Form 485BPOS QUAKER INVESTMENT TRUST

As filed with the Securities
and Exchange Commission on October 27, 2023

Securities Act of 1933 Registration
No. 033-38074

Investment Company Act of 1940 Registration No. 811-06260

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-1A

	REGISTRATION STATEMENT
	*UNDER* *THE SECURITIES ACT OF 1933*
	Pre-Effective Amendment No.
	Post-Effective Amendment No. 100	[X]
	and/or
	REGISTRATION STATEMENT
	*Under* the Investment Company Act Of 1940
	Amendment No. 98	[X]

QUAKER INVESTMENT TRUST

(as successor to Quaker Investment
Trust, a Massachusetts business trust)

(Exact Name of Registrant as Specified in Charter)

c/o Community Capital Management,
LLC

261 North University Drive,
Suite 520

Ft. Lauderdale, FL 33324 (Address of Principal Executive
Offices, including Zip Code)

Registrant’s Telephone
Number, Including Area Code: 1-(888) 272-0007

(Name and Address of Agent for Service)

Copies to:

Ms. Alyssa Greenspan

c/o Community Capital Management,
LLC

261 North University Drive,
Suite 520

Ft. Lauderdale, FL 33324

Jonathan M. Kopcsik, Esq.

Stradley, Ronon, Stevens & Young, LLP

2600 One Commerce Square

Philadelphia, PA 19103-7098

(215) 564-8099

It is proposed that this filing will become effective: (check appropriate
box)

[X]

immediately upon filing pursuant to paragraph (b); or

[ ]

on pursuant to paragraph (b); or

[ ]

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

[ ]

on pursuant to paragraph (a)(1); or

[ ]

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

[ ]

on 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.

CCM Core Impact Equity Fund
CCM Small/Mid-Cap Impact Value Fund

October 27, 2023

CCM Core Impact Equity Fund
Advisor Class (QUAGX), Institutional Class (QAGIX)

CCM Small/Mid-Cap Impact Value Fund
Advisor Class (QUSVX), Institutional Class (QSVIX)

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

Investors should carefully consider the risks, investment objectives, charges and ongoing expenses of each Fund before making an investment.

Table of Contents

		Page
FUND SUMMARIES		1
CCM Core Impact Equity Fund		1
CCM Small/Mid-Cap Impact Value Fund		5
MORE INFORMATION ABOUT STRATEGIES, RISKS AND PORTFOLIO HOLDINGS		9
MANAGEMENT OF THE FUNDS		11
SHAREHOLDER INFORMATION		12
Calculating Share Price		12
Fair Valuation		13
Choosing the Appropriate Share Class		13
How to Buy Shares		14
How to Sell Shares		17
How to Exchange Shares		19
Account Services		19
Dividends and Tax Matters		19
FINANCIAL HIGHLIGHTS		22
PRIVACY POLICY		28
HOW TO GET MORE INFORMATION	BACK COVER

FUND SUMMARIES

CCM Core Impact Equity Fund

INVESTMENT OBJECTIVES

The CCM Core Impact Equity Fund (the “Fund”) seeks to provide long-term growth of capital.

FUND FEES AND EXPENSES

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 fees or commissions to financial intermediaries, which are not reflected in the table and example below. Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

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

	Advisor Class	Institutional Class
Management Fees	0.75%	0.75%
Distribution (12b-1) Fees	0.25%	None
Other Expenses	0.87%	0.87%
Shareholder Servicing Fees	0.11%	0.11%
Total Other Expenses	0.98%	0.98%
Total Annual Fund Operating Expenses	1.98%	1.73%

Expense Examples

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

	1 Year	3 Years	5 Years	10 Years
ADVISOR CLASS	$201	$621	$1,068	$2,306
INSTITUTIONAL CLASS	$176	$545	$939	$2,041

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 the Fund’s shares are held in
a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s
performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 25%
of the average value of its portfolio.

PRINCIPAL INVESTMENT STRATEGIES

Under normal circumstances, the Fund will invest at least 80% of its assets, plus the amount of any borrowings for investment purposes, in equity securities, principally in the common stocks of large companies that the Fund’s adviser, Community Capital Management, LLC (the “Adviser”) expects to demonstrate the long term ability to compound earnings at higher rates than the broader market, regardless of industry. The Fund is managed independent of any index sector weightings. The Adviser anticipates most of the Fund investments will be in US based companies although the Fund has the ability to invest internationally as well. To achieve its investment objective, the Adviser will, under normal market conditions, employ a tactical allocation philosophy using the following strategies:

●

Impact Investments. The Fund invests in companies that may have positive impact attributes or specific impact characteristics and, at a minimum, maintain neutral posture toward environmental, social and governance (“ESG”) related risk.

●

Common Stocks. The Fund invests in the common stock of companies without regard to market capitalization.

●

Compounders. The Fund invests in companies the Adviser expects to demonstrate a long-term ability to compound its earnings per share (“EPS”) at a higher rate than the broad market, regardless of industry. To determine whether a company qualifies as a “Compounder”, the Adviser analyzes the company’s financial statements and evaluates its competitive advantages and management team.

●

Growth Stocks. The Fund invests its assets in the securities of companies which the Adviser believes will provide a higher total return than that of the index.

●

Large-Cap Securities. The Fund invests primarily in large-capitalization securities. The Adviser generally considers large-cap companies to be those companies with market capitalizations similar to those companies included in the S&P 500^® Index.

●

Small- and Mid-Cap Securities.
The Fund also may invest in the securities of small- and mid-cap companies. The Adviser generally considers small- and mid-cap companies
to be those companies with a market capitalization range between $30 million and $18.6 billion.

●

Foreign Securities. The Fund may invest up to 25% of its net assets in foreign securities, including American Depositary Receipts (“ADRs”).

●

Preferred Stocks. The Fund may invest in preferred stocks.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 1

●

MLPs/REITs. The Fund may invest in master limited partnerships (“MLPs”) and real estate investment trusts (“REITs”).

●

Tactical Allocation. Because the Fund is a tactical allocation fund, the assets of the Fund will shift on a short-term basis to take advantage of perceived differences in relative values of the various areas in the equity markets. The Fund will tactically allocate capital among a diverse range of trading strategies and markets, wherever the Adviser perceives opportunity.

The Adviser uses an internally developed investment process to seek to develop a fully integrated portfolio of securities that includes ESG factors that the Adviser believes can deliver strong financial performance while simultaneously having positive, long-term economic and sustainable impact. Securities are categorized based on the following four-part segmentation:

●

Strong Positive Impact: Companies that we believe are significant contributors to society such as those that generate more than 50% of their revenue from a product or service and that align with one or more of our 18 impact themes: affordable health and rehabilitative care; affordable housing; arts, culture and the creative economy; disaster recovery, resilience and remediation; economic inclusion; education and childcare; enterprise development and jobs; environmental sustainability; gender lens; healthy communities; human empowerment; minority advancement; neighborhood revitalization; poverty alleviation; rural community development; seniors and the disabled; sustainable agriculture; and transit-oriented development (each, an “Impact Theme” and collectively, “Impact Themes”).

●

Moderate Positive Impact: Companies which have characteristics that align with one or more of our 18 impact themes and that we believe are a net benefit to society.

●

Neutral Impact: Companies that do not fall within the two categories above but where there exists the potential to be included in the two categories in the future.

●

Negative Impact: Companies with excessive ESG-related risk such as fossil fuel exploration and production or any activity related to coal, tobacco, chemical manufacturing, weapons, and prison management, among others. These securities are not eligible for investment.

At the Adviser’s discretion, other companies may also be excluded from the investment process due to their negative impact.

The Fund is fossil fuel free and will not invest in the following companies in accordance with maintaining a fossil-fuel free portfolio:

●

Companies that own¹,
extract, produce, process, or refine fossil fuels, oil, gas, and coal.

●

Companies that store, transport, explore, or produce carbon-related fuels or energy sources.

●

Companies that are in the oil and gas equipment and services businesses.

The Fund may invest in:

●

Utilities that have current fossil fuel power sources above 15% but are actively transitioning to renewable sources.

●

Companies that are pursuing alternative energy technologies or are in alternative energy sectors.

●

Companies that are working to transition away from fossil fuels.

PRINCIPAL INVESTMENT RISKS

As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment:

●

Impact/ESG Risk. The Adviser may select or exclude securities of certain companies for reasons other than performance and, as a result, the Fund may underperform other funds that do not use an impact/ESG screening process. Impact/ESG investing is qualitative and subjective by nature. There is no guarantee that impact/ESG criteria used by the Adviser will reflect beliefs or values of any particular investor.

●

Common Stock Risk. Common stock risks include the financial risk of selecting individual companies that do not perform as anticipated, the risk that the stock markets in which the Fund invests may experience periods of turbulence and instability, and the general risk that domestic and global economies may go through periods of decline and cyclical change.

●

Growth Risk. There is a risk that the Fund’s growth style may perform poorly or fall out of favor with investors. For example, at times the market may favor large capitalization stocks over small capitalization stocks, value stocks over growth stocks, or vice versa.

●

Small-Cap and Mid-Cap Securities Risk. The Fund invests in companies with small market capitalizations. Because these companies are relatively small compared to large-capitalization companies, they may be engaged in business mostly within their own geographic region, may be less well known to the investment community,

¹	The Adviser will use the S&P Global definition for determining what is considered owning of fossil fuels, namely it is those companies that hold fossil fuel reserves which are defined as economically and technically recoverable sources of crude oil, natural gas, and thermal coal.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 2

and may have more volatile share prices. Also, small companies often have less liquidity, less management depth, narrower market penetrations, less diverse product lines and fewer resources than larger companies. As a result, small-capitalization stock prices have greater volatility than large company securities.

●

Foreign Securities Risk. Investments in foreign securities involve greater risks compared to domestic investments for the following reasons: foreign companies may not be subject to the regulatory requirements of U.S. companies, so there may be less publicly available information about foreign issuers than U.S. companies; foreign companies generally are not subject to uniform accounting, auditing and financial reporting standards; dividends and interest on foreign securities may be subject to foreign withholding taxes; such taxes may reduce the net return to Fund shareholders; foreign securities are often denominated in a currency other than the U.S. dollar, which will subject the Fund to the risks associated with fluctuations in currency values.

●

Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Adviser will apply its investment techniques and risk analyses, including tactical allocation strategies, in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result.

●

Master Limited Partnership Risk. The Fund’s exposure to master limited partnerships (MLP) may subject the Fund to greater volatility than investments in traditional securities. The value of MLP and MLP based exchange traded funds and notes may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or sectors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments.

●

Real Estate Investment Trust Risk. The Fund may have investments in securities issued by, and/or have exposure to, commercial and residential real estate companies. Real estate securities are subject to risks similar to those associated with direct ownership of real estate, including changes in local and general economic conditions, vacancy rates, interest rates, zoning laws, rental income, property taxes, operating expenses and losses from casualty or condemnation. An investment in a REIT is subject to additional risks, including poor performance by the manager of the REIT, adverse tax consequences, and limited diversification resulting from being invested in a limited number or type of properties or a narrow geographic area.

●

Recent Market Events
Risk: 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 including the impact of the coronavirus (COVID-19) as a global pandemic, which has resulted
in public health issues, growth concerns in the U.S. and overseas, layoffs, rising unemployment and reduced consumer spending. The full
impact of the COVID-19 pandemic and future pandemics cannot accurately be predicted and may negatively impact the value of the Fund’s
investments. As a result of this significant volatility, many of the risks discussed herein associated with an investment in the Fund
may be increased.

PAST PERFORMANCE

Effective January 1, 2018, the Adviser became the investment manager for the Fund. While the Fund has operated for more than 10 years, the bar chart and average annual total return table only reflect the Fund’s performance since the Adviser began managing the Fund. The Fund’s performance for periods prior to January 1, 2018 is not shown because the Fund was managed by another investment adviser during those periods. The Fund’s returns after January 1, 2018 reflect the Adviser’s investment philosophy and strategies.

The following bar chart displays the annual return of the Fund from year to year. Over time, the bar chart will illustrate the variability of the performance from year to year and provides some indication of the risks of investing in the Fund. Performance would be lower if sales charges that were in effect during a portion of the period were included. Past performance does not guarantee or predict future results.

Annual Total Returns –
Advisor Class Shares as of December 31

Highest Performing Quarter:	*21.97%* *in Q2 2020*
Lowest Performing Quarter:	*–22.16%* *in Q1 2020*

The
Fund’s calendar year-to-date
return as of September
30, 2023 was 9.52%.

The
table shows the risks of investing in the Fund by illustrating how the average annual returns for the 1-year, 5-year and since inception
periods for each class of the Fund before taxes compare to those of a broad-based securities market index. In addition, after-tax returns
are presented for Advisor Class Shares of the Fund. The
after-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact
of state or local taxes.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 3

Actual after-tax returns depend on an investor’s tax situation and may differ from those shown in the table. In addition, the after-tax returns shown are not relevant to investors who hold shares of the Fund through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts. The Return After Taxes on Distributions and Sale of Fund Shares is higher than other return figures when a capital loss occurs upon the redemption of Fund shares. After-tax returns for the other class of shares will vary from the Advisor Class Shares after-tax returns shown. Past performance (before and after taxes) is not an indication of future results. Updated performance information for the Fund is available on the Trust’s website at www.ccminvests.com or by calling toll-free 888-272-0007.

Average
Annual Total Returns as of December 31, 2022

	1 Year	5 Year	Since Inception (12/31/2017)
Advisor Class Return Before Taxes	–19.38%	8.07%	8.06%	12/31/2017
Advisor Class Return After Taxes on Distributions	–23.01%	6.24%	6.23%	12/31/2017
Advisor Class Return After Taxes on Distributions and Sale of Fund Shares	–8.85%	6.49%	6.49%	12/31/2017
Institutional Class Return Before Taxes	–19.18%	8.34%	8.33%	12/31/2017
S&P 500^® Fossil Fuel Free Index (reflects no deduction for fees, expenses, or taxes)	–19.87%	9.38%	9.38%	12/31/2017

INVESTMENT ADVISER

Community Capital Management, LLC serves as investment adviser to the Fund.

PORTFOLIO MANAGERS

Andy Kaufman, Chief Investment Officer of the Adviser, has been responsible for the day-to-day management of the Fund since January 2019.

Thomas Lott, Portfolio Manager of the Adviser, has been responsible for the day-to-day management of the Fund since January 2018.

Alexander Alario, Portfolio Manager of the Adviser, has been responsible for the day-to-day management of the Fund since January 2020.

PURCHASE AND SALE OF FUND SHARES

You may purchase, exchange or redeem Fund shares on any business day by mail upon completion of an account application (Quaker Investment Trust, c/o Apex Fund Services, P.O. Box 588, Portland, ME 04112). You may also purchase additional shares, exchange or redeem shares by telephone at 888-272-0007, or purchase or redeem shares by wire transfer. Investors who wish to purchase or redeem Fund shares through a financial services professional should contact the financial services professional directly.

The minimum initial and subsequent investment amounts are shown below:

Minimum Investments for Advisor Class Shares

Type of Account	Minimum Investment to Open Account	Minimum Subsequent Investments
Regular	$2,000	$100
IRAs	$1,000	$100

The minimum investment for Institutional Class Shares is $25,000, although the Adviser has the ability to waive the minimum investment for Institutional Class Shares at its discretion.

TAX INFORMATION

The dividends and distributions you receive from the Fund are taxable and generally will be taxed as ordinary income, capital gains, or some combination of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account in which case your distributions may be taxed as ordinary income when withdrawn from the tax-advantaged account.

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

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

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 4

CCM Small/Mid-Cap Impact Value Fund

INVESTMENT OBJECTIVES

The CCM Small/Mid-Cap Impact Value Fund (the “Fund”) seeks to provide long-term growth of capital.

FUND FEES AND EXPENSES

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

	Advisor Class	Institutional Class
Management Fees	0.90%	0.90%
Distribution (12b-1) Fees	0.25%	None
Other Expenses	1.21%	1.21%
Shareholder Servicing Fees	0.10%	0.10%
Total Other Expenses	1.31%	1.31%
Acquired Fund Fees And Expenses⁽¹⁾	0.00%	0.00%
Total Operating Expenses	2.46%	2.21%
(Less waivers/reimbursements)⁽²⁾	(0.91)%	(0.91)%
Net Operating Expenses	1.55%	1.30%

Expense Examples

	1 Year	3 Years	5 Years	10 Years
ADVISOR CLASS	$158	$680	$1,228	$2,727
INSTITUTIONAL CLASS	$132	$604	$1,102	$2,473

Portfolio Turnover

PRINCIPAL INVESTMENT STRATEGIES

Under
normal circumstances, the Fund will invest at least 80% of its assets, plus the amount of any borrowings for investment purposes, in
the securities of small- and mid-capitalization U.S. companies. The Fund’s adviser, Community Capital Management, LLC (the “Adviser”)
generally considers small- and mid-cap companies to be those that have similar market capitalizations at the time of purchase to companies
represented by the Russell 2500^® Index. As of September 30, 2023, the market capitalization of companies in the Russell
2500^® Index ranged from $30 million to $18.6 billion. The capitalization range of companies in the Index may change with
market conditions or due to changes in the composition of the Index and the Fund may invest in companies with market capitalizations
outside of that range.

The Adviser seeks to achieve its investment objective by employing the following strategies when selecting securities:

●

Value Securities. The Fund invests in companies considered by the Adviser to have consistent earnings and above-average core assets, selling at relatively low market valuations, with attractive growth characteristics.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 5

●

“Compounders.”
The Fund invests in companies the Adviser expects to demonstrate a long-term ability to compound its earnings per share (“EPS”)
at a higher rate than the broad market, regardless of industry. To determine whether a company qualifies as a “Compounder”,
the Adviser analyzes the company’s financial statements and evaluates its competitive advantages and management team.

●

Impact Investments. The Fund invests in companies that may have positive impact attributes or specific impact characteristics and maintain neutral posture toward environmental, social and governance (“ESG”) related risk.

●

Preferred Stocks. The Fund may invest in preferred stocks.

●

MLPs/REITS. The Fund may invest in master limited partnerships (“MLPs”) and real estate investment trusts (“REITS”).

The Adviser uses an internally developed investment process to seek to develop a fully integrated portfolio of securities that includes ESG factors that can deliver strong financial performance while simultaneously having positive, long-term economic and sustainable impact. Securities are categorized based on the following four-part segmentation:

●

Strong Positive Impact: Companies that we believe are significant contributors to society such as those that generate more than 50% of their revenue from a product or service and that align with one or more of our 18 impact themes: affordable health and rehabilitative care; affordable housing; arts, culture and the creative economy; disaster recovery, resilience and remediation; economic inclusion; education and childcare; enterprise development and jobs; environmental sustainability; gender lens; healthy communities; human empowerment; minority advancement; neighborhood revitalization; poverty alleviation; rural community development; seniors and the disabled; sustainable agriculture; and transit-oriented development (each, an “Impact Theme” and collectively, “Impact Themes”).

●

Moderate Positive Impact: Companies which have characteristics that align with one or more of our 18 impact themes and that we believe are a net benefit to society.

●

Neutral Impact: Companies that do not fall within the two categories above but where there exists the potential to be included in the two categories in the future.

●

At the Adviser’s discretion, other companies may also be excluded from the investment process due to their negative impact.

The Fund is fossil fuel free and will not invest in the following companies in accordance with maintaining a fossil-fuel free portfolio:

●

Companies that own²,
extract, produce, process, or refine fossil fuels, oil, gas, and coal.

●

Companies that store, transport, explore, or produce carbon-related fuels or energy sources.

●

Companies that are in the oil and gas equipment and services businesses.

The Fund may invest in:

●

Utilities that have current fossil fuel power sources above 15% but are actively transitioning to renewable sources.

●

Companies that are pursuing alternative energy technologies or are in alternative energy sectors.

●

Companies that are working to transition away from fossil fuels.

PRINCIPAL INVESTMENT RISKS

As with all mutual funds, there is the risk that you could lose money on your investment in the Fund. The following risks could affect the value of your investment:

●

Small-Cap and Mid-Cap Securities Risk. The Fund invests in companies with smaller market capitalizations. Because these companies are relatively small compared to large-capitalization companies, they may be engaged in business mostly within their own geographic region, may

²	The Adviser will use the S&P Global definition for determining what is considered owning of fossil fuels, namely it is those companies that hold fossil fuel reserves which are defined as economically and technically recoverable sources of crude oil, natural gas, and thermal coal.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 6

be less well known to the investment community, and may have more volatile share prices. Also, smaller companies often have less liquidity, less management depth, narrower market penetrations, less diverse product lines and fewer resources than larger companies. As a result, small- and mid-capitalization stock prices have greater volatility than large company securities.

●

Value Securities Risk. The Fund invests in companies that appear to be “undervalued” in the marketplace (i.e., trading at prices below the company’s true worth). If the Adviser’s perceptions of value are wrong, the securities purchased may not perform as expected, reducing the Fund’s return.

●

Management Risk. The Fund is subject to management risk because it is an actively managed investment portfolio. The Adviser will apply its investment techniques and risk analyses in making investment decisions for the Fund, but there is no guarantee that its decisions will produce the intended result.

●

Liquidity Risk. This is the risk that the market for a security or other investment cannot accommodate an order to buy or sell the security or other investment in the desired timeframe and/or at the desired price. The values of illiquid investments are often more volatile than the values of more liquid investments. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.

●

PAST PERFORMANCE

Annual Total Returns –
Advisor Class Shares as of December 31

Highest Performing Quarter:	25.16% in Q2 2020
Lowest Performing Quarter:	–48.72% in Q1 2020

The
Fund’s calendar year-to-date
return as of September
30, 2023 was 1.41%.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 7

Average
Annual Total Returns as of December 31, 2022

	1 Year	5 Year	Since Inception (12/31/2017)
Advisor Class Return Before Taxes	–18.04%	0.67%	0.67%	12/31/2017
Advisor Class Return After Taxes on Distributions	–18.20%	–1.55%	–1.55%	12/31/2017
Advisor Class Return After Taxes on Distributions and Sale of Fund Shares	–10.57%	0.03%	0.03%	12/31/2017
Institutional Class Return Before Taxes	–17.81%	0.93%	0.93%	12/31/2017
Russell 2500^® Value Index (reflects no deduction for fees, expenses, or taxes)	–13.08%	4.75%	4.75%	12/31/2017
Russell 2500^® Index (reflects no deduction for fees, expenses, or taxes)	–18.37%	5.89%	5.88%	12/31/2017

The “Return After Taxes on Distributions and Sale of Fund Shares” may be higher than other return figures due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

INVESTMENT ADVISER

Community Capital Management, LLC serves as investment adviser to the Fund.

PORTFOLIO MANAGERS

Andy Kaufman, Chief Investment Officer of the Adviser, has been responsible for the day-to-day management of the Fund since January 2019.

Thomas Lott, Portfolio Manager of the Adviser, has been responsible for the day-to-day management of the Fund since January 2018.

Alexander Alario, Portfolio Manager of the Adviser, has been responsible for the day-to-day management of the Fund since January 2020.

PURCHASE AND SALE OF FUND SHARES

The minimum initial and subsequent investment amounts are shown below:

Minimum Investments for Advisor Class Shares

Type of Account	Minimum Investment to Open Account	Minimum Subsequent Investments
Regular	$2,000	$100
IRAs	$1,000	$100

The minimum investment for Institutional Class shares is $25,000, although the Adviser has the ability to waive the minimum investment for Institutional Class Shares at its discretion.

TAX INFORMATION

PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 8

MORE INFORMATION ABOUT STRATEGIES, RISKS AND PORTFOLIO HOLDINGS

MORE INFORMATION ABOUT INVESTMENT OBJECTIVES

Each Fund’s investment objective described in the respective Summary Sections is non-fundamental and may be changed without shareholder approval upon written notice to shareholders. There is no assurance that each Fund will achieve its investment objectives.

MORE INFORMATION ABOUT STRATEGIES

●

ETFs. The Funds may invest without limitation in shares of certain exchange traded fund families (collectively, the “ETF Funds”). The ETF Funds are registered investment companies whose shares are listed and traded at market prices on national securities exchanges, such as the NYSE Arca exchange. Market prices of ETF Funds’ shares may be different from their net asset value per share (“NAV”). Each ETF Fund is an “index fund” that seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of a particular index. To the extent the Fund invests in an ETF Fund, the Fund will indirectly bear its proportionate share of any management fees and other expenses paid to the ETF Funds in addition to investment management fees charged by the Adviser.

●

Repurchase Agreements. Each Fund may enter into repurchase agreements, and certain other types of futures, options and derivatives with U.S. banks, qualified brokerage firms and other investors in over-the-counter markets, not through any exchange.

●

Temporary Defensive Positions. Each Fund may depart from its investment strategies by taking temporary defensive positions in response to adverse market, economic, political or other conditions. When investment opportunities are limited, or in the event of exceptional redemption requests, a significant percentage (up to 100%) of a Fund’s total net assets may be held in cash or cash-equivalents. Under these circumstances, the Funds may not participate in stock market advances or declines to the same extent that the Funds would if they were to remain more fully invested in common stocks. During these times, a Fund may not achieve its investment goal.

●

Impact Themes include but are not limited to:

●

Affordable Health and Rehabilitation Care: Creating and retaining affordable health care services and rehabilitation facilities for low- and moderate-income (LMI) and medically underserved persons¹. Investing in opportunities that promote wellness and access to high-quality health care for communities and look to dismantle barriers to inequities in health care.

●

Affordable Housing: Financing for affordable homeownership to LMI borrowers and affordable rental housing properties, including workforce housing,² and investing in opportunities that promote affordable homeownership, down payment assistance, first-time home buyer programs, and access to quality living.

●

Arts, Culture, and the Creative Economy: Supporting educational programs, businesses, organizations, and the development of properties involved with visual, performing, design, literary, and other art-related works. Also investing in support of ethical fashion, sustainable food, social impact media, creative places, and other elements of the creative economy.

●

Disaster Recovery, Resilience, and Remediation: Supporting economic development activities in federally designated disaster areas and physical and civic infrastructure to better prepare communities for the effects of climate change, natural disasters, and widespread health emergencies. Investments in recovery, resilience, and remediation can stimulate community and economic development, build strong infrastructure, and promote sustainability, all while empowering people and protecting our planet.

●

Economic Inclusion: Assisting and supporting the process of bringing targeted groups, individuals, and communities, including immigrants, refugees, and indigenous people, closer to the economic mainstream and capital markets. Examples of economic inclusion opportunities include financial literacy training, loans to first-time homebuyers, small business loans, rent-to-own housing programs, and “banking the unbanked” initiatives.

●

Education and Childcare: Providing education and/or childcare services primarily in LMI communities, improving the quality of

¹	“Medically Underserved” are areas or populations designated by the U.S. Department of Health and Human Services, Health Resources and Services Administration as having: too few primary care providers, high infant mortality, high poverty and/or high elderly population.

²	The most common definition of workforce housing comes from the Urban Land Institute, which defines workforce housing as: “housing that is affordable to households earning 60 to 120 percent of the area median income.”

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 9

educational services and facilities, and offering broad-based youth development programs that look to have a beneficial impact to children.

●

Enterprise Development and Jobs: Providing small businesses with access to capital, creating jobs, retaining jobs, and offering job training programs. Supporting entrepreneurship, decent work for all, and an inclusive and sustainable growth strategy that looks to secure stable employment.

●

Environmental Sustainability: Supporting activities that look to conserve natural resources and protect ecosystems to support health and wellbeing, now and in the future. Examples can include properties, projects, companies, and small businesses implementing sustainable initiatives such as adaptive reuse, energy efficiency, Leadership in Energy & Environmental Design (LEED) certification, renewable energy, water and land conservation efforts, brownfield development, pollution prevention and control, clean transportation, efforts to achieve net zero, and high Walk Scores3 (a measure of the walkability of a neighborhood).

●

Gender Lens: Benefiting women and girls, primarily those that are LMI, including women-owned businesses, educational programs, health-related services, and affordable homeownership. Investing in opportunities with women leadership, workplace equity, products and services beneficial to women and girls, and related shareholder engagement and policy work.

●

Healthy Communities: Establishing and maintaining effective strategies to achieve health equity in neighborhoods such as multi-use trails, high Walk Scores and high Bike Scores³, community parks, access to nutritious foods, and investing in opportunities that promote health and wellness.

●

Human Empowerment: Assisting individuals and families, including immigrants, refugees, and indigenous people through resources and programs designed to achieve personal goals, greater self-sufficiency, and upward mobility.

●

Minority Advancement: Supporting high minority census tracts, majority-minority census tracts, racially or ethnically concentrated areas of poverty (R/ECAP)⁴, programs offering equal access to jobs, economic development, and affordable housing. Investing in opportunities with ethnic minority leadership, workplace equity, services beneficial to ethnic minorities, and related shareholder engagement and policy work.

●

Neighborhood Revitalization: Transforming blighted neighborhoods into areas of opportunity and vibrant, safe places to live by assisting in the revitalization of community facilities and improvement in the quality of life for all residents. Focus areas can include health, education, amenities, economic opportunities, transportation, beautification, housing, and safety measures.

●

Poverty Alleviation: Poverty is one of the most persistent of economic problems in the U.S. with many census tracts and counties scoring below national averages in income, wealth, education, employment, health outcomes, economic mobility, and generational advancement. This impact theme uses statistical measures, including persistent poverty counties (PPC), high poverty counties, and R/ECAP scores, along with federal/state agency designations to track investments benefiting people and communities of persistent poverty.

●

Rural Community Development: Investing in loans, small businesses, activities, and economic opportunities that aim to improve the welfare and livelihoods of people living in rural areas. Rural community development includes counties that are not part of a Metropolitan Statistical Area (MSA) or a census tract in an MSA that is outside of the MSA’s Urbanized Areas, as designated by the U.S. Department of Agriculture’s (USDA) Rural-Urban Commuting Area (RUCA) Code #1, and outside of tracts with a housing density of over 64 housing units per square mile for USDA’s RUCA Code #2.

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Seniors, Veterans, and the Disabled: Offering affordable living for seniors, veterans, and/or disabled individuals, including physical, social, and psychological services. Ensuring that veterans and elderly residents, especially those who are frail or at-risk, and non-elderly residents with disabilities are linked to the supportive services they need to continue living independently. Sustainable Agriculture: Supporting agriculturally sustainable businesses and initiatives such as those that engage in pesticide free agriculture, hydroponics, aquaponics, and vertical farming.

●

Sustainable agriculture looks to promote environmental stewardship and enhance the quality of life for farm families and communities.

³	https://www.walkscore.com/

⁴	https://hudgis-hud.opendata.arcgis.com/datasets/56de4edea8264fe5a344da9811ef5d6e_0

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 10

●

Transit-Oriented Development: Creating vibrant, livable, and sustainable communities through the integration of compact, walkable, pedestrian-oriented, mixed-use communities centered around high-quality train systems. Investments that support this theme also include those with a high Transit Score⁵ (a measurement of access to public transit).

MORE INFORMATION ABOUT INVESTMENT RISKS

In addition to the principal risks which are specific to each investment strategy and summarized above in each of the Fund Summaries under “Principal Investment Risks,” there are other investment risks common to all Funds:

●

ETF Risk. The cost of investing in an ETF Fund through a Fund will generally be higher than the cost of investing directly in the ETF Fund. Shareholders will indirectly bear fees and expenses charged by the underlying ETF Funds in addition to the Fund’s direct fees and expenses.

●

Repurchase Agreement Risk. A Fund may experience losses or delays in connection with repurchase agreements entered into, if a counterparty to any such contract defaults or goes into bankruptcy.

●

Temporary Defensive Position Risk. The Adviser may seek to protect shareholder capital by assuming defensive positions where a Fund’s portfolio is comprised mainly of cash and cash equivalents. Under such circumstances, a Fund may not achieve its investment objective. When assuming a temporary defensive position, the Funds may invest, without limit, in obligations of the U.S. government and its agencies and in money market securities, including high-grade commercial paper, certificates of deposit, repurchase agreements and short-term debt securities. Under these circumstances, the Funds may not participate in stock market advances or declines to the same extent that the Funds would if they were to remain more fully invested in common stocks. During these times, a Fund may not achieve its investment goal.

●

Market Trends Risk. When you sell your Fund shares, they may be worth less than what you paid for them because the value of the Fund’s investments will vary from day-to-day, reflecting changes in overall market conditions and the conditions of individual securities held by the Fund. Different types of stocks tend to shift into and out of favor with market investors, depending on market and economic conditions. For instance, from time to time the stock market may not favor growth-oriented stocks. Rather, the market could favor value stocks or may not favor equity securities at all.

●

Large Shareholder and Large-Scale Redemption Risk. Certain shareholders, including a third-party investor or another entity, may from time to time own a substantial amount of Fund shares, or may invest in the Fund and hold its investment for a limited period of time. There can be no assurance that any large shareholder or large group of shareholders would not redeem their investment. Redemptions of a large number of Fund shares could require the Fund to dispose of assets to meet the redemption requests, which can accelerate the realization of taxable income and/or capital gains and cause the Fund to make taxable distributions to its shareholders earlier than the Fund otherwise would have. In addition, under certain circumstances, non-redeeming shareholders may be treated as receiving a disproportionately large taxable distribution during or with respect to such year. In some circumstances, the Fund may hold a relatively large proportion of its assets in cash in anticipation of large redemptions, diluting its investment returns. These large redemptions may also force the Fund to sell portfolio securities when it might not otherwise do so, which may negatively impact the Fund’s NAV, increase the Fund’s brokerage costs and/or have a material effect on the market price of the Shares.

PORTFOLIO HOLDINGS

A description of each Fund’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available in the Fund’s SAI.

MANAGEMENT OF THE FUNDS

INVESTMENT ADVISER

Community
Capital Management, LLC (the “Adviser”) is a registered investment adviser founded in November 1998, with headquarters at
261 North University Drive, Suite 250, Ft. Lauderdale, FL 33324.

The
Adviser provides advice to separate accounts and other registered investment companies. As of August 31, 2023, the Adviser had approximately
$4.4 billion in assets under management.

The Funds and the Manager have received an exemptive order from the US Securities and Exchange Commission (SEC) to operate under a manager of managers structure that permits the Manager, with the approval of the Funds’ Board, to appoint and replace unaffiliated sub-advisors, and to enter into and make material amendments to the related sub-advisory contracts on behalf of the Funds without shareholder approval (Manager of Managers Structure). Under the Manager of Managers Structure, the Manager has ultimate responsibility, subject to oversight by the Board, for overseeing the Funds’ sub-advisors and recommending to the Board their hiring, termination, or

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 11

replacement. Although the Funds are not currently using sub-advisers to manage the Funds, they may do so in the future.

The Manager of Managers Structure enables the Funds to operate with greater efficiency and without incurring the expense and delays associated with obtaining shareholder approvals for matters relating to sub-advisors or sub-advisory agreements. The Manager of Managers Structure does not permit an increase in the overall management and advisory fees payable by the Funds without shareholder approval. Shareholders will be notified of the hiring of any new sub-advisor within 90 days of the hiring.

Each Fund pays the Adviser management fees for managing the Fund’s investments that are calculated as a percentage of the Fund’s assets under management. The Adviser will compensate sub-advisers, if any, out of the advisory fees it receives from the Funds. During the last fiscal year, the Funds paid the Adviser the following advisory fees:

Name of Fund	Total Advisory Fee Paid as a Percentage of Average Net Assets
CCM Core Impact Equity Fund	0.75%
CCM Small/Mid-Cap Impact Value Fund	0.90%

A
discussion regarding the basis for the Board of Trustees’ approval of the investment advisory agreements for each Fund is available
in the Funds’ semi-annual report to shareholders for the period ended December 31, 2022. The Funds’ shareholder reports are
available on the Trust’s website at www.ccminvests.com.

PORTFOLIO MANAGERS

The following portfolio managers are responsible for the day-to-day portfolio management of the respective Funds:

Andy Kaufman, serves as the Chief Investment Officer of the Adviser, and has been responsible for the Funds’ management since January 2019.

Thomas R. Lott, has been a portfolio manager of the Adviser since 2017. From 2012-2017, Mr. Lott served as managing member of Badge Investment Partners, the sub-adviser to one of the Adviser’s mutual funds. Prior to joining Badge Investment Partners, Mr. Lott served as Portfolio Manager and Director of Research for Gracie Capital from 2003-2010, and owner/manager of Interactive Financial from 2010-2012.

Alexander Alario, has been a Portfolio Manager of the Adviser since 2021. From 2020-2021, Mr. Alario was a Junior Portfolio Manager of the Adviser. From 2018-2020, Mr. Alario was a senior investment analyst at the Adviser. Prior to that, Mr. Alario worked as an investment analyst for Badge Investment Partners, a sub-adviser to one of the Adviser’s mutual funds. Mr. Alario graduated from Bentley University in 2016 with a degree in Economics-Finance. Mr. Alario is a CFA charterholder.

MORE ABOUT ADVISER PORTFOLIO MANAGERS

The Trust’s Statement of Additional Information (“SAI”) provides additional information about the Adviser and each Fund’s respective portfolio manager compensation, other accounts managed and respective ownership of securities in the applicable Fund.

SHAREHOLDER INFORMATION

Calculating Share Price

When you buy shares, the number of shares you receive will be the dollar amount invested divided by the applicable NAV for those shares next determined after your purchase order is received. When you sell or exchange shares of a Fund, you do so at the Fund’s NAV next determined after your order is received.

The value of a mutual fund is determined by deducting the Fund’s liabilities from the total assets of the portfolio. The NAV per share is determined by dividing the total net assets of each Fund’s share class by the applicable number of shares outstanding per share class.

Each Fund calculates the NAV per share each business day at the close of trading on the New York Stock Exchange (“NYSE”) (which is generally 4:00 p.m. Eastern Time). Each Fund does not calculate its NAV on days the NYSE is closed for trading, which include 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.

When determining its NAV, each Fund values cash and receivables at their realizable amounts, and records interest as accrued and dividends on the ex-dividend date. The Funds’ Board of Trustees has authorized each Fund to use two independent pricing services to assist in determining a current market value for each security. If market quotations are readily available for portfolio securities listed on a national securities exchange, a Fund values those securities at the last reported sales price unless there is no trading of a security, then the most recent quoted bid price is used. Debt securities are valued by using market bid quotations or independent pricing services which use bid prices provided by market makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. Discounts and premiums on debt securities are amortized to income over their prospective lives, using the interest method. Short-term obligations having a remaining maturity of 60 days or less at the time of acquisition, are valued at the evaluated price supplied by an independent pricing service. The Adviser has been designated by the Board as the valuation designee for securities that must be fair valued. If market quotations are not readily available for an investment or are believed by the Adviser to be unreliable, the Adviser will fair value the Fund’s investments in accordance with fair value procedures.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 12

Requests to buy and sell Fund shares are processed based on the NAV next calculated after we receive your request in proper form.

Fair Valuation

The Funds’ portfolio securities are valued at market value based on independent third party pricing. As noted above, the Adviser has been designated by the Board as the valuation designee for securities that must be fair valued. If market quotations are not readily available for an investment or are believed by the Adviser to be unreliable, the Adviser will fair value the Fund’s investments in accordance with fair value procedures. Circumstances in which securities may be fair valued include periods when trading in a security is suspended, the exchange or market on which a security trades closes early, the trading volume in a security is limited, corporate actions and announcements take place, or regulatory news is released such as governmental approvals. In addition, the Adviser, in its discretion, may make adjustments to the prices of securities held by a Fund if an event occurs after the publication of market values normally used by the Fund but before the time as of which the Fund calculates its NAV, depending on the nature and significance of the event, consistent with applicable regulatory guidance and its fair value procedures. This may occur particularly with respect to certain foreign securities held by the Fund. Other events that can trigger fair valuing of foreign securities include, for example, significant fluctuations in general market indicators, governmental actions, or natural disasters. The use of fair valuation involves the risk that the values used by the Adviser to price Fund investments may be higher or lower than the values used by other unaffiliated investment companies and investors to price the same investments. Short-term obligations, which are debt instruments with a maturity of 60 days or less, held by a Fund are valued at the evaluated price supplied by an independent pricing service.

A Fund may hold foreign securities that trade on weekends or other days when the Fund does not price its shares. Therefore, the value of such securities may change on days when shareholders will not be able to purchase or redeem shares.

Choosing the Appropriate Share Class

Each Fund offers two classes of shares. The main differences between each share class are ongoing fees and investment minimums. In choosing which class of shares to purchase, you should consider which will be most beneficial to you, given the amount of your purchase. Each share class in any Fund represents an interest in the same portfolio of investments in that Fund.

The following table shows the share classes that are offered by each Fund:

COMPARISON OF SHARE CLASSES

	Advisor Class	Institutional Class
TERMS	Offered at NAV	Offered at NAV with no 12b-1 fees
ONGOING EXPENSES		Lower than Advisor Class
APPROPRIATE FOR INVESTORS	Individual retail investors	Designed for large institutional investors

Minimum Investments for Advisor Class Shares

Type of Account	Minimum Investment to Open Account	Minimum Subsequent Investments
Regular	$2,000	$100
IRAs	$1,000	$100

The minimum investment for Institutional Class shares is $25,000 for the CCM Core Impact Equity Fund and the CCM Small/Mid-Cap Impact Value Fund, although the Adviser has the ability to waive the minimum investment for Institutional Class Shares at its discretion.

You may be able to convert your shares to a different share class of the same Fund that has a lower expense ratio provided certain conditions are met. This conversion feature is intended for shares held through a financial intermediary offering a fee-based or wrap fee program that has an agreement with the Adviser or the Distributor specific for this purpose. Please contact your financial intermediary for additional information. Not all share classes are available through all intermediaries.

If your shares of a Fund are converted to a different share class of the same fund, the transaction will be based on the respective NAV of each class as of the trade date of the conversion. Consequently, you may receive fewer shares or more shares than you originally owned, depending on that day’s NAVs. Your total value of the initially held shares, however, will equal the total value of the converted shares. Please contact your financial intermediary regarding the tax consequences of any conversion.

RULE 12B-1 DISTRIBUTION AND SERVICE FEES

The Rule 12b-1 Plan adopted by the Trust for the Advisor Class Shares permit each Fund to pay distribution and other fees for the sale and distribution of its shares and for services provided to shareholders.

Because these fees are paid out of each Fund’s assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges.

Advisor Class Shares pay a 0.25% Rule 12b-1 fee.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 13

SHAREHOLDER SERVICING PLAN

The Trust has adopted a Shareholder Servicing and Processing Plan pursuant to which the Trust may pay financial institutions, securities dealers and other industry professionals a fee for providing certain services to Fund shareholders, not to exceed 0.20% of the average daily net asset value of a Fund’s share class.

REVENUE SHARING

The Adviser may make payments for marketing, promotional or related services provided by broker-dealers and other financial intermediaries that sell shares of the Funds. These payments are often referred to as “revenue sharing payments.” The level of such payments may be based on factors that include, without limitation, differing levels or types of services provided by the intermediary, the expected level of assets or sales of shares, providing the Fund with “shelf space” or placing of some or all of the Funds on a recommended or preferred list, access to an intermediary’s personnel and other factors. Revenue sharing payments are paid from the Adviser’s own legitimate profits and its own resources (not from the Funds) and may be in addition to any Rule 12b-1 payments that are paid. Because revenue sharing payments are paid by the Adviser, and not from the Funds’ assets, the amount of any revenue sharing payment is determined by the Adviser.

Payments may be based on current or past sales, current or historical assets, or a flat fee for specific services provided. In some circumstances, such payments may create an incentive for an intermediary or its employees or associated persons to recommend or sell shares of a particular Fund to you instead of recommending shares offered by competing investment companies.

Contact your financial intermediary for details about revenue sharing payments.

Notwithstanding the revenue sharing payments described above, the Adviser is prohibited from considering a broker-dealer’s sale of any of the Funds’ shares in selecting such broker-dealer for the execution of a Fund’s portfolio transactions, except as may be specifically permitted by law.

REGISTRATION OF SHARE CLASSES

Shares of the Funds have not been registered for sale outside of the United States. The Funds generally do not sell shares to investors residing outside 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.

It is important that each Fund maintain a correct address for each investor. An incorrect address may cause an investor’s account statements and other mailings to be returned to a Fund. Based upon statutory requirements for returned mail, a Fund will attempt to locate the investor or rightful owner of the account. If a Fund is unable to locate the investor, then they will determine whether the investor’s account can legally be considered abandoned. A Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state’s unclaimed property administrator in accordance with statutory requirements. The investor’s last known address of record determines which state has jurisdiction. In addition, your mutual fund account may be transferred to your state of residence if no activity occurs within your account during the “inactivity period” specified in your state’s abandoned property laws.

Investors with a state of residence in Texas have the ability to designate a representative to receive legislatively required unclaimed property due diligence notifications. Please contact the Texas Comptroller of Public Accounts for further information.

The Funds will not accept payment in cash or money orders. To prevent check fraud, the Funds will not accept third party checks, Treasury checks, credit card checks, traveler’s checks or starter checks for the purchase of shares. The Funds are unable to accept post-dated checks or any conditional order or payment. A fee may be assessed against your account for any payment check returned to the Funds’ transfer agent, Apex Fund Services (the “Transfer Agent”), or for any incomplete electronic funds transfer, or for insufficient funds, stop payment, closed account or other reasons. If a check does not clear your bank or a Fund is unable to debit your predetermined bank account on the day of purchase, the Fund reserves the right to cancel the purchase. If your purchase is canceled, you will be responsible for any losses or fees imposed by your bank and losses that may be incurred as a result of a decline in the value of the canceled purchase. A Fund (or its agent) has the authority to redeem shares in your account(s) from the Fund to cover any resulting losses due to fluctuations in share price. Any profit on such cancellation will accrue to the Fund.

Your investment in the Funds should be intended to serve as a long-term investment vehicle. The Funds are not designed to provide you with a means of speculating on the short-term fluctuations in the stock market. The Trust reserves the right to reject any purchase request that it regards as disruptive to the efficient management of the Funds, which includes investors with a history of excessive trading. The Trust also reserves the right to stop offering shares of any Fund at any time.

How to Buy Shares

You can invest in the Funds by mail, wire transfer and through participating financial service professionals as set forth below. Federal law requires the Trust to obtain, verify and record information that identifies each person who opens an account. When opening your account, you will be asked to provide your name, address, date of birth (as applicable) and other information so that we may identify you. If this information is not provided, the Trust will be unable to open your account. After you have established your account, you may make subsequent purchases by telephone. You may also invest in the Funds

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 14

through an automatic investment plan. Any questions you may have can be answered by calling the Funds, toll free, at 888-272-0007.

In compliance with the USA Patriot Act, please note that the Transfer Agent will verify certain information on your account application as part of the Fund’s Anti-Money Laundering Program. As requested on the application, you must supply your full name, date of birth, social security number and permanent street address. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Mailing addresses containing only a P.O. Box will not be accepted. Please contact the Transfer Agent at 888-272-0007 if you need additional assistance when completing your application.

If we do not have a reasonable belief of the identity of a customer, the account will be rejected or the customer 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.

PURCHASES THROUGH FINANCIAL SERVICE ORGANIZATIONS

You may purchase shares of the Funds through participating brokers, dealers, and other financial professionals. Simply call your investment professional to make your purchase. If you are a client of a securities broker or other financial organization, you should note that such organizations may charge a separate fee for administrative services in connection with investments in a Fund’s shares and may impose account minimums and other requirements. These fees and requirements would be in addition to those imposed by the Funds. If you are investing through a securities broker or other financial organization, please refer to its program materials for any additional special provisions or conditions that may be different from those described in this Prospectus (for example, some or all of the services and privileges described may not be available to you). Securities brokers and other financial organizations have the responsibility of transmitting purchase orders and funds, and of crediting their customers’ accounts following redemptions, in a timely manner in accordance with their customer agreements and this Prospectus.

Institutional Shares may also be available on certain brokerage platforms. An investor transacting in Institutional Shares through a broker acting as an agent for the investor may be required to pay a commission and/or other forms of compensation to the broker.

PURCHASING SHARES BY MAIL

To purchase shares by mail, simply complete the account application included with this Prospectus, make a check payable to the Fund of your choice, and mail the account application and check to:

By Mail

Quaker Investment Trust
c/o Apex Fund Services
P.O. Box 588
Portland, ME 04112

For Overnight or Special Delivery

Quaker Investment Trust
c/o Apex Fund Services
Three Canal Plaza, Ground Floor
Portland, ME 04101

The Trust 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 applications or redemption requests does not constitute receipt by the Transfer Agent of the Fund. Receipt of purchase applications or redemption requests is based on when the order is received at the Transfer Agent’s offices.

Your purchase order, if accompanied by payment, will be processed upon receipt by the Transfer Agent. If the Transfer Agent receives your order and payment by the close of regular trading on the NYSE (generally 4:00 p.m. Eastern Time), your shares will be purchased at the Fund’s NAV calculated at the close of regular trading on that day. Otherwise, your shares will be purchased at the NAV determined as of the close of regular trading on the next business day.

PURCHASING SHARES BY WIRE TRANSFER

To open an account by wire, a completed account application is required before your wire can be accepted. You may mail your account application via regular or overnight mail to the Transfer Agent. Upon receipt of your completed application, an account will be established for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire. Your bank must include the name of the Fund you are purchasing, the account number, and your name so that monies can be correctly applied. Your bank should transmit funds by wire to:

UMB Bank, N.A.
777 E. Wisconsin Ave.
Kansas City, MO
ABA # 101000695
Credit:
Atlantic Shareholder Services, LLC
FBO Community Capital
Acct #9872324919
Further Credit:
(Fund name)
(Shareholder registration)
(Shareholder account number)

Before sending your wire, please contact the Transfer Agent to advise them of your intent to wire funds. This will ensure prompt and accurate credit upon receipt of your wire.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 15

Wired funds must be received prior to 4:00 p.m., Eastern Time, to be eligible for same day pricing. The Funds and UMB Bank, N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

TELEPHONE PURCHASES

In order to be able to purchase shares by telephone, your account must have been established at least 7 business days prior to your call, and you must have submitted a voided check or savings deposit slip for the bank account from which the purchase will be drawn. Your initial purchase of shares may not be made by telephone. Shares purchased by telephone will be purchased at the per share NAV determined at the close of business on the day the Transfer Agent receives your order, provided that your order is received prior to 4:00 p.m., Eastern Time.

You may make purchases by telephone only if you have an account at a bank that is a member of the Automated Clearing House (“ACH”). Most transfers are completed within three business days of your call. To preserve flexibility, the Trust may revise or eliminate the ability to purchase Fund shares by phone, or may charge a fee for such service, although the Trust does not currently expect to charge such a fee.

The Transfer Agent employs certain procedures designed to confirm that instructions communicated by telephone are genuine. Such procedures may include, but are not limited to, requiring some form of personal identification prior to acting upon telephonic instructions, providing written confirmations of all such transactions, and/or recording all telephonic instructions. Assuming reasonable procedures such as the above have been followed, neither the Transfer Agent nor the Trust will be liable for any loss, cost, or expense for acting upon telephone instructions that are believed to be genuine. If an account has more than one owner or authorized person, the Fund will accept telephone instructions from any one owner or authorized person. The Trust shall have authority, as your agent, to redeem shares in your account to cover any such loss. As a result of this policy, you will bear the risk of any loss unless the Trust and/or the Transfer Agent have failed to follow procedures reasonably designed to prevent losses. However, if the Trust and/or the Transfer Agent fails to follow such procedures, it may be liable for such losses.

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

MISCELLANEOUS PURCHASE INFORMATION

The Funds reserve the right to reject applications to purchase Fund shares under circumstances or in amounts considered disadvantageous to shareholders. Applications will not be accepted unless they are accompanied by payment in U.S. funds. Payment must be made by wire transfer, check or by electronic funds transfer through the ACH network from a U.S. bank, savings & loan or credit union. The Transfer Agent may assess a fee against your account, in addition to any loss sustained by the Fund(s), for any check payment returned to the Transfer Agent for insufficient funds.

If you place an order for a Fund’s shares through a securities broker, and you place your order in proper form before 4:00 p.m., Eastern Time, on any business day in accordance with their procedures, your purchase will be processed at the NAV calculated at 4:00 p.m., Eastern Time, on that day, provided that the securities broker then transmits your order to the Transfer Agent before the end of its business day (which is usually 5:00 p.m., Eastern Time). The securities broker must send to the Transfer Agent immediately available funds in the amount of the purchase price within three (3) business days for the order.

Federal regulations require that you provide a certified taxpayer identification number whenever you open an account. Congress has mandated that if any shareholder fails to provide and certify to the accuracy of the shareholder’s social security number or other taxpayer identification number, the Trust will be required to withhold a percentage, at a rate set under Section 3406 of the Code for U.S. residents, of all dividends, distributions and payments, including redemption proceeds, to such shareholder as a backup withholding procedure. A Fund also must withhold if the Internal Revenue Service (“IRS”) instructs it to do so, See the “Dividends and Tax Matters – Tax Considerations – Backup Withholding” section below.

FREQUENT/SHORT-TERM TRADING OR MARKET TIMING

The Board of Trustees of the Trust has adopted and implemented policies and procedures to detect, discourage and prevent short-term or frequent trading (often described as “market timing”) in any of the Funds. The policies and procedures are described below.

The Funds are not designed for professional market timing organizations, individuals, or entities using programmed or frequent exchanges or trades. Frequent exchanges or trades may be disruptive to the management of the Funds and can raise their expenses. Each Fund, through its principal underwriter, reserves the right to reject or restrict any specific purchase and exchange requests with respect to market timers and reserves the right to determine, in its sole discretion, that an individual, group or entity is or has acted as a market timer.

A Fund may be more or less affected by short-term trading in Fund shares, depending on various factors such as the size of the Fund, the amount of assets the Fund typically maintains in cash or cash equivalents, the dollar amount, number, and frequency of trades in Fund shares and other factors. A Fund’s investments in foreign securities may be at greater risk for excessive trading. Investors may attempt to take advantage of anticipated price movements

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 16

in securities held by the Funds based on events occurring after the close of a foreign market that may not be reflected in a Fund’s NAV (referred to as “arbitrage market timing”). Arbitrage market timing may also be attempted in Funds that hold significant investments in small-cap securities, high-yield (junk) bonds and other types of investments that may not be frequently traded. There is the possibility that arbitrage market timing, under certain circumstances, may dilute the value of a Fund’s shares if redeeming shareholders receive proceeds (and buying shareholders receive shares) based on NAVs that do not reflect appropriate fair value prices.

The Funds currently use several methods to reduce the risk of market timing. These methods include: (i) committing staff to selectively review on a continuing basis recent trading activity in order to identify trading activity that may be contrary to this market timing policy; and (ii) seeking the cooperation of financial intermediaries to assist the Funds in monitoring and identifying market timing activity.

Investors who place transactions through the same financial intermediary on an omnibus account basis may be deemed part of a group for the purpose of this policy and their orders may be rejected in whole or in part by a Fund. The Funds, however, cannot always identify or detect excessive trading that may be facilitated by financial intermediaries or made difficult to identify through the use of omnibus accounts by those intermediaries that transmit purchase, exchange and redemption orders to the Funds, and thus the Funds may have difficulty curtailing such activity.

Some investors own their shares in the Funds through omnibus accounts at a financial institution. In such cases, the Funds may not know the identity of individual beneficial owners of the Funds’ shares, and may not be able to charge a redemption fee to the individuals actually redeeming Fund shares. However, the Funds review all trading activity on behalf of omnibus accounts. If any abuses are suspected, the affected Fund will contact the intermediary to determine whether the Fund’s policy has been violated and if so, to take appropriate action to deter future abuses of the policy. The Funds may permanently or for a specific period of time bar any such accounts from further purchases of Fund shares. The Funds’ ability to impose restrictions and deter abuses with respect to accounts traded through particular intermediaries may vary depending on the systems capabilities, applicable contractual and legal restrictions and cooperation of those intermediaries.

PREVENTATIVE MEASURES

The Funds’ Board of Trustees has adopted policies and procedures with respect to frequent purchases and redemptions of a Fund’s shares by a Fund’s shareholders. It is the policy of the Funds that, in the event that a Fund or the Funds’ principal underwriter or financial intermediaries determines, in their sole discretion, that a shareholder is engaging in excessive or market timing activity that may be harmful to a Fund or its shareholders, a Fund may, in its discretion, take one of the following steps to stop such activity: (i) notify the shareholder of the trading activity that has been deemed to be excessive or identified to be a market timing activity, and request that the shareholder not continue with such activity; (ii) require all future purchase and redemption instructions by such shareholder to be submitted via regular mail; or (iii) reject additional purchase or exchange orders by the offending shareholder.

How to Sell Shares

You may sell shares on any day the NYSE is open, either through your financial services firm or directly, through the Transfer Agent. Financial services firms must receive your sell order before 4:00 p.m. Eastern Time, and are responsible for furnishing all necessary documentation to the Transfer Agent.

The Funds have fair value pricing procedures in place. See the section entitled “Fair Valuation.” By fair valuing a security whose price may have been affected by events occurring after the close of trading in its respective market or by news after the last market pricing of the security, the Funds attempt to establish a price that they might reasonably expect to receive upon the current sale of that security. These procedures are intended to help ensure that the prices at which a Fund’s shares are purchased and redeemed are fair, and do not result in dilution of shareholder interests or other harm to shareholders. The Funds reserve the right to satisfy a redemption order by paying redemption proceeds with portfolio securities or non-cash assets for certain large orders.

The Funds typically send the sale proceeds on the next business day (a day when the NYSE is open for normal business) after the sell order is received, regardless of whether the sell order is made by check, wire or an automated clearing house transfer. Under unusual circumstances, the Funds may suspend redemptions, or postpone payment for up to seven days, as permitted by federal securities law. Shares purchased by check or electronic funds transfer through the ACH network may be sold only after the purchase amount has cleared your bank, which may take up to seven calendar days. This delay will not apply if you purchased your shares via wire payment.

Under normal circumstances, the Funds expect to meet redemption requests in cash. In situations in which a Fund’s cash holdings are not sufficient to meet redemption requests, a Fund may redeem shareholders in-kind.

