# EDGAR Filing Document

**Accession Number:** 0001054816
**File Stem:** 0001162044-26-000244
**Filing Date:** 2026-3
**Character Count:** 413751
**Document Hash:** 02888b17c5a65e734c06c3a543868d2f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001162044-26-000244.hdr.sgml**: 20260304

**ACCESSION NUMBER**: 0001162044-26-000244

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20260304

**DATE AS OF CHANGE**: 20260304

**EFFECTIVENESS DATE**: 20260304

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MH ELITE PORTFOLIO OF FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001054816

**ORGANIZATION NAME:**
- **EIN:** 223545308
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08763
- **FILM NUMBER:** 26720484

**BUSINESS ADDRESS:**
- **STREET 1:** 43 HIGHLANDER DRIVE
- **CITY:** SCOTCH PLAINS
- **STATE:** NJ
- **ZIP:** 07076
- **BUSINESS PHONE:** 1.800.318.7969

**MAIL ADDRESS:**
- **STREET 1:** 43 HIGHLANDER DRIVE
- **CITY:** SCOTCH PLAINS
- **STATE:** NJ
- **ZIP:** 07076

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MH ELITE PORTFOLIO OF FUNDS INC
- **DATE OF NAME CHANGE:** 19980206
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** MH ELITE PORTFOLIO OF FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001054816

**ORGANIZATION NAME:**
- **EIN:** 223545308
- **STATE OF INCORPORATION:** NJ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-50885
- **FILM NUMBER:** 26720483

**BUSINESS ADDRESS:**
- **STREET 1:** 43 HIGHLANDER DRIVE
- **CITY:** SCOTCH PLAINS
- **STATE:** NJ
- **ZIP:** 07076
- **BUSINESS PHONE:** 1.800.318.7969

**MAIL ADDRESS:**
- **STREET 1:** 43 HIGHLANDER DRIVE
- **CITY:** SCOTCH PLAINS
- **STATE:** NJ
- **ZIP:** 07076

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MH ELITE PORTFOLIO OF FUNDS INC
- **DATE OF NAME CHANGE:** 19980206

## Series and Classes Contracts Data

### MH Elite Small Cap Fund of Funds (Series ID: S000009924)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000027442 | MH Elite Small Cap Fund of Funds | MHELX           |

### MH Elite Fund of Funds (Series ID: S000009925)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000027443 | MH Elite Fund of Funds | MHEFX           |

### MH Elite Select Portfolio of Funds (Series ID: S000012513)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000034026 | MH Elite Select Portfolio of Funds | MHESX           |

### MH Elite Income Fund of Funds (Series ID: S000034218)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000105482 | MH Elite Income Fund of Funds | MHEIX           |

?xml version='1.0' encoding='ASCII'? 485BPOS FILING

UNITED STATES

Securities and Exchange Commission

Washington, DC. 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]

Pre-Effective Amendment No. [ ]

Post-Effective Amendment No. 40 [X]

And

THE INVESTMENT COMPANY ACT OF 1940 [X]

Amendment No. 41

MH Elite Portfolio of Funds Trust (Exact Name of Registrant as Specified in Charter)

43 Highlander Drive, Scotch Plains, New Jersey 07076 (Address of Principal Executive Offices)

1-800-318-7969 (Registrants Telephone Number)

Harvey Merson, 43 Highlander Drive, Scotch Plains, New Jersey 07076 (Name and Address of

Jeff Holcombe, 43 Highlander Drive, Scotch Plains, New Jersey 07076 Agents for Service)

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this registration.

It is proposed that this filing will become effective (check appropriate box)

[X] immediately upon filing pursuant to Rule 485 (b)

[ ] on ____________ pursuant to Rule 485 (b)

[ ] 60 days after filing pursuant to Rule 485 (a)(1)

[ ] on (date) pursuant to Rule 485 (a)(1)

[ ] 75 days after filing pursuant to Rule 485(a)(2)

[ ] on ____________, pursuant to Rule 485 (a)(2)

Prospectus March 1, 2026

MH Elite Portfolio of Funds Trust

![](image_001.jpg)

---

| | |
|:---|:---|
| &nbsp;&nbsp;MH Elite Small Cap Fund of Funds | &nbsp;&nbsp;(MHELX) |
| &nbsp;&nbsp;MH Elite Fund of Funds | &nbsp;&nbsp;(MHEFX) |
| &nbsp;&nbsp;MH Elite Select Portfolio of Funds | &nbsp;&nbsp;(MHESX) |
| &nbsp;&nbsp;MH Elite Income Fund of Funds | &nbsp;&nbsp;(MHEIX) |

---

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund's shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports by contacting MH Elite Portfolio of Funds Trust. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically by contacting MH Elite Portfolio of Funds Trust at 1.800.318.7969.

You may elect to receive all future reports in paper free of charge by contact MH Elite Portfolio of Funds Trust at 1.800.318.7969 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all MH Elite Portfolio of Funds Trust mutual funds.

