Channel Investment Partners is an investment adviser registered with the United States Securities and Exchange Commission (“SEC”) and is a limited liability company (LLC) formed under the laws of the State of Virginia.  M. Matthew Duch is the Chief Compliance Officer (CCO), Managing Member, President and Chief Investment Officer of Channel Investment Partners. M. Matthew Duch controls 100% of Channel Investment Partners LLC.  Channel Investment Partners has been registered as an investment adviser since April 2020. Introduction The investment advisory services of Channel Investment Partners are provided to you through an appropriately licensed individual who is an investment adviser representative of Channel Investment Partners (referred to as your investment adviser representative throughout this brochure). Description of Advisory Services The following are descriptions of the primary advisory services of Channel Investment Partners. Please understand that a written agreement, which details the exact terms of the service, must be signed by you and Channel Investment Partners before we can provide you the services described below. Investment Company Management Services – Channel Investment Partners offers investment advisory services by serving as investment adviser to the Channel Short Duration Income Fund (CPSIX), also referred to as “the Fund” throughout this brochure, which is registered as an investment company under the Investment Company Act of 1940. We serve as the investment adviser to the Fund to provide investment advice and management services to the Fund. Ultimus Fund Solutions serves as the Fund’s administrator, transfer agent, fund accountant and service provider. Our personnel are not responsible for selecting the Fund’s distributor and qualified custodian. The Fund is the sole registered investment company client of Channel Investment Partners and an open- end mutual fund domiciled in the United States. We maintain limited power of attorney to act on a discretionary basis when managing the Fund. Channel Investment Partners is responsible for investment selection, asset allocation, and asset management decisions (trading and overall portfolio allocation decisions) regarding the Fund. We are responsible for communicating strategy commentary and performance attribution to the Fund’s shareholders (i.e. investors). We are also involved in seeking new investors to the Fund with the intent of growing the Fund’s overall assets. This will include the development and distribution of pitch presentation, market commentary, and other strategies designed to provide investors and potential investors with information about the Fund. Channel Investment Partners has an incentive and inherent conflict of interest to recommend and favor the Fund for the following reasons: Channel Investment Partners LLC Page 5 Form ADV Part 2A: Firm Brochure  Channel Investment Partners is the investment adviser to the Fund and receives a management fee for its services. Please refer to Item 5 of this Brochure for a description of our fees. Increases in Fund assets will result in increases in the management fee paid to Channel Investment Partners.  We provide the Fund with certain administrative services and personnel needed to fulfill our obligations as the investment adviser. To control for this conflict of interest, the Fund will not serve as an investment option for our Asset Management Services (described below) clients and we will not purchase shares of the Fund in accounts managed through Asset Management Services. However, the Fund will be open to any investor meeting the Fund’s minimum investment levels. Asset Management Services – Channel Investment Partners offers Asset Management Services, which involves Channel Investment Partners providing you with continuous and ongoing supervision over your specified accounts. You must appoint our firm as your investment adviser of record on specified accounts (collectively, the “Account”). The Account consists only of separate account(s) held by qualified custodian(s) under your name. The qualified custodians maintain physical custody of all funds and securities of the Account, and you retain all rights of ownership (e.g., right to withdraw securities or cash, exercise or delegate proxy voting and receive transaction confirmations) of the Account. The Account is managed by us based on your financial situation, investment objectives and risk tolerance. We actively monitor the Account and provide advice regarding buying, selling, reinvesting or holding securities, cash or other investments of the Account. We will need to obtain certain information from you to determine your financial situation and investment objectives. You will be responsible for notifying us of any updates regarding your financial situation, risk tolerance or investment objective and whether you wish to impose or modify existing investment restrictions; however we will contact you at least annually to discuss any changes or updates regarding your financial situation, risk tolerance or investment objectives. We are always reasonably available to consult with you relative to the status of your Account. You can impose reasonable restrictions on the management of your accounts, including the ability to instruct us not to purchase certain securities. It is important that you understand that we manage investments for other clients and may give them advice or take actions for them or for our personal accounts that is different from the advice we provide to you or actions taken for you. We are not obligated to buy, sell or recommend to you any security or other investment that we may buy, sell or recommend for any other clients or for our own accounts. Conflicts can arise in the allocation of investment opportunities among accounts that we manage. We strive to allocate investment opportunities believed to be appropriate for your account(s) and other accounts advised by our firm among such accounts equitably and consistent with the best interests of all accounts involved. However, there can be no assurance that a particular investment opportunity that comes to our attention will be allocated in any particular manner. If we obtain material, non-public information about a security or its issuer that we may not lawfully use or disclose, we have absolutely no obligation to disclose the information to any client or use it for any client’s benefit. Channel Investment Partners LLC Page 6 Form ADV Part 2A: Firm Brochure Retirement Plan Rollover Recommendations - To the extent we recommend you roll over your account from a current retirement plan to an individual retirement account (“Rollover IRA”), managed by Channel Investment Partners please know that Channel Investment Partners and our investment adviser representatives have a conflict of interest. We can earn increased investment advisory fees by recommending that you roll over your account at the retirement plan to a Rollover IRA managed by Channel Investment Partners. We will earn fewer investment advisory fees if you do

