Ewing Morris Flexible Fixed Income Fund

The inception date of the Flexible Fixed Income Fund is February 1, 2016. Flexible Fixed Income Fund returns reflect Class P – Master Series, net of fees and expenses. We have listed the iShares U.S. High Yield Bond Index ETF (CAD-hedged) and the iShares Canadian Corporate Bond Index ETF as benchmark indices and data for the high-yield and corporate bond markets, as these are widely known and commonly used benchmarks for fixed income markets. The Fund has a flexible investment mandate, and accordingly these benchmark indices are provided for informational purposes only. In the adverse interest rate environment performance comparison, we have listed the ICE BofAML Current 10-Year Treasury Index (GA10) and ICE BofAML U.S. Corporate Index (C0A0) as US government bond and corporate bond comparators specifically to illustrate duration risk sensitivity during rising rate periods, as these indices carry higher duration than the Fund's high-yield focused portfolio. Comparisons to these benchmarks and indices have limitations. Investing in fixed income securities is the primary strategy for the Fund; however, the Fund does not invest in all, or necessarily any, of the securities that comprise the referenced benchmark indices. The Fund’s portfolio may contain, among other things, options, short positions, other securities, concentrated positions, and may employ leverage that is not reflected in these indices. As a result, no market indices are directly comparable to the results of the Fund. Past performance does not guarantee future returns. This letter does not constitute an offer to sell units of any Ewing Morris Fund, collectively referred to as “Ewing Morris Funds.” Units of Ewing Morris Funds are only available to investors who meet applicable investor suitability and sophistication requirements. While the information prepared in this report is believed to be accurate, Ewing Morris & Co. Investment Partners Ltd. makes no representation or warranty as to its completeness or accuracy and accepts no responsibility for any errors contained herein. This report is not intended for public use or distribution. There can be no guarantee that any projection, forecast, or opinion will be realized. All information provided is for informational purposes only and should not be construed as personal investment advice. Users of these materials are advised to conduct their own analysis prior to making any investment decision. Sources for data referenced and benchmark information include Bloomberg and Ewing Morris. As of September 30, 2026.