**These securities have not been approved or disapproved by the Securities and Exchange Commission, nor has the commission passed upon the accuracy or adequacy of this prospectus. Any representation to the contrary is a criminal offense.**

**MH Elite Portfolio of Funds Trust**

www.mhelite.com

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Summary Section |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Elite Small Cap Fund of Funds | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Elite Fund of Funds | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Elite Select Portfolio of Funds | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MH Elite Income Fund of Funds | &nbsp;&nbsp;17 |
| &nbsp;&nbsp;Additional Information on the Funds' Investment Objectives and Principal Strategies | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;Principal Risks | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;Investment Adviser | &nbsp;&nbsp;26 |
| &nbsp;&nbsp;Pricing Of Fund Shares | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;How To Buy Shares | &nbsp;&nbsp;27 |
| &nbsp;&nbsp;How To Exchange Shares | &nbsp;&nbsp;28 |
| &nbsp;&nbsp;How To Sell Shares | &nbsp;&nbsp;28 |
| &nbsp;&nbsp;Retirement Plans | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;Distributions and Taxes | &nbsp;&nbsp;29 |
| &nbsp;&nbsp;Financial Highlights | &nbsp;&nbsp;31 |
| &nbsp;&nbsp;Privacy Policy | &nbsp;&nbsp;35 |
| &nbsp;&nbsp;Household Delivery of Shareholder Documents | &nbsp;&nbsp;36 |
| &nbsp;&nbsp;To Obtain Additional Information | &nbsp;&nbsp;37 |

---

This prospectus is intended to provide important information to help you evaluate whether the funds offered by MH Elite Portfolio of Funds Trust may be right for you. Please read this prospectus carefully before investing and keep the prospectus for future reference.

i

**Summary Section**

**MH Elite Small Cap Fund of Funds**

**Investment Objective** 

The Fund seeks long term capital appreciation.

**Fees and Expenses of the Fund** 

The table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

**Shareholder Fees** (Fees paid directly from your investment)

---

| |
|:---|
| &nbsp;&nbsp;Maximum Sales Charge (load) Imposed on Purchases |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Reinvested Dividends |
| &nbsp;&nbsp;Redemption Fee |
| &nbsp;&nbsp;Exchange Fee |
| &nbsp;&nbsp;Maximum Account Fee |

---

**Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Advisory Fees | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Distribution (and/or Service) (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.25%<sup>1</sup> |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | &nbsp;&nbsp;<u>0.88%</u><sup>2</sup> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;2.13% |

---

(1) Other Expenses of .25% will be
paid to MH Investment Management Inc. (MHI) as per the Administrative Services Agreement. Under this agreement, the investment adviser
(MHI) is obligated to pay the expenses incurred by the Fund associated with operating a family of funds other than the investment advisory
fees and the acquired fund fees and expense. This arrangement will continue for as long as MHI remains the adviser to the Fund and can
only be terminated by the Board of Trustees. The fee of .25% for Other Expenses cannot be raised without shareholder approval. Absent
this Administrative Services Agreement, other expenses of the Fund would be .50%.

(2) Fees and expenses incurred indirectly
by the Fund as a result of investment in shares of one or more Acquired Funds. The Total Annual Fund Operating Expenses for the Fund do
not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory prospectus,
which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;1 Year | &nbsp;&nbsp;3 Years | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;$218 | &nbsp;&nbsp;$688 | &nbsp;&nbsp;$1206 | &nbsp;&nbsp;$2746 |

---

**Portfolio Turnover**

A Fund may pay transaction costs, such as commissions, when it buys and sell securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 16.44% of the average value of its portfolio.

**Summary Section**

**MH Elite Small Cap Fund of Funds**

**Principal Investment Strategies** 

MH Elite Small Cap Fund of Funds seeks to achieve its investment objective by investing at least 80% of its total assets in 12 to 25 unaffiliated open-end mutual funds (underlying funds) which in turn, invest principally in common stocks of small and micro-capitalization companies. The Fund's adviser currently considers small and micro-capitalization companies to be those with a market capitalization (a company's stock price multiplied by the total number of shares outstanding) that falls within the range of $300 million to $2 billion. The underlying funds may also purchase other types of equity securities, in addition to common stocks, such as preferred stocks and convertible securities. Equity securities are securities that represent an ownership interest (or the right to acquire such an interest) in a company. Underlying funds will be purchased at their net asset value without sales charges, upfront or deferred, and have a maximum limit on 12b-1 fees of .25%. The investment objective of each of the underlying funds will be, consistent with the investment objective of the Fund, long-term capital appreciation.

The majority of holdings of the underlying funds are intended to represent primarily U.S. based small companies. Although the underlying funds will normally focus on the securities of U.S. companies, they may invest in foreign securities. An underlying fund may use derivatives such as options and futures contracts as a substitute for investing directly in equity securities. The Fund will generally invest in a mix of fund styles identified as value, blend or growth funds. Depending on economic and market conditions, the Fund may be weighted more to one particular investment style.

The Fund may sell an underlying fund if the Adviser believes it no longer contributes to the attainment of the Fund's investment objective. Factors that could contribute to an underlying fund being sold include disappointing performance, style drift, or a change in the underlying fund's portfolio manager.

**Principal Risks**

An investment in any security involves a certain amount of risk. Our selection of underlying funds may not perform as well as expected when we bought them or as well as the stock market in general. There is the possibility that the Fund's share price and total return may decline as a result of a decline in the value of the underlying funds. As a result, loss of money is a risk of investing in the Fund. There is no guarantee the Fund will achieve its investment objective and you should consider an investment in the Fund as a long-term investment.

There are a number of other risks and considerations that a potential investor in the Fund should consider:

**Smaller Company Risk -** Investing in small cap stock funds has been riskier than investing in funds that invest in mid and large cap stocks. Stock prices of small cap companies tend to be less liquid and more volatile than mid and large cap companies with sharper price movements in both up and down markets;

**Market Risk** - The value of your investment in the Fund will fluctuate in response to the stock market and general economic conditions. Factors that could impact market risk include, but are not limited to, geopolitical events, including wars and terrorist attacks, major cybersecurity events, declines in oil and commodity prices, budget deficits, investor confidence or lack of, rapid rise in interest rates and/or inflation. Furthermore, actions by the Federal Reserve Board or other U.S. or non-U.S. governmental agencies or central banks could negatively affect financial markets and increase market volatility. There is the chance that stock prices overall could decline because stock markets tend to move in cycles, with periods of rising and falling prices;

**Style Risk -** The Fund may be overly invested in one particular style of investing (i.e. growth vs. value) that may underperform and/or be more volatile than other investment styles at the time. Growth investing involves buying stocks that have relatively high price-to-earnings ratios. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions and market moves. Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment;

