Proxy Voting Policy.

**FOCUS PARTNERS WEALTH, LLC PROXY VOTING PROCEDURES**

**1.** **Statement of Policy** 

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

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

**2.** **Who is Responsible for implementing this Policy** 

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

**3.** **Procedures to Implement this Policy** 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

***Form N-PX***

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

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

On or before August 31 of each year, the Compliance Department (including, if applicable, a third-party service provider) will make a Form N-PX filing to report, for the most recent 12-month period ended June 30, the Adviser's proxy voting record regarding votes on certain executive compensation matters pursuant to

Sections 14A(a) and (b) of the Securities Exchange Act of 1934. The Adviser will monitor and retain the information that is required to be included in the Form N-PX filing.

***Client Disclosure***

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

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

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

---

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

---

---

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

---

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

---

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

---

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

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

***Material Conflict of Interest***

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

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

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

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

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

***Maintaining Records***

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

***Maintaining Records***

The Adviser shall maintain the following records:

● Copies of advisory agreements

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

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

● Copy of the proxy voting policies and procedures

● Copy of all proxy statements received regarding Clients' securities

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

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

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

**EXCHANGE PLACE ADVISORS TRUST**

**(the "Trust")**

**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits**

(a) *Agreement and Declaration of Trust.*

(i) [*Amended and Restated Agreement and Declaration of Trust*, dated June 24, 2024, is incorporated herein by reference to Post-Effective Amendment No. 38 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 27, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224005813/ex_ai.htm)

(ii) [*Certificate of Amendment to Certificate of Trust* is incorporated herein by reference to Post-Effective Amendment No. 38 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 27, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224005813/ex_aii.htm)

(b) [*Amended and Restated By-Laws*, dated June 24, 2024, are incorporated herein by reference to Post-Effective Amendment No. 38 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 27, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224005813/ex_b.htm)

(c) *Instruments Defining Rights of Security Holders* -Not applicable.

(d) (i) [*Form of Investment Advisory Agreement (North Square Investments, LLC)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/invest_advi-agree.htm) [is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/invest_advi-agree.htm)

(A) [*Amendment No. 1 to Investment Advisory Agreement (North Square Investments, LLC)* is incorporated herein by reference to Post-Effective Amendment No. 8 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 25, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99di1amend1toiaa.htm)

(B) [*Amended Appendix A to Investment Advisory Agreement (North Square Investments, LLC)* reflecting the addition of North Square Small Cap Value Fund is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-d_ic.htm)

(ii) [*Investment Advisory Agreement (North Square Investments, LLC)* on behalf of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 30, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224007849/ex_99-dii.htm)

(iii) [*Form of Investment Sub-Advisory Agreement (Algert Global, LLC)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/sub-adv_algert.htm) [is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/sub-adv_algert.htm)

(iv) [*Form of Investment Sub-Advisory Agreement (Advisory Research Inc.)* is incorporated herein by reference to Post-Effective Amendment No. 8 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 25, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99dvarisubadvisoryagreem.htm)

(A) [*Amendment No. 1 to Investment Sub-Advisory Agreement (Advisory Research, Inc.)* is incorporated herein by reference to Post-Effective Amendment No. 19 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 11, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000126/exdiiiaamendedappendicesto.htm)

(v) [*Form of Investment Sub-Advisory Agreement (Red Cedar Investment Management, LLC)* is incorporated herein by reference to Post-Effective Amendment No. 8 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 25, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99dviredcedarsubadvisory.htm)

(A) [*Amendment No. 1 to Investment Sub-Advisory Agreement (*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdivaamendedappendicestor.htm) [*Red Cedar Investment Management, LLC*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdivaamendedappendicestor.htm) [*)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdivaamendedappendicestor.htm) [is](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdivaamendedappendicestor.htm) [incorporated herein by reference to Post-Effective Amendment No. 20 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 11, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdivaamendedappendicestor.htm)

(B) [*A*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922007299/northsquareamendedappendix.htm) [*mended and Restated Appendix B to*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922007299/northsquareamendedappendix.htm) [*Sub-Advisory Agreement (Red Cedar Investment Management, LLC)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922007299/northsquareamendedappendix.htm) [is incorporated herein by reference to Post-](http://www.sec.gov/Archives/edgar/data/1750821/000089418922007299/northsquareamendedappendix.htm) [Effective Amendment No. 23 to the Registration Statement on Form N-1A of the Trust, filed with](http://www.sec.gov/Archives/edgar/data/1750821/000089418922007299/northsquareamendedappendix.htm) [the](http://www.sec.gov/Archives/edgar/data/1750821/000089418922007299/northsquareamendedappendix.htm) [SEC on September 29, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922007299/northsquareamendedappendix.htm)

(C) [*Second Amended and Restated Appendix B to Sub-Advisory Agreement (Red Cedar Investment Management, LLC)* on behalf of North Square Core Plus Bond Fund is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 13, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224007566/ex_dvc.htm)

(D) [*Third Amended and Restated Appendix B to Sub-Advisory Agreement (Red Cedar Investment Management, LLC) on behalf of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF* is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 30, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224007849/ex_99-dvd.htm)

(vi) [*Form of Investment Sub-Advisory Agreement (Altrinsic Global Advisors, LLC)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviisub-advisoryagre.htm) [is incorporated herein by reference](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviisub-advisoryagre.htm) [to Post-Effective Amendment No. 13 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviisub-advisoryagre.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviisub-advisoryagre.htm) [Form N-1A of the Trust, filed with the SEC on November 2, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviisub-advisoryagre.htm)

(vii) [*Form of Investment Sub-Advisory Agreement (CSM Advisors, LLC)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviiisub-advisoryagr.htm) [is incorporated herein by reference to Post-Effective Amendment No. 13 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviiisub-advisoryagr.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviiisub-advisoryagr.htm) [Form N-1A of the Trust, filed with the SEC on November 2, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/exdviiisub-advisoryagr.htm)

(A) [*Second Amended and Restated Appendix A to Investment Sub-Advisory Agreement (CSM Advisors, LLC)* reflecting the addition of North Square Small Cap Value Fund is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-d_viib.htm)

(viii) [*Investment Sub-Advisory Agreement (NSI Retail Advisors, LLC)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418921007057/exdixsub-advisoryagreement.htm) [is incorporated herein by reference to Post-Effective Amendment 17 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418921007057/exdixsub-advisoryagreement.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418921007057/exdixsub-advisoryagreement.htm) [Form N-1A of the Trust, filed with the SEC on September 30, 2021.](http://www.sec.gov/Archives/edgar/data/1750821/000089418921007057/exdixsub-advisoryagreement.htm)

(A) [*Amendment No. 1 to Investment Sub-Advisory Agreement (*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdviiaamendedappendicesto.htm) [*NSI Retail Advisors, LLC*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdviiaamendedappendicesto.htm) [*)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdviiaamendedappendicesto.htm) [is](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdviiaamendedappendicesto.htm) [incorporated herein by reference to Post-Effective Amendment No. 20 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 11, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922000128/exdviiaamendedappendicesto.htm)

(ix) [*Investment Advisory Agreement (Reflection Asset Management, LLC)* is incorporated herein by reference to Post-Effective Amendment No. 49 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 15, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006067/exd_ixa.htm)

(x) [*Interim Investment Advisory Agreement (Focus Partners Wealth, LLC)*, dated January 1, 2026, is incorporated herein by reference to Post-Effective Amendment No. 51 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 28, 2026.](https://www.sec.gov/Archives/edgar/data/1750821/000158064226000521/sphere500-climate_exdx.htm)

(xi) [*Sub-Advisory Agreement (Kennedy Capital Management, LLC)*, dated June 10, 2024, is incorporated herein by reference to Post-Effective Amendment No. 37 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224003897/ex99d_x.htm)

(xii) [*Novation of Sub-Advisory Agreement* (*NSI Retail Advisors, LLC and CSM Advisors, LLC)*, dated December 20, 2024, is incorporated herein by reference to Post-Effective Amendment No. 42 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 28, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225000548/ex99d12.htm)

(xiii) [*Investment Advisory Agreement (Kovitz Investment Group Partners, LLC)*, dated January 22, 2025, is incorporated herein by reference to Post-Effective Amendment No. 43 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 28, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225001259/ex99d-xiii.htm)

(e) (i) [*Distribution Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005169/distr_agree.htm) [is incorporated herein by reference to the Initial Registration Statement to the Trust on Form N-14, filed with the SEC on September 13, 2018.](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005169/distr_agree.htm)

(ii) [*First Amendment to the Distribution Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99ei1stamendtodistributi.htm) [is incorporated herein by reference to Post-Effective Amendment No. 8 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99ei1stamendtodistributi.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99ei1stamendtodistributi.htm) [Form N-1A of the Trust, filed with the SEC on February 25, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99ei1stamendtodistributi.htm)

(iii) [*Amended Exhibit A to the Distribution Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exeiiiamendedexatodistribu.htm) [is incorporated herein by reference to Post-Effective Amendment No. 15 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exeiiiamendedexatodistribu.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exeiiiamendedexatodistribu.htm) [Form N-1A of the Trust, filed with the SEC on January 19, 2021.](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exeiiiamendedexatodistribu.htm)

(iv) [*Novation Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001452/ex99e4-distributionagreeme.htm) [is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 25, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001452/ex99e4-distributionagreeme.htm)

(v) [*Novation Agreement* by and between the Trust, Compass Distributors, LLC and Foreside Fund Services, LLC is incorporated herein by reference to Post-Effective Amendment No. 26 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 28, 2023.](https://www.sec.gov/Archives/edgar/data/1750821/000158064223005196/ex99ev.htm)

(vi) [*Second Amendment to Distribution Agreement (Foreside Fund Services, LLC)* is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-e_vi.htm)

(vii) [*ETF Distribution Agreement* on behalf of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 30, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224007849/ex_99-evi.htm)

(viii) [*Distribution Agreement (Ultimus Fund Distributors, LLC) (Sphere 500 Climate Fund)* is incorporated herein by reference to Post-Effective Amendment No. 50 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 26, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006256/northsquare_exeviii.htm)

(ix) [*Distribution Agreement (Ultimus Fund Distributors, LLC) (Fort Pitt Capital Total Return Fund)* is incorporated herein by reference to Post-Effective Amendment No. 50 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 26, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006256/northsquare_exeix.htm)

(f) *Bonus or Profit Sharing Contracts* - Not applicable.