TO SELL SHARES BY MAIL

By Mail
Quaker Investment Trust
c/o Apex Fund Services
P.O. Box 588
Portland, ME 04112

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 17

For Overnight or Special Delivery

Quaker Investment Trust
c/o Apex Fund Services
Three Canal Plaza, Ground Floor
Portland, ME 04101

The selling price of the shares being redeemed will be the Fund’s per share NAV next calculated after receipt of all required documents in “Good Order.” “Good Order” means that the request must include:

Your account number;

The number of shares to be sold (redeemed) or the dollar value of the amount to be redeemed;

The signatures of all account owners exactly as they are registered on the account;

Any required signature guarantees; and

Any supporting legal documentation that is required in the case of estates, trusts, corporations or partnerships and certain other types of accounts.

Payment of redemption proceeds will generally be made the next business day but no later than the seventh business day after the valuation date.

If you have an IRA or other retirement plan account, you must indicate on your written redemption request whether or not to withhold federal income tax. Redemption requests failing to indicate an election to have tax withheld will be subject to 10% withholding.

Signature Guarantees. A signature guarantee of each owner, from either a Medallion program member or a non-Medallion program member, is required in the following situations:

●

If ownership is being changed on your account;

●

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

●

Written requests to wire redemption proceeds (if not previously authorized on the account application);

●

If a change of address request was received by the Trust or Transfer Agent within 15 calendar days prior to the request for redemption; and

●

For all redemption requests in excess of $25,000.

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 Trust and/or the Transfer Agent reserve the right to require a signature guarantee in other instances based on the circumstances relative to the particular situation. The Trust reserves the right to waive any signature requirement at its discretion. Signature guarantees are designed to protect both you and the Trust from fraud. 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 Securities Transfer Association Medallion Program, the Stock Exchanges Medallion Program and the NYSE, LLC. Medallion Signature Program. A notary public is not an acceptable signature guarantor.

In an effort to decrease costs, each Fund intends to reduce the number of duplicate prospectuses and Annual and Semi-Annual Reports you receive by sending only one copy of each to those addresses shared by two or more accounts and to shareholders we reasonably believe are from the same family or household. Once implemented, if you would like to discontinue householding for your accounts, please call toll-free at 1-888-272-0007 to request individual copies of these documents. Once a Fund receives notice to stop householding, we will begin sending individual copies thirty days after receiving your request. This policy does not apply to account statements.

TO SELL SHARES BY PHONE

You may redeem your shares in the Fund(s) by calling the Trust at 888-272-0007 unless you declined the telephone redemption option on your account application. Redemption proceeds may be sent by check to your address of record, proceeds may be wired to your bank account, or funds may be sent via electronic funds transfer through the ACH network to your pre-designated account. Wires are subject to a $15 fee paid by the investor, but there is no charge when proceeds are sent via the ACH system. Credit is usually available within 2-3 days.

Shares held in IRA accounts may be redeemed by telephone at 888-272-0007. Investors will be asked whether or not to withhold taxes from any distribution.

INVOLUNTARY REDEMPTIONS

Your account may be closed by the Trust if, because of withdrawals, its value falls below $2,000. With respect to involuntary redemptions:

●

You will be asked by the Trust to buy more shares within 30 days to raise your account value above $2,000. If you do not do this, the Trust may redeem your account and send you the proceeds.

●

If you draw your account below $2,000 via the Systematic Withdrawal Plan (see “Account Services,” below), your account will not be subject to involuntary redemption.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 18

●

Involuntary redemption does not apply to retirement accounts or accounts maintained by administrators in retirement plans.

●

No account will be closed if its value drops below $2,000 because of Fund performance.

How to Exchange Shares

Generally, you may exchange your shares of the Funds for the same share class in an identically registered account of any other Fund of the Trust.

Money Market Account shares are available only as an exchange option for a Fund’s shareholders. Money Market Account shares are not offered by this Prospectus but are available through an arrangement with First American Funds. Please contact the Trust or your financial professional to receive a prospectus for the Money Market Account.

An exchange involves the simultaneous redemption of shares of one Fund and purchase of shares of another Fund of the Trust at each Fund’s respective closing NAV next determined after a request for exchange has been received, and is a taxable transaction. You may direct the Trust to exchange your shares by contacting the Trust at 888-272-0007 or by submitting a written request. A written request must be signed exactly as your name appears on your account and it must provide your account number, number of shares or dollar amount to be exchanged, and the names of the Fund(s) to which the exchange will take place.

Account Services

You may select the following account services on your purchase application, or at any time thereafter, in writing.

●

Dividend Reinvestment. Dividends are automatically reinvested unless you direct that your dividends be mailed to you or sent directly to your predetermined bank account. A Fund may make distributions of its net realized capital gains (after any reductions for capital loss carry forwards), generally, once a year. You may change the manner in which your dividends are paid at any time by writing or calling the Transfer Agent. Changes to dividend reinvestment must be received five (5) days prior to record date in order to be applied to the current dividend. If you elect to receive distributions and/or capital gains paid in cash, and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Fund reserves the right to reinvest the distribution check in your account, at the Fund’s current net asset value, and to reinvest all subsequent distributions.

●

Systematic Withdrawal Plan. For accounts with a minimum of $10,000, you may order a specific dollar amount sale of shares at regular intervals (monthly, quarterly, semi-annually or annually). The minimum is $50 per systematic withdrawal per payment. You may elect to have your payment sent by check or proceeds can be electronically deposited via the ACH network to your personal bank account. Instructions for establishing this service are included in the account application, or are available by calling the Trust. Changes to systematic withdrawal plans must be received five (5) days prior to the desired effective date. Payment will usually be made on the business day following the redemption of shares, but no later than the seventh day. Credit for proceeds sent via the ACH network is available within 2-3 days. Costs in conjunction with the administration of the plan are borne by the Funds. Shareholders should be aware that such systematic withdrawals may deplete or use up entirely their initial investment and may result in realized long-term or short-term capital gains or losses. The Systematic Withdrawal Plan may be terminated at any time by the Trust upon sixty (60) days written notice or by a shareholder upon written notice to the Funds. Account applications and further details may be obtained by calling the Trust at 888-272-0007 or by writing to the Transfer Agent.

●

Automatic Investment Plan. You may order a specific dollar amount purchase of shares (in amounts greater than $25) at regular intervals (monthly, quarterly, semi-annually or annually); with payments made electronically from an account you designate at a financial services institution. Changes to automatic investment plans must be received five (5) days prior to the desired effective date. You can take advantage of the plan by filling out the “Automatic Investment Plan” option in the application. You may only select this option if you have an account maintained at a domestic financial institution which is an ACH member for automatic withdrawals under the Plan. The Fund may alter, modify, amend or terminate the Plan at any time, but will notify you at least thirty (30) days beforehand if it does so. For more information, call the Funds’ Transfer Agent at 888-272-0007.

Dividends and Tax Matters

Dividends and Distributions

Each Fund intends to qualify each year as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. As a regulated investment company, a Fund generally pays no federal income tax on the income and gains it distributes to you. Each Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends annually. Each Fund will distribute net realized capital gains, if any, at least annually, usually in December. A Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee a Fund will pay either an income dividend or

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 19

a capital gains distribution. The Funds automatically reinvest all dividends and any capital gains, unless you direct them to do otherwise.

Annual Statements

Each year, the Funds will send you an annual statement (Form 1099) of your account activity to assist you in completing your federal, state and local tax returns. Distributions declared in December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. Prior to issuing your statements, the Funds make every effort to reduce the number of corrected forms mailed to you. However, if a Fund finds it necessary to reclassify its distributions or adjust the cost basis of any covered shares (defined below) sold or exchanged after you receive your tax statement, the Fund will send you a corrected Form 1099.

Avoid “Buying a Dividend.” At the time you purchase your Fund shares, a Fund’s net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying shares in a Fund just before it declares an income dividend or capital gains distribution is sometimes known as “buying a dividend.”

Tax Considerations

Fund Distributions. Each Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Fund shares or receive them in cash.

For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your shares. A portion of income dividends reported by a Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met.

The use of derivatives by a Fund may cause the Fund to realize higher amounts of ordinary income or short-term capital gain, distributions from which are taxable to individual shareholders at ordinary income tax rates rather than at the more favorable tax rates for long-term capital gain.

Sale or Redemption of Fund Shares. A sale or redemption of Fund shares is a taxable event and, accordingly, a capital gain or loss may be recognized. For tax purposes, an exchange of your Fund shares for shares of a different Fund is the same as a sale. The Funds are required to report to you and the IRS annually on Form 1099-B not only the gross proceeds of Fund shares you sell or redeem but also the cost basis for shares you sell or redeem that were purchased or acquired on or after January 1, 2012 (“covered shares”). Cost basis will be calculated using the Funds’ default method of average cost, unless you instruct a Fund to use a different calculation method. Shareholders should carefully review the cost basis information provided by a Fund and make any additional basis, holding period or other adjustments that are required when reporting these amounts on their federal income tax returns. If your account is held by your investment representative (financial advisor or other broker), please contact that representative with respect to reporting of cost basis and available elections for your account. Tax-advantaged retirement accounts will not be affected.

Medicare Tax. An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person’s “modified adjusted gross income” (in the case of an individual) or “adjusted gross income” (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your federal income tax return.

Backup Withholding. By law, if you do not provide a Fund with your proper taxpayer identification number and certain required certifications, you may be subject to backup withholding on any distributions of income, capital gains or proceeds from the sale of your shares. A Fund also must withhold if the IRS instructs it to do so. When withholding is required, the amount will be a percentage, at a rate set under Section 3406 of the Code for U.S. residents, of any distributions or proceeds paid.

State and Local Taxes. Fund distributions and gains from the sale or exchange of your Fund shares generally are subject to state and local taxes.

Non-U.S. Investors. Non-U.S. investors may be subject to U.S. withholding tax at a 30% or lower treaty rate and U.S. estate tax, and are subject to special U.S. tax certification requirements to avoid backup withholding and claim any treaty benefits. Exemptions from U.S. withholding tax are provided for certain capital gain dividends paid by a Fund from net long-term capital gains, interest-related dividends paid by a Fund from its qualified net interest income from U.S. sources and short-term capital gain dividends, if such amounts are reported by a Fund. However, notwithstanding such exemptions from U.S. withholding at the source, any such dividends and distributions of income and capital gains will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Other Reporting and Withholding Requirements. Under the Foreign Account Tax Compliance Act (“FATCA”), a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain foreign entities, referred to as foreign financial institutions or nonfinancial foreign entities, that fail to comply (or be deemed compliant)

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 20

with extensive reporting and withholding requirements designed to inform the U.S. Department of the Treasury of U.S.- owned foreign investment accounts. After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). A Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of a Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

This discussion of “Dividends and Tax Matters” is not intended or written to be used as tax advice. Because everyone’s tax situation is unique, you should consult your tax professional about federal, state, local or foreign tax consequences before making an investment in a Fund.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 21

FINANCIAL HIGHLIGHTS

The financial highlights tables are intended to help you understand the Funds’ financial performance for the past five years or for the life of the class of shares of the Funds, as applicable. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions). Unless otherwise noted, the selected financial information below is for the fiscal periods ending June 30 of each year. The Funds’ financial highlights have been audited by Tait, Weller & Baker LLP, the Funds’ independent registered public accounting firm, whose report, along with the Funds’ financial statements, are included in the Annual Report, which is available upon request.

CCM Core Impact Equity Fund
Per share data (for a share outstanding throughout the period)

	Advisor Class
	Years Ended June 30,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	37.82		$	50.38		$	35.31		$	34.22		$	31.87

Investment Operations:
Net investment Income (loss)^(a)		(0.20	)		(0.35	)		(0.50	)		(0.34	)		(0.30	)
Net realized and unrealized gain (loss) on investments		4.44			(4.63	)		15.86			2.10			2.65
Total from investment operations		4.24			(4.98	)		15.36			1.76			2.35

Distributions from:
Net investment income		—			—			—			—			—
Net capital gains		(7.22	)		(7.58	)		(0.29	)		(0.67	)		—
Total distributions		(7.22	)		(7.58	)		(0.29	)		(0.67	)		—

Net Asset Value, End of Year	$	34.84		$	37.82		$	50.38		$	35.31		$	34.22

Total return		13.65	%		(12.90	)%		43.65	%⁽¹⁾		5.05	%⁽¹⁾		7.37	%⁽¹⁾

Ratios/Supplemental Data
Net assets, end of year (in 000s)	$	48,023		$	47,716		$	59,786		$	47,731		$	53,292
Ratio of expenses to average net assets
Before fee waiver		1.98	%		1.95	%		2.03	%		2.09	%		2.48	%
After fee waiver		1.98	%		1.95	%		2.03	%		2.09	%		2.48	%
Ratio of net investment income (loss) to average net assets
Before fee waiver		(0.58	)%		(0.74	)%		(1.14	)%		(0.97	)%		(0.99	)%
After fee waiver		(0.58	)%		(0.74	)%		(1.14	)%		(0.97	)%		(0.99	)%
Portfolio turnover rate		25	%		47	%		56	%		69	%		24	%

^(a)

Based on the average
daily number of shares outstanding during the year.

⁽¹⁾

Total investment return
is based on the change in net asset value of a share during the year, assumes reinvestment of dividends and distributions at net asset
value and does not reflect the impact of a sales charge. As of September 30, 2018 the Fund no longer charges a sales charge.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 22

CCM Core Impact Equity Fund
Per share data (for a share outstanding throughout the period)

	Institutional Class
	Years Ended June 30,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	40.44		$	53.27		$	37.23		$	35.96		$	33.40

Investment Operations:
Net investment Income (loss)^(a)		(0.12	)		(0.25	)		(0.41	)		(0.26	)		(0.25	)
Net realized and unrealized gain (loss) on investments		4.81			(5.00	)		16.74			2.20			2.81
Total from investment operations		4.69			(5.25	)		16.33			1.94			2.56

Distributions from:
Net investment income		—			—			—			—			—
Net capital gains		(7.22	)		(7.58	)		(0.29	)		(0.67	)		—
Total distributions		(7.22	)		(7.58	)		(0.29	)		(0.67	)		—

Net Asset Value, End of Year	$	37.91		$	40.44		$	53.27		$	37.23		$	35.96

Total return		13.90	%		(12.69	)%		44.00	%⁽¹⁾		5.31	%⁽¹⁾		7.66	%⁽¹⁾

Ratios/Supplemental Data
Net assets, end of year (in 000s)	$	9,129		$	9,123		$	11,567		$	8,606		$	8,746
Ratio of expenses to average net assets
Before fee waiver		1.73	%		1.70	%		1.78	%		1.84	%		2.23	%
After fee waiver		1.73	%		1.70	%		1.78	%		1.84	%		2.23	%
Ratio of net investment income (loss) to average net assets
Before fee waiver		(0.32	)%		(0.49	)%		(0.89	)%		(0.72	)%		(0.74	)%
After fee waiver		(0.32	)%		(0.49	)%		(0.89	)%		(0.72	)%		(0.74	)%
Portfolio turnover rate		25	%		47	%		56	%		69	%		24	%

^(a)

Based on the average
daily number of shares outstanding during the year.

⁽¹⁾

Total investment return
is based on the change in net asset value of a share during the year, assumes reinvestment of dividends and distributions at net asset
value.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 23

CCM Small/Mid-Cap Impact Value Fund
Per share data (for a share outstanding throughout the period)

	Advisor Class
	Years Ended June 30,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	15.39		$	16.88		$	11.49		$	17.65		$	23.23

Investment Operations:
Net investment Income (loss)^(a)		0.06			0.01			0.02			0.09			0.08
Net realized and unrealized gain (loss) on investments		1.38			(1.50	)		5.55			(4.91	)		0.12
Total from investment operations		1.44			(1.49	)		5.57			(4.82	)		0.20

Distributions from:
Net investment income		(0.13	)		—			(0.18	)		(0.34	)		—
Net capital gains		—			—			—			(1.00	)		(5.78	)
Total distributions		(0.13	)		—			(0.18	)		(1.34	)		(5.78	)

Net Asset Value, End of Year	$	16.70		$	15.39		$	16.88		$	11.49		$	17.65

Total return		9.39	%		(8.83	)%		48.79	%⁽¹⁾		(30.04	)%⁽¹⁾		3.17	%⁽¹⁾

Ratios/Supplemental Data
Net assets, end of year (in 000s)	$	5,100		$	5,527		$	6,639		$	5,890		$	9,176
Ratio of expenses to average net assets
Before fee waiver		2.46	%^(b)		2.43	%^(b)		2.55	%^(b)		2.38	%^(b)		2.84	%^(b)
After fee waiver		1.55	%^(b)		1.55	%^(b)		1.55	%^(b)		1.55	%^(b)		2.65	%^(b)
Ratio of net investment income to average net assets
Before fee waiver		(0.54	)%^(b)		(0.82	)%^(b)		(0.87	)%^(b)		(0.28	)%^(b)		0.28	%^(b)
After fee waiver		0.37	%^(b)		0.06	%^(b)		0.13	%^(b)		0.55	%^(b)		0.47	%^(b)
Portfolio turnover rate		27	%		49	%		96	%		117	%		111	%

^(a)

Based on the average
daily number of shares outstanding during the year.

^(b)

Expense waived or reimbursed
reflect reductions to total expenses, as discussed in the notes to the financial statements. These reimbursed amounts would increase
the net investment loss ratio or decrease the net investment income ratio and recovered amounts would decrease the net investment loss
ratio or increase the net investment income ratio, as applicable, had such reductions or increases not occurred.

⁽¹⁾

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 24

CCM Small/Mid-Cap Impact Value Fund
Per share data (for a share outstanding throughout the period)

	Institutional Class
	Years Ended June 30,
	2023			2022			2021			2020			2019
Net Asset Value, Beginning of Year	$	17.04		$	18.63		$	12.67		$	19.36		$	24.83

Investment Operations:
Net investment Income (loss)^(a)		0.10			0.06			0.06			0.13			0.15
Net realized and unrealized gain (loss) on investments		1.54			(1.65	)		6.12			(5.41	)		0.16
Total from investment operations		1.64			(1.59	)		6.18			(5.28	)		0.31

Distributions from:
Net investment income		(0.13	)		—			(0.22	)		(0.41	)		—
Net capital gains		—			—			—			(1.00	)		(5.78	)
Total distributions		(0.13	)		—			(0.22	)		(1.41	)		(5.78	)

Net Asset Value, End of Year	$	18.55		$	17.04		$	18.63		$	12.67		$	19.36

Total return		9.67	%		(8.53	)%		49.10	%⁽¹⁾		(29.89	)%⁽¹⁾		3.47	%⁽¹⁾

Ratios/Supplemental Data
Net assets, end of year (in 000s)	$	12,242		$	11,230		$	12,552		$	12,699		$	10,811
Ratio of expenses to average net assets
Before fee waiver		2.21	%^(b)		2.18	%^(b)		2.30	%^(b)		2.13	%^(b)		2.58	%^(b)
After fee waiver		1.30	%^(b)		1.30	%^(b)		1.30	%^(b)		1.30	%^(b)		2.39	%^(b)
Ratio of net investment income to average net assets
Before fee waiver		(0.33	)%^(b)		(0.57	)%^(b)		(0.62	)%^(b)		(0.03	)%^(b)		0.53	%^(b)
After fee waiver		0.58	%^(b)		0.31	%^(b)		0.38	%^(b)		0.80	%^(b)		0.72	%^(b)
Portfolio turnover rate		27	%		49	%		96	%		117	%		111	%

^(a)

Based on the average
daily number of shares outstanding during the year.

^(b)

⁽¹⁾

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 25

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PRIVACY POLICY

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

Reasons we can share your personal information	Does QIT share?	Can you limit this sharing?
For our everyday business purposes – 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 – to offer our products and services to you	Yes	No
For joint marketing with other financial companies	Yes	No
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions?

Call 877-272-1977 or go to www.ccminvests.com

PRIVACY POLICY (continued)

What we do
How does QIT protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does QIT collect my personal information?	We collect your personal information, for example, when you ● open an account ● provide account information ● give us your contact information ● make a wire transfer ● tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● 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 State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. QIT’s sole affiliate is its investment adviser, Community Capital Management, LLC.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. QIT doesn’t share with nonaffiliates so they can market to you. The Fund may share information with nonaffiliates that perform marketing services on our behalf.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. QIT may share your information with other financial institutions with whom we have joint marketing arrangements who may suggest additional fund services or other investment products which may be of interest to you.

HOW TO GET MORE INFORMATION

Additional information about the Funds’ investments is available in its annual and semi-annual reports to shareholders. In the annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during its last fiscal year. The Funds’ Statement of Additional Information (“SAI”) contains more detailed information on all aspects of the Funds. A current SAI has been filed with the SEC and is incorporated by reference into this Prospectus.

To receive information without charge concerning the Funds or to request a copy of the SAI or the annual and semi-annual reports relating to the Funds, please contact the Trust at:

Quaker Investment Trust
c/o Apex Fund Services
Three Canal Plaza, Ground Floor
Portland, ME 04101
888-272-0007

A copy of your requested document(s) will be mailed to you within three business days of your request.

The SAI and annual and semi-annual reports are also available, free of charge, on the Trust’s website at www.ccminvests.com.

Information about the Funds (including the SAI) can also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information concerning the operation of the Public Reference Room may be obtained by calling the SEC at 202-551-8090. Information about the Funds is also available on the SEC’s EDGAR database on the SEC’s website (www.sec.gov). Copies of this information can be obtained, after paying a duplicating fee, by electronic request ([email protected]), or by writing the SEC’s Public Reference Section, Washington, DC 20549-0102.

The Trust’s SEC Investment Company Act of 1940 file number is 811-06260.

THE QUAKER^®INVESTMENT
TRUST

261 North University Drive,
Suite 520

Ft. Lauderdale, FL 33324

(888) 272-0007

STATEMENT OF ADDITIONAL INFORMATION

OCTOBER 27, 2023

This
Statement of Additional Information pertains to the funds listed below, each of which is a separate series of Quaker Investment Trust
(the “Trust”), an open-end investment management company. Each series of the Trust represents a separate portfolio of securities
(each a “Fund” and collectively, the “Funds”).

Fund/Class	Ticker Symbol
CCM Core Impact Equity Fund
Advisor Class	QUAGX
Institutional Class	QAGIX

CCM Small/Mid-Cap Impact Value Fund
Advisor Class	QUSVX
Institutional Class	QSVIX

This
Statement of Additional Information, which should be kept for future reference, is not a prospectus. It should be read in conjunction
with the Funds’ Prospectus, dated October 27, 2023 (“Prospectus”), as it may be amended from time to time. The Trust’s
2023 Annual Report to Shareholders
is incorporated by reference into this Statement of Additional Information.

You
may obtain a copy of the Prospectus, the Annual Report to Shareholders and the Semi-Annual Report to Shareholders free of charge and make
shareholder inquiries by writing to Quaker Investment Trust, c/o Apex Fund Services, P.O. Box 588, Portland, ME 04112, or by calling 888-272-0007.

INVESTMENTS IN THE FUNDS INVOLVE INVESTMENT RISKS,
INCLUDING THE POSSIBLE LOSS OF PRINCIPAL.

Investment Company Act No.

811-06260

TABLE OF CONTENTS

FUND HISTORY

CCM Core
Impact Equity Fund and CCM Small/Mid-Cap Impact Value Fund (each a “Fund”, and together, the “Funds”) are each
a series of the Quaker Investment Trust (the “Trust”), an open-end investment company originally organized as a Massachusetts
business trust on October 24, 1990 and reorganized as a Delaware statutory trust on September 30, 2018. Each Fund is “diversified,”
which means that at least 75% of each Fund’s total assets is represented by cash and cash items (including receivables), government
securities, securities of other investment companies, and other securities for the purposes of this calculation limited in respect of
any one issuer to an amount not greater in value than 5% the value of the total assets of such management company and to not more than
10% of the outstanding voting securities of such issuer.

INVESTMENT STRATEGIES, RESTRICTIONS AND RISKS

The investment objective and
strategies of each Fund are described in the Prospectus under the “Investment Objectives, Strategies, Risks and Portfolio Holdings”
heading. Set forth below is additional information with respect to the investment policies of each Fund.

The Funds are not intended as
vehicles for trading in the futures, commodity options or swaps markets. With respect to the Funds, the Funds’ adviser, Community
Capital Management, LLC (the “Adviser”), has claimed an exclusion from the definition of “commodity pool operator (“CPO”)
and “commodity trading advisor” (“CTA”) under the Commodity Exchange Act (“CEA”) and the rules of
the Commodity Futures Trading Commission (“CFTC”) and, therefore, is not subject to CFTC registration or regulation as a CPO.
In addition, the Adviser is relying upon a related exclusion from the definition of CTA under the CEA and the rules of the CFTC. The CFTC
has neither reviewed nor approved the Adviser’s reliance on these exclusions, or the Fund, its investment strategies or the Prospectus
and this Statement of Additional Information (“SAI”).

INVESTMENT STRATEGIES

In addition to the primary investment
securities in which each Fund invests as set forth in the Prospectus, each Fund may also invest in the following, to the extent that such
investments do not violate an investment restriction described in the Prospectus or this SAI:

American Depositary Receipts (ADRs). ADRs
as well as other “hybrid” forms of ADRs, including European Depositary Receipts (EDRs) and Global Depositary Receipts (GDRs),
are certificates evidencing ownership of shares of a foreign issuer. Depositary receipts may be sponsored or unsponsored. These certificates
are issued by depository banks and generally trade on an established market in the United States or elsewhere. The underlying shares are
held in trust by a custodian bank or similar financial institution in the issuer’s home country. The depository bank may not have
physical custody of the underlying securities at all times and may charge fees for various services, including forwarding dividends and
interest and corporate actions. ADRs are alternatives to directly purchasing the underlying foreign securities in their national markets
and currencies. However, ADRs continue to be subject to many of the risks associated with investing directly in foreign securities.

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

Although the two types of depositary receipt facilities
(unsponsored or sponsored) are similar, there are differences regarding a holder’s rights and obligations and the practices of market
participants. A depository may establish an unsponsored facility without participation by (or acquiescence of) the underlying issuer;
typically, however, the depository requests a letter of non-objection from the underlying issuer prior to establishing the facility. Holders
of unsponsored depositary receipts generally bear all the costs of the facility. The depository usually charges fees upon the deposit
and withdrawal of the underlying securities, the conversion of dividends into U.S. dollars or other currency, the disposition of non-cash
distributions, and the performance of other services. The depository of an unsponsored facility frequently is under no obligation to distribute
shareholder communications received from the underlying issuer or to pass through voting rights to depositary receipt holders with respect
to the underlying securities.

Sponsored depositary receipt facilities are created
in generally the same manner as unsponsored facilities, except that sponsored depositary receipts are established jointly by a depository
and the underlying issuer through a deposit agreement. The deposit agreement sets out the rights and responsibilities of the underlying
issuer, the depository, and the depositary receipt holders. With sponsored facilities, the underlying issuer typically bears some of the
costs of the depositary receipts (such as dividend payment fees of the depository), although most sponsored depositary receipts holders
may bear costs such as deposit and withdrawal fees. Depositories of most sponsored depositary receipts agree to distribute notices of
shareholder meetings, voting instructions, and other shareholder communications and information to the depositary receipt holders at the
underlying issuer’s request.

Borrowing. The Funds may borrow money,
but have no current intention to do so. The Funds may borrow money to facilitate management of the Funds’ portfolio by enabling
them to meet redemption requests when the liquidation of portfolio instruments would be inconvenient or disadvantageous. Such borrowing
is not for investment purposes and the Funds will seek to repay such borrowings promptly.

As required by the Investment Advisers Act of
1940, as amended (the “1940 Act”), the Funds must maintain continuous asset coverage (total assets, including assets acquired
with borrowed funds, less liabilities exclusive of borrowings) of 300% of all amounts borrowed. If, at any time, the value of a Fund’s
assets should fail to meet this 300% coverage test, the Fund, within three days (not including Sundays and holidays), will reduce the
amount of its borrowings to the extent necessary to meet this 300% coverage. Maintenance of this percentage limitation may result in
the sale of portfolio securities at a time when investment considerations otherwise indicate that it would be disadvantageous to do so.

In addition to the foregoing, the Funds are authorized
to borrow money as a temporary measure for extraordinary or emergency purposes in amounts not in excess of 5% of the value of a Fund’s
total assets. This borrowing is not subject to the foregoing 300% asset coverage requirement. The Funds are authorized to pledge portfolio
securities as the Adviser deems appropriate in connection with any borrowings.

Borrowing may subject the Funds to interest costs,
which may exceed the interest received on the securities purchased with the borrowed funds. The Funds may borrow at times to meet redemption
requests rather than sell portfolio securities to raise the necessary cash. Borrowing can involve leveraging when securities are purchased
with the borrowed money. The use of leverage can amplify the effects of market volatility on a Fund’s share price and make the Fund’s
returns more volatile because leverage tends to exaggerate the effect of any increase or decrease in the value of the Fund’s portfolio
securities. The use of leverage may also cause a Fund to liquidate portfolio positions when it would not be advantageous to do so in order
to satisfy its obligations.

Equity Securities. As part of its principal
investment strategies, each Fund invests in equity securities, primarily common stocks. Equity securities represent ownership interests
in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common
stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations
in the value of equity securities in which a fund invests will cause the net asset value (“NAV”) of a fund to fluctuate. Equity
securities are described in more detail below:

•

Common Stock. As part of its principal investment strategies, a Fund invests in common stock. Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

•

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

•

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

•

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

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

•

Micro, Small and Mid Cap Issuers. A Fund may invest in micro, small and mid cap issuers. Investing in equity securities of micro, small and mid cap companies often involves greater risk than is customarily associated with investments in companies with larger capitalizations. This increased risk may be due to the greater business risks of smaller size, limited markets and financial resources, narrow product lines and frequent lack of depth of management. The securities of smaller companies are often traded in the over-the-counter market and even if listed on a national securities exchange the trading market (i.e., the volume of trades on any given day) for such securities may be less active than larger companies listed on that exchange. Consequently, the securities of these companies may be less liquid, may have limited market stability, and may be subject to more abrupt or erratic market movements than securities of larger, more established growth companies or the market averages in general. As a result, the prices of the smaller companies owned by a Fund may be volatile, and the price movements of the Fund’s shares will reflect that volatility.

Foreign Securities. The Funds
may each invest up to 25% of their net assets in foreign securities. There are substantial risks associated with investing in the securities
of governments and companies located in, or having substantial operations in, foreign countries, which are in addition to the usual risks
inherent in domestic investments. The value of foreign securities (like U.S. securities) is affected by general economic conditions and
individual issuer and industry earnings prospects. Investments in depositary receipts also involve some or all of the risks described
below.

There is the possibility of cessation of
trading on foreign exchanges, expropriation, nationalization of assets, confiscatory or punitive taxation, withholding and other foreign
taxes on income or other amounts, foreign exchange controls (which may include suspension of the ability to transfer currency from a given
country), restrictions on removal of assets, political or social instability, military action or unrest, or diplomatic developments that
could affect investments in securities of issuers in foreign nations. There is no assurance that the investment manager will be able to
anticipate these potential events. In addition, the value of securities denominated in foreign currencies and of dividends and interest
paid with respect to such securities will fluctuate based on the relative strength of the U.S. dollar.

There may be less publicly available information
about foreign issuers comparable to the reports and ratings published about issuers in the U.S. Foreign issuers generally are not subject
to uniform accounting or financial reporting standards. Auditing practices and requirements may not be comparable to those applicable
to U.S. issuers. Certain countries’ legal institutions, financial markets and services are less developed than those in the U.S.
or other major economies. A Fund may have greater difficulty voting proxies, exercising shareholder rights, securing dividends and obtaining
information regarding corporate actions on a timely basis, pursuing legal remedies, and obtaining judgments with respect to foreign investments
in foreign courts than with respect to domestic issuers in U.S. courts. The costs associated with foreign investments, including withholding
taxes, brokerage commissions, and custodial costs, are generally higher than with U.S. investments.

Certain countries require governmental
approval prior to investments by foreign persons, or limit the amount of investment by foreign persons in a particular company. Some countries
limit the investment of foreign persons to only a specific class of securities of an issuer that may have less advantageous terms than
securities of the issuer available for purchase by nationals. Although securities subject to such restrictions may be marketable abroad,
they may be less liquid than foreign securities of the same class that are not subject to such restrictions. In some countries the repatriation
of investment income, capital and proceeds of sales by foreign investors may require governmental registration and/or approval. A Fund
could be adversely affected by delays in or a refusal to grant any required governmental registration or approval for repatriation.

From time to time, trading in a foreign
market may be interrupted. Foreign markets also have substantially less volume than the U.S. markets and securities of some foreign issuers
are less liquid and more volatile than securities of comparable U.S. issuers. A Fund, therefore, may encounter difficulty in obtaining
market quotations for purposes of valuing its portfolio and calculating its NAV.

In many foreign countries there is less
government supervision and regulation of stock exchanges, brokers, and listed companies than in the U.S., which may result in greater
potential for fraud or market manipulation. Foreign over-the-counter markets tend to be less regulated than foreign stock exchange markets
and, in certain countries, may be totally unregulated. Brokerage commission rates in foreign countries, which generally are fixed rather
than subject to negotiation as in the U.S., are likely to be higher. Foreign security trading, settlement and custodial practices (including
those involving securities settlement where assets may be released prior to receipt of payment) are often less developed than those in
U.S. markets, may be cumbersome, and may result in increased risk or substantial delays. This could occur in the event of a failed trade
or the insolvency of, or breach of duty by, a foreign broker/dealer, securities depository, or foreign subcustodian.

The holding of foreign securities may be
limited by a Fund to avoid investment in certain Passive Foreign Investment Companies (“PFICs”) and the imposition of a PFIC
tax on a Fund resulting from such investments. See, “Tax Treatment of Portfolio Transactions – PFIC Investments” below.

Developing markets or emerging markets.
Investments in companies domiciled or with significant operations in developing market or emerging market countries may be subject to
potentially higher risks than investments in developed countries. These risks include, among others (i) less social, political, and economic
stability; (ii) smaller securities markets with low or nonexistent trading volume, which result in greater illiquidity and greater price
volatility; (iii) certain national policies which may restrict a Fund’s investment opportunities, including restrictions on investment
in issuers or industries deemed sensitive to national interests; (iv) foreign taxation, including less transparent and established taxation
policies; (v) less developed regulatory or legal structures governing private or foreign investment or allowing for judicial redress for
injury to private property; (vi) the absence, until recently in many developing market countries, of a capital market structure or market-oriented
economy; (vii) more widespread corruption and fraud; (viii) the financial institutions with which a Fund may trade may not possess the
same degree of financial sophistication, creditworthiness, or resources as those in developed markets; and (ix) the possibility that recent
favorable economic developments in some developing market countries may be slowed or reversed by unanticipated economic, political, or
social events in such countries.

In addition, many developing market countries
have experienced substantial, and during some periods, extremely high rates of inflation, for many years. Inflation and rapid fluctuations
in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain countries.
Moreover, the economies of some developing market countries may differ unfavorably from the U.S. economy in such respects as growth of
gross domestic product, rate of inflation, currency depreciation, debt burden, capital reinvestment, resource self-sufficiency, and balance
of payments position. The economies of some developing market countries may be based on only a few industries, and may be highly vulnerable
to changes in local or global trade conditions.

Settlement systems in developing market
countries may be less organized than in developed countries. Supervisory authorities may also be unable to apply standards which are comparable
with those in more developed countries. There may be risks that settlement may be delayed and that cash or securities belonging to a Fund
may be in jeopardy because of failures of or defects in the settlement systems. Market practice may require that payment be made prior
to receipt of the security which is being purchased or that delivery of a security must be made before payment is received. In such cases,
default by a broker or bank (the “counterparty”) through whom the relevant transaction is effected might result in a loss
being suffered by a Fund. A Fund seeks, where possible, to use counterparties whose financial status reduces this risk. However, there
can be no certainty that a Fund will be successful in eliminating or reducing this risk, particularly as counterparties operating in developing
market countries frequently lack the substance, capitalization, and/or financial resources of those in developed countries. Uncertainties
in the operation of settlement systems in individual markets may increase the risk of competing claims to securities held by or to be
transferred to a Fund. Legal compensation schemes may be non-existent, limited or inadequate to meet a Fund’s claims in any of these
events.

Securities trading in developing markets
presents additional credit and financial risks. A Fund may have limited access to, or there may be a limited number of, potential counterparties
that trade in the securities of developing market issuers. Governmental regulations may restrict potential counterparties to certain financial
institutions located or operating in the particular developing market. Potential counterparties may not possess, adopt or implement creditworthiness
standards, financial reporting standards, or legal and contractual protections similar to those in developed markets. Currency and other
hedging techniques may not be available or may be limited.

The local taxation of income and capital
gains accruing to non-residents varies among developing market countries and may be comparatively high. Developing market countries typically
have less well-defined tax laws and procedures and such laws may permit retroactive taxation so that a Fund could in the future become
subject to local tax liabilities that had not been anticipated in conducting its investment activities or valuing its assets.

Many developing market countries suffer
from uncertainty and corruption in their legal frameworks. Legislation may be difficult to interpret and laws may be too new to provide
any precedential value. Laws regarding foreign investment and private property may be weak or non-existent. Investments in developing
market countries may involve risks of nationalization, expropriation, and confiscatory taxation. For example, the Communist governments
of a number of Eastern European countries expropriated large amounts of private property in the past, in many cases without adequate compensation,
and there can be no assurance that similar expropriation will not occur in the future. In the event of expropriation, a Fund could lose
all or a substantial portion of any investments it has made in the affected countries. Accounting, auditing and reporting standards in
certain countries in which a Fund may invest may not provide the same degree of investor protection or information to investors as would
generally apply in major securities markets. In addition, it is possible that purported securities in which a Fund invested may subsequently
be found to be fraudulent and as a consequence a Fund could suffer losses.

Finally, currencies of developing market
countries are subject to significantly greater risks than currencies of developed countries. Some developing market currencies may not
be internationally traded or may be subject to strict controls by local governments, resulting in undervalued or overvalued currencies
and associated difficulties with the valuation of assets, including a Fund’s securities, denominated in that currency. Some developing
market countries have experienced balance of payment deficits and shortages in foreign exchange reserves. Governments have responded by
restricting currency conversions. Future restrictive exchange controls could prevent or restrict a company’s ability to make dividend
or interest payments in the original currency of the obligation (usually U.S. dollars). In addition, even though the currencies of some
developing market countries, such as certain Eastern European countries, may be convertible into U.S. dollars, the conversion rates may
be artificial to the actual market values and may be adverse to a Fund’s shareholders.

Fixed Income Securities.
A Fund may invest in fixed-income securities. Fixed-income securities consist of bonds, notes, debentures and other interest-bearing securities
that represent indebtedness. The market value of the fixed-income investments in which a Fund invests will change in response to interest
rate changes and other factors. During periods of falling interest rates, the values of outstanding fixed-income securities generally
rise. Conversely, during periods of rising interest rates, the values of such securities generally decline. Moreover, while securities
with longer maturities tend to produce higher yields, the prices of longer maturity securities are also generally subject to greater market
fluctuations as a result of changes in interest rates. Changes by recognized agencies in the rating of any fixed-income security and in
the ability of an issuer to make payments of interest and principal also affect the value of these investments. Changes in the value of
these securities will not necessarily affect cash income derived from these securities but will affect a Fund’s net asset value.

Lower Quality Fixed Income Securities
(“Junk bonds”). A Fund may purchase lower quality debt securities, or unrated debt securities, that have poor protection
of payment of principal and interest. These securities, commonly referred to as “junk bonds,” often are considered to be speculative
and involve greater risk of default and of price changes due to changes in the issuer’s creditworthiness. Market prices of these
securities may fluctuate more than higher quality debt securities and may decline significantly in periods of general economic difficulty
that may follow periods of rising rates. While the market for junk bonds has been in existence for many years and has weathered previous
economic downturns, the market in recent years has experienced a dramatic increase in the large-scale use of such securities to fund highly
leveraged corporate acquisitions and restructurings. Accordingly, past experience may not provide an accurate indication of future performance
of the junk bond market, especially during periods of economic recession. A Fund may invest in securities which are of lower quality or
are unrated if the Adviser determines that the securities provide the opportunity of meeting a Fund’s objective without presenting
excessive risk. The Adviser will consider all factors, which it deems appropriate, including ratings, in making investment decisions for
a Fund and will attempt to minimize investment risks through diversification, investment analysis and monitoring of general economic conditions
and trends. To the extent that a Fund invests in lower quality securities, achievement of its investment objective may be more dependent
on the Adviser’s credit analyses than is the case for higher quality bonds. While the Adviser may refer to ratings, it does not
rely exclusively on ratings, but makes its own independent and ongoing review of credit quality.

The market for lower
quality securities may be thinner and less active than that for higher quality securities, which can adversely affect the prices at which
these securities can be sold. If there is not an established retail secondary market and market quotations are not available, these securities
are valued in accordance with procedures established by the Board of Trustees, including the use of outside pricing services. Judgment
plays a greater role in valuing junk bonds than is the case for securities for which external sources for quotations and last-sale information
are available. Adverse publicity and changing investor perceptions may affect the ability of outside pricing services used by a Fund to
value these securities, and a Fund’s ability to dispose of these lower quality debt securities.

Lower quality securities
present risks based on payment expectations. For example, junk bonds may contain redemption or call provisions. If an issuer exercises
the provisions in a declining interest rate market, a Fund would have to replace the security with a lower yielding security, resulting
in a decreased return for investors. Conversely, a junk bond’s value will decrease in a rising interest rate market, as will the
value of a Fund’s assets. If a Fund experiences unexpected net redemptions, this may force it to sell its junk bonds, without regard
to their investment merits, thereby decreasing the asset base upon which a Fund’s expenses can be spread and possibly reducing a
Fund’s rate of return.

Since the risk of
default is higher for lower quality securities and sometimes increases with the age of these securities, the Adviser’s research
and credit analysis are an integral part of managing any securities of this type held by a Fund. In considering investments for a Fund,
the Adviser attempts to identify those issuers of high- yielding securities whose financial condition is adequate to meet future obligations
and has improved or is expected to improve in the future. The Adviser’s analysis focuses on relative values based on such factors
as interest or dividend coverage, asset coverage, earning prospects, and the experience and managerial strength of the issuer.

Illiquid Securities. A Fund
will not invest more than 10% of its net assets in illiquid securities. Illiquid securities are securities that cannot be sold or disposed
of in the ordinary course of business (within seven days) at approximately the prices at which they are valued. Because of their illiquid
nature, illiquid securities must be priced at fair value as determined in good faith pursuant to procedures approved by the Funds’
Board of Trustees. Despite such good faith efforts to determine fair value prices, a Fund’s illiquid securities are subject to the
risk that the security’s fair value price may differ from the actual price which the Fund may ultimately realize upon its sale or
disposition. Difficulty in selling illiquid securities may result in a loss or may be costly to a Fund. Under the supervision of the Board,
the Adviser determines the liquidity of a Fund’s investments. In determining the liquidity of the Fund’s investments, the
Adviser may consider various factors, including (1) the frequency and volume of trades and quotations; (2) the number of dealers and prospective
purchasers in the marketplace; (3) dealer undertakings to make a market; and (4) the nature of the security and the market in which it
trades (including any demand, put or tender features, the mechanics and other requirements for transfer, any letters of credit or other
credit enhancement features, any ratings, the number of holders, the method of soliciting offers, the time required to dispose of the
security, and the ability to assign or offset the rights and obligations of the security).

Initial Public Offerings.
The Funds may invest in initial public offerings (IPOs). IPOs of securities issued by unseasoned companies with little or no operating
history are risky and their prices are highly volatile, but they can result in very large gains in their initial trading. Attractive IPOs
are often oversubscribed and may not be available to the Fund, or only in very limited quantities. Thus, when a Fund’s size is smaller,
any gains from IPOs may have an exaggerated impact on its reported performance than when the Fund is larger. Although IPO investments
have had a positive impact on some funds’ performance in the past, there can be no assurance that a Fund will have favorable IPO
investment opportunities in the future.

Money Market Securities. The
Funds may invest in money market securities (the types of which are discussed below) for liquidity and cash management purposes or if
the Adviser determines that securities meeting a Fund’s investment objective and policies are not otherwise readily available for
purchase. For temporary defensive purposes during periods when the Adviser determines that conditions warrant, a Fund may increase this
percentage up to 100%. For purposes of these policies, money market securities include (i) short-term U.S. government securities, including
custodial receipts evidencing separately traded interest and principal components of securities issued by the U.S. Treasury; (ii) commercial
paper rated in the highest short-term rating category by a nationally recognized statistical ratings organization (“NRSRO”),
such as Standard & Poor’s or Moody’s, or determined by the Adviser to be of comparable quality at the time of purchase;
(iii) short-term bank obligations (certificates of deposit, time deposits and bankers’ acceptances) of U.S. domestic banks, foreign
banks and foreign branches of domestic banks, and commercial banks with assets of at least $1 billion as of the end of their most recent
fiscal year; and (iv) repurchase agreements involving such securities. Each of these types of money market securities is discussed in
more detail below.

•

U.S. Government Securities. Examples of types of U.S. government obligations in which a Fund may invest include U.S. Treasury obligations and the obligations of U.S. government agencies such as 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, Fannie Mae, Government National Mortgage Association, General Services Administration, Student Loan Marketing Association, Central Bank for Cooperatives, Freddie Mac, Federal Intermediate Credit Banks, Maritime Administration, and other similar agencies. Whether backed by the full faith and credit of the U.S. Treasury or not, U.S. government securities are not guaranteed against price movements due to fluctuating interest rates.

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

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Receipts. Interests in separately traded interest and principal component parts of U.S. government obligations that are issued by banks or brokerage firms and are created by depositing U.S. government obligations into a special account at a custodian bank. The custodian holds the interest and principal payments for the benefit of the registered owners of the certificates or receipts. The custodian arranges for the issuance of the certificates or receipts evidencing ownership and maintains the register. TRs and STRIPS are interests in accounts sponsored by the U.S. Treasury. Receipts are sold as zero coupon securities.

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

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U.S. Government Agencies. Some obligations issued or guaranteed by agencies of the U.S. government are supported by the full faith and credit of the U.S. Treasury, others are supported by the right of the issuer to borrow from the Treasury, while still others are supported only by the credit of the instrumentality. Guarantees of principal by agencies or instrumentalities of the U.S. government may be a guarantee of payment at the maturity of the obligation so that in the event of a default prior to maturity there might not be a market and thus no means of realizing on the obligation prior to maturity. Guarantees as to the timely payment of principal and interest do not extend to the value or yield of these securities or to the value of a Fund’s shares.

•

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

•

Obligations of Domestic Banks, Foreign Banks and Foreign Branches of U.S. Banks. A Fund may invest in obligations issued by banks and other savings institutions. Investments in bank obligations include obligations of domestic branches of foreign banks and foreign branches of domestic banks. Such investments in domestic branches of foreign banks and foreign branches of domestic banks may involve risks that are different from investments in securities of domestic branches of U.S. banks. These risks may include future unfavorable political and economic developments, possible withholding taxes on interest income, seizure or nationalization of foreign deposits, currency controls, interest limitations, or other governmental restrictions which might affect the payment of principal or interest on the securities held by a Fund. Additionally, these institutions may be subject to less stringent reserve requirements and to different accounting, auditing, reporting and recordkeeping requirements than those applicable to domestic branches of U.S. banks. Bank obligations include the following:

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

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

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

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Repurchase Agreements. A Fund may enter into repurchase agreements with financial institutions. A Fund follows certain procedures designed to minimize the risks inherent in such agreements. These procedures include effecting repurchase transactions only with large, well-capitalized and well-established financial institutions whose condition will be continually monitored by the Adviser. The repurchase agreements entered into by a Fund will provide that the underlying collateral at all times shall have a value at least equal to 102% of the resale price stated in the agreement (the Adviser monitors compliance with this requirement). Under all repurchase agreements entered into by a Fund, the custodian or its agent must take possession of the underlying collateral. In the event of a default or bankruptcy by a selling financial institution, a Fund will seek to liquidate such collateral. However, the exercising of a Fund’s right to liquidate such collateral could involve certain costs or delays and, to the extent that proceeds from any sale upon a default of the obligation to repurchase were less than the repurchase price, the Fund could suffer a loss. It is the current policy of a Fund, not to invest in repurchase agreements that do not mature within seven days if any such investment, together with any other illiquid assets held by the Fund, amounts to more than 10% of the Fund’s net assets. The investments of a Fund in repurchase agreements, at times, may be substantial when, in the view of the Adviser, liquidity or other considerations so warrant.

Natural Disaster/Epidemic Risk. Natural
or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally,
and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely
impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment,
and other factors affecting the value of a Fund’s investments. Given the increasing interdependence among global economies and markets,
conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange rates
in other countries, including the U.S. These disruptions could prevent a Fund from executing advantageous investment decisions in a timely
manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have a significant
adverse impact on the value and risk profile of a Fund.

“Pass Through” Securities.
As part of its principal investment strategies, a Fund may invest in “pass through” securities (that is, securities that are
structured to pass a majority of income as distributions to shareholders) such as master limited partnerships, real estate investment
trusts and royalty trusts.

•

Master Limited Partnerships (MLPs). Most MLPs operate in oil & gas related businesses including energy processing and distribution. The remaining MLPs operate in a variety of businesses including coal, timber, other minerals, real estate, and some miscellaneous businesses. MLPs are pass-through entities or businesses that are taxed at the unitholder level and generally are not subject to federal or state income tax at the partnership level. Annual income, gains, losses, deductions or credits of the MLP pass through directly to its unitholders. Unitholders report their allocated shares of these amounts on their individual tax returns, as though the unitholder had incurred these items directly. MLPs will furnish investors with a schedule K-1 to provide the information required for income tax reporting purposes. The distributions of MLPs generally are not eligible for treatment as qualified dividend income. Income realized by a Fund from an MLP that fails to qualify in any year as a qualified publicly traded partnership (“QPTP”) may not be qualifying income for purposes of the Income Requirement (described below).

•

Real Estate Investment Trusts (REITs). Each Fund may invest in shares of REITs which are pooled investment vehicles that invest in real estate or real estate loans or interests. Investing in REITs involves risks similar to those associated with investing in equity securities of small cap companies. Furthermore, REITs are dependent on specialized management skills. Some REITs may have limited diversification and may be subject to risks inherent in financing a limited number of properties. REITs depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for tax-free pass-through of income under the Code or its failure to maintain exemption from registration under the 1940 Act.

Generally, REITs can be classified as Equity
REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest the majority of their assets directly in real property and derive their income
primarily from rents and capital gains from appreciation realized through property sales. Mortgage REITs invest the majority of their
assets in real estate mortgages and derive their income primarily from interest payments. Hybrid REITs combine the characteristics of
both Equity and Mortgage REITs. By investing in REITs indirectly through a Fund, shareholders will bear not only the proportionate share
of the expenses of the Fund, but also, indirectly, similar expenses of underlying REITs. A Fund may be subject to certain risks associated
with the direct investments of the REITs. REITs may be affected by changes in the value of their underlying properties and by defaults
by borrowers or tenants. Mortgage REITs may be affected by the quality of the credit extended.

Securities of Other Investment Companies.
Securities of other investment companies, including shares of closed-end investment companies, exchange traded funds, unit investment
trusts, open-end investment companies, business development companies, and REITs represent interests in professionally managed portfolios
that may invest in any type of instrument. Investing in other investment companies involves substantially the same risks as investing
directly in the underlying instruments, but may involve additional expenses at the investment company-level, such as portfolio management
fees and operating expenses. Certain types of investment companies, such as closed-end investment companies, issue a fixed number of shares
that trade on a stock exchange or over-the-counter at a premium or a discount to their NAV. Others are continuously offered at NAV, but
may also be traded in the secondary market. Federal securities laws limit the extent to which a fund can invest in securities of other
investment companies. A Fund is prohibited from acquiring the securities of another investment company if, as a result of such acquisition:
(1) the Fund owns more than 3% of the total voting stock of the other company; (2) securities issued by any one investment company represent
more than 5% of the Fund’s total assets; or (3) securities (other than treasury stock) issued by all investment companies represent
more than 10% of the total assets of the Fund, unless it does so in reliance on a statutory exemption under the 1940 Act or rule or SEC
staff interpretations thereunder.

When-Issued Securities and Delayed-Delivery
Transactions. A Fund may purchase securities on a when-issued basis, and may purchase or sell securities for delayed-delivery.
These transactions occur when securities are purchased or sold by a Fund with payment and delivery taking place at some future date. A
Fund may enter into such transactions when, in the investment adviser’s opinion, doing so may secure an advantageous yield and/or
price to the Fund that might otherwise be unavailable. None of the Funds are limited on the percentage of assets it may commit to such
transactions, but to minimize the risks of entering into these transactions, any Fund committing to such transactions will maintain a
segregated account with its custodian consisting of cash, cash equivalents, or U.S. Government securities, in an amount equal to the aggregate
fair market value of its commitments to such transactions.

INVESTMENT RESTRICTIONS

The Funds (except where noted)
have adopted the following fundamental investment limitations, which cannot be changed without approval by holders of a majority of the
outstanding voting securities of each Fund as defined in the 1940 Act. As provided in the 1940 Act, a vote of a “majority of the
outstanding voting securities” of a Fund means the affirmative vote of the lesser of: (1) more than 50% of the outstanding shares
of the Fund; or (2) 67% or more of the shares of the Fund present at a meeting, if more than 50% of the shares are represented at the
meeting in person or by proxy. Except with respect to borrowing, changes in values of the Fund’s assets as a whole will not cause
a violation of the following investment restrictions so long as percentage restrictions are observed by the Fund at the time it purchases
any security.

Fundamental Investment Restrictions. As a matter
of fundamental policy, no Fund is allowed to:

(1) issue senior securities, borrow money,
or pledge its assets, except that it may borrow from banks as a temporary measure: (a) for extraordinary or emergency purposes, in amounts
not exceeding 5% of its total assets; or (b) in order to meet redemption requests, in amounts not exceeding 15% of its total assets; the
Fund will not make any investments if borrowing exceeds 5% of its total assets until such time as total borrowing represents less than
5% of Fund assets;

(2) invest for the purpose of exercising
control or management of another issuer;

(3) purchase or sell commodities or commodities
contracts, real estate (including limited partnership interests, but excluding readily marketable securities secured by real estate or
interests therein, readily marketable interests in real estate investment trusts, readily marketable securities issued by companies that
invest in real estate or interests therein, as described in the Prospectus) or interests in oil, gas, or other mineral exploration or
development programs or leases (although it may invest in readily marketable securities of issuers that invest in or sponsor such programs
or leases);

(4) underwrite securities issued by others,
except to the extent that the disposition of portfolio securities, either directly from an issuer or from an underwriter for an issuer,
may be deemed to be an underwriting under the federal securities laws;

(5) make short sales of securities or maintain
a short position, except for: (a) outright short sales; and (b) short sales “against the box” as defined below:

Outright: an outright short sale
involves the sale of securities not presently owned by the Fund. If the Fund does not purchase that security on the same day as the sale,
the security must be borrowed (typically, from a broker/dealer). At the time an outright short sale is effected, the Fund incurs an obligation
to replace the security borrowed at whatever its price may be at the time the Fund purchases the security for delivery to the lender;
and an

“Against the Box”: a
short sale “against the box” means that securities the Fund already owns are sold, but not delivered. Instead, these securities
are segregated and pledged against the short position. When the short sale is closed out, the securities owned are released.

(6) participate on a joint or joint and
several basis in any trading account in securities;

(7) make loans of money or securities,
except that the Funds may: (i) invest in repurchase agreements and commercial paper; (ii) purchase a portion of an issue of publicly distributed
bonds, debentures or other debt securities; and (iii) acquire private issues of debt securities subject to the limitations on investments
in illiquid securities;

(8) under normal circumstances invest more
than 25% of its total assets in the securities of companies engaged in a single industry. This restriction does not limit a Fund’s
investments in: (i) obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities; (ii) tax-exempt obligations
issued by governments or political subdivisions of governments; or (iii) repurchase agreements collateralized by such obligations;

(9) each Fund is a “diversified company”
as defined in the 1940 Act. This means that a Fund will not, with respect to 75% of its total assets, purchase securities of any issuer
(other than securities issued or guaranteed by the U.S. Government or any of its agencies or instrumentalities), if, as a result: (i)
more than 5% of the Fund’s total assets would be invested in the securities of that issuer; or (ii) the Fund would hold more than
10% of the outstanding voting securities of that issuer;

Non-Fundamental Investment Restrictions. The
following investment limitations are not fundamental, and may be changed without shareholder approval. As a matter of non-fundamental
policy, no Fund is allowed to:

(1) invest more than 10% of its net assets
in illiquid securities. For this purpose, illiquid securities include, among others: (a) securities for which no readily available market
exists or which have legal or contractual restrictions on resale; (b) fixed time deposits that are subject to withdrawal penalties and
have maturities of more than seven (7) days; and (c) repurchase agreements not terminable within seven (7) days;

(2) purchase any securities on margin except
in connection with such short-term credits as may be necessary for the clearance of transactions.

For purposes of the Funds’
fundamental investment restriction on concentration, each Fund intends to comply with the SEC staff position that securities issued or
guaranteed as to principal and interest by any single foreign government are considered to be securities of issuers in the same industry.
For purposes of measuring concentration: (i) utility companies will be divided according to their services, for example, gas, gas transmission,
electric, and telephone will each be considered a separate industry; (ii) energy companies will be divided according to their services,
for example, exploration, refining, and transmission will each be considered a separate industry; (iii) financial service companies will
be classified according to the end users of their services, for example, automobile finance, bank finance, and diversified finance will
each be considered a separate industry; (iv) asset-backed securities will be classified according to the underlying assets securing such
securities; and (v) real estate sector securities will be divided according to companies that derive at least 50% of their gross revenues
or net profits from either (1) products or services related to the real estate industry, such as building supplies or mortgage servicing,
and will each be considered a separate industry, (2) investments directly in real property that derives their income primarily from rents
and from capital gains on real estate appreciation, which are realized through property sales, (3) investments in real estate mortgage
loans and services their income primarily from interest payments, or (4) investments in government-agency backed mortgages and will each
be considered a separate industry. Investments in real estate investment trusts (“REITs”) will be further sub-divided into
industrial and office REITs, retail REITs, residential REITs, diversified REITs, specialty REITs, mortgage REITs, and hotel and lodging
REITs and will each be considered a separate industry.