**Fund of Funds Risk** - Investing in another investment company subjects the Fund to that company's risks, and, in general, to a pro rata portion of that company's fees and expenses. The investment advisers of the underlying funds may simultaneously pursue inconsistent or contradictory courses of action, for example, one fund may be purchasing securities of the same issuer whose securities are being sold by another underlying fund;

**Management Risk** - Risk that the adviser's research, analysis and strategies may fail to produce the intended results and the Fund could under perform other funds with similar objectives and investment strategies;

**Portfolio Turnover Risk** - Frequent trading, which leads to a high portfolio turnover, by the underlying funds could have an impact on potential tax liabilities, expenses and affect the fund's performance. The possibility exists that the Fund may distribute sizable taxable gains to its shareholders, regardless of investment performance, due to the frequent trading of the underlying funds;

**Foreign Investment Risk** - The underlying funds may invest in foreign securities which may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S;

**Derivative Risk** – Derivative instruments are financial instruments whose value depends upon, or are derived from, the value of an underlying asset, such as a security, index or currency. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying asset. Investing in derivative instruments may be speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested.

**Summary Section**

**MH Elite Small Cap Fund of Funds**

**Performance Information**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by comparing the Fund's average annual returns with those of a broad-based market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

![](image_001.gif)

During the 10-year period shown in the bar chart, the highest return for a quarter was 27.17% (quarter ending 6/30/2020) and the lowest return for a quarter was -27.81% (quarter ending 3/31/2020).

**MH Elite Small Cap Fund of Funds**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** |
|  | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 |
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;13.82% | &nbsp;&nbsp;7.53% | &nbsp;&nbsp;6.72% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;11.69% | &nbsp;&nbsp;6.07% | &nbsp;&nbsp;5.41% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of fund shares | &nbsp;&nbsp;10.60% | &nbsp;&nbsp;6.07% | &nbsp;&nbsp;5.40% |
| &nbsp;&nbsp;Russell 2000 (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;11.54% | &nbsp;&nbsp;7.53% | &nbsp;&nbsp;7.82% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale at the end of the measurement period.

**Summary Section**

**MH Elite Small Cap Fund of Funds**

**Management of the Fund** 

Investment Adviser - MH Investment Management, Inc.

Portfolio Manager – Harvey Merson has managed the Fund since its inception in 1998.

**Purchase and Sale of Fund Shares**

The minimum initial investment is $10,000 and the minimum subsequent investment is $1,000. The minimum is also per household and extended to include immediate members of the family. Minimum investment amounts may be split among one or more of the MH Elite Funds. You may purchase shares by completing an application and sending payment by check to the Fund. An application to purchase shares of the Fund(s) may be obtained by calling the Fund at 800-318-7969 or going to www.mhelite.com. You may sell (redeem) your shares on any day the New York Stock Exchange is open by calling the Fund or by sending a letter of instructions to MH Elite Portfolio of Funds Trust at 43 Highlander Drive, Scotch Plains, NJ 07076. Redemptions by telephone are permitted only for amounts up to $50,000. Generally, purchase and redemption requests received in good order will be processed at the next Net Asset Value (NAV) next calculated after the request is received. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly for information relative to the purchase or sale of Fund shares.

**Tax Information**

The Fund's distributions will normally be taxed as ordinary income or capital gains unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA.

**Summary Section**

**MH Elite Fund of Funds**

**Investment Objective** 

The Fund seeks long term capital appreciation.

**Fees and Expenses of the Fund**

The table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

**Shareholder Fees** (Fees paid directly from your investment)

---

| |
|:---|
| &nbsp;&nbsp;Maximum Sales Charge (load) Imposed on Purchases |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Reinvested Dividends |
| &nbsp;&nbsp;Redemption Fee |
| &nbsp;&nbsp;Exchange Fee |
| &nbsp;&nbsp;Maximum Account Fee |

---

**Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Advisory Fees | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Distribution (and/or Service) (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.25%<sup>1</sup> |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | &nbsp;&nbsp;<u>0.66%</u><sup>2</sup> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.91% |

---

(1) Other Expenses of .25% will be
paid to MH Investment Management Inc. (MHI) as per the Administrative Services Agreement. Under this agreement, the investment adviser
(MHI) is obligated to pay the expenses incurred by the Fund associated with operating a family of funds other than the investment advisory
fees and the acquired fund fees and expense. This arrangement will continue for as long as MHI remains the adviser to the Fund and can
only be terminated by the Board of Trustees. The fee of .25% for Other Expenses cannot be raised without shareholder approval. Absent
this Administrative Services Agreement, other expenses of the Fund would be .50%.

(2) Fees and expenses incurred indirectly
by the Fund as a result of investment in shares of one or more Acquired Funds. The Total Annual Fund Operating Expenses for the Fund do
not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory prospectus,
which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;1 Year | &nbsp;&nbsp;3 Years | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;$196 | &nbsp;&nbsp;$617 | &nbsp;&nbsp;$1082 | &nbsp;&nbsp;$2462 |

---

**Portfolio Turnover**

A Fund may pay transaction costs, such as commissions, when it buys and sell securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 31.63% of the average value of its portfolio.

**Summary Section**

**MH Elite Fund of Funds**

**Principal Investment Strategies**

MH Elite Fund of Funds seeks to achieve its investment objective by investing at least 80% of its total assets in 12 to 25 unaffiliated open-end mutual funds (underlying funds) which , in turn, invest principally in common stocks of mid and large-capitalization companies. The Fund's adviser will emphasize funds that invest in companies whose market capitalization is greater than $2 billion. Mid-cap companies typically have a market cap between $2 billion and $10 billion. Large-cap companies generally have a market cap of $10 billion or more. The underlying funds may also purchase other types of equity securities, in addition to common stocks, such as preferred stocks and convertible securities. Equity securities are securities that represent an ownership interest (or the right to acquire such an interest) in a company. Underlying funds will be purchased at their net asset value without sales charges, upfront or deferred, and have a maximum limit on 12b-1 fees of .25%. The investment objective of each of the underlying funds will be consistent with the investment objective of the Fund, long-term capital appreciation.

