Management

The Fund’s investment adviser is Capital Management Associates, Inc. (“CMA” or “Advisor”). CMA is located at 60 Broad Street, 39th Floor, New York, New York 10004. The assets under management of CMA were approximately $94 million as of December 31, 2024. The Advisor is registered as an investment adviser with the Securities and Exchange Commission (“SEC”) under the Investment Advisers Act of 1940, as amended.

CMA, organized as a New York corporation in 1982, has been managing the All-Cap Fund since its inception and provides investment advice to investment companies, individuals, corporations, pension and profit-sharing plans, endowments, and other business and private accounts. CMA experienced a change in control with the passing of Mr. J.V. Shields, Jr. and his ownership stake in CMA transferring, creating a new ownership structure. The final disposition of Mr. J.V. Shields’ estate resulted in a change in control of CMA, however no material changes to the management or operations of CMA occurred as a result. As a result of the change in control, CMA provides advisory services to the Fund pursuant to a new advisory agreement that was approved by Fund shareholders.

The Advisor serves in that capacity pursuant to an advisory contract with the Trust on behalf of the Fund. Subject to the authority of the Board of Trustees of the Trust (“Trustees”), the Advisor provides guidance and policy direction in connection with its daily management of the Fund’s assets. The Advisor manages the investment and reinvestment of the Fund’s assets. The Advisor is also responsible for the selection of broker-dealers through which the Fund executes portfolio transactions, subject to the brokerage policies established by the Trustees, and it provides certain executive personnel to the Fund.

Alexander L.M. Cripps, CFA, and W. Jameson McFadden are and have been primarily responsible for the day-to-day management of the Fund’s portfolio (each, a “Portfolio Manager”) since 2016.

Mr. McFadden has been the President of CMA since January 1, 2014, and has been affiliated with CMA since 2006. Mr. McFadden is also Managing Member of Wellington Shields & Co., LLC (“WSC”), the distributor for the Fund.

Mr. Cripps is a Portfolio Manager, Analyst and Member of the Investment Policy Committee of CMA since 2010 and has been affiliated with CMA since 2008. Mr. Cripps is a registered representative with WSC.

The Fund’s SAI provides additional information about the Portfolio Managers’ compensation, other accounts managed by the Portfolio Managers, and the Portfolio Managers’ ownership of securities in the Fund.