(g) (i) [*Custody Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/custody-agree.htm) [is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/custody-agree.htm)

(ii) [*First Amendment to the Custody Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99gifirstamendtocustodya.htm) [is incorporated herein by reference to Post-Effective Amendment No. 8 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99gifirstamendtocustodya.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99gifirstamendtocustodya.htm) [Form N-1A of the Trust, filed with the SEC on February 25, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99gifirstamendtocustodya.htm)

(iii) [*Second Amendment to the Custody Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiii2ndamendtocustod.htm) [is incorporated herein by reference to Post-Effective Amendment No. 11 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiii2ndamendtocustod.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiii2ndamendtocustod.htm) [Form N-1A of the Trust, filed with the SEC on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiii2ndamendtocustod.htm) [Se](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiii2ndamendtocustod.htm) [p](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiii2ndamendtocustod.htm) [tember 30, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiii2ndamendtocustod.htm)

(iv) [*Third Amendment to the Custody Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiv3rdamendtocustody.htm) [is incorporated herein by reference to Post-Effective Amendment No. 11 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiv3rdamendtocustody.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiv3rdamendtocustody.htm) [Form N-1A of the Trust, filed with the SEC on September 30, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008110/exgiv3rdamendtocustody.htm)

(v) [*Form of*](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exgv4thamendcustodyagt.htm) [*Fourth Amendment to the Custody Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exgv4thamendcustodyagt.htm) [is incorporated herein by reference to Post-Effective Amendment No. 15 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exgv4thamendcustodyagt.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exgv4thamendcustodyagt.htm) [Form N-1A of the Trust, filed with the SEC on January 19, 2021.](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/exgv4thamendcustodyagt.htm)

(vi) [*Fifth Amendment to the Custody Agreement* is incorporated herein by reference to Post-Effective Amendment No. 35 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on April 26, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224002310/ex99g_vi.htm)

(vii) [*Sixth Amendment to the Custody Agreement* is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-g_vii.htm)

(viii) [*Seventh Amendment to the Custody Agreement* is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-g_viii.htm)

(ix) [*Eighth Amendment to the Custody Agreement* is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-g_ix.htm)

(x) [*Custodian and Transfer Agent Agreement (Brown Brothers Harriman & Co.)* on behalf of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 30, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224007849/ex_99-gvii.htm)

(h) *Other Material Contracts*

(i) [*Master Services Agreement* between the Trust and Ultimus Fund Solutions, LLC is incorporated herein by reference to Post-Effective Amendment No. 26 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 28, 2023.](https://www.sec.gov/Archives/edgar/data/1750821/000158064223005196/ex99h_i.htm)

(A) [*Amendment No. 1 to Master Services Agreement* is incorporated herein by reference to Post-Effective Amendment No. 35 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on April 26, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224002310/ex99h_i-a.htm)

(B) [*Amended Schedule A to Master Services Agreement* is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-h_ib.htm)

(ii) [*ETF Master Services Agreement* between the Trust and Ultimus Fund Solutions, LLC on behalf of North Square RCIM Tax-Advantaged Preferred and Income Securities ETF is incorporated herein by reference to Post-Effective Amendment No. 41 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 30, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224007849/ex_99-hii.htm)

(iii) [*Operating Expenses Limitation Agreement* between the Trust and North Square Investments, LLC is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on October 23, 2018.](https://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/oela_agree.htm)

(A) [*First Amendment to the Operating Expenses Limitation Agreement* between the Trust and North Square Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 8 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on February 25, 2020.](https://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99hivafirstamendoela.htm)

(B) [*Interim Operating Expenses Limitation Agreement* between the Trust and Focus Partners Wealth, LLC, dated January 1, 2026, is incorporated herein by reference to Post-Effective Amendment No. 51 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 28, 2026.](https://www.sec.gov/Archives/edgar/data/1750821/000158064226000521/sphere500-climate_exhiiib.htm)

(C) [*Amended Appendix A to the Operating Expenses Limitation Agreement* between the Trust and North Square Investments, LLC is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-h_iiic.htm)

(D) [*Operating Expenses Limitation Agreement* between the Trust and Reflection Asset Management, LLC, dated September 16, 2025, is incorporated herein by reference to Post-Effective Amendment No. 51 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 28, 2026.](https://www.sec.gov/Archives/edgar/data/1750821/000158064226000521/sphere500-climate_exhiiid.htm)

(iv) [*Shareholder Service Plan*](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/svcg_plan.htm) [is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/svcg_plan.htm)

(v) [*Amendment to Shareholder Service Plan* is incorporated herein by reference to Post-Effective Amendment No. 25 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 1, 2023.](https://www.sec.gov/Archives/edgar/data/1750821/000089418923003425/northsquare-shareholderser.htm)

(vi) [*Form of*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/advisorsharesns12d-14agree.htm) [*Fund of Funds*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/advisorsharesns12d-14agree.htm) [*Investment Agreement (Advisor Shares Trust)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/advisorsharesns12d-14agree.htm) [is](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/advisorsharesns12d-14agree.htm) [incorporated herein by reference to Post](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/advisorsharesns12d-14agree.htm) [-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/advisorsharesns12d-14agree.htm) [, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/advisorsharesns12d-14agree.htm)

(vii) [*Form of Fund of Fund*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/blackrockns12d-14agreement.htm) [*s Investment Agreement (BlackRock*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/blackrockns12d-14agreement.htm) [*Funds*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/blackrockns12d-14agreement.htm) [*)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/blackrockns12d-14agreement.htm) [is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/blackrockns12d-14agreement.htm)

(viii) [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vanguardns12d1-4agreement.htm) [*orm of Fund of Funds Investment Agreement (*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vanguardns12d1-4agreement.htm) [*Vanguard Funds*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vanguardns12d1-4agreement.htm) [*)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vanguardns12d1-4agreement.htm) [is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vanguardns12d1-4agreement.htm)

(ix) [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/invescons12d-14agreement.htm) [*or*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/invescons12d-14agreement.htm) [*m of Fund of Funds Investment Agreement (Inve*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/invescons12d-14agreement.htm) [*sco*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/invescons12d-14agreement.htm) [*ETFs*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/invescons12d-14agreement.htm) [*)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/invescons12d-14agreement.htm) [is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/invescons12d-14agreement.htm)