Except for each Fund’s policy
with respect to borrowing, any investment restriction or limitation that involves a maximum percentage of securities or assets shall not
be considered violated unless an excess over the percentage occurs immediately after an acquisition of securities or a utilization of
assets and such excess results therefrom.

PORTFOLIO TURNOVER

Portfolio turnover rate is calculated
by dividing the lesser of a Fund’s sales or purchases of portfolio securities for the fiscal year (exclusive of purchases or sales
of all securities whose maturities or expiration dates at the time of acquisition were one year or less) by the monthly average value
of the securities in a Fund’s portfolio 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.

The Funds will generally
purchase and sell securities without regard to the length of time the security has been held. Accordingly, it can be expected that the
rate of portfolio turnover may be high. For each Fund’s last fiscal years ended June 30, 2022 and 2023, portfolio turnover rates
were:

	Portfolio Turnover Rate
Name of Fund	2023	2022
CCM Core Impact Equity Fund	25%	47%
CCM Small/Mid-Cap Impact Value Fund	27%	49%

VALUATION OF INDIVIDUAL PORTFOLIO HOLDINGS

A Fund generally utilizes two
independent pricing services to assist in determining a current market value for each security. If market quotations are readily available
for portfolio securities listed on a national securities exchange or the NASDAQ National Market System or over the counter portfolio securities,
a Fund values those securities at the last quoted sale price or the official closing price of the day, respectively, or, if there is no
reported sale, the most recent quoted bid price. Debt securities are valued by using market bid quotations or independent pricing services
which use bid prices provided by market makers or estimates of market values obtained from yield data relating to instruments or securities
with similar characteristics. Discounts and premiums on debt securities are amortized to income over their prospective lives, using the
interest method. Short-term obligations having a remaining maturity of 60 days or less at the time of acquisition, are valued at the evaluated
price supplied by an independent pricing service. The Adviser has been designated by the Board as the valuation designee for securities
that must be fair valued. If market quotations are not readily available for an investment or are believed by the Adviser to be unreliable,
the Adviser will fair value the Fund’s investments in accordance with fair value procedures. Please see the Prospectus for more
details regarding fair valuation of securities.

DISCLOSURE OF PORTFOLIO HOLDINGS

The Board of Trustees has adopted
policies and procedures regarding the disclosure of portfolio holdings information to protect the interests of Fund shareholders and to
address potential conflicts of interest that could arise between the interests of Fund shareholders and the interests of the Adviser,
Sub-advisers, if any, principal underwriter, administrator, or any employees thereof (collectively, the “Fund Representatives”).
The Funds’ overall policy with respect to the release of portfolio holdings is to release such information consistent with applicable
legal requirements and the fiduciary duties owed to shareholders. Subject to the limited exceptions described below, the Funds will not
make available to anyone non-public information with respect to their portfolio holdings until such time as the information is made available
to all shareholders or the general public.

These policies and procedures
are also applicable to the Fund Representatives. Pursuant to the policy, the Funds and the Fund Representatives are obligated to:

•

Act in the best interests of Fund shareholders by protecting non-public and potentially material portfolio holdings information;

•

Ensure that portfolio holdings information is not provided to a favored group of clients or potential clients; and

•

Adopt safeguards and controls governing the release of client information so that no client or group of clients is unfairly disadvantaged as a result of such release.

Any requests for departures from
this policy from clients, or from other third parties, must be authorized by the Chief Compliance Officer prior to disclosure. In certain
jurisdictions it is prohibited by law to make available to some shareholders the Funds’ underlying portfolio positions unless all
shareholders receive the same information. Providing such information to selected recipients could assist a person or entity in late trading
of the Funds’ shares or allow them to engage in other detrimental trading techniques such as front running or short selling of the
portfolio securities in the Funds.

There are general and other limited
exceptions to this prohibition. Third parties that provide services to the Funds, such as trade execution measurement and reporting systems,
personal securities transaction monitoring, proxy voting, the Funds’ custodian, administrator, accountants/auditors, legal counsel,
printers and executing brokers, may also receive or have access to non-public Fund portfolio holdings information. These parties, either
by explicit agreement or by virtue of their duties, are required to maintain confidentiality and are required not to trade on such information.
The Adviser, the Sub-advisers, if any, and certain of their personnel have access to the Funds’ portfolio holdings in the course
of providing advisory services to the Funds. In addition, between the 5^th and 10^th day after each month and calendar
quarter end, the Funds may disclose their portfolio holdings to various rating organizations. No Fund or affiliated entity receives compensation
or other consideration by virtue of disclosure of a Fund’s portfolio holdings.

Non-public portfolio information
may be disclosed to other third parties provided that there is a legitimate business purpose for doing so and is approved by the Chief
Compliance Officer and proper undertakings are obtained with respect to confidentiality and limited scope of use of the information.

The Adviser’s compliance
staff conduct periodic reviews of compliance with the policy and, as appropriate, the Funds’ Chief Compliance Officer will report
to the Board of Trustees regarding the operation of the policy, any material changes recommended as a result of such review and any material
exceptions that have been granted under the policy, including an explanation of the legitimate business purpose that was served as a result
of any such exception.

The Funds also disclose their
complete portfolio holdings quarterly to the SEC using Form N-PORT and on Form N-CSR on the second and fourth quarter-ends of the Funds’
fiscal year. Part F of Form N-PORT is not required to be mailed to shareholders, but is made public through SEC electronic filings. Shareholders
receive either complete portfolio holdings information or summaries of Fund portfolio holdings with their annual and semi-annual reports.

MANAGEMENT OF THE TRUST

BOARD OF TRUSTEES AND OFFICERS

The business of the Funds is
supervised by the Board of Trustees, who may exercise all powers not required by statute, the Agreement and Declaration of Trust (the
“Declaration of Trust”), or the By-laws to be exercised by the shareholders. The Trustees stand in the position of fiduciaries
to the Funds and their shareholders and, as such, they have a duty of due care and loyalty. The Trustees are responsible for managing
the business and affairs of the Funds.

When appropriate, the Board of
Trustees will consider separately matters relating to each Fund or to any class of shares of a Fund. The Board of Trustees elects the
officers of the Trust and retains various companies to carry out Fund operations, including the investment adviser, custodian, administrator
and transfer agent.

The following
table provides information about the Trustees and Officers of the Trust, including each person’s experience as a Director or Trustee
of other funds as well as other recent professional experience.

Name, Age & Address*	Position(s) Held with the Trust	Serving as an Officer or Trustee of the Trust	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee⁽¹⁾
Independent Trustees
James R. Brinton Age 69	Chair Trustee Lead Independent Trustee	Since 2018 Since 2002 2007 – 2018	Retired since 2019. Vice President, BMT Insurance Advisors (a commercial insurance brokerage firm) 2015-2019.	3	None
Gary E. Shugrue Age 69	Trustee	Since 2008	Veritable, LP (investment advisory firm) since 2015; President and Chief Investment Officer, Ascendant Capital Partners from 2001 – 2015.	3	Director, RFS Family of Funds/ UMB Fund Services
Warren West Age 66	Trustee	Since 2003	Retired since 2017. Greentree Brokerage Services, Inc. from 1998 – 2017.	3	None
Interested Trustee
Alyssa Greenspan⁽²⁾ Age 51	President Trustee	Since 2018 Since 2018	Chief Executive Officer, Community Capital Management, LLC since February 2023; President, Community Capital Management, LLC since 2015; Chief Operating Officer, Community Capital Management, LLC from 2009 – 2023; Senior Vice President and Portfolio Manager, Community Capital Management, LLC from 2003 – 2009.	3	None

Name, Age & Address*	Position(s) Held with the Trust	Serving as an Officer or Trustee of the Trust	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee⁽¹⁾
Officers
Todd Cohen Age 57	Secretary	Since June, 2018	Founder and Executive Chairman since 1998;Chief Executive Officer, Community Capital Management, LLC since 2015 – 2023; President and Chief Investment Officer, Community Capital Management, LLC 2007 – 2015.	N/A	N/A
James Malone Age 52	Treasurer	Since January, 2021	Chief Financial Officer of Community Capital Management, LLC since 2013; Director of Investment Platforms, since 2011.	N/A	N/A
Stefanie Little Age 55	Chief Compliance Officer	Since June, 2018	Chief Compliance Officer for Quaker Investment Trust since 2018; Founder of Chenery Compliance Group, LLC since 2015; Managing Member SEC Compliance Alliance, LLC from 2012 – 2019; President of Little Consulting Group, Inc. since 2011; Chief Compliance Officer, Community Capital Management, LLC since 2010.	N/A	N/A

The address for each Trustee and Officer
is Community Capital Management, LLC, 261 North University Drive, Suite 520, Ft. Lauderdale, FL 33324.

(1)

Directorship of companies required to report to the SEC under the Securities Exchange Act of 1934, as amended (the “1934 Act”), (e.g., “public companies”) and investment companies registered under the 1940 Act.

(2)

Ms. Greenspan is an “interested person of the Trust (as defined in the 1940 Act) due to the position she holds with Community Capital Management, LLC.

Trustees’ Qualifications.
Information on the Trust’s Trustees and officers appears in the chart above. Such information includes business activities of
the Trustees during the past five years and beyond. The Board believes that, collectively, the Trustees have balanced and diverse experience,
skills, attributes and qualifications, that allow the Board to operate effectively in governing the Trust and protecting the interests
of shareholders. Among the attributes common to all Trustees are their ability to review critically, evaluate, question and discuss information
provided to them; to interact effectively with the Trust’s investment manager, other service providers, counsel and independent
auditors; and to exercise business judgment in the performance of their duties as Trustees. Each Trustees’ ability to perform his
or her duties effectively is evidenced by his or her educational background or professional training; business, consulting or public service
positions; experience from service as a Board member of the Trust, other investment funds, public companies or non-profit entities or
other organizations; and ongoing commitment and participation in Board and committee meetings throughout the years.

While there are no specific
required qualifications for Board membership, the Board believes the specific background of each Trustee is appropriate to his or her
serving on the Trust’s Board of Trustees. As indicated, Ms. Greenspan is chief executive officer and president of the Adviser;
prior to retiring, Mr. Brinton was vice president of a commercial insurance brokerage firm; Mr. Shugrue is president and chief investment
officer of a hedge fund advisory firm; and prior to retiring, Mr. West managed a securities brokerage firm. The foregoing discussion
and the Trustees and Officers chart above are included in this SAI pursuant to requirements of the U.S. Securities and Exchange Commission,
do not constitute holding out the Board or any Trustee as having special expertise or experience and shall not be deemed to impose any
greater responsibility or liability on any Trustee by reason thereof.

Ownership
of Fund Shares by Trustees. Information relating to each Trustee’s ownership (including the ownership of his or her immediate
family) in each Fund as of December 31, 2022 is set forth in the chart below.

Interested Trustees

Name

Fund Name

Dollar Range of Shares of

Beneficial Interest of the

Funds Beneficially

Owned

Aggregate Dollar Range

of Equity Securities in

All Registered

Investment Companies

Overseen by Trustee in

the Fund Complex

Alyssa Greenspan

CCM Core Impact Equity Fund

CCM Small/Mid-Cap Impact Value Fund

$10,001-$50,000

$10,001 – $50,000

$50,001 – $100,000

Independent Trustees
Name	Fund Name	Dollar Range of Shares of Beneficial Interest of the Funds Beneficially Owned	Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in the Fund Complex
James R. Brinton	CCM Core Impact Equity Fund CCM Small/Mid-Cap Impact Value Fund	Over $100,000 None	Over $100,000
Gary E. Shugrue	CCM Core Impact Equity Fund CCM Small/Mid-Cap Impact Value Fund	None None	None
Warren West	CCM Core Impact Equity Fund CCM Small/Mid-Cap Impact Value Fund	$10,001 – $50,000 $1-$10,000	$10,001 – $50,000

COMPENSATION OF TRUSTEES AND OFFICERS

Compensation of Trustees.
Each Independent Trustee receives compensation from the Funds. Any interested Trustees are not compensated by the Funds. Each Independent
Trustee currently receives a total annual retainer of $25,000 for serving as a Trustee of the Trust.

The compensation tables below
set forth the total compensation paid to the Trustees for the fiscal year ended June 30, 2023. The Trust has no pension or retirement
benefits for any of the Trustees.

Name and Position(s) Held	Aggregate Compensation from the Trust	Pension or Retirement Benefits Accrued as Part of Trust Expenses	Total Estimated Annual Benefits upon Retirement	Compensation from the Fund(s) and Fund Complex Paid to Trustee
James R. Brinton Chair and Independent Trustee	$25,000	N/A	N/A	$25,000
Warren West Independent Trustee	$25,000	N/A	N/A	$25,000
Alyssa Greenspan Interested Trustee	N/A	N/A	N/A	N/A
Gary E. Shugrue Independent Trustee	$25,000	N/A	N/A	$25,000

COMMITTEES OF THE BOARD

During the fiscal year ended
June 30, 2023, the Trust held five Board meetings. Each of the currently serving Trustees attended at least 75% of those Board meetings
and also attended at least 100% of those committee meetings on which the Trustee serves as a member.

There are two standing committees
of the Board of Trustees: Audit Committee and Nominating Committee.

Audit Committee. The members
of the Audit Committee are: Messrs. Gary E. Shugrue (Chair of the Audit Committee), James R. Brinton and Warren West. The Audit Committee
operates pursuant to a charter adopted by the Board of Trustees. The purposes of the Audit Committee are to: (i) oversee the Funds’
accounting and financial reporting principles and policies and related controls and procedures maintained by or on behalf of the Funds;
(ii) oversee the Funds’ financial statements and the independent audit thereof; (iii) select, evaluate and, where deemed appropriate,
replace the Funds’ independent registered public accountants (“independent auditors”); (iv) evaluate the independence
of the Funds’ independent auditors; and (v) to report to the full Board of Trustees on its activities and recommendations. The function
of the Audit Committee is oversight; it is management’s responsibility to maintain appropriate systems for accounting and internal
control, and the independent auditors’ responsibility to plan and carry out a proper audit. The independent auditors are ultimately
accountable to the Board and the Audit Committee, as representatives of the Funds’ shareholders. Each of the members of the Audit
Committee have a working knowledge of basic finance and accounting matters and are not interested persons of the Trust, as defined in
the 1940 Act. The Audit Committee met two times during the past fiscal year.

Nominating Committee. The
members of the Nominating Committee are: Messrs. James R. Brinton (Chair of the Nominating Committee), Gary E. Shugrue and Warren West,
each of whom is an Independent Trustee, and, as such, satisfies the independence requirements under Rule 10A-3 of the 1934 Act, as amended.
The Nominating Committee operates pursuant to a charter adopted by the Board of Trustees. The purpose of the Nominating Committee is to
recommend nominees for: (i) consideration as an independent trustee by the incumbent Independent Trustees of the Trust; and (ii) consideration
as an interested trustee by the full Board of Trustees of the Trust. The Nominating Committee did not meet during the past fiscal year.

The Nominating Committee generally
identifies candidates for Board membership through personal and business contacts of Trustees and, in its sole discretion, may solicit
names of potential candidates from Community Capital Management, LLC. The Nominating Committee’s process for evaluating a candidate
generally includes a review of the candidate’s background and experience, and other due diligence. In evaluating a candidate, the
Nominating Committee will also consider whether the candidate, if elected, would qualify as an independent trustee.

The Nominating Committee has
not established any specific minimum requirements that candidates must meet in order to be recommended by the Nominating Committee for
nomination for election to the Board. Rather, the Nominating Committee seeks candidates to serve on the Board who, in its judgment, will
serve the best interests of the Trust’s long-term shareholders and whose background will complement the experience, skills and diversity
of the other Trustees and add to the overall effectiveness of the Board. The Nominating Committee does not currently consider shareholder
recommendations for nomination of trustees to the Board.

GOVERNANCE AND RISK DISCUSSION

Board Leadership

Ms. Greenspan is the sole
Interested Trustee on the Board. The Board believes that it is beneficial to have a representative of fund management on the Board. Ms.
Greenspan is Chief Executive Officer and President of the Adviser, the Trust’s investment manager, and oversees the day-to-day
investment and business affairs affecting the Adviser and the Trust. Accordingly, her participation in the Board’s deliberations
helps assure that the Board’s decisions are informed and are accurately communicated to and implemented by Fund management.

The Board has designated Mr.
Brinton, one of the Trust’s Independent Trustees, to serve as the Chair of the Board. The Chair, in consultation with fund management,
counsel and the other Trustees, participates in developing Board meeting agendas, and ensures that appropriate and timely information
is provided to the Board in connection with Board meetings. The Chair also conducts meetings of the Independent Trustees. The Chair also
generally serves as a liaison between outside Trustees, Fund officers, and counsel, and is chair of the Nominating Committee.

The Board is currently comprised
of four Trustees. The Trustees believe that the current size of the Board is conducive to Board interaction, dialogue and debate, resulting
in an effective decision-making body. The Board is comprised of Trustees with a variety of professional backgrounds. The Board believes
that the skill sets of its members are complementary and add to the overall effectiveness of the Board. The Trustees regard diversity
as an important consideration in the present composition of the Board and the selection of qualified candidates to fill vacancies on the
Board.

The Board has established an
Audit Committee and a Nominating Committee, each of which focuses on a particular substantive area and provides reports and recommendations
to the full Board. The committee structure enables the Board to manage efficiently and effectively the large volume of information relevant
to the Board’s oversight of the Trust. The committees benefit from the professional expertise of their members. At the same time,
membership on a committee enhances the expertise of its members and benefits the overall effectiveness of the Board. Both committees are
comprised solely of Independent Trustees.

Risk Oversight

Among the Board’s general
oversight and management functions is to oversee the risks of the Trust. The Trust’s Funds are subject to various risks, including
investment, compliance, operational and valuation risks, among others. The Board addresses its risk oversight function through different
Board and committee activities. For instance, the Board has delegated the day-to-day risk management and oversight function to the Adviser
or, in certain cases (subject to the Adviser’s supervision) and depending on the nature of the risks, to other service providers.
The Board, or a committee, reviews and evaluates reports from the Adviser or service providers regarding the risks faced by the Funds
and regarding the service providers’ oversight and management of those risks. In addition to the delegation of the day-to-day risk
management and oversight function, the committees of the Board allow the Trustees to quickly and efficiently consider risk matters and
facilitate the oversight by the Trustees of the Funds’ activities and the risks related to those activities. The Board has also
appointed a Chief Compliance Officer (“CCO”) who oversees the implementation and evaluation of the Funds’ compliance
program. The CCO periodically reports to the Board regarding compliance matters in connection with the Funds’ activities and the
services provided by the Adviser and other service providers.

Proxy Voting Policies

The Board has adopted Proxy Voting
Policies and Procedures (“Policies”) on behalf of the Trust, which delegates the responsibility for voting proxies to the
Adviser, subject to the Board’s continuing oversight. The Policies require that the Adviser vote proxies received in a manner consistent
with the best interests of the Funds and their shareholders. The Policies also require the Adviser to present to the Board, at least annually,
the Adviser’s proxy voting policies and a record of each proxy voted by the Adviser on behalf of the Fund, including a report on
the resolution of all proxies identified by the Adviser as involving a conflict of interest.

The Adviser has adopted Proxy
Voting Policies and Procedures (“Adviser’s Proxy Policies”) which require that all proxy voting decisions be made in
the best interest of the Funds and that the Adviser acts in a prudent and diligent manner intended to enhance the economic value of the
assets of the Funds.

Where a proxy proposal raises
a material conflict between the Adviser’s interests and a Fund’s interests, the Adviser will resolve the conflict by disclosing
the conflict to the Board and by obtaining the Board’s consent to vote.

The Trust is required to
annually file Form N-PX, which lists the Fund’s complete proxy voting record for the most recent 12-month period ending August
31. Once filed, the Fund’s proxy voting record will be available without charge, upon request, by calling toll-free 1-888-272-0007
and on the SEC’s website at www.sec.gov.

INVESTMENT ADVISORY AND OTHER SERVICES

INVESTMENT ADVISER

Founded in 1998 as a Delaware
Corporation, Community Capital Management, LLC (the “Adviser”) serves as investment adviser to the Funds, and is located
at 261 North University Drive, Suite 520, Ft. Lauderdale, FL 33324. The Adviser is registered with the SEC under the 1940 Act. Todd Cohen,
as Founder, Executive Chairman and Director; Alyssa Greenspan, as Chief Executive Officer, President, and Director; Stefanie Little,
as Chief Compliance Officer; and James Malone, as Chief Financial Officer and Director; are all considered to be control persons of the
Adviser due to their positions with the firm. Todd Cohen is considered to be a control person due to his ownership of the Adviser.

Subject to the supervision of
the Board, Community Capital Management, LLC was elected to serve as the investment adviser to the Funds, pursuant to an Investment Advisory
Agreement with the Trust on behalf of the Funds (the “Investment Management Agreement”).

The Investment Management Agreement
may be renewed each year thereafter only so long as such renewal and continuance are specifically approved at least annually by the Board
or by vote of a majority of the outstanding voting securities of each Fund, and only if the terms of, and the renewal thereof, have been
approved by the vote of a majority of the Independent Trustees of the Trust who are not parties thereto or interested persons of any such
party, cast in person at a meeting called for the purpose of voting on such approval. The Investment Management Agreement is terminable
without penalty on 60 days’ notice by the Trustees of the Trust or by the Adviser. The Investment Management Agreement will terminate
automatically in the event of its assignment.

For its services to the Funds,
the Adviser is entitled to receive an annual fee as follows:

Name of Fund

Total Advisory Fee Paid

as a Percentage of

Average Net Assets

CCM Core Impact Equity Fund

0.75%

CCM Small/Mid-Cap Impact Value Fund

0.90%

The following table provides
the actual aggregate advisory fees paid by each Fund during the fiscal years ended June 30, 2023, 2022, and 2021. Each class of each
Fund pays its proportionate share of the advisory fees.

Name of Fund	Advisory Fee	2023			2022			2021
CCM Core Impact Equity Fund	Accrued	$	415,828		$	521,348		$	487,722
	(Waived)/Recouped	$	0		$	0		$	0
	Paid	$	415,828		$	521,348		$	487,722
CCM Small/Mid-Cap Impact Value Fund	Accrued	$	153,073		$	179,510		$	174,393
	(Waived)/Recouped	$	(153,896	)	$	(174,987	)	$	(193,610	)
	Paid	$	(823	)	$	4,523		$	(19,217	)

PORTFOLIO MANAGERS

The following provides information
regarding the Portfolio Managers identified in the Funds’ Prospectus: (1) the dollar range of the Portfolio Manager’s investments
in each Fund; (2) a description of the Portfolio Manager’s compensation structure; and (3) information regarding other accounts
managed by the manager and potential conflicts of interests that might arise from the management of multiple accounts.

INVESTMENTS IN EACH FUND

NAME OF PORTFOLIO MANAGER	DOLLAR RANGE OF INVESTMENTS IN THE CCM CORE IMPACT EQUITY FUND⁽¹⁾	DOLLAR RANGE OF INVESTMENTS IN THE CCM SMALL/MID-CAP IMPACT VALUE FUND⁽¹⁾
Andy Kaufman	$1-$10,000	$1-$10,000
Thomas R. Lott	$10,001-$50,000	$100,001-$500,000
Alex Alario	$10,001-$50,000	$10,001-$50,000

⁽¹⁾

Reflects investments in a Fund’s shares owned directly by a Portfolio Manager or beneficially owned by a Portfolio Manager (as determined in accordance with Rule 16a-1(a)(2) under the 1934 Act, as amended). A Portfolio Manager is presumed to be a beneficial owner of securities that are held by his or her immediate family members sharing the same household.

Compensation of Portfolio Managers.
Andy Kaufman and Alexander Alario are paid a salary and are eligible for an annual bonus at the
Adviser’s discretion, which is based upon the overall profitability of the Adviser and the individual’s performance. Thomas
R. Lott is paid a salary and a bonus based on a percentage of revenues generated by the Funds.

OTHER MANAGED ACCOUNTS OF PORTFOLIO MANAGERS

In addition to the management
of the respective Funds, as of June 30, 2023, the Portfolio Managers also manage other accounts as summarized below.

Andy Kaufman	Number of Accounts	Total Assets in Accounts	Number of Accounts Where Advisory Fee is Based on Account Performance	Total Assets in Accounts Where Advisory Fee is Based on Account Performance
Registered Investment Companies	4	$3,392.7 billion	0	$0
Other Pooled Investment Vehicles	0	$0	0	$0
Other Accounts	83	$1,006.4 billion	0	$0

Thomas R. Lott	Number of Accounts	Total Assets in Accounts	Number of Accounts Where Advisory Fee is Based on Account Performance	Total Assets in Accounts Where Advisory Fee is Based on Account Performance
Registered Investment Companies	2	$74.5 million	0	$0
Other Pooled Investment Vehicles	0	$0	0	$0
Other Accounts	0	$0	0	$0

Alexander Alario	Number of Accounts	Total Assets in Accounts	Number of Accounts Where Advisory Fee is Based on Account Performance	Total Assets in Accounts Where Advisory Fee is Based on Account Performance
Registered Investment Companies	2	$74.5 million	0	$0
Other Pooled Investment Vehicles	0	$0	0	$0
Other Accounts	0	$0	0	$0

Potential Conflicts of Interest.
Actual or apparent conflicts of interest may arise when a Portfolio Manager has day-to-day management responsibilities with respect
to more than one fund or other account. Set forth below is a description of material conflicts of interest that may arise in connection
with a Portfolio Manager who manages multiple funds and/or other accounts:

•

The management of multiple funds and/or other accounts may result in a Portfolio Manager devoting varying periods of time and attention to the management of each fund and/or other account. As a result, the Portfolio Manager may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he or she were to devote substantially more attention to the management of a single fund.

•

If a Portfolio Manager identifies an investment opportunity that may be suitable for more than one fund or other account, a fund may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible funds and other accounts.

•

At times, a Portfolio Manager may determine that an investment opportunity may be appropriate for only some of the funds or other accounts for which he or she exercises investment responsibility, or may decide that certain of the funds or other accounts should take differing positions with respect to a particular security. In these cases, the Portfolio Manager may place separate transactions for one or more funds or other accounts, which may affect the market price of the security or the execution of the transaction, or both, to the detriment of one or more other funds or accounts.

•

With respect to securities transactions for the Funds, an Adviser determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts (such as other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), an Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, an Adviser or its affiliates may place separate, non-simultaneous, transactions for a fund and another account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other account.

•

The appearance of a conflict of interest may arise where an Adviser has an incentive, such as a performance based management fee or other differing fee structure, which relates to the management of one fund or other account but not all funds and accounts with respect to which a Portfolio Manager has day-to-day management responsibilities.

The Adviser and the Funds have
adopted certain compliance policies and procedures that are designed to address these types of conflicts. However, there is no guarantee
that such procedures will detect each and every situation in which an actual or potential conflict may arise.

Specific Conflicts of Interest

Investment decisions for the
Funds may be made in conjunction with decisions for other accounts and/or funds with the same strategy. The Adviser recognizes that potential
conflicts may arise with respect to other investment accounts managed by the Adviser, which may include privately offered funds, separately
managed accounts of high net worth customers and institutional investors, and other registered investment companies. These conflicts include,
but may not be limited to, differing fee structures, differing investments selected for various vehicles, and inequitable allocation and
aggregation trading practices. Registered investment companies, private funds and separate accounts are generally invested pro-rata unless
circumstances (e.g. a partially filled order) warrant a different approach. The Adviser has comprehensive policies and procedures designed
to monitor and mitigate any perceived conflicts of interest.

PRINCIPAL UNDERWRITER AND PLANS OF DISTRIBUTION

Distributor. Foreside
Fund Services, LLC (“Foreside”), located at 3 Canal Plaza, Suite 100, Portland, Maine 04101, serves as the Trust’s distributor.
As the distributor, it has agreed to use reasonable efforts to distribute each Fund’s classes of shares.

Pursuant to the Distribution
Agreement between Foreside and the Trust, Foreside is responsible for the payment of distribution fees made pursuant to the Funds’
Rule 12b-1 Distribution Plans for the Advisor Class Shares described below. There is no Rule 12b-1 distribution plan for Institutional
Class Shares of the Funds. The Distribution Agreement may be terminated at any time upon sixty (60) days’ written notice, without
payment of a penalty, by Foreside, by vote of a majority of the outstanding class of voting securities of the affected Fund, or by vote
of a majority of the Board of Trustees who are not “interested persons” of the Trust and who have no direct or indirect financial
interest in the operation of the Distribution Agreement. The Distribution Agreement will terminate automatically in the event of its assignment.

Pursuant to the Distribution
Agreement, Foreside facilitates the registration of the Funds’ shares under state Blue Sky laws and assists in the sale of shares.
The shares of the Funds are continuously offered by Foreside. Foreside is not obligated to sell any specific number of shares of the Funds
but has undertaken to sell such shares on a best efforts basis.

A sales charge of 5.50% applicable
to the former Class A Shares (now the Adviser Class shares) was eliminated on September 30, 2018. Foreside from time to time reallowed
all or a portion of the sales charge on the former Class A Shares to individual selling dealers. The aggregate dollar amount of underwriting
commissions and the amount retained by Foreside, during the fiscal years indicated below, is as follows:

Fund	Advisor Class Shares
	2023				2022				2021
	Aggregate Commissions		Amount Retained		Aggregate Commissions		Amount Retained		Aggregate Commissions		Amount Retained
CCM Core Impact Equity Fund	$	0	$	0	$	0	$	0	$	0	$	0
CCM Small/Mid-Cap Impact Value Fund	$	0	$	0	$	0	$	0	$	0	$	0

Distribution Plan (Rule 12b-1
Plan). The Trust has adopted a distribution plan under Rule 12b-1 of the 1940 Act (the “Plan”), whereby a Fund may make
payments and bear expenses related to distribution of the Fund’s Advisor Class Shares. The Plan is a compensation plan that provides
for payments at an annual rate of up to 0.25% of the average daily net asset value of Advisor Class Shares of each Fund. The Adviser may
make additional payments for distribution related services out of its own resources. There is no 12b-1 fee on Institutional Class Shares.

The Plan permits each Fund to
compensate Foreside, the Adviser and others in connection with activities intended to promote the sale of Advisor Class Shares of each
Fund up to the maximum rate permitted by the Plan, regardless of the actual expenses incurred. Expenditures under the Plan may consist
of: (i) commissions to sales personnel for selling Fund shares; including travel, entertainment and business development expenses; (ii)
compensation, sales incentives and payments to sales, marketing and service personnel; (iii) payments to broker-dealers and other financial
institutions that have entered into agreements with Foreside in the form of a Dealer Agreement for services rendered in connection with
the sale and distribution of shares of the Funds; (iv) payment of expenses incurred in sales and promotional activities, including advertising
expenditures related to the Funds; (v) the costs of preparing and distributing promotional materials; (vi) the cost of printing the Funds’
Prospectus and Statement of Additional Information for distribution to potential investors; (vii) website maintenance fees; (viii) interest
on loan; (ix) bank fees; (x) temporary help; (xi) telephone; (xii) Raymond James Wrap Program; (xiii) consulting/research; (xiv) consulting/research
fee; (xv) Advisor Class Shares trailer commission; and (xvi) other activities that are reasonably calculated to result in the sale of
shares of the Funds.

A portion of the fees paid to
Foreside, the Adviser and/or others pursuant to the Plan, not exceeding 0.25% annually of the average daily net assets of each Fund’s
shares, may be paid as compensation for providing services to each Fund’s shareholders, including assistance in connection with
inquiries related to shareholder accounts (the “Service Fees”). In order to receive Service Fees under the Plan, participants
must meet such qualifications as are established in the sole discretion of Foreside, such as services to each Fund’s shareholders;
services providing each Fund with more efficient methods of offering shares to coherent groups of clients, members or prospects of a participant;
services permitting more efficient methods of purchasing and selling shares; or transmission of orders for the purchase or sale of shares
by computerized tape or other electronic equipment; or other processing.

The Board of Trustees has concluded
that there is a reasonable likelihood that the Plan will benefit each Fund and its shareholders and that the Plan should result in greater
sales and/or fewer redemptions of Fund shares. On a quarterly basis, the Trustees will review a report on expenditures under the Plan
and the purposes for which expenditures were made. The Trustees will conduct an additional review annually in determining whether the
Plan should be continued. Continuation of the Plan from year to year is contingent on annual approval by a majority of the Trustees acting
separately on behalf of each Fund and Class and by a majority of the Trustees who are not “interested persons” (as defined
in the 1940 Act) and who have no direct or indirect financial interest in the operation of the Plan or any related agreements (the “Plan
Trustees”). The Plan provides that it may not be amended to increase materially the costs that a Fund may bear pursuant to the Plan
without approval of the shareholders of the Advisor Class shares of each Fund and that other material amendments to the Plan must be approved
by a majority of the Plan Trustees acting separately on behalf of each Fund, by vote cast in person at a meeting called for the purpose
of considering such amendments. The Plan further provides that while the Plan is in effect, the selection and nomination of Trustees who
are not “interested persons” shall be committed to the discretion of the Trustees who are not “interested persons.”
The Plan may be terminated at any time by vote of a majority of the Fund Trustees or a majority of the outstanding Advisor Class shares
of the affected Fund to which the Plan relates.

Total dollar amounts paid,
including amounts reimbursed to the Fund by the Adviser, by each of the Funds pursuant to the Plans for the fiscal year ended June 30,
2023 are as follows:

NAME OF FUND	ADVISOR CLASS
CCM Core Impact Equity Fund	$116,283
CCM Small/Mid-Cap Impact Value Fund	$13,490

Amounts spent on behalf of
each of the Funds on various items pursuant to the Plans for expenses incurred during the fiscal year ended June 30, 2023 are as follows:

Advisor Class Shares

Name
of Fund

Advertising

Printing &

Mailing of

Prospectuses

to Other Than

Current

Shareholders

Compensation

Underwriters

Compensation to

Broker-Dealers

Compensation

to Sales

Personnel

Interest,

Carrying,

or Other

Financing

Charges

Other*

CCM Core Impact Equity
Fund

$12,839

$85,431

$26,063

CCM
Small/Mid-Cap Impact Value Fund

$1,488

$11,047

$1,980

The category designated as “Other” includes fees paid in connection with dealer services and wholesaler activities.

Shareholder Servicing Fees.
Pursuant to a Shareholder Service and Processing Plan (the “Shareholder Servicing Plan”) adopted by the Trust on behalf
of the Funds, the Adviser is authorized to engage financial institutions, securities dealers and other industry professionals (“Shareholder
Servicing Agent”) to provide personal shareholder services relating to the servicing and maintenance of shareholder accounts not
otherwise provided to the Funds. Payments made pursuant to the Shareholder Servicing Plan shall not exceed 0.20% of the average daily
net asset value of a Fund’s share Class.

Payments of the shareholder servicing
component of the fee shall be used to compensate Shareholder Servicing Agents for providing general shareholder liaison services, including,
but not limited to: (i) answering inquiries from shareholders regarding account status and history, the manner in which purchases and
redemptions of the Fund shares may be effected, and other matters pertaining to the Funds; (ii) assisting shareholders in designating
and changing dividend options, account designations and addresses; (iii) arranging for wiring of funds and transmitting and receiving
funds in connection with orders to purchase or redeem Fund shares; (iv) verifying and guaranteeing shareholder signatures in connection
with orders to purchase or redeem Fund shares; (v) providing such other similar services related to the maintenance of shareholder accounts;
and (vi) providing necessary personnel and facilities to conduct the activities described above.

Payment of the processing component
of the fee shall be used to compensate Shareholder Servicing Agents for serving as agents of the Trust for the limited purpose of accepting
orders to purchase or redeem Fund shares of the applicable Class and the provision of processing and administrative services on behalf
of such Class, including, but not limited to: (i) aggregating and processing purchase, exchange and redemption requests and placing net
purchase and redemption orders with the Fund’s transfer agent or distributor; (ii) processing dividend payments from the Fund on
behalf of shareholders; (iii) providing sub-accounting for Fund shares held of record by the Shareholder Servicing Agent that are beneficially
owned by shareholders or the information necessary for such sub-accounting; (iv) transmitting, on behalf of the Fund, proxy statements,
shareholder reports, Prospectuses, dividend and tax notices and other communications from the Fund to the beneficial owners of Fund shares
(other than marketing materials pursuant to a Rule 12b-1 plan); (v) receiving, tabulating and transmitting to the Fund or the Fund’s
designated proxy agent proxies executed by shareholders with respect to shareholder meetings; (vi) providing periodic statements showing
account balances and, to the extent practicable, integrating such information with other transactions otherwise effected by the Shareholder
Servicing Agent; (vii) furnishing (either separately or on an integrated basis with other reports sent to an account by a Shareholder
Servicing Agent) monthly and annual statements and confirmations of all purchases and redemptions of Fund shares; (viii) providing such
other similar services as the Trust or the Adviser may request; and (ix) providing necessary personnel and facilities to conduct the processing
services described above. The Funds may reimburse the Adviser for expenses advanced by the Adviser on behalf of the Funds in connection
with the Shareholder Servicing Plan.

During the fiscal year ended
June 30, 2023, the Funds paid the following Shareholder Servicing Agents for providing shareholder services:

	Ameriprise Financial Services, Inc.
	Charles Schwab & Co., Inc.
	Fidelity
	Financial Data
	LPL Financial Corporation
	MSCS Financial Services LLC
	National Financial Services, LLC
	Pershing LLC
	Raymond James Financial Services
	RBC Capital Markets LLC
	TD Ameritrade
	UBS Financial Services, Inc.
	Vanguard Advisers, Inc.
	Wells Fargo Advisors LLC

The amounts each Fund paid under
the Shareholder Servicing Plan, including amounts reimbursed to the Adviser, during the fiscal years indicated, are shown below:

	Shareholder Servicing Fees Paid During Fiscal Years Ended June 30,
Fund Name	2023		2022		2021
CCM Core Impact Equity Fund	$	58,440	$	63,546	$	64,790
CCM Small/Mid-Cap Impact Value Fund	$	16,769	$	15,492	$	14,278

CUSTODIAN

Pursuant to a custody agreement
between the Funds and U.S. Bank, N.A., 1555 North RiverCenter Drive, Suite 302, Milwaukee, Wisconsin 53212 (the “Custodian”),
the Custodian serves as the custodian of the Funds’ assets, holds the Funds’ 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 and its affiliates may participate in revenue sharing arrangements with service
providers of mutual funds in which the Funds may invest.

TRANSFER AGENT AND ADMINISTRATOR

Effective May 26, 2021, commencing
on September 25, 2021, Apex Fund Services, Three Canal Plaza, Ground Floor, Portland, ME 04101 (the “Transfer Agent”), serves
as the Fund’s transfer agent. Prior to September 25, 2021, U.S. Bank Global Fund Services, located at 615 East Michigan Street,
3rd Floor, Milwaukee, Wisconsin 53202-5207, served as the Fund’s transfer agent. The Transfer Agent maintains the records of each
shareholder’s account, answers shareholder inquiries concerning accounts, processes purchases and redemptions of Fund shares, acts
as dividend and distribution disbursing agent, and performs other shareholder servicing functions.

Effective June 1, 2021, commencing
on September 27, 2021, SEI Investments Global Funds Services (the “Administrator”), located at One Freedom Valley Drive, Oaks,
PA 19456, provides administration and fund accounting services for the Fund pursuant to an Administration Agreement. Prior to September
27, 2021, U.S. Bank Global Fund Services, located at 615 East Michigan Street, 3rd Floor, Milwaukee, Wisconsin 53202-5207, served as the
Fund’s administrator. The Administrator supervises all aspects of the operations of the Fund except those performed by the Fund’s
Adviser under the Fund’s investment advisory agreement. The Administrator is responsible for:

(a) calculating the Fund’s net asset
value;

(b) preparing and maintaining the books and
accounts specified in Rules 31a-1and 31a-2 of the 1940 Act;

(d) preparing the Fund’s federal and
state tax returns;

(e) preparing certain reports and filings with
the SEC; and

(f) maintaining the Fund’s financial
accounts and records.

For its services to the Trust,
the Trust pays the Administrator an annual fee, paid monthly, based on the aggregate average net assets of the Funds, as determined by
valuations made as of the close of business at the end of the month. Each Fund is charged its pro rata share of such expenses.

For the fiscal years ended
June 30, 2023 and June 30, 2022, the Funds paid the following amounts to the Administrator for its fund administration services:

Fund Name

Fiscal Year

ended

June 30, 2023

Fiscal Year

ended

June 30, 2022

CCM Core Impact Equity Fund

27,723

55,079

CCM Small/Mid-Cap Impact Value Fund

25,069

26,615

For the fiscal year ended
June 30, 2021, the Funds paid the following amounts to U.S. Bank Global Fund Services for its fund administration services:

Fund Name

Fiscal Year

ended

June 30, 2021

CCM Core Impact Equity Fund

59, 909

CCM Small/Mid-Cap Impact Value Fund

18,067

LEGAL COUNSEL

Stradley Ronon Stevens &
Young, LLP, located at One Commerce Square, Suite 2600, Philadelphia, Pennsylvania 19103, serves as counsel to the Trust and to the Independent
Trustees of the Trust.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tait, Weller & Baker LLP,
located at 50 South 16th Street, Suite 2900, Philadelphia, Pennsylvania 19102, is the Independent Registered Public Accounting Firm for
the Trust.

CODES OF ETHICS

Pursuant to Rule 17j-1 of the
1940 Act and Rule 204A-1 of the Advisers Act, the Adviser and Distributor have each adopted a Code of Ethics that applies to the personal
trading activities of their employees. The Codes of Ethics establishes standards for personal securities transactions by employees covered
under the Codes of Ethics. Under the Codes of Ethics, employees have a duty at all times to place the interests of shareholders above
their own, and never to take inappropriate advantage of their position. As such, employees are prohibited from engaging in, or recommending,
any securities transaction that involves any actual or potential conflict of interest, or any abuse of an employee’s position of
trust and responsibility. Under the Codes of Ethics, persons subject to the Codes are permitted to engage in personal securities transactions,
including securities that may be purchased or held by the Funds, subject to the requirements of Rule 17j-1 under the 1940 Act and certain
other procedures set forth in the applicable code.

Copies of the Codes of Ethics
are on file with and publicly available from the SEC.

REPORTS TO SHAREHOLDERS

The fiscal year of the Trust
ends on June 30. Shareholders of each Fund will be provided at least semi- annually with reports showing the portfolio of the Fund and
other information, including an annual report with financial statements audited by the independent registered accountants. In addition,
the Trust will send to each shareholder having an account directly with the Trust a quarterly statement showing transactions in the account,
the total number of shares owned and any dividends or distributions paid. Inquiries regarding any Fund may be directed in writing to Apex
Fund Services, P.O. Box 588, Portland, ME 04112 or by calling 888-272-0007.

BROKERAGE ALLOCATION

The advisory agreement provides
that the Adviser shall be responsible for the selection of brokers and dealers for the execution of the portfolio transactions of the
respective Funds that it advises and, when applicable, the negotiation of commissions in connection therewith. The Trust has no obligations
to deal with any broker-dealer or group of brokers or dealers in the execution of transactions in portfolio securities.

Purchase and sale orders will
usually be placed with brokers who are selected based on their ability to achieve “best execution” of such orders. “Best
execution” means prompt and reliable execution at the most favorable security price, taking into account the other provisions hereinafter
set forth. The determination of what may constitute best execution and price in the execution of a securities transaction by a broker
involves a number of considerations, including the overall direct net economic result to the Fund (involving both price paid or received
and any commissions and other costs paid), the efficiency with which the transaction is effected, the ability to effect the transaction
at all where a large block is involved, the availability of the broker to stand ready to execute possibly difficult transactions in the
future, and the financial strength and stability of the broker. Such considerations are weighed by the Adviser in determining the overall
reasonableness of brokerage commissions.

The Adviser is authorized to
allocate brokerage and principal business to brokers who have provided brokerage and research services, as such services are defined in
Section 28(e) of the 1934 Act, for the Trust and/or other accounts for which the Adviser exercises investment discretion (as defined in
Section 3(a)(35) of the 1934 Act) and, as to transactions for which fixed minimum commission rates are not applicable, to cause a Fund
to pay a commission for effecting a securities transaction in excess of the amount another broker would have charged for effecting that
transaction, if the Adviser determines in good faith that such amount of commission is reasonable in relation to the value of the brokerage
and research services provided by such broker, viewed in terms of either that particular transaction or the Adviser’s overall responsibilities
with respect to the Fund managed by the Adviser. In reaching such determination, the Adviser will not be required to place or to attempt
to place a specific dollar value on the research or execution services of a broker or on the portion of any commission reflecting either
of said services. Research services provided by brokers to the Advisers includes that which brokerage houses customarily provide to institutional
investors and statistical and economic data and research reports on particular companies and industries.

The Adviser may purchase or sell
portfolio securities on behalf of a Fund in agency or principal transactions. In agency transactions, the Fund generally pays brokerage
commissions. In principal transactions, the Fund generally does not pay commissions. However, the aggregate price paid for the security
will usually include an undisclosed “mark-up” or selling concession. The Adviser normally purchases fixed- income securities
on a net basis from primary market makers acting as principals for the securities. The Adviser may purchase certain money market instruments
directly from an issuer without paying commissions or discounts.

The Adviser may aggregate sale
and purchase orders for the Funds with similar orders made simultaneously for other clients of the Adviser. The Adviser will do so when,
in its judgment, such aggregation will result in overall economic benefit to the Fund managed by the Adviser, taking into consideration
the advantageous selling or purchase price, brokerage commission, and other expenses.

The amount of brokerage commissions
paid by each Fund during the fiscal years ended June 30, 2023, 2022, and 2021, are set forth below:

	Total Amount of Brokerage Commissions Paid
Name of Fund	2023		2022		2021
CCM Core Impact Equity Fund	$	5,321.79	$	10,088.27	$	31,943.53
CCM Small/Mid-Cap Impact Value Fund	$	2,007.83	$	4,786.39	$	27,702.34

As of June 30, 2023, each
of the Funds did not own any securities issued by any of the ten broker-dealers with whom the Funds transacted the most business during
the fiscal year ended June 30, 2022.

During the fiscal year ended
June 30, 2023, the Funds directed brokerage transactions to brokers who have provided brokerage and research services. The amount of
such transactions and related commissions were as follows:

Name
of Fund

Amount
of Research

Commissions

Transactions

Amount
of Research

Commission

CCM Core Impact Equity Fund

4,326

2,269

CCM Small/Mid-Cap Impact Value Fund

1,854

944

AFFILIATED BROKERAGE TRANSACTIONS

When buying or selling securities,
the Adviser may execute trades for a Fund with broker-dealers that are affiliated with the Trust, the Adviser or its affiliates, and the
Fund may pay commissions to such broker-dealers in accordance with procedures adopted by the Board of Trustees. The Trust has adopted
procedures to monitor and control such affiliated brokerage transactions, which are reported to and reviewed by the Board of Trustees
at least quarterly.

SHAREHOLDER INFORMATION

The Trust offers Advisor Class,
and Institutional Class Shares. Each class involves different expenses as described more fully in the Prospectus.

PURCHASES AND SALES THROUGH BROKERS

The Funds have authorized one
or more brokers to receive on their behalf purchase and redemption orders. Such brokers are authorized to designate intermediaries to
receive orders on the Funds’ behalf. A Fund will be deemed to have received an order when an authorized broker or broker-authorized
designee receives the order. Customer orders, in such cases, will be priced at the Fund’s net asset value per share next computed
after they are received by an authorized broker or the broker-authorized designee.

REDEEMING SHARES

Redemptions of each Fund’s
shares will be made at net asset value (“NAV”). Each Fund’s NAV is determined on days on which the NYSE Arca is open
for trading, as discussed further below.

Redemptions In-Kind. The
Funds do not intend, under normal circumstances, to redeem their securities by payment in-kind. It is possible, however, that conditions
may arise in the future which would, in the opinion of the Trustees, make it undesirable for the Funds to pay for all redemptions in cash.
In such case, the Board of Trustees may authorize payment to be made in readily marketable portfolio securities of the Fund. Securities
delivered in payment of redemptions would be valued at the same value assigned to them in computing the net asset value per share. Shareholders
receiving them would incur brokerage costs when these securities are sold. An irrevocable election has been filed under Rule 18f-1 of
the 1940 Act, wherein each Fund has committed itself to pay redemptions in cash, rather than in-kind, to any shareholder of record of
the Fund who redeems during any ninety-day period, the lesser of: (a) $250,000; or (b) one percent (1%) of the Fund’s NAV at the
beginning of such period.

NET ASSET VALUE, DIVIDENDS AND TAXES

NET ASSET VALUE

Each Fund determines its NAV
each day NYSE Arca is open for trading. The NYSE Arca is closed to observe the following holidays, in addition to Saturdays and Sundays:
New Year’s Day, Martin Luther King, Jr. Day, Presidents Day, Good Friday, Memorial Day, Juneteenth Independence Day, Independence
Day, Labor Day, Thanksgiving Day and Christmas Day.

The net asset value per share
of a Fund is calculated separately for each class of shares by dividing the total value of the Fund’s assets attributable to a particular
class after subtracting liabilities charged to that class by the number of outstanding shares of that class. The liabilities that are
charged to a Fund are borne by each share of the Fund. For purposes of valuing a Fund’s portfolio securities, securities traded
on a national securities exchange are valued at the last reported sales price unless there is no trading of a security, then the most
recent quoted bid price is used. Debt securities are valued by using market bid quotations or independent pricing services which use bid
prices provided by market makers or estimates of market values obtained from yield data relating to instruments or securities with similar
characteristics. Securities and other assets for which market quotations are not readily available are valued at fair value as determined
in good faith by the Adviser, subject to the review and supervision of the Funds’ Board of Trustees. Short-term obligations having
a remaining maturity of 60 days or less may be valued at the evaluated price supplied by an independent pricing service, which the Board
of Trustees believes represents fair market value. Discounts and premiums on debt securities are amortized to income over their prospective
lives, using the interest method.

Suspension of the Determination
of Net Asset Value. The Board of Trustees may suspend the determination of net asset value and, accordingly, redemptions for a Fund
for the whole or any part of any period during which: (i) NYSE Arca is closed (other than for customary weekend and holiday closings);
(ii) trading on NYSE Arca is restricted; (iii) an emergency exists as a result of which disposal of securities owned by the Fund is not
reasonably practicable or it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (iv) the SEC
may by order permit for the protection of the holders of the Fund’s shares.

DIVIDENDS AND TAXES

The following is a summary of
certain additional tax considerations generally affecting a Fund and its shareholders that are not described in the Prospectus. No attempt
is made to present a detailed explanation of the tax treatment of a Fund or its shareholders, and the discussion here and in the Prospectus
is not intended as a substitute for careful tax planning.

This “Dividends and Taxes”
section is based on the Code and applicable regulations in effect on the date of this SAI. Future legislative, regulatory or administrative
changes, including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the
tax rules applicable to a Fund and its shareholders. Any of these changes or court decisions may have a retroactive effect.

This is for general information
only and not tax advice. All investors should consult their own tax advisors as to the federal, state, local and foreign tax provisions
applicable to them.

Taxation of the Funds. Each
Fund has elected and intends to qualify, or, if newly organized, intends to elect and qualify, each year as a regulated investment company
(sometimes referred to as a “regulated investment company,” “RIC” or “fund”) under Subchapter M of
the Code. If a Fund so qualifies, the Fund will not be subject to federal income tax on the portion of its investment company taxable
income (that is, generally, taxable interest, dividends, net short-term capital gains, and other taxable ordinary income, net of expenses,
without regard to the deduction for dividends paid) and net capital gain (that is, the excess of net long-term capital gains over net
short-term capital losses) that it distributes to shareholders.

In order to qualify for treatment
as a regulated investment company, each Fund must satisfy the following requirements:

•

Distribution Requirement—a Fund must distribute an amount equal to the sum of at least 90% of its investment company taxable income and 90% of its net tax-exempt income, if any, for the tax year (including, for purposes of satisfying this distribution requirement, certain distributions made by the Fund after the close of its taxable year that are treated as made during such taxable year).

•

Income Requirement—a Fund must derive at least 90% of its gross income from dividends, interest, certain payments with respect to securities loans, and gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived from its business of investing in such stock, securities or currencies and net income derived from qualified publicly traded partnerships (“QPTPs”).

•

Asset Diversification Test—a Fund must satisfy the following asset diversification test at the close of each quarter of the Fund’s tax year: (1) at least 50% of the value of the Fund’s assets must consist of cash and cash items, U.S. Government securities, securities of other regulated investment companies, and securities of other issuers (as to which the Fund has not invested more than 5% of the value of the Fund’s total assets in securities of an issuer and as to which the Fund does not hold more than 10% of the outstanding voting securities of the issuer); and (2) no 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 securities of other regulated investment companies) or of two or more issuers which the Fund controls and which are engaged in the same or similar trades or businesses, or, in the securities of one or more QPTPs.

In some circumstances, the character
and timing of income realized by a Fund for purposes of the Income Requirement or the identification of the issuer for purposes of the
Asset Diversification Test is uncertain under current law with respect to a particular investment, and an adverse determination or future
guidance by the Internal Revenue Service (“IRS”) with respect to such type of investment may adversely affect a Fund’s
ability to satisfy these requirements. See, “Tax Treatment of Portfolio Transactions” below with respect to the application
of these requirements to certain types of investments. In other circumstances, a Fund may be required to sell portfolio holdings in order
to meet the Income Requirement, Distribution Requirement, or Asset Diversification Test, which may have a negative impact on the Fund’s
income and performance.

Each Fund may use “equalization
accounting” (in lieu of making some cash distributions) in determining the portion of its income and gains that has been distributed.
If a Fund uses equalization accounting, it will allocate a portion of its undistributed investment company taxable income and net capital
gain to redemptions of Fund shares and will correspondingly reduce the amount of such income and gains that it distributes in cash. If
the IRS determines that a Fund’s allocation is improper and that the Fund has under-distributed its income and gain for any taxable
year, the Fund may be liable for federal income and/or excise tax. If, as a result of such adjustment, the Fund fails to satisfy the Distribution
Requirement, the Fund will not qualify that year as a regulated investment company the effect of which is described in the following paragraph.

If for any taxable year a Fund
does not qualify as a regulated investment company, all of its taxable income (including its net capital gain) would be subject to tax
at the corporate income tax rate without any deduction for dividends paid to shareholders, and the dividends would be taxable to the shareholders
as ordinary income (or possibly as qualified dividend income) to the extent of the Fund’s current and accumulated earnings and profits.
Failure to qualify as a regulated investment company would thus have a negative impact on a Fund’s income and performance. Subject
to savings provisions for certain failures to satisfy the Income Requirement or Asset Diversification Test, which, in general, are limited
to those due to reasonable cause and not willful neglect, it is possible that a Fund will not qualify as a regulated investment company
in any given tax year. Even if such savings provisions apply, a Fund may be subject to a monetary sanction of $50,000 or more. Moreover,
the Board reserves the right not to maintain the qualification of a Fund as a regulated investment company if it determines such a course
of action to be beneficial to shareholders.

Portfolio Turnover. For
investors that hold their Fund shares in a taxable account, a high portfolio turnover rate may result in higher taxes. This is because
a fund with a high turnover rate is likely to accelerate the recognition of capital gains and more of such gains are likely to be taxable
as short-term rather than long-term capital gains in contrast to a comparable fund with a low turnover rate. Any such higher taxes would
reduce the Fund’s after-tax performance. See “Taxation of Fund Distributions—Distributions of Capital Gains” below.
For non-U.S. investors, any such acceleration of the recognition of capital gains that results in more short-term and less long-term capital
gains being recognized by a Fund may cause such investors to be subject to increased U.S. withholding taxes. See “Non-U.S. Investors—Capital
Gain Dividends” and “Short-Term Capital Gain Dividends and Interest-Related Dividends” below.

Capital Loss Carryovers.
The capital losses of a Fund, if any, do not flow through to shareholders. Rather, a Fund may use its capital losses, subject to applicable
limitations, to offset its capital gains without being required to pay taxes on or distribute to shareholders such gains that are offset
by the losses. If a Fund has a “net capital loss” (that is, capital losses in excess of capital gains) the excess (if any)
of the Fund’s net short-term capital losses over its net long-term capital gains is treated as a short-term capital loss arising
on the first day of the Fund’s next taxable year, and the excess (if any) of the Fund’s net long-term capital losses over
its net short-term capital gains is treated as a long-term capital loss arising on the first day of the Fund’s next taxable year.
Any such net capital losses of a Fund that are not used to offset capital gains may be carried forward indefinitely to reduce any future
capital gains realized by the Fund in succeeding taxable years.

The amount of capital losses
that can be carried forward and used in any single year is subject to an annual limitation if there is a more than 50% “change in
ownership” of a Fund. An ownership change generally results when shareholders owning 5% or more of a Fund increase their aggregate
holdings by more than 50% over a three-year look-back period. An ownership change could result in capital loss carryovers being used at
a slower rate, thereby reducing a Fund’s ability to offset capital gains with those losses. An increase in the amount of taxable
gains distributed to a Fund’s shareholders could result from an ownership change. The Funds undertake no obligation to avoid or
prevent an ownership change, which can occur in the normal course of shareholder purchases and redemptions or as a result of engaging
in a tax-free reorganization with another fund. Moreover, because of circumstances beyond a Fund’s control, there can be no assurance
that a Fund will not experience, or has not already experienced, an ownership change. Additionally, if a Fund engages in a tax-free reorganization
with another fund, the effect of these and other rules not discussed herein may be to disallow or postpone the use by a Fund of its capital
loss carryovers (including any current year losses and built-in losses when realized) to offset its own gains or those of the other fund,
or vice versa, thereby reducing the tax benefits Fund shareholders would otherwise have enjoyed from use of such capital loss carryovers.

