ADVISORY BUSINESS. Little Harbor Advisors, LLC (“LHA”) was founded in January of 2012 and filed with the SEC to be a registered investment adviser in August of 2013. LHA provides discretionary investment advisory services to the LHA Market StateTM Alpha Seeker ETF (the “Alpha Seeker ETF”), the LHA Market StateTM Tactical Beta ETF (the “Tactical Beta ETF”), the Market StateTM Tactical Q ETF (the “Tactical Q ETF”) (collectively, the Alpha Seeker ETF, the Tactical Beta ETF, and the Tactical Q ETF are referred to as the “LHA Market StateTM ETFs”), and the LHA Risk-Managed Income ETF (collectively, the LHA Risk-Managed Income ETF and the LHA Market StateTM ETFs are referred to as the “LHA ETFs”). LHA also provides discretionary investment advisory services to a private collective investment fund, the LHA MOTR Long-Short Fund, L.P (the “MOTR Fund”). In the future, LHA may provide discretionary investment advisory services to other registered funds and/or other private collective investment funds. The focus of LHA’s investment advisory services is to implement each fund’s investment strategy, manage and allocate fund assets, and to monitor and oversee a fund’s investment return and exposure. In regard to the funds to which LHA currently provides investment advisory services, LHA does not tailor its advisory services to individual investors and does not accept investor- imposed investment restrictions. As of March 28, 2024, LHA had aggregate discretionary assets under management of approximately $201,064,865 in the LHA ETFs and MOTR Fund. TAI Equity Holdings, LLC is the managing member of LHA, and its managing member is LHA’s Chief Executive Officer, John Hassett. The principal owner of TAI Equity Holdings, LLC is also John Hassett. Currently, LHA does not have any individual investor that has an ownership interest equal to or greater than twenty-five percent (25%). LHA Market StateTM Alpha Seeker ETF: The Alpha Seeker ETF is a series of ETF Series Solutions (the “Series Solutions Trust”). The Series Solutions Trust is an open-end management investment company consisting of multiple investment series. The Series Solutions Trust was organized as a Delaware statutory trust on February 9, 2012. The Series Solutions Trust is registered with the SEC under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the “1940 Act”), as an open-end management investment company and the offering of the Alpha Seeker’s ETF shares is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Series Solutions Trust is governed by its Board of Trustees (the “Series Solutions Board”). LHA serves as the investment adviser to the Alpha Seeker ETF. As the investment adviser to the Alpha Seeker ETF, LHA has responsibility for its general management and administration. The Alpha Seeker ETF’s investment objective is to seek to provide positive returns across multiple market cycles that are generally not correlated to the U.S. equity or fixed income markets. The Alpha Seeker ETF is an actively- managed exchange-traded fund (“ETF”) and seeks to achieve its investment objective principally by investing long or short in instruments linked directly or indirectly to the performance and/or volatility of the S&P 500® Index based on statistical analyses, described below, that seek to estimate the direction of the U.S. equity market. Such instruments may include index-based and other actively managed ETFs; leveraged, inverse, and inverse-leveraged ETFs; exchange-traded notes (“ETNs”); options; and futures contracts. The Alpha Seeker ETF may also invest the remainder of its portfolio directly or indirectly in cash and cash equivalents. The Alpha Seeker ETF seeks to achieve its objective by estimating the direction of the U.S. equity market and then using those estimates to select the ETF’s investments in long or short S&P 500 Index linked instruments and Cboe Volatility Index® (the “VIX® Index”) linked instruments. The Alpha Seeker ETF’s strategy primarily relies on proprietary statistical analyses of the volatility of the S&P 500 developed, owned, and maintained by Thompson Capital Management LLC (“Thompson Capital”). Portfolio net exposure is based on a proprietary process to quantify market risk by comparing volatility expectations across various time frames, as expressed by 30-day and 90-day implied volatility indexes and VIX futures. In general, a “long volatility” environment is one in which near-term volatility expectations are above longer-term volatility expectations. Similarly, a “short volatility” environment is characterized by lower near-term volatility expectations relative to longer-term expectations. Each day, through the use of Thompson Capital’s statistical analyses, LHA seeks to estimate the direction and magnitude of U.S. equity market volatility based on the movement of the VIX® Index, which utilizes real-time prices of options on the S&P 500 to reflect investors’ consensus view of future (30-day) expected stock market volatility, and VIX Index futures and options prices. Such estimates are used by the Alpha Seeker ETF’s portfolio managers to determine the extent to which the ETF’s exposure to the S&P 500 Index and/or the VIX Index will be long or short, or in cash. Based on the direction and strength of signals from the statistical analyses, the portfolio managers determine on a discretionary basis in which instrument(s) to invest. Because the Alpha Seeker ETF’s exposure may change daily, it may engage in active and frequent trading. A more