---

| | | |
|:---|:---|:---|
| (x) |  | [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/firsttrustns12d1-4agreement.htm)[*orm*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/firsttrustns12d1-4agreement.htm)[*of Fund of Funds*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/firsttrustns12d1-4agreement.htm)[*Investment Agreement (First Trust*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/firsttrustns12d1-4agreement.htm)[*ETFs*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/firsttrustns12d1-4agreement.htm)[*)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/firsttrustns12d1-4agreement.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/firsttrustns12d1-4agreement.htm) |
| (xi) |  | [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/selectsectorspdrns12d1-4ag.htm)[*orm of*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/selectsectorspdrns12d1-4ag.htm)[*Fund of Funds Investment Agreement (*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/selectsectorspdrns12d1-4ag.htm)[*The Select Sector SPDR Trust*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/selectsectorspdrns12d1-4ag.htm)[*)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/selectsectorspdrns12d1-4ag.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/selectsectorspdrns12d1-4ag.htm) |
| (xii) |  | [*Form of Fund of Funds Investment Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spydians12d1-4agreement.htm)[*(*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spydians12d1-4agreement.htm)[*S*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spydians12d1-4agreement.htm)[*PY DIA*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spydians12d1-4agreement.htm)[*ETFs)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spydians12d1-4agreement.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spydians12d1-4agreement.htm) |
| (xiii) |  | [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spdrfundsns12d1-4agreement.htm)[*orm of Fund*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spdrfundsns12d1-4agreement.htm)[*of Funds Investment Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spdrfundsns12d1-4agreement.htm)[*(SPDR Funds)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spdrfundsns12d1-4agreement.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/spdrfundsns12d1-4agreement.htm) |
| (xiv) |  | [*Form of Fund of Funds Investment Agreement (Schwab Strategic Trust)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/schwabns12d-1agreement.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/schwabns12d-1agreement.htm) |
| (xv) |  | [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/prosharesns12d1-4agreement.htm)[*orm*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/prosharesns12d1-4agreement.htm)[*of Fund of Funds Investment Agreement (ProShares Trust)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/prosharesns12d1-4agreement.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/prosharesns12d1-4agreement.htm) |
| (xvi) |  | [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/wisdomtreens12d1-4agreement.htm)[*orm of Fund of Funds Investment Agreement (Wis*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/wisdomtreens12d1-4agreement.htm)[*dom*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/wisdomtreens12d1-4agreement.htm)[*Tree*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/wisdomtreens12d1-4agreement.htm)[*Trust)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/wisdomtreens12d1-4agreement.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/wisdomtreens12d1-4agreement.htm) |
| (xvii) |  | [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vaneckns12d1-4agreement.htm)[*orm of*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vaneckns12d1-4agreement.htm)[*Fund of Funds Investment Agreement (VanEck ETF Trust)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vaneckns12d1-4agreement.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/vaneckns12d1-4agreement.htm) |
| (xviii) |  | [*F*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/direxionsharesns12d1-4agre.htm)[*orm of Fund of Funds Investment Agreement (Direxion Shares)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/direxionsharesns12d1-4agre.htm)[is incorporated herein by reference to Post-Effective Amendment No. 22 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 10, 2022.](http://www.sec.gov/Archives/edgar/data/1750821/000089418922001854/direxionsharesns12d1-4agre.htm) |
| (xix) |  | [*Amended and Restated License Agreement* is incorporated herein by reference to Post-Effective Amendment No. 33 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 5, 2024](https://www.sec.gov/Archives/edgar/data/1750821/000158064224001459/ex_h-xviii.htm). |
| (xx) |  | [*Consulting Agreement with Northern Lights Compliance Services, LLC* is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 13, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224007566/ex_hxv.htm) |
|  | (A) | [*Schedule A-1 to the Consulting Agreement with Northern Lights Compliance Services, LLC* is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-h_xxa.htm) |
|  | (B | [*Schedule A-2 to the Consulting Agreement with Northern Lights Compliance Services, LLC* is incorporated by reference to Post-Effective Amendment No. 46 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on April 7, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002253/northsquare_ex99hxva.htm) |
|  | (C) | [*Schedule A-3 to the Consulting Agreement with Northern Lights Compliance Services, LLC* is incorporated by reference to Post-Effective Amendment No. 46 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on April 7, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002253/northsquare_ex99hxvb.htm) |
| (i) | [*Legal Opinion and Consent* of Blank Rome LLP is incorporated by reference to Post-Effective Amendment No. 38 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 27, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224005813/ex_i.htm) | [*Legal Opinion and Consent* of Blank Rome LLP is incorporated by reference to Post-Effective Amendment No. 38 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 27, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224005813/ex_i.htm) |
| (ii) | [*Appendix A to the Legal Opinion and Consent,* incorporated by reference to Post-Effective Amendment No. 50 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 26, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006256/northsquare_exivi.htm) | [*Appendix A to the Legal Opinion and Consent,* incorporated by reference to Post-Effective Amendment No. 50 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 26, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006256/northsquare_exivi.htm) |
| (j) | [*Consent of Independent Registered Public Accounting Firm Cohen & Company, Ltd.* is filed herewith.](ex99j.htm) | [*Consent of Independent Registered Public Accounting Firm Cohen & Company, Ltd.* is filed herewith.](ex99j.htm) |
| (k) | *Omitted Financial Statements* - Not applicable. | *Omitted Financial Statements* - Not applicable. |

---

(l) (i) [*Subscription Agreement*](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/sub_agree.htm) [is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/sub_agree.htm)

(ii) [*Authorized Participant Agreement* is incorporated herein by reference to Post-Effective Amendment No. 40 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on December 13, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224007566/ex_lii.htm)

(m) (i) [*Rule 12b-1 Distribution Plan* is incorporated herein by reference to Post-Effective Amendment No. 25 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 1, 2023.](https://www.sec.gov/Archives/edgar/data/1750821/000089418923003425/northsquarerule12b-1distri.htm)

(ii) [*Amended Schedule A to Rule 12b-1 Distribution Plan* is incorporated herein by reference to Post-Effective Amendment No. 47 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on May 5, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225002841/ex-m_ii.htm)

(iii) [*ETF Rule 12b-1 Plan* is incorporated herein by reference to Post-Effective Amendment No. 42 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on January 28, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225000548/ex99m2.htm)

(iv) [*Shareholder Servicing Plan* (*Sphere 500 Climate Fund*) is incorporated herein by reference to Post-Effective Amendment No. 49 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 15, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006067/exm_iv.htm)

(n) (i) [*Amended Multiple Class Plan Pursuant to Rule 18f-3* is incorporated herein by reference to Post-Effective Amendment No. 49 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 15, 2025](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006067/exn_ii.htm) .

(o) *Reserved.*

(p) *Codes of Ethics*

(i) [*Exchange Place Advisors Trust (formerly North Square Investments Trust)* is incorporated herein by reference to Post-Effective Amendment No. 37 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224003897/ex99p_i.htm)

(ii) [*North Square Investments, LLC (Adviser)* is incorporated herein by reference to Post-Effective Amendment No. 37 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on July 26, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224003897/ex99p_ii.htm)

(iii) [*Algert Global, LLC (Sub-Advisor)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/coe-algert.htm) [is incorporated herein by reference to Pre-Effective Amendment No. 1 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on October 23, 2018.](http://www.sec.gov/Archives/edgar/data/1750821/000089418918005722/coe-algert.htm)

(iv) [*Advisory Research, Inc. (Sub-Advisor)* is incorporated herein by reference to Post-Effective Amendment No. 50 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 26, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006256/northsquare_expiv.htm)

(v) [*Red Cedar Investment Management, LLC (Sub-Advisor)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99pviredcedarcodeofethics.htm) [is incorporated herein by reference to Post-Effective Amendment No. 8 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99pviredcedarcodeofethics.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99pviredcedarcodeofethics.htm) [Form N-1A of the Trust, filed with the SEC on February 25, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920001367/ex99pviredcedarcodeofethics.htm)

(vi) [*Altrinsic Global Advisors, LLC (Sub-Advisor)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/expviiialtrinsiccodeof.htm) [is incorporated herein by reference to Post-Effective Amendment No. 13 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/expviiialtrinsiccodeof.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/expviiialtrinsiccodeof.htm) [Form N-1A of the Trust, filed with the SEC on November 2, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/expviiialtrinsiccodeof.htm)

(vii) [*CSM Advisors, LLC (Sub-Advisor)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/expixcsmcodeofethics.htm) [is incorporated herein by reference to Post-Effective Amendment No. 13 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/expixcsmcodeofethics.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/expixcsmcodeofethics.htm) [Form N-1A of the Trust, filed with the SEC on November 2, 2020.](http://www.sec.gov/Archives/edgar/data/1750821/000089418920008844/expixcsmcodeofethics.htm)

(viii) [*N*](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/expxnsiretailadvisorscodeo.htm) [*S*](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/expxnsiretailadvisorscodeo.htm) [*I Retail Advisors LLC (Sub-Advisor)*](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/expxnsiretailadvisorscodeo.htm) [is incorporated herein by reference to Post-Effective Amendment No. 15 to the](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/expxnsiretailadvisorscodeo.htm) [Registration Statement on](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/expxnsiretailadvisorscodeo.htm) [Form N-1A of the Trust, filed with the SEC on January 19, 2021.](http://www.sec.gov/Archives/edgar/data/1750821/000089418921000203/expxnsiretailadvisorscodeo.htm)

(ix) [*Reflection Asset Management, LLC (Adviser)* is incorporated herein by reference to Post-Effective Amendment No. 27 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on November 14, 2023 *.*](https://www.sec.gov/Archives/edgar/data/1750821/000158064223006207/ex_p-ix.htm)

(x) [*Kennedy Capital Management, LLC (Sub-Adviser)* is incorporated herein by reference to Post-Effective Amendment No. 34 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on March 25, 2024.](https://www.sec.gov/Archives/edgar/data/1750821/000158064224001811/exhibit-p_xi.htm)

(xi) [*Focus Partners Wealth, LLC (Adviser)* is filed herewith.](ex99pxi.htm)

(q) [*Powers of Attorney* are incorporated herein by reference to Post-Effective Amendment No. 49 to the Registration Statement on Form N-1A of the Trust, filed with the SEC on September 15, 2025.](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006067/exq.htm)

**Item 29. Persons Controlled by or Under Common Control with Registrant.**

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

**Item 30. Indemnification.**

Reference is made to Article VII of the Registrant's Amended and Restated Agreement and Declaration of Trust (filed with the Registration Statement on Form N-1A (File No. 333-226989) on September 27, 2024), Article VI of Registrant's Amended and Restated Bylaws (filed with the Registration Statement on Form N-1A (File No. 333-226989) on September 27, 2024), Paragraph 7 of the Distribution Agreement on Form N-14 (File No. 333-227320) on September 13, 2018, Paragraph 6 of the ETF Distribution Agreement (filed with the Registration Statement on Form N-1A (File No. 333-226989) on December 13, 2024, Section 9 of the Consulting Agreement with Northern Lights Compliance Services, LLC(filed with the Registration Statement on Form N-1A (File No. 333-226989) on December 13, 2024), and Section 10.3 of the ETF Master Services Agreement (filed with the Registration Statement on Form N-1A (File No. 333-226989) on December 13, 2024). With respect to the Registrant, the general effect of these provisions is to indemnify any person (Trustee, director, officer, employee or agent, among others) who was or is a party to any proceeding by reason of their actions performed in their official or duly authorized capacity on behalf of the Trust. With respect to the distributor, the general effect of the relevant provisions is to indemnify those entities for claims arising out of any untrue statement or material fact contained in the Funds' Registration Statement, reports to shareholders or advertising and sales literature.

