2025 - Inaugural Letter to Shareholders

Dear Investors,

The JP Owner-Operators Fund releases its 2025 Inaugural Letter to Shareholders, which you can find attached to this bulletin and uploaded in the Insights section of this website.

The letter discusses some of the fund's core principles and expectations, outlines our eight current portfolio holdings, and shares a detailed investment thesis for Kingsway Financial Services (NYSE: KFS), one of our core positions.

Yours,

John Putzfeld