The majority of holdings of the underlying funds are intended to represent primarily U.S. based mid and large cap companies. Although the underlying funds will normally focus on the securities of U.S. companies, they may invest in foreign securities. An underlying fund may use derivatives such as options and futures contracts as a substitute for investing directly in equity securities. The Fund will generally invest in a mix of fund styles identified as value, blend or growth funds. Depending on economic and market conditions, the Fund may be weighted more to one particular investment style.

The Fund may sell an underlying fund if the Adviser believes it no longer contributes to the attainment of the Fund's investment objective. Factors that could contribute to an underlying fund being sold include disappointing performance, style drift, or a change in the underlying fund's portfolio manager.

**Principal Risks**

An investment in any security involves a certain amount of risk. Our selection of underlying funds may not perform as well as expected when we bought them or as well as the stock market in general. There is the possibility that the Fund's share price and total return may decline as a result of a decline in the value of the underlying funds. As a result, loss of money is a risk of investing in the Fund. There is no guarantee the Fund will achieve its investment objective and you should consider an investment in the Fund as a long-term investment.

There are a number of other risks and considerations that a potential investor in the Fund should consider:

**Market Risk** - The value of your investment in the Fund will fluctuate in response to the stock market and general economic conditions. Factors that could impact market risk include, but are not limited to, geopolitical events, including wars and terrorist attacks, major cybersecurity events, declines in oil and commodity prices, budget deficits, investor confidence or lack of, rapid rise in interest rates and/or inflation. Furthermore, actions by the Federal Reserve Board or other U.S. or non-U.S. governmental agencies or central banks could negatively affect financial markets and increase market volatility. There is the chance that stock prices overall could decline because stock markets tend to move in cycles, with periods of rising and falling prices;

**Mid Size Company Risk –** Stocks of medium sized companies tend to be more volatile and less liquid than stocks of large companies;

**Style Risk -** The Fund may be overly invested in one particular style of investing (i.e. growth vs. value) that may underperform and/or be more volatile than other investment styles at the time. Growth investing involves buying stocks that have relatively high price-to-earnings ratios. Growth stocks may be more volatile than other stocks because they are more sensitive to investor perceptions and market moves. Value investing involves buying stocks that are out of favor and/or undervalued in comparison to their peers. Different investment styles tend to shift in and out of favor, depending on market conditions and investor sentiment;

**Fund of Funds Risk** - Investing in another investment company subjects the Fund to that company's risks, and, in general, to a pro rata portion of that company's fees and expenses. The investment advisers of the underlying funds may simultaneously pursue inconsistent or contradictory courses of action, for example, one fund may be purchasing securities of the same issuer whose securities are being sold by another underlying fund;

**Management Risk** - Risk that the adviser's research, analysis and strategies may fail to produce the intended results and the Fund could under perform other funds with similar objectives and investment strategies;

**Portfolio Turnover Risk** - Frequent trading, which leads to a high portfolio turnover, by the underlying funds could have an impact on potential tax liabilities, expenses and affect the fund's performance. The possibility exists that the Fund may distribute sizable taxable gains to its shareholders, regardless of investment performance, due to the frequent trading of the underlying funds;

**Foreign Investment Risk** - The underlying funds may invest in foreign securities which may be adversely affected by political and economic conditions overseas, reduced liquidity, or decreases in foreign currency values relative to the U.S;

**Derivative Risk** – Derivative instruments are financial instruments whose value depends upon, or are derived from, the value of an underlying asset, such as a security, index or currency. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying asset. Investing in derivative instruments may be speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested.

**Summary Section**

**MH Elite Fund of Funds**

**Performance Information**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by comparing the Fund's average annual returns with those of a broad-based market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

![](image_002.gif)

During the period shown in the bar chart, the highest return for a quarter was 21.27% (quarter ending 06/30/2020) and the lowest return for a quarter was -18.44% (quarter ending 3/31/2020).

**MH Elite Fund of Funds**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** |
|  | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 |
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;18.57% | &nbsp;&nbsp;9.95% | &nbsp;&nbsp;8.76% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;16.26% | &nbsp;&nbsp;8.43% | &nbsp;&nbsp;7.45% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of fund shares | &nbsp;&nbsp;13.85% | &nbsp;&nbsp;8.09% | &nbsp;&nbsp;7.02% |
| &nbsp;&nbsp;Russell 1000 (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;24.51% | &nbsp;&nbsp;14.28% | &nbsp;&nbsp;12.87% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale at the end of the measurement period.

**Summary Section**

**MH Elite Fund of Funds**

**Management of the Fund**

Investment Adviser – MH Investment Management, Inc.

Portfolio Manager - Harvey Merson has managed the Fund since its inception in 2004.

**Purchase and Sale of Fund Shares**

The minimum initial investment is $10,000 and the minimum subsequent investment is $1,000. The minimum is also per household and extended to include immediate members of the family. Minimum investment amounts may be split among one or more of the MH Elite Funds. You may purchase shares by completing an application and sending payment by check to the Fund. An application to purchase shares of the Fund(s) may be obtained by calling the Fund at 800-318-7969 or going to www.mhelite.com. You may sell (redeem) your shares on any day the New York Stock Exchange is open by calling the Fund or by sending a letter of instructions to MH Elite Portfolio of Funds Trust at 43 Highlander Drive, Scotch Plains, NJ 07076. Redemptions by telephone are permitted only for amounts up to $50,000. Generally, purchase and redemption requests received in good order will be processed at the next Net Asset Value (NAV) next calculated after the request is received. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly for information relative to the purchase or sale of Fund shares.