Pursuant to Rule 484 under the Securities Act of 1933, as amended, (the "1933 Act") the Registrant furnishes the following undertaking: "Insofar as indemnification for liability arising under the 1933 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 SEC such indemnification is against public policy as expressed in the 1933 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 1933 Act and will be governed by the final adjudication of such issue."

**Item 31. Business and Other Connections of the Investment Adviser.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North Square Investments, LLC ("NSI") serves as the investment adviser for the North Square Spectrum Alpha Fund, North Square Dynamic Small Cap Fund, North Square Multi Strategy Fund, North Square Preferred and Income Securities Fund, North Square Tactical Growth Fund, North Square Tactical Defensive Fund, North Square Core Plus Bond Fund, North Square Select Small Cap Fund, North Square Altrinsic International Equity Fund, North Square McKee Bond Fund, North Square Strategic Income Fund, North Square Kennedy MicroCap Fund, North Square RCIM Tax-Advantaged Preferred and Income Securities ETF, and North Square Small Cap Value Fund. The response to this Item will be incorporated by reference to NSI's Uniform Application for Investment Adviser Registration (Form ADV) on file with the SEC. NSI's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reflection Asset Management, LLC ("RAM") serves as the investment adviser for the Sphere 500 Climate Fund. The response to this Item will be incorporated by reference to RAM's Uniform Application for Investment Adviser Registration (Form ADV) on file with the SEC. RAM's Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Focus Partners Wealth, LLC ("FPW") serves as the investment adviser for the Fort Pitt Capital Total Return Fund. The response to this Item will be incorporated by reference to FPW's Uniform Application for Investment Adviser Registration (Form ADV) on file with the SEC. FPW'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;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Foreside Fund Services, LLC ("Foreside"), is the principal underwriter for certain series of the Registrant and acts as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

AB Active ETFs, Inc.

ABS Long/Short Strategies Fund

ActivePassive Core Bond ETF, Series of Trust for Professional Managers

ActivePassive Intermediate Municipal Bond ETF, Series of Trust for Professional Managers

ActivePassive International Equity ETF, Series of Trust for Professional Managers

ActivePassive U.S. Equity ETF, Series of Trust for Professional Managers

AdvisorShares Trust

AFA Private Credit Fund

AGF Investments Trust

AIM ETF Products Trust

Alexis Practical Tactical ETF, Series of Listed Funds Trust

AlphaCentric Prime Meridian Income Fund

American Century ETF Trust

AMG ETF Trust

Amplify ETF Trust

Applied Finance Dividend Fund, Series of World Funds Trust

Applied Finance Explorer Fund, Series of World Funds Trust

Applied Finance Select Fund, Series of World Funds Trust

Ardian Access LLC

ARK ETF Trust

ARK Venture Fund

Bitwise Funds Trust

BondBloxx ETF Trust

Bramshill Multi-Strategy Income Fund, Series of Investment Managers Series Trust

Bridgeway Funds, Inc.

Brinker Capital Destinations Trust

Brookfield Real Assets Income Fund Inc.

Build Funds Trust

Calamos Convertible and High Income Fund

Calamos Convertible Opportunities and Income Fund

Calamos Dynamic Convertible and Income Fund

Calamos Global Dynamic Income Fund

Calamos Global Total Return Fund

Calamos Strategic Total Return Fund

Carlyle Tactical Private Credit Fund

Cascade Private Capital Fund

Catalyst/Perini Strategic Income Fund

CBRE Global Real Estate Income Fund

Center Coast Brookfield MLP & Energy Infrastructure Fund

Clifford Capital Partners Fund, Series of World Funds Trust

Cliffwater Corporate Lending Fund

Cliffwater Enhanced Lending Fund

Coatue Innovative Strategies Fund

Cohen & Steers ETF Trust

Convergence Long/Short Equity ETF, Series of Trust for Professional Managers

CornerCap Small-Cap Value Fund, Series of Managed Portfolio Series

CrossingBridge Pre-Merger SPAC ETF, Series of Trust for Professional Managers

Curasset Capital Management Core Bond Fund, Series of World Funds Trust

Curasset Capital Management Limited Term Income Fund, Series of World Funds Trust

CYBER HORNET S&P 500? and Bitcoin 75/25 Strategy ETF, Series of CYBER HORNET Trust

Davis Fundamental ETF Trust

Defiance BMNR Option Income ETF, Series of ETF Series Solutions

Defiance Connective Technologies ETF, Series of ETF Series Solutions

Defiance Drone and Modern Warfare ETF, Series of ETF Series Solutions

Defiance Quantum ETF, Series of ETF Series Solutions

Denali Structured Return Strategy Fund

Dodge & Cox Funds

DoubleLine ETF Trust

DoubleLine Income Solutions Fund

DoubleLine Opportunistic Credit Fund

DoubleLine Yield Opportunities Fund

DriveWealth ETF Trust

EIP Investment Trust

Ellington Income Opportunities Fund

ETF Opportunities Trust

Exchange Listed Funds Trust

Exchange Place Advisors Trust

FlexShares Trust

Fortuna Hedged Bitcoin Fund, Series of Listed Funds Trust

Forum Funds

Forum Funds II

Forum Real Estate Income Fund

Fundrise Growth Tech Fund, LLC

GMO ETF Trust

GoldenTree Opportunistic Credit Fund

Gramercy Emerging Markets Debt Fund, Series of Investment Managers Series Trust

Grayscale Funds Trust

Guinness Atkinson Funds

Harbor ETF Trust

Harris Oakmark ETF Trust

Hawaiian Tax-Free Trust

Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

Horizon Kinetics Energy and Remediation ETF, Series of Listed Funds Trust

Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

Horizon Kinetics Japan Owner Operator ETF, Series of Listed Funds Trust

Horizon Kinetics Medical ETF, Series of Listed Funds Trust

Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

Innovator ETFs Trust

Ironwood Institutional Multi-Strategy Fund LLC

Ironwood Multi-Strategy Fund LLC

Jensen Quality Growth ETF, Series of Trust for Professional Managers

John Hancock Exchange-Traded Fund Trust

Kurv ETF Trust

Lazard Active ETF Trust

LDR Real Estate Value-Opportunity Fund, Series of World Funds Trust

Mairs & Power Balanced Fund, Series of Trust for Professional Managers

Mairs & Power Growth Fund, Series of Trust for Professional Managers

Mairs & Power Minnesota Municipal Bond ETF, Series of Trust for Professional Managers

Mairs & Power Small Cap Fund, Series of Trust for Professional Managers

Manor Investment Funds

MoA Funds Corporation

Moerus Worldwide Value Fund, Series of Northern Lights Fund Trust IV

Morgan Stanley ETF Trust

Morgan Stanley Pathway Large Cap Equity ETF, Series of Morgan Stanley Pathway Funds

Morgan Stanley Pathway Small-Mid Cap Equity ETF, Series of Morgan Stanley Pathway Funds

Morningstar Funds Trust

NEOS ETF Trust

Niagara Income Opportunities Fund

North Square Evanston Multi-Alpha Fund

NXG Cushing? Midstream Energy Fund

NXG NextGen Infrastructure Income Fund

OTG Latin American Fund, Series of World Funds Trust

Overlay Shares Core Bond ETF, Series of Listed Funds Trust

Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

Overlay Shares Hedged Large Cap Equity ETF, Series of Listed Funds Trust

Overlay Shares Large Cap Equity ETF, Series of Listed Funds Trust

Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

Overlay Shares Short Term Bond ETF, Series of Listed Funds Trust

Overlay Shares Small Cap Equity ETF, Series of Listed Funds Trust

Palmer Square Funds Trust

Palmer Square Opportunistic Income Fund

Partners Group Private Income Opportunities, LLC

Perkins Discovery Fund, Series of World Funds Trust

Philotimo Focused Growth and Income Fund, Series of World Funds Trust

Plan Investment Fund, Inc.

Point Bridge America First ETF, Series of ETF Series Solutions

Precidian ETFs Trust

Rareview 2x Bull Cryptocurrency & Precious Metals ETF, Series of Collaborative Investment Series Trust

Rareview Dynamic Fixed Income ETF, Series of Collaborative Investment Series Trust

Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

Rareview Tax Advantaged Income ETF, Series of Collaborative Investment Series Trust

Rareview Total Return Bond ETF, Series of Collaborative Investment Series Trust

Renaissance Capital Greenwich Funds

REX ETF Trust

Reynolds Funds, Inc.