Deferral of Late Year Losses.
A Fund may elect to treat part or all of any “qualified late year loss” as if it had been incurred in the succeeding taxable
year in determining the Fund’s taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect
of this election is to treat any such “qualified late year loss” as if it had been incurred in the succeeding taxable year
in characterizing Fund distributions for any calendar year (see, “Taxation of Fund Distributions—Distributions of capital
gains” below). A “qualified late year loss” includes:

(i)

any net capital loss incurred after October 31 of the current taxable year, or, if there is no such loss, any net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (“post-October capital losses”), and

(ii)

the sum of (1) the excess, if any, of (a) specified losses incurred after October 31 of the current taxable year, over (b) specified gains incurred after October 31 of the current taxable year and (2) the excess, if any, of (a) ordinary losses incurred after December 31 of the current taxable year, over (b) the ordinary income incurred after December 31 of the current taxable year.

The terms “specified losses”
and “specified gains” mean ordinary losses and gains from the sale, exchange, or other disposition of property (including
the termination of a position with respect to such property), foreign currency losses and gains, and losses and gains resulting from holding
stock in a passive foreign investment company (“PFIC”) for which a mark-to-market election is in effect. The terms “ordinary
losses” and “ordinary income” mean other ordinary losses and income that are not described in the preceding sentence.

Undistributed Capital Gains.
A Fund may retain or distribute to shareholders its net capital gain for each taxable year. The Funds currently intend to distribute net
capital gains. If a Fund elects to retain its net capital gain, the Fund will be taxed thereon (except to the extent of any available
capital loss carryovers) at the corporate income tax rate. If a Fund elects to retain its net capital gain, it is expected that the Fund
also will elect to have shareholders treated as if each received a distribution of its pro rata share of such gain, with the result that
each shareholder will be required to report its pro rata share of such gain on its tax return as long-term capital gain, will receive
a refundable tax credit for its pro rata share of tax paid by the Fund on the gain, and will increase the tax basis for its shares by
an amount equal to the deemed distribution less the tax credit.

Federal Excise Tax. To
avoid a 4% non-deductible excise tax, a Fund must distribute by December 31 of each year an amount equal to at least: (1) 98% of its ordinary
income for the calendar year, (2) 98.2% of capital gain net income (that is, the excess of the gains from sales or exchanges of capital
assets over the losses from such sales or exchanges) for the one-year period ended on October 31 of such calendar year, and (3) any prior
year undistributed ordinary income and capital gain net income. A Fund may elect to defer to the following year any net ordinary loss
incurred for the portion of the calendar year which is after the beginning of the Fund’s taxable year. Also, a Fund will defer any
“specified gain” or “specified loss” which would be properly taken into account for the portion of the calendar
year after October 31. Any net ordinary loss, specified gain, or specified loss deferred shall be treated as arising on January 1 of the
following calendar year. Generally, each Fund intends to make sufficient distributions prior to the end of each calendar year to avoid
any material liability for federal income and excise tax, but can give no assurances that all or a portion of such liability will be avoided.
In addition, under certain circumstances, temporary timing or permanent differences in the realization of income and expense for book
and tax purposes can result in a Fund having to pay an excise tax.

Foreign Income Tax. Investment
income received by a Fund from sources within foreign countries may be subject to foreign income tax withheld at the source and the amount
of tax withheld generally will be treated as an expense of the Fund. The United States has entered into tax treaties with many foreign
countries which entitle a Fund to a reduced rate of, or exemption from, tax on such income. Some countries require the filing of a tax
reclaim or other forms to receive the benefit of the reduced tax rate; whether or when the Fund will receive the tax reclaim is within
the control of the individual country. Information required on these forms may not be available such as shareholder information; therefore,
the Fund may not receive the reduced treaty rates or potential reclaims. Other countries have conflicting and changing instructions and
restrictive timing requirements which may cause the Fund not to receive the reduced treaty rates or potential reclaims. Other countries
may subject capital gains realized by the Fund on sale or disposition of securities of that country to taxation. It is impossible to determine
the effective rate of foreign tax in advance since the amount of a Fund’s assets to be invested in various countries is not known.
Under certain circumstances, a Fund may elect to pass-through foreign taxes paid by the Fund to shareholders, although it reserves the
right not to do so. If the Fund makes such an election and obtains a refund of foreign taxes paid by the Fund in a prior year, the Fund
may be eligible to reduce the amount of foreign taxes reported by the Fund to its shareholders, generally by the amount of the foreign
taxes refunded, for the year in which the refund is received.

Taxation of Fund Distributions.
Each Fund anticipates distributing substantially all of its investment company taxable income and net capital gain for each taxable
year. Distributions by a Fund will be treated in the manner described below regardless of whether such distributions are paid in cash
or reinvested in additional shares of the Fund (or of another fund). Each Fund will send you information annually as to the federal income
tax consequences of distributions made (or deemed made) during the year.

Distributions of Net Investment
Income. Each Fund receives ordinary income generally in the form of dividends and/or interest on its investments. A Fund may also
recognize ordinary income from other sources, including, but not limited to, certain gains on foreign currency-related transactions. This
income, less expenses incurred in the operation of a Fund, constitutes a Fund’s net investment income from which dividends may be
paid to you. If you are a taxable investor, distributions of net investment income generally are taxable as ordinary income to the extent
of a Fund’s earnings and profits. In the case of a Fund whose strategy includes investing in stocks of corporations, a portion of
the income dividends paid to you may be qualified dividends eligible to be taxed at reduced rates. See the discussion below under the
headings, “—Qualified Dividend Income for Individuals” and “—Dividends-Received Deduction for Corporations.”

Distributions of Capital Gains.
Each Fund may derive capital gain and loss 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 the excess of net long-term capital gain over net short-term capital loss will be taxable to you as long-term capital gain,
regardless of how long you have held your shares in a Fund. Any net short-term or long-term capital gain realized by a 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 federal excise or income taxes on the Fund.

Returns of Capital. Distributions
by a Fund that are not paid from earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the
shareholder’s tax basis in his or her shares; any excess will be treated as gain from the sale of his or her shares. Thus, the portion
of a distribution that constitutes a return of capital will decrease the shareholder’s tax basis in his or her Fund shares (but
not below zero), and will result in an increase in the amount of gain (or decrease in the amount of loss) that will be recognized by the
shareholder for tax purposes on the later sale of such Fund shares. Return of capital distributions can occur for a number of reasons
including, among others, a Fund over-estimates the income to be received from certain investments such as those classified as partnerships
or equity REITs (see “Tax Treatment of Portfolio Transactions—Investments in U.S. REITs” below).

Qualified Dividend Income
for Individuals. Ordinary income dividends reported by a Fund to shareholders as derived from qualified dividend income will be taxed
in the hands of individuals and other noncorporate shareholders at the rates applicable to long-term capital gain. “Qualified dividend
income” means dividends paid to a Fund (a) by domestic corporations, (b) by foreign corporations that are either (i) incorporated
in a possession of the United States, or (ii) are eligible for benefits under certain income tax treaties with the United States that
include an exchange of information program, or (c) with respect to stock of a foreign corporation that is readily tradable on an established
securities market in the United States. Both a Fund and the investor must meet certain holding period requirements to qualify Fund dividends
for this treatment. Specifically, the Fund must hold the stock for at least 61 days during the 121-day period beginning 60 days before
the stock becomes ex-dividend. Similarly, investors must hold their Fund shares for at least 61 days during the 121-day period beginning
60 days before a Fund distribution goes ex-dividend. Income derived from investments in derivatives, fixed-income securities, U.S. REITs
and PFICs generally is not eligible for treatment as qualified dividend income. If the qualifying dividend income received by a Fund is
equal to or greater than 95% 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.

Dividends-Received Deduction
for Corporations. For corporate shareholders, a portion of the dividends paid by a Fund may qualify for the 50% corporate dividends-received
deduction. The portion of dividends paid by a Fund that so qualifies will be reported by the Fund to shareholders each year and cannot
exceed the gross amount of dividends received by the Fund from domestic (U.S.) corporations. The availability of the dividends- received
deduction is subject to certain holding period and debt financing restrictions that apply to both the Fund and the investor. Specifically,
the amount that a Fund may report as eligible for the dividends-received deduction will be reduced or eliminated if the shares on which
the dividends earned by the Fund were debt-financed or held by the Fund for less than a minimum period of time, generally 46 days during
a 91-day period beginning 45 days before the stock becomes ex-dividend. Similarly, if your Fund shares are debt-financed or held by you
for less than a 46-day period then the dividends-received deduction for Fund dividends on your shares may also be reduced or eliminated.
Income derived by a Fund from investments in derivatives, fixed-income and foreign securities generally is not eligible for this treatment.

Qualified REIT dividends.
Under 2017 legislation commonly known as the Tax Cuts and Jobs Act (“TCJA”), “qualified REIT dividends” (i.e.,
ordinary REIT dividends other than capital gain dividends and portions of REIT dividends designated as qualified dividend income) are
treated as eligible for a 20% deduction by noncorporate taxpayers. This deduction, if allowed in full, equates to a maximum effective
tax rate of 29.6% (37% top rate applied to income after 20% deduction). A Fund may choose to pass through the special character of “qualified
REIT dividends” to its shareholders, provided both the Fund and a shareholder meet certain holding period requirements. The amount
of a RIC’s dividends eligible for the 20% deduction for a taxable year is limited to the excess of the RIC’s qualified REIT
dividends for the taxable year over allocable expenses. A noncorporate shareholder receiving such dividends would treat them as eligible
for the 20% deduction, provided the shareholder meets certain holding period requirements for its shares in the RIC (i.e., generally,
RIC shares must be held by the shareholder for more than 45 days during the 91-day period beginning on the date that is 45 days before
the date on which the shares become ex-dividend with respect to such dividend).

Impact of Realized but Undistributed
Income and Gains, and Net Unrealized Appreciation of Portfolio Securities. At the time of your purchase of shares, the Fund’s
net asset value may reflect undistributed income, undistributed capital gains, or net unrealized appreciation of portfolio securities
held by the Fund. A subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable,
and would be taxed as ordinary income (some portion of which may be taxed as qualified dividend income), capital gains, or some combination
of both, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. A Fund
may be able to reduce the amount of such distributions from capital gains by utilizing its capital loss carryovers, if any.

Pass-Through of Foreign Tax
Credits. If more than 50% of a Fund’s total assets at the end of a fiscal year is invested in foreign securities, the Fund may
elect to pass through to you your pro rata share of foreign taxes paid by the Fund. If this election is made, a Fund may report more taxable
income to you than it actually distributes. You will then be entitled either to deduct your share of these taxes in computing your taxable
income, or to claim a foreign tax credit for these taxes against your U.S. federal income tax (subject to limitations for certain shareholders).
A Fund will provide you with the information necessary to claim this deduction or credit on your personal income tax return if it makes
this election. No deduction for foreign tax may be claimed by a noncorporate shareholder who does not itemize deductions or who is subject
to the alternative minimum tax. Shareholders may be unable to claim a credit for the full amount of their proportionate shares of the
foreign income tax paid by the Fund due to certain limitations that may apply. Each Fund reserves the right not to pass through to its
shareholders the amount of foreign income taxes paid by the Fund.

U.S. Government Securities.
Income earned on certain U.S. government obligations is exempt from state and local personal income taxes if earned directly by you.
States also 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 a Fund. Income on investments by a Fund in certain
other obligations, such as repurchase agreements collateralized by U.S. government obligations, commercial paper and federal agency-backed
obligations (e.g., GNMA or FNMA obligations), generally does not qualify for tax-free treatment. The rules on exclusion of this income
are different for corporations.

Dividends Declared in December
and Paid in January. Ordinarily, shareholders are required to take distributions by the Fund into account in the year in which the
distributions are made. However, dividends declared in October, November or December of any year and payable to shareholders of record
on a specified date in such a month will be deemed to have been received by the shareholders (and made by the Fund) on December 31 of
such calendar year if such dividends are actually paid in January of the following year. Shareholders will be advised annually as to the
U.S. federal income tax consequences of distributions made (or deemed made) during the year in accordance with the guidance that has been
provided by the IRS.

Medicare Tax. A 3.8% Medicare
tax is imposed on net investment income earned by certain individuals, estates and trusts. “Net investment income,” for these
purposes, means investment income, including ordinary dividends and capital gain distributions received from a Fund and net gains from
redemptions or other taxable dispositions of Fund shares, reduced by the deductions properly allocable to such income. In the case of
an individual, the tax will be imposed on the lesser of (1) the shareholder’s net investment income or (2) the amount by which the
shareholder’s modified adjusted gross income exceeds $250,000 (if the shareholder is married and filing jointly or a surviving spouse),
$125,000 (if the shareholder is married and filing separately) or $200,000 (in any other case). This Medicare tax, if applicable, is reported
by you on, and paid with, your federal income tax return.

Sales, Exchanges and Redemptions
of Fund Shares. Sales, exchanges and redemptions (including redemptions in kind) of Fund shares are taxable transactions for federal
and state income tax purposes. If you redeem your Fund shares, the IRS requires you to report any gain or loss on your redemption. If
you held your shares as a capital asset, the gain or loss that you realize will be a capital gain or loss and will be long-term or short-term,
generally depending on how long you have held your shares. Any redemption fees you incur on shares redeemed will decrease the amount of
any capital gain (or increase any capital loss) you realize on the sale. Capital losses in any year are deductible only to the extent
of capital gains plus, in the case of a noncorporate taxpayer, $3,000 of ordinary income.

Tax Basis Information.
A Fund is required to report to you and the IRS annually on Form 1099-B the cost basis of shares purchased or acquired on or after
January 1, 2012 where the cost basis of the shares is known by the Funds (referred to as “covered shares”) and which are disposed
of after that date. However, cost basis reporting is not required for certain shareholders, including shareholders investing in a Fund
through a tax- advantaged retirement account, such as a 401(k) plan or an individual retirement account, or shareholders investing in
a money market fund that maintains a stable net asset value.

When required to report cost
basis, the Funds will calculate it using the Funds’ default method of average cost, unless you instruct a Fund in writing to use
a different calculation method. In general, average cost is the total cost basis of all your shares in an account divided by the total
number of shares in the account. To determine whether short-term or long-term capital gains taxes apply, the IRS presumes you redeem your
oldest shares first.

The IRS permits the use of several
methods to determine the cost basis of mutual fund shares. The method used will determine which specific shares are deemed to be sold
when there are multiple purchases on different dates at differing share prices, and the entire position is not sold at one time. The Funds
do not recommend any particular method of determining cost basis, and the use of other methods may result in more favorable tax consequences
for some shareholders. It is important that you consult with your tax advisor to determine which method is best for you and then notify
a Fund in writing if you intend to utilize a method other than average cost for covered shares.

In addition to the Funds’
default method of average cost, other cost basis methods offered by the Trust, which you may elect to apply to covered shares, include:

•

Single Account Average Cost—the total cost basis of both covered shares and “noncovered shares” (as defined below) in an account are averaged to determine the basis of shares. By electing the single account average cost method, your noncovered shares will be redesignated as covered shares.

•

First-In, First-Out—shares acquired first in the account are the first shares depleted.

•

Last-In, First-Out—shares acquired last in the account are the first shares depleted.

•

Highest In, First Out (High Cost)—shares acquired with the highest cost per share are the first shares depleted.

•

Lowest In, First Out (Low Cost)—shares acquired with the lowest cost per share are the first shares depleted.

•

Loss/Gain Utilization—shares with loses are depleted prior to shares with gains; short-term shares are depleted prior to long-term shares.

•

Specific Lot Identification—shareholder selects which lots to deplete at the time of each disposition. Transaction amount must be in shares. If you identify an insufficient number of shares or do not make a timely identification, the transaction will default to the first-in, first-out method, unless you elect a secondary method. The secondary method options include first-in, first-out; last-in, first-out; low cost; high cost; and loss/gain utilization.

You may elect any of the available
methods detailed above for your covered shares. If you do not notify a Fund in writing of your elected cost basis method upon the initial
purchase into your account, the default method of average cost will be applied to your covered shares. The cost basis for covered shares
will be calculated separately from any “noncovered shares” (as defined below) you may own, unless you elect single account
average cost. You may change from average cost to another cost basis method for covered shares at any time if you notify a Fund in writing,
but only for shares acquired after the date of the change (the change is prospective). The basis of the shares that were averaged before
the change will remain averaged after the date of the change.

A Fund may also provide Fund
shareholders (but not the IRS) with information concerning the average cost basis of their shares purchased prior to January 1, 2012 or
shares acquired on or after January 1, 2012 for which cost basis information is not known by the Fund (“noncovered shares”)
in order to assist you with the calculation of gain or loss from a sale or redemption of noncovered shares. With the exception of the
specific lot identification method, the Trust first depletes noncovered shares with unknown cost basis in first in, first out order and
then noncovered shares with known basis in first in, first out order before applying your elected method to your remaining covered shares.
If you want to deplete your shares in a different order then you must elect specific lot identification and choose the lots you wish to
deplete first. Shareholders that use the average cost method for noncovered shares must make the election to use the average cost method
for these shares on their federal income tax returns in accordance with Treasury regulations. This election for noncovered shares cannot
be made by notifying a Fund.

A Fund will compute and report
the cost basis of your Fund shares sold or exchanged by taking into account all of the applicable adjustments to cost basis and holding
periods as required by the Code and Treasury regulations for purposes of reporting these amounts to you and, in the case of covered shares,
to the IRS. However a Fund is not required to, and in many cases a Fund does not possess the information to, take all possible basis,
holding period or other adjustments into account in reporting cost basis information to you. Therefore shareholders should carefully review
the cost basis information provided by a Fund, whether this information is provided pursuant to compliance with cost basis reporting requirements
for shares acquired on or after January 1, 2012, or is provided by a Fund as a service to shareholders for shares acquired prior to that
date, and make any additional basis, holding period or other adjustments that are required by the Code and Treasury regulations when reporting
these amounts on their federal income tax returns. Shareholders remain solely responsible for complying with all federal income tax laws
when filing their federal income tax returns.

If you hold your Fund shares
through a broker (or other nominee), please contact that broker (nominee) with respect to reporting of cost basis and available elections
for your account.

Wash Sales. All or a portion
of any loss that you realize on a redemption of your Fund shares will be disallowed to the extent that you buy other shares in the Fund
(through reinvestment of dividends or otherwise) within 30 days before or after your share redemption. Any loss disallowed under these
rules will be added to your tax basis in the new shares.

Redemptions at a Loss Within
Six Months of Purchase. Any loss incurred on a redemption or exchange of shares held for six months or less will be treated as long-term
capital loss to the extent of any long-term capital gain distributed to you by the Fund on those shares.

Conversion of shares of the
Fund into other shares of the same Fund. The conversion of shares of one class of the Fund into shares of another class of the same
Fund is not taxable for federal income tax purposes and no gain or loss will be reported on the transaction. This is true whether the
conversion occurs automatically pursuant to the terms of the class or is initiated by the shareholder. Shareholders should consult their
tax advisors regarding the state and local tax consequences of a conversion of shares.

Reportable Transactions. Under
Treasury regulations, if a shareholder recognizes a loss with respect to a Fund’s shares of $2 million or more for an individual
shareholder or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder
must file with the IRS a disclosure statement on Form 8886. The fact that a loss is reportable under these regulations does not affect
the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax advisors
to determine the applicability of these regulations in light of their individual circumstances.

Tax Treatment of Portfolio
Transactions. Set forth below is a general description of the tax treatment of certain types of securities, investment techniques
and transactions that may apply to a fund and, in turn, affect the amount, character and timing of dividends and distributions payable
by the fund to its shareholders. This section should be read in conjunction with the discussion above under “Investment Strategies,
Restrictions, and Risks” for a detailed description of the various types of securities and investment techniques that apply to a
Fund.

In General. In general,
gain or loss recognized by a fund on the sale or other disposition of portfolio investments will be a capital gain or loss. Such capital
gain and loss may be long-term or short-term depending, in general, upon the length of time a particular investment position is maintained
and, in some cases, upon the nature of the transaction. Property held for more than one year generally will be eligible for long-term
capital gain or loss treatment. The application of certain rules described below may serve to alter the manner in which the holding period
for a security is determined or may otherwise affect the characterization as long-term or short- term, and also the timing of the realization
and/or character, of certain gains or losses.

Certain Fixed-Income Investments.
Gain recognized on the disposition of a debt obligation purchased by a fund at a market discount (generally, at a price less than its
principal amount) will be treated as ordinary income to the extent of the portion of the market discount which accrued during the period
of time the fund held the debt obligation unless the fund made a current inclusion election to accrue market discount into income as it
accrues. If a fund purchases a debt obligation (such as a zero-coupon security or pay-in-kind security) that was originally issued at
a discount, the fund generally is required to include in gross income each year the portion of the original issue discount which accrues
during such year. Therefore, a fund’s investment in such securities may cause the fund to recognize income and make distributions
to shareholders before it receives any cash payments on the securities. To generate cash to satisfy those distribution requirements, a
fund may have to sell portfolio securities that it otherwise might have continued to hold or to use cash flows from other sources such
as the sale of fund shares.

Investments in Debt Obligations
that are at Risk of or in Default Present Tax Issues for a Fund. Tax rules are not entirely clear about issues such as whether and
to what extent a fund should recognize market discount on a debt obligation, when a fund may cease to accrue interest, original issue
discount or market discount, when and to what extent a fund may take deductions for bad debts or worthless securities and how a fund should
allocate payments received on obligations in default between principal and income. These and other related issues will be addressed by
a fund in order to ensure that it distributes sufficient income to preserve its status as a regulated investment company.

Options, Futures, Forward
Contracts, Swap Agreements and Hedging Transactions. In general, option premiums received by a fund are not immediately included in
the income of the fund. Instead, the premiums are recognized when the option contract expires, the option is exercised by the holder,
or the fund transfers or otherwise terminates the option (e.g., through a closing transaction). If an option written by a fund is exercised
and the fund sells or delivers the underlying stock, the fund generally will recognize capital gain or loss equal to (a) the sum of the
strike price and the option premium received by the fund minus (b) the fund’s basis in the stock. Such gain or loss generally will
be short-term or long-term depending upon the holding period of the underlying stock. If securities are purchased by a fund pursuant to
the exercise of a put option written by it, the fund generally will subtract the premium received from its cost basis in the securities
purchased. The gain or loss with respect to any termination of a fund’s obligation under an option other than through the exercise
of the option and related sale or delivery of the underlying stock generally will be short-term gain or loss depending on whether the
premium income received by the fund is greater or less than the amount paid by the fund (if any) in terminating the transaction. Thus,
for example, if an option written by a fund expires unexercised, the fund generally will recognize short-term gain equal to the premium
received.

The tax treatment of certain
futures contracts entered into by a fund as well as listed non-equity options written or purchased by the fund on U.S. exchanges (including
options on futures contracts, broad-based equity indices and debt securities) may be governed by section 1256 of the Code (“section
1256 contracts”). Gains or losses on section 1256 contracts generally are considered 60% long-term and 40% short-term capital gains
or losses (“60/40”), although certain foreign currency gains and losses from such contracts may be treated as ordinary in
character. Also, any section 1256 contracts held by a fund at the end of each taxable year (and, for purposes of the 4% excise tax, on
certain other dates as prescribed under the Code) are “marked to market” with the result that unrealized gains or losses are
treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable. Section
1256 contracts do not include any interest rate swap, currency swap, basis swap, interest rate cap, interest rate floor, commodity swap,
equity swap, equity index swap, credit default swap, or similar agreement.

In addition to the special rules
described above in respect of options and futures transactions, a fund’s transactions in other derivative instruments (including
options, forward contracts and swap agreements) as well as its other hedging, short sale, or similar transactions, may be subject to one
or more special tax rules (including the constructive sale, notional principal contract, straddle, wash sale and short sale rules). These
rules may affect whether gains and losses recognized by a fund are treated as ordinary or capital or as short-term or long-term, accelerate
the recognition of income or gains to the fund, defer losses to the fund, and cause adjustments in the holding periods of the fund’s
securities. These rules, therefore, could affect the amount, timing and/or character of distributions to shareholders. Moreover, because
the tax rules applicable to derivative instruments are in some cases uncertain under current law, an adverse determination or future guidance
by the IRS with respect to these rules (which determination or guidance could be retroactive) may affect whether a fund has made sufficient
distributions, and otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and
avoid a fund-level tax.

Certain of a fund’s investments
in derivatives and foreign currency-denominated instruments, and the fund’s transactions in foreign currencies and hedging activities,
may produce a difference between its book income and its taxable income. If a fund’s book income is less than the sum of its taxable
income and net tax-exempt income (if any), the fund could be required to make distributions exceeding book income to qualify as a regulated
investment company. If a fund’s book income exceeds the sum of its taxable income and net tax-exempt income (if any), the distribution
of any such excess will be treated as (i) a dividend to the extent of the fund’s remaining earnings and profits (including current
earnings and profits arising from tax-exempt income, reduced by related deductions), (ii) thereafter, as a return of capital to the extent
of the recipient’s basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset.

Foreign Currency Transactions.
A fund’s transactions in foreign currencies, foreign currency-denominated debt obligations and certain foreign currency options,
futures contracts and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or
loss results from fluctuations in the value of the foreign currency concerned. This treatment could increase or decrease a 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. In certain cases, a fund may make an election to treat such gain or loss as capital.

PFIC Investments. A fund
may invest in securities of foreign companies that may be classified under the Code as PFICs. In general, a foreign company is classified
as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income.
When investing in PFIC securities, a fund intends to mark-to-market these securities under certain provisions of the Code and recognize
any unrealized gains as ordinary income at the end of the fund’s fiscal and excise 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 a fund is required to distribute, even though it has not sold or received dividends from these securities. You should also be aware
that the designation of a foreign security as a PFIC security will cause its income dividends to fall outside of the definition of qualified
foreign corporation dividends. These dividends generally will not qualify for the reduced rate of taxation on qualified dividends when
distributed to you by a fund. Foreign companies are not required to identify themselves as PFICs. Due to various complexities in identifying
PFICs, a fund can give no assurances that it will be able to identify portfolio securities in foreign corporations that are PFICs in time
for the fund to make a mark-to-market election. If a fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market
election, the fund may be subject to U.S. federal income tax on a portion of any “excess distribution” or gain from the disposition
of such shares even if such income is distributed as a taxable dividend by the fund to its shareholders. Additional charges in the nature
of interest may be imposed on a fund in respect of deferred taxes arising from such distributions or gains.

Investments in U.S. REITs.
A U.S. REIT is not subject to federal income tax on the income and gains it distributes to shareholders. Dividends paid by a U.S.
REIT, other than capital gain distributions, will be taxable as ordinary income up to the amount of the U.S. REIT’s current and
accumulated earnings and profits. Capital gain dividends paid by a U.S. REIT to a fund will be treated as long-term capital gains by the
fund and, in turn, may be distributed by the fund to its shareholders as a capital gain distribution. Because of certain noncash expenses,
such as property depreciation, an equity U.S. REIT’s cash flow may exceed its taxable income. The equity U.S. REIT, and in turn
a fund, may distribute this excess cash to shareholders in the form of a return of capital distribution. However, if a U.S. REIT is operated
in a manner that fails to qualify as a REIT, an investment in the U.S. REIT would become subject to double taxation, meaning the taxable
income of the U.S. REIT would be subject to federal income tax at regular corporate rates without any deduction for dividends paid to
shareholders and the dividends would be taxable to shareholders as ordinary income (or possibly as qualified dividend income) to the extent
of the U.S. REIT’s current and accumulated earnings and profits. Also, see, “Tax Treatment of Portfolio Transactions—Investment
in Taxable Mortgage Pools (Excess Inclusion Income)” and “Non-U.S. Investors—Investment in U.S. Real Property”
below with respect to certain other tax aspects of investing in U.S. REITs.

Investment in Non-U.S. REITs.
While non-U.S. REITs often use complex acquisition structures that seek to minimize taxation in the source country, an investment by a
fund in a non-U.S. REIT may subject the fund, directly or indirectly, to corporate taxes, withholding taxes, transfer taxes and other
indirect taxes in the country in which the real estate acquired by the non-U.S. REIT is located. A fund’s pro rata share of any
such taxes will reduce the fund’s return on its investment. A fund’s investment in a non-U.S. REIT may be considered an investment
in a PFIC, as discussed above in “PFIC Investments.” Additionally, foreign withholding taxes on distributions from the non-U.S.
REIT may be reduced or eliminated under certain tax treaties, as discussed above in “Taxation of the Fund—Foreign Income Tax.”
Also, a fund in certain limited circumstances may be required to file an income tax return in the source country and pay tax on any gain
realized from its investment in the non-U.S. REIT under rules similar to those in the United States which tax foreign persons on gain
realized from dispositions of interests in U.S. real estate.

Investment in Taxable Mortgage
Pools (Excess Inclusion Income). Under a Notice issued by the IRS, the Code and Treasury regulations to be issued, a portion of a
fund’s income from a U.S. REIT that is attributable to the REIT’s residual interest in a real estate mortgage investment conduit
(“REMIC”) or equity interests in a “taxable mortgage pool” (referred to in the Code as an excess inclusion) will
be subject to federal income tax in all events. The excess inclusion income of a regulated investment company, such as a fund, will be
allocated to shareholders of the regulated investment company in proportion to the dividends received by such shareholders, with the same
consequences as if the shareholders held the related REMIC residual interest or, if applicable, taxable mortgage pool directly. In general,
excess inclusion income allocated to shareholders (i) cannot be offset by net operating losses (subject to a limited exception for certain
thrift institutions), (ii) will constitute unrelated business taxable income (“UBTI”) to entities (including qualified pension
plans, individual retirement accounts, 401(k) plans, Keogh plans or other tax-exempt entities) subject to tax on UBTI, thereby potentially
requiring such an entity that is allocated excess inclusion income, and otherwise might not be required to file a tax return, to file
a tax return and pay tax on such income, and (iii) in the case of a foreign stockholder, will not qualify for any reduction in U.S. federal
withholding tax. In addition, if at any time during any taxable year a “disqualified organization” (which generally includes
certain cooperatives, governmental entities, and tax-exempt organizations not subject to UBTI) is a record holder of a share in a regulated
investment company, then the regulated investment company will be subject to a tax equal to that portion of its excess inclusion income
for the taxable year that is allocable to the disqualified organization, multiplied by the corporate income tax. The Notice imposes certain
reporting requirements upon regulated investment companies that have excess inclusion income. There can be no assurance that a fund will
not allocate to shareholders excess inclusion income.

These rules are potentially applicable
to a fund with respect to any income it receives from the equity interests of certain mortgage pooling vehicles, either directly or, as
is more likely, through an investment in a U.S. REIT. It is unlikely that these rules will apply to a fund that has a non-REIT strategy.

Investments in Partnerships
and QPTPs. For purposes of the Income Requirement, income derived by a fund from a partnership that is not a QPTP will be treated
as qualifying income only to the extent such income is attributable to items of income of the partnership that would be qualifying income
if realized directly by the fund. While the rules are not entirely clear with respect to a fund investing in a partnership outside a master-feeder
structure, for purposes of testing whether a fund satisfies the Asset Diversification Test, the fund generally is treated as owning a
pro rata share of the underlying assets of a partnership. See, “Taxation of the Funds.” In contrast, different rules apply
to a partnership that is a QPTP. A QPTP is a partnership (a) the interests in which are traded on an established securities market, (b)
that is treated as a partnership for federal income tax purposes, and (c) that derives less than 90% of its income from sources that satisfy
the Income Requirement (e.g., because it invests in commodities). All of the net income derived by a fund from an interest in a QPTP will
be treated as qualifying income but the fund may not invest more than 25% of its total assets in one or more QPTPs. However, there can
be no assurance that a partnership classified as a QPTP in one year will qualify as a QPTP in the next year. Any such failure to annually
qualify as a QPTP might, in turn, cause a fund to fail to qualify as a regulated investment company. Although, in general, the passive
loss rules of the Code do not apply to RICs, such rules do apply to a fund with respect to items attributable to an interest in a QPTP.
Fund investments in partnerships, including in QPTPs, may result in the fund being subject to state, local or foreign income, franchise
or withholding tax liabilities.

To the extent an MLP is treated
as a partnership for U.S. federal income tax purposes (whether or not a QPTP), all or a portion of the dividends received by a fund with
respect to an investment in MLPs likely will be treated as a return of capital for U.S. federal income tax purposes because of accelerated
deductions available with respect to the activities of such MLPs. Further, because of these accelerated deductions, on the disposition
of interests in such an MLP, a fund likely will realize taxable income in excess of economic gain with respect to those MLP interests
(or if the fund does not dispose of the MLP, the fund could realize taxable income in excess of cash flow with respect to the MLP in a
later period), and the fund must take such income into account in determining whether the fund has satisfied its Distribution Requirement.
A fund may have to borrow or liquidate securities to satisfy its Distribution Requirement and to meet its redemption requests, even though
investment considerations might otherwise make it undesirable for the fund to sell securities or borrow money at such time. In addition,
any gain recognized, either upon the sale of a fund’s MLP interest or sale by the MLP of property held by it, including in excess
of economic gain thereon, treated as so-called “recapture income,” will be treated as ordinary income. Therefore, to the extent
a fund invests in MLPs, fund shareholders might receive greater amounts of distributions from the fund taxable as ordinary income than
they otherwise would in the absence of such MLP investments.

Although MLPs are generally expected
to be treated as partnerships for U.S. federal income tax purposes, some MLPs may be treated as PFICs, controlled foreign corporations,
or “regular” corporations for U.S. federal income tax purposes. The treatment of particular MLPs for U.S. federal income tax
purposes will affect the extent to which a fund can invest in MLPs and will impact the amount, character, and timing of income recognized
by the Fund. The U.S. federal income tax consequences of a fund’s investments in PFICs are discussed above.

Investments in Convertible
Securities. Convertible debt is ordinarily treated as a “single property” consisting of a pure debt interest until conversion,
after which the investment becomes an equity interest. If the security is issued at a premium (i.e., for cash in excess of the face amount
payable on retirement), the creditor-holder may amortize the premium over the life of the bond. If the security is issued for cash at
a price below its face amount, the creditor-holder must accrue original issue discount in income over the life of the debt. The creditor-holder’s
exercise of the conversion privilege is treated as a nontaxable event. Mandatorily convertible debt (e.g., an exchange traded note or
ETN issued in the form of an unsecured obligation that pays a return based on the performance of a specified market index, exchange currency,
or commodity) is often, but not always, treated as a contract to buy or sell the reference property rather than debt. Similarly, convertible
preferred stock with a mandatory conversion feature is ordinarily, but not always, treated as equity rather than debt. Dividends received
generally are qualified dividend income and eligible for the corporate dividends-received deduction. In general, conversion of preferred
stock for common stock of the same corporation is tax-free. Conversion of preferred stock for cash is a taxable redemption. Any redemption
premium for preferred stock that is redeemable by the issuing company might be required to be amortized under original issue discount
principles.

Investments in Securities
of Uncertain Tax Character. A fund may invest in securities the U.S. federal income tax treatment of which may not be clear or may
be subject to recharacterization by the IRS. To the extent the tax treatment of such securities or the income from such securities differs
from the tax treatment expected by a fund, it could affect the timing or character of income recognized by the fund, requiring the fund
to purchase or sell securities, or otherwise change its portfolio, in order to comply with the tax rules applicable to regulated investment
companies under the Code.

Backup Withholding. By
law, a Fund may be required to withhold a portion of your taxable dividends and sales proceeds unless you:

•

provide your correct social security or taxpayer identification number,

•

certify that this number is correct,

•

certify that you are not subject to backup withholding, and

•

certify that you are a U.S. person (including a U.S. resident alien).

A Fund also must withhold if
the IRS instructs it to do so. When withholding is required, the amount will be 24% of any distributions or proceeds paid. Backup withholding
is not an additional tax. Any amounts withheld may be credited against the shareholder’s U.S. federal income tax liability, provided
the appropriate information is furnished to the IRS. Certain payees and payments are exempt from backup withholding and information reporting.
The special U.S. tax certification requirements applicable to non-U.S. investors to avoid backup withholding are described under the “Non-U.S.
Investors” heading below.

Non-U.S. Investors. Non-U.S.
investors (shareholders who, as to the United States, are nonresident alien individuals, foreign trusts or estates, foreign corporations,
or foreign partnerships) may be subject to U.S. withholding and estate tax and are subject to special U.S. tax certification requirements.
Non-U.S. investors should consult their tax advisors about the applicability of U.S. tax withholding and the use of the appropriate forms
to certify their status.

In General. The United
States imposes a flat 30% withholding tax (or a withholding tax at a lower treaty rate) on U.S. source dividends, including on income
dividends paid to you by a Fund subject to certain exemptions described below. However, notwithstanding such exemptions from U.S. withholding
at the source, any dividends and distributions of income and capital gains, including the proceeds from the sale of your Fund shares,
will be subject to backup withholding at a rate of 24% if you fail to properly certify that you are not a U.S. person.

Capital Gain Dividends.
In general, capital gain dividends reported by a Fund to shareholders as paid from its net long-term capital gains, other than long-term
capital gains realized on disposition of U.S. real property interests (see the discussion below), are not subject to U.S. withholding
tax unless you are a nonresident alien individual present in the United States for a period or periods aggregating 183 days or more during
the calendar year.

Short-Term Capital Gain Dividends
and Interest-Related Dividends. Generally, short-term capital gain dividends reported by the Fund to shareholders as paid from its
net short-term capital gains, other than short-term capital gains realized on disposition of U.S. real property interests (see the discussion
below), are not subject to U.S. withholding tax unless you were a nonresident alien individual present in the United States for a period
or periods aggregating 183 days or more during the calendar year.

Dividends reported by the Fund
to shareholders as interest-related dividends and paid from its qualified net interest income from U.S. sources are not subject to U.S.
withholding tax. “Qualified interest income” includes, in general, U.S. source (1) bank deposit interest, (2) short-term original
discount, (3) interest (including original issue discount, market discount, or acquisition discount) on an obligation that is in registered
form, unless it is earned on an obligation issued by a corporation or partnership in which the Fund is a 10-percent shareholder or is
contingent interest, and (4) any interest-related dividend from another regulated investment company.

A Fund reserves the right to
not report amounts of short-term capital gain dividends or interest-related dividends. Additionally, a Fund’s reporting of short-term
capital gain dividends or interest-related dividends may not be passed through to shareholders by intermediaries who have assumed tax
reporting responsibilities for this income in managed or omnibus accounts due to systems limitations or operational constraints.

Net Investment Income from
Dividends on Stock and Foreign Source Interest Income Continue to be Subject to Withholding Tax; Foreign Tax Credits. Ordinary dividends
paid by a Fund to non-U.S. investors on the income earned on portfolio investments in: (i) the stock of domestic and foreign corporations
and (ii) the debt of foreign issuers continue to be subject to U.S. withholding tax. Foreign shareholders may be subject to U.S. withholding
tax at a rate of 30% on the income resulting from an election to pass-through foreign tax credits to shareholders, but may not be able
to claim a credit or deduction with respect to the withholding tax for the foreign tax treated as having been paid by them.

Income Effectively Connected
with a U.S. Trade or Business. If the income from a Fund is effectively connected with a U.S. trade or business, carried on by a foreign
shareholder, then ordinary income dividends, capital gain dividends and any gains realized upon the sale or redemption of shares of the
Fund will be subject to U.S. federal income tax at the rates applicable to U.S. citizens or domestic corporations and require the filing
of a nonresident U.S. income tax return.

Investment in U.S. Real Property.
The Foreign Investment in Real Property Tax Act of 1980 (“FIRPTA”) makes non-U.S. persons subject to U.S. tax on disposition
of a U.S. real property interest (“USRPI”) as if he or she were a U.S. person. Such gain is sometimes referred to as FIRPTA
gain. A Fund may invest in equity securities of corporations that invest in USRPI, including U.S. REITs, which may trigger FIRPTA gain
to the Fund’s non-U.S. shareholders.

•

The Code provides a look-through rule for distributions of FIRPTA gain when a RIC is classified as a qualified investment entity. A RIC will be classified as a qualified investment entity if, in general, 50% or more of the RIC’s assets consist of interests in U.S. REITs and other U.S. real property holding corporations (“USRPHC”). If a RIC is a qualified investment entity and the non-U.S. shareholder owns more than 5% of a class of Fund shares at any time during the one-year period ending on the date of the FIRPTA distribution, the FIRPTA distribution to the non-U.S. shareholder is treated as gain from the disposition of a USRPI, causing the distribution to be subject to U.S. withholding tax at the corporate income tax rate (unless reduced by future regulations), and requiring the non-U.S. shareholder to file a nonresident U.S. income tax return.

•

In addition, even if the non-U.S. shareholder does not own more than 5% of a class of Fund shares, but the Fund is a qualified investment entity, the FIRPTA distribution will be taxable as ordinary dividends (rather than as a capital gain or short-term capital gain dividend) subject to withholding at 30% or lower treaty rate.

Because each Fund expects to
invest less than 50% of its assets at all times, directly or indirectly in U.S. real property interests, the Funds expect that neither
gain on the sale or redemption of Fund shares nor Fund dividends and distributions would be subject to FIRPTA reporting and tax withholding.

U.S. Estate Tax. Transfers
by gift of shares of a Fund by a foreign shareholder who is a nonresident alien individual will not be subject to U.S. federal gift tax.
An individual who, at the time of death, is a non-U.S. shareholder will nevertheless be subject to U.S. federal estate tax with respect
to Fund shares at the graduated rates applicable to U.S. citizens and residents, unless a treaty exemption applies. If a treaty exemption
is available, a decedent’s estate may nonetheless need to file a U.S. estate tax return to claim the exemption in order to obtain
a U.S. federal transfer certificate. The transfer certificate will identify the property (i.e., Fund shares) as to which the U.S. federal
estate tax lien has been released. In the absence of a treaty, there is a $13,000 statutory estate tax credit (equivalent to U.S. situs
assets with a value of $60,000). For estates with U.S. situs assets of not more than $60,000, a Fund may accept, in lieu of a transfer
certificate, an affidavit from an appropriate individual evidencing that decedent’s U.S. situs assets are below this threshold amount.

U.S. Tax Certification Rules.
Special U.S. tax certification requirements may apply to non-U.S. shareholders both to avoid U.S. backup withholding imposed at a
rate of 24% and to obtain the benefits of any treaty between the United States and the shareholder’s country of residence. In general,
if you are a non-U.S. shareholder, you must provide a Form W-8 BEN (or other applicable Form W-8) to establish that you are not a U.S.
person, to claim that you are the beneficial owner of the income and, if applicable, to claim a reduced rate of, or exemption from, withholding
as a resident of a country with which the United States has an income tax treaty. A Form W-8 BEN provided without a U.S. taxpayer identification
number will remain in effect for a period beginning on the date signed and ending on the last day of the third succeeding calendar year
unless an earlier change of circumstances makes the information on the form incorrect. Certain payees and payments are exempt from backup
withholding.

The tax consequences to a non-U.S.
shareholder entitled to claim the benefits of an applicable tax treaty may be different from those described herein. Non-U.S. shareholders
are urged to consult their own tax advisors with respect to the particular tax consequences to them of an investment in a Fund, including
the applicability of foreign tax.

Foreign Account Tax Compliance
Act (“FATCA”). Under FATCA, a Fund will be required to withhold a 30% tax on income dividends made by the Fund to certain
foreign entities, referred to as foreign financial institutions (“FFI”) or nonfinancial foreign entities (“NFFE”).
After December 31, 2018, FATCA withholding also would have applied to certain capital gain distributions, return of capital distributions
and the proceeds arising from the sale of Fund shares; however, based on proposed regulations issued by the IRS, which can be relied upon
currently, such withholding is no longer required unless final regulations provide otherwise (which is not expected). The FATCA withholding
tax generally can be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by
U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does
have such owners, reporting information relating to them. The U.S. Treasury has negotiated intergovernmental agreements (“IGA”)
with certain countries and is in various stages of negotiations with a number of other foreign countries with respect to one or more alternative
approaches to implement FATCA; an entity in one of those countries may be required to comply with the terms of an IGA instead of U.S.
Treasury regulations.

An FFI can avoid FATCA withholding
if it is deemed compliant or by becoming a “participating FFI,” which requires the FFI to enter into a U.S. tax compliance
agreement with the IRS under section 1471(b) of the Code (“FFI agreement”) under which it agrees to verify, report and disclose
certain of its U.S. accountholders and meet certain other specified requirements. The FFI will either report the specified information
about the U.S. accounts to the IRS, or, to the government of the FFI’s country of residence (pursuant to the terms and conditions
of applicable law and an applicable IGA entered into between the U.S. and the FFI’s country of residence), which will, in turn,
report the specified information to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement
FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms
of such agreement.

An NFFE that is the beneficial
owner of a payment from a Fund can avoid the FATCA withholding tax generally by certifying that it does not have any substantial U.S.
owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report the information
to a Fund or other applicable withholding agent, which will, in turn, report the information to the IRS.

Such foreign shareholders also
may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations, IGAs and other guidance
regarding FATCA. An FFI or NFFE that invests in a Fund will need to provide the Fund with documentation properly certifying the entity’s
status under FATCA in order to avoid FATCA withholding. Non-U.S. investors should consult their own tax advisors regarding the impact
of these requirements on their investment in a Fund. The requirements imposed by FATCA are different from and in addition to, the U.S.
tax certification rules to avoid backup withholding described above. Shareholders are urged to consult their tax advisors regarding the
application of these requirements to their own situation.

Effect of Future Legislation;
Local Tax Considerations. The foregoing general discussion of U.S. federal income tax consequences is based on the Code and the regulations
issued thereunder as in effect on the date of this Statement of Additional Information. Future legislative or administrative changes,
including provisions of current law that sunset and thereafter no longer apply, or court decisions may significantly change the conclusions
expressed herein, and any such changes or decisions may have a retroactive effect with respect to the transactions contemplated herein.
Rules of state and local taxation of ordinary income, qualified dividend income and capital gain dividends may differ from the rules for
U.S. federal income taxation described above. Distributions may also be subject to additional state, local and foreign taxes depending
on each shareholder’s particular situation. Non-U.S. shareholders may be subject to U.S. tax rules that differ significantly from
those summarized above. Shareholders are urged to consult their tax advisors as to the consequences of these and other state and local
tax rules affecting investment in a Fund.

PERFORMANCE INFORMATION

To obtain the Funds’ most
current performance information, please visit www.ccminvests.com. Performance quotations represent the Funds’ past performance and
should not be considered as representative of future results. The Funds will calculate their performance in accordance with the requirements
of the rules and regulations under the 1940 Act, or any other applicable U.S. securities law, as they may be revised from time to time
by the SEC.

DESCRIPTION OF SHARES

Capitalization.
The Trust currently has authorized, and allocated to each Class of each Fund, an unlimited number of shares of beneficial interest with
no par value. All shares are, when issued in accordance with the Trust’s registration statement (as amended from time to time),
governing instruments and applicable law, fully paid, and nonassessable. Shareholders do not have preemptive rights. All shares of a Fund
represent an undivided proportionate interest in the assets of such Fund. Shareholders of the Funds’ Institutional Class shares
may not vote on any matter that affects the Funds’ Advisor Class distribution plan under Rule 12b-1. Similarly, as a general matter,
shareholders of the Advisor Class shares may vote only on matters affecting their Class. Except for the foregoing, each share Class has
the same voting and other rights and preferences as the other Classes of a Fund. General expenses of each Fund will be allocated on a
pro rata basis to the classes according to asset size, except that expenses of the Advisor Class shares’ Rule 12b-1 Plan will be
allocated solely to that Class. Effective October 1, 2018, the Fund’s Class C shares were converted into Advisor Class shares.

Noncumulative Voting.
The Trust’s shares have noncumulative voting rights, meaning that the holders of more than 50% of the shares of the Trust voting
for the election of Trustees can elect all of the Trustees if they choose to do so, and, in such event, the holders of the remaining shares
will not be able to elect any Trustees.

FINANCIAL STATEMENTS

The
audited financial statements of each Fund for the fiscal year ended June 30, 2023 and the reports of the Funds’ are included in
the 2023 Annual Report to Shareholders
and are incorporated by reference in this SAI.

PRINCIPAL HOLDERS OF SECURITIES

As of September 30, 2023,
all Trustees and Officers of the Funds as a group owned beneficially or of record less than 1% of the outstanding securities of any class
of any Fund.

The following tables list
the holders of record of 5% or more of the outstanding shares of each Fund as of September 30, 2023. A shareholder that owns more than
25% of the shares of a Fund is a “control person” of that Fund. Shareholders with a controlling interest could affect the
outcome of voting or the direction of management.

CCM Core Impact Equity Fund

Class

Registration

%
of Shares

Record
or Beneficial

Advisor Class

Charles Schwab & Co. Inc.

Special Custody A/C FBO Customers

211 Main Street

San Francisco, CA 94105-1905

18.88%

Record

Matrix Trust Company as Agent for Advisor Trust Inc. Kades-Margolis
403B MBD

717 17^th Street, Suite 1300

Denver, CO 80202

5.84%

Record

Institutional Class	LPL Financial Omnibus Customer Account 4707 Executive Dr. San Diego, CA 92121-3091	29.99%	Record
	Charles Schwab & Co. Inc. Special Custody A/C FBO Customers 211 Main Street San Francisco, CA 94105-1905	10.05%	Record
	Wells Fargo Bank Special Custody Acct for the Exclusive Benefit of Customer 2801 Market Street Saint Louis, MO 63103-2523	8.00%	Record
	National Financial Services 499 Washington Blvd. Jersey City, NJ 07310-1995	6.05%	Record

CCM Small/Mid-Cap Impact Value Fund

Class	Registration	% of Shares	Record or Beneficial
Advisor Class	Charles Schwab & Co. Inc. Special Custody A/C FBO Customers 211 Main Street San Francisco, CA 94105-1905	30.17%	Record
	Wells Fargo Bank Special Custody Acct for the Exclusive Benefit of Customer 2801 Market Street Saint Louis, MO 63103-2523	13.32%	Record
	Charles Schwab & Co. Inc. Special Custody A/C FBO Customers 211 Main Street San Francisco, CA 94105-1905	6.07%	Record
	Matrix Trust Company as Agent for Advisor Trust Inc. Kades-Margolis 403B MBD 717 17^th Street, Suite 1300 Denver, CO 80202	5.22%	Record

Institutional Class

M. Ortiz &

R. Diamond JTWROS

Penn Valley, PA 19072

71.65%

Beneficial

M. Ortiz SEP IRA

Penn Valley, PA 19072

5.23%

Record

CCM Affordable Housing MBS ETF

October 27, 2023

CCM Affordable Housing MBS ETF
Ticker Symbol: OWNS – NYSE ARCA

Although these securities have been registered with the U.S. Securities and Exchange Commission (“SEC”), the SEC has not approved or disapproved any shares offered in this Prospectus or determined whether this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.

Not FDIC Insured
May Lose Value
No Bank Guarantee

Table of Contents

FUND SUMMARY

CCM Affordable Housing MBS ETF

Investment Objective

The primary investment objective of the CCM Affordable Housing MBS ETF (the “Fund”) is to generate a level of current income.

Fees and Expenses

The following tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

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


Management Fee	0.30%
Distribution and Service (12b-1) Fees	0.00%
Other Expenses⁽¹⁾	0.21%
Total Annual Operating Expenses	0.51%
Waivers and Reimbursements⁽²⁾	(0.21)%
Total Annual Fund Operating Expenses	0.30%

Expense Example

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

1 Year	3 Years	5 Years	10 Years
$31	$142	$264	$620

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. For the fiscal year ended June 30, 2023, the portfolio turnover rate of the Impact Shares Affordable Housing MBS ETF (the “Predecessor ETF”), the Fund’s predecessor fund, was 26%.

Principal Investment Strategy

Under normal circumstances, the Fund will invest at least 80% of its net assets in mortgage-backed securities backed by pools of mortgage loans that the Fund’s adviser, Community Capital Management LLC (“CCM” or the “Adviser”) believes were made to minority families, low-income families, and/or families that live in persistent poverty areas. These loans include home loans in census tracts where more than 50% of the population is non-white and at least 40% of the population is living at or below the poverty line (defined as a racially or ethnically concentrated areas of poverty or “R/ECAP”); loans in counties where, for more than 20 years, 20% or more of the population has lived in poverty (defined as a persistent poverty county or “PPC”); and loans to minority borrowers or loans originated in a census tract where more than 50% of the population is a minority (also referred to as a majority-minority census tract). The Fund will invest at least 51% of its net assets in mortgage-backed securities that the Fund’s investment advisor believes will be deemed to be qualified under the Community Reinvestment Act of 1977 (“CRA”), so that financial institutions that are subject to the CRA may receive investment test or similar consideration/credit under the CRA with respect to shares of the Fund held by them. The Fund may also invest in mortgage-backed securities backed by pools of loans sourced from non-traditional originators including Community Development Financial Institutions (CDFIs) and minority-owned banks.

The mortgage-backed securities in which the Fund invests are issued and/or guaranteed by government- sponsored enterprises (each a “GSE”), such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”) or the Federal Home Loan Bank (“Freddie Mac”) and are therefore rated investment grade. To create the mortgage-backed securities in which the Fund invests, these GSEs securitize pools of mortgage loans and each mortgage loan in the pool must meet the conforming underwriting standards of the relevant agency. While securities issued or guaranteed by Ginnie Mae are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by Fannie Mae and Freddie Mac are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 1

Using a proprietary algorithm, CCM screens mortgage origination tapes to identify loans that are made to low- and moderate-income families and minorities. A “low-income borrower” is a person whose total annual income is 50% or less of the area median income (“AMI”) or average income for the community where they live. A “moderate-income borrower” is person whose total annual income is above 50% but less than 80% of the AMI or average income for the community where they live. CCM will designate a borrower as living in a persistent poverty area if the borrower’s address is located in one of the Federally designated PPCs. In addition, CCM assesses the loan-to-value and FICO scores of borrowers before selecting a mortgage for inclusion in the pools underlying the mortgage-backed securities for the Fund’s portfolio. When making investment decisions, CCM will consider coupon payments of the qualifying mortgage-backed security pools to manage the prepayment and/or extension risk of the Fund’s portfolio.

The Fund is a non-diversified fund as defined in the Investment Company Act of 1940, as amended (the “1940 Act”), but intends to adhere to the diversification requirements applicable to regulated investment companies (“RICs”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Fund is not intended to be a complete investment program.

Principal Risks

When you sell Fund shares, they may be worth less than what you paid for them. Consequently, you can lose money by investing in the fund. No assurance can be given that the Fund will achieve its objective, and investment results may vary substantially over time and from period to period. An investment in the Fund is not appropriate for all investors. An investment in the Fund involves risks, including mortgage- related securities risk, interest rate risk, extension risk, credit risk and U.S. Government securities risk, among others. Descriptions of these and other principal risks of investing in the Fund are provided below.

Interest Rate Risk. Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration. Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed- income markets. Further, recent and potential future changes in government policy may affect interest rates.

Fixed Income Risk. The market value of the Fund’s fixed-income securities responds to economic developments, particularly interest rate changes, as well as to perceptions about the creditworthiness of individual issuers, including governments. Generally, the Fund’s fixed-income securities will decrease in value if interest rates rise and increase in value if interest rates fall. Normally, the longer the maturity or duration of the fixed-income securities the Fund owns, the more sensitive the value of the Fund’s shares will be to changes in interest rates.

Prepayment Risk. Prepayment risk is the risk that the issuer of a debt security will repay principal prior to the scheduled maturity date. Debt securities allowing prepayment may offer less potential for gains during a period of declining interest rates, as the Fund may be required to reinvest the proceeds of any prepayment at lower interest rates. These factors may cause the value of an investment in the Fund to change.

Mortgage-Related Securities Risk. Mortgage-related securities are subject to the same risks as investments in other types of debt securities, including credit risk, interest rate risk, liquidity risk and valuation risk. However, these investments make the Fund more susceptible to adverse economic, political or regulatory events that affect the value of real estate. Mortgage-related securities are also significantly affected by the rate of prepayments and modifications of the mortgage loans underlying those securities, as well as by other factors such as borrower defaults, delinquencies, realized or liquidation losses and other shortfalls. Mortgage-related securities are particularly sensitive to prepayment risk, given that the term to maturity for mortgage loans is generally substantially longer than the expected lives of those securities. As the timing and amount of prepayments cannot be accurately predicted, the timing of changes in the rate of prepayments of the mortgage loans may significantly affect the Fund’s actual yield to maturity on any mortgage-related securities. Along with prepayment risk, mortgage-related securities are significantly affected by interest rate risk.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 2

Active Investment Management Risk. The Fund is actively managed. The Adviser’s judgments about the attractiveness, relative value, or potential appreciation of a particular sector, security or investment strategy may prove to be incorrect, and may cause the Fund to incur losses. There can be no assurance that the Adviser’s investment techniques and decisions will produce the desired results. There is no guarantee that the Fund’s investment objective will be achieved.

Asset Class Risk. Securities in the Fund’s portfolio may underperform in comparison to the general securities markets or other asset classes.

Call Risk. Some debt securities may be redeemed, or “called,” at the option of the issuer before their stated maturity date. In general, an issuer will call its debt securities if they can be refinanced by issuing new debt securities which bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates an issuer will call its high yielding debt securities. The Fund would then be forced to invest the proceeds at lower interest rates, likely resulting in a decline in the Fund’s income.

Cash Transactions Risk. The Fund will effect some or all of its creations and redemptions for cash rather than in-kind. As a result, an investment in the Fund may be less tax-efficient than an investment in an ETF that effects all of its creations and redemptions in-kind. Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of shares may result in capital gains or losses and may also result in higher brokerage costs.

Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. These risks may be greater when engaging in over-the-counter transactions or when the Fund conducts business with a limited number of counterparties.

Credit Risk. An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the issuer’s ability or unwillingness to make such payments. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay its financial obligations altogether.

Extension Risk. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions may decline.

