Rice Hall James & Associates LLC

ITEM 5: FEES AND COMPENSATION

  A. Investment Management Fees Charged to Direct Clients

 As noted above, Direct Clients enter into a written agreement with Rice Hall James. The client
 agreement sets forth the relationship’s terms and conditions, including the investment
 management fees we charge for our services. These fees are subject to negotiation under certain
 circumstances and at the sole discretion of Rice Hall James (please see information below in
 Item 5A).
 The following fee schedules reflect our current standard fee schedule by strategy for Direct
 Clients:
               Small Cap Equity Strategy                    Micro Cap Equity Strategy
               Annual Rate  Market Value                     Annual Rate
               0.90%         on first $25 million            1.0% flat rate
               0.70%         over $25 million               Minimum annual fee: $50,000
               Minimum annual fee: $45,000

              Small Cap Opportunities Strategy              Micro Cap Opportunities Strategy
               Annual Rate                                  Annual Rate
              1.0% flat rate                                1.25% flat rate
              Minimum annual fee: $50,000                     Minimum annual fee: $62,500

                                    SMID Cap Opportunities Strategy
                                Annual Rate  Market Value
                               1.0%          on first $25 million
                              0.85%         over $25 million
                               Minimum annual fee: $50,000

 The following applies to the above fee schedules:
   •   The minimum fee has been in the past, and may be in the future, reduced or waived at
       the discretion of Rice Hall James if: 1) the client has a certain amount of total assets
       managed by us in other related accounts; 2) the client has assured us that near-term
       contributions will bring the account fees to the minimum; or 3) under other conditions
       relating to the type of client (e.g., family, friends of the firm, pooled investment vehicle,
       high net worth individual, institution, etc.). We have in the past and reserve the future
       right to waive or charge a lower minimum fee at our discretion.
   •   Market values of related accounts on the same tiered fee schedule are combined for fee
       calculation. For purposes of fee calculation, “related accounts” include accounts of
       family members regardless of whether or not they are living at the same household, and
       any associated trust and/or corporate accounts.

Rice Hall James & Associates, LLC                                                March 26, 2026
Form ADV Part 2A

   •   Unless otherwise arranged with a client, investment management fees are billed directly
       to Direct Clients quarterly in arrears, based on the market value of account assets
       (including cash and cash equivalents, and accrued interest and dividends) as of each
       calendar quarter’s last day. Fee calculations vary based on client request.
   •   Direct Clients may opt to have their custodian pay RHJ’s investment management fees
       from the Client’s managed account(s) only upon the Client’s written authorization. In
       these cases, RHJ sends an invoice to the custodian and an informational invoice to the
       Direct Client.
   •   Fees are pro-rated for mid-quarter account openings and closings.
   •   Rice Hall James does not pro-rate fees for account additions and withdrawals, unless
       specifically requested by a client.
   •   There is no set-up fee, pre-payment or termination fee.
   •   Fees received from the Wrap Sponsors for accounts obtained through Wrap Programs
       vary depending on the Wrap Program and the extent of services provided by Rice Hall
       James. See the discussion below.
   •   When determining the market value of the securities in an account for purposes of
       calculating advisory fees, Rice Hall James’ policy is as follows: For all publicly traded
       securities held in client accounts, Rice Hall James receives daily prices electronically
       from a third-party provider. Client accounts are reconciled against the client’s custodian
       and any discrepancies are corrected promptly.