RMB Investors Trust

Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

Robinson Tax Advantaged Income Fund, Series of Investment Managers Series Trust

Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

Roundhill Cannabis ETF, Series of Listed Funds Trust

Roundhill ETF Trust

Roundhill Magnificent Seven ETF, Series of Listed Funds Trust

Roundhill Sports Betting & iGaming ETF, Series of Listed Funds Trust

Roundhill Video Games ETF, Series of Listed Funds Trust

Rule One Fund, Series of World Funds Trust

Russell Investments Exchange Traded Funds

Securian AM Real Asset Income Fund, Series of Investment Managers Series Trust

Six Circles Trust

Sound Shore Fund, Inc.

SP Funds Trust

Sparrow Funds

Spear Alpha ETF, Series of Listed Funds Trust

STF Tactical Growth & Income ETF, Series of Listed Funds Trust

STF Tactical Growth ETF, Series of Listed Funds Trust

Strategic Trust

Strategy Shares

Swan Hedged Equity US Large Cap ETF, Series of Listed Funds Trust

Tekla World Healthcare Fund

Tema ETF Trust

The 2023 ETF Series Trust

The Community Development Fund

The Cook & Bynum Fund, Series of World Funds Trust

The Private Shares Fund

The SPAC and New Issue ETF, Series of Collaborative Investment Series Trust

Third Avenue Trust

Third Avenue Variable Series Trust

Tidal Trust I

Tidal Trust II

Tidal Trust III

Tidal Trust IV

TIFF Investment Program

Timothy Plan High Dividend Stock ETF, Series of The Timothy Plan

Timothy Plan International ETF, Series of The Timothy Plan

Timothy Plan Market Neutral ETF, Series of The Timothy Plan

Timothy Plan US Large/Mid Cap Core ETF, Series of The Timothy Plan

Timothy Plan US Small Cap Core ETF, Series of The Timothy Plan

Total Fund Solution

Touchstone ETF Trust

Trailmark Series Trust

T-Rex 2X Inverse Bitcoin Daily Target ETF, Series of World Funds Trust

T-Rex 2x Inverse Ether Daily Target ETF, Series of World Funds Trust

T-Rex 2X Long Bitcoin Daily Target ETF, Series of World Funds Trust

T-Rex 2x Long Ether Daily Target ETF

U.S. Global Investors Funds

Union Street Partners Value Fund, Series of World Funds Trust

Vest Bitcoin Strategy Managed Volatility Fund, Series of World Funds Trust

Vest S&P 500? Dividend Aristocrats Target Income Fund, Series of World Funds Trust

Vest US Large Cap 10% Buffer Strategies Fund, Series of World Funds Trust

Vest US Large Cap 10% Buffer Strategies VI Fund, Series of World Funds Trust

Vest US Large Cap 20% Buffer Strategies Fund, Series of World Funds Trust

Vest US Large Cap 20% Buffer Strategies VI Fund, Series of World Funds Trust

Virtus Stone Harbor Emerging Markets Income Fund

Volatility Shares Trust

WEBs ETF Trust

Wedbush Series Trust

Wellington Global Multi-Strategy Fund

Wilshire Mutual Funds, Inc.

Wilshire Variable Insurance Trust

WisdomTree Trust

XAI Octagon Floating Rate & Alternative Income Term 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 Foreside. Foreside's main business address is 190 Middle Street, Suite 301, Portland, ME 04101.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Address** | **Position with Underwriter** | **Position with Registrant** |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Alicia Strout | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Treasurer |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Ultimus Fund Distributors, LLC ("Ultimus"), is the principal underwriter for certain series of the Registrant and acts as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

83 Investment Group Income Fund

American Pension Investors Trust (d/b/a Yorktown Funds)

Axxes Opportunistic Credit Fund

Axxes Private Markets Fund

Beacon Pointe Multi-Alternative Fund

Booster Income Opportunities Launch

Bruce Fund, Inc.

CM Advisors Family of Funds

Caldwell & Orkin Funds, Inc.

Cantor Select Portfolios Trust

Cantor Fitzgerald Infrastructure Fund

Capitol Series Trust

CAZ Strategic Opportunities Fund

Centaur Mutual Funds Trust

Chesapeake Investment Trust

Commonwealth International Series Trust

Conestoga Funds

Connors Funds

Cyber Hornet Trust

Dynamic Alternatives Fund

Eubel Brady & Suttman Mutual Fund Trust

Exchange Place Advisors Trust

Fairway Private Equity & Venture Capital Opportunities Fund

Fairway Private Markets Fund

Flat Rock Core Income Fund

Flat Rock Enhanced Income Fund

Flat Rock Opportunity Fund

HC Capital Trust

Hussman Investment Trust

James Advantage Funds

Johnson Mutual Funds

Lind Capital Partners Municipal Credit Income Fund

MidBridge Private Markets Fund

MSS Series Trust

New Age Alpha Funds Trust

New Age Alpha Variable Funds Trust

Oak Associates Funds

OneAscent Capital Opportunities Fund

Papp Investment Trust

Peachtree Alternative Strategies Fund

PennantPark Enhanced Income Fund

Plumb Funds

Private Debt & Income Fund

Prospect Enhanced Yield Fund

Sardis Credit Opportunities Fund

Schwartz Investment Trust

Segall Bryant & Hamill Trust

The Cutler Trust

The Investment House Funds

Ultimus Managers Trust

Unified Series Trust

Valued Advisers Trust

VELA Funds

Volumetric Fund

Waycross Independent Trust

WesMark Funds

Williamsburg Investment Trust

XD Fund Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; The following are the Officers of Ultimus. Ultimus' main business address is 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

---

| | | |
|:---|:---|:---|
| **Name** | **Position with Underwriter** | **Position with Registrant** |
| Kevin M. Guerrette | President | None |
| Douglas K. Jones | Vice President | None |
| Stephen L. Preston | Vice President, Chief Compliance Officer, Financial Operations Principal and AML Compliance Officer | None |
| Melvin Van Cleave | Chief Information Security Officer | None |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp; 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 | Ultimus Fund Solutions, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 |
| Registrant's Custodians | U.S. Bank National Association<br> Custody Operations<br> 1555 North RiverCenter Drive, Suite 302<br> Milwaukee, WI 53212<br>Brown Brothers Harriman & Co.<br> 50 Post Office Square<br> Boston, MA 02110-1548 |
| Registrant's Investment Advisers | &nbsp;&nbsp; North Square Investments, LLC<br> 200 West Madison Street, Suite 2610<br> Chicago, IL 60606<br>Reflection Asset Management, LLC<br> 1000 Palm Boulevard<br> Isle of Palms, SC 29541<br>Focus Partners Wealth, LLC<br> 190 Carondelet Plaza<br> Suite 600<br> St. Louis, MO 63105 |
| Registrant's Distributors | &nbsp;&nbsp; Foreside Fund Services, LLC<br> 190 Middle Street, Suite 301<br> Portland, ME 04101<br>Ultimus Fund Distributors, LLC<br> 225 Pictoria Drive, Suite 450<br> Cincinnati, OH 45246 |

---

**Item 34. Management Services Not Discussed in Parts A and B.**

Not Applicable.

**Item 35. Undertakings.**

Not Applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Amendment to the Registration Statement on Form N-1A to be signed on its behalf by the undersigned, duly authorized, in the City of Cincinnati in the State of Ohio, on February 27, 2026.

Exchange Place Advisors Trust

By: <u>/s/ Ian Martin</u> 

Ian Martin, President

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Ian Martin | President, Principal Executive | February 27, 2026 |
| Ian Martin | Officer |  |
| David B. Boon\* | Trustee | February 27, 2026 |
| David B. Boon |  |  |
| Donald J. Herrema\* | Trustee | February 27, 2026 |
| Donald J. Herrema |  |  |
| Catherine A. Zaharis\* | Trustee | February 27, 2026 |
| Catherine A. Zaharis |  |  |
| /s/ Zachary Richmond | Treasurer and Principal Financial | February 27, 2026 |
| Zachary Richmond | and Accounting Officer |  |
| By: <u>/s/ Ian Martin</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ian Martin<br> Attorney-in-Fact<br> \* (Pursuant to [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006067/exq.htm) incorporated by reference) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ian Martin<br> Attorney-in-Fact<br> \* (Pursuant to [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006067/exq.htm) incorporated by reference) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ian Martin<br> Attorney-in-Fact<br> \* (Pursuant to [Powers of Attorney](https://www.sec.gov/Archives/edgar/data/1750821/000158064225006067/exq.htm) incorporated by reference) |

---

**Exhibit Index**

[(p)(xi) Focus Partners Wealth, LLC Code of Ethics](ex99pxi.htm)

[(j) Consent of Independent Registered Public Accounting Firm Cohen & Company, Ltd.](ex99j.htm)

## Ex-99.J

![](image_001.gif)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated December 29, 2025, relating to the financial statements and financial highlights of Fort Pitt Capital Total Return Fund, a series of Exchange Place Advisors Trust, which are included in Form N-CSR for the year ended October 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus, and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 26, 2026

![](image_002.gif)

## Ex-99.P

**20 - Code of Ethics and Insider Trading Policy**

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

**1.** **Statement of Policy** 

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

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

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

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

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

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

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

**2.** **Who is Responsible for Implementing this Policy?** 

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

**3.** **Procedures to Implement this Policy** 

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

***Applicability and Scope of the Code***

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

July 2025

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

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

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

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

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

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

●  ***Managed Accounts*** 

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

July 2025

**4.** **Administration of the Code** 

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

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

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

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

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

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

● Recommending sanctions for material Code violations, including warnings, fines, disgorgement of profits, suspensions, or termination.