detailed explanation of the Alpha Seeker ETF’s investment strategy is found in its Prospectus, dated April 30, 2023, as amended. LHA Market StateTM Tactical Beta ETF: The Tactical Beta ETF is a series of the Series Solutions Trust. The offering of the Tactical Beta ETF’s shares is registered under the Securities Act. LHA serves as the investment adviser to the Tactical Beta ETF. As the investment adviser to the Tactical Beta ETF, LHA has responsibility for its general management and administration. The Tactical Beta ETF’s investment objective is to seek long-term out- performance relative to the large-capitalization U.S. equity market. The fund is an actively-managed ETF and seeks to achieve its investment objective principally by investing in instruments linked directly or indirectly to the performance and/or volatility of the S&P 500® Index based on statistical analyses that seek to estimate the direction of the S&P 500 Index. Such instruments may include index-based and other actively-managed ETFs (including leveraged ETFs) with long exposure to the S&P 500 Index, U.S. Treasury securities, or instruments linked to the VIX Index; securities issued by the U.S. government or its agencies or instrumentalities; and options and futures contracts on the S&P 500 Index or VIX Index. The fund may also invest the remainder of its portfolio directly or indirectly in cash and cash equivalents. The Tactical Beta ETF seeks to achieve its objective by estimating the direction and magnitude of U.S. equity market volatility based on the movement of the VIX® Index. Under normal market conditions, the fund’s baseline exposure each day to the S&P 500 Index is approximately 100%, which the portfolio managers then adjust based on a statistical method of analysis of the movement of the VIX Index. The fund’s exposure to the S&P 500 may be greater or less than 100% at any given time, although such exposure is generally between approximately 80% and 120% at the time investments are made. The portfolio managers use their analysis to determine in which instruments(s) to invest for long exposure to the S&P 500 Index and the magnitude of such exposures. During periods where volatility increases, LHA expects the fund to seek protection against falling markets by lowering long exposure to the S&P 500 and also investing long in VIX Index-linked instruments as a hedge. During these periods when a hedge is applied, the VIX- linked instruments are expected to generate results that are uncorrelated to the S&P 500 and, in combination with lower S&P 500 exposure, seek to preserve capital. From time to time, to generate additional returns, the fund may also write (sell) call options on its S&P 500 positions; provided, however, that when the fund writes (sells) a call option it will always own the corresponding amount of exposure to the S&P 500 and, therefore, the fund’s position will be “covered”. The fund’s strategy primarily relies on proprietary statistical analyses of the volatility of the VIX Index developed, owned, and maintained by Thompson Capital. Portfolio net exposure is based on a proprietary process to quantify market risk by comparing volatility expectations across various time frames, as expressed by 30-day and 90-day implied volatility indexes and VIX futures. In general, a “long volatility” environment is one in which near-term volatility expectations are above longer-term volatility expectations. Similarly, a “short volatility” environment is characterized by lower near-term volatility expectations relative to longer-term expectations. Each day, through the use of the statistical method of analysis, LHA seeks to estimate the direction and magnitude of U.S. equity market volatility based on the movement of the VIX® Index. Such estimates are used to determine the extent of the fund’s exposure to the S&P 500 Index and the extent to which VIX-linked instruments, if any, will be used to hedge the S&P 500 exposure, or to invest in cash. Based on the signals from the portfolio managers’ analysis, they determine on a discretionary basis in which instrument(s) to invest. Because the Tactical Beta ETF’s exposure may change daily it may engage in active and frequent trading. A more detailed explanation of the Tactical Beta ETF investment strategy is found in its Prospectus, dated April 30, 2023. LHA Market StateTM Tactical Q ETF: The Tactical Q ETF is a series of the Series Solutions Trust. The offering of the Tactical Q ETF’s shares is registered under the Securities Act. LHA serves as the investment adviser to the Tactical Q ETF. As the investment adviser to the Tactical Q ETF, LHA has responsibility for its general management and administration. The Tactical Q ETF’s investment objective is to seek long-term out-performance relative to the large-capitalization U.S. growth equity market. The fund is an actively-managed ETF and seeks to achieve its investment objective principally by investing in equity instruments linked directly or indirectly to the performance of the Nasdaq-100® Index (the “Nasdaq-100”) based on statistical analyses that seek to estimate the direction of the Nasdaq-100. Companies in the Nasdaq-100 have a significant portion of their assets invested in communication services and information technology sectors, and may be represented by depositary receipts and may have significant operations in non- U.S. countries. Such instruments may include index-based and other