Liquidity Risk. The Fund may hold certain investments that may trade over-the-counter or in limited volume or lack an active trading market. Accordingly, the Fund may not be able to sell or close out of such investments at favorable times or prices (or at all), or at the prices approximating those at which the Fund currently values them. Illiquid securities may trade at a discount from comparable, more liquid investments and may be subject to wide fluctuations in market value. The prices of illiquid securities may be more volatile than more liquid investments. The risks associated with illiquid securities may be greater in times of financial stress.

Market Price Variance Risk. Fund shares are listed for trading on NYSE (the “Exchange”) and can be bought and sold in the secondary market at prevailing market prices. The market prices of shares will fluctuate in response to changes in the NAV and supply and demand for shares. As a result, the trading prices of Shares may deviate significantly from NAV during periods of market volatility. The Adviser cannot predict whether shares will trade above, below or at their NAV. Given the fact that shares can be created and redeemed in Creation Units, the Adviser believes that large discounts or premiums to the NAV of shares should not be sustained in the long-term. In addition, the securities held by the Fund may be traded in markets that close at a different time than NYSE. Liquidity in those securities may be reduced after the applicable closing times.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 3

underlying value of those shares. During periods of high market volatility, the Fund share may trade at a significant discount to its NAV, and in these circumstances certain types of brokerage orders may expose an investor to an increased risk of loss. A “stop order,” sometimes called a “stop- loss order,” may cause the Fund share to be sold at the next prevailing market price once the “stop” level is reached, which during a period of high volatility can be at a price that is substantially below NAV. By including a “limit” criterion with your brokerage order, you may be able to limit the size of the loss resulting from the execution of an ill-timed stop order. The Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange where the Fund’s primary listing is maintained and may otherwise be made available to non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no assurance that the Fund’s shares will continue to trade on any such stock exchange or in any market or that the Fund’s shares will continue to meet the requirements for listing or trading on any exchange or in any market. The Fund’s shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and market standards of the market where they or their broker direct their trades for execution. Certain information available to investors who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other markets, which may result in secondary market prices in such markets being less efficient.

The Fund’s investment results are measured based upon the daily NAV of the Fund. Investors purchasing and selling shares in the secondary market may not experience investment results consistent with those experienced by those purchasing and redeeming directly with the Fund.

Non-Diversification Risk. As a non-diversified fund for purposes of the 1940 Act, the Fund may invest a larger portion of its assets in the securities of fewer issuers than a diversified fund. The Fund’s investment in fewer issuers may result in the Fund’s shares being more sensitive to the economic results of those issuers. An investment in the Fund could fluctuate in value more than an investment in a diversified fund. Although the Fund is “non-diversified” for purposes of the 1940 Act, the Fund intends to comply with the diversification requirements under Subchapter M of the Code in order to be eligible to qualify as a regulated investment company.

Operational and Technology Risk. Cyber-attacks, disruptions, or failures that affect the Fund’s service providers, index providers, Authorized Participants (as defined below), market makers, counterparties, market participants, or issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.

Securities Market Risk. The value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. A general downturn in the securities market may cause multiple asset classes to decline in value simultaneously. Many factors, including terrorism, war, natural disasters and the spread of infectious disease including epidemics or pandemics such as the COVID-19 outbreak can affect this value and you may lose money by investing in the Fund. These conditions (and their aftermath) have led, and in the future may lead, to increased short-term market volatility and may have adverse long- term effects on U.S. and world economies and markets generally. Likewise, natural and environmental disasters, including earthquakes, fires, floods, hurricanes, tsunamis and weather- related phenomena generally, as well as the spread of infectious disease including epidemics or pandemics such as the COVID-19 outbreak, can be highly disruptive to economies and markets, adversely affecting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment, and other factors affecting the value of the Fund’s investments. To the extent the Fund takes significant positions in one or more specific sectors, countries or regions, the Fund will be subject to the risks associated with such sector(s), country(ies) or region(s) to a greater extent than would be a more broadly diversified fund.

Significant Exposure Risk. To the extent that the Fund invests a large percentage of its assets in a single asset class or the securities of issuers within the same country, state, region, industry or sector, an adverse economic, business or political development may affect the value of the Fund’s investments more than if the Fund were more broadly diversified. A significant exposure makes the Fund more susceptible to any single occurrence and may subject the Fund to greater market risk than a fund that is more broadly diversified.

Specified Pools Risk. The Fund is expected to primarily invest in specified pools of mortgage loans. This may cause the Fund to take longer to fully achieve its principal investment strategy.

Trading Issues Risk. Although the shares of the Fund are listed for trading on the Exchange, there can be no assurance that an active trading market for such shares will develop or be maintained. Trading in shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange’s “circuit breaker” rules. Market makers are under no obligation to make a market in the Fund’s shares, and authorized participants are not obligated to submit purchase or redemption orders for Creation Units. In the event market makers cease making a market in the Fund’s shares or authorized participants stop submitting purchase or redemption orders for Creation Units, Fund shares may trade at a larger premium or discount to their net asset value. There can be no assurance that the requirements of the Exchange necessary to maintain the

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 4

listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are small or the Fund does not have enough shareholders.

Transactions Risk. The Fund may purchase securities via to-be-announced transactions (“TBA Transactions”). In such a transaction, the purchase price of the securities is typically fixed at the time of the commitment, but delivery and payment can take place a month or more after the date of the commitment. At the time of delivery of the securities, the value may be more or less than the purchase or sale price. Purchasing securities in a TBA Transaction may give rise to investment leverage and may increase the Fund’s volatility. Default by, or bankruptcy of, a counterparty to a TBA Transaction would expose the Fund to possible losses because of an adverse market action, expenses or delays in connection with the purchase or sale of the pools specified in such transaction.

U.S. Government Securities Risk. U.S. government securities are subject to interest rate risk but generally do not involve the credit risks associated with investments in other types of debt securities. As a result, the yields available from U.S. government securities are generally lower than the yields available from other debt securities. U.S. government securities are guaranteed only as to the timely payment of interest and the payment of principal when held to maturity. While securities issued or guaranteed by U.S. federal government agencies (such as Ginnie Mae) are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by government sponsored entities (such as Fannie Mae and Freddie Mac) are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.

Obligations of U.S. Government agencies, authorities, instrumentalities and sponsored enterprises (such as Fannie Mae and Freddie Mac) have historically involved little risk of loss of principal if held to maturity. However, the maximum potential liability of the issuers of some of these securities may greatly exceed their current resources and no assurance can be given that the U.S. Government would provide financial support to any of these entities if it is not obligated to do so by law.

Fannie Mae and Freddie Mac have been operating under conservatorship, with the Federal Housing Finance Administration (“FHFA”) acting as their conservator, since 2008. The entities are dependent upon the continued support of the U.S. Department of the Treasury and FHFA in order to continue their business operations. These factors, among others, could affect the future status and role of Fannie Mae or Freddie Mac and the value of their securities and the securities that they guarantee. Additionally, the U.S. Government and its agencies and instrumentalities do not guarantee the market values of their securities, which may fluctuate.

Valuation Risk. The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the FDIC or any other government agency. As with any investment company, there is no guarantee that the Fund will achieve its goal.

Performance

The bar chart and table below provide some indication of the risks of investing in the Fund. The Fund adopted the performance of the Predecessor ETF as the result of a reorganization of the Predecessor ETF into the Fund which is expected to occur in the third quarter of 2023 or first quarter of 2024 (the “Reorganization”). The Fund had not yet commenced operations prior to the Reorganization. The bar chart shows how the average annual total return for the 1 year period ending December 31, 2022, compares with those of a broad measure of market performance. The past performance shown (before and after taxes) is not necessarily an indication of how the Fund will perform in the future. The returns reflect any expense caps in effect during these periods. The returns would be lower without the expense caps.

The returns shown for periods ended on or prior to the Reorganization reflect the performance and expenses of the Predecessor ETF. The returns shown for periods after the Reorganization reflect the performance and expenses of the Fund.

Updated information about the Fund’s performance can be found by visiting the Fund’s website at www.ccminvests.com or by calling toll-free 888-272-0007.

Annual Total Return⁽¹⁾

The bar chart shows the performance of the Predecessor ETF as of December 31, 2022.

⁽¹⁾	Through September 30, 2023 (the most recently ended quarter for which data is available) year to date return of the Fund was –2.18%. The following table sets forth the Fund’s highest and lowest quarterly returns since inception.

Highest Performing Quarter:	1.62% in Q4 2022
Lowest Performing Quarter:	–4.89% in Q3 2022

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 5

Average Annual Returns
(For the Year Ended December 31, 2022 and Since Inception)

This table compares the Predecessor ETF’s average annual total returns for the periods ended December 31, 2022 to those of an appropriate broad based index.

	1 Year	Since Inception⁽¹⁾
Fund Returns Before Taxes	–11.27%	–8.72%	July 26, 2021
Fund Returns After Taxes on Distributions	–12.14%	–9.54%	July 26, 2021
Fund Returns After Taxes on Distributions and Sale of Fund Shares	–6.66%	–6.94%	July 26, 2021
Bloomberg U.S. MBS Index (The index returns do not reflect deductions for fees, expenses, or taxes.)	–11.81%	–8.86%	July 26, 2021

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 an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax advantaged arrangements such as 401(k) plans or individual retirement accounts (“IRAs”). In some cases, the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.

Portfolio Management

Community Capital Management, LLC serves as the investment adviser to the Fund. The portfolio managers for the Fund primarily responsible for the day-to-day management of the Fund’s portfolio are as follows.

Portfolio Managers	Managed the Fund Since	Title with Adviser
Elliot Gilfarb, CFA (Senior Portfolio Manager)	Fund inception and Predecessor ETF inception (July 2021)	Head of Fixed Income
Andy Kaufman (Senior Portfolio Manager)	Fund inception and Predecessor ETF inception (July 2021)	Chief Investment Officer
Jessica Botelho	Fund inception and Predecessor ETF inception (July 2021)	Director of CRA and Impact Research
Shonali Pal	Fund inception and Predecessor ETF (June 2022)	Portfolio Manager

Purchase and Sale of Fund Shares

The Fund is an exchange-traded fund. The Fund issues and redeems shares only to authorized participants who have entered into agreements with the Fund’s distributor (“Authorized Participants”) in exchange for the deposit or delivery of a basket of assets (securities and/or cash) in large blocks, known as creation units, each of which comprises 50,000 shares (“Creation Units”). Retail investors may only purchase and sell shares on a national securities exchange through a broker-dealer. The price of Fund shares is based on market price, and because ETF shares trade at market prices rather than NAV, shares may trade at a price greater than NAV (a premium) or less than NAV (a discount).

An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the “bid-ask” spread).

Important Additional Information Tax Information

The Fund intends to make distributions that generally will be taxable to you as ordinary income or capital gains, unless you are a tax-exempt investor or otherwise investing in the Fund through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account. If you are investing in the Fund through a tax-advantaged arrangement, you may be taxed later upon withdrawals from that account.

Payments to Broker-Dealers and Other Financial Intermediaries

If you purchase shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services.

These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary’s website for more information.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 6

DESCRIPTION OF PRINCIPAL INVESTMENTS

The following is a description of principal investment practices in which the Fund may engage. Any references to investments made by the Fund include those that may be made both directly by the Fund and indirectly by the Fund (e.g., through its investments in other pooled investment vehicles). Please see “Principal Risks” below for the risks associated with each of the principal investment practices.

The Fund will invest primarily in mortgage-backed securities issued by Fannie Mae, Freddie Mac and Ginnie Mae. While securities issued or guaranteed by Ginnie Mae are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by Fannie Mae and Freddie Mac are solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government.

Under normal circumstances, the Fund will invest at least 80% of its net assets in mortgage-backed securities backed by pools of mortgage loans that the Fund’s Adviser believes were made to minority families, low-income families, and/or families that live in persistent poverty areas. At least 51% of the loans underlying the mortgage-backed securities in which the Fund invests will have been made to low- and moderate- income borrowers. These loans include home loans in census tracts where more than 50% of the population is non-white and at least 40% of the population is living at or below the poverty line (defined as a racially or ethnically concentrated areas of poverty or “R/ECAP”); loans in counties where for more than 20 years 20% or more of the population has lived in poverty (defined as a persistent poverty county or “PPC”); and loans to minority borrowers or loans originated in a census tract where more than 50% of the population is a minority (also referred to as a majority-minority census tract. The Fund may also invest in mortgage-backed securities backed by pools of loans sourced from non-traditional originators including Community Development Financial Institutions (CDFIs) and minority-owned banks.

Using a proprietary algorithm, CCM screens mortgage origination tapes that provide addresses, income, and debt levels of borrowers and in certain cases demographic information (such as gender, race and ethnicity data) to identify loans that are made to low- and moderate-income families and minorities. A “low-income borrower” is a person whose total annual income is 50% or less of the area median income (“AMI”) or average income for the community where they live. A “moderate-income borrower” is person whose total annual income is above 50% but less than 80% of the AMI or average income for the community where they live. CCM will designate a borrower as living in a persistent poverty area if the borrower’s address is located in one of the Federally designated persistent poverty counties, which are defined as counties where 20% or more of the population lives in poverty as measured by the U.S. Census Bureau. In addition, CCM assesses the loan-to-value and FICO scores of borrowers before selecting a mortgage for inclusion in the pools underlying the mortgage-backed securities for the Fund’s portfolio. When making investment decisions, CCM will consider coupon payments of the qualifying mortgage-backed security pools to manage the prepayment and/or extension risk of the Fund’s portfolio.

The Board of Trustees of the Trust (the “Board”) may change the Fund’s investment strategy and other policies without shareholder approval, except as otherwise indicated in this Prospectus or in the SAI. The Board may also change the Fund’s investment objective without shareholder approval.

NON-PRINCIPAL STRATEGIES

Additional Information. The foregoing percentage limitations in the Fund’s investment strategies apply at the time of purchase of securities. The Board may change any of the foregoing investment policies, including the investment objective and the 80% investment policy, without shareholder approval. The Fund will provide shareholders with written notice at least 60 days prior to committing less than 80% of its total assets, plus any borrowings for investment purposes, under normal circumstances, in mortgage-backed bonds other than those described above under “Description of Principal Investments”.

If the Fund’s shares are delisted, the Board may seek to list its shares on another exchange, merge with another ETF or traditional mutual fund or redeem its shares at NAV.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 7

Borrowing Money. The Fund may borrow money from a bank as permitted by the 1940 Act, or other governing statute, by the Rules thereunder, or by the U.S. Securities and Exchange Commission (“SEC”) or other regulatory agency with authority over the Fund, but only for temporary or emergency purposes. The Fund may also invest in reverse repurchase agreements, which are considered borrowings under the 1940 Act. Although the 1940 Act presently allows the Fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets (not including temporary borrowings not in excess of 5% of its total assets), and there is no percentage limit on Fund assets that can be used in connection with reverse repurchase agreements, under normal circumstances any borrowings by the Fund will not exceed 10% of the Fund’s total assets.

Temporary Defensive Strategies. When the Adviser anticipates unusual market, economic, political, or other conditions, the Fund may temporarily depart from its principal investment strategies as a defensive measure. In such circumstances, the Fund may invest in securities believed to present less risk, such as cash, cash equivalents, money market fund shares and other money market instruments, debt securities that are high quality or higher quality than normal, more liquid securities, or others. While the Fund invests defensively, it may not achieve its investment objective. A Fund’s defensive investment position may not be effective in protecting its value. It is impossible to predict accurately how long such alternative strategies may be utilized.

DESCRIPTION OF RISKS

Factors that may affect the Fund’s portfolio as a whole are called “principal risks” and are summarized in this section. This summary describes the nature of these principal risks and certain related risks but is not intended to include every potential risk. The Fund could be subject to additional risks because the types of investments each makes may change over time. The SAI includes more information about the Fund and its investments. The Fund is not intended to be a complete investment program.

Asset Class Risk. Securities in the Fund’s portfolio may underperform in comparison to the general securities markets or other asset classes.

Because the Fund may effect redemptions for cash, it may be required to sell portfolio securities in order to obtain the cash needed to distribute redemption proceeds. A sale of shares may result in capital gains or losses and may also result in higher brokerage costs.

Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty will not fulfill its obligation to the Fund. Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to the Fund. The Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. These risks may be greater when engaging in over-the-counter transactions or when the Fund conducts business with a limited number of counterparties.

Credit Risk. An issuer or other obligated party of a debt security may be unable or unwilling to make dividend, interest and/or principal payments when due. In addition, the value of a debt security may decline because of concerns about the issuer’s ability or unwillingness to make such payments. In certain cases, the issuer could be late in paying interest or principal or could fail to pay its financial obligations altogether.

Exchange-Traded Funds Risk. The value of ETFs can be expected to increase and decrease in value in proportion to increases and decreases in the indices that they are designed to track. The volatility of different index tracking stocks can be expected to vary in proportion to the volatility of the particular index they track. ETFs are traded similarly to stocks of individual companies. Although an ETF is designed to provide investment performance corresponding to its index, it may not be able to exactly replicate the performance of its index because of its operating expenses and other factors. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (i.e., one that is not exchange-traded) that has the same investment objective, strategies, and policies. The price of an ETF

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can fluctuate within a wide range, and a Fund could lose money investing in an ETF if the prices of the securities owned by the ETF go down. In addition, ETFs are subject to the following risks that do not apply to conventional funds: (1) the market price of the ETF’s shares may trade at a discount or a premium to their net asset value; (2) an active trading market for an ETF’s shares may not develop or be maintained; and (3) trading of an ETF’s shares may be halted by the activation of individual or market wide “circuit breakers” (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage), if the shares are delisted from the Exchange without first being listed on another exchange, or if the listing exchange’s officials deem such action appropriate in the interest of a fair and orderly market or to protect investors. In addition, shareholders bear both their proportionate share of a Fund’s expenses and similar expenses of the underlying investment company when such Fund invests in shares of another investment company. Most ETFs are investment companies. Therefore, a Fund’s purchases of ETF shares generally are subject to the limitations on, and the risks of, such Fund’s investments in other investment companies.

Extension Risk. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the issuer (or other obligated party) more slowly than anticipated, causing the value of these debt securities to fall. Rising interest rates tend to extend the duration of debt securities, making their market value more sensitive to changes in interest rates. The value of longer-term debt securities generally changes more in response to changes in interest rates than shorter-term debt securities. As a result, in a period of rising interest rates, securities may exhibit additional volatility and may lose value.

Illiquid Securities Risk. Illiquid investments may be difficult to resell at approximately the price they are valued in the ordinary course of business within seven days. When investments cannot be sold readily at the desired time or price, a Fund may have to accept a much lower price, may not be able to sell the investment at all or may be forced to forego other investment opportunities, all of which may adversely impact a Fund’s returns. Illiquid investments also may be subject to valuation risk.

Income Risk. The Fund’s income may decline when interest rates fall or if there are defaults in the mortgage loans underling the securities in its portfolio. This decline can occur because the Fund may subsequently invest in lower-yielding securities as debt securities in its portfolio mature, are near maturity or are called, or the Fund otherwise needs to purchase additional debt securities.

Interest Rate Risk. Interest rate risk is the risk that the value of the debt securities in the Fund’s portfolio will decline because of rising market interest rates. Interest rate risk is generally lower for shorter term debt securities and higher for longer-term debt securities. Duration is a reasonably accurate measure of a debt security’s price sensitivity to changes in interest rates and a common measure of interest rate risk. Duration measures a debt security’s expected life on a present value basis, taking into account the debt security’s yield, interest payments and final maturity. In general, duration represents the expected percentage change in the value of a security for an immediate 1% change in interest rates. For example, the price of a debt security with a three-year duration would be expected to drop by approximately 3% in response to a 1% increase in interest rates. Therefore, prices of debt securities with shorter durations tend to be less sensitive to interest rate changes than debt securities with longer durations. As the value of a debt security changes over time, so will its duration.

Rising market interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. To the extent that the Fund invests in fixed-income securities, an increase in market interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. Further, recent and potential future changes in government policy may affect interest rates.

Market Price Variance Risk. Fund shares are listed for trading on NYSE (the “Exchange”) and can be bought and sold in the secondary market at prevailing market prices. The market prices of shares will fluctuate in response to changes in the NAV and supply and demand for shares. As a result, the trading prices of Shares may deviate significantly from NAV during periods of market volatility. The Adviser cannot predict whether shares will trade above, below or at their NAV. Given the fact that shares can be created and redeemed in Creation Units, the Adviser believes that large discounts or premiums to the

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 9

NAV of shares should not be sustained in the long-term. In addition, the securities held by the Fund may be traded in markets that close at a different time than NYSE. Liquidity in those securities may be reduced after the applicable closing times.

Accordingly, during the time when NYSE is open but after the applicable market closing, fixing or settlement times, bid-ask spreads and the resulting premium or discount to the Shares’ NAV may widen. Further, secondary markets may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods, which could cause a material decline in the Fund’s NAV. In times of market stress, market makers and authorized participants may step away from their respective roles in making a market in Fund shares or in executing purchase and redemption orders, which could lead to variances between the market price of Fund shares and the underlying value of those shares. Also, in stressed market conditions, the market for Fund shares may become less liquid in response to deteriorating liquidity of the Fund’s portfolio holdings, which could lead to differences between the market price of the Fund’s shares and the underlying value of those shares. During periods of high market volatility, the Fund share may trade at a significant discount to its NAV, and in these circumstances certain types of brokerage orders may expose an investor to an increased risk of loss. A “stop order,” sometimes called a “stop-loss order,” may cause the Fund share to be sold at the next prevailing market price once the “stop” level is reached, which during a period of high volatility can be at a price that is substantially below NAV. By including a “limit” criterion with your brokerage order, you may be able to limit the size of the loss resulting from the execution of an ill-timed stop order. The Fund’s shares may be listed or traded on U.S. and non-U.S. stock exchanges other than the U.S. stock exchange where the Fund’s primary listing is maintained and may otherwise be made available to non-U.S. investors through funds or structured investment vehicles similar to depositary receipts. There can be no assurance that the Fund’s shares will continue to trade on any such stock exchange or in any market or that the Fund’s shares will continue to meet the requirements for listing or trading on any exchange or in any market. The Fund’s shares may be less actively traded in certain markets than in others, and investors are subject to the execution and settlement risks and market standards of the market where they or their broker direct their trades for execution. Certain information available to investors who trade Fund shares on a U.S. stock exchange during regular U.S. market hours may not be available to investors who trade in other markets, which may result in secondary market prices in such markets being less efficient.

Operational and Technology Risk. The Fund, its service providers, index providers, Authorized Participants, market makers and other market participants increasingly depend on complex information technology and communications systems to conduct business functions. These systems are subject to a number of different threats or risks that could adversely affect the Fund and its shareholders, despite the efforts of CCM, the Fund and its service providers to adopt technologies, processes, and practices intended to mitigate these risks. For example, unauthorized third parties may attempt to improperly access, modify, disrupt the operations of, or prevent access to these systems of the Fund, the Fund’s service providers, counterparties, or other market participants or data within them (a “cyber-attack”). Power or communications outages, acts of god, information technology equipment malfunctions, operational errors, and inaccuracies within software or data processing systems may also disrupt business operations or impact critical data. Market events also may trigger a volume of transactions that overloads current information technology and communication systems and processes, impacting the ability to conduct the Fund’s operations. Cyber-attacks, disruptions, or failures that

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affect the Fund’s service providers or counterparties may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing the Fund’s operations. For example, the Fund or its service providers’ assets or sensitive or confidential information may be misappropriated, data may be corrupted, and operations may be disrupted (e.g., cyber-attacks or operational failures may cause the release of private shareholder information or confidential Fund information, interfere with the processing of shareholder transactions, impact the ability to calculate each Fund’s NAV, and impede trading). In addition, cyber-attacks, disruptions, or failures may cause reputational damage and subject the Fund or its service providers to regulatory fines, litigation costs, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. While the Fund and it service providers may establish business continuity and other plans and processes to address the possibility of cyberattacks, disruptions, or failures, there are inherent limitations in such plans and systems, including that they do not apply to third parties, such as other market participants, as well as the possibility that certain risks have not been identified or that unknown threats may emerge in the future. Similar types of operational and technology risks are also present for issuers of the Fund’s investments, which could have material adverse consequences for such issuers, and may cause the Fund’s investments to lose value. In addition, cyber-attacks involving a Fund’s counterparties could affect such counterparty’s ability to meet its obligations to such Fund, which may result in losses to such Fund and its shareholders. Furthermore, as a result of cyber-attacks, disruptions or failures, an exchange or market may close or issue trading halts on specific securities or the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or unable to accurately price its investments. The Fund cannot directly control any cybersecurity plans and systems put in place by their service providers, counterparties, issuers in which the Fund invests, or securities markets and exchanges, and such third parties may have limited indemnification obligations to the Adviser or the Fund, each of whom could be negatively impacted as a result.

Securities Market Risk. Securities market risk is the risk that the value of securities owned by a Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting particular companies or the securities markets generally. The profitability of a Fund substantially depends upon the Adviser correctly assessing the future price movements of stocks, bonds, loans, options on stocks, and other securities and the movements of interest rates. The Adviser cannot guarantee that it will be successful in accurately predicting price movements. The market prices of equities may decline for reasons that directly relate to the issuing company (such as poor management performance or reduced demand for its goods or services), factors that affect a particular industry (such as a decline in demand, labor or raw material shortages, or increased production costs) or general market conditions not specifically related to a company or industry (such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, or adverse investor sentiment generally). In addition, the increasing popularity of passive index-based investing may have the potential to increase security price correlations and volatility. As passive strategies generally buy or sell securities based simply on inclusion and representation in an index, securities prices will have an increasing tendency to rise or fall based on whether money is flowing into or out of passive strategies rather than based on an analysis of the prospects and valuation of individual securities. This may result in increased market volatility as more money is invested through passive strategies. As a result of the nature of a Fund’s investment activities, it is possible that such Fund’s financial performance may fluctuate substantially from period to period. Additionally, at any point in time an investment in a Fund may be worth less than the original investment, even after taking into account the reinvestment of dividends and distributions.

Specified Pools Risk. The Fund is expected to primarily invest in specified pools of mortgage loans. This may cause the Fund to take longer to fully achieve its principal investment strategy.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 11

the event market makers cease making a market in the Fund’s shares or authorized participants stop submitting purchase or redemption orders for Creation Units, Fund shares may trade at a larger premium or discount to their net asset value. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged. The Fund may have difficulty maintaining its listing on the Exchange in the event the Fund’s assets are small or the Fund does not have enough shareholders.

Valuation Risk. The Fund is subject to the risk of mispricing or improper valuation of its investments, in particular to the extent that its securities are fair valued.

MANAGEMENT OF THE FUND

Board of Trustees

The Board of Trustees (the “Board” or “Trustees”) has overall management responsibility for the Fund. See “Management” in the SAI for the names of and other information about the Trustees and officers of the Fund.

Investment Adviser

Community Capital Management, LLC (“CCM” or the “Adviser”) serves as the investment adviser to the Fund. The address of the Adviser is 261 North University Drive, Suite 520, Ft. Lauderdale, FL 33324. CCM oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. Founded in November 1998, CCM is registered as an investment adviser under the 1940 Act. As of August 31, 2023, the Adviser had approximately $4.4 billion in assets under management.

Quaker Investment Trust (the “Trust”) and CCM have received “manager of managers” exemptive relief from the SEC that permits the Trust and CCM, subject to the approval of the Board of Trustees, to appoint a “wholly-owned” or unaffiliated sub-adviser, as defined in the exemptive relief, or to change the terms of a sub-advisory agreement with a “wholly-owned” or unaffiliated sub-adviser without first obtaining shareholder approval. The exemptive order further permits the Trust and CCM to add or to change a “wholly-owned” or unaffiliated sub-adviser or to change the fees paid to such parties from time to time without the expense and delays associated with obtaining shareholder approval of the change and to disclose sub-advisers’ fees only in the aggregate in its registration statement. Any increase in the aggregate advisory fee paid by the Fund remains subject to shareholder approval. The Trust and CCM continue to have ultimate responsibility (subject to oversight by the Board of Trustees) to oversee the sub-advisers and recommend their hiring, termination, and replacement. The Fund will notify shareholders of any change of the Fund’s sub-

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 12

adviser. For the fiscal year ended June 30, 2023, the Predecessor ETF paid Impact Shares, Corp., the Predecessor ETF’s investment adviser (the “Predecessor Adviser”), $91,095 in aggregate fees as a percentage of average net assets

A discussion regarding the Board’s approval of the Investment Advisory Agreement for the Fund will be available in the Fund’s initial report to shareholders. The Investment Advisory Agreement may be terminated by the Fund or by vote of a majority of the outstanding voting securities of the Fund, without the payment of any penalty, not more than 60 days’ nor less than 30 days written notice. In addition, the Investment Advisory Agreement automatically terminates in the event of its “assignment” (as defined in the 1940 Act).

Portfolio Managers

The following individuals are jointly and primarily responsible for the day-to-day management of the Fund.

Elliot Gilfarb, CFA, Head of Fixed Income of the Adviser, serves as Senior Portfolio Manager for the Fund. He is responsible for portfolio management, research and trading. Mr. Gilfarb has been responsible for the day-to-day management of the Fund since inception and the Predecessor ETF since inception. Mr. Gilfarb has been with the Adviser since 2006.

Andy Kaufman, Chief Investment Officer of the Adviser, serves as Senior Portfolio Manager of the Fund. He is responsible for portfolio management, research and trading. Mr. Kaufman has been responsible for the day-to-day management of the Fund since inception and the Predecessor ETF since inception. Mr. Kaufman joined the Adviser in 2015 as Senior Portfolio Manager. From 2014 to 2015, Mr. Kaufman was a portfolio manager at Mercantil Commercebank and from 2004 to 2014, he was a portfolio manager at BlackRock Financial Management.

Jessica Botelho, Director of CRA & Impact Research, serves as portfolio manager of the Fund. She is responsible for overseeing and gathering all impact research as well as impact reporting. Ms. Botelho has been responsible for the day-to-day management of the Fund since inception and the Predecessor ETF since inception. Ms. Botelho joined the Adviser in 2013 as an impact research associate. From 2008 to 2012, Ms. Botelho was an assistant vice president and senior client service associate at Acadian Asset Management.

Shonali Pal serves as a portfolio manager of the Fund. Ms. Pal has been responsible for the day-to-day management of the Fund since inception and the Predecessor ETF since June 2022. Ms. Pal has been with the Adviser since 2020. Prior to joining the Adviser, Ms. Pal worked as an analyst leading deals and assisting clients through all stages of the M&A process at Cross Keys Capital. Prior to that, she was an associate at Bella Private Markets, a research and consulting firm focused on the private capital industry.

The SAI provides additional information about each portfolio manager’s compensation, other accounts managed by each portfolio manager, and each portfolio manager’s ownership of securities in the Fund.

Investment Advisory Agreement

The Fund has entered into an investment advisory agreement with CCM (the “Investment Advisory Agreement”), pursuant to which CCM either provides the day-to-day management of the Fund’s portfolio of securities, which includes buying and selling securities for the Fund and conducting investment research, or hires a sub-adviser to do so, subject to CCM’s general oversight.

For the services provided to the Fund under the Investment Advisory Agreement, the Fund pays the Adviser an annual fee, payable monthly, at the rate of 0.30% of the Fund’s Average Daily Managed Assets (as defined below). “Average Daily Managed Assets” of the Fund means the average daily value of the total assets of the Fund, less all accrued liabilities of the Fund (other than the aggregate amount of any outstanding borrowings constituting financial leverage). The Adviser will pay all expenses incurred by it in connection with its activities under the Investment Advisory Agreement, except such expenses as are assumed by the Fund.

A discussion regarding the Board’s approval of the Investment Advisory Agreement for the Fund will be available in the Fund’s initial report to shareholders. The Investment Advisory Agreement may be terminated by the Fund or by vote of a majority of the outstanding voting securities of the Fund, without the payment of any penalty, on not more than 60 days’ nor less than 30 days’ written notice. In addition, the Investment Advisory Agreement automatically terminates in the event of its “assignment” (as defined in the 1940 Act).

The Fund is a party to contractual arrangements with various parties, including, among others, the Fund’s investment adviser, administrator, distributor, and shareholder servicing agent, who provide services to the Fund. Shareholders are not parties to, or intended (“third- party”) beneficiaries of, any such contractual arrangements, and such contractual arrangements are not intended to create in any individual shareholder or group of shareholders any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly or on behalf of the Fund.

Neither this prospectus, nor the related SAI, is intended, or should be read, to be or to give rise to an agreement or contract between the Trust or the Fund and any investor, or to give rise to any rights in any shareholder or other person other than any rights under federal or state law.

Distributor of the Fund

The Fund’s shares are offered for sale through SEI Investments Distribution Co. (the “Distributor”), One Freedom Valley Drive, Oaks, PA 19456. The Distributor does not maintain a secondary market in shares of the

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Fund. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund.

Distribution (12b-1) Plan

Under a Rule 12b-1 Distribution Plan (the “Plan”) adopted by the Board, the Fund may pay the Distributor and financial intermediaries, such as broker-dealers and investment advisors, up to 0.25% on an annualized basis of the average daily net assets of the Fund as reimbursement or compensation for distribution related activities and other services with respect to the applicable Fund. Because these fees are paid out of the applicable Fund’s assets on an on-going basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. No payments have yet been authorized by the Board, nor are any such expected to be made by the Fund under the Plan during the current fiscal year.

Distribution fees paid to the Distributor in the future may be spent on any activities or expenses primarily intended to result in the sale of the Fund’s shares including (but not limited to) to compensate the Distributor, the Fund’s investment adviser or any of their affiliates, as well as any banks, broker/dealers or other financial institutions for distribution or sales support services rendered, and related expenses incurred, for or on behalf of the Fund. The Distributor may also use any distribution fees paid in the future for the provision of personal services to investors in the shares and/or the maintenance of shareholder accounts. The Plan is considered a compensation type plan, which means that the Fund pays the Distributor the entire fee, if authorized by the Board in the future, regardless of the Distributor’s expenditures. Even if the Distributor’s actual expenditures exceed the fee payable under the Plan, if authorized by the Board in the future, at any given time, the Fund will not be obligated to pay more than that fee under the Plan. If the Distributor’s actual expenditures are less than the fee payable under the Plan, if authorized by the Board in the future, at any given time, the Distributor may realize a profit from the arrangement.

Disclosure of Portfolio Holdings

A description of the Fund’s policies and procedures with respect to the disclosure of the Fund’s portfolio securities is available (i) in the SAI and (ii) on the Fund’s website at www.ccminvests.com.

How to Buy and Sell Shares

The Fund issues and redeems shares of the Fund only in aggregations of Creation Units. A Creation Unit is comprised of 50,000 shares. The value of such Creation Unit was $1,000,000 at the Fund’s inception.

See the section of this Prospectus entitled “Creation and Redemption of Shares” for more information.

Shares of the Fund are exchange traded and available for purchase on the Exchange by any investors seeking social impact consistent with the goals of the Fund.

Shares of the Fund are listed on the Exchange for trading on any day that the Exchange is open for business. Shares can be bought and sold throughout the trading day like shares of other publicly-traded companies. The Fund does not impose any minimum investment for shares of the Fund purchased on an exchange. Buying or selling Fund’s shares on an exchange involves two types of costs that may apply to all securities transactions. When buying or selling shares of the Fund through a broker, you will likely incur a brokerage commission or other charges determined by your broker. In addition, you may incur the cost of the “spread” – that is, any difference between the bid price and the ask price. The commission is frequently a fixed amount and may be a significant proportional cost for investors seeking to buy or sell small amounts of shares. The spread varies over time for shares of the Fund based on the Fund’s trading volume and market liquidity and is generally lower if the applicable Fund has a lot of trading volume and market liquidity and higher if the applicable Fund has little trading volume and market liquidity. Shares of the Fund trade on NYSE Arca, Inc. The Board has adopted a policy of not monitoring for frequent purchases and redemptions of Fund shares (“frequent trading”) that appear to attempt to take advantage of a potential arbitrage opportunity presented by a lag between a change in the value of the Fund’s portfolio securities after the close of markets for the Fund’s portfolio securities and the reflection of that change in the Fund’s NAV (“market timing”), because the Fund’s shares are listed for trading on a national securities exchange.

Because secondary market trades do not involve the Fund directly, it is unlikely those trades would cause many of the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund’s trading costs and the realization of capital gains.

Section 12(d)(1) of the 1940 Act restricts investments by investment companies in the securities of other investment companies. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions set forth in SEC rules or in an SEC exemptive order issued to the Trust. In order for a registered investment company to invest in shares of the Fund pursuant to the exemptive relief obtained by the Trust from the limitations of Section 12(d)(1), the company must enter into an agreement with the Trust.

Book Entry

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

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Investors owning shares of the Fund are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for shares of the Fund. DTC participants include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. Beneficial owners of shares are not entitled to receive physical delivery of stock certificates or to have shares registered in their names, and they are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, a beneficial owner must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that a beneficial owner holds in book-entry or “street name” form.

Creation and Redemption of Shares

The Fund issues and sells Creation Units on a continuous basis through the Distributor, without a sales load, at NAV plus a transaction fee next determined after receipt of a purchase order, on any day that the Exchange is open for business. Creation units of shares may be purchased only by or through a DTC participant that has entered into an Authorized Participant agreement with the Distributor. Investors who are not Authorized Participants must make appropriate arrangements with an Authorized Participant. The Fund may direct portfolio transactions to certain Authorized Participants or their affiliates in certain circumstances, such as to achieve best execution, but do not direct transactions based on the purchase/sale of Fund’s shares. Due to the nature of the Fund’s investments, Authorized Participants may deposit cash, a portfolio of securities constituting a representative sample of the portfolio of securities owned by the Fund or a combination of cash and a portfolio of securities constituting a representative sample of the portfolio of securities owned by the Fund in exchange for a specified amount of Creation Units.

Redemptions of Creation Units for securities will be subject to compliance with applicable federal and state securities laws, and the Fund’s reserve the right to redeem Creation Units for cash if the Fund cannot lawfully deliver specific Fund securities upon redemptions or could not do so without first registering the securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in the Fund securities applicable to the redemption of a Creation Unit may be paid an equivalent amount of cash. This would specifically prohibit delivery of Fund securities that are not registered in reliance upon Rule 144A under the Securities Act to a redeeming investor that is not a “qualified institutional buyer,” as such term is defined under Rule 144A of the Securities Act. The Authorized Participant may request the redeeming beneficial owner of the shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payments.

Investors should be aware that their particular broker may not be a DTC participant or may not have executed an Authorized Participant agreement, in which case orders to purchase creation units of shares may have to be placed by the investor’s broker through an Authorized Participant. As a result, purchase orders placed through an Authorized Participant may result in additional charges to such investor. The Fund expects to enter into Authorized Participant agreements with only a small number of DTC participants.

Purchases through and outside the Clearing Process

An Authorized Participant may place an order to purchase (or redeem) creation units (i) through the Continuous Net Settlement clearing processes of the National Securities Clearing Corporation (“NSCC”) as such processes have been enhanced to effect purchases (and redemptions) of creation units, such processes being referred to herein as the “Clearing Process,” or (ii) outside the Clearing Process. To purchase or redeem through the Clearing Process, an Authorized Participant must be a member of NSCC that is eligible to use the Continuous Net Settlement system. For purchase orders placed through the Clearing Process, the Authorized Participant agreement authorizes the Distributor to transmit through the Fund’s transfer agent (the “Transfer Agent”) to NSCC, on behalf of an Authorized Participant, such trade instructions as are necessary to effect the Authorized Participant’s purchase order.

Pursuant to such trade instructions to NSCC, the Authorized Participant agrees to deliver the requisite deposit securities and the balancing amount to the applicable Fund, together with the Transaction Fee and such additional information as may be required by the Distributor.

Whether placed through the Clearing Process or outside the Clearing Process, a purchase order must be received by the Distributor by 4:00 p.m. Eastern Time if transmitted by telephone, facsimile or other electronic means permitted under the Participant Agreement in order to receive that day’s closing NAV per share.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 15

Rejection of Purchase Orders

The SEC has expressed the view that a suspension of creations that impairs the arbitrage mechanism applicable to the trading of ETF shares in the secondary market is inconsistent with Rule 6c-11 under the 1940 Act. The SEC’s position does not prohibit the suspension or rejection of creations in all instances. The Fund reserves the right, to the extent consistent with the provisions of Rule 6c-11 under the 1940 Act and the SEC’s position, to reject a purchase order transmitted to it by the Distributor in respect of the Fund if (a) the order is not in proper form; (b) the purchaser or group of purchasers, upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the applicable Fund; (c) the deposit securities delivered are not as specified by the Adviser and the Adviser has not consented to acceptance of an in-kind deposit that varies from the designated deposit securities; (d) the acceptance of the purchase transaction order would, in the opinion of counsel, be unlawful; (e) the value of a cash purchase amount, or the value of the balancing amount to accompany an in-kind deposit, exceeds a purchase authorization limit extended to an Authorized Participant by the custodian and the Authorized Participant has not deposited an amount in excess of such purchase authorization with the custodian prior to the relevant cut-off time for the applicable Fund on the Transmittal Date; or (f) in the event that circumstances outside the control of the Fund, the Distributor and the Adviser make it impractical to process purchase orders. A Fund shall notify a prospective purchaser of its rejection of the order of such person. The Fund and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of purchase transaction orders nor shall either of them incur any liability for the failure to give any such notification.

Redemptions

Similarly, shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in good order by the Distributor on any day on that the Exchange is open for business. All redemption requests, whether placed through or outside the Clearing Process, must be received by the Distributor by 4:00 p.m. Eastern Time in order to receive that day’s Closing NAV per Share. The Fund reserves the right to reject any redemption request that is not in good order. Contact CCM if you have any questions about your particular circumstances. In general, a purchase order is in “good order” if: (i) a request in a form satisfactory to the Fund is received by the Distributor or its agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified herein; and (ii) all other procedures set forth in the Authorized Participant Agreement are properly followed. The Fund reserves the right to require additional information at any time for a purchase order to be in “good order.”

The Fund will not redeem shares in amounts less than Creation Units.

Beneficial owners also may sell shares in the secondary market but must accumulate enough shares to constitute a Creation Unit in order to have such shares redeemed by the Fund. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit of shares. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation Unit.

The Fund may suspend the right of redemption and postpone payment for more than seven days: (i) during periods when trading on the Exchange is closed on days other than weekdays or holidays; (ii) during periods when trading on the Exchange is restricted; (iii) during any emergency which makes it impractical for the Fund to dispose of its securities or fairly determine the NAV of the Fund; and (iv) during any other period permitted by the SEC for your protection.

Because new shares may be created and issued on an ongoing basis, at any point during the life of the Fund, a “distribution,” as such term is used in the Securities Act, may be occurring. Broker-dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner that could render them statutory underwriters and subject to the prospectus delivery and liability provisions of the Securities Act. Any determination of whether one is an underwriter must take into account all the relevant facts and circumstances of each particular case.

Broker-dealers should also note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary secondary transactions), and thus dealing with shares that are part of an “unsold allotment” within the meaning of Section 4 (3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. For delivery of prospectuses to exchange members, the prospectus delivery mechanism of Rule 153 under the Securities Act is available only with respect to transactions on a national securities exchange.

Redemption Proceeds

A redemption request received by the Fund will be affected at the NAV per share next determined after the Fund receives the request in good order. While the Fund will generally pay redemptions proceeds wholly or partially in portfolio securities, the Fund may pay your redemption proceeds in cash. In this event, the portfolio of securities the Fund will deliver upon redemption of Fund shares may differ from the portfolio of securities required for purchase of a Creation Unit. You will be exposed to market risk until you convert these portfolio securities into cash, you will likely pay commissions upon any such conversion, and

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 16

you may recognize taxable gain or loss resulting from fluctuations in value of the portfolio securities between the conversion date and the redemption date. If you receive illiquid securities, you could find it more difficult to sell such securities and may not be able to sell such securities at prices that reflect the Adviser’s or your assessment of their fair value or the amount paid for them by the Fund. Illiquidity may result from the absence of an established market for such securities as well as legal, contractual or other restrictions on their resale and other factors.

Transaction Fees

Authorized Participants are charged standard creation and redemption transaction fees (“Transaction Fees”) to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. There is a fixed and a variable component to the total Transaction Fee. A fixed Transaction Fee of $500 is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. Creations and redemptions are also subject to an additional variable charge of up to 1% of the net asset value per Creation Unit, inclusive of the standard transaction fee, for (i) in-kind creations or redemptions effected outside the normal Clearing Process, (ii) in whole or partial cash creations, (iii) in whole or partial cash redemptions or non-standard orders. The variable component is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transaction. In all cases, the Transaction Fee will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. A Fund may determine not to charge the variable portion of a Transaction Fee on certain orders when CCM has determined that doing so is in the best interests of Fund shareholders, e.g., for redemption orders that facilitate the rebalance of the Fund’s portfolio in a more tax efficient manner than could be achieved without such order. The variable portion of a Transaction Fee may be higher or lower than the trading expenses incurred by the Fund with respect to the transaction.

No redemption fee will exceed 2% of the value of the Creation Unit redeemed.

Net Asset Value

The NAV per share of the Fund is calculated as of 4:00 p.m., Eastern Time, on each day that the Exchange is open for business, except on days on which regular trading on the Exchange is scheduled to close before 4:00, when the Fund calculates NAV as of the scheduled close of regular trading. The Exchange is open Monday through Friday, but currently is scheduled to be closed on New Year’s Day, Dr. Martin Luther King, Jr. Day, Presidents’ Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day or on the preceding Friday or subsequent Monday when a holiday falls on a Saturday or Sunday, respectively.

The NAV per share is computed by dividing the value of the Fund’s net assets (i.e., the value of its securities and other assets less its liabilities, including expenses payable or accrued but excluding capital stock and surplus) attributable to the Fund by the total number of shares of the Fund outstanding at the time the determination is made.

The Fund’s portfolio securities are valued in accordance with the Fund’s valuation policies approved by the Board. The value of the Fund’s investments is generally determined as follows:

●

Portfolio securities for which market quotations are readily available are valued at their current market value. When market quotations are not readily available (or are deemed unreliable) for one or more portfolio securities, the 1940 Act requires the Fund to use the investment’s fair value, as determined in good faith. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the valuation designee to perform fair value determinations, subject to Board oversight.

●

Investments by the Fund in any mutual fund are valued at their respective NAVs as determined by those mutual funds each business day. The prospectuses for those mutual funds explain the circumstances under which those funds will use fair value pricing and the effects of using fair value pricing.

●

Pursuant to the Valuation Designee’s fair value policies and procedures, securities for which market quotations are not readily available or for which the market price is determined to be unreliable, may include but are not limited to securities that are subject to legal or contractual restrictions on resale, securities for which no or limited trading activity has occurred for a period of time, or securities that are otherwise deemed to be illiquid (i.e., securities that cannot be disposed of within seven days at approximately the price at which the security is currently priced by the Fund which holds the security). Market quotations may also be not “readily available” if a significant event occurs after the close of the principal exchange on which a portfolio security trades (but before the time for calculation of the Fund’s NAV) if that event affects or is likely to affect (more than minimally) the NAV per share of the Fund. In determining the fair value price of a security, the Valuation Designee may use a number of other methodologies, including those based on discounted cash flows, multiples, recovery rates, yield to maturity or discounts to public comparables. The Valuation Designee may

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 17

also employ independent pricing services. Fair value pricing involves judgments that are inherently subjective and inexact; as a result, there can be no assurance that fair value pricing will reflect actual market value, and it is possible that the fair value determined for a security will be materially different from the value that actually could be or is realized upon the sale of that asset. Valuing the Fund’s investments using fair value pricing will result in using prices for those investments that may differ from current market valuations.

Share Prices

The trading prices of the Fund’s shares in the secondary market generally differ from the Fund’s daily NAV and are affected by market forces such as supply and demand, economic conditions and other factors. Information regarding the intraday value of shares of the Fund, also known as the “indicative optimized portfolio value” (“IOPV”), is disseminated every 15 seconds throughout the trading day by the national securities exchange on which the Fund’s shares are listed or by market data vendors or other information providers. The IOPV is based on the current market value of the securities and/or cash required to be deposited in exchange for a Creation Unit. The IOPV does not reflect operating expenses or other accruals. The IOPV does not necessarily reflect the precise composition of the current portfolio of securities held by the Fund at a particular point in time or the best possible valuation of the current portfolio. Therefore, the IOPV should not be viewed as a “real-time” update of the Fund’s NAV, which is computed only once a day. The IOPV is generally determined by using both current market quotations and/or price quotations obtained from broker-dealers that may trade in the portfolio securities held by the Fund. The quotations of certain Fund holdings may not be updated during U.S. trading hours if such holdings do not trade in the U.S. The Fund is not involved in, or responsible for, the calculation or dissemination of the IOPV and make no representation or warranty as to its accuracy.

Premium/Discount Information

The NAV of the Fund will fluctuate with changes in the market value of the Fund’s portfolio holdings. The market price of the Fund will fluctuate in accordance with changes in its NAV, as well as market supply and demand. Shareholders may pay more than NAV when they buy the Fund’s shares and receive less than NAV when they sell those shares, because shares are bought and sold at current market prices.

Premiums or discounts are the differences (expressed as a percentage) and market price of the Fund on a given day, generally at the time the NAV is calculated. A premium is the amount that the Fund is trading above the reported NAV, expressed as a percentage of the NAV. A discount is the amount that the Fund is trading below the reported NAV, expressed as a percentage of the NAV. Further information about the premium and discounts for the Fund is available at www.ccminvests.com.

Dividends and Other Distributions

The Fund intends to declare and pay dividends of net investment income quarterly and to pay any capital gain distributions on an annual basis. There is no fixed dividend rate, and there can be no assurance that the Fund will pay any dividends or make any capital gain distributions.

No dividend reinvestment service is provided by the Fund. Broker-dealers may make available the DTC book-entry Dividend Reinvestment Service for use by beneficial owners of the Fund for reinvestment of its dividend distributions. Beneficial owners should contact their broker to determine the availability and costs of the service and the details of participation therein. Brokers may require beneficial owners to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole shares of the Fund purchased in the secondary market. Dividends and other taxable distributions are taxable to you, whether received in cash or reinvested in additional shares of the Fund pursuant to DTC’s Dividend Reinvestment Service. Shareholders using the Dividend Reinvestment Service should consult their broker-dealer for more information about the specific terms of the service, including potential tax consequences to such shareholders in light of their particular circumstances.

Taxation

The following discussion is a summary of some of the important U.S. federal income tax considerations generally applicable to an investment in the Fund. Your investment may have other tax implications. The discussion reflects provisions of the Code, existing Treasury regulations, rulings published by the Internal Revenue Service (“IRS”), and other applicable authorities, as of the date of this Prospectus. These authorities may be changed, possibly with retroactive effect, or subject to new legislative, administrative or judicial interpretations. No attempt is made to present a detailed explanation of all U.S. federal, state, local and foreign tax law concerns affecting the Fund and its shareholders (including shareholders owning large positions in the Fund) or to address all aspects of taxation that may apply to Authorized Participants, individual shareholders or to specific types of shareholders, such as foreign persons, that may qualify for special treatment under U.S. federal income tax laws. The discussion set forth herein does not constitute tax advice. Please consult your tax advisor about foreign,

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 18

federal, state, local or other tax laws applicable to you. For more information, please see “Income Tax Considerations” in the SAI.

The Fund intends to elect to be treated and intend to qualify annually as a regulated investment company (“RIC”) under Subchapter M of the Code including by complying with the applicable qualifying income and diversification requirements. If the Fund so qualifies and satisfies certain distribution requirements, the Fund generally will not be subject to U.S. federal income tax on income and gains that the Fund distributes to their shareholders in a timely manner in the form of dividends or capital gain dividends (as defined below). As described in “Dividends and Other Distributions” above, the Fund intends to distribute at least annually all or substantially all of its net investment income and net realized capital gains. The Fund will be subject to a Fund- level income tax at regular corporate income tax rates on any taxable income or gains that it does not timely distribute to their shareholders.

If the Fund were to fail to distribute in a calendar year at least an amount equal to the sum of (i) 98% of its ordinary income for such year, (ii) 98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for the one-year period ending on October 31 of such year (or November 30 or December 31 of that year if the Fund is permitted to elect and so elects), and (iii) any such amounts retained from the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For these purposes, the Fund will be treated as having distributed any amount on which it is subject to corporate income tax for the taxable year ending within the calendar year. While the Fund intends to distribute any income and capital gain in the manner necessary to minimize imposition of the 4% U.S. federal excise tax, there can be no assurance that sufficient amounts of the Fund’s taxable income and capital gain will be distributed to avoid entirely the imposition of the tax. In that event, the Fund will be liable for the excise tax only on the amount by which it does not meet the foregoing distribution requirement.

Additionally, if for any taxable year the Fund was not to qualify as a RIC and was ineligible to or otherwise did not cure such failure, all of its taxable income and gain would be subject to a Fund-level tax at regular corporate income tax rates without any deduction for distributions to shareholders. This treatment would reduce the Fund’s net income available for investment or distribution to its shareholders. In addition, all distributions from earnings and profits, including any net long-term capital gains, would be taxable to shareholders as ordinary income. Some portions of such distributions may be eligible for the dividends-received deduction in the case of corporate shareholders or to be treated as “qualified dividend income” in the case of individual shareholders. The Fund also could be required to recognize unrealized gains, pay substantial taxes and interest and make substantial distributions before requalifying as a RIC that is accorded special tax treatment.

The Fund’s investments in foreign securities, if any, may be subject to foreign withholding or other taxes. Tax treaties between the U.S. and other countries may reduce or eliminate such taxes. Foreign taxes paid by the Fund will reduce the return from the Fund’s investments. Shareholders generally will not be entitled to a claim or deductions for such taxes on their own returns.

Distributions paid to you by the Fund from net capital gain (that is, the excess of any net long-term capital gain over net short-term capital loss, in each case with reference to any loss carryforwards) that the Fund properly reports to you as a capital gain dividend (“capital gain dividends”) generally are taxable to you as long- term capital gain includible in net capital gain and taxed to individuals at reduced rates, regardless of how long you have held your shares. All other dividends paid to you by the Fund (including dividends from short-term capital gain (that is, the excess of any net short-term capital gain over any net long-term capital loss)) from its current or accumulated earnings and profits generally are taxable to you as ordinary income. Distributions of investment income reported by the Fund as derived from “qualified dividend income” will be taxed in the hands of individuals at the rates applicable to long-term capital gains, provided holding periods and other requirements are met at both the shareholder and Fund level.

A Medicare contribution tax of 3.8% is imposed on the “net investment income” of certain individuals, estates and trusts to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by the Fund, including any capital gain dividends, and capital gains recognized on the taxable sale, redemption or exchange of shares of the Fund. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in the Fund.

If, for any taxable year, the Fund’s total distributions exceed both current earnings and profits and accumulated earnings and profits, the excess will generally be treated as a tax-free return of capital up to the amount of your tax basis in the shares. The amount treated as a tax-free return of capital will reduce your tax basis in the shares, thereby increasing your potential gain or reducing your potential loss on the subsequent sale of the shares. Any amounts distributed to you in excess of your tax basis in the shares will be taxable to you as capital gain (assuming the shares are held as a capital asset).

Dividends and other taxable distributions are taxable to you, whether received in cash or reinvested in additional shares of the Fund pursuant to DTC’s Dividend Reinvestment Service (see “Dividends and Other Distributions”). Dividends and other distributions paid by the Fund generally are treated as received by you at the time the dividend or distribution is made. If, however, the

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 19

Fund pays you a dividend in January that was declared in the previous October, November or December and you were a shareholder of record on a specified record date in one of those months, then such dividend will be treated for tax purposes as being paid by the Fund and received by you on December 31 of the year in which the dividend was declared.

The price of shares purchased at any time may reflect the amount of a forthcoming distribution. If you purchase shares just prior to the ex-dividend date for a distribution, you generally will receive a distribution that will be taxable to you even though it represents in part a return of your invested capital.

The Fund (or your broker or other financial intermediary through which you own your shares) will send information after the end of each calendar year setting forth the amount and tax status of any dividends or other distributions paid to you by the Fund. Dividends and other distributions may also be subject to state, local and other taxes.

If you sell or otherwise dispose of any of your shares of the Fund, you will generally recognize a gain or loss in an amount equal to the difference between your tax basis in such shares of the Fund and the amount you receive upon disposition of such shares. If you hold your shares as capital assets, any such gain or loss will generally be long-term capital gain or loss if you have held (or are treated as having held) such shares for more than one year at the time of sale. All or a portion of any loss you realize on a taxable sale or exchange of your shares of the Fund will be disallowed if you acquire other shares of the Fund (whether through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after your sale or exchange of the shares. In such case, the basis of the shares acquired will be adjusted to reflect the disallowed loss. In addition, any loss realized upon a taxable sale or exchange of Fund shares held (or deemed held) by you for six months or less will be treated as long-term, rather than short-term, to the extent of any capital gain dividends received (or deemed received) by you with respect to those shares. Present law taxes both long-term and short-term capital gains of corporations at the rates applicable to ordinary income.

Fund (or your broker or other financial intermediary through which you own your shares) may be required to withhold, for U.S. federal backup withholding tax purposes, a portion of the dividends, distributions and redemption proceeds payable to you if: (i) you fail to provide the Fund (or the intermediary) with your correct taxpayer identification number (in the case of an individual, generally, such individual’s social security number) or to make the required certification; or (ii) the Fund (or the intermediary) has been notified by the IRS that you are subject to backup withholding. Certain shareholders are exempt from backup withholding. Backup withholding is not an additional tax and any amount withheld may be refunded or credited against your U.S. federal income tax liability, if any, provided that you furnish the required information to the IRS.

Authorized Participant Taxes Purchase and Redemption of Creation Units

Authorized Participants should consult their tax advisors about the federal, state, local or foreign tax consequences of purchasing and redeeming Creation Units in the Fund.