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

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

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

● Confirming, that each **Supervised Person** submits initial and annual holdings reports.

July 2025

● Confirming, that each **Supervised Person** submits quarterly reports no later than **30 days** after the end of each quarter.

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

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

***Client Disclosure***

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

***Maintaining Records***

Adviser maintains the following records:

● A copy of the Adviser's Code and all amendments;

● **Supervised Person** Acknowledgments;

● **Supervised Person** Initial and Annual Holdings Reports;

● **Supervised Person** quarterly transaction reports, records, or brokerage statements;

● Pre-clearance requests;

● Control Lists;

● Restricted Lists; and

● Documentation relating to the review of holdings reports, quarterly transaction reports, pre-clearance requests and violations.

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

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

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

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

● **Personal Use of Client Trading Knowledge.** No **Supervised Person** may use the knowledge about securities purchased or sold by a Client or securities being considered for purchase or sale by a Client to profit personally, directly or indirectly, by the market effect of such transactions.

● **Disclosure of Client Trading Knowledge.** No **Supervised Person** may, directly or indirectly, communicate to any person who is not a **Supervised Person** any non-public information relating to a Client including, without limitation, the purchase or sale or considered purchase or sale of a security on behalf of a Client, except to the extent necessary to effectuate securities transactions on behalf of a Client.

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

● **Coin Offerings**. Participating in initial coin offerings is prohibited.

● **Limited or Private Offerings.** No **Supervised Person** may, directly or

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

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

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

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

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

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

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directors of a publicly traded company, such **Supervised Person** or **SA Fund Independent Trustee** shall inform the Trust CCO of such election/appointment. In the event that the Trust CCO, in consultation with outside counsel as necessary, should decide that the potential for conflicts of interest exists with respect to such person's obligations as a director of such publicly traded company and their role in the Trust, the Trust CCO may, acting upon the recommendations of outside counsel as necessary, place restrictions on the activities of, or information received by, such SA Fund Independent Trustee, including but not limited to, requiring them to step down from their position on the board of the directors of such publicly traded company.

● **Participation on Boards, Panels, or Organizations.** No **Supervised Person** shall accept a position for membership in/on a board, panel, or organization without <u>the prior authorization</u> of the Adviser's Compliance and Legal Department.. Prior Authorization is NOT required for any membership or involvement with a board, panel, or organization that meets BOTH of the following: 1) it is unrelated to the financial services industry and 2) the position does not give the **Supervised Person** investment authority or money movement authority over the organization's account. The **Compliance and Legal Department** will require that every **Supervised Person** attest to any participation in/on boards, panels, or involvement in organizations on an annual basis.

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

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

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

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

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

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

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

**<u>Reporting Requirements</u>**

Every **Supervised Person** must submit to the **Compliance and Legal Department**, in software or on forms designated by the **Compliance and Legal Department**, the following information/reports as to (1) brokerage and/or other financial institution accounts that *can* hold **Reportable Securities** (even if an account does not currently hold **Reportable Securities**) that are Beneficial Ownership Accounts; and (2) all current **Reportable Securities** in which the **Supervised Person** has, or by reason of a transaction, acquires **Beneficial Ownership**, whether or not the **Supervised Person** had any direct or indirect control over the **Reportable Securities** or accounts

● An SA Fund Independent Trustee is required to file a Quarterly Transaction Report with the Trust CCO, which sets forth the information required pursuant to the below on quarterly transaction reports, only if the SA Fund Independent Trustee, at the time of the transaction, knew or, in the ordinary course of fulfilling the SA Fund Independent Trustee's official duties as a trustee of the Trust, should have known that during the 15-day period immediately before or after the SA Fund Independent Trustee's transaction in a Security, a series of the Trust purchased or sold the **Reportable Security**, or the Adviser or the Trust's sub-adviser considered purchasing or selling the **Reportable Security** for any series of the Trust.

● *Initial and Annual Holdings Reports.* Not later than 10 days after an individual becomes a **Supervised Person**, the following information, as of a date within 30 days prior to becoming a **Supervised Person,** must be reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
title, number of shares and principal amount of each **Reportable Security** (i) in which the **Supervised Person** had any direct
or indirect **Beneficial Ownership** and (ii) that was included in a **Beneficial Ownership Account** when the **Supervised Person** became a **Supervised Person**;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
name of any custodian, broker, dealer, bank, private investment partnership, or other financial institution with whom

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the **Supervised Person** maintained (i) an account that holds or *could* hold **Reportable Securities** in which the **Supervised Person** had any direct or indirect **Beneficial Ownership** or (ii) a **Beneficial Ownership Account**, each as of the date the **Supervised Person** became an **Supervised Person**, including the date on which the account was established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
date the report is being submitted by the **Supervised Person**.

**Supervised Persons** must also report this information annually by January 30<sup>th</sup>, as of a date within 30 days of the reporting requirement<sup>3</sup>.

● *Quarterly Transaction Reports.* Not later than 30 days after the end of each calendar quarter, the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Reportable Securities Transactions</u>** . With respect to any acquisition or disposition during the calendar quarter of a **Reportable Security** in which the **Supervised Person** had any direct or indirect **Beneficial Ownership** or that was included in a **Beneficial Ownership Account**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
date of the acquisition or disposition, the title, the interest rate and maturity date (if applicable), the number of shares and the
principal amount of each **Reportable Security**;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
price of the **Reportable Security** at which the acquisition or disposition was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
name of the custodian, broker, dealer, bank, private investment partnership, or other financial institution with or through which the
acquisition or disposition was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The
date the report is submitted by the **Supervised Person** to **Compliance**.

Every report concerning a **Reportable Security** transaction that would be prohibited by Section 5 above must describe the circumstances of the transaction.

● *Reporting Mechanism*. Adviser uses a Code of Ethics ("COE") platform,

<sup>3</sup> Private investment reporting may be outside of the 30-day "as of" date.

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currently ACA ComplianceAlpha, to administer its Code of Ethics program. The reporting requirements under this section are not applicable to securities held in or transactions for any account over which the **Supervised Person** or **SA Fund Independent Trustee** does not have influence or control.

**The Compliance and Legal Department** will review the information to be compiled under the Code in accordance with such review procedures as **Compliance** may from time to time determine to be appropriate in light of the purposes of the Code.

**6.** **Initial and Annual Certification of Compliance** 

● Each **Supervised Person**, within 10 days after becoming a **Supervised Person**, must certify, on a form designated by **Compliance**, that the **Supervised Person**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Has
received, read and understands the Code and recognizes that they are subject to the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Will
comply with all the requirements of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Has
reported:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) All
brokerage or other personal or other Beneficial Ownership Accounts that *can* hold reportable securities, whether or not such accounts
currently hold reportable securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Reportable
securities that may be held outside of a brokerage or other financial institution account, including but not limited to limited partnership
(LP) interests, stock certificates, securities held with a transfer agent, etc.; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) For
such brokerage or other accounts, and for reportable securities, all required information.

● Each **Supervised Person** must certify the same information annually by <u>January 30<sup>th</sup></u> or by such other date specified by and on the form designated by **Compliance.** 

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**7.** **Standards for Review** 

The **Compliance and Legal Department** should consider at least the following when reviewing Holdings Reports, Quarterly Transaction Reports and requests for preclearance:

● Could an individual be misappropriating an investment opportunity that should first be offered to a Client?

● Are the individual's holdings or transactions in compliance with the Adviser's policies?

● If trading in the same securities as a Client, is the individual receiving favorable terms?

**8.** **Confidentiality** 

All information obtained from any **Supervised Person** hereunder normally will be kept in strict confidence by the Adviser, except that reports of transactions and other information obtained hereunder may be made available to the Securities and Exchange Commission (SEC) or any other regulatory or self-regulatory organization or other civil or criminal authority to the extent required by law or regulation or to the extent considered appropriate by senior management of the Adviser in light of the circumstances. In addition, in the event of violations or apparent violations of the Code, this information may be disclosed to affected Clients.

**9.** **Sanctions** 

Any violation of the Code may result in the imposition of such sanctions as the **General Counsel** and **Compliance and Legal Department** may deem appropriate under the circumstances which may include, but are not limited to, a warning, disgorgement of profits obtained in connection with a violation, the imposition of fines, suspension, demotion, termination of employment or referral to civil or criminal authorities.

**10.** **Recordkeeping Requirements** 

Adviser will maintain and preserve the Code and any amendments thereto, records of violations and actions taken as a result of such violation, copies of reports submitted under the Code, and all pre-clearance of **Reportable Securities** requests in accordance with the Adviser's record keeping & retention policy and related books and records requirements.