**Tax Information**

The Fund's distributions will normally be taxed as ordinary income or capital gains unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA.

**Summary Section**

**MH Elite Select Portfolio of Funds**

**Investment Objective**

The Fund seeks long term capital appreciation.

**Fees and Expenses of the Fund**

The table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

**Shareholder Fees** (Fees paid directly from your investment)

---

| |
|:---|
| &nbsp;&nbsp;Maximum Sales Charge (load) Imposed on Purchases |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Reinvested Dividends |
| &nbsp;&nbsp;Redemption Fee |
| &nbsp;&nbsp;Exchange Fee |
| &nbsp;&nbsp;Maximum Account Fee |

---

**Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Advisory Fees | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Distribution (and/or Service) (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.25%<sup>1</sup> |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | &nbsp;&nbsp;<u>0.82%</u><sup>2</sup> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;2.07% |

---

(1) Other Expenses of .25% will be
paid to MH Investment Management Inc. (MHI) as per the Administrative Services Agreement. Under this agreement, the investment adviser
(MHI) is obligated to pay the expenses incurred by the Fund associated with operating a family of funds other than the investment advisory
fees and the acquired fund fees and expense. This arrangement will continue for as long as MHI remains the adviser to the Fund and can
only be terminated by the Board of Trustees. The fee of .25% for Other Expenses cannot be raised without shareholder approval. Absent
this Administrative Services Agreement, other expenses of the Fund would be .50%.

(2) Fees and expenses incurred indirectly
by the Fund as a result of investment in shares of one or more Acquired Funds. The Total Annual Fund Operating Expenses for the Fund do
not correlate to the Ratio of Expenses to Average Net Assets provided in the Financial Highlights section of the statutory prospectus,
which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;1 Year | &nbsp;&nbsp;3 Years | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;$212 | &nbsp;&nbsp;$669 | &nbsp;&nbsp;$1172 | &nbsp;&nbsp;$2669 |

---

**Portfolio Turnover**

A Fund may pay transaction costs, such as commissions, when it buys and sell securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 44.36% of the average value of its portfolio.

**Summary Section**

**MH Elite Select Portfolio of Funds**

**Principal Investment Strategies**

MH Elite Select Portfolio of Funds seeks to achieve its investment objective by investing at least 80% of its total assets in 15 to 25 unaffiliated open-end mutual funds (underlying funds). The underlying funds will represent a diversified mix of asset classes that may have a low correlation to the U.S. stock market including funds that invest in foreign developed markets, emerging markets, natural resources, precious metals and real estate. Natural resources portfolios focus on commodity based industries such as energy (e.g. oil, natural gas and nuclear), wind, water, solar chemicals, minerals (e.g. coal) and forest products in the U.S. or outside the U.S. Precious metals portfolios focus on mining stocks that are engaged in the exploration, mining, development and distribution of metals and minerals such as gold, silver, platinum, diamonds, copper and nickel. Underlying funds that invest in real estate will own real estate companies, businesses supplying services to the real estate market and REITS, real estate investment trusts that own and operate real estate properties. In addition, the Fund may invest in long/short and/or short only funds. An underlying fund may also use derivatives such as options and futures contracts as a substitute for investing directly in equity securities.

Underlying funds will be purchased at their net asset value without sales charges, upfront or deferred, and have a maximum limit on 12b-1 fees of .25%. The Fund has no restrictions on fund styles or on the average market capitalization of the underlying funds. There are also no geographic limits on the Fund's non-U.S. investments. Under normal conditions, the Fund will invest at least 50% of its total assets in underlying funds that invest in non-U.S. companies.

The Fund may sell an underlying fund if the Adviser believes it no longer contributes to the attainment of the Fund's investment objective. Factors that could contribute to an underlying fund being sold include disappointing performance, portfolio overlap or concentration that impacts the Fund's diversification, a change in the underlying fund's portfolio manager or a reweighting of asset classes by the Fund's Adviser.

**Principal Risks**

An investment in any security involves a certain amount of risk. Our selection of underlying funds may not perform as well as expected when we bought them or as well as the stock market in general. There is the possibility that the Fund's share price and total return may decline as a result of a decline in the value of the underlying funds. As a result, loss of money is a risk of investing in the Fund. There is no guarantee the Fund will achieve its investment objective and you should consider an investment in the Fund as a long-term investment.

There are a number of other risks and considerations that a potential investor in the Fund should consider:

**Foreign Market Risk** – Investing in securities of non-U.S. companies involve certain considerations comprising both opportunity and risk not typically associated with investing in U.S. dollar denominated securities. Risks unique to international investing include fluctuations in currency exchange rates, costs of converting foreign currency into U.S. dollars, price volatility and less liquidity, settlement practices and market inefficiencies, exposure to political and economic risks, including the risk of nationalization and war, lack of uniform accounting and financial reporting standards, less governmental supervision of securities markets, less financial information available to investors, demographics and higher costs. For these reasons investing in foreign markets may be more volatile than investing in the US market. These risks are often heightened for investments in emerging or developing countries;

**Emerging Market Risk** - There is a greater risk of investing in developing or emerging market countries such as those in Eastern Europe, Latin America and the Pacific Basin. These countries have less developed securities markets or exchanges, and legal and accounting systems and may be considered speculative investments. Securities may be less liquid and more volatile than securities in countries with more mature markets. Emerging market countries may be subject to greater risks of government restrictions;