THE FOREGOING IS A GENERAL AND ABBREVIATED SUMMARY OF THE PROVISIONS OF THE CODE AND THE TREASURY REGULATIONS IN EFFECT AS THEY DIRECTLY GOVERN THE TAXATION OF THE FUND AND ITS SHAREHOLDERS. THESE PROVISIONS ARE SUBJECT TO CHANGE BY LEGISLATIVE OR ADMINISTRATIVE ACTION, AND ANY SUCH CHANGE MAY BE RETROACTIVE. A MORE COMPLETE DISCUSSION OF THE TAX RULES APPLICABLE TO THE FUND AND ITS SHAREHOLDERS, INCLUDING FOREIGN SHAREHOLDERS, CAN BE FOUND IN THE STATEMENT OF ADDITIONAL INFORMATION, WHICH IS INCORPORATED BY REFERENCE INTO THIS PROSPECTUS. SHAREHOLDERS ARE URGED TO CONSULT THEIR TAX ADVISERS REGARDING SPECIFIC QUESTIONS AS TO U.S. FEDERAL, STATE, LOCAL AND FOREIGN INCOME OR OTHER TAXES.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 20

FINANCIAL HIGHLIGHTS

The table that follows presents performance information about the Fund. This information is intended to help you understand the Fund’s financial performance for the period of the Fund’s operations. All per share information reflects financial information for a single Fund share. The total returns in the table represents the rate that an investor would have earned (or lost) on an investment in a Fund (assuming reinvestment of all dividends and distributions).

The financial
information shown below is that of the Predecessor ETF prior to the Reorganization. The financial information for the fiscal year ended
June 30, 2023 has been audited by Cohen & Company, Ltd. (“Cohen”), the independent registered public accounting firm
for the Predecessor ETF during such period, whose report, along with the Predecessor ETF’s financial statements, are included in
the Predecessor ETF’s annual report. The financial information for fiscal year ended June 30, 2022 has been audited by Ernst & Young, LLP, an independent registered public accounting firm. As of May 24, 2023, Cohen, an independent registered public accounting
firm located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, serves as independent registered public accounting firm to the Predecessor
ETF. The annual and semi-annual reports are incorporated by reference in the SAI and are available free of charge upon request from the
Fund’s distributor. The following information should be read in conjunction with the financial statements and notes thereto.

Selected
Per Share Data & Ratios

For the year/period ended June 30,

For a Share Outstanding Throughout the Year/Period

	Net Asset Value, Beginning of Period ($)	Net Investment Income ($)^*	Net Realized and Unrealized Loss on Investments ($)	Total from Operations ($)	Distributions from Net Investment Income ($)	Distributions from Net Realized Capital Gains ($)	Total Distributions ($)	Net Asset Value, End of Period ($)	Market Price, End of Period ($) (Unaudited)	Total Return(%)⁽¹⁾	Net Assets End of Period ($) (000)	Ratio of Expenses to Average Net Assets (%)	Ratio of Net Investment Income to Average Net Assets (%)	Portfolio Turnover (%)⁽²⁾
Impact Shares Affordable Housing MBS ETF
2023	17.83	0.44	(0.69)	(0.25)	(0.49)	—	(0.49)	17.09	17.10	(1.38)	111,067	0.30⁽³⁾	2.52	26
2022⁽⁴⁾	20.00	0.14	(1.97)	(1.83)	(0.34)	—	(0.34)	17.83	17.88	(9.22)	91,812	0.30⁽⁵⁾⁽⁶⁾	0.81⁽⁵⁾	78

Amounts designated
as “-” are $0.

	*	Per share data calculated using average shares method.
	⁽¹⁾	Total return is based on the change in net asset value of a share during the year or period and assumes reinvestment of dividends and distributions at net asset value. Total return is for the period indicated and periods of less than one year have not been annualized. The return shown does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares.
	⁽²⁾	Portfolio turnover rate is for the period indicated and has not been annualized. Excludes effect of in-kind transfers.
	⁽³⁾	The ratio of Expenses to Average Net Assets excluding waivers is 0.51% for the period ended June 30, 2023.
	⁽⁴⁾	Commenced operations on July 26, 2021.
	⁽⁵⁾	Annualized.
	⁽⁶⁾	The ratio of Expense to Average Net Assets excluding waivers is 0.53% for the period ended June 30, 2022.

FOR MORE INFORMATION PLEASE CALL 888-272-0007 | 21

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PRIVACY POLICY

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

Reasons we can share your personal information	Does QIT share?	Can you limit this sharing?
For our everyday business purposes – 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 – to offer our products and services to you	Yes	No
For joint marketing with other financial companies	Yes	No
For our affiliates’ everyday business purposes – information about your transactions and experiences	Yes	No
For our affiliates’ everyday business purposes – information about your creditworthiness	No	We don’t share
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions?

Call 877-272-1977 or go to www.ccminvests.com

PRIVACY POLICY (continued)

What we do
How does QIT protect my personal information?	To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does QIT collect my personal information?	We collect your personal information, for example, when you ● open an account ● provide account information ● give us your contact information ● make a wire transfer ● tell us where to send the money We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?	Federal law gives you the right to limit only ● 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 State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates	Companies related by common ownership or control. They can be financial and nonfinancial companies. QIT’s sole affiliate is its investment adviser, Community Capital Management, LLC.
Nonaffiliates	Companies not related by common ownership or control. They can be financial and nonfinancial companies. QIT doesn’t share with nonaffiliates so they can market to you. The Fund may share information with nonaffiliates that perform marketing services on our behalf.
Joint marketing	A formal agreement between nonaffiliated financial companies that together market financial products or services to you. QIT may share your information with other financial institutions with whom we have joint marketing arrangements who may suggest additional fund services or other investment products which may be of interest to you.

www.ccminvests.com

More information about the Fund is available without charge upon request through the following:

Statement of Additional Information (SAI): The SAI, as it may be amended or supplemented from time to time, includes more detailed information about the Fund and is available, free of charge, on the Fund’s website at www.ccminvests.com. The SAI is on file with the SEC and is incorporated by reference into this Prospectus. This means that the SAI, for legal purposes, is a part of 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 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 last fiscal year. In Form N-CSR, you will find the Fund’s annual and semi-annual financial statements. The Fund’s annual and semi-annual reports are available, free of charge, on the Fund’s website at www.ccminvests.com.

To Obtain More Information:

By Internet:

www.ccminvests.com

By Telephone:

888-272-0007

By Mail:

Community Capital Management, LLC
261 North University Drive, Suite 520
Ft. Lauderdale, FL 33324

From the SEC:

Information about the Fund (including the SAI) can also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information concerning the operation of the Public Reference Room may be obtained by calling the SEC at 202-551-8090. Information about the Fund is also available on the SEC’s EDGAR database on the SEC’s website (www.sec.gov). Copies of this information can be obtained, after paying a duplicating fee, by electronic request ([email protected]), or by writing the SEC’s Public Reference Section, Washington, DC 20549-0102.

The Trust’s Investment Company Act Registration Number: 811-06260

QUAKER INVESTMENT TRUST

Statement of Additional Information Dated
October 27, 2023

FUND	PRINCIPAL U.S. LISTING EXCHANGE	TICKER SYMBOL
CCM Affordable Housing MBS ETF	NYSE Arca, Inc	OWNS

This
Statement of Additional Information (“SAI”) is not a prospectus. It relates to the prospectus of the CCM Affordable Housing
MBS ETF (the “Affordable Housing ETF” or the “Fund) dated October 27, 2023 (the “Prospectus”) and should
be read in conjunction therewith. The most recent annual report for the Predecessor
ETF (as defined below), which includes the Fund’s audited financial statements dated June 30, 2023, and unaudited financial statements
dated December 31, 2022, is incorporated by reference into this SAI. Shareholders may obtain copies of the Fund’s Prospectus or
the Predecessor ETF’s annual or semi-annual report free of charge by visiting the Fund’s website (www.ccminvests.com), writing
to the Fund at Quaker Investment Trust, c/o Community Capital Management, LLC, 261 North University Drive, Suite 520, Ft. Lauderdale,
FL 33324 or calling the Funds at 888-272-0007.

Capitalized terms used in this SAI and not otherwise
defined have the meanings given them in the Fund’s Prospectus. The principal U.S. national stock exchange on which the Fund is listed
is NYSE Arca, Inc. (the “Exchange”).

TABLE
OF CONTENTS

THE FUND

The CCM Affordable Housing MBS ETF (the “Affordable
Housing ETF” or the “Fund”) is a non-diversified series of Quaker Investment Trust (the “Trust”), an open-end
management investment company originally organized as a Massachusetts business trust on October 24, 1990 and was reorganized as a Delaware
statutory trust on September 30, 2018. This SAI relates only to the Affordable Housing ETF.

The Fund is the successor to the Impact Shares
Affordable Housing MBS ETF (the “Predecessor ETF”). The Predecessor ETF is currently managed by Impact Shares, Corp., the
Predecessor ETF’s investment adviser (the “Predecessor Advisor”) and is sub-advised by CCM. The reorganization of the Predecessor
Fund into the Fund is expected to occur in the third quarter of 2023 or first quarter of 2024. The Predecessor ETF had substantially
similar investment objectives, investment strategies, policies and restrictions as those of the Fund.

The Fund is an exchange-traded fund (“ETF”),
and shares of the Fund are listed on NYSE Arca, Inc. (the “Exchange”). The shares will trade on the Exchange at market prices
that may differ to some degree from the shares’ net asset value (“NAV”). The Fund issues and redeems shares on a continuous
basis at NAV in large, specified numbers of shares called “Creation Units.” Creation Units are issued and redeemed for cash
at the discretion of the Fund. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Retail investors,
therefore, generally will not be able to purchase the shares directly from the Fund. Rather, most retail investors will purchase shares
in the secondary market with the assistance of a broker.

Exchange Listing and Trading

There can be no assurance that the requirements of
the Exchange necessary to maintain the listing of shares of the Fund will be met. The Exchange may remove the Fund from listing under
certain circumstances.

As in the case of all equities traded on the Exchange,
brokers’ commissions on transactions in the Fund will be based on negotiated commission rates at customary levels for retail customers.

In order to provide current share pricing information,
the Exchange, market data vendors or other information providers disseminate an updated Indicative Optimized Portfolio Value (“IOPV”)
for the Fund. The Trust is not involved in, or responsible for, any aspect of the calculation or dissemination of the IOPV and makes no
warranty as to the accuracy of the IOPV. The IOPV is expected to be disseminated every 15 seconds during regular trading hours of the
Exchange. The Fund’s IOPV disseminated during the Exchange’s trading hours should not be viewed as a real-time update of the
Fund’s NAV, which is calculated only once a day.

DESCRIPTION OF INVESTMENTS AND RISK FACTORS

The following information supplements the discussion
of the investment policies and strategies of the Fund as described in the Prospectus. In pursuing its objective, the Fund will invest
as described in the Prospectus and as described below with respect to the following additional investment policies and strategies.

The Fund will invest primarily in mortgage-backed
securities issued by Federal National Mortgage Association (“Fannie Mae”), Federal Home Loan Mortgage Corporation (“Freddie
Mac”), and Government National Mortgage Association (“Ginnie Mae”). While securities issued or guaranteed by Ginnie
Mae are backed by the full faith and credit of the U.S. Department of the Treasury, securities issued by Fannie Mae and Freddie Mac are
solely the obligation of the issuer and generally do not carry any guarantee from the U.S. government. Under normal circumstances, the
Fund will invest at least 80% of its net assets in mortgage-backed securities backed by pools of mortgage loans that the Fund’s
Adviser believes were made to minority families, low-income families, and/or families that live in persistent poverty areas. At least
51% of the loans underlying the mortgage-backed securities in which the Fund invests will have been made to low- and moderate-income borrowers.
These loans include home loans in census tracts where more than 50% of the population is non-white and at least 40% of the population
is living at or below the poverty line (defined as a racially or ethnically concentrated areas of poverty or “R/ECAP”); loans
in counties where for more than 20 years 20% or more of the population has lived in poverty (defined as a persistent poverty county or
“PPC”); and loans to minority borrowers or loans originated in a census tract where more than 50% of the population is a minority
(also referred to as a majority-minority census tract. The Fund may also invest in mortgage-backed securities backed by pools of loans
sourced from non-traditional originators including Community Development Financial Institutions (CDFIs) and minority-owned banks. The
Fund may also invest in mortgage-backed securities backed by pools of loans sourced from non-traditional originators including Community
Development Financial Institutions (CDFIs) and minority-owned banks.

The Fund is a non-diversified fund as defined in the
Investment Company Act of 1940, as amended (the “1940 Act”), but intends to adhere to the diversification requirements applicable
to regulated investment companies (“RICs”) under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”).
The Fund is not intended to be a complete investment program.

Natural Disaster/Epidemic Risk. Natural
or environmental disasters, such as earthquakes, fires, floods, hurricanes, tsunamis and other severe weather-related phenomena generally,
and widespread disease, including pandemics and epidemics, have been and can be highly disruptive to economies and markets, adversely
impacting individual companies, sectors, industries, markets, currencies, interest and inflation rates, credit ratings, investor sentiment,
and other factors affecting the value of a Fund’s investments. Given the increasing interdependence among global economies and
markets, conditions in one country, market, or region are increasingly likely to adversely affect markets, issuers, and/or foreign exchange
rates in other countries, including the U.S. These disruptions could prevent a Fund from executing advantageous investment decisions
in a timely manner and negatively impact the Fund’s ability to achieve its investment objectives. Any such event(s) could have
a significant adverse impact on the value and risk profile of a Fund.

Mortgage-Backed Securities. Mortgage-backed
securities represent direct or indirect participation in, or are collateralized by and payable from, mortgage loans secured by real property
or instruments derived from such loans and may be based on different types of mortgages, including those on residential properties or
commercial real estate. Mortgage-backed securities include various types of securities, such as government stripped mortgage-backed securities,
adjustable-rate mortgage-backed securities, and collateralized mortgage obligations. Generally, mortgage- backed securities represent
partial interests in pools of mortgage loans assembled for sale to investors by various governmental agencies, such as Ginnie Mae; by
government-related organizations, such as Fannie Mae and Freddie Mac; and by private issuers, such as commercial banks, savings and loan
institutions, and mortgage bankers. The average maturity of pass-through pools of mortgage-backed securities in which a fund may invest
varies with the maturities of the underlying mortgage instruments. In addition, a pool’s average maturity may be shortened by unscheduled
payments on the underlying mortgages. Factors affecting mortgage prepayments include the level of interest rates, the general economic
and social conditions, the location of the mortgaged property, and the age of the mortgage. Because prepayment rates of individual mortgage
pools vary widely, the average life of a particular pool cannot be predicted accurately.

Mortgage-backed securities may be classified as private,
government, or government-related, depending on the issuer or guarantor. Private mortgage-backed securities represent interest in pass-through
pools consisting principally of conventional residential or commercial mortgage loans created by nongovernment issuers, such as commercial
banks, savings and loan associations, and private mortgage insurance companies. Private mortgage-backed securities may not be readily
marketable. In addition, mortgage-backed securities have been subject to greater liquidity risk when worldwide economic and liquidity
conditions deteriorate. U.S. government mortgage-backed securities are backed by the full faith and credit of the U.S. government. Ginnie
Mae, the principal U.S. guarantor of these securities, is a wholly owned U.S. government corporation within the Department of Housing
and Urban Development.

Government-related mortgage-backed securities are
not backed by the full faith and credit of the U.S. government. Issuers include Fannie Mae and Freddie Mac, which are congressionally
chartered corporations. In September 2008, the U.S. Treasury placed Fannie Mae and Freddie Mac under conservatorship and appointed the
Federal Housing Finance Agency (the “FHFA”) to manage their daily operations. In addition, the U.S. Treasury entered into
purchase agreements with Fannie Mae and Freddie Mac to provide them with capital in exchange for senior preferred stock. Pass-through
securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae. Participation certificates
representing interests in mortgages from Freddie Mac’s national portfolio are guaranteed as to the timely payment of interest and
principal by Freddie Mac. Private, government, or government-related entities may create mortgage loan pools offering pass-through investments
in addition to those described above. The mortgages underlying these securities may be alternative mortgage instruments (i.e., mortgage
instruments whose principal or interest payments may vary or whose terms to maturity may be shorter than customary).

Mortgage-backed securities are often subject to more
rapid repayment than their stated maturity date would indicate as a result of the pass- through of prepayments of principal on the underlying
loans. Prepayments of principal by mortgagors or mortgage foreclosures shorten the term of the mortgage pool underlying the mortgage-backed
security. A fund’s ability to maintain positions in mortgage-backed securities is affected by the reductions in the principal amount
of such securities resulting from prepayments. A fund’s ability to reinvest prepayments of principal at comparable yield is subject
to generally prevailing interest rates at that time. The values of mortgage-backed securities vary with changes in market interest rates
generally and the differentials in yields among various kinds of government securities, mortgage-backed securities, and asset-backed securities.
In periods of rising interest rates, the rate of prepayment tends to decrease, thereby lengthening the average life of a pool of mortgages
supporting a mortgage-backed security. Conversely, in periods of falling interest rates, the rate of prepayment tends to increase, thereby
shortening the average life of such a pool. Because prepayments of principal generally occur when interest rates are declining, an investor,
such as a fund, generally has to reinvest the proceeds of such prepayments at lower interest rates than those at which its assets were
previously invested. Therefore, mortgage-backed securities have less potential for capital appreciation in periods of falling interest
rates than other income-bearing securities of comparable maturity.

Mortgage-Backed Securities—To Be Announced
(“TBA”) Securities. A TBA securities transaction, which is a type of forward-commitment transaction, represents an agreement
to buy or sell mortgage-backed securities with agreed-upon characteristics for a fixed unit price, with settlement on a scheduled future
date, typically within 30 calendar days of the trade date. With TBA transactions, the particular securities (i.e., specified mortgage
pools) to be delivered or received are not identified at the trade date; however, securities delivered to a purchaser must meet specified
criteria, including face value, coupon rate, and maturity, and be within industry-accepted “good delivery” standards. A fund
may sell TBA securities to hedge its portfolio positions or to dispose of mortgage-backed securities it owns under delayed-delivery arrangements.
Proceeds of TBA securities sold are not received until the contractual settlement date. For TBA purchases, a fund will maintain sufficient
liquid assets (e.g., cash or marketable securities) until settlement date in an amount sufficient to meet the purchase price. Unsettled
TBA securities are valued by an independent pricing service based on the characteristics of the securities to be delivered or received.
A risk associated with TBA transactions is that at settlement, either the buyer fails to pay the agreed price for the securities, or the
seller fails to deliver the agreed securities. As the value of such unsettled TBA securities is assessed on a daily basis, parties mitigate
such risk by, among other things, exchanging collateral as security for performance, performing a credit analysis of the counterparty,
allocating transactions among numerous counterparties, and monitoring its exposure to each counterparty.

Additional Information Concerning Fannie Mae and
Freddie Mac. The volatility and disruption that impacted the capital and credit markets during late 2008 and into 2009 have led to
increased market concerns about Fannie Mae’s and Freddie Mac’s ability to withstand future credit losses associated with securities
held in their investment portfolios, and on which they provide guarantees, without the direct support of the federal government. In September
2008, both Fannie Mae and Freddie Mac were placed under the conservatorship of the FHFA. Under the plan of conservatorship, the FHFA has
assumed control of, and generally has the power to direct, the operations of Fannie Mae and Freddie Mac, and is empowered to exercise
all powers collectively held by their respective shareholders, directors and officers, including the power to (1) take over the assets
of and operate Fannie Mae and Freddie Mac with all the powers of the shareholders, the directors, and the officers of Fannie Mae and Freddie
Mac and conduct all business of Fannie Mae and Freddie Mac; (2) collect all obligations and money due to Fannie Mae and Freddie Mac; (3)
perform all functions of Fannie Mae and Freddie Mac that are consistent with the conservator’s appointment; (4) preserve and conserve
the assets and property of Fannie Mae and Freddie Mac; and (5) contract for assistance in fulfilling any function, activity, action or
duty of the conservator. In addition, in connection with the actions taken by the FHFA, the U.S. Treasury Department (the “Treasury”)
has entered into certain preferred stock purchase agreements with each of Fannie Mae and Freddie Mac that established the Treasury as
the holder of a new class of senior preferred stock in each of Fannie Mae and Freddie Mac, which stock was issued in connection with financial
contributions from the Treasury to Fannie Mae and Freddie Mac. The conditions attached to the financial contribution made by the Treasury
to Fannie Mae and Freddie Mac and the issuance of this senior preferred stock place significant restrictions on the activities of Fannie
Mae and Freddie Mac. Fannie Mae and Freddie Mac must obtain the consent of the Treasury to (i) make any payment to purchase or redeem
its capital stock or pay any dividend other than in respect of the senior preferred stock issued to the Treasury, (ii) issue capital stock
of any kind, (iii) terminate the conservatorship of the FHFA except in connection with a receivership, or (iv) increase its debt beyond
certain specified levels. In addition, significant restrictions were placed on the maximum size of each of Fannie Mae’s and Freddie
Mac’s respective portfolios of mortgage and mortgage-backed securities, and the purchase agreements entered into by Fannie Mae and
Freddie Mac provide that the maximum size of their portfolios of these assets must decrease by a specified percentage each year. On June
16, 2010, FHFA ordered Fannie Mae’s and Freddie Mac’s stock de-listed from the New York Stock Exchange (“NYSE”)
after the price of common stock in Fannie Mae fell below the NYSE’s minimum average closing price of $1 for more than 30 days The
future status and role of Fannie Mae and Freddie Mac could be impacted by (among other things) the actions taken and restrictions placed
on Fannie Mae and Freddie Mac by the FHFA in its role as conservator, the restrictions placed on Fannie Mae’s and Freddie Mac’s
operations and activities as a result of the senior preferred stock investment made by the Treasury, market responses to developments
at Fannie Mae and Freddie Mac, and future legislative and regulatory action that alters the operations, ownership, structure and/or mission
of these institutions, each of which may, in turn, impact the value of, and cash flows on, any mortgage-backed securities guaranteed by
Fannie Mae and Freddie Mac, including any such mortgage-backed securities held by the Fund. Under the FHFA’s “Single Security
Initiative,” Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the
issuance of Uniform Mortgage-Backed Securities (“UMBS”), which would generally align the characteristics of Fannie Mae and
Freddie Mac participation certificates. In June 2019, Fannie Mae and Freddie Mac began issuing UMBS in place of their current “to
be announced”-eligible mortgage-backed securities. The effect of the issuance of UMBS on the market for mortgage-backed securities
is uncertain.

Illiquid Securities

Historically, illiquid securities have included securities
subject to contractual or legal restrictions on resale because they have not been registered under the Securities Act of 1933, as amended
(the “Securities Act”), securities that are otherwise not readily marketable and repurchase agreements having a maturity of
longer than seven days. Securities that have not been registered under the Securities Act are referred to as “private placements”
or “restricted securities” and are purchased directly from the issuer or in the secondary market.

Open-end investment companies do not typically hold
a significant amount of these restricted securities or other illiquid securities because of the potential for delays on resale and uncertainty
in valuation. Limitations on resale may have an adverse effect on the marketability of portfolio securities and an investment company
might be unable to dispose of restricted or other illiquid securities promptly or at reasonable prices and might thereby experience difficulty
satisfying redemptions within seven days. An investment company might also have to register such restricted securities in order to dispose
of them, which would result in additional expense and delay. Adverse market conditions could impede such a public offering of securities.
The Fund may not acquire any illiquid securities if, as a result thereof, more than 15% of the market value of the Fund’s net assets
would be in investments that are illiquid or otherwise not readily marketable. Rule 22e-4 under the 1940 Act requires the Fund to adopt
a liquidity risk management program to assess and manage its liquidity risk. Under its program, the Fund is required to classify its investments
into specific liquidity categories and monitor compliance with limits on investments in illiquid securities. While the liquidity risk
management program attempts to assess and manage liquidity risk, there is no guarantee it will be effective in its operations and it may
not reduce the liquidity risk inherent in the Fund’s investments.

In recent years, however, a large institutional market
has developed for certain securities that are not registered under the Securities Act, including repurchase agreements, commercial paper,
foreign securities, municipal securities and corporate bonds and notes. Institutional investors depend on an efficient institutional market
in which the unregistered security can be readily resold or on an issuer’s ability to honor a demand for repayment. The fact that
there are contractual or legal restrictions on resale of such investments to the general public or to certain institutions may not be
indicative of their liquidity.

Rule 144A Securities. The SEC has adopted Rule
144A, which allows a broader institutional trading market for securities otherwise subject to restriction on their resale to the general
public. Rule 144A establishes a “safe harbor” from the registration requirements of the Securities Act on resales of certain
securities to qualified institutional buyers.

The Fund may purchase securities in the United States
that are not registered for sale under federal securities laws, but which can be resold to institutions under SEC Rule 144A or under an
exemption from such laws. Provided that a dealer or institutional trading market in such securities exists, these restricted securities
or Rule 144A securities are treated as exempt from the Fund’s limit on illiquid securities. The Adviser will determine the liquidity
of restricted securities or Rule 144A securities by looking at factors such as sources quote, frequency of quotes, number of sources with
size, bid-offer spreads, average quote size and movers’ count. If institutional trading in restricted securities or Rule 144A securities
were to decline, the Fund’s illiquidity could increase, and the Fund could be adversely affected.

Section 4(a)(2) Commercial Paper. The Fund
may invest in commercial paper issued in reliance on the exemption from registration afforded by Section 4(a)(2) of the Securities Act.
Section 4(a)(2) commercial paper is restricted as to disposition under federal securities laws and is generally sold to institutional
investors who agree that they are purchasing the paper for investment purposes and not with a view to public distribution. Any resale
by the purchaser must be in an exempt transaction. Section 4(a)(2) commercial paper is normally resold to other institutional investors
through or with the assistance of the issuer or investment dealers who make a market in Section 4(a)(2) commercial paper, thus providing
liquidity. The Adviser believes that Section 4(a)(2) commercial paper and possibly certain other restricted securities that meet the criteria
for liquidity established by the Board are quite liquid. The Fund intends therefore, to treat the restricted securities which meet the
criteria for liquidity established by the Board, including Section 4(a)(2) commercial paper, as determined by the Adviser, as liquid and
not subject to the investment limitation applicable to illiquid securities. In addition, because Section 4(a)(2) commercial paper is liquid,
the Fund does not intend to subject such paper to the limitation applicable to restricted securities. The Fund will not invest more than
10% of their total assets in restricted securities (excluding Rule 144A securities).

Borrowing and Lending

Borrowing. The Fund may borrow money from banks
(including their custodian banks) or from other lenders to the extent permitted under applicable law. The 1940 Act requires the Fund maintain
asset coverage of at least 300% for all such borrowings and should such asset coverage at any time fall below 300%, the Fund would be
required to reduce their borrowings within three days to the extent necessary to meet the requirements of the 1940 Act. The Fund will
not make any borrowing that would cause their outstanding borrowings to exceed one-third of the value of their total assets (including
the proceeds of such borrowing) immediately following such borrowing. To reduce their borrowings, the Fund might be required to sell securities
at a time when it would be disadvantageous to do so. In addition, because interest on money borrowed is an expense that it would not otherwise
incur, the Fund may have less net investment income during periods when their borrowings are substantial. The interest paid by the Fund
on borrowings may be more or less than the yield on the securities purchased with borrowed funds, depending on prevailing market conditions.

Securities Lending. Securities lending involves
lending of portfolio securities to qualified broker/dealers, banks or other financial institutions who may need to borrow securities in
order to complete certain transactions, such as covering short sales, avoiding failure to deliver securities, or completing arbitrage
operations. Securities are loaned pursuant to a securities lending agreement approved by the Board and under the terms, structure and
the aggregate amount of such loans consistent with the 1940 Act. Lending portfolio securities increases the lender’s income by receiving
a fixed fee or a percentage of the collateral, in addition to receiving the interest or dividend on the securities loaned. As collateral
for the loaned securities, the borrower gives the lender collateral equal to at least 100% of the value of the loaned securities. The
collateral may consist of cash (including U.S. dollars and foreign currency), securities issued by the U.S. Government or its agencies
or instrumentalities, or such other collateral as may be approved by the Board. The borrower must also agree to increase the collateral
if the value of the loaned securities increases but may request some of the collateral be returned if the market value of the loaned securities
goes down.

During the existence of the loan, the lender will
receive from the borrower amounts equivalent to any dividends, interest or other distributions on the loaned securities, as well as interest
on such amounts. Loans are subject to termination by the lender or a borrower at any time. The Fund may choose to terminate a loan in
order to vote in a proxy solicitation.

During the time a security is on loan and the issuer
of the security makes an interest or dividend payment, the borrower pays the lender a substitute payment equal to any interest or dividends
the lender would have received directly from the issuer of the security if the lender had not loaned the security. When a lender receives
dividends directly from domestic or certain foreign corporations, a portion of the dividends paid by the lender itself to its shareholders
and attributable to those dividends (but not the portion attributable to substitute payments) may be eligible for (i) treatment as “qualified
dividend income” in the hands of individuals or (ii) the federal dividends received deduction in the hands of corporate shareholders.
The Adviser expects generally to follow the practice of causing the Fund to terminate a securities loan – and forego any income
on the loan after the termination – in anticipation of a dividend payment. By doing so, a lender would receive the dividend directly
from the issuer of the securities, rather than a substitute payment from the borrower of the securities, and thereby preserve the possibility
of those tax benefits for certain shareholders. A lender’s shares may be held by affiliates of the Adviser, and the Adviser’s
termination of securities loans under these circumstances (resulting in the lender’s foregoing income from the loans after the termination)
may provide an economic benefit to those affiliates.

Securities lending involves counterparty risk, including
the risk that a borrower may not provide additional collateral when required or return the loaned securities in a timely manner. Counterparty
risk also includes a potential loss of rights in the collateral if the borrower or the Lending Agent defaults or fails financially. This
risk is increased if loans are concentrated with a single borrower or limited number of borrowers. There are no limits on the number of
borrowers that may be used, and securities may be loaned to only one or a small group of borrowers. Participation in securities lending
also incurs the risk of loss in connection with investments of cash collateral received from the borrowers. Cash collateral is invested
in accordance with investment guidelines contained in the Securities Lending Agreement and approved by the Board. Some or all of the cash
collateral received in connection with the securities lending program may be invested in one or more pooled investment vehicles, including,
among other vehicles, money market funds managed by the Lending Agent (or its affiliates). The Lending Agent shares in any income resulting
from the investment of such cash collateral, and an affiliate of the Lending Agent may receive asset-based fees for the management of
such pooled investment vehicles, which may create a conflict of interest between the Lending Agent (or its affiliates) and the Fund with
respect to the management of such cash collateral. To the extent that the value or return on investments of the cash collateral declines
below the amount owed to a borrower, the Fund may incur losses that exceed the amount it earned on lending the security. The Lending Agent
will indemnify the Fund from losses resulting from a borrower’s failure to return a loaned security when due, but such indemnification
does not extend to losses associated with declines in the value of cash collateral investments. The Adviser is not responsible for any
loss incurred by the Fund in connection with the securities lending program.

Other Investment Policies

Money Market Instruments. The Fund may invest
in money market instruments. Money market securities are high-quality, dollar- denominated, short-term instruments. They consist of (i)
bankers’ acceptances, certificates of deposit, notes and time deposits of highly- rated U.S. banks and U.S. branches of foreign
banks; (ii) U.S. Treasury obligations and obligations issued or guaranteed by agencies and instrumentalities of the U.S. Government; (iii)
high-quality commercial paper issued by U.S. foreign corporations; and (iv) debt obligations with a maturity of one year or less issued
by corporations with outstanding high-quality commercial paper ratings.

Securities of Other Investment Companies. Such
investments are subject to limitations prescribed by the 1940 Act unless an SEC exemption is applicable or as may be permitted by rules
under the 1940 Act or SEC staff interpretations thereof. The 1940 Act limitations currently provide, in part, that the Fund may not purchase
shares of an investment company if (a) such a purchase would cause the Fund to own in the aggregate more than 3% of the total outstanding
voting stock of the investment company; (b) such a purchase would cause the Fund to have more than 5% of their total assets invested in
the investment company; or (c) more than 10% of the Fund’s total assets would be invested in the aggregate in all investment companies.
These investment companies typically incur fees that are separate from those fees incurred directly by the Fund. The Fund’s purchase
of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate
share of the operating expenses of such investment companies, including advisory fees, in addition to paying Fund expenses.

Privately-Placed Securities. The Fund may invest
in securities that are neither listed on a stock exchange nor traded over-the-counter, including privately placed securities. Investing
in such unlisted securities, including investments in new and early-stage companies, may involve a high degree of business and financial
risk that can result in substantial losses. As a result of the absence of a public trading market for these securities, they may be less
liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized
from these sales could be less than those originally paid by the Fund, or less than what may be considered the fair value of such securities.
Further, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements
that might be applicable if their securities were publicly traded. If such securities 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.

Operating Deficits. The expenses of operating
the Fund (including the fees payable to the Adviser) may exceed its income, thereby requiring that the difference be paid out of the Fund’s
capital, reducing the Fund’s investments and potential for profitability.

Accuracy of Public Information. To the extent
that the Fund invests any of its assets in securities other than publicly traded securities, the Adviser selects investments for the Fund,
in part, on the basis of information and data filed by issuers with various government regulators or made directly available to the Adviser
by the issuers or through sources other than the issuers. Although the Adviser evaluates all such information and data and ordinarily
seeks independent corroboration when the Adviser considers it appropriate and when such corroboration is reasonably available, the Adviser
is not in a position to confirm the completeness, genuineness or accuracy of such information and data.

Trading Limitations. For all securities listed
on a securities exchange, including options listed on a public exchange, the exchange generally has the right to suspend or limit trading
under certain circumstances. Such suspensions or limits could render certain strategies difficult to complete or continue and subject
the Fund to loss. Also, such a suspension could render it impossible for the Fund to liquidate positions thereby exposing them to potential
losses. Finally, to the extent that advisory personnel of the Adviser acquire material non-public information in the course of service
on the board of directors or creditor’s committee of a company, the Fund may be prevented from buying or selling securities of that
company.

Tracking and Correlation. While the Fund does
not expect that its daily returns will deviate significantly from its daily investment objective, several factors may affect the Fund’s
ability to achieve this correlation. Among these factors are: (1) the Fund’s expenses, including brokerage (which may be increased
by high portfolio turnover) and the cost of the investment techniques employed by the Fund; (2) an imperfect correlation between the performance
of instruments held by the Fund, and the performance of the underlying securities in the cash market; (3) bid-ask spreads (the effect
of which may be increased by portfolio turnover); (4) holding instruments traded in a market that has become illiquid or disrupted; (5)
the Fund’s share prices being rounded to the nearest cent; (6) the need to conform the Fund’s portfolio holdings to comply
with investment restrictions or policies or regulatory or tax law requirements; (7) actual purchases and sales of the shares of the Fund
may differ from estimated transactions reported prior to the time share prices are calculated; and (8) early and unanticipated closings
of the markets on which the holdings of the Fund trades, resulting in the inability of the Fund to execute intended portfolio transactions.
While a close correlation of the Fund to its benchmark may be achieved on any single trading day, over time the cumulative percentage
increase or decrease in the NAV of the shares of the Fund may diverge significantly from the cumulative percentage decrease or increase
in the benchmark due to a compounding effect.

PORTFOLIO TURNOVER

The frequency and amount of portfolio purchases and
sales (known as the “turnover rate”) will vary from year to year. The portfolio turnover rate may vary greatly from year to
year and will not be a limiting factor when the Adviser deems portfolio changes appropriate. Although the Fund generally does not intend
to trade for short-term profits, the securities held by the Fund will be sold whenever the Adviser believes it is appropriate to do so,
without regard to the length of time a particular security may have been held. Higher portfolio turnover involves correspondingly greater
transaction costs, including any brokerage commissions that the Fund will bear directly, and can cause the Fund to recognize more short-term
capital gains (which currently are taxable to shareholders at higher rates than long-term capital gains).

For the Predecessor ETF, the portfolio turnover rates
were 26% for fiscal year ended June 30, 2023 and 78% from the inception date (July 26, 2021) through June 30, 2022.

INVESTMENT RESTRICTIONS

The fundamental investment restrictions below may
be changed only with the approval of a “vote of a majority of the outstanding voting securities” of the Fund. A “vote
of a majority of the outstanding voting securities” of the Fund means the lesser of (i) 67% or more of the shares at a meeting if
the holders of more than 50% of the outstanding shares are present or represented by proxy or (ii) more than 50% of the outstanding shares.
Except for investment restrictions designated as fundamental in the Fund’s Prospectus or in this SAI, the investment policies described
in the Fund’s Prospectus or this SAI are not fundamental and may be changed without shareholder approval.

If a percentage policy set forth in the Prospectus
or one of the following percentage investment restrictions is adhered to at the time a security is purchased, later changes in a percentage
will not be considered a violation of the policy or restriction unless any excess or deficiency exists immediately after and as a result
of such purchase or pertains to the Fund’s limitations on borrowing and investment in illiquid securities.

Fundamental Investment Restrictions. The following
investment restrictions are fundamental policies and, as such, may not be changed without the approval of a “vote of a majority
of the outstanding voting securities).” The Fund may not:

1. Purchase any security that would cause the Fund
to concentrate (invest 25% or more of its total assets) in securities of issuers primarily engaged in any particular industry or group
of industries (other than securities issued or guaranteed by the U.S. government or any of its agencies or instrumentalities).

2. Issue senior securities or borrow in excess of
the amounts permitted by the 1940 Act¹;

3. Underwrite securities of other issuers, except
to the extent that the Fund, in disposing of Fund securities, may be deemed an underwriter within the meaning of the Securities Act.

4. Purchase or sell real estate, except that the Fund
may (a) invest in securities or other instruments directly or indirectly secured by real estate, (b) invest in securities or other instruments
issued by issuers that invest in real estate, and (c) hold for prompt sale, real estate or interests in real estate to which it may gain
an ownership interest through the forfeiture of collateral securing loans or debt securities held by it;

5. Purchase or sell commodities or commodity contracts,
but this shall not prevent the Fund from purchasing, selling and entering into financial futures contracts (including futures contracts
on indices of securities, interest rates and currencies), options on financial futures contracts, swaps, forward contracts, foreign currency
spot and forward contracts or other derivative instruments that are not related to physical commodities; and

6. Lend any property or make any loan if, as a result,
more than 33 1/3% of its total assets would be loaned to other parties (including the value of collateral received for loans of portfolio
securities), but this limitation does not apply to the purchase of debt securities in which it is authorized to invest in accordance with
its investment objective and policies or to repurchase agreements.²

For purposes of Fundamental Investment Restriction No. 2 above, margin and collateral arrangements with respect to the purchase or sale of mortgage-backed and other asset-backed securities and when-issued, to-be-announced, dollar roll and other transactions that result or may result in the delayed delivery of securities are not deemed to be a pledge of assets.

With respect to Fundamental Investment Restriction number 6, the Fund has no current intention to engage in reverse repurchase agreements and securities lending, but the Fund may change this intention at any time without shareholder approval.

Non-Fundamental Investment Restrictions. The
Fund is also subject to the following non-fundamental investment restrictions and policies that may be changed by the Board without shareholder
approval. The Fund may not:

1. Acquire any illiquid securities if, as a result
thereof, more than 15% of the market value of the Fund’s net assets would be in investments that are illiquid;

2. Acquire securities of other investment companies,
except as permitted by the 1940 Act (currently under the 1940 Act, the Fund may invest up to 10% of its total assets in the aggregate
in shares of other investment companies and up to 5% of its total assets in any one investment company, provided the investment does not
represent more than 3% of the voting stock of the acquired investment company at the time such shares are purchased, and may also invest
in other investment companies pursuant to exemptions provided in or under the 1940 Act and in accordance with no-action positions of the
staff of the SEC);

3. Borrow on margin, notwithstanding fundamental investment
restriction number 2, unless such activity is permitted by applicable law; and

4. If the Fund is invested in by another series of
the Trust in reliance on Section 12(d)(1)(G), it may not acquire securities of registered open-end investment companies or registered
unit investment trusts in reliance on Sections 12(d)(1)(F) or 12(d)(1) (G) of the 1940 Act.

Other Information. The following commentary
is intended to help investors better understand the meaning of the Fund’s fundamental policies by briefly describing limitations,
if any, imposed by the 1940 Act. References to the 1940 Act below may encompass rules, regulations or orders issued by the SEC and, to
the extent deemed appropriate by the Fund, interpretations and guidance provided by the SEC staff. These descriptions are intended as
brief summaries of such limitations as of the date of this SAI; they are not comprehensive, and they are qualified in all cases by reference
to the 1940 Act (including any rules, regulations or orders issued by the SEC and any relevant interpretations and guidance provided by
the SEC staff). These descriptions are subject to change based on evolving guidance by the appropriate regulatory authority and are not
part of the Fund’s fundamental policies.

For purposes of fundamental investment restriction
number 1 above, the Fund will consider the concentration policies of any underlying funds in which it invests when evaluating compliance
with its concentration policy.

The 1940 Act currently permits an open-end investment
company to borrow money from a bank so long as immediately after any such borrowing the ratio that the value of the total assets of the
investment company (including the amount of any such borrowing), less the amount of all liabilities and indebtedness (other than such
borrowing) of the investment company, bears to the amount of such borrowing is at least 300%. A lender to the Fund may require that the
Fund pledge its assets as collateral. If the Fund were to default on a loan secured by pledged assets, the lender would be entitled to
foreclose on and dispose of the pledged assets, but the lender could retain only the amount of assets (or the disposition proceeds of
such assets) necessary to pay off the defaulted loan.

Under the 1940 Act, the Fund may not issue senior
securities or borrow in excess of 33 1/3% of the Fund’s total assets (after giving effect to any such borrowing), which amount excludes
borrowing for temporary purposes and in an amount not more than 5% of the Fund’s total assets at the time the borrowing for temporary
purposes is made.

For purposes of non-fundamental investment restriction
number 3 above, the purchase of Senior Loans, corporate debt securities, and other investment assets with the proceeds of a permitted
borrowing, as well as margin payments or other arrangements in connection with transactions in short sales, futures contracts, options,
and other financial instruments are not considered to constitute the purchase of securities on margin.

NON-DIVERSIFIED STATUS

The Fund’s classification as a “non-diversified”
investment company means that the proportion of the Fund’s assets that may be invested in the securities of a single issuer is
not limited by the 1940 Act. The Fund, however, intends to qualify as a RIC accorded special tax treatment under the Code, which imposes
its own diversification requirements on the Fund that are less restrictive than the requirements applicable to the “diversified”
investment companies under the 1940 Act. As a non-diversified fund, a relatively high percentage of the Fund’s assets may be invested
in the securities of a limited number of issuers, primarily within the same economic sector. The Fund’s’ portfolio securities,
therefore, may be more susceptible to any single economic, political, or regulatory occurrence than the portfolio securities of a more
diversified investment company.

MANAGEMENT OF THE TRUST

BOARD OF TRUSTEES AND OFFICERS

The business of the Fund is supervised by the
Board of Trustees, who may exercise all powers not required by statute, the Agreement and Declaration of Trust (the “Declaration
of Trust”), or the By-laws to be exercised by the shareholders. The Trustees stand in the position of fiduciaries of the Fund and
its shareholders and, as such, they have a duty of due care and loyalty. The Trustees are responsible for managing the business and affairs
of the Fund.

When appropriate, the Board of Trustees will consider
separately matters relating to the Fund. The Board of Trustees elects the officers of the Trust and retains various companies to carry
out Fund operations, including the investment adviser, custodian, administrator and transfer agent.

The following table provides information
about the Trustees and Officers of the Trust, including each person’s experience as a Director or Trustee of other funds as well
as other recent professional experience.

Name, Age & Address*	Position(s) Held with the Trust	Serving as an Officer or Trustee of the Trust	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee⁽¹⁾
Independent Trustees
James R. Brinton Age 69	Chair Trustee Lead Independent Trustee	Since 2018 Since 2002 2007 – 2018	Retired since 2019. Vice President, BMT Insurance Advisors (a commercial insurance brokerage firm) 2015-2019.	3	None
Gary E. Shugrue Age 69	Trustee	Since 2008	Veritable, LP (investment advisory firm) since 2015; President and Chief Investment Officer, Ascendant Capital Partners from 2001 – 2015.	3	Director, RFS Family of Funds/ UMB Fund Services
Warren West Age 66	Trustee	Since 2003	Retired since 2017. Greentree Brokerage Services, Inc. from 1998 – 2017.	3	None
Interested Trustee
Alyssa Greenspan⁽²⁾ Age 51	President Trustee	Since 2015 Since 2018	Chief Executive Officer, Community Capital Management, LLC since February 2023; President, Community Capital Management, LLC since 2015; Chief Operating Officer, Community Capital Management, LLC from 2009 – 2023; Senior Vice President and Portfolio Manager, Community Capital Management, LLC from 2003 – 2009.	3	None

Name, Age & Address*	Position(s) Held with the Trust	Serving as an Officer or Trustee of the Trust	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee	Other Directorship(s) Held by Trustee⁽¹⁾
Officers
Todd Cohen Age 57	Secretary	Since 2018	Founder and Executive Chairman since 1998; Chief Executive Officer, Community Capital Management, LLC from 2015 – 2023; President and Chief Investment Officer, Community Capital Management, LLC from 2007 – 2015.	N/A	N/A
James Malone Age 52	Treasurer	Since 2021	Chief Financial Officer of Community Capital Management, LLC since 2013; Director of Investment Platforms, since 2011.	N/A	N/A
Stefanie Little Age 55	Chief Compliance Officer	Since 2018	Chief Compliance Officer for Quaker Investment Trust since 2018. Founder of Chenery Compliance Group, LLC since 2015; Managing Member SEC Compliance Alliance, LLC from 2012 – 2019; President of Little Consulting Group, Inc. since2011; Chief Compliance Officer, Community Capital Management, LLC since 2010.	N/A	N/A

The address for each Trustee and Officer
is Community Capital Management, LLC, 261 North University Drive, Suite 520, Ft. Lauderdale, FL 33324.

(1)

Directorship of companies
required to report to the SEC under the Securities Exchange Act of 1934, as amended (the “1934 Act”), (e.g., “public
companies”) and investment companies registered under the 1940 Act.

(2)

Ms. Greenspan is an “interested
person of the Trust (as defined in the 1940 Act) due to the position she holds with Community Capital Management, LLC.

Qualifications of Trustees

Information on the Trust’s Trustees and officers
appears in the chart above. Such information includes business activities of the Trustees during the past five years and beyond. The Board
believes that, collectively, the Trustees have balanced and diverse experience, skills, attributes and qualifications, that allow the
Board to operate effectively in governing the Trust and protecting the interests of shareholders. Among the attributes common to all Trustees
are their ability to review critically, evaluate, question and discuss information provided to them; to interact effectively with the
Trust’s investment manager, other service providers, counsel and independent auditors; and to exercise business judgment in the
performance of their duties as Trustees. Each Trustees’ ability to perform his or her duties effectively is evidenced by his or
her educational background or professional training; business, consulting or public service positions; experience from service as a Board
member of the Trust, other investment funds, public companies or non-profit entities or other organizations; and ongoing commitment and
participation in Board and committee meetings throughout the years.

While there are no specific required qualifications
for Board membership, the Board believes the specific background of each Trustee is appropriate to his or her serving on the Trust’s
Board of Trustees. As indicated, Ms. Greenspan is chief executive officer and president of the Adviser; prior to retiring, Mr. Brinton
was vice president of a commercial insurance brokerage firm; Mr. Shugrue is president and chief investment officer of a hedge fund advisory
firm; and prior to retiring, Mr. West managed a securities brokerage firm. The foregoing discussion and the Trustees and Officers chart
above are included in this SAI pursuant to requirements of the U.S. Securities and Exchange Commission, do not constitute holding out
the Board or any Trustee as having special expertise or experience and shall not be deemed to impose any greater responsibility or liability
on any Trustee by reason thereof.

Trustees’ Compensation

The officers of the Trust and those of its Trustees
who are “interested persons” (as defined in the 1940 Act) of the Fund receive no direct remuneration from the Trust. Each
Independent Trustee receives an annual retainer of $25,000 payable in quarterly installments and allocated among each fund in the Trust.
The Independent Trustees do not receive any pension or retirement benefits. Because the Fund has not commenced operations as of the date
of this SAI, the Independent Trustees have not received any compensation from the Fund as of the date of this SAI. The following table
shows the total compensation received or accrued from each Fund and the Trust by each of the Independent Trustees for the fiscal year
ended June 30, 2023:

Name and Position(s) Held	Aggregate Compensation from the Trust	Pension or Retirement Benefits Accrued as Part of Trust Expenses	Total Estimated Annual Benefits upon Retirement	Compensation from the Fund(s) and Fund Complex Paid to Trustee
James R. Brinton Chair and Independent Trustee	$25,000	N/A	N/A	$25,000
Warren West Independent Trustee	$25,000	N/A	N/A	$25,000
Alyssa Greenspan Interested Trustee	N/A	N/A	N/A	N/A
Gary E. Shugrue Independent Trustee	$25,000	N/A	N/A	$25,000

Role of the Board of Trustees, Leadership Structure and Risk Oversight

The Role of the Board of Trustees

The Board oversees the management and operations of
the Trust. Like most registered investment companies, the day-to-day management and operation of the Trust is performed by various service
providers to the Trust, such as the Adviser, distributor, administrator, custodian, and transfer agent, each of which is discussed in
greater detail in this SAI. The Board has appointed senior employees of certain of these service providers as officers of the Trust, with
responsibility to monitor and report to the Board on the Trust’s operations. The Board receives regular reports from these officers
and service providers regarding the Trust’s operations. For example, the Treasurer provides reports as to financial reporting matters
and investment personnel report on the performance of the Trust’s portfolios. The Board has appointed a Chief Compliance Officer
(“CCO”) who administers the Trust’s compliance program and regularly reports to the Board as to compliance matters.
Some of these reports are provided as part of formal in person Board meetings which are typically held quarterly, in person, and involve
the Board’s review of, among other items, recent Trust operations. The Board also periodically holds telephonic meetings as part
of its review of the Trust’s activities. From time to time one or more members of the Board may also meet with management in less
formal settings, between scheduled Board meetings, to discuss various topics. In all cases, however, the role of the Board and of any
individual Trustee is one of oversight and not of management of the day-to-day affairs of the Trust and its oversight role does not make
the Board a guarantor of the Trust’s investments, operations or activities.

Board Structure and Leadership

Ms. Greenspan is the sole Interested Trustee on
the Board. The Board believes that it is beneficial to have a representative of fund management on the Board. Ms. Greenspan is Chief
Executive Officer and President of the Adviser, the Trust’s investment manager, and oversees the day-to-day investment and business
affairs affecting the Adviser and the Trust. Accordingly, her participation in the Board’s deliberations helps assure that the
Board’s decisions are informed and are accurately communicated to and implemented by Fund management.

The Board has designated Mr. Brinton, one of the Trust’s
Independent Trustees, to serve as the Chair of the Board and the Lead Independent Trustee. The Chair, in consultation with fund management,
counsel and the other Trustees, participates in developing Board meeting agendas, and ensures that appropriate and timely information
is provided to the Board in connection with Board meetings. The Chair also conducts meetings of the Independent Trustees. The Chair also
generally serves as a liaison between outside Trustees, Fund officers, and counsel, and is chair of the Nominating Committee.

The Board is currently comprised of four Trustees.
The Trustees believe that the current size of the Board is conducive to Board interaction, dialogue and debate, resulting in an effective
decision-making body. The Board is comprised of Trustees with a variety of professional backgrounds. The Board believes that the skill
sets of its members are complementary and add to the overall effectiveness of the Board. The Trustees regard diversity as an important
consideration in the present composition of the Board and the selection of qualified candidates to fill vacancies on the Board.

The Board has established an Audit Committee and a
Nominating Committee, each of which focuses on a particular substantive area and provides reports and recommendations to the full Board.
The committee structure enables the Board to manage efficiently and effectively the large volume of information relevant to the Board’s
oversight of the Trust. The committees benefit from the professional expertise of their members. At the same time, membership on a committee
enhances the expertise of its members and benefits the overall effectiveness of the Board. Both committees are comprised solely of Independent
Trustees.

Audit Committee. The members of the Audit Committee
are: Messrs. Gary E. Shugrue (Chair of the Audit Committee), James R. Brinton and Warren West. The Audit Committee operates pursuant to
a charter adopted by the Board of Trustees. The purposes of the Audit Committee are to: (i) oversee the Funds’ accounting and financial
reporting principles and policies and related controls and procedures maintained by or on behalf of the Funds; (ii) oversee the Funds’
financial statements and the independent audit thereof; (iii) select, evaluate and, where deemed appropriate, replace the Funds’
independent registered public accountants (“independent auditors”); (iv) evaluate the independence of the Funds’ independent
auditors; and (v) to report to the full Board of Trustees on its activities and recommendations. The function of the Audit Committee is
oversight; it is management’s responsibility to maintain appropriate systems for accounting and internal control, and the independent
auditors’ responsibility to plan and carry out a proper audit. The independent auditors are ultimately accountable to the Board
and the Audit Committee, as representatives of the Funds’ shareholders. Each of the members of the Audit Committee have a working
knowledge of basic finance and accounting matters and are not interested persons of the Trust, as defined in the 1940 Act. The Audit Committee
met two times during the fiscal year ended June 30, 2023.

Nominating Committee. The members of the Nominating
Committee are: Messrs. James R. Brinton (Chair of the Nominating Committee), Gary E. Shugrue and Warren West, each of whom is an Independent
Trustee, and, as such, satisfies the independence requirements under Rule 10A-3 of the 1934 Act, as amended. The Nominating Committee
operates pursuant to a charter adopted by the Board of Trustees. The purpose of the Nominating Committee is to recommend nominees for:
(i) consideration as an independent trustee by the incumbent Independent Trustees of the Trust; and (ii) consideration as an interested
trustee by the full Board of Trustees of the Trust. The Nominating Committee did not meet during the fiscal year ended June 30, 2023.

The Nominating Committee generally identifies candidates
for Board membership through personal and business contacts of Trustees and, in its sole discretion, may solicit names of potential candidates
from CCM. The Nominating Committee’s process for evaluating a candidate generally includes a review of the candidate’s background
and experience, and other due diligence. In evaluating a candidate, the Nominating Committee will also consider whether the candidate,
if elected, would qualify as an independent trustee.

The Nominating Committee has not established any specific
minimum requirements that candidates must meet in order to be recommended by the Nominating Committee for nomination for election to the
Board. Rather, the Nominating Committee seeks candidates to serve on the Board who, in its judgment, will serve the best interests of
the Trust’s long-term shareholders and whose background will complement the experience, skills and diversity of the other Trustees
and add to the overall effectiveness of the Board. The Nominating Committee does not currently consider shareholder recommendations for
nomination of trustees to the Board.

As noted above, the Board’s leadership structure
features committees each made up of exclusively of Independent Trustees.

The Board periodically reviews its leadership structure,
including the role of the Chairman. The Board also completes an annual self- assessment during which it reviews its leadership and Committee
structure and considers whether its structure remains appropriate in light of the Trust’s current operations. The Board believes
that its leadership structure, including the current percentage of the Board who are Independent Trustees, is appropriate given its specific
characteristics. These characteristics include: (i) the extent to which the work of the Board is conducted through the standing committees;
and (ii) the extent to which the Independent Trustees meet as needed, together with their independent legal counsel, in the absence of
members of management and members of the Board who are “interested persons” of the Trust.

Board Oversight of Risk Management

The Board’s role is one of oversight, rather
than active management. This oversight extends to the Trust’s risk management processes. These processes are embedded in the responsibilities
of officers of, and service providers to, the Trust. For example, the Adviser and other service providers to the Trust are primarily responsible
for the management of the Trust’s investment risks. The Board has not established a formal risk oversight committee; however, much
of the regular work of the Board and its standing Committees addresses aspects of risk oversight. For example, the Trustees seek to understand
the key risks facing the Trust, including those involving conflicts of interest; how management identifies and monitors these risks on
an ongoing basis; how management develops and implements controls to mitigate these risks; and how management tests the effectiveness
of those controls.

In the course of providing that oversight, the Board
receives a wide range of reports on the Trust’s activities from the Adviser and other service providers, including reports regarding
the Fund’s investment portfolios, the compliance of the Fund with applicable laws, and the Fund’s financial accounting and
reporting. The Board also meets periodically with the Trust’s CCO to receive reports regarding the compliance of the Fund with the
federal securities laws and the Trust’s internal compliance policies and procedures, and meets with the Trust’s CCO periodically,
including at least annually, to review the CCO’s annual report, including the CCO’s risk-based analysis for the Trust.

The Board’s Audit Committee also meets regularly
with the Treasurer and Trust’s independent registered public accounting firm to discuss, among other things, the internal control
structure of the Trust’s financial reporting function. The Board also meets periodically with the portfolio manager of the Fund
to receive reports regarding the management of the Fund, including its investment risks.

Share Ownership

Because the Fund has not commenced operations as of
the date of this SAI, no equity securities of the Fund are owned by the Trustees.

Trustee Positions

As of December 31, 2022, no Independent Trustee
nor any of his immediate family members owned beneficially or of record any class of securities of the Adviser or Distributor (as defined
under “Distributor”) or any person controlling, controlled by or under common control with any such entities.

Code of Ethics

Pursuant to Rule 17j-1 of the 1940 Act and Rule 204A-1
of the Advisers Act, the Adviser and Distributor have each adopted a Code of Ethics that applies to the personal trading activities of
their employees. The Codes of Ethics establishes standards for personal securities transactions by employees covered under the Codes of
Ethics. Under the Codes of Ethics, employees have a duty at all times to place the interests of shareholders above their own, and never
to take inappropriate advantage of their position. As such, employees are prohibited from engaging in, or recommending, any securities
transaction that involves any actual or potential conflict of interest, or any abuse of an employee’s position of trust and responsibility.
Under the Codes of Ethics, persons subject to the Codes are permitted to engage in personal securities transactions, including securities
that may be purchased or held by the Funds, subject to the requirements of Rule 17j-1 under the 1940 Act and certain other procedures
set forth in the applicable code.