**11.** **Whistleblower Protection** 

A **Supervised Person** that becomes aware of a violation of the Adviser's Code of Ethics by themselves or any other person should immediately notify the **Compliance and Legal Department**. A whistleblower shall be afforded protection from Adviser retaliation for reporting made in good faith. A **Supervised Person** also may be protected from retaliation by the SEC's whistleblower rule.

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**<u>Part II - Statement Against Insider Trading</u>**

**A.**  **<u>Policy Statement Against Insider Trading.</u>** 

It is a serious federal offense for any person to purchase or sell securities while in possession of material nonpublic information about the securities or the company that issued them. It is also unlawful to communicate inside information to others who may trade on the basis of that information. The Insider Trading and Security Fraud Enforcement Act of 1988 ("ITSFEA") gives federal authorities the power to prosecute any individual, employee and/or employer, who uses confidential Client information for his or her own benefit or who communicates confidential Client information to others. ITSFEA also provides for claims by those who were disadvantaged by the insider trading.

The term "insider trading" is not defined in the federal securities law, but generally is used to refer to the use of material nonpublic information to trade in securities (whether or not one is an "insider") or to communications of material nonpublic information to others.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

● trading by an insider, while in possession of material nonpublic information;

● trading by a non-insider, while in possession of material nonpublic information, where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

● communicating material nonpublic information to others in violation of law.

The elements of insider trading and the penalties for such unlawful conduct are discussed below. If, after reviewing this policy statement, you have any questions you should consult

**Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>What Is Insider Trading</u>?

Insider trading consists of purchasing or selling a security while the purchaser or seller is in possession of material nonpublic information about the issuer of the security or the market for the security in violation of a duty of trust or confidence. In most cases, the securities that have been the subject of insider trading have been common stock of publicly traded corporations.

However, trading in options on common stock or, in certain circumstances, even convertible debt securities could violate the prohibition on insider trading. The classic example of insider trading occurs when an employee of a corporation buys or sells its common stock on the basis of information about the corporation learned in the course of the employee's duties. It is critical that every **Supervised Person** understand that trading on material nonpublic information may result in substantial fines, imprisonment and loss of employment.

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Insider information can relate to transactions involving stock of public companies in portfolios or accounts managed by the Adviser. The most obvious example is nonpublic information that a person or company is about to make a tender offer for the stock of a company held in an account or portfolio. It is clear that the insider trading rules prohibit purchasing that stock with knowledge of the proposed tender offer. Trading on "tips" can violate the prohibitions against insider trading and must be avoided.

Material information may consist of information about substantial buy and sell decisions for accounts managed by the Adviser. For example, if you know that the Adviser is directing the sale of a significant block of stock for one or more of its accounts, you have inside information as to that stock and should not sell any until after the Adviser's selling has been concluded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>What Is Material Information</u>?

Information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decision. Information that is usually material includes, but is not limited to: dividend changes, earnings estimates, changes in previously released earnings estimates, significant merger or acquisition proposals or agreements, major litigation, and extraordinary management developments.

Material information may also relate to the market for the security. For example, in Carpenter v. U.S., 108 U.S. 316 (1987), the Supreme Court considered information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security to be "material". In that case, a Wall Street Journal reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the Journal and whether those reports would be favorable or not.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>What Is Nonpublic Information</u>?

Information is nonpublic until it has been effectively communicated to the marketplace. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters, The Wall Street Journal or other publications of general circulation would be considered public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Penalties for Insider Trading</u>.

Penalties for trading on or communicating material nonpublic information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties include:

● civil injunctions;

● treble damages;

● disgorgement of profits;

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● jail sentences;

● fines for the person who committed the violation whether or not the person actually benefited; and

● fines for the employer or other controlling person.

In addition, any violation of this policy statement can be expected to result in serious sanctions by the Adviser, including dismissal of the persons involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>What If You Have a Question</u>?

Legal advice on these matters can always be arranged through **Compliance,** without charge, and should be requested whenever there is any question as to the propriety of any conduct. As a general rule, when in doubt, ask for help.

**B.**  **<u>Procedures to Implement Adviser's Policy Against Insider Trading.</u>** 

The following procedures have been established to aid the officers, managers and **Supervised Persons** of the Adviser in avoiding insider trading and to aid the Adviser in preventing, detecting and imposing sanctions against insider trading. Every officer, manager and **Supervised Person** of the Adviser must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and criminal penalties. If you have any questions about these procedures, you should consult with **Compliance.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Identifying Inside Information</u>.

Before trading for yourself or others in the securities of a company about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Is
 the information potentially material? Is this information that an investor would consider
 important in making his or her investment decisions? Is this information that would substantially
 affect the market price of the securities if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Is
 the information nonpublic? Is it confidential corporate information? To whom has this information
 been provided? Has the information been effectively communicated to the marketplace by being
 published in <u>Reuters</u>, <u>The Wall Street Journal</u> or other publications of general
 circulation?

If, after the consideration of the above, you believe that the information is potentially material and nonpublic, or if you have questions as to whether the information is material and nonpublic, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report
 the matter immediately to the **Legal or Compliance Department.** 

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Do
 not purchase or sell the securities on behalf of yourself or others, including portfolios
 managed by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Do
 not communicate the information inside or outside the Adviser, other than to the **Legal or Compliance Department.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) After
 the **Legal or Compliance Department** has reviewed the issue, you will either be instructed
 to continue the prohibitions against trading and communication, or you will be allowed to
 trade and communicate the information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Restricting Access to Material Nonpublic Information</u>.

Information in your possession that you identify as material and nonpublic may not be communicated to anyone, including persons within the Adviser, except as provided in paragraph B.1 above. In addition, care should be taken so that such information is secure. For example, files containing material nonpublic information should be sealed and access to computer files containing material nonpublic information should be restricted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Resolving Issues Concerning Insider Trading</u>.

If, after consideration of the items set forth in paragraph B.1, doubt remains as to whether information is material or nonpublic, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety any action, it must be discussed with the **Legal or Compliance Department** before trading or communicating the information to anyone.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Working Together to Prevent Abuse</u>.

The prevention of insider trading violations requires constant attention. If you become aware of any situation that may possibly result in an insider trading violation, you should report the situation to the **Legal or Compliance Department** immediately.

**C.**  **<u>Supervisory Procedures.</u>** 

The role of the **Compliance Department** is critical to the implementation and maintenance of the Adviser's policy and procedures against insider trading. Supervisory procedures can be divided into two classifications – prevention of insider trading and detection of insider trading.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Prevention of Insider Trading</u>.

To prevent insider trading, the **Compliance and Legal Department** should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) provide,
 on a regular basis, as needed, discussions and meetings to familiarize officers, managers,
 and **Supervised Persons** with the Adviser's policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) answer
 questions regarding the Adviser's policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) resolve
 issues of whether information received by an officer, manager or **Supervised Person** of the Adviser is material and nonpublic;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review
 on a regular basis and update as necessary the Adviser's policy and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) when
 it has been determined that an officer, manager or **Supervised Person** of the Adviser
 has material nonpublic information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) implement
 measures, as necessary, to prevent dissemination of such information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) implement
 a hard restriction in the Adviser's trade order management systems to restrict the
 Adviser from trading in the security on a managed basis.

&nbsp;&nbsp;&nbsp;&nbsp;● When the information has become public, the Adviser may remove such hard restriction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Detection of Insider Trading</u>.

To detect insider trading, the **Compliance and Legal Department** shall review any trading activity and alerts generated by ACA's Market Abuse Surveillance software to determine whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all **Supervised Persons** who should be filing such reports are actually doing so;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) reports
 are being filed on a timely basis; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 reports on file indicate any trades on the basis of insider or confidential information;
 that is, whether there are any suspicious patterns other indications of possible misconduct
 evidenced in such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Special Reports</u>.

Promptly, upon learning of a potential violation of the Adviser's policy and procedures to detect and prevent insider trading, **the Compliance Department** should prepare a written report providing full details and recommendations for further action.

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**<u>Part III - Definitions</u>**

For purposes of the Code, the following definitions will apply:

**Access Person.** The term "**Access Person**" means, Supervised Persons of the Firm who have access to nonpublic information regarding clients' purchase or sale of securities or clients' portfolio holdings, or who is involved in making securities recommendations to clients, or who has access to such recommendations that are nonpublic. The Adviser deems all the Adviser's Supervised Persons to be Access Persons. Independent contractors and temporary employees are considered Access Persons subject to the requirements of the Manual if they have access to confidential information regarding the Adviser's clients.] For clarity, all employees of the Adviser are Access Persons.

**Acquisition.** The term "acquisition" or "acquire" includes the receipt of any gift of **Reportable Securities**.

**Advisory Person**. The term "**Advisory Person**" means, with respect to an Adviser,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Every **Supervised Person** or on-site independent contractor of the Adviser who, in connection
 with his or her regular functions or duties, makes, participates in, or obtains information
 regarding, the purchase or sale of **Reportable Securities** (as defined below) by a **Fund** or other Client, or whose functions relate to the making of any recommendations concerning
 the purchase or sale of **Reportable Securities** by a **Fund** or other Client; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Every
 natural person in a control relationship to the Adviser who obtains information concerning
 recommendations made to a **Fund** concerning the purchase or sale of a **Reportable Security** and every other **Supervised Person** or on-site independent contractor of
 the Adviser designated as a **Supervised Person** by the **Compliance Department**.