not roll over the funds in the retirement plan to a Rollover IRA managed by Channel Investment Partners. Thus, our investment adviser representatives have an economic incentive to recommend a rollover of funds from a retirement plan to a Rollover IRA which is a conflict of interest because our recommendation that you open an IRA account to be managed by our firm can be based on our economic incentive and not based exclusively on whether or not moving the IRA to our management program is in your overall best interest. We have taken steps to manage this conflict of interest. we have adopted an impartial conduct standard whereby our investment adviser representatives will (i) provide investment advice to a retirement plan participant regarding a rollover of funds from the retirement plan in accordance with the fiduciary status described below, (ii) not recommend investments which result in Channel Investment Partners receiving unreasonable compensation related to the rollover of funds from the retirement plan to a Rollover IRA, and (iii) fully disclose compensation received by Channel Investment Partners and our supervised persons and any material conflicts of interest related to recommending the rollover of funds from the retirement plan to a Rollover IRA and refrain from making any materially misleading statements regarding such rollover. Our investment advisor representatives shall act with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims, based on the investment objectives, risk, tolerance, financial circumstances, and a client’s needs, without regard to the financial or other interests of Channel Investment Partners or our affiliated personnel. Investment Model Consulting Services – Our Investment Model Consulting Services involve providing trade signals to assist with the development of appropriate investment options for clients managing their own portfolios. We have the ability to provide weekly, monthly and/or quarterly reports containing recommended securities holdings along with recommendations to buy or sell such securities. The number and frequency of reports and updates will be agreed upon with each client. Clients will have final authority and responsibility to accept or reject all investment recommendations provided by our firm and will then be responsible for making investment changes to or placing trades in their accounts. Provide delivery of model portfolios for clients to replicate in their own accounts subject to their review and approval. For accounts less than $10,000,000 we provide models comprised of ETF sector allocations. For accounts greater than $10,000,000 we provide models comprised of individual security holdings. Our Investment Model Consulting Services do not involve implementing any transaction on your behalf or the active and ongoing monitoring or management of your investments or accounts. You have the sole Channel Investment Partners LLC Page 7 Form ADV Part 2A: Firm Brochure responsibility for determining whether to implement our recommendations. To the extent that you would like to implement any of our investment recommendations through Channel Investment Partners or retain Channel Investment Partners to actively monitor and manage your investments, you must execute a separate written agreement with Channel Investment Partners for our Asset Management Services. Specialization Channel Investment Partners specializes in developing investment models and portfolio management solutions using bonds and other fixed income solutions. Limits Advice to Certain Types of Investments Channel Investment Partners provides investment advice on the following types of investments:  U.S. Government Securities,  Corporate Debt Securities,  Municipal Securities,  Other Bond and Fixed Income Positions,  Exchange and Over-the-Counter Traded Equities (e.g. stocks),  Securities Properly Exempt from Registration (e.g. hedge funds and other private funds)  Mutual Funds and Exchange Traded Funds (ETFs). We primarily recommend and utilize fixed income mutual funds and ETFs. Although we generally provide advice only on the products previously listed, we reserve the right to offer advice on any investment product that may be suitable for each client’s specific circumstances, needs, goals and objectives. When providing asset management services, Channel Investment Partners typically constructs each client’s account holdings using bond and other fixed income securities to build diversified portfolios. It is not our typical investment strategy to attempt to time the market, but we may increase cash holdings modestly as deemed appropriate based on your risk tolerance and our expectations of market behavior. (Please refer to Item 8 – Methods of Analysis, Investment Strategies and Risk of Loss for more information.) Tailor Advisory Services to Individual Needs of Clients Our Investment Company Management Services are based solely upon the requirements of the Fund and are not based upon any specific requirements of an investor within the Fund. The current investment objective of the Fund is total return, comprised of both income and capital appreciation. Specific to our Asset Management Services, Channel Investment Partners’ advisory services are always provided based on your individual needs. This means, for example, that when we provide asset management services, you are given the ability to impose restrictions on the accounts we manage for you, including specific investment selections and sectors. We work with you on a one-on-one basis through interviews and questionnaires to determine your investment objectives and suitability information. We will not enter an investment adviser relationship with a prospective client whose investment objectives may be considered incompatible with our investment philosophy or strategies or where the prospective client seeks to impose unduly restrictive investment guidelines. Channel Investment Partners LLC Page 8 Form ADV Part 2A: Firm Brochure When managing client accounts through our firm’s Asset Management Services program, we can manage a client’s account in accordance with one or more investment models. When client accounts are managed using models, investment selections are based on the underlying model and we do not develop customized (or individualized) portfolio holdings for each client. However, the determination to use a particular model or models is always based on each client’s individual investment goals, objectives and mandates. Our Investment Model Consulting Services are always implemented using recommendations consistent with the underlying model and not customized, individual portfolio recommendations. Client Assets Managed by Channel Investment Partners As of December 31, 2022, Channel Investment Partners has $29,698,394 of regulatory assets under management. The entire amount is managed on a discretionary basis.