Bahl & Gaynor, Inc. ("B&G") is a SEC-registered investment adviser with its principal place of business located in Ohio. B&G began conducting business in 1990. Bahl & Gaynor, Inc. is also conducting business using the name Bahl & Gaynor Investment Counsel. Listed below are the firm's directed shareholders and executive officers: Vere W. Gaynor, Director Emeritus Charles A. Pettengill, Chairman of the Board Edward A. Woods, Director, Secretary John B. Schmitz, Director, Treasurer Ellis D. Hummel, Director W. Jeff Bahl, Director Robert S. Groenke, Chief Executive Officer & President Kevin T. Gade, Chief Operating Officer Peter M. Kwiatkowski. Chief Investment Officer Tita A. Rogers, Chief Compliance Officer Jenelle M. Armstrong, Chief Administrative Officer Glenn D. Warden, Chief Technology Officer Stephanie S. Thomas, Institutional Client Managing Director Nicholas W. Puncer, Institutional Product Managing Director Christopher J. Heekin, Wealth Management Managing Director Peter G. Knipe, Managing Director John P. Galvin, Sr., Managing Director B&G offers the following advisory services to our clients: 4.a. Management Services Bahl & Gaynor provides portfolio management investment advisory services for individual and institutional clients. Meetings and discussions with clients help determine an appropriate asset allocation and portfolio strategy. The portfolio may be managed uniquely for that client or it may be determined that a model portfolio better suits the clients’ objectives. If an account is invested in a particular model the goals and objectives of the model are followed. The client still has the ability to place certain restrictions on the securities chosen. The client retains individual ownership of the securities. The following models are currently managed at B&G: Quality Growth – Income Growth, Downside Protections and Capital Appreciation Income Growth – Current and Growing Income, Downside Protection and Capital Appreciation Small Growth – Capital Appreciation, Downside Protection and Income focusing on small capitalization stocks smig - Current and Growing Income, Downside Protection and Capital Appreciation focusing on small to middle capitalization stocks Some of these model strategies are also available to clients of some other investment advisory firms through Separately Managed Accounts (SMA) and Unified Managed Accounts (UMA) programs. In this instance B&G does not work directly with the individual client to determine if the model portfolio meets that client’s investment objectives or risks. Furthermore, B&G engages a wholesaler for the operations and servicing responsibilities of several SMA programs where B&G’s investment strategies are available. These wholesalers do not have any responsibility, discretion or authority for any investment decisions for these SMA accounts. In some cases, B&G will provide the model trade to the wholesaler. The wholesaler interacts with some of the SMA providers that are responsible for executing the recommended transactions. B&G also provide certain financial planning services to clients who have elected this service, which includes an analysis of a client’s current financial situation and assistance in identifying and implementing appropriate strategies to meet their financial objectives. We gather information through in-depth personal interviews and/or the use of a questionnaire completed by the client. Information includes the client’s current financial status, tax status, future goals, and return objectives. We then review the information provided by the client, conduct analysis and present a written financial analysis to the client. There is no separate fee schedule for utilizing financial planning tools. Financial planning service may include the following as selected by the client:
• Assisting clients in developing and prioritizing goals and objectives
• Creating a current net worth statement
• Review of your current investment holdings and evaluate options for suggested asset allocation
• Developing an action plan to implement agreed upon recommendations
• Work with outside professionals to implement tax strategies, insurance planning, and estate planning as directed by the client
• B&G does not

provide tax, insurance, or legal advice, and recommends you consult with your tax and/or legal adviser for guidance B&G has also presented a Sub-Adviser to clients who it believes is a suitable candidate for the provision of investment advisory services to invest and reinvest the account, primarily in tax- exempt fixed income municipal securities. B&G would have discretionary authority to hire and fire the sub-adviser and re-allocate assets among them. B&G is the Adviser to the Bahl & Gaynor Income Growth ETF (BGIG). As the Fund’s investment advisor, B&G arranges for transfer agency, custody, fund administration, distribution, and all other services necessary for the Fund to operate. For the services it provides to the Fund, the Fund pays Bahl & Gaynor a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.45% of the fund’s average daily net assets. You can obtain information regarding the Fund by contacting the Fund at c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-800-617-0004. B&G is a Sub-Adviser to a mutual fund, AAM/Bahl & Gaynor Income Growth Fund. The Fund’s investment adviser, Advisors Asset Management, Inc. (AAM), 18925 Base Camp Road, Monument, Colorado 80123, is registered as an investment adviser with the SEC. As the Fund’s investment adviser, AAM provides investment advisory services to the Fund, including: (i) the selection, oversight, termination and replacement of sub advisers;(ii) ensuring quality control of the sub- adviser’s investment process; and (iii) monitoring and measuring the Fund’s risk and return against appropriate benchmarks and peers. For providing services to the Fund, the adviser receives an annual advisory fee equal to 0.65% of average daily net assets of the Fund. The adviser pays a portion of its advisory fee to the Sub-Adviser. The Fund’s SAI provides additional information about the fees paid to the Adviser and Sub-Adviser. B&G is responsible for the day- to-day management of the Fund’s portfolio, selection of the Fund’s portfolio investments and supervision of its portfolio transactions subject to the general oversight of the Board and the adviser. You can obtain information regarding the fund by calling the Fund (toll-free) at 1-888-966-9661 or by writing to, AAM/Bahl & Gaynor Fund, c/o UMB Fund Services, Inc., P.O. Box 2175, Milwaukee, WI 53201. B&G is a Sub-Adviser to the AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF (SMIG). The Fund’s investment adviser, Advisors Asset Management, Inc. (AAM), 18925 Base Camp Road, Monument, Colorado 80123. AAM is a wholly-owned subsidiary of AAM Holdings, Inc. AAM is a registered broker dealer, and SEC registered investment adviser. As the Fund’s investment advisor, AAM arranges for sub-advisory, transfer agency, custody, fund administration, distribution, and all other services necessary for the Fund to operate. AAM provides oversight of the Sub-Adviser, monitoring of the Sub-Adviser’s buying and selling of securities for the Fund, and review of the Sub-Adviser’s performance. For the services it provides to the Fund, the Fund pays AAM a unified management fee, which is calculated daily and paid monthly, at an annual rate of 0.60% of the fund’s average daily net assets. The Advisor pays a portion of its advisory fee to the Sub-Advisor. You can obtain information regarding the Fund by contacting the Fund at c/o U.S. Bank Global Fund Services, P.O. Box 701, Milwaukee, Wisconsin 53201-0701 or by calling 1-800-617-0004. B&G has a unique investment strategy, see Item 8, but individual client portfolios may be very different due to the unique circumstances of each client. All investments contain some level of risk. Upon client request and a further review of objectives and risk tolerances, we may also invest in other investment vehicles. These include option contracts, real estate, limited partnerships, exchange traded funds and private equity. 4. b. Assets Under Management As of 1/31/2024, we were actively managing $17,685,634,458 of clients' assets on a discretionary basis plus $344,236,299 of clients' assets on a non-discretionary basis and oversee $29,823,140,460 (1/31/2024) of clients' assets through Separately Managed Accounts (SMA) programs.