Copies of the Codes of Ethics are on file with and
publicly available from the SEC.

Anti-Money Laundering Compliance

The Fund and its service providers may be required
to comply with various anti-money laundering laws and regulations. Consequently, the Fund and its service providers may request additional
information from its Authorized Participants (as defined under “Policy on Disclosure of Portfolio Holdings” in this SAI) to
verify the identity of its Authorized Participants. If at any time the Fund believes an Authorized Participant may be involved in suspicious
activity or if certain account information matches information on government lists of suspicious persons, the Fund may choose not to establish
a new account or may be required to “freeze” an Authorized Participant’s account. The Fund and its service providers
also may be required to provide a governmental agency with information about transactions that have occurred in an Authorized Participant’s
account or to transfer monies received to establish a new account, transfer an existing account or transfer the proceeds of an existing
account to a governmental agency. In some circumstances, the Fund or its service providers may not be permitted to inform the Authorized
Participant that it has taken the actions described above.

Proxy Voting Policies

The Board has adopted Proxy Voting Policies and Procedures
(“Policies”) on behalf of the Trust, which delegates the responsibility for voting proxies to the Adviser, subject to the
Board’s continuing oversight. The Policies require that the Adviser vote proxies received in a manner consistent with the best interests
of the Funds and their shareholders. The Policies also require the Adviser to present to the Board, at least annually, the Adviser’s
proxy voting policies and a record of each proxy voted by the Adviser on behalf of the Fund, including a report on the resolution of all
proxies identified by the Adviser as involving a conflict of interest.

The Adviser has adopted Proxy Voting Policies and
Procedures (“Adviser’s Proxy Policies”) which require that all proxy voting decisions be made in the best interest of
the Funds and that the Adviser acts in a prudent and diligent manner intended to enhance the economic value of the assets of the Funds.

Where a proxy proposal raises a material conflict
between the Adviser’s interests and a Fund’s interests, the Adviser will resolve the conflict by disclosing the conflict to
the Board and by obtaining the Board’s consent to vote.

The Trust is required to annually file Form N-PX,
which lists the Fund’s complete proxy voting record for the most recent 12-month period ending August 31. Once filed, the Fund’s
proxy voting record will be available without charge, upon request, by calling toll-free 888-272-0007 and on the SEC’s website at
www.sec.gov.

Policy on Disclosure of Portfolio Holdings

The Trust has adopted a policy regarding the disclosure
of information about the Fund’s portfolio holdings, which is reviewed on an annual basis. The Board must approve all material amendments
to this policy. The Fund’s complete portfolio holdings are publicly disseminated each day the Fund is open for business through
financial reporting and news services, and will be available on the Fund’s publicly accessible Internet website (www.ccminvests.com).
The portfolio composition file (“PCF”) and the IOPV file, which contain equivalent portfolio holdings information, will be
made available as frequently as daily to the Fund’s service providers to facilitate the provision of services to the Fund and to
certain other entities (“Entities”) in connection with the dissemination of information necessary for transactions in Creation
Units, as contemplated by exemptive orders issued by the SEC and other legal and business requirements pursuant to which the Fund creates
and redeems shares. Entities are generally limited to NSCC members and subscribers to various fee-based services, including large institutional
investors (“Authorized Participants”) that have been authorized by the Distributor to purchase and redeem Creation Units
and other institutional market participants that provide information services. Each business day, Fund portfolio holdings information
will be provided to the Distributor or other agent for dissemination through the facilities of the NSCC and/or through other fee-based
services to NSCC members and/or subscribers to the fee-based services, including Authorized Participants, and to entities that publish
and/or analyze such information in connection with the process of purchasing or redeeming Creation Units or trading shares of the Fund
in the secondary market.

Daily access to the PCF and IOPV file is permitted
(i) to certain personnel of those service providers that are involved in portfolio management and providing administrative, operational,
or other support to portfolio management, including Authorized Participants, and (ii) to other personnel of the Adviser and the Fund’s
distributor, administrator, custodian and fund accountant who are involved in functions which may require such information to conduct
business in the ordinary course.

Portfolio holdings information may not be provided
prior to its public availability (“Non-Standard Disclosure”) in other circumstances except where appropriate confidentiality
arrangements limiting the use of such information are in effect. Non-Standard Disclosure may be authorized by the Trust’s CCO or,
in her absence, any other authorized officer of the Trust if she determines that such disclosure is in the best interests of the Fund’s
shareholders, no conflict exists between the interests of the Fund’s shareholders and those of the Adviser or Distributor and such
disclosure serves a legitimate business purpose. The length of lag, if any, between the date of the information and the date on which
the information is disclosed shall be determined by the officer authorizing the disclosure.

Additionally, no compensation or other consideration
is received by the Fund, the Adviser or any other person for Non-Standard Disclosures. There can be no assurance, however, that the Fund’s
policies and procedures with respect to the disclosure of portfolio holdings information will prevent the misuse of such information by
individuals or firms in possession of such information.

The Fund is required to file its complete portfolio
holdings schedule with the SEC on a quarterly basis. This schedule is filed with the Fund’s annual and semi-annual shareholder reports
on Form N-CSR for the second and fourth fiscal quarters and as an exhibit to its reports on Form N-PORT for the first and third fiscal
quarters. The Fund’s Form N-PORT reports are available on the SEC’s website at www.sec.gov and may be obtained free of charge
by contacting the Fund at the address and phone number written on the cover of this SAI or by visiting our website at www.ccminvests.com.

Book Entry Only System

The Depository Trust Company (“DTC”) acts
as securities depositary for the shares. The shares of the Fund are represented by global securities registered in the name of DTC or
its nominee and deposited with, or on behalf of, DTC. Except as provided below, certificates will not be issued for shares.

DTC has advised the Trust as follows: it is a limited-purpose
trust company organized under the laws of the State of New York, a member of the Federal Reserve System, a “clearing corporation”
within the meaning of the New York Uniform Commercial Code and a “clearing agency” registered pursuant to the provisions of
Section 17A of the 1934 Act. DTC was created to hold securities of its participants (“DTC Participants”) and to facilitate
the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book- entry changes
in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include
securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their
representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by NYSE Arca, Inc. and the Financial
Industry Regulatory Authority, Inc. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies
that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly (“Indirect Participants”).
DTC agrees with and represents to DTC Participants that it will administer its book-entry system in accordance with its rules and by-laws
and requirements of law. Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests
through DTC Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are
referred to herein as “Beneficial Owners”) is shown on, and the transfer of ownership is affected only through, records maintained
by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial
Owners that are not DTC Participants).

Beneficial Owners will receive from or through the
DTC Participant a written confirmation relating to their purchase of shares. The laws of some jurisdictions may require that certain purchasers
of securities take physical delivery of such securities in definitive form. Such laws may impair the ability of certain investors to acquire
beneficial interests in shares. Beneficial Owners of shares are not entitled to have shares registered in their names, will not receive
or be entitled to receive physical delivery of certificates in definitive form and are not considered the registered holder thereof. Accordingly,
each Beneficial Owner must rely on the procedures of DTC, the DTC Participant and any Indirect Participant through which such Beneficial
Owner holds its interests, to exercise any rights of a holder of shares. The Trust understands that under existing industry practice,
in the event the Trust requests any action of holders of shares, or a Beneficial Owner desires to take any action that DTC, as the record
owner of all outstanding shares, is entitled to take, DTC would authorize the DTC Participants to take such action and that the DTC Participants
would authorize the Indirect Participants and Beneficial Owners acting through such DTC Participants to take such action and would otherwise
act upon the instructions of Beneficial Owners owning through them. As described above, the Trust recognizes DTC or its nominee as the
owner of all shares for all purposes. Conveyance of all notices, statements and other communications to Beneficial Owners is affected
as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request
and for a fee to be charged to the Trust a listing of shares holdings of each DTC Participant. The Trust shall inquire of each such DTC
Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC Participant. The Trust shall
provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place
as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant,
directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable
amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Distributions of shares shall be made to DTC or its
nominee, Cede & Co., as the registered holder of all shares. DTC or its nominee, upon receipt of any such distributions, shall credit
immediately DTC Participants’ accounts with payments in amounts proportionate to their respective beneficial interests in shares
as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held
through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held
for the accounts of customers in bearer form or registered in a “street name,” and will be the responsibility of such DTC
Participants. The Trust has no responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners,
or payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any records
relating to such beneficial ownership interests or for any other aspect of the relationship between DTC and the DTC Participants or the
relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service
with respect to shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto
under applicable law. Under such circumstances, the Trust shall take action either to find a replacement for DTC to perform its functions
at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of shares,
unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

No dividend reinvestment service is provided by the
Trust. However, certain brokers may make a dividend reinvestment service available to their clients. Brokers offering such services may
require investors to adhere to specific procedures and timetables in order to participate. Investors interested in such a service should
contact their broker for availability and other necessary details.

INVESTMENT ADVISORY SERVICES

Community Capital Management, LLC (“CCM”
or the “Adviser”) serves as the investment adviser to the Fund. The address of the Adviser is 261 North University Drive,
Suite 520, Ft. Lauderdale, FL 33324. The Adviser is registered with the SEC under the 1940 Act. Todd Cohen, as Founder, Executive Chairman
and Director; Alyssa Greenspan, as Chief Executive Officer, President, and Director; Stefanie Little, as Chief Compliance Officer; and
James Malone, as Chief Financial Officer and Director; are all considered to be control persons of the Adviser due to their positions
with the firm. Todd Cohen is considered to be a control person due to his ownership of the Adviser. CCM oversees all investment advisory
and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and
operations of the Fund, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services.
Additionally, CCM furnishes offices, necessary facilities, equipment and personnel. Founded in November 1998 CCM is registered as an
investment adviser under the 1940 Act. As of August 31, 2023, the Adviser had approximately $4.4 billion in assets under management.

Quaker Investment Trust (the “Trust”)
and CCM have received “manager of managers” exemptive relief from the SEC that permits the Trust and CCM, subject to the approval
of the Board of Trustees, to appoint a “wholly-owned” or unaffiliated sub-adviser, as defined in the exemptive relief, or
to change the terms of a sub-advisory agreement with a “wholly-owned” or unaffiliated sub-adviser without first obtaining
shareholder approval. The exemptive order further permits the Trust and CCM to add or to change a “wholly-owned” or unaffiliated
sub-adviser or to change the fees paid to such parties from time to time without the expense and delays associated with obtaining shareholder
approval of the change and to disclose sub-advisers’ fees only in the aggregate in its registration statement. Any increase in the
aggregate advisory fee paid by the Fund remains subject to shareholder approval. The Trust and CCM continue to have ultimate responsibility
(subject to oversight by the Board of Trustees) to oversee the sub-advisers and recommend their hiring, termination, and replacement.
The Fund will notify shareholders of any change of the Fund’s sub-adviser.

The Fund has entered into an investment advisory agreement
with CCM (the “Investment Advisory Agreement”), pursuant to which CCM either provides the day-to-day management of the Fund’s
portfolio of securities, which includes buying and selling securities for the Fund and conducting investment research, or hires a sub-adviser
to do so, subject to CCM’s general oversight.

For the services provided to the Fund under the
Investment Advisory Agreement, the Fund pays the Adviser an annual fee, payable monthly, at the rate of 0.30% of the Fund’s Average
Daily Managed Assets (as defined below). “Average Daily Managed Assets” of the Fund means the average daily value of the
total assets of the Fund, less all accrued liabilities of the Fund (other than the aggregate amount of any outstanding borrowings constituting
financial leverage). The Adviser will pay all expenses incurred by it in connection with its activities under the Investment Advisory
Agreement, except such expenses as are assumed by the Fund.

Under the Investment Advisory Agreement, CCM, among
other things: (i) continuously furnishes an investment program for the Fund; (ii) determines the investments to be purchased, held, sold
or exchanged by the Fund and the portion, if any, of the assets of the Fund to be held uninvested; (iii) makes changes in the investments
of the Fund; (iv) monitors the Fund’s performance and considers ways to improve the performance of the Fund and (v) votes, exercises
consents and exercises all other rights pertaining to such securities on behalf of the Fund.

The Investment Advisory Agreement provides that in
the absence of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of its position
on the part of CCM, CCM shall not be subject to liability to the Fund for any error of judgment or mistake of law or for any loss suffered
by the Fund in connection with the matters to which the Investment Advisory Agreement relates.

Additionally, the Investment Advisory Agreement
remains in force for an initial two-year period and from year to year thereafter, subject to annual approval by (a) the Board or (b)
a “vote of a majority of the outstanding voting securities” (as defined in the 1940 Act) of the Fund; provided that in either
event continuance is also approved by a majority of the Independent Trustees, by a vote cast in person at a meeting called for the purpose
of voting such approval. The Investment Advisory Agreement may be terminated at any time, without payment of any penalty, by vote of
the Trust’s Board, or by a “vote of a majority of the outstanding voting securities” (as defined in the 1940 Act) of
the Fund, or by the Adviser, in each case on not more than 60 days’ nor less than 30 days’ prior written notice to the other
party. The Investment Advisory Agreement will automatically terminate in the event of its “assignment,” as defined by the
1940 Act and the rules thereunder.

The following table shows the total advisory fees
paid to the Predecessor Adviser by the Predecessor ETF for the periods indicated.

Fund

Fiscal
Year Ended

June
30, 2023

From
the Inception¹
through
June 30, 2022

Predecessor ETF

91,095

198,418

The Predecessor ETF commenced operations July 26, 2021.

The Fund is a party to contractual arrangements with
various parties, including, among others, the Fund’s investment adviser, administrator, distributor, and shareholder servicing agent,
who provide services to the Fund. Shareholders are not parties to, or intended (“third- party”) beneficiaries of, any such
contractual arrangements, and such contractual arrangements are not intended to create in any individual shareholder or group of shareholders
any right to enforce them against the service providers or to seek any remedy under them against the service providers, either directly
or on behalf of the Fund.

Neither this prospectus, nor the related SAI, is intended,
or should be read, to be or to give rise to an agreement or contract between the Trust or the Fund and any investor, or to give rise to
any rights in any shareholder or other person other than any rights under federal or state law.

INFORMATION REGARDING PORTFOLIO MANAGERS

The portfolio managers of the Fund are Elliot
Gilfarb, Andy Kaufman, Jessica Botelho and Shonali Pal. The following table provides information about funds and accounts, other than
the Fund, for which each portfolio manager is primarily responsible for the day-to-day portfolio management. None of these accounts are
subject to a performance-based advisory fee. The information below is provided as of June 30, 2023.

Name of Portfolio Manager	Registered Investment Company Accounts		Other Pooled Investment Vehicles		Other Accounts
	Number of Accounts	Assets Managed	Number of Accounts	Assets Managed	Number of Accounts	Assets Managed
Elliot Gilfarb	2	$3,318,188,816	—	—	83	$1,006,428,242
Andy Kaufman	4	$3,392,691,834	—	—	83	$1,006,428,242
Jessica Botelho	1	$111,067,134	—	—	—	—
Shonali Pal	2	$3,318,188,816	—	—	83	$1,006,428,242

Compensation of the Portfolio Managers

Elliot Gilfarb, Andy Kaufman, Jessica Botelho and
Shonali Pal are each paid fixed salaries by CCM. Each portfolio manager is eligible for an annual bonus at CCM’s discretion, which
is based upon the overall profitability of the Adviser and the individual’s performance.

Potential Conflicts of Interest. Actual or
apparent conflicts of interest may arise when a Portfolio Manager has day-to-day management responsibilities with respect to more than
one fund or other account. Set forth below is a description of material conflicts of interest that may arise in connection with a Portfolio
Manager who manages multiple funds and/or other accounts:

•

With respect to securities transactions for the Fund, an Adviser determines which broker to use to execute each order, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts (such as other pooled investment vehicles that are not registered mutual funds, and other accounts managed for organizations and individuals), an Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, an Adviser or its affiliates may place separate, non-simultaneous, transactions for a fund and another account that may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other account.

•

The Adviser and the Fund have adopted certain compliance
policies and procedures that are designed to address these types of conflicts. However, there is no guarantee that such procedures will
detect each and every situation in which an actual or potential conflict may arise.

Specific Conflicts of Interest

Investment decisions for the Fund may be made in conjunction
with decisions for other accounts and/or funds with the same strategy. The Adviser recognizes that potential conflicts may arise with
respect to other investment accounts managed by the Adviser, which may include privately offered funds, separately managed accounts of
high net worth customers and institutional investors, and other registered investment companies. These conflicts include, but may not
be limited to, differing fee structures, differing investments selected for various vehicles, and inequitable allocation and aggregation
trading practices. Registered investment companies, private funds and separate accounts are generally invested pro-rata unless circumstances
(e.g. a partially filled order) warrant a different approach. The Adviser has comprehensive policies and procedures designed to monitor
and mitigate any perceived conflicts of interest.

Ownership of Securities

As of June 30, 2023, none of Andy Kaufman, Jessica Botelho and Shonali
Pal owned shares of the Fund. Elliot Gilfarb owned $1-$10,000 of the Fund.

ADMINISTRATOR

Under the Administration Agreement with SEI Investments
Global Funds Services, One Freedom Valley Drive, Oaks, Pennsylvania 19456 (the “Administrator”), the Administrator provides
administration services to the Fund, as well as other services including fund accounting, shareholder services and a contact center. The
Administrator receives a monthly administration fee from the Adviser, calculated and assessed in arrears based on the aggregate net assets
of the Fund.

The following table shows the total fees paid by the
Predecessor Adviser on behalf of the Predecessor ETF to the Administrator for the periods indicated:

Fund		Fiscal Year Ended June 30, 2023				From Inception¹ through June 30, 2022
Predecessor ETF		$	79,308			$	58,116

The Predecessor ETF commenced operations July 26, 2021.

DISTRIBUTOR

Under a Distribution Agreement with SEI Investments
Distribution Co., One Freedom Valley Drive Oaks, Pennsylvania 19456 (the “Distributor”), shares of the Fund are offered for
sale on a continuous basis only in Creation Units, as described in the Prospectus and in the “Purchase and Redemption of Shares”
section of this SAI below. Fund shares in amounts less than Creation Units are not distributed by the Distributor.

The Fund has adopted a Rule 12b-1 Distribution Plan
(the “Plan”) pursuant to which payments of up to 0.25% may be made as reimbursement or compensation for distribution related
activities and other services with respect to the Fund. Under its terms, the Plan remains in effect from year to year, provided such continuance
is approved annually by vote of the Board, including a majority of the Independent Trustees. The Plan may not be amended to increase materially
the amount to be spent for the services provided by the Distributor without approval by the shareholders of the Fund, and all material
amendments of the Plan also require Board approval.

The Plan may be terminated at any time, without penalty,
by vote of a majority of the Independent Trustees, or, by a vote of a majority of the outstanding voting securities of the Fund (as such
vote is defined in the 1940 Act). No payments are expected to be made by the Fund under the Plan during the current fiscal year.

Distribution fees paid to the Distributor in the future
may be spent on any activities or expenses primarily intended to result in the sale of the Fund’s shares including (but not limited
to) to compensate the Distributor, the Fund’s investment adviser or any of their affiliates, as well as any banks, broker/dealers
or other financial institutions for distribution or sales support services rendered, and related expenses incurred, for or on behalf of
the Fund. The Distributor may also use any distribution fees paid in the future for the provision of personal services to investors in
the Shares and/or the maintenance of shareholder accounts. The Plan is considered a compensation type plan, which means that the Fund
pays the Distributor the entire fee, if authorized by the Board in the future, regardless of the Distributor’s expenditures. Even
if the Distributor’s actual expenditures exceed the fee payable under the Plan, if authorized by the Board in the future, at any
given time, the Fund will not be obligated to pay more than that fee under the Plan. If the Distributor’s actual expenditures are
less than the fee payable under the Plan, if authorized by the Board in the future, at any given time, the Distributor may realize a profit
from the arrangement.

During the fiscal years ended June 30, 2022 and
2023 no fees were paid to the Distributor by the Predecessor ETF as compensation for services. During the fiscal years ended June 30,
2022 and 2023, the Distributor did not incur expenses on behalf of the Predecessor ETF in connection with distributions under the Plan.

CUSTODIAN AND TRANSFER AGENT

The Bank of New York Mellon (“BNYM”) is
the custodian for the Fund. BNYM is responsible for holding all securities, other investments and cash, receiving and paying for securities
purchased, delivering against payment securities sold, receiving and collecting income from investments, making all payments covering
expenses and performing other administrative duties, all as directed by authorized persons. BYNM does not exercise any supervisory function
in such matters as purchase and sale of portfolio securities, payment of dividends or payment of expenses.

BNYM provides transfer agency and dividend disbursing
services for the Fund. As part of these services, BNYM maintains records pertaining to the sale, redemption and transfer of Fund shares
and distributes the Funds’ securities and cash distributions to shareholders.

LEGAL COUNSEL

Stradley Ronon Stevens & Young, LLP, located at
One Commerce Square, Suite 2600, Philadelphia, Pennsylvania 19103, serves as counsel to the Trust and to the Independent Trustees of the
Trust.

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Tait, Weller & Baker LLP, located at 50 South
16th Street, Suite 2900, Philadelphia, Pennsylvania 19102, is the Independent Registered Public Accounting Firm for the Trust. The independent
registered public accounting firm audits and reports on the annual financial statements, reviews certain regulatory reports and U.S. federal
income tax returns, and performs other professional accounting, auditing and tax services when engaged to do so.

PORTFOLIO TRANSACTIONS AND BROKERAGE

Selection of Broker-Dealers; Order Placement

Subject to the overall review of the Fund’s
Board, the Adviser is responsible for decisions to buy and sell securities and other portfolio holdings of the Fund, for selecting the
broker or dealer to be used and for negotiating any commission rates paid. In underwritten offerings, securities usually are purchased
at a fixed price that includes an amount of compensation to the underwriter, generally referred to as the underwriter’s concession
or discount. On occasion, certain money market instruments may be purchased directly from an issuer, in which case no commissions or discounts
are paid.

The Adviser and its affiliates may manage other accounts
that invest in the Fund’s investments. Although investment decisions for the Fund are made independently from those of such other
accounts, investments of the type the Fund may make also may be made on behalf of such other accounts. When the Fund and one or more other
accounts are prepared to invest in, or desires to dispose of, the same investment, available investments or opportunities for each are
allocated in a manner believed by the Adviser to be equitable over time. The Adviser may (but is not obligated to) aggregate orders, which
may include orders for accounts in which the Adviser or its affiliates have an interest, to purchase and sell securities to obtain favorable
execution or lower brokerage commissions, to the extent permitted by applicable laws and regulations. Although the Adviser believes that,
over time, the potential benefits of participating in volume transactions and negotiating lower transaction costs should benefit all participating
accounts, in some cases these activities may adversely affect the price paid or received or the size of the position obtained by or disposed
of for the Fund. Where trades are aggregated, the investments or proceeds, as well as the expenses incurred, will be allocated by the
Adviser in a manner designed to be equitable and consistent with the Adviser’s fiduciary duty to the Fund and its other clients
(including its duty to seek to obtain best execution of client trades).

Commission Rates; Brokerage and Research Services

The Adviser seeks to obtain “best execution,”
considering the execution price and overall commission costs paid and other factors. The Adviser routes its orders to various broker-dealers
for execution at its discretion. Factors involved in selecting brokerage firms include the size, type and difficulty of the transaction,
the nature of the market for the security, the reputation, experience and financial stability of the broker-dealer involved, the quality
of service, the quality of research and investment information provided and the firm’s risk in positioning a block of securities.
Within the framework of the policy of obtaining the most favorable price and efficient execution, the Adviser does consider “brokerage
and research services” (as defined in the Securities Exchange Act of 1934, as amended) provided by brokers who effect portfolio
transactions with the Adviser or the Fund. “Brokerage and research services” are services that brokerage houses customarily
provide to institutional investors and include statistical and economic data and research reports on particular issuers and industries.

In addition, the investment advisory agreement
between the Trust and CCM relating to the Fund authorizes CCM, on behalf of the Fund, in selecting brokers or dealers to execute a particular
transaction and in evaluating the best overall terms available, to consider the brokerage and research services (as those terms are defined
in Section 28(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) provided to the Fund and/or other
accounts over which CCM or its affiliates exercise investment discretion. The fees under the investment advisory agreement relating to
the Fund will not be reduced by reason of the Fund’s receiving brokerage and research services. Such services include analyses
and reports regarding issuers, industries, economic trends, portfolio strategy, and may affect securities transactions and perform certain
functions related thereto. In addition, such services may include advice concerning the advisability of investing in, purchasing or selling
securities and the availability of particular securities or buyers or sellers of securities. The research services received from broker-dealers
that execute transactions on behalf of the Fund may be useful to CCM in servicing the Fund as well as all of CCM’s accounts and
not all of these services may be used in connection with the particular fund or funds generating the commissions. Consistent with limits
established by the Federal securities laws, the Fund may pay broker-dealer commissions for agency transactions that exceed the amount
of commissions charged by other broker-dealers in recognition of their research and brokerage services.

The amount of brokerage commissions paid by the Predecessor
ETF during the periods indicated, are set forth below:

	Total Amount of Brokerage Commissions Paid
Name of Fund	Fiscal Year Ended June 30, 2023		From the Inception¹ through June 30, 2022
Predecessor ETF	$	0	$	0

The Predecessor ETF commenced operations July 26, 2021.

As of June 30, 2023, the Predecessor ETF did not own
any securities issued by any of the ten broker-dealers with whom the Predecessor ETF transacted the most business during the fiscal year
ended June 30, 2023.

During the fiscal year ended June 30, 2023, the Predecessor
ETF directed brokerage transactions to brokers who have provided brokerage and research services. The amount of such transactions and
related commissions were as follows:

Name of Fund	Amount of Research Commissions Transactions		Amount of Research Commission
Predecessor ETF	$	0	$	0

DESCRIPTION OF THE FUND’S SHARES

The Fund is a series of the Trust, originally organized
as a Massachusetts business trust on October 24, 1990 and was reorganized as a Delaware statutory trust on September 30, 2018. The Trust
is authorized to issue an unlimited number of its shares of beneficial interest in separate series and classes of each series. The Trust
is not required to hold regular annual shareholder meetings but may hold special meetings for consideration of proposals requiring shareholder
approval, such as changing fundamental policies or upon the written request of 10% of the Trust’s shares to replace its Trustees.
The Trust’s Board is authorized to classify or reclassify the unissued shares of the Trust into one or more separate series of shares
representing a separate, additional investment portfolio or one or more separate classes of new or existing series. Shares of all series
will have identical voting rights, except where by law certain matters must be approved by the requisite proportion of the shares of the
affected series. Each share of any class when issued has equal dividend, liquidation (see “Purchase and Redemption of Shares”)
and voting rights within the class for which it was issued, and each fractional share has those rights in proportion to the percentage
that the fractional share represents a whole share. Shares will be voted in the aggregate except where otherwise required by law and except
that each class of each series will vote separately on certain matters pertaining to its distribution and shareholder servicing arrangements.

There are no conversion or preemptive rights in connection
with any shares of the Fund. All shares, when issued in accordance with the terms of the offering, will be fully paid and nonassessable.

The shares of the Fund have noncumulative voting rights,
which means that the holders of more than 50% of the shares of the Trust can elect 100% of the Trustees if the holders choose to do so,
and, in that event, the holders of the remaining shares will not be able to elect any person or persons to the Board.

Description of the Trust

Under Delaware law, shareholders of a statutory trust
shall have the same limitation of personal liability that is extended to stockholders of private corporations for profit organized under
Delaware law, unless otherwise provided in the trust’s governing instrument. The Trust’s Agreement and Declaration of Trust
(the “Declaration of Trust”) provides that shareholders shall not be personally liable to any person in connection with any
and all property, real or personal, tangible or intangible, that at such time is owned or held by or for the account of a particular series.
Moreover, the Declaration of Trust expressly provides that the shareholders shall have the same limitation of personal liability that
is extended to shareholders of a private corporation for profit incorporated in the State of Delaware.

The Declaration of Trust provides that no Trustee,
officer, employee or agent of the Trust or any series of the Trust shall be subject in such capacity to any personal liability whatsoever
to any person, unless, as to liability to the Trust or its shareholders, the Trustees engaged in willful misfeasance, bad faith, gross
negligence or reckless disregard of the duties involved in the conduct of their offices.

The Trust shall continue without limitation of time
subject to the provisions in the Declaration of Trust concerning termination by action of the Trustees, and without any vote of the Trust’s
shareholders, except as may be required under the 1940 Act.

Trust Matters

The Trust reserves the right to create and issue a
number of series shares, in which case the shares of each series would participate equally in the earnings, dividends and assets of the
particular series and would vote separately to approve investment advisory agreements or changes in fundamental investment policies but
shares of all series would vote together in the election or selection of Trustees and on any other matters as may be required by applicable
law.

Upon liquidation of the Trust or any series, shareholders
of the affected series would be entitled to share pro rata in the net assets of their respective series available for distribution to
such shareholders.

Shareholder Approval

Other than elections of Trustees, which is by plurality,
any matter for which shareholder approval is required by the 1940 Act requires the affirmative “vote of a majority of the outstanding
voting securities” of the Fund or the Trust at a meeting called for the purpose of considering such approval. For other matters,
generally an affirmative vote of a majority of the shares present in person or represented by proxy and entitled to vote on such matter
(assuming a quorum is present) shall be required for approval of such matter.

Information for Shareholders

All shareholder inquiries regarding administrative
procedures, including the purchase and redemption of shares, should be directed to the Distributor, SEI Investments Distribution Co.,
One Freedom Valley Drive, Oaks, Pennsylvania 19456. For assistance, call (855) 799-4757 or visit the Fund’s website at www.ccminvests.com.

CONTROL PERSONS AND PRINCIPAL SHAREHOLDERS

A person who beneficially owns, either directly or
indirectly, more than 25% of the voting securities of the Fund or acknowledges the existence of such control may be presumed to control
the Fund. A control person could potentially control the outcome of any proposal submitted to the shareholders for approval, including
changes to the Fund’s fundamental policies or terms of the investment advisory agreement with the Adviser. Because the Fund has
not commenced operations, no persons own of record or beneficially 25% or more of the Fund.

A principal shareholder is any person who owns
(either of record or beneficially) 5% or more of any class of outstanding shares of the Fund. The Trust does not have information concerning
the beneficial ownership of shares nominally held by DTC. To the Trust’s knowledge, as of September 30, 2023, the name and percentage
ownership of each DTC participant that owned of record 5% or more of the outstanding shares of a Fund were as follow:

Participant Name and Address	Percentage of Ownership
Charles Schwab & Co., Inc. Christina Young 2423 Lincoln Drive Phoenix, AZ 85016-1215	6.97%
National Financial Services LLC Joanne Padarathsingh 499 Washington Blvd Jersey City, NJ 07310	9.26%
LPL Financial LLC Kristin Kennedy 1055 LPL Way Fort Mill, SC 29715	13.43%

The Northern Trust Company

Ryan Chislett

801 S Canal Street Attn: Capital Structures-C1N

Chicago, IL 60607

26.19%

The Bank of New York Mellon

Jennifer May

525 William Penn Place Suite 153-0400

Pittsburgh, PA 15259

37.28%

As of September 30, 2023, the Trustees and officers of each Fund as
a group owned less than 1% of the outstanding shares of the Predecessor ETF.

PURCHASE AND REDEMPTION OF SHARES

The Fund issues and redeems shares only in aggregations
of Creation Units. A Creation Unit is comprised of 50,000 shares. The value of a Creation Unit at the Fund’s inception was $1,000,000.

The Board reserves the right to declare a split or
a consolidation in the number of shares outstanding of the Fund and may make a corresponding change in the number of shares constituting
a Creation Unit, in the event that the per shares price in the secondary market rises (or declines) to an amount that falls outside the
range deemed desirable by the Board.

Purchase and Issuance of Creation Units.

The Fund issues and sells shares only in Creation
Units on a continuous basis through the Distributor, without a sales load, at their NAV next determined after receipt, on any Business
Day (as defined herein), of a purchase order in proper form. A “Business Day” with respect to the Fund is any day on which
the Exchange is open for business. Creation Units of shares may be purchased only by or through a DTC Participant that has entered into
an Authorized Participant Agreement with the Distributor. Such Authorized Participant will agree pursuant to the terms of such Authorized
Participant Agreement on behalf of itself or any investor on whose behalf it will act, as the case may be, to certain conditions, including
that such Authorized Participant will make available an amount of cash sufficient to pay the Balancing Amount (as defined below) if required
and the Transaction Fee described in the Prospectus. The Authorized Participant may require the investor to enter into an agreement with
such Authorized Participant with respect to certain matters, including payment of the Balancing Amount. Investors who are not Authorized
Participants must make appropriate arrangements with an Authorized Participant. Investors should be aware that their particular broker
may not be a DTC Participant or may not have executed an Authorized Participant Agreement, and that therefore orders to purchase Creation
Units of shares may have to be placed by the investor’s broker through an Authorized Participant. As a result, purchase orders placed
through an Authorized Participant may result in additional charges to such investor. The Fund expects to enter into Authorized Participant
Agreements with only a small number of DTC Participants. As described below, at the discretion of the Adviser, the Fund may, at times,
only accept in-kind purchase orders from Authorized Participants.

Creation Deposit.

The consideration for purchase of a Creation Unit
of shares of the Fund can consist of cash only (including the appropriate Transaction Fee). However, the Fund may permit or require the
in-kind deposit of a designated portfolio of securities (“Deposit Securities”), along with the Balancing Amount and the appropriate
Transaction Fee (collectively, the “Creation Deposit”) as consideration for the purchase of a Creation Unit. The “Balancing
Amount” will be the amount equal to the differential, if any, between the total aggregate market value of the Deposit Securities
and the NAV of the Creation Units being purchased and will be paid to, or received from, the Trust after the NAV has been calculated.
The Adviser may restrict purchases of Creation Units to be on an in-kind basis at any time and without prior notice, in all cases at the
Adviser’s discretion.

The Custodian, using information provided by the Administrator,
makes available through the NSCC on each Business Day, either immediately prior to the opening of business on the Exchange or the night
before, the list of the names and the required number of shares of each Deposit Security to be included in the current Creation Deposit
(based on information at the end of the previous Business Day). Such Creation Deposit is applicable, subject to any adjustments as described
below, in order to effect purchases of Creation Units of shares the Fund until such time as the next-announced Creation Deposit composition
is made available. The Custodian, using information provided by the Administrator, will also make available through the NSCC on each Business
Day information about the previous day’s Balancing Amount.

The identity and number of the Deposit Securities
required for a Creation Deposit for the Fund changes as rebalancing adjustments and corporate action events are reflected from time to
time by the Adviser with a view to the investment objective of the Fund. In addition, the Trust reserves the right to permit or require
the substitution of an amount of cash (i.e., a “cash in lieu” amount) to be added to the Balancing Amount to replace any Deposit
Security or Deposit Securities which may not be available in sufficient quantity for delivery or for other similar reasons. The adjustments
described above will reflect changes, known to the Adviser on the date of announcement to be in effect by the time of delivery of the
Creation Deposit

In addition to the list of names and numbers of securities
constituting the current Deposit Securities of a Creation Deposit, on each Business Day, the Balancing Amount effective through and including
the previous Business Day, per outstanding share of the Fund, will be made available.

Shares may be issued in advance of receipt by the
Trust of all or a portion of the applicable Deposit Securities as described below. In these circumstances, the initial deposit will have
a greater value than the NAV of the shares on the date the order is placed in proper form since, in addition to the available Deposit
Securities, cash must be deposited in an amount equal to the sum of (i) the Balancing Amount, plus (ii) 105% of the market value of the
undelivered Deposit Securities (the “Additional Cash Deposit”). An additional amount of cash shall be required to be deposited
with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with
the Trust in an amount at least equal to 115% of the daily mark-to-market value of the missing Deposit Securities. The Participation Agreement
will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs
incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase
price of the Deposit Securities exceeds the market value of such Deposit Securities on the day the purchase order was deemed received
by the Distributor plus the brokerage and related transaction costs associated with such purchases. The Trust will return any unused portion
of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by
the Trust and deposited into the Trust. In addition, a Transaction Fee, as listed below, will be charged in all cases. The delivery of
shares so purchased will occur no later than the third Business Day following the day on which the purchase order is deemed received by
the Distributor.

All questions as to the number of shares of each security
in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined
by the Trust, and the Trust’s determination shall be final and binding.

Cash Purchase Amount

Creation Units of all Fund may, at the discretion
of the Adviser, be sold for cash (the “Cash Purchase Amount”). Creation Units are sold at their NAV plus a Transaction Fee,
as described below. The Adviser may also restrict purchases of Creation Units to be on a cash-only basis at any time and without prior
notice, in all cases at the Advisor’s discretion.

Purchase Cut-Off Times

An Authorized Participant may place an order to purchase
(or redeem) Creation Units (i) through the Continuous Net Settlement clearing processes of NSCC as such processes have been enhanced to
effect purchases (and redemptions) of Creation Units, such processes being referred to herein as the “Clearing Process,” or
(ii) outside the Clearing Process. Purchase orders placed through the Clearing Process, as well as purchase orders placed outside the
Clearing Process, must be received by 4:00 pm, Eastern Time in order to receive that day’s closing NAV per share, as set forth in
the table below. In all cases purchase/redeem procedures are at the discretion of the Adviser and may be changed without notice.

Fund	Creation Cut-Off Time (Eastern Time)
CCM Affordable Housing MBS ETF	4:00 p.m. in order to receive that day’s closing NAV per Share

Purchases through and outside the Clearing Process.

To purchase or redeem through the Clearing Process,
an Authorized Participant must be a member of NSCC that is eligible to use the Continuous Net Settlement system. For purchase orders placed
through the Clearing Process, the Authorized Participant Agreement authorizes the Distributor to transmit through the Fund’s transfer
agent (the “Transfer Agent”) to NSCC, on behalf of an Authorized Participant, such trade instructions as are necessary to
effect the Authorized Participant’s purchase order. Pursuant to such trade instructions to NSCC, the Authorized Participant agrees
to deliver the requisite deposit securities and the Balancing Amount to the Trust, together with the Transaction Fee and such additional
information as may be required by the Distributor.

An Authorized Participant that wishes to place an
order to purchase Creation Units outside the Clearing Process must state that it is not using the Clearing Process and that the purchase
instead will be effected through a transfer of securities and cash directly through DTC. Purchases (and redemptions) of Creation Units
settled outside the Clearing Process will be subject to a higher Transaction Fee than those settled through the Clearing Process. The
Creation Deposit transfer must be ordered on the Transmittal Date in a timely fashion so as to ensure the delivery of the requisite number
of Deposit Securities through DTC to the account of the Fund by no later than 11:00 a.m. Eastern Time of the next Business Day immediately
following such Transmittal Date. The cash equal to the Cash Amount must be transferred directly to the Fund through the Federal Reserve
Bank wire transfer system in a timely manner so as to be received by the Fund no later than 2:00 p.m. Eastern Time on the next Business
Day immediately following the Transmittal Date. Those persons placing orders outside the Clearing Process should ascertain the deadlines
applicable to DTC and the Federal Reserve Bank wire system by contacting the operations department of the broker or depository institution
effectuating such transfer.

Rejection of Purchase Orders.

The SEC has expressed the view that a suspension of
creations that impairs the arbitrage mechanism applicable to the trading of ETF shares in the secondary market is inconsistent with Rule
6c-11 under the 1940 Act. The SEC’s position does not prohibit the suspension or rejection of creations in all instances. The Fund reserves
the right, to the extent consistent with the provisions of Rule 6c-11 under the 1940 Act and the SEC’s position, to reject a purchase
order transmitted to it by the Distributor in respect to the Fund if (a) the order is not in proper form; (b) the purchaser or group of
purchasers, upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (c) the deposit
securities delivered are not as specified by the Adviser and the Adviser has not consented to acceptance of an in-kind deposit that varies
from the designated deposit securities; (d) the acceptance of the purchase transaction order would, in the opinion of counsel, be unlawful;
(e) the value of a Cash Purchase Amount, or the value of the Balancing Amount to accompany an in-kind deposit, exceeds a purchase authorization
limit extended to an Authorized Participant by the custodian and the Authorized Participant has not deposited an amount in excess of such
purchase authorization with the custodian prior to the relevant cut-off time for the Fund on the Transmittal Date; or (f) in the event
that circumstances outside the control of the Trust, the Distributor and the Adviser make it impractical to process purchase orders. The
Trust shall notify a prospective purchaser of its rejection of the order of such person. The Trust and the Distributor are under no duty,
however, to give notification of any defects or irregularities in the delivery of purchase transaction orders nor shall either of them
incur any liability for the failure to give any such notification.

Redemption of Creation Units.

Shares may be redeemed only in Creation Units at their
NAV next determined after receipt of a redemption request in proper form by the Distributor on any Business Day. The Trust will not redeem
shares in amounts less than Creation Units. Beneficial owners also may sell shares in the secondary market but must accumulate enough
shares to constitute a Creation Unit in order to have such shares redeemed by the Trust. There can be no assurance, however, that there
will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit of shares. Investors should
expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation
Unit.

The Custodian, using information provided by the Administrator,
through the NSCC, makes available prior to the opening of business on the Exchange on each Business Day, the identity of the Fund securities
that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form on that day. Fund
securities received in redemption may not be identical to Deposit Securities that are applicable to creations of Creation Units. Redemption
proceeds for a Creation Unit generally consist of cash; however, the Fund also reserves the right to make the redemptions entirely or
partly in the announced Fund securities plus or minus cash in an amount equal to the difference between the NAV of the shares being redeemed,
as next determined after a receipt of a request in proper form, and the value of the Fund securities, less a redemption transaction fee.

Redemptions of shares for Fund securities will be
subject to compliance with applicable federal and state securities laws, and the Fund reserves the right to redeem Creation Units for
cash if the Trust could not lawfully deliver specific Fund securities upon redemptions or could not do so without first registering the
Fund securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect
to a particular security included in the Fund securities applicable to the redemption of a Creation Unit may be paid an equivalent amount
of cash. This would specifically prohibit delivery of Fund securities that are not registered in reliance upon Rule 144A under the Securities
Act to a redeeming investor that is not a “qualified institutional buyer,” as such term is defined under Rule 144A of the
Securities Act. The Authorized Participant may request the redeeming beneficial owner of the shares to complete an order form or to enter
into agreements with respect to such matters as compensating cash payment.

The Fund, however, may suspend the right of redemption
and postpone payment for more than seven days: (i) during periods when trading on the Exchange is closed on days other than weekdays or
holidays; (ii) during periods when trading on the Exchange is restricted; (iii) during any emergency which makes it impractical for the
Fund to dispose of its securities or fairly determine the NAV of the Fund; and (iv) during any other period permitted by the SEC for your
protection.

Redemption Cut-Off Times

An Authorized Participant may place an order to redeem
Creation Units (I) through the Clearing Process, or (ii) outside the Clearing Process. Redemption orders placed through the Clearing Process,
as well as redemption orders placed outside the Clearing Process, must be received by 4:00 pm, Eastern Time in order to receive that day’s
closing NAV per share, as set forth in the table below. In all cases purchase/redeem procedures are at this discretion of the Adviser
and may be changed without notice.

Fund	Redemption Cut-Off Time (Eastern Time)
CCM Affordable Housing MBS ETF	4:00 p.m. in order to receive that day’s closing NAV per Share

Placement of Redemption Orders using the Clearing
Process.

Orders to redeem Creation Units of the Fund through
the Clearing Process must be delivered through an Authorized Participant that is a member of NSCC that is eligible to use the Continuous
Net Settlement System. A redemption order must be received by the cut-off times set forth in “Redemption Cut-Off Times” above.
All other procedures set forth in the Participant Agreement must be followed in order for you to receive the NAV determined on that day.
The requisite cash or Fund securities and the Balancing Amount will be transferred by the third NSCC Business Day following the date on
which such request for redemption is deemed received.

Placement of Redemption Orders Outside the Clearing
Process.

Orders to redeem Creation Units of the Fund outside
the Clearing Process must be delivered through a DTC Participant that has executed the Participant Agreement. A DTC Participant who wishes
to place an order for redemption of Creation Units of the Fund to be effected outside the Clearing Process need not be a “participating
party” under the Authorized Participant Agreement, but such orders must state that the DTC Participant is not using the Clearing
Process and that redemption of Creation Units will instead be effected through transfer of Shares directly through DTC. A redemption order
must be received by the cut-off times set forth in “Redemption Cut-Off Times” above. The order must be accompanied by the
requisite number of shares of the Fund specified in such order, which delivery must be made through DTC to the Custodian no later than
11:00am Eastern Time on the next Business Day immediately following such Transmittal Date (“DTC Cut-Off Time”). All other
procedures set forth in the Authorized Participant Agreement must be properly followed. After the Transfer Agent has deemed an order for
redemption outside the Clearing Process received, the Transfer Agent will initiate procedures to transfer the requisite cash and, if applicable,
Fund securities, which are expected to be delivered within three Business Days following the Transmittal Date on which such redemption
order is deemed received by the Transfer Agent.

Transaction Fees.

Authorized Participants are charged standard creation
and redemption transaction fees (“Transaction Fees”) to offset transfer and other transaction costs associated with the issuance
and redemption of Creation Units. There is a fixed and a variable component to the total Transaction Fee. A fixed Transaction Fee of $500
is applicable to each creation or redemption transaction, regardless of the number of Creation Units purchased or redeemed. Creations
and redemptions are also subject to an additional variable charge of up to 1% of the net asset value per Creation Unit, inclusive of the
standard transaction fee, for (i) in-kind creations or redemptions effected outside the normal Clearing Process, (ii) in whole or partial
cash creations, (iii) in whole or partial cash redemptions or (iv) non-standard orders. The variable component is primarily designed to
cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact and other costs and expenses related to
the execution of trades resulting from such transaction. In all cases, the Transaction Fee will be limited in accordance with the requirements
of the SEC applicable to management investment companies offering redeemable securities. The Fund may determine not to charge the variable
portion of a Transaction Fee on certain orders when CCM has determined that doing so is in the best interests of Fund shareholders, e.g.,
for redemption orders that facilitate the rebalance of the Fund’s portfolio in a more tax efficient manner than could be achieved
without such order. The variable portion of a Transaction Fee may be higher or lower than the trading expenses incurred by the Fund with
respect to the transaction. In addition, purchasers of shares in Creation Units are responsible for payment of the costs of transferring
securities to the Fund and redeemers of shares in Creation Units are responsible for the costs of transferring securities from the Fund.
Investors who use the services of a broker or other financial intermediary may pay fees for such services.

Continuous Offering.

The method by which Creation Units of shares are created
and traded may raise certain issues under applicable securities laws. Because new Creation Units of shares are issued and sold by the
Fund on an ongoing basis, at any point a “distribution,” as such term is used in the Securities Act, may occur. Broker-dealers
and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants
in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery and liability
provisions of the Securities Act. For example, a broker-dealer firm or its client may be deemed a statutory underwriter if it takes Creation
Units after placing an order with the Distributor, breaks them down into constituent shares and sells some or all of the shares comprising
such Creation Units directly to its customers; or if it chooses to couple the creation of a supply of new shares with an active selling
effort involving solicitation of secondary market demand for shares. A determination of whether a person is an underwriter for the purposes
of the Securities Act depends upon all the facts and circumstances pertaining to that person’s activities. Thus, the examples mentioned
above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter. Broker-dealer
firms should note that dealers who are not “underwriters” but are participating in a distribution (as contrasted to ordinary
secondary market transaction), and thus dealing with shares that are part of an “unsold allotment” within the meaning of section
4(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by section 4(3) of the
Securities Act. Firms that incur a prospectus-delivery obligation with respect to shares are reminded that under Securities Act Rule 153
a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to a national securities exchange member in connection
with a sale on the national securities exchange is satisfied by the fact that the Fund’s Prospectus is available at the national
securities exchange on which the shares of the Fund trade upon request. The prospectus delivery mechanism provided in Rule 153 is only
available with respect to transactions on a national securities exchange and not with respect to “upstairs” transactions.

INCOME TAX CONSIDERATIONS

The following discussion is a summary of some of the
important U.S. federal income tax considerations generally applicable to an investment in the Fund. Your investment may have other tax
implications. The discussion reflects provisions of the Code, existing Treasury regulations, rulings published by the Internal Revenue
Service (“IRS”), and other applicable authorities, as of the date of this SAI. These authorities may be changed, possibly
with retroactive effect, or subject to new legislative, administrative or judicial interpretations. No attempt is made to present a detailed
explanation of all U.S. federal, state, local and foreign tax law concerns affecting the Fund and its shareholders (including shareholders
owning large positions in the Fund), and the discussion set forth herein does not constitute tax advice. Please consult your tax advisor
about foreign, federal, state, local or other tax laws applicable to you

Taxation of the Fund

The Fund intends to elect to be treated and intends
each year to qualify and to be eligible to be treated as a RIC under Subchapter M of the Code. In order to qualify for the special tax
treatment accorded RICs and their shareholders, the Fund must, among other things:

(a) derive at least 90% of its gross income for each
taxable year from (i) dividends, interest, payments with respect to certain securities loans, and gains from the sale or other disposition
of stock, securities or foreign currencies, or other income (including but not limited to gains from options, futures or forward contracts)
derived with respect to its business of investing in such stock, securities or currencies and (ii) net income derived from interests in
“qualified publicly traded partnerships” (as described below);

(b) diversify its holdings so that, at the end of
each quarter of the Fund’s taxable year, (i) at least 50% of the market value of the Fund’s total assets consists of cash
and cash items, U.S. government securities, securities of other RICs, and other securities limited in respect of any one issuer to a value
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 is invested, including through corporations in which the Fund
owns a 20% or more voting stock interest, (x) in the securities (other than those of the U.S. government or other RICs) of any one issuer
or of two or more issuers that the Fund controls and that are engaged in the same, similar or related trades or businesses, or (y) in
the securities of one or more qualified publicly traded partnerships (as described below); and

(c) distribute with respect to each taxable year at
least 90% of the sum of its investment company taxable income (as that term is defined in the Code without regard to the deduction for
dividends paid—generally taxable ordinary income and the excess, if any, of net short-term capital gains over net long-term capital
losses) and net tax-exempt income, for such year.

In general, for purposes of the 90% gross income requirement
described in (a) above, income derived from a partnership will be treated as qualifying income only to the extent such income is attributable
to items of income of the partnership which would be qualifying income if realized directly by the RIC. However, 100% of the net income
derived from an interest in a “qualified publicly traded partnership” (generally, a partnership (x) the interests in which
are traded on an established securities market or are readily tradable on a secondary market or the substantial equivalent thereof, and
(y) that derives less than 90% of its income from the qualifying income sources described in paragraph (a)(i) above) will be treated as
qualifying income. In general, such entities will be treated as partnerships for U.S. federal income tax purposes because they meet the
passive income requirement under Code Section 7704(c)(2). In addition, although in general the passive loss rules of the Code do not apply
to RICs, such rules do apply to a RIC with respect to items attributable to an interest in a qualified publicly traded partnership. Certain
ETFs and certain master limited partnerships (“MLPs”) in which the Fund may invest may qualify as qualified publicly traded
partnerships.

For purposes of meeting the diversification requirement
described in (b) above, the term “outstanding voting securities of such issuer” will include the equity securities of a qualified
publicly traded partnership. Also, for purposes of the diversification requirement described in

(b) above, the identification of the issuer (or, in
some cases, issuers) of a particular Fund investment can depend on the terms and conditions of that investment. In some cases, identification
of the issuer (or issuers) is uncertain under current law, and an adverse determination or future guidance by the IRS with respect to
issuer identification for a particular type of investment may adversely affect the Fund’s ability to meet the diversification test
in (b) above.

If the Fund qualifies as a RIC that is accorded special
tax treatment, the Fund will not be subject to U.S. federal income tax on income or gains distributed in a timely manner to its shareholders
in the form of dividends (including Capital Gain Dividends, as defined below).

If the Fund were to fail to meet the income, diversification
or distribution test (described respectively in (a), (b) and (c) above), the Fund could in some cases cure such failure, including by
paying a Fund-level tax, paying interest, making additional distributions or disposing of certain assets. If the Fund were ineligible
to or otherwise did not cure such failure for any taxable year, or if the Fund were otherwise to fail to qualify as a RIC accorded special
tax treatment for such year, the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings
and profits, including any distributions of net tax-exempt income and net long- term capital gains, would be taxable to shareholders as
ordinary income. Some portions of such distributions might be eligible for the dividends received deduction in the case of corporate shareholders
and to be treated as “qualified dividend income” and thus taxable at the lower net capital gain rate in the case of shareholders
taxed as individuals, provided in both cases, the shareholder meets certain holding period and other requirements in respect of such Fund’s
shares (as described below). In addition, the Fund could be required to recognize unrealized gains, pay substantial taxes and interest
and make substantial distributions before requalifying as a RIC that is accorded special tax treatment.

The Fund intends to distribute at least annually to
its shareholders all or substantially all of its investment company taxable income (computed without regard to the dividends-paid deduction)
and may distribute its net capital gain (that is, the excess of net long-term capital gain over net short-term capital loss, in each case
determined with reference to any loss carryforwards). Any investment company taxable income retained by the Fund will be subject to a
Fund-level tax at regular corporate rates. The Fund may also retain for investment its net capital gain. If the Fund retains any net capital
gain, it will be subject to a Fund-level tax at regular corporate rates on the amount retained, but may designate the retained amount
as undistributed capital gain in a timely notice to its shareholders who would then, in turn, be (i) required to include in income for
U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, and (ii) entitled to credit their
proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any,
and to claim refunds on a properly-filed U.S. tax return to the extent the credit exceeds such liabilities. If the Fund makes this designation,
for U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of the Fund would be increased by an amount equal
to the difference between the amount of undistributed capital gains included in the shareholder’s gross income under clause (i)
of the preceding sentence and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence. The Fund is not required
to, and there can be no assurance the Fund will, make this designation if it retains all or a portion of its net capital gain in a taxable
year.

In determining its net capital gain, including in
connection with determining the amount available to support a Capital Gain Dividend (defined below), its taxable income and its earnings
and profits, the Fund generally may elect to treat part or all of any post-October capital loss (defined as any net capital loss attributable
to the portion, if any, of the taxable year after October 31, or if there is no such loss, the net long-term capital loss or net short-term
capital loss attributable to any such portion of the taxable year) or late-year ordinary loss (generally, the sum of its (i) net ordinary
loss, if any, from the sale, exchange or other taxable disposition of property, attributable to the portion of the taxable year after
October 31, and its (ii) other net ordinary loss, if any, attributable to the portion, if any, of the taxable year after December 31)
as if incurred in the succeeding taxable year.

If the Fund were to fail to distribute in a calendar
year at least an amount equal to the sum of 98% of its ordinary income (taking into account certain deferrals and elections) for such
year and 98.2% of its capital gain net income for the one-year period ending October 31 of such year, plus any such amounts retained from
the prior year, the Fund would be subject to a nondeductible 4% excise tax on the undistributed amounts. For purposes of the required
excise tax distribution, the Fund’s ordinary gains and losses from the sale, exchange or other taxable disposition of property that
would otherwise be taken into account after October 31 of a calendar year generally are treated as arising on January 1 of the following
calendar year. Also, for these purposes, the Fund will be treated as having distributed any amount on which it has been subject to corporate
income tax in the taxable year ending within the calendar year. The Fund intends generally to make distributions sufficient to avoid imposition
of the 4% excise tax, although there can be no assurance that it will be able to do so. In that event, such Fund will be liable for the
excise tax only on the amount by which it does not meet the foregoing distribution requirement.

A dividend paid to shareholders in January of a year
generally is deemed to have been paid by the Fund on December 31 of the preceding year, if the dividend was declared and payable to shareholders
of record on a date in October, November or December of that preceding year. Capital losses in excess of capital gains (“net capital
losses”) are not permitted to be deducted against the Fund’s net investment income. Instead, subject to certain limitations,
the Fund may carry net capital losses forward to subsequent taxable years to offset capital gains, if any, realized during such subsequent
taxable year. Capital loss carryforwards are reduced to the extent they offset current-year net realized capital gains, whether the Fund
retains or distributes such gains. Carryforward losses may be carried forward to one or more subsequent taxable years without expiration.
Any such carryforward losses will retain their character as short-term or long-term. The Fund’s ability to use net capital losses
to offset gains may be limited as a result of certain (i) acquisitive reorganizations and (ii) shifts in the ownership of such Fund by
a shareholder owning or treated as owning 5% or more of the stock of such Fund. The Fund’s available capital loss carryforwards
will be set forth in its annual shareholder report for each fiscal year.

Fund Distributions

Distributions are taxable to shareholders even if
they are paid from gains earned by the Fund before a shareholder’s investment (and thus were included in the price the shareholder
paid). Distributions are taxable whether shareholders receive them in cash or reinvest them in additional shares pursuant to DTC’s
Dividend Reinvestment Service (see “Dividends and Other Distributions” in the Fund’s Prospectus).

The Fund (or broker or other financial intermediary
through which you own your shares) will send you information after the end of each calendar year setting forth the amount and tax status
of any distributions paid to you by the Fund. Ordinary income dividends and Capital Gain Dividends (defined below) may also be subject
to state, local or other taxes.

For U.S. federal income tax purposes, distributions
of investment income are generally taxable to shareholders as ordinary income. Taxes on distributions of capital gains are determined
by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned his or her shares. In general,
the Fund will recognize long-term capital gain or loss on investments it has owned (or is deemed to have owned) for more than one year,
and short-term capital gain or loss on investments it has owned (or is deemed to have owned) for one year or less. Distributions of net
capital gain that are properly reported by the Fund as capital gain dividends (“Capital Gain Dividends”) will be taxable to
shareholders as long-term capital gains includible in net capital gain and taxed to individuals at reduced rates. Distributions of net
short-term capital gain (as reduced by any net long-term capital loss for the taxable year) will be taxable to shareholders as ordinary
income. Distributions of investment income reported by the Fund as derived from “qualified dividend income” will be taxed
in the hands of individuals at the rates applicable to net capital gain, provided holding period and other requirements are met at both
the shareholder and Fund level.

