Fund Reorganization

At a special meeting on November 2, 2023, shareholders approved a reorganization of the Ziegler FAMCO Hedged Equity Fund into the DCM/Innova High Equity Income Innovation Fund, ticker.  The reorganization took place at the close of the market on November 3, 2023.  For more information on the DCM/Innova High Equity Income Innovation Fund, please visit https://www.dcmadvisors.com/funds/tildx.  For more information on the reorganization, please see the N-14-A-Proxy-Materials here àhttps://www.zieglercapfunds.com/wp-content/uploads/2023/10/N-14-A-Proxy-Materials.pdf

Fund Documents

S&P 500: The Standard & Poor’s 500 Index is a capitalization-weighted index that is generally considered representative of the U.S. large capitalization market. Bloomberg US Aggregate Bond Index: A broad base, market capitalization-weighted bond market index representing intermediate-term investment grade bonds traded in the United States. Investors frequently use the index as a stand-in for measuring the performance of the US bond market. 

1. Pursuant to a contractual fee waiver and reimbursement agreement, Ziegler Capital Management, LLC (the “Adviser”) has contractually agreed to waive a portion or all of its management fees and pay Acquiring Fund expenses (excluding acquired fund fees and expenses, taxes, interest expense, dividends on securities sold short, and extraordinary expenses) in order to limit the total annual fund operating expenses to 0.70% of average daily net assets (the “Expense Caps”). The Expense Caps will remain in effect through at least January 31, 2023 and may be terminated only by TAP’s Board of Trustees. ZCM may request recoupment of previously waived fees and paid expenses from the Fund for three years from the date they were waived or paid, provided that such recoupment does not cause the Acquiring Fund’s expense ratio (after the recoupment is taken into account) to exceed the lower of (1) the Expense Caps in place at the time such amounts were waived or paid and (2) the Acquiring Fund’s Expense Caps at the time of recoupment. The Net Expense Ratio, as of the most recent prospectus, applies to investors