**Market Risk** - The value of your investment in the Fund will fluctuate in response to the stock market and general economic conditions. Factors that could impact market risk include, but are not limited to, geopolitical events, including wars and terrorist attacks, major cybersecurity events, declines in oil and commodity prices, budget deficits, investor confidence or lack of, rapid rise in interest rates and/or inflation. Furthermore, actions by the Federal Reserve Board or other U.S. or non-U.S. governmental agencies or central banks could negatively affect financial markets and increase market volatility. There is the chance that stock prices overall could decline because stock markets tend to move in cycles, with periods of rising and falling prices;

**Fund of Funds Risk** - Investing in another investment company subjects the Fund to that company's risks, and, in general, to a pro rata portion of that company's fees and expenses. The investment advisers of the underlying funds may simultaneously pursue inconsistent or contradictory courses of action, for example, one fund may be purchasing securities of the same issuer whose securities are being sold by another underlying fund;

**Management Risk** - Risk that the adviser's research, analysis and strategies may fail to produce the intended results and the Fund could under perform other funds with similar objectives and investment strategies;

**Geographic Concentration Risks** – Underlying funds may concentrate their investments in a particular geographic region and subject that fund to social, political and economic conditions unique to that particular area. As a result, the underlying fund is likely to be more volatile than a more geographically diverse international fund;

**Industry Risks** – An underlying fund that focuses its investments in specific industries or sectors is more susceptible to developments affecting those industries and sectors than a more diversified fund. Investing in natural resources, precious metals and real estate present additional risks. The prices of commodities may be volatile, fluctuating substantially over short periods of time. Prices can be adversely affected by factors surrounding political, regulatory and economic issues and the supply and demand for a particular commodity;

**Allocation Risk** – The risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated to the underlying funds;

**Portfolio Turnover Risk** - Frequent trading, which leads to a high portfolio turnover, by the underlying funds could have an impact on potential tax liabilities, expenses and affect the fund's performance. The possibility exists that the Fund may distribute sizable taxable gains to its shareholders, regardless of investment performance, due to the frequent trading of the underlying funds;

**Short Sale Risk** – Short sales are transactions in which an underlying fund sells a stock it does not own. The underlying fund borrows the stock and is obligated to replace the stock borrowed by purchasing the stock at the market price at time of replacement. The price at such time may be higher or lower than the price at which the stock was sold. If the stock goes up in price during the period during which the short position is outstanding, the underlying fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales. The underlying fund will benefit if the price declines during the period during which the short position is outstanding;

**Derivative Risk** – Derivative instruments are financial instruments whose value depends upon, or are derived from, the value of an underlying asset, such as a security, index or currency. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying asset. Investing in derivative instruments may be speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested.

**Summary Section**

**MH Elite Select Portfolio of Funds**

**Performance Information**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by comparing the Fund's average annual returns with those of a broad-based market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

![](image_003.gif)

During the period shown in the bar chart, the highest return for a quarter was 19.66% (quarter ending 6/30/2020) and the lowest return for a quarter was -18.81% (quarter ending 3/31/2020).

**MH Elite Select Portfolio of Funds**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** |
|  | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 |
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;0.77% | &nbsp;&nbsp;1.43% | &nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;-0.70% | &nbsp;&nbsp;0.60% | &nbsp;&nbsp;1.86% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of fund shares | &nbsp;&nbsp;1.68% | &nbsp;&nbsp;1.27% | &nbsp;&nbsp;2.17% |
| &nbsp;&nbsp;MSCI ACWI ex USA Investable Market Index (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;5.78% | &nbsp;&nbsp;4.62% | &nbsp;&nbsp;5.41% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale at the end of the measurement period.

**Summary Section**

**MH Elite Select Portfolio of Funds**

**Management of the Fund**

Investment Adviser - MH Investment Management, Inc.

Portfolio Manager - Harvey Merson has managed the Fund since its inception in 2006.

**Purchase and Sale of Fund Shares**

The minimum initial investment is $10,000 and the minimum subsequent investment is $1,000. The minimum is also per household and extended to include immediate members of the family. Minimum investment amounts may be split among one or more of the MH Elite Funds. You may purchase shares by completing an application and sending payment by check to the Fund. An application to purchase shares of the Fund(s) may be obtained by calling the Fund at 800-318-7969 or going to www.mhelite.com. You may sell (redeem) your shares on any day the New York Stock Exchange is open by calling the Fund or by sending a letter of instructions to MH Elite Portfolio of Funds Trust at 43 Highlander Drive, Scotch Plains, NJ 07076. Redemptions by telephone are permitted only for amounts up to $50,000. Generally, purchase and redemption requests received in good order will be processed at the next Net Asset Value (NAV) next calculated after the request is received. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly for information relative to the purchase or sale of Fund shares.

**Tax Information**

The Fund's distributions will normally be taxed as ordinary income or capital gains unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA.

**Summary Section**

**MH Elite Income Fund of Funds**

**Investment Objective**

The Fund's primary investment objective is income, with the potential for capital appreciation as a secondary objective.

**Fees and Expenses of the Fund**

The table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.

**Shareholder Fees** (Fees paid directly from your investment)

---

| |
|:---|
| &nbsp;&nbsp;Maximum Sales Charge (load) Imposed on Purchases |
| &nbsp;&nbsp;Maximum Deferred Sales Charge (Load) |
| &nbsp;&nbsp;Maximum Sales Charge (Load) Imposed on Reinvested Dividends |
| &nbsp;&nbsp;Redemption Fee |
| &nbsp;&nbsp;Exchange Fee |
| &nbsp;&nbsp;Maximum Account Fee |

---

**Annual Fund Operating Expenses** (Expenses that you pay each year as a percentage of the value of your investment)

---

| | |
|:---|:---|
| &nbsp;&nbsp;Investment Advisory Fees | &nbsp;&nbsp;1.00% |
| &nbsp;&nbsp;Distribution (and/or Service) (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses | &nbsp;&nbsp;0.25%<sup>1</sup> |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses | &nbsp;&nbsp;<u>0.61%</u><sup>2</sup> |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;1.86% |

---

(1) Other Expenses of .25% will be
paid to MH Investment Management Inc. (MHI) as per the Administrative Services Agreement. Under this agreement, the investment adviser
(MHI) is obligated to pay the expenses incurred by the Fund associated with operating a family of funds other than the investment advisory
fees and the acquired fund fees and expense. This arrangement will continue for as long as MHI remains the adviser to the Fund and can
only be terminated by the Board of Trustees. The fee of .25% for Other Expenses cannot be raised without shareholder approval. Absent
this Administrative Services Agreement, other expenses of the Fund would be .50%.

