Administration and Fund Accounting:
The Northern Trust Company (“Northern Trust”) serves as the administrator and fund accounting agent for the Funds pursuant to a written agreement with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a tiered basis-point fee based on the Trust’s complex level net assets, certain per account and transaction charges, other fees
for additional service activities, and reimbursement of certain expenses.
Certain officers of the Trust are affiliated with Northern Trust or PINE Advisor Solutions (“PINE”). Such persons receive no compensation directly from the Funds for serving in their respective roles. PINE receives fees from the Funds for providing Chief Compliance Officer (“CCO”) services under a Services Agreement between the Funds and PINE (the “CCO Agreement”). Under the CCO Agreement, PINE provides infrastructure and support in implementing written policies and procedures comprising the Funds' compliance
program, including support services to the CCO. For the services provided under the CCO Agreement, the Funds pay PINE $145,000 annually,
plus certain out of pocket expenses. PINE pays the salary and other compensation earned by the CCO as an employee of PINE.
Foreside Financial Services, LLC, which is not affiliated with the Adviser, serves as the Funds’ distribution agent. Fees for these services are paid monthly by the Adviser and not by the Funds.
Each Fund, other than the SMID Cap Fund, may enter into shareholder services agreements
with investment advisers, banks, trust companies and other types of organizations (“Authorized Service Providers”), which may include affiliates of the Funds, for providing administrative services with respect to shares of the Funds attributable to or held in the name of the Authorized
Service Provider for its clients or other parties with whom they have a servicing relationship. Fees paid by the Funds under shareholder
services agreements may not exceed 0.25% of the average daily net assets of each Fund and are presented separately on the Statements of Operations.
Affiliates of the Funds did not receive any fees during the six-month period ended June 30, 2026.
Custodian and Transfer Agency:
FIS Investor Services, LLC (“FIS”) acts as the Funds' transfer agent. Under the transfer agency agreement, FIS receives $22,989 annually per Fund, accrued daily and paid monthly, plus annual per account fees and certain out
of pocket expenses for its services to the Trust. Expenses incurred under the transfer agency agreement are presented collectively as “Transfer Agency” expenses on the Statements of Operations.
Northern Trust serves as the custodian for the Funds pursuant to a written agreement
with the Trust on behalf of the Funds. The Funds have agreed to pay Northern Trust a fee based on a percentage of assets held on behalf
of the Funds, transaction fees and certain out of pocket expenses for its services. Such percentages vary by the jurisdiction in which the
assets are held.
The Adviser has agreed to reduce its fees payable by the Funds to the extent necessary,
exclusive of brokerage costs, interest, taxes, dividends, litigation, indemnification, expenses associated with the investments in underlying
investment companies and extraordinary expenses (as determined under GAAP) of each Fund, except the SMID Cap Fund, to 1.00% of the average
daily net assets. The Adviser has agreed to reduce its fees payable by the SMID Cap Fund to the extent necessary, subject to certain
exclusions, to limit the aggregate annual operating expenses to 0.75% of its average daily net assets. Any such reductions made by the Adviser
in its fees or in the payment or reimbursement of expenses that are a Fund’s obligation may be subject to repayment by the Fund within three years provided the Fund receiving the reduction, payment or reimbursement is able to effect such repayment and remain in compliance with applicable
expense limitations. The expense limitation agreement shall automatically renew effective May 1 of every year until the Adviser
provides written notice of non-renewal to the Trust.
Pursuant to its agreement, the Adviser reimbursed, and has yet to recoup, fees in
the following amounts for the years ended December 31, 2023 (expiring 12/31/26), December 31, 2024 (expiring 12/31/27) and December 31, 2025
(expiring 12/31/28) and six-month period ended June 30, 2026 (expiring 12/31/29):