**Approved Brokers.** See Approved Brokers list included at the end of this document.

**Beneficial Ownership.** The term "**Beneficial Ownership**" means a direct or indirect "pecuniary interest" (as defined in subparagraph (a)(2) of Rule 16a-1 under the 1934 Act that is held or shared by a person directly or indirectly (through any contract, as trustee of a trust, arrangement, understanding, relationship or otherwise) in a security. A direct pecuniary interest generally means the opportunity directly to profit or share in any profit derived from a transaction in a security. An indirect pecuniary interest in securities by a person generally means the opportunity to indirectly profit or share in any profit derived from a transaction in a security. For example, any of the below would be considered an indirect pecuniary interest and require to be reported by the Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ownership
 of securities by any of that Supervised Person's immediate family members sharing the
 same household (including a child, stepchild, grandchild, parent, stepparent, grandparent,
 spouse, sibling, mother- or father-in-law, sister- or brother-in-law, and son- or daughter-in-law);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 account that contains securities (including but not limited to **Reportable Securities**)
 (1) that a Supervised Person's immediate family member,  **<u>not</u>** sharing the
 same household, maintains a Beneficial Ownership in,  **<u>and</u>** , (2) in which the
 Supervised Person can exercise direct or indirect, sole or shared, investment control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Supervised Person's partnership interest in the portfolio securities held by a general
 or limited partnership which such person controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Supervised Person's right to receive dividends from a security if this right is separate
 or separable from the underlying securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 Supervised Person's interest in securities held by a trust under certain circumstances;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 Supervised Person's right to acquire securities through the exercise or conversion
 of a "derivative security" (which term excludes (i) a broad-based index option
 or future, (ii) a right with an exercise or conversion privilege at a price that is not fixed,
 and (iii) a security giving rise to the right to receive another security only *pro-rata* and by virtue of a merger, consolidation or exchange offer involving the issuer of the
 first security).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) (i)
 If an **Supervised Person** is a trustee of the Trust and also has a pecuniary interest
 in any holding or transaction in an issuer's securities that is also held by the Trust,(ii)
 if such **Supervised Person** is a trustee of the Trust and members of such Access Person's
 immediate family receive certain performance fees related to the Trust, or (iii) a member
 of such Access Person's immediate family is a beneficiary to the Trust.

**Beneficial Ownership Account.** All accounts in which a Supervised Person has Beneficial Ownership in the account, or the securities or proceeds therein.

**Compliance Department.** The term "**Compliance Department**" means, with respect to FPAS, FPW, or the Trust as applicable, the officer(s), or their designee, designated to (a) receive and review reports of purchases and sales by **Access Persons**, (b) receive and review other reports that may be required from time to time and (c) take such other actions as specified under the Code of Ethics and Statement Against Insider Trading Policy. The term "**Compliance**" means, with respect to an Adviser or the Trust, the department of compliance designated by the Adviser or the Trust, as applicable, to perform the duties under the Code of the **Compliance Department**.

**Control.** The term "**Control**" has the same meaning as that set forth in Section 2(a)(9) of the Investment Company Act. Section 2(a)(9) provides that **Control** means the power to exercise a controlling influence over the management or policies of the Adviser unless such power is solely the result of an official position with the Adviser.

**Control List.** Public companies on the Adviser's **Control List** are companies where an Adviser client is an insider under Section 16(b) of the Securities Exchange Act of 1934. While

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the Adviser does not expect to be in actual possession of material, nonpublic information regarding these companies, the Adviser's **Supervised Persons** are at increased risk of receiving such information in the course of carrying out their job responsibilities.

**Disposition.** The term "disposition" or "dispose" includes the making of any personal or charitable gift of **Reportable Securities**.

**Fund.** The term "**Fund"** means any investment company registered under the **1940 Act**.

**General Counsel.** The term "**General Counsel**" means, with respect to an Adviser or the Trust, the chief legal officer of the Adviser or Trust as applicable.

**Initial Public Offering.** The term "**Initial Public Offering**" means an offering of securities registered under the Securities Act of 1933, as amended (the "1933 Act"), by an issuer, which immediately before registration, was not subject to reporting requirements of Section 13 or 15(d) of the 1934 Act.

**Investment Company 1940 Act.** The term "1940 Act" means the Investment Company Act of 1940 and the rules and regulations thereunder, both as amended from time to time, and any order or orders thereunder which may from time to time be applicable to any **Fund.**

**Investment Decision Maker.** The term "**Investment Decision Maker**" means any portfolio manager of Adviser and any other **Advisory Person** who assists a portfolio manager in making investment decisions for a **Fund** or other Client, including, but not limited to, all analysts of Adviser or of any company in a control relationship to Adviser.

**Limited or Private Offering.** The term "**Limited or Private Offering**" means an offering that is exempt from registration under Section 4(2) or 4(6) of the 1933 Act or Rules 504, 505 or 506 thereunder.

**Purchase.** The term "purchase" includes the writing of an option to purchase.

**Reportable Security<sup>4</sup>.** The term **"Reportable Security"** means a security as defined in Section 2(a)(36) of **the 1940 Act**, except that it does *not* include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Direct
 obligations of the government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Money
 market instruments, including bankers' acceptances, bank certificates of deposit, commercial
 paper and high-quality short-term debt instruments, and repurchase agreements;

<sup>4</sup> Cryptocurrency is not a security or otherwise characterized as a security (and therefore is not a Reportable Security), under current law (e.g., Bitcoin). Cryptocurrency means any virtual or digital representation of value, token or other asset in which encryption techniques are used to regulate the generation of such assets and to verify the transfer of assets. If the stance of the regulators change, we reserve the right to classify Cryptocurrency as a security (and Reportable Security), and, therefore, make cryptocurrency subject to the relevant sections of the Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Shares
 of money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Shares
 of open-end mutual funds, unless the Adviser acts as the Adviser or sub-adviser to such fund.
 (Note that shares of closed-end funds and exchange traded funds *are* considered **Reportable Securities** but are exempted from the pre-clearance requirement **)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Transactions
 in units of a Unit Investment Trust if invested exclusively in unaffiliated **Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Transactions
 effected pursuant to an automatic investment plan, unless the transaction overrides the set
 schedule or allocations of the plan.

*<u>Note</u>: **Reportable Securities** include everything else, including but not limited to, stocks, ETFs, closed-end funds, non-US bonds, limited or private offerings (e.g., hedge funds and private equity), and other private investments. If you are unsure if an investment is deemed a **Reportable Security**, please check with **Compliance**.*

**Restricted List.** Public companies on the Adviser's **Restricted List** are companies where a **Supervised Person** of the Adviser is in *actual* possession of material, nonpublic information or the Adviser has determined for another reason that the security generally should not be traded in Client accounts. Trading in **Restricted List** securities is **prohibited** absent an exception documented by Compliance approving the trade and the reason the trade is permissible.

**SA Fund Independent Trustee**. The term shall mean any trustee of the Trust who is not an Interested Person (as defined in section 2(a)(19) of the Investment Company Act) of the Trust, and who would be required to make a report under this Code solely by reason of being a trustee of the Trust.

**Sale.** The term **"**sale**"** includes a short sale, the writing of an option to sell and the making of a gift.

**Security being Considered for Purchase or Sale.** A security is "**being considered for purchase or sale**" when a recommendation to purchase or sell a security has been made and communicated and, with respect to the person making the recommendation, when such person seriously considers making such a recommendation.

**Security to be Held or Acquired.** The phrase "**security held or to be acquired**" means any **Reportable Security** which, within the most recent 15 days, is or has been held by a **Fund** or is being or has been considered by Adviser for purchase by a **Fund** or any option to purchase or sell and any security convertible into, or exchangeable for, such **Reportable Security**.

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**Supervised Persons. Supervised Persons** are defined under Rule 202(a)(25) of the Advisers Act as Adviser's partners, officers, directors (or other persons occupying a similar status or performing similar functions) and employees, as well as any other person who provides investment advice on behalf of Adviser and is subject to Adviser's supervision and control. For clarity, all Access Persons are also Supervised Persons. The Supervised Persons trading restrictions, limitations, etc. outlined in this Code apply to all Supervised Persons' Beneficial Ownership Accounts.

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**APPENDIX A**

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| |
|:---|
| **Approved Brokers List** |
| Ameriprise Financial |
| Bessemer |
| Charles Schwab - Investments |
| Chase - Investments |
| Citibank - Investments |
| DriveWealth |
| E\*TRADE |
| Edward Jones |
| Fidelity Investments |
| Fiduciary Trust |
| First Republic |
| Goldman Sachs Wealth Management |
| Impax Funds |
| Janney Montgomery |
| LPL Financial |
| Merrill Lynch - MyMerrill Investments |
| Morgan Stanley - ClientServ |
| Morgan Stanley Online |
| National Financial Services |
| Neuberger Berman (PAM) |
| Pershing |
| Raymond James |
| Robinhood |
| Royal Bank of Canada Wealth Management |
| Stifel Nicolaus |
| TD Ameritrade Inc. |
| UBS |
| Vanguard - Investments |
| Wells Fargo |
| Wells Fargo Advisors |

---

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