(2) Fees and expenses incurred indirectly
by the Fund as a result of investment in shares of one or more Acquired Funds. The Acquired Fund fees and expenses are based on estimated
amounts for the current fiscal year.

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;1 Year | &nbsp;&nbsp;3 Years | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;$191 | &nbsp;&nbsp;$601 | &nbsp;&nbsp;$1053 | &nbsp;&nbsp;$2398 |

---

**Portfolio Turnover**

A Fund may pay transaction costs, such as commissions, when it buys and sell securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. During the most recent fiscal year, the Fund's portfolio turnover rate was 12.38% of the average value of its portfolio.

**Summary Section**

**MH Elite Income Fund of Funds**

**Principal Investment Strategies**

MH Elite Income Fund of Funds seeks to achieve its investment objective by investing at least 80% of its total assets in 15 to 25 unaffiliated open-end mutual funds (underlying funds) with an investment objective that seeks to provide current income and/or total return. The Fund will attempt to manage risk and market volatility by investing in a wide range of income funds including funds that invest in U.S. treasury securities that are backed by the full faith and credit of the U.S. Government, corporate bonds, bank debt, mortgage backed securities, inflation indexed securities, debt securities of foreign government and corporate issuers, convertible bonds, high yield/junk bonds and emerging market debt. The credit quality of the bonds purchased by the underlying funds will range from unrated junk bonds to investment grade. The underlying funds will also invest in bonds of various maturities. The Fund may also invest in conservative asset allocation funds, which in turn employ a strategy of investing in a combination of bonds and common stocks, whereby the stock allocation is less than 50%, and equity funds that invest in dividend paying common stocks to generate income. An underlying fund may use derivatives such as options and futures contracts as a substitute for investing directly in debt securities.

Underlying funds will be purchased at their net asset value without sales charges, upfront or deferred, and have a maximum limit on 12b-1 fees of .25%.

The Fund may sell an underlying fund if the Adviser believes it no longer contributes to the attainment of the Fund's investment objective. Factors that could contribute to an underlying fund being sold include disappointing performance, portfolio overlap or concentration that impacts the Fund's diversification or a change in the underlying fund's portfolio manager.

**Principal Risks**

An investment in any security involves a certain amount of risk. Our selection of underlying funds may not perform as well as expected when we bought them or as well as the bond and stock market in general. There is the possibility that the Fund's share price and total return may decline as a result of a decline in the value of the underlying funds. As a result, loss of money is a risk of investing in the Fund. There is no guarantee the Fund will achieve its investment objective and you should consider an investment in the Fund as a long-term investment.

There are a number of other risks and considerations that a potential investor in the Fund should consider:

**Market Risk** - The value of your investment in the Fund will fluctuate in response to the stock market and general economic conditions. Factors that could impact market risk include, but are not limited to, geopolitical events, including wars and terrorist attacks, major cybersecurity events, declines in oil and commodity prices, budget deficits, investor confidence or lack of, rapid rise in interest rates and/or inflation. Furthermore, actions by the Federal Reserve Board or other U.S. or non-U.S. governmental agencies or central banks could negatively affect financial markets and increase market volatility. There is the chance that stock prices overall could decline because stock markets tend to move in cycles, with periods of rising and falling prices;

**Interest Rate Risk** - The income and value of your shares in the Fund will fluctuate along with interest rates. When interest rates rise the market prices of debt securities will usually decline. Conversely, when interest rates fall the prices of debt securities will usually increase. A potential rise in interest rates may result in periods of greater volatility, increased redemptions and potential liquidations of portfolio securities at disadvantageous prices and times. Longer term securities may be more sensitive and fluctuate more in response to interest rate changes than the market price of shorter term securities. Due to historically low interest rates, the Fund may be subject to heightened risks if and when interest rates rise as the value of the fixed income investments held by the Fund may decline in value;

**Fund of Funds Risk** - Investing in another investment company subjects the Fund to that company's risks, and, in general, to a pro rata portion of that company's fees and expenses. The investment advisers of the underlying funds may simultaneously pursue inconsistent or contradictory courses of action, for example, one fund may be purchasing securities of the same issuer whose securities are being sold by another underlying fund;

**Management Risk** - Risk that the adviser's research, analysis and strategies may fail to produce the intended results and the Fund could under perform other funds with similar objectives and investment strategies;

**High Yield Risk** - Issuers of lower rated or high yield debt securities are not as strong financially as those issuing higher credit quality debt securities. These issuers are more likely to encounter financial difficulties that could affect their ability to make interest and principal payments when due. High yield debt securities are generally more illiquid, harder to value and are subject to greater price volatility than higher credit quality securities;

**Foreign Market Risk** - The underlying funds may invest in foreign securities. Foreign securities risk entails risk relating to political, social and economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices;

**Emerging Market Risk** - Emerging market debt securities are generally more volatile and less liquid than debt securities of developed countries;

**Bank Debt Risk** - An underlying fund may invest in bank debt that involves the participation in loans or of assignments of all or a portion of loans from third parties. Investments in bank debt involve credit risk, interest rate risk, liquidity risk and other risks including the risk that any loan collateral may become impaired;