ETFs (including leveraged and inverse ETFs) with long or short exposure to the Nasdaq-100, U.S. Treasury securities, or instruments linked to the VIX Index; securities issued by the U.S. government or its agencies or instrumentalities; and options and futures contracts on the Nasdaq-100 or VIX Index. The fund may also invest the remainder of its portfolio directly or indirectly in cash and cash equivalents. Under normal market conditions, the fund’s baseline exposure each day to the Nasdaq-100 is approximately 100%, which the fund’s portfolio managers then adjust based on a statistical method of analysis evaluating the movement of the VIX Index. The fund’s exposure to the Nasdaq-100 may be greater or less than 100% at any given time, although the portfolio managers expect that such exposure will be between approximately 80% and 120% at the time investments are made. The portfolio managers use such analysis to determine in which instruments(s) to invest for long or short exposure to the Nasdaq-100. During periods where volatility increases, the fund’s portfolio managers expect the fund to seek protection against falling markets by lowering long exposure to the Nasdaq-100 and also investing long in VIX Index-linked instruments as a hedge. During these periods when a hedge is applied, the VIX-linked instruments are expected to generate results that are uncorrelated to the Nasdaq-100 and, in combination with lower Nasdaq-100 exposure, seek to preserve capital. From time to time, to generate additional returns, the fund may also purchase put options or write (sell) call options on its Nasdaq-100 positions; provided, however, that when the fund writes (sells) a call option it will always own the corresponding amount of exposure and, therefore, the fund’s options position will be “covered”. For hedging exposure, the fund may purchase call options or call option spreads with long exposure to the VIX Index or VIX-Index linked ETFs. The fund’s strategy primarily relies on proprietary statistical methods of analyses of the volatility of the VIX Index developed, owned, and maintained by Thompson Capital. Portfolio net exposure is based on a proprietary process to quantify market risk by comparing volatility expectations across various time frames, as expressed by 30-day and 90-day implied volatility indexes and VIX futures. In general, a “long volatility” environment is one in which near-term volatility expectations are above longer-term volatility expectations. Similarly, a “short volatility” environment is characterized by lower near-term volatility expectations relative to longer-term expectations. Each day, the portfolio managers use a statistical method of analysis seeking to estimate the direction and magnitude of U.S. equity market volatility based on the movement of the VIX® Index, which utilizes real-time prices of options on the S&P 500® Index to reflect investors’ consensus view of future (30-day) expected stock market implied volatility. Such estimates are used by the portfolio managers to determine the fund’s Nasdaq-100 exposure and the extent to which the VIX-linked instruments, if any, will be used to hedge the Nasdaq-100 exposure. Because the Tactical Q ETF’s exposure may change daily it may engage in active and frequent trading. A more detailed explanation of the Tactical Q ETF investment strategy is found in its Prospectus, dated April 30, 2023. LHA Risk-Managed Income ETF: The LHA Risk-Managed Income ETF (the “Risk-Managed Income ETF”) is a series of the Series Solutions Trust. The offering of the Risk-Managed Income ETF’s shares is registered under the Securities Act. LHA serves as the investment adviser to the Risk-Managed Income ETF. As the investment adviser to the Risk-Managed Income ETF, LHA has responsibility for its general management and administration. The Risk-Managed Income ETF’s investment objective is to seek current income and capital preservation. The fund is an actively-managed ETF and seeks to achieve its investment objective by investing primarily in other investment companies, including other actively managed ETFs and index-based ETFs (collectively, “Underlying Investments”), that provide exposure to a broad range of fixed income asset classes. The Underlying Investments may invest in investment-grade U.S. corporate bonds, U.S. Treasury securities, floating rate debt securities, treasury inflation-protected bonds (“TIPS”), foreign corporate debt securities (including those of emerging markets), high yield (junk) bonds, mortgage-backed and asset-backed securities, and preferred stocks. The fund may also invest in cash, cash equivalents, or money market funds. Grimes & Company, Inc. (the “Sub-Advisor”) identifies income-producing Underlying Investments and then uses (a) a proprietary analysis that quantifies and evaluates each Underlying Investment’s short-term (approximately one quarter) and long term (approximately one to two years) price change and volatility trends (the “Price and Volatility Trend Factors”), and (b) with consideration to the Price and Volatility Trend Factors, a discretionary approach to selection of Underlying Investments (the “Yield Review”). The Sub- Advisor ranks Underlying Investments with positive Price and Volatility Trend Factors by their current yield and generally selects, for inclusion in the fund’s portfolio, the Underlying investments with the highest yield in the Yield Review. In seeking to manage risk, during an environment of unfavorable Price and Volatility Trend Factors, the fund seeks capital preservation by