In order for some portion of the dividends received
by the Fund shareholder to be “qualified dividend income,” the Fund must meet holding period and other requirements with respect
to some portion of the dividend-paying stocks in its portfolio and the shareholder must meet holding period and other requirements with
respect to the Fund’s shares. In general, a dividend will not be treated as qualified dividend income (at either the Fund or shareholder
level) (1) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning
on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of
certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (2) to the extent that the recipient is
under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially
similar or related property, (3) if the recipient elects to have the dividend income treated as investment income for purposes of the
limitation on deductibility of investment interest, or (4) if the dividend is received from a foreign corporation that is (a) not eligible
for the benefits of a comprehensive income tax treaty with the United States (with the exception of dividends paid on stock of such a
foreign corporation readily tradable on an established securities market in the United States) or (b) treated as a passive foreign investment
company.

In general, distributions of investment income reported
by the Fund as derived from qualified dividend income will be treated as qualified dividend income by a shareholder taxed as an individual,
provided the shareholder meets the holding period and other requirements described above with respect to the Fund’s shares. If the
aggregate dividends received by the Fund during any taxable year are 95% or more of its gross income (excluding long-term capital gain
over net short-term capital loss), then 100% of such Fund’s dividends (other than dividends properly reported as Capital Gain Dividends)
will be eligible to be treated as qualified dividend income. The Fund does not expect a significant portion of their distributions to
be eligible for treatment as qualified dividend income.

Any distribution of income attributable to qualified
real estate investment trust (“REIT”) dividends or qualified publicly traded partnership income from the Fund’s investment
in a REIT or qualified publicly traded partnership, as applicable, will not qualify for the deduction that would be available to a non-corporate
shareholder were the shareholder to own such REIT or qualified publicly traded partnership directly.

Dividends of net investment income received by corporate
shareholders of the Fund generally will qualify for the dividends-received deduction generally available to corporations to the extent
of the amount of eligible dividends received by such Fund from domestic corporations for the taxable year. A dividend received by the
Fund will not be treated as a dividend eligible for the dividends-received deduction (1) if it has been received with respect to any share
of stock that the Fund have held for less than 46 days (91 days in the case of certain preferred stock) during the 91-day period beginning
on the date which is 45 days before the date on which such share becomes ex-dividend with respect to such dividend (during the 181-day
period beginning 90 days before such date in the case of certain preferred stock) or (2) to the extent that the Fund are under an obligation
(pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property.
Moreover, the dividends-received deduction may otherwise be disallowed or reduced (1) if the corporate shareholder fails to satisfy the
foregoing requirements with respect to its shares of the applicable Fund or (2) by application of the Code (for instance, the dividends-
received deduction is reduced in the case of a dividend received on debt-financed portfolio stock (generally, stock acquired with borrowed
funds)).

If the Fund receives dividends from another investment
company that qualifies as a RIC and the investment company reports such dividends as qualified dividend income or as eligible for the
dividends-received deduction, then such Fund is permitted in turn to report a portion of its distributions as qualified dividend income
or as eligible for the dividends received deduction, as applicable, provided the Fund meets holding period and other requirements with
respect to shares of the investment company.

The Fund’s dividends representing distributions
of interest income and capital gains or distributions from entities that are not corporations for U.S. tax purposes will not constitute
qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for corporate shareholders.
In addition, any distribution of income that is attributable to (i) income received by the Fund in lieu of dividends with respect to securities
on loan pursuant to a securities lending transaction or (ii) dividend income received by the Fund on securities it temporarily purchased
from a counterparty pursuant to a repurchase agreement that is treated for U.S. federal income tax purposes as a loan by the Fund, will
not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends-received deduction for
corporate shareholders.

The Code generally imposes a Medicare contribution
tax of 3.8% on the net investment income of certain individuals, estates and trusts to the extent their income exceeds certain threshold
amounts. “Net investment income” generally includes for this purpose, among other things, (i) distributions paid by the Fund,
including any capital gain dividends, and (ii) net gain recognized on the sale, exchange, redemption or other taxable disposition of shares
of the Fund. Shareholders are advised to consult their tax advisers regarding the possible implications of this additional tax on their
investment in the Fund.

Return of Capital Distributions

If the Fund makes a distribution to a shareholder
in excess of such Fund’s current and accumulated earnings and profits in any taxable year, the excess distribution will be treated
as a return of capital to the extent of such shareholder’s tax basis in its shares, and thereafter as capital gain. A return of
capital is not taxable, but it reduces a shareholder’s tax basis in its shares, thus reducing any loss or increasing any gain on
a subsequent taxable disposition by the shareholder of its shares.

Dividends and distributions on the Fund’s shares
are generally subject to U.S. federal income tax as described herein to the extent they do not exceed the Fund’s realized income
and gains, even though such dividends and distributions may economically represent a return of a particular shareholder’s investment.
Such distributions are likely to occur in respect of shares purchased at a time when the Fund’s net asset value reflects either
unrealized gains or realized but undistributed income or gains that were therefore included in the price that the shareholder paid. Such
distributions may reduce the fair market value of the Fund’s shares below the shareholder’s cost basis in those shares. As
described above, the Fund is required to distribute realized income and gains regardless of whether such Fund’s net asset value
also reflects unrealized losses.

Tax Implications of Certain Fund Investments

In general, option premiums received by the Fund are
not immediately included in the income of the Fund. Instead, the premiums are recognized when the option contract expires, the option
is exercised by the holder, or the Fund transfers or otherwise terminates the option (e.g., through a closing transaction). If a call
option written by the Fund is exercised and the Fund sells or delivers the underlying stock, the Fund generally will recognize capital
gain or loss equal to (a) the sum of the strike price and the option premium received by the Fund minus (b) the Fund’s basis in
the stock. Such gain or loss generally will be short-term or long-term depending upon the holding period of the underlying stock. If securities
are purchased by the Fund pursuant to the exercise of a put option written by it, the Fund generally will subtract the premium received
for purposes of computing its cost basis in the securities purchased. Gain or loss arising in respect of a termination of the Fund’s
obligation under an option other than through the exercise of the option will be short-term gain or loss depending on whether the premium
income received by the Fund is greater or less than the amount paid by the Fund (if any) in terminating the transaction. Thus, for example,
if an option written by the Fund expires unexercised, the Fund generally will recognize short-term gain equal to the premium received.

Certain covered call writing activities of the Fund
may trigger the U.S. federal income tax straddle rules contained primarily in Section 1092 of the Code. Very generally, where applicable,
Section 1092 requires (i) that losses be deferred on positions deemed to be offsetting positions with respect to “substantially
similar or related property,” to the extent of unrealized gain in the latter, and (ii) that the holding period of such a straddle
position that has not already been held for the long-term holding period be terminated and begin anew once the position is no longer part
of a straddle. Options on single stocks that are not “deep in the money” may constitute qualified covered calls, which generally
are not subject to the straddle rules; the holding period on stock underlying qualified covered calls that are “in the money”
although not “deep in the money” will be suspended during the period that such calls are outstanding. Thus, the straddle rules
and the rules governing qualified covered calls could cause gains that would otherwise constitute long-term capital gains to be treated
as short-term capital gains, and distributions that would otherwise constitute “qualified dividend income” or qualify for
the dividends-received deduction to fail to satisfy the holding period requirements and therefore to be taxed as ordinary income or to
fail to qualify for the dividends-received deduction, as the case may be.

In general, 40% of the gain or loss arising from the
closing out of a futures contract traded on an exchange approved by the Commodities Futures Trading Commission is treated as short-term
gain or loss, and 60% is treated as long-term gain or loss, although certain foreign currency gains and losses from such contracts may
be treated as ordinary in character. Also, such contracts held by the Fund at the end of each taxable year (and, for purposes of the 4%
excise tax, on certain other dates as prescribed under the Code) are “marked to market” with the result that unrealized gains
or losses are treated as though they were realized and the resulting gain or loss is treated as ordinary or 60/40 gain or loss, as applicable.

The Fund’s investment in swaps, if any, will
generate ordinary income and losses for federal income tax purposes. The Fund’s investments in futures and swaps may cause the Fund
to recognize income without receiving cash with which to make the distributions necessary to qualify and be eligible for treatment as
a regulated investment company and avoid a Fund-level tax. The Fund may therefore need to liquidate other investments, including when
it is not advantageous to do so, to meet its distribution requirement. The Fund is not permitted to carry forward any net ordinary losses
it realizes in a taxable year to offset ordinary income it realizes in subsequent taxable years.

In addition to the special rules described above in
respect of options, futures transactions and swaps, the Fund’s derivative transactions, including transactions in options, futures
contracts, straddles, securities loan and other similar transactions, including for hedging purposes, will be subject to special tax rules
(including constructive sale, mark-to-market, straddle, wash sale, and short sale rules), the effect of which may be to accelerate income
to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund’s securities, convert long-term capital
gains into short-term capital gains, short-term capital losses into long-term capital losses, or capital gains into ordinary income. These
rules could therefore affect the amount, timing and character of distributions to shareholders. The Fund may make any applicable elections
pertaining to such transactions consistent with the interests of the Fund.

Because these and other tax rules applicable to these
types of transactions are in some cases uncertain under current law, an adverse determination or future guidance by the IRS with respect
to these rules (which determination or guidance could be retroactive) may affect whether the Fund has made sufficient distributions, and
otherwise satisfied the relevant requirements, to maintain its qualification as a regulated investment company and avoid a Fund-level
tax.

If the Fund participates in a short sale and, on the
date of such short sale, the Fund either (i) does not hold securities substantially identical to those sold short or (ii) has held such
substantially identical securities for one year or less, the character of gain or loss realized on such a short sale generally will be
short-term. If the Fund participates in a short sale and, on the date of such short sale, the Fund has held substantially identical securities
for more than one year, the character of gain realized on such short sale will be determined by reference to the Fund’s holding
period in the property actually used to close the short sale; the character of loss realized on such short sale generally will be long
term, regardless of the holding period of the securities actually used to close such short sale. Because net short- term capital gain
(after reduction by any long-term capital loss) is generally taxed at ordinary income rates, the Fund’s short sale transactions
can increase the percentage of the Fund’s gains that are taxable to shareholders as ordinary income.

The Fund’s investments in shares of another
ETF, a mutual fund or another company that qualifies as a RIC (each, an “investment company”) can cause the Fund to be required
to distribute greater amounts of net investment income or net capital gain than the Fund would have distributed had it invested directly
in the securities held by the investment company, rather than in shares of the investment company. Further, the amount or timing of distributions
from the Fund qualifying for treatment as a particular character (e.g., long-term capital gain, eligibility for dividends-received deduction,
etc.) will not necessarily be the same as it would have been had the Fund invested directly in the securities held by the investment company.

Some debt obligations with a fixed maturity date of
more than one year from the date of issuance (and zero-coupon debt obligations with a fixed maturity date of more than one year from the
date of issuance) that are acquired by the Fund will be treated as debt obligations that are issued originally at a discount. Generally,
the amount of the original issue discount (“OID”) is treated as interest income and is included in the Fund’s income
(and required to be distributed by the Fund) over the term of the debt security, even though payment of that amount is not received until
a later time, upon partial or full repayment or disposition of the debt security.

Some debt obligations with a fixed maturity date of
more than one year from the date of issuance that are acquired by the Fund in the secondary market may be treated as having market discount.
Very generally, market discount is the excess of the stated redemption price of a debt obligation (or in the case of an obligation issued
with OID, its “revised issue price”) over the purchase price of such obligation. Subject to the discussion below regarding
Section 451 of the Code, (i) generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security
having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the “accrued
market discount” on such debt security, (ii) alternatively, the Fund may elect to accrue market discount currently and thus distribute
it over the term of the debt security, even though the payment of that amount is not received until a later time, upon partial or full
repayment or disposition of the debt security, and (iii) the rate at which the market discount accrues, and thus is included in the Fund’s
income, will depend upon which of the permitted accrual methods the Fund elects. Notwithstanding the foregoing, effective for taxable
years beginning after 2017, Section 451 of the Code generally requires any accrual method taxpayer to take into account items of gross
income no later than the time at which such items are taken into account as revenue in the taxpayer’s financial statements. The
application of Section 451 to the accrual of market discount is currently unclear. If Section 451 applies to the accrual of market discount,
the Fund must include in income any market discount as it takes the same into account on its financial statements.

Some debt obligations with a fixed maturity date of
one year or less from the date of issuance may be treated as having OID or “acquisition discount” (very generally, the excess
of the stated redemption price over the purchase price). Generally, the Fund will be required to include the OID or acquisition discount
in income (as ordinary income) over the term of the debt security, even though payment of that amount is not received until a later time,
upon partial or full repayment or disposition of the debt security. The rate at which OID or acquisition discount accrues, and thus is
included in the Fund’s income, will depend upon which of the permitted accrual methods the Fund elect.

Some preferred securities may include provisions that
permit the issuer, at its discretion, to defer the payment of distributions for a stated period without any adverse consequences to the
issuer. If the Fund owns a preferred security that is deferring the payment of its distributions, the Fund may be required to report income
for U.S. federal income tax purposes to the extent of any such deferred distribution even though the Fund has not yet actually received
the cash distribution.

If the Fund holds the foregoing kinds of obligations,
or other obligations subject to special rules under the Code, it may be required to pay out as an income distribution each year an amount
which is greater than the total amount of cash interest the Fund actually received.

Such distributions may be made from the cash assets
of the Fund or, if necessary, by liquidation of portfolio securities (including at a time when it may not be advantageous to do so). The
Fund may realize gains or losses from such liquidations. In the event the Fund realizes net long-term or short-term capital gains from
such transactions, its shareholders may receive a larger Capital Gain Dividend or ordinary dividend, respectively, than they would in
the absence of such transactions.

Investments in high-yield debt obligations (known
as “junk”) or other distressed debt obligations that are at risk of or in default present special tax issues for the Fund
investing in or holding such securities. Tax rules are not entirely clear about issues such as whether or to what extent the Fund should
recognize market discount on a debt obligation, when the Fund may cease to accrue interest, OID or market discount, when and to what extent
the Fund may take deductions for bad debts or worthless securities and how the Fund should allocate payments received on obligations in
default between principal and income. These and other related issues will be addressed by the Fund as necessary, in order to seek to ensure
that it distribute sufficient income to preserve its eligibility for treatment as a RIC and does not become subject to U.S. federal income
or excise tax.

A portion of the OID paid or accrued on certain high-yield
discount obligations owned by the Fund may not be deductible to the issuer and will instead be treated as a dividend paid by the issuer
for purposes of the dividends-received deduction. In such cases, if the issuer of the obligation is a domestic corporation, dividend payments
by the Fund may be eligible for the dividends-received deduction to the extent of the deemed dividend portion of such OID.

Very generally, where the Fund purchases a bond at
a price that exceeds the redemption price at maturity – that is, at a premium — the premium is amortizable over the remaining
term of the bond. In the case of a taxable bond, if the Fund makes an election applicable to all such bonds it purchases, which election
is irrevocable without consent of the IRS, the Fund reduces the current taxable income from the bond by the amortized premium and reduces
its tax basis in the bond by the amount of such offset; upon the disposition or maturity of such bonds acquired on or after January 4,
2013, the Fund is permitted to deduct any remaining premium allocable to a prior period.

The Fund may invest directly or indirectly in residual
interests in real estate mortgage investment conduits (“REMICs”) (including by investing in residual interests in collateralized
mortgage obligations with respect to which an election to be treated as a REMIC is in effect) or equity interests in taxable mortgage
pools (“TMPs”). Under a notice issued by the IRS in October 2006 and Treasury regulations that have yet to be issued but may
apply retroactively, a portion of the Fund’s income (including income allocated to the Fund from a pass-through entity) that is
attributable to a residual interest in a REMIC or an equity interest in a TMP (referred to in the Code as an “excess inclusion”)
will be subject to U.S. federal income tax in all events. This notice also provides, and the regulations are expected to provide, that
excess inclusion income of a RIC will be allocated to shareholders of the RIC in proportion to the dividends received by such shareholders,
with the same consequences as if the shareholders held the related interest directly. As a result, the Fund investing in such interests
may not be a suitable investment for charitable remainder trusts. See “Tax-Exempt Shareholders” below.

In general, excess inclusion income allocated to shareholders
(i) cannot be offset by net operating losses (subject to a limited exception for certain thrift institutions), (ii) will constitute unrelated
business taxable income (“UBTI”) to entities (including a qualified pension plan, an individual retirement account, a 401(k)
plan, a Keogh plan or other tax-exempt entity) subject to tax on UBTI, thereby potentially requiring such an entity that is allocated
excess inclusion income, and otherwise might not be required to file a tax return, to file a tax return and pay tax on such income, and
(iii) in the case of a non-U.S. shareholder, will not qualify for any reduction in U.S. federal withholding tax. A shareholder will be
subject to U.S. federal income tax on such inclusions notwithstanding any exemption from such income tax otherwise available under the
Code.

Any transactions by the Fund in foreign currencies,
foreign currency-denominated debt obligations or certain foreign currency options, futures contracts or forward contracts (or similar
instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the
foreign currency concerned. Such ordinary income treatment may accelerate Fund distributions to shareholders and increase the distributions
taxed to shareholders as ordinary income. Any net ordinary losses so created cannot be carried forward by the Fund to offset income or
gains earned in subsequent years.

Any equity investments by the Fund in certain “passive
foreign investment companies” (“PFICs”) could potentially subject the Fund to a U.S. federal income tax (including interest
charges) on distributions received from the PFIC or on proceeds received from the disposition of shares in the PFIC. This tax cannot be
eliminated by making distributions to Fund shareholders. However, the Fund may elect to avoid the imposition of that tax. For example,
the Fund may elect to treat a PFIC as a “qualified electing fund” (i.e., make a “QEF election”), in which case
such Fund will be required to include its share of the PFIC’s income and net capital gains annually, regardless of whether it receives
any distribution from the PFIC. The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings
“to the market” as though it had sold and repurchased its holdings in those PFICs on the last day of the Fund’s taxable
year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition
of income (without the receipt of cash) and increase the amount required to be distributed by the Fund to avoid taxation. Making either
of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet
its distribution requirement, which also may accelerate the recognition of gain and affect the Fund’s total return. Dividends paid
by PFICs will not be eligible to be treated as “qualified dividend income.” Because it is not always possible to identify
a foreign corporation as a PFIC, the Fund may incur the tax and interest charges described above in some instances.

The Fund’s income from or its gains or proceeds
in respect of the disposition of its investments in foreign countries may be subject to withholding and other taxes imposed by such countries.
These withholding and other taxes will decrease the Fund’s yield on the securities subject to such taxes. Tax treaties between certain
countries and the U.S. may reduce or eliminate such taxes.

In addition, certain of the Fund’s investments
in foreign currency-denominated debt instruments as well as any of the Fund’s transactions in foreign currencies or its hedging
activities are likely to produce a difference between the Fund’s book income and the sum of its taxable income and net tax-exempt
income (if any). If the Fund’s book income exceeds the sum of its taxable income (including net realized capital gains) and net
tax-exempt income (if any), the distribution (if any) of such excess generally will be treated as (i) a dividend to the extent of the
Fund’s remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return
of capital to the extent of the recipient’s basis in its shares, and (iii) thereafter, as gain from the sale or exchange of a capital
asset. If the Fund’s book income is less than the sum of its taxable income and net tax-exempt income (if any), the Fund could
be required to make distributions exceeding book income to qualify as a RIC that is accorded special tax treatment.

Backup Withholding

The Fund (or a broker or other financial intermediary
through which shares are held) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions
and redemption proceeds paid to any individual shareholder who fails to properly furnish the Fund (or intermediary) with a correct taxpayer
identification number (“TIN”), who has under-reported dividend or interest income, or who fails to certify to the Fund (or
intermediary) that he or she is not subject to such withholding. Backup withholding is not an additional tax. Any amounts withheld may
be credited against the shareholder’s U.S. federal income tax liability, provided the appropriate information is furnished to the
IRS.

Sale or Exchange of Fund Shares

The sale or exchange of Fund shares may give rise
to a gain or loss to the shareholder. In general, any gain or loss realized upon a taxable disposition of shares will be treated as long-term
capital gain or loss if the shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Fund
shares will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of shares held for six
months or less will be treated as long-term, rather than short-term, to the extent of any Capital Gain Dividends received (or deemed received)
by the shareholder with respect to those shares. In addition, all or a portion of any loss realized upon a taxable disposition of Fund
shares will be disallowed under the “wash-sale” rule of the Code if other substantially identical shares of the Fund are purchased
within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the
disallowed loss.

Shareholders may be entitled to offset their Capital
Gain Dividends with capital loss from other sources. The Code contains a number of statutory provisions affecting the circumstances under
which capital loss may be offset against capital gain and limiting the use of loss from certain investments and activities. Accordingly,
shareholders that have capital losses are urged to consult their tax advisers. Upon the exchange of Fund shares, the applicable Fund or,
in the case of shares purchased through an intermediary, the intermediary may be required to provide you and the IRS with cost basis and
certain other related tax information about the Fund shares you exchanged. See the Prospectus for more information.

Tax Shelter Reporting Regulations

Under Treasury regulations, if a shareholder recognizes
a loss of $2 million or more for an individual shareholder or $10 million or more for a corporate shareholder, the shareholder must file
with the IRS a disclosure statement on Form 8886. Direct holders of portfolio securities are in many cases excepted from this reporting
requirement, but under current guidance, shareholders of a RIC are not excepted. Future guidance may extend the current exception from
this reporting requirement to shareholders of most or all RICs. The fact that a loss is reportable under these regulations does not affect
the legal determination of whether the taxpayer’s treatment of the loss is proper. Shareholders should consult their tax advisers
to determine the applicability of these regulations in light of their individual circumstances.

Non-U.S. Shareholders

Distributions by the Fund to shareholders that are
not “U.S. persons” within the meaning of the Code (“foreign shareholders”) properly reported by the Fund as (1)
Capital Gain Dividends, (2) short-term capital gain dividends, and (3) interest-related dividends, each as defined and subject to certain
conditions described below, generally will not be subject to withholding of U.S. federal income tax.

In general, the Code defines (1) “short-term
capital gain dividends” as distributions of net short-term capital gains in excess of net long- term capital losses, and (2) “interest-related
dividends” as distributions from U.S. source interest income of types similar to those not subject to U.S. federal income tax if
earned directly by an individual foreign shareholder, in each case to the extent such distributions are properly reported as such by the
Fund in a written notice to shareholders.

The exceptions to withholding for Capital Gain Dividends
and short-term capital gain dividends do not apply to (A) distributions to an individual foreign shareholder who is present in the United
States for a period or periods aggregating 183 days or more during the year of the distribution and (B) distributions attributable to
gain that is treated as effectively connected with the conduct by the foreign shareholder of a trade or business within the United States
under special rules regarding the disposition of U.S. real property interests (“USRPI”) as described below. The exception
to withholding for interest-related dividends does not apply to distributions to a foreign shareholder that (A) has not provided a satisfactory
statement that the beneficial owner is not a U.S. person, (B) to the extent that the dividend is attributable to certain interest on an
obligation if the foreign shareholder is the issuer or is a 10% shareholder of the issuer, (C) that is within certain foreign countries
that have inadequate information exchange with the United States, or (D) to the extent the dividend is attributable to interest paid by
a person that is a related person of the foreign shareholder and the foreign shareholder is a controlled foreign corporation. The Fund
is permitted to report such part of its dividends as interest-related or short-term capital gain dividends as are eligible but is not
required to do so. In the case of shares held through an intermediary, the intermediary may withhold even if the Fund reports all or a
portion of a payment as an interest-related or short- term capital gain dividend to shareholders. Foreign shareholders should contact
their intermediaries regarding the application of these rules to their accounts. Distributions by the Fund to foreign shareholders other
than Capital Gain Dividends, short-term capital gain dividends, and interest-related dividends (e.g., dividends attributable to dividend
and foreign-source interest income or to short-term capital gains or U.S. source interest income to which the exception from withholding
described above does not apply) are generally subject to withholding of U.S. federal income tax at a rate of 30% (or lower applicable
treaty rate). Foreign shareholders should contact their intermediaries regarding the application of these rules to their accounts.

A foreign shareholder is not, in general, subject
to U.S. federal income tax on gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund unless (i)
such gain is effectively connected with the conduct of a trade or business carried on by such holder within the United States, (ii) in
the case of an individual holder, the holder is present in the United States for a period or periods aggregating 183 days or more during
the year of the sale and certain other conditions are met, or (iii) the special rules relating to gain attributable to the sale or exchange
of USRPIs apply to the foreign shareholder’s sale of shares of the Fund (as described below).

Foreign shareholders with respect to whom income from
the Fund is effectively connected with a trade or business conducted by the foreign shareholder within the United States will, in general,
be subject to U.S. federal income tax on the income derived from the Fund at the graduated rates applicable to U.S. citizens, residents
or domestic corporations, whether such income is received in cash or reinvested in shares of the Fund and, in the case of a foreign corporation,
may also be subject to a branch profits tax.

If a foreign shareholder is eligible for the benefits
of a tax treaty, any effectively connected income or gain will generally be subject to U.S. federal income tax on a net basis only if
it is also attributable to a permanent establishment maintained by the shareholder in the United States. More generally, foreign shareholders
who are residents in a country with an income tax treaty with the United States may obtain different tax results than those described
herein and are urged to consult their tax advisers.

Special rules apply to distributions to certain foreign
shareholders from a RIC that is a qualified investment entity (“QIE”) because it is either a “U.S. real property holding
corporation” (“USRPHC”) or former USRPHC or would be a USRPHC absent certain exclusions from the definition of USRPIs.
Very generally, a USRPHC is a domestic corporation that holds USRPIs — USRPIs are defined generally as any interest in U.S. real
property or any equity interest in a USRPHC or former USRPHC — the fair market value of which, during specified testing periods,
equals or exceeds 50% of the sum of the fair market values of the corporation’s USRPIs, interests in real property located outside
the United States and other assets. Neither Fund generally expects that it will be a USRPHC or would be a USRPHC but for the operation
of the special exceptions referred to above, and thus does not expect these special tax rules to apply. In order to qualify for any exemption
from withholding described above (to the extent applicable) or for lower withholding tax rates under applicable income tax treaties, or
to establish an exemption from backup withholding, a foreign shareholder must comply with applicable certification requirements relating
to its non-U.S. status (including, in general, furnishing an IRS Form W-8BEN, IRS Form W-8BEN-E or substitute form). Foreign shareholders
should contact their tax advisers in this regard.

A foreign shareholder may be subject to state and
local tax and to the U.S. federal estate tax in addition to the U.S. federal tax on income referred to above.

Tax-Exempt Shareholders

Under current law, a RIC serves to “block”
(that is, prevent the attribution to shareholders of) unrelated business taxable income (“UBTI”) from being realized by tax-exempt
shareholders. Notwithstanding this “blocking” effect, a tax-exempt shareholder could realize UBTI by virtue of its investment
in a RIC if shares in that RIC constitute debt-financed property in the hands of the tax-exempt shareholder within the meaning of Code
Section 514(b).

A tax-exempt shareholder may also recognize UBTI if
a RIC recognizes excess inclusion income derived from direct or indirect investments in residual interests in REMICS or equity interests
in TMPs if the amount of such income recognized by the RIC exceeds the RIC’s investment company taxable income (after taking into
account deductions for dividends paid by the RIC).

In addition, special tax consequences apply to charitable
remainder trusts (“CRTs”) that invest in RICs that invest directly or indirectly in residual interests in REMICs or equity
interests in TMPs. Under legislation enacted in December 2006, a CRT (as defined in section 664 of the Code) that realizes any UBTI for
a taxable year must pay an excise tax annually of an amount equal to such UBTI. Under IRS guidance issued in October 2006, a CRT will
not recognize UBTI as a result of investing in a RIC to the extent it recognizes “excess inclusion income.” Rather, if at
any time during any taxable year a CRT (or one of certain other tax-exempt shareholders, such as the United States, a state or political
subdivision, or an agency or instrumentality thereof, and certain energy cooperatives) is a record holder of the RIC and that RIC recognizes
“excess inclusion income,” then the RIC will be subject to a tax on that portion of its “excess inclusion income”
for the taxable year that is allocable to such shareholders at the highest federal corporate income tax rate. The extent to which this
IRS guidance remains applicable in light of the December 2006 legislation is unclear. To the extent permitted under the 1940 Act, a RIC
may elect to specially allocate any such tax to the applicable CRT, or other shareholder, and thus reduce such shareholder’s distributions
for the year by the amount of the tax that relates to such shareholder’s interest in the RIC.

CRTs and other tax-exempt investors are urged to consult
their tax advisers concerning the consequences of investing in the Fund.

Shareholder Reporting Obligations with Respect
to Foreign Bank and Financial Accounts

Shareholders that are U.S. persons and own, directly
or indirectly, more than 50% of the Fund could be required to report annually their “financial interest” in the Fund’s
“foreign financial accounts,” if any, on FinCEN Form 114, Report of Foreign Bank and Financial Accounts (“FBAR”).
Shareholders should consult a tax adviser, and persons investing in the Fund through an intermediary should contact their intermediary,
regarding the applicability to them of this reporting requirement.

Other Reporting and Withholding Requirements

Sections 1471-1474 of the Code and the U.S. Treasury
and IRS guidance issued thereunder (collectively, “FATCA”) generally require the Fund to obtain information sufficient to
identify the status of each of their shareholders under FATCA or under an applicable intergovernmental agreement (an “IGA”)
between the United States and a foreign government. If a shareholder fails to provide the requested information or otherwise fails to
comply with FATCA or an IGA, the Fund may be required to withhold under FATCA at a rate of 30% with respect to that shareholder on ordinary
dividends it pays and 30% of the gross proceeds of redemptions or exchanges of Fund shares and certain Capital Gain Dividends it pays
on or after January 1, 2019. If a payment by the Fund is subject to FATCA withholding, the Fund or its agent is required to withhold even
if such payment would otherwise be exempt from withholding under the rules applicable to foreign shareholders described above (e.g., Capital
Gain Dividends, short-term capital gain dividends and interest- related dividends).

Each prospective investor is urged to consult its
tax adviser regarding the applicability of FATCA and any other reporting requirements with respect to the prospective investor’s
own situation. Persons investing in the Fund through an intermediary should contact their intermediary regarding the application of this
reporting and withholding regime to their investments in the Fund.

Creation and Redemption of Creation Units

An Authorized Participant that purchases Creation
Units in exchange for cash, portfolio securities or a combination thereof is generally expected to recognize a gain or a loss on the exchange.
The gain or loss generally will be equal to the difference between the market value of the Creation Units at the time and the sum of the
cash paid by the Authorized Participant and the Authorized Participant’s aggregate basis in any securities surrendered by the Authorized
Participant. An Authorized Participant that redeems Creation Units for cash and/or portfolio securities generally will recognize a gain
or loss equal to the difference between the Authorized Participant’s basis in the Creation Units surrendered and the sum of the
cash received by the Authorized Participant and the aggregate market value of any securities received by the Authorized Participant. In
certain cases, however, the IRS may assert that a loss realized upon an exchange of securities for Creation Units cannot be deducted currently
under the rules governing “wash sales,” or on the basis that there has been no significant change in economic position. Authorized
Participants exchanging securities should consult their own tax adviser with respect to whether or when a loss might be deductible.

Gain or loss recognized by an Authorized Participant
upon a purchase of Creation Units in exchange for Component Securities may be capital or ordinary gain or loss depending on the circumstances.
Any capital gain or loss realized upon a purchase of Creation Units in exchange for Component Securities generally will be treated as
long-term capital gain or loss if the securities have been held for more than one year. Any capital gain or loss realized upon a redemption
of Creation Units generally will be treated as long-term capital gain or loss if the Creation Units have been held for more than one year.
Otherwise, such capital gain or loss generally will be treated as short-term capital gain or loss.

Authorized Participants should consult their own tax
adviser with respect to the tax treatment to them of any creation or redemption transaction.

Substantial Share Purchases by Authorized Participants

The Fund has the right to reject an order for a purchase
of shares of the Fund if the purchaser (or group of purchasers) would, upon obtaining the shares so ordered, own 80% or more of the outstanding
shares of the Fund and if, pursuant to Section 351 of the Code, the Fund would have a basis in the securities different from the market
value of such securities on the date of deposit. The Fund also has the right to require information necessary to determine beneficial
share ownership for purposes of the 80% determination.

Shares Purchased Through Tax Qualified Plans

Special tax rules apply to investments through defined
contribution plans and other tax-qualified plans or tax-advantaged arrangements. Shareholders should consult their tax advisers to determine
the suitability of shares of the Fund as an investment through such plans and arrangements and the precise effect of an investment on
their particular tax situation.

State and Local Taxes

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

General Considerations

The U.S. federal income tax discussion set forth above
is for general information only. Prospective investors should consult their tax advisers regarding the specific U.S. federal tax consequences
of purchasing, holding, and disposing of shares of the Fund, as well as the effects of state, local, foreign and other tax law and any
proposed tax law changes.

FINANCIAL STATEMENTS

An annual shareholder report containing financial
statements audited by the Trust’s independent registered public accounting firm and an unaudited semi-annual report will be sent
to shareholders each year.

The
audited financial statements of the Predecessor ETF for the fiscal year ended June 30, 2023 and the report of the Predecessor ETF is
included in the 2023 Annual Report to Shareholders
and are incorporated by reference in this SAI.

QUAKER INVESTMENT TRUST

PART C: OTHER INFORMATION

Item 28. Exhibits

(g)

(4)

Custodian and Transfer Agent Agreement between Registrant and [NAME] relating to CCM Affordable Housing MBS ETF, to be filed by amendment.

(h)	(3)	Transfer Agent Servicing Agreement between the Registrant and Atlantic Shareholder Services dated May 26, 2021.	(10)

(h)	(5)	Expense Limitation Agreement between the Registrant, on behalf of the Quaker Small/Mid-Cap Impact Value Fund and Community Capital Management, Inc., dated May 1, 2019.	(8)

(h)	(6)	Expense Limitation Agreement between the Registrant, on behalf of the CCM Affordable Housing MBS ETF and Community Capital Management, Inc.	(12)

(h)	(7)	Shareholder Servicing and Processing Plan, dated September 10, 2021.	(11)

(h)	(8)	Form of Authorized Participant Agreement between the Registrant and SEI Investments Distribution Co.	(12)

(h)	(9)	Powers-of-Attorney.	(11)

(i)	(1)	Opinion of Counsel with respect to the Re-Domestication of the Trust.	(7)

(i)	(2)	Opinion and Consent of Counsel relating to CCM Affordable Housing MBS ETF.	(12)

(j)	(1)	Consent of Counsel.	*

(j)	(2)	Consent of Independent Registered Public Accounting Firm, Tait, Weller & Baker LLP, relating to the CCM Core Impact Equity Fund and CCM Small/Mid-Cap Impact Value Fund.	*

(j)	(3)	Consent of Independent Registered Public Accounting Firm, Ernst & Young, LLP, relating to the Impact Shares Affordable Housing MBS ETF (the “Predecessor ETF).	*

(j)	(4)	Consent of Independent Registered Public Accounting Firm, Cohen & Company, Ltd., relating to the Predecessor ETF.	*

(k)		Not Applicable.

(l)		Not Applicable.

(m)	(1)	Advisor Class Shares Distribution (Rule 12b-1) Plan dated September 30, 2018.	(9)

(m)	(2)	Rule 12b-1 Distribution Plan relating to CCM Affordable Housing MBS ETF.	(12)

(n)	(1)	Amended Rule 18f-3 Procedures/Multiple Class Expense Allocation Plan.	(9)

(o)		Reserved.

(p)	(1)	Code of Ethics of the Trust dated September 2019.	(11)

(p)	(2)	Code of Ethics of the Adviser dated March 1, 2022.	(11)

(p)	(3)	Code of Ethics and Insider Trading Policy for Foreside Fund Services, LLC.	(3)

(p)	(4)	Code of Ethics of SEI Investments Distribution Co. dated June 30, 2023.	(12)

*()**	Filed herewith.
(1)	Incorporated by reference to post-effective amendment nos. 61/59 (File Nos. 33-38074 and 811-06260) (filed October 29, 2012).
(2)	Incorporated by reference to post-effective amendment nos. 63/61 (File Nos. 33-38074 and 811-06260) (filed October 28, 2013).
(3)	Incorporated by reference to post-effective amendment nos. 65/63 (File Nos. 33-38074 and 811-06260) (filed October 28, 2014).
(4)	Incorporated by reference to post-effective amendment nos. 67/65 (File Nos. 33-38074 and 811-06260) (filed October 28, 2015).
(5)	Incorporated by reference to post-effective amendment nos. 70/68 (File Nos. 33-38074 and 811-06260) (filed October 31, 2016).
(6)	Incorporated by reference to post-effective amendment nos. 88/86 (File Nos. 33-38074 and 811-06260) (filed August 1, 2018).
(7)	Incorporated by reference to post-effective amendment nos. 89/87 (File Nos. 33-38074 and 811-06260) (filed October 2, 2018).

(8)	Incorporated by reference to post-effective amendment nos. 91/89 (File Nos. 33-38074 and 811-06260) (filed October 28, 2019).
(9)	Incorporated by reference to post-effective amendment nos. 93/91 (File Nos. 33-38074 and 811-06260) (filed October 27, 2020).
(10)	Incorporated by reference to post-effective amendment nos. 94/92 (File Nos. 33-38074 and 811-06260) (filed October 28, 2021).
(11)	Incorporated by reference to post-effective amendment nos. 95/93 (File Nos. 33-38074 and 811-06260) (filed October 28, 2022).
(12)	Incorporated by reference to post-effective amendment nos. 99/97 (File Nos. 33-38074 and 811-06260) (filed August 16, 2023).

Item 29. Persons Controlled or Under Common Control with the Fund

To the knowledge of the Registrant, it does not control,
is not controlled by, and is not under common control with any other person.

Item 30. Indemnification

Quaker Investment Trust, a Delaware statutory trust

Under the terms of Delaware law and Quaker Investment
Trust’s Agreement and Declaration of Trust and By-Laws, the Registrant shall indemnify, out of Registrant’s property, to the fullest
extent permitted under applicable law, any person who was or is a party or is threatened to be made a party to any proceeding by reason
of the fact that such person is or was an agent of the Registrant, against expenses, judgments, fines, settlements and other amounts actually
and reasonably incurred in connection with such proceeding if such person acted in good faith or in the case of a criminal proceeding,
had no reasonable cause to believe the conduct of such person was unlawful. However, there shall be no right to indemnification for any
liability arising by reason of any act or omission that constitutes a bad faith violation of the implied contractual covenant of good
faith and fair dealing or for any person’s own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved
in the conduct of such person (“Disqualifying Conduct”).

Any indemnification under this shall be made by the
Registrant if authorized in the specific case on a determination that indemnification of such person is proper in the circumstances by
(i) a final decision on the merits by a court or other body before whom the proceeding was brought that the person was not liable by reason
of Disqualifying Conduct (including, but not limited to, dismissal of either a court action or an administrative proceeding against the
Agent for insufficiency of evidence of any Disqualifying Conduct) or, (ii) in the absence of such a decision, a reasonable determination,
based upon a review of the facts, that the person was not liable by reason of Disqualifying Conduct, by (1) the vote of a majority of
a quorum of the Trustees who are not (x) “interested persons” of the Trust as defined in Section 2(a)(19) of the 1940 Act,
(y) parties to the proceeding, or (z) parties who have any economic or other interest in connection with such specific case (the “disinterested,
non-party Trustees”); or (2) by independent legal counsel in a written opinion.

* * *

Insofar as indemnification for liabilities arising
under the Securities Act of 1933 (the “Act”) may be permitted to trustees, officers and controlling persons of the Registrant
pursuant to the foregoing provisions or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange
Commission (“SEC”) such indemnification by the Registrant is against public policy as expressed in the Act and, therefore,
may be unenforceable. In the event that a claim for such indemnification (except insofar as it provides for the payment by the Registrant
of expenses incurred or paid by a trustee, officer or controlling person in the successful defense of any action, suit or proceeding)
is asserted against the Registrant by such trustee, officer or controlling person and the SEC is still of the same opinion, 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 of whether or not such indemnification by it is against public policy as expressed in the Act and will be governed by the
final adjudication of such issue.

Item 31. Business and Other Connections of the Investment Adviser

See the Prospectus, generally, and the Statement of
Additional Information section entitled “Board of Trustees and Officers” for the activities and affiliations of the officers
and directors of the Investment Adviser and Sub-Advisers to the Registrant. Except as so provided, to the knowledge of Registrant, none
of the trustees or executive officers of the Investment Adviser is or has been at any time during the past two fiscal years engaged in
any other business, profession, vocation or employment of a substantial nature.

Item 32. Principal Underwriters

Item 32 (a) SEI Investments Distribution Co. (“SIDCO”),
located at One Freedom Valley Drive Oaks, PA 19456, serves as the distributor relating to the CCM Affordable Housing MBS ETF. SIDCO
also serves as the distributor for the entities named below:

SEI Daily Income Trust	July 15, 1982
SEI Tax Exempt Trust	December 3, 1982
SEI Institutional Managed Trust	January 22, 1987
SEI Institutional International Trust	August 30, 1988
The Advisors’ Inner Circle Fund	November 14, 1991
The Advisors’ Inner Circle Fund II	January 28, 1993
Bishop Street Funds	January 27, 1995
SEI Asset Allocation Trust	April 1, 1996
SEI Institutional Investments Trust	June 14, 1996
City National Rochdale Funds (f/k/a CNI Charter Funds)	April 1, 1999
Causeway Capital Management Trust	September 20, 2001
SEI Offshore Opportunity Fund II, Ltd.	September 1, 2005
ProShares Trust	November 14, 2005
Community Capital Trust (f/k/a Community Reinvestment Act Qualified Investment Fund)	January 8, 2007

SEI Offshore Advanced Strategy Series SPC	July 31, 2007
SEI Structured Credit Fund, LP	July 31, 2007
Global X Funds	October 24, 2008
ProShares Trust II	November 17, 2008
SEI Special Situations Fund, Ltd.	July 1, 2009
Exchange Traded Concepts Trust (f/k/a FaithShares Trust)	August 7, 2009
Schwab Strategic Trust	October 12, 2009
RiverPark Funds Trust	September 8, 2010
Adviser Managed Trust	December 10, 2010
SEI Core Property Fund, LP	January 1, 2011
New Covenant Funds	March 23, 2012
KraneShares Trust	December 18, 2012
The Advisors’ Inner Circle Fund III	February 12, 2014
SEI Catholic Values Trust	March 24, 2015
SEI Hedge Fund SPC	June 26, 2015
SEI Energy Debt Fund, LP	June 30, 2015
Gallery Trust	January 8, 2016
City National Rochdale Select Strategies Fund	March 1, 2017
Impact Shares Trust	March 1, 2018
City National Rochdale Strategic Credit Fund	May 16, 2018
Symmetry Panoramic Trust	July 23, 2018
Frost Family of Funds	May 31, 2019
SEI Vista Fund, Ltd.	January 20, 2021
Delaware Wilshire Private Markets Fund	March 22, 2021
Catholic Responsible Investments Funds	November 17, 2021
SEI Exchange Traded Funds	May 18, 2022
SEI Global Private Assets VI, L.P.	July 29, 2022
Quaker Investment Trust	June 8, 2023

SIDCO provides numerous financial services to investment managers, pension
plan sponsors, and bank trust departments. These services include portfolio evaluation, performance measurement and consulting services
(“Funds Evaluation”) and automated execution, clearing and settlement of securities transactions (“MarketLink”).

Item 32(a)

Foreside Fund Services, LLC (“Foreside”), located at 3 Canal Plaza, Suite 100, Portland, Maine 04101, serves as distributor for the CCM Core Impact Equity Fund and CCM Small/Mid-Cap Impact Value Fund. Foreside also serves as the distributor for the entities named below:

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

Adaptive Core ETF, Series of Collaborative Investment Series Trust

10.

AFA Multi-Manager Credit Fund

12.

AIM ETF Products Trust

13.

Alexis Practical Tactical ETF, Series of Listed Funds Trust

14.

AlphaCentric Prime Meridian Income Fund

15.

American Century ETF Trust

17.

Applied Finance Core Fund, Series of World Funds Trust

18.

Applied Finance Explorer Fund, Series of World Funds Trust

19.

Applied Finance Select Fund, Series of World Funds Trust

23.

B.A.D. ETF, Series of Listed Funds Trust

25.

Bluestone Community Development Fund

27.

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

29.

Brinker Capital Destinations Trust

30.

Brookfield Real Assets Income Fund Inc.

32.

Calamos Convertible and High Income Fund

33.

Calamos Convertible Opportunities and Income Fund

34.

Calamos Dynamic Convertible and Income Fund

36.

Calamos Global Dynamic Income Fund

37.

Calamos Global Total Return Fund

38.

Calamos Strategic Total Return Fund

39.

Carlyle Tactical Private Credit Fund

40.

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

41.

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

42.

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

43.

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

44.

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

45.

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

46.

Center Coast Brookfield MLP & Energy Infrastructure Fund

47.

Clifford Capital Focused Small Cap Value Fund, Series of World Funds Trust

48.

Clifford Capital International Value Fund, Series of World Funds Trust

49.

Clifford Capital Partners Fund, Series of World Funds Trust

50.

Cliffwater Corporate Lending Fund

51.

Cliffwater Enhanced Lending Fund

52.

Cohen & Steers Infrastructure Fund, Inc.

53.

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

54.

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

55.

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

56.

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

57.

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

58.

Davis Fundamental ETF Trust

59.

Defiance Daily Short Digitizing the Economy ETF, Series of ETF Series Solutions

60.

Defiance Hotel, Airline, and Cruise ETF, Series of ETF Series Solutions

61.

Defiance Next Gen Connectivity ETF, Series of ETF Series Solutions

62.

Defiance Next Gen H2 ETF, Series of ETF Series Solutions

63.

Defiance Pure Electric Vehicle ETF, Series of ETF Series Solutions

64.

Defiance Quantum ETF, Series of ETF Series Solutions

66.

Direxion Shares ETF Trust

67.

Dividend Performers ETF, Series of Listed Funds Trust

70.

DoubleLine Opportunistic Credit Fund

71.

DoubleLine Yield Opportunities Fund

74.

Ellington Income Opportunities Fund

76.

ETF Opportunities Trust

77.

Evanston Alternative Opportunities Fund

78.

Exchange Listed Funds Trust

82.

Forum Real Estate Income Fund

83.

Goose Hollow Tactical Allocation ETF, Series of Collaborative Investment Series Trust

84.

Grayscale Future of Finance ETF, Series of ETF Series Solutions

85.

Guinness Atkinson Funds

87.

Horizon Kinetics Blockchain Development ETF, Series of Listed Funds Trust

88.

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

89.

Horizon Kinetics Inflation Beneficiaries ETF, Series of Listed Funds Trust

90.

Horizon Kinetics Medical ETF, Series of Listed Funds Trust

91.

Horizon Kinetics SPAC Active ETF, Series of Listed Funds Trust

94.

Ironwood Institutional Multi-Strategy Fund LLC

95.

Ironwood Multi-Strategy Fund LLC

96.

John Hancock Exchange-Traded Fund Trust

97.

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

98.

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

99.

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

100.

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

101.

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

102.

Manor Investment Funds

103.

Merk Stagflation ETF, Series of Listed Funds Trust

104.

Milliman Variable Insurance Trust

105.

Mindful Conservative ETF, Series of Collaborative Investment Series Trust

106.

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

107.

Mohr Growth ETF, Series of Collaborative Investment Series Trust

108.

Mohr Sector Navigator ETF, Series of Collaborative Investment Series Trust

109.

Morgan Stanley ETF Trust

110.

Morningstar Funds Trust

111.

Mutual of America Investment Corporation

113.

North Square Investments Trust

114.

OTG Latin American Fund, Series of World Funds Trust

115.

Overlay Shares Core Bond ETF, Series of Listed Funds Trust

116.

Overlay Shares Foreign Equity ETF, Series of Listed Funds Trust

117.

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

118.

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

119.

Overlay Shares Municipal Bond ETF, Series of Listed Funds Trust

120.

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

121.

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

122.

Palmer Square Opportunistic Income Fund

123.

Partners Group Private Income Opportunities, LLC

124.

Performance Trust Mutual Funds, Series of Trust for Professional Managers

125.

Perkins Discovery Fund, Series of World Funds Trust

126.

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

127.

Plan Investment Fund, Inc.

128.

PMC Core Fixed Income Fund, Series of Trust for Professional Managers

129.

PMC Diversified Equity Fund, Series of Trust for Professional Managers

130.

Point Bridge America First ETF, Series of ETF Series Solutions

131.

Preferred-Plus ETF, Series of Listed Funds Trust

133.

Quaker Investment Trust

134.

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

135.

Rareview Inflation/Deflation ETF, Series of Collaborative Investment Series Trust

136.

Rareview Systematic Equity ETF, Series of Collaborative Investment Series Trust

137.

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

138.

Renaissance Capital Greenwich Funds

140.

RiverNorth Enhanced Pre-Merger SPAC ETF, Series of Listed Funds Trust

141.

RiverNorth Patriot ETF, Series of Listed Funds Trust

143.

Robinson Opportunistic Income Fund, Series of Investment Managers Series Trust

144.

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

145.

Roundhill Alerian LNG ETF, Series of Listed Funds Trust

146.

Roundhill Ball Metaverse ETF, Series of Listed Funds Trust

147.

Roundhill BIG Bank ETF, Series of Listed Funds Trust

148.

Roundhill BIG Tech ETF, Series of Listed Funds Trust

149.

Roundhill Cannabis ETF, Series of Listed Funds Trust

150.

Roundhill IO Digital Infrastructure ETF, Series of Listed Funds Trust

151.

Roundhill MEME ETF, Series of Listed Funds Trust

152.

Roundhill S&P Global Luxury ETF, Series of Listed Funds Trust

153.

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

154.

Roundhill Video Games ETF, Series of Listed Funds Trust

155.

Rule One Fund, Series of World Funds Trust

156.

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

158.

Sound Shore Fund, Inc.

160.

Spear Alpha ETF, Series of Listed Funds Trust

161.

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

162.

STF Tactical Growth ETF, Series of Listed Funds Trust

165.

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

167.

Tekla World Healthcare Fund

169.

Teucrium Agricultural Strategy No K-1 ETF, Series of Listed Funds Trust

170.

Teucrium AiLA Long-Short Agriculture Strategy ETF, Series of Listed Funds Trust

171.

Teucrium AiLA Long-Short Base Metals Strategy ETF, Series of Listed Funds Trust

172.

The Community Development Fund

173.

The Finite Solar Finance Fund

174.

The Private Shares Fund

175.

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

177.

Third Avenue Variable Series Trust

180.

TIFF Investment Program

181.

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

182.

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

183.

Timothy Plan International ETF, Series of The Timothy Plan

184.

Timothy Plan Market Neutral ETF, Series of The Timothy Plan

185.

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

186.

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

187.

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

190.

TrueShares Eagle Global Renewable Energy Income ETF, Series of Listed Funds Trust

191.

TrueShares Low Volatility Equity Income ETF, Series of Listed Funds Trust

192.

TrueShares Structured Outcome (April) ETF, Series of Listed Funds Trust

193.

TrueShares Structured Outcome (August) ETF, Series of Listed Funds Trust

194.

TrueShares Structured Outcome (December) ETF, Series of Listed Funds Trust

195.

TrueShares Structured Outcome (February) ETF, Series of Listed Funds Trust

196.

TrueShares Structured Outcome (January) ETF, Series of Listed Funds Trust

197.

TrueShares Structured Outcome (July) ETF, Series of Listed Funds Trust

198.

TrueShares Structured Outcome (June) ETF, Series of Listed Funds Trust

199.

TrueShares Structured Outcome (March) ETF, Series of Listed Funds Trust

200.

TrueShares Structured Outcome (May) ETF, Listed Funds Trust

201.

TrueShares Structured Outcome (November) ETF, Series of Listed Funds Trust

202.

TrueShares Structured Outcome (October) ETF, Series of Listed Funds Trust

203.

TrueShares Structured Outcome (September) ETF, Series of Listed Funds Trust

204.

TrueShares Technology, AI & Deep Learning ETF, Series of Listed Funds Trust

205.

U.S. Global Investors Funds

206.

Union Street Partners Value Fund, Series of World Funds Trust

207.

Variant Alternative Income Fund

209.

VictoryShares Core Intermediate Bond ETF, Series of Victory Portfolios II

210.

VictoryShares Core Plus Intermediate Bond ETF, Series of Victory Portfolios II

211.

VictoryShares Corporate Bond ETF, Series of Victory Portfolios II

212.

VictoryShares Developed Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

213.

VictoryShares Dividend Accelerator ETF, Series of Victory Portfolios II

214.

VictoryShares Emerging Markets Value Momentum ETF, Series of Victory Portfolios II

215.

VictoryShares Free Cash Flow ETF, Series of Victory Portfolios II

216.

VictoryShares International High Div Volatility Wtd ETF, Series of Victory Portfolios II

217.

VictoryShares International Value Momentum ETF, Series of Victory Portfolios II

218.

VictoryShares International Volatility Wtd ETF, Series of Victory Portfolios II

219.

VictoryShares NASDAQ Next 50 ETF, Series of Victory Portfolios II

220.

VictoryShares Short-Term Bond ETF, Series of Victory Portfolios II

221.

VictoryShares THB Mid Cap ESG ETF, Series of Victory Portfolios II

222.

VictoryShares US 500 Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

223.

VictoryShares US 500 Volatility Wtd ETF, Series of Victory Portfolios II

224.

VictoryShares US Discovery Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

225.

VictoryShares US EQ Income Enhanced Volatility Wtd ETF, Series of Victory Portfolios II

226.

VictoryShares US Large Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

227.

VictoryShares US Multi-Factor Minimum Volatility ETF, Series of Victory Portfolios II

228.

VictoryShares US Small Cap High Div Volatility Wtd ETF, Series of Victory Portfolios II

229.

VictoryShares US Small Cap Volatility Wtd ETF, Series of Victory Portfolios II

230.

VictoryShares US Small Mid Cap Value Momentum ETF, Series of Victory Portfolios II

231.

VictoryShares US Value Momentum ETF, Series of Victory Portfolios II

232.

VictoryShares WestEnd US Sector ETF, Series of Victory Portfolios II

233.

Volatility Shares Trust

234.

West Loop Realty Fund, Series of Investment Managers Series Trust

235.

Wilshire Mutual Funds, Inc.

236.

Wilshire Variable Insurance Trust

237.

WisdomTree Digital Trust

240.

XAI Octagon Floating Rate & Alternative Income Term Trust

Item 32(b)

The following are the Officers and Manager of SIDCO, the Registrant’s underwriter relating to the CCM Affordable Housing MBS ETF. SIDCO’s main business address is One Freedom Valley Drive Oaks, PA 19456.

Name	Position and Office with Underwriter	Positions and Offices with Registrant
William M. Doran	Director	—
Paul F. Klauder	Director	—
Wayne M. Withrow	Director, President & Chief Executive Officer	—
Maxine J. Chou	Chief Financial Officer, Chief Operations Officer, & Treasurer	—
Jennifer H. Campisi	Chief Compliance Officer, Anti-Money Laundering Officer & Assistant Secretary	—
Donald Duncan	Anti-Money Laundering Officer	—
John C. Munch	General Counsel & Secretary	—
John P. Coary	Vice President & Assistant Secretary	—
William M. Martin	Vice President	—
Christopher Rowan	Vice President	—
Judith A. Rager	Vice President	—
Jason McGhin	Vice President	—
Gary Michael Reese	Vice President	—
Robert M. Silvestri	Vice President	—

Item 32(b)

The following are the Officers and Manager of Foreside, the Registrant’s underwriter relating to for the CCM Core Impact Equity Fund and CCM Small/Mid-Cap Impact Value Fund. Foreside’s main business address is Three Canal Plaza, Suite 100, Portland, Maine 04101.

Name	Address	Position with Underwriter	Position with Registrant
Teresa Cowan	111 E. Kilbourn Ave, Suite 2200, Milwaikee, WI 53202	President/Manager	None
Chris Lanza	Three Canal Plaza, Suite 100, Portland, ME 04101	Vice President	None
Kate Macchia	Three Canal Plaza, Suite 100, Portland, ME 04101	Vice President	None
Nanette K. Chern	Three Canal Plaza, Suite 100, Portland, ME 04101	Vice President and Chief Compliance Officer	None
Kelly Whetstone	Three Canal Plaza, Suite 100, Portland, ME 04101	Secretary	None
Susan L. LaFond	111 E. Kilbourn Ave, Suite 2200, Milwaukee, WI 53202	Treasurer	None
Weston Sommers	Three Canal Plaza, Suite 100, Portland, ME 04101	Financial and Operations Principal and Chief Financial Officer	None

Item 32(c)

Not applicable.

Item 33. Location of Accounts and Records

Community Capital Management, LLC

261 North University Drive, Suite 520

Ft. Lauderdale, FL 33324

SEI Investments Global Funds Services

One Freedom Valley Drive

Oaks, Pennsylvania 19456

Item 34. Management Services

The Registrant has not entered into any management-related service contracts
not discussed in Part A or B of this Registration Statement.

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
registration statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this post-effective amendment No.
100 to its registration statement to be signed on its behalf by the undersigned, duly authorized, in the City of Ft. Lauderdale, FL on
this 27th day of October, 2023.

	QUAKER INVESTMENT TRUST

	By:	/s/ Alyssa Greenspan
		Alyssa Greenspan
		President

Pursuant to the requirements of the Securities Act
of 1933, as amended, this post-effective amendment No. 100 to the registration statement on Form N-1A has been signed by the following
persons in the capacities indicated:

Signature	Title	Date

James R. Brinton*
James R. Brinton	Chairman and Trustee	October 27, 2023

/s/ Alyssa Greenspan
Alyssa Greenspan	President and Trustee	October 27, 2023

Gary E. Shugrue*
Gary E. Shugrue	Trustee	October 27, 2023

Warren West*
Warren West	Trustee	October 27, 2023