  B. Fees Charged to Wrap Sponsors

 Wrap Clients do not pay Rice Hall James any fees or compensation directly, they pay the Wrap
 Fees to the Wrap Sponsor. Rice Hall James is not generally informed of the specific fee
 arrangement negotiated between each Wrap Client and the Wrap Sponsor. The annual
 investment management fees we receive from each Wrap Sponsor are generally equal to either:
 (a) a percentage of the total assets in the Wrap Sponsor’s Wrap Program accounts for which Rice
 Hall James provides investment management services, or (b) a percentage of the Wrap Fees
 actually collected by the Wrap Sponsor from Wrap Clients for whose accounts we provide
 investment management services. Each Wrap Sponsor pays us on a quarterly basis, either in
 arrears or in advance, as outlined in each written agreement between Rice Hall James and the
 Wrap Sponsor. The standard fees we receive from each Wrap Sponsor vary depending on the
 investment style selected and other factors. Wrap Clients can receive information about Wrap
 Fees from the Wrap Sponsor.
 Each Wrap Sponsor is required under federal securities laws to provide Wrap Clients with an
 Appendix 1 to Form ADV Part 2A (“Wrap Program Brochure”), which includes disclosures on,
 among other things, the Wrap Fees charged to Wrap Clients. Wrap Clients should review the
 Wrap Program Brochure in its entirety, along with this Brochure in order to fully understand the
 services, fees and risks surrounding these arrangements. Wrap Clients should understand that
 these types of programs have layers of fees that may or may not be apparent without reading the
...

ITEM 7: TYPES OF CLIENTS

  A. Description of Types of Clients

 Rice Hall James provides investment management services to Direct Clients, which include
 pension and profit-sharing plans, charitable organizations, corporations and other businesses,
 state and municipal government entities, and high net worth individuals. We also provide
 investment management services to the Mutual Fund Client. Additionally, we provide
 investment management services to Sub-Advisory Clients and Dual Contract Clients through
 arrangements with third party advisers, and we serve as sub-manager to the CCF Client, which
 is an Ireland based common contractual fund. Rice Hall James also provides services to UMA
 Sponsors. See Item 4 above for more information on types of clients.

  B. Conditions for Managing Accounts

 Rice Hall James imposes a minimum dollar amount for the assets required to open a non-wrap
 program account. That minimum is, unless otherwise agreed to by Rice Hall James, $5 million
 dollars for the small cap and micro-cap equity products, as well as small cap, SMID cap and
 microcap opportunities strategies. There also is a stated minimum annual fee requirement for
 separate non-wrap accounts under each investment strategy, which is described in Item 5A
 above.
 Accounts obtained through wrap programs are subject to the minimums of the particular
 program. Mutual fund minimum investments are outlined in each fund’s prospectus.
 There are times when certain restrictions are placed by a client which prevent us from accepting
 or continuing to service the client’s account. Rice Hall James reserves the right to not accept
 and/or terminate a client’s account if we feel as though the client imposed restrictions would
 limit or prevent it from meeting and/or maintaining its objectives. Rice Hall James also reserves
 the right to negotiate account minimums, which we have done in the past and may do in the
 future.
 When RHJ provides investment advice to a client, we are deemed a fiduciary under certain
 federal regulations, and within the meaning of Title I of the Employee Retirement Income
 Security Act and/or the Internal Revenue Code, as applicable, which are laws governing
 retirement accounts. The way the Firm makes money creates conflicts of interest; however, as a
 fiduciary, RHJ and its supervised persons are required to always act in our clients’ best interests,
 which means we must, at a minimum take the following steps:
   •   Meet a professional standard of loyalty and care when making investment
       recommendations.
   •   Always put our clients’ interests ahead of our own when making recommendations and
       providing services.
   •   Disclose all conflicts of interest and how the Firm addresses such conflicts.
   •   Adopt and follow policies and procedures designed to ensure that we give advice and
       provide services that remain in each client’s best interest.
   •   Charge an advisory fee that is reasonable for our services.

Rice Hall James & Associates, LLC                                                 March 26, 2026
Form ADV Part 2A

   •   Not provide, or withhold, any information that could render our advice and/or services
       misleading.
 For ERISA clients, Rice Hall James will provide certain required disclosures to the “responsible
 plan fiduciary” (as such term is defined in ERISA) in accordance with Section 408(b)(2),
 regarding the services we provide and the direct and indirect compensation we receive from such
 clients. Generally, these disclosures are contained in this Form ADV Part 2A, the client
 agreement and in separate ERISA disclosure documents, and are designed to enable the ERISA
 plan’s fiduciary to: 1) determine the reasonableness of all compensation received by Rice Hall
 James; 2) identify any potential conflicts of interest; and 3) satisfy reporting and disclosure
 requirements to plan participants.