investing in Underlying Investments with higher quality and lower income-producing assets (e.g., investment-grade bonds, TIPS, floating rate bonds, or money market instruments), and cash or cash equivalents. Such unfavorable Price and Volatility Trend Factors generally occur in periods of market downturn (e.g., recession, persistent inflation, war). In an environment of favorable Price and Volatility Trend Factors, the fund seeks to maximize income by investing in Underlying Investments with high income-producing assets (e.g., junk bonds, preferred equities, or emerging market bonds). Such favorable Price and Volatility Trend Factors generally occur in periods of a rising market (e.g., low interest rates, economic stimulus). The fund’s average weighted portfolio duration and credit quality (through its Underlying Investments) vary over time, generally between 0-10 years, and rated AAA-B, respectively. However, there is no limit on the weighted average duration or the average credit rating of the fund’s portfolio. Duration is a measure of a fixed income security’s price sensitivity to changes in interest rates (e.g., higher duration indicates greater sensitivity to interest rate changes). Credit ratings are issued by independent third parties (e.g., Moody’s Investors Service, Inc.). The fund may invest up to 100% of its assets in any fixed income class, or in cash or cash equivalents, depending upon current fixed income market conditions, as well as the Price and Volatility Trend Factors observed by the Sub-Advisor. A more detailed explanation of the RMIF investment strategy is found in the Prospectus dated June 6, 2023. LHA MOTR Long-Short Fund, L.P.: The MOTR Fund is a limited partnership organized under the Delaware Revised Uniform Limited Partnership Act. The partnership was formed to pool investment funds of its investors and trade financial instruments, including securities. LHA serves as the investment manager to the MOTR Fund. The MOTR Fund is exempt from registration as an investment company under the 1940 Act and exempt from registration under the Securities Act, as amended. The MOTR Fund’s general partner is responsible for the overall management of the fund’s affairs, including the management of the fund’s assets, but the general partner has delegated to LHA investment authority over the fund’s assets. The fund’s investment objective is to seek long-term capital appreciation on an absolute basis. No assurance can be given that the fund will achieve its investment objective and investment results may vary substantially over time and from period to period. The MOTR Fund’s Investment strategy generally will be to hold long and short U.S. equity securities. The strategy uses systematic bottom-up modelling processes within the context of a proprietary “on” or “off” macro regime signal to make long and short stock allocations. The “on” regime signal indicates a broadly leading momentum environment in the equity market and an “off” signal indicates a broadly lagging momentum environment. The investment process focuses on leading or lagging momentum areas of the market with positive or negative price trends to select long or short holdings, respectively, from a universe of liquid, US mid-cap to large-cap stocks. The strategy will invest in approximately 30-60 stocks long and approximately 10-20 stocks short. Long exposure is typically between approximately 100-120% when the macro regime signal is “on,” and can range from approximately 0% to 100% when the macro regime signal is “off;” conversely, short exposure is typically zero when the macro regime signal is “on” and between approximately 0-20% short when the macro regime signal is “off.” Entry and exit of stock positions are determined systematically as momentum and trend conditions warrant, and stock positions are volatility weighted and re-balanced as conditions warrant. The strategy seeks capital appreciation through a full cycle, and seeks capital preservation during severe bear equity markets. The fund’s maximum exposure to any one long position is not expected to be greater than approximately 5-6% (at cost) for any substantial period of time and the fund’s maximum exposure to any one short position is not expected to be greater than approximately 1-2% (at cost) for any substantial period of time. Although the stock selection process is systematic, LHA may use discretion to take a temporary defensive position by reducing exposure to U.S. equity securities or by employing other defensive tactics such as the use of options in reaction to extraneous or exogenous events, including market disruptions relating to political events, military events, economic events, news events or other unexpected events. The fund makes investment decisions informed by a comprehensive systematic bottom-up modelling process across all sectors of the US equity market. The fund intends to typically invest in securities of companies that are in thematic growth industries with leading momentum and positive price trends but may also invest in traditionally more economically sensitive stocks. Short positions are likely to be sourced from both areas as well. The systematic investment process, combined with the discretion to react to disruptive exogenous events, will seek to find a balance between performance and prudent risk control. A more detailed explanation of the MOTR Fund investment strategy is found in its Confidential Placement Memorandum (“PPM”), which can be provided upon request.