**Credit/Default Risk** - An issuer of a fixed income security could be downgraded or default. An issuer's credit quality depends on its ability to pay interest on and repay its debt and other obligations. If an underlying fund holds securities that have been downgraded or that default on payment, the fund's performance could be negatively affected;

**Currency Risk** - Fluctuations in foreign currency values will result in fluctuations in the U.S. dollar value of securities denominated in that foreign currency. If the U.S. dollar rises in value against a foreign currency, a security denominated in that currency will be worth less in U.S. dollars and if the U.S. dollar decreases in value against a foreign currency, a security denominated in that currency will be worth more in U.S. dollars;

**Derivative Risk** - Derivative instruments are financial instruments whose value depends upon, or are derived from, the value of an underlying asset, such as a security, index or currency. The use of derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in the underlying asset. Investing in derivative instruments may be speculative and involves leverage, liquidity, and valuation risks and the risk of losing more than the principal amount invested;

**Duration Risk** – Duration measures the sensitivity of an asset price to movements in yields. Debt securities with longer maturities are more sensitive and volatile to price risk from changes in interest rates;

**Portfolio Turnover Risk** - Frequent trading, which leads to a high portfolio turnover, by the underlying funds could have an impact on potential tax liabilities, expenses and affect the fund's performance. The possibility exists that the Fund may distribute taxable gains and dividends to its shareholders, regardless of investment performance, due to the frequent trading of the underlying funds;

**Prepayment Risk** – Debt securities may be subject to prepayment risk. Prepayment risk occurs when the issuer of a security can repay principal prior to the security's maturity. Securities subject to prepayment risk can offer less potential for gains when the credit quality of the issuer improves.

**Summary Section**

**MH Elite Income Fund of Funds**

**Performance Information**

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by comparing the Fund's average annual returns with those of a broad-based market index. The Fund's past performance (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.

![](image_004.gif)

During the period shown in the bar chart, the highest return for a quarter was 8.28% (quarter ending 6/30/2020) and the lowest return for a quarter was -10.35% (quarter ending 3/31/2020).

**MH Elite Income Fund of Funds**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** | &nbsp;&nbsp;**Average Annual Total Returns** |
|  | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 | &nbsp;&nbsp;Periods Ended<br> December 31, 2024 |
|  | &nbsp;&nbsp;1 Year | &nbsp;&nbsp;5 Years | &nbsp;&nbsp;10 Years |
| &nbsp;&nbsp;Return before taxes | &nbsp;&nbsp;6.19% | &nbsp;&nbsp;2.07% | &nbsp;&nbsp;2.63% |
| &nbsp;&nbsp;Return after taxes on distributions | &nbsp;&nbsp;5.08% | &nbsp;&nbsp;1.22% | &nbsp;&nbsp;1.82% |
| &nbsp;&nbsp;Return after taxes on distributions and sale of fund shares | &nbsp;&nbsp;4.57% | &nbsp;&nbsp;1.58% | &nbsp;&nbsp;1.98% |
| &nbsp;&nbsp;Barclay's US Aggregate Bond Index<br> (reflects no deductions for fees, expenses or taxes) | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;-0.33% | &nbsp;&nbsp;1.35% |

---

After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their shares in the Fund through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases, the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale at the end of the measurement period.

**Summary Section**

**MH Elite Income Fund of Funds**

**Management of the Fund**

Investment Adviser - MH Investment Management, Inc.

Portfolio Manager – Harvey Merson has managed the Fund since its inception in 2011.

**Purchase and Sale of Fund Shares**

The minimum initial investment is $10,000 and the minimum subsequent investment is $1,000. The minimum is also per household and extended to include immediate members of the family. Minimum investment amounts may be split among one or more of the MH Elite Funds. You may purchase shares by completing an application and sending payment by check to the Fund. An application to purchase shares of the Fund(s) may be obtained by calling the Fund at 800-318-7969 or going to www.mhelite.com. You may sell (redeem) your shares on any day the New York Stock Exchange is open by calling the Fund or by sending a letter of instructions to MH Elite Portfolio of Funds Trust at 43 Highlander Drive, Scotch Plains, NJ 07076. Redemptions by telephone are permitted only for amounts up to $50,000. Generally, purchase and redemption requests received in good order will be processed at the next Net Asset Value (NAV) next calculated after the request is received. Investors who wish to purchase or redeem Fund shares through a financial intermediary should contact the financial intermediary directly for information relative to the purchase or sale of Fund shares.

**Tax Information**

The Fund's distributions will normally be taxed as ordinary income or capital gains unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or IRA.

**Additional Information on the Funds' Investment**

**Objectives and Principal Strategies**

MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds and MH Elite Select Portfolio of Funds each have an investment objective of long-term capital appreciation. The primary investment objective for MH Elite Income Fund of Funds is income with the potential for capital appreciation as a secondary objective. MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds and MH Elite Select Portfolio of Funds seek to achieve their investment objective by investing in unaffiliated open-end mutual funds (underlying funds) which in turn, invest principally (i.e. at least 80% of their total assets) in equity securities. Common stocks represent an equity or ownership interest in an issuer. Preferred stocks represent an equity or ownership interest in an issuer that pays dividends at a specified rate and that has priority over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take priority over holders of preferred stock, whose claims take priority over the claims of those who own common stock. Equity securities generally are more volatile and riskier than some other forms of investment, particularly debt securities. The investment objective of the underlying funds within each Fund will be consistent with the investment objective of the Fund(s). There can be no assurance that the Funds will achieve their investment objective.

MH Elite Small Cap Fund of Funds will emphasize funds that invest in companies whose market capitalization (a company's stock price multiplied by the total number of shares outstanding) falls within a range of $300 million and $2 billion. This range is used to categorize companies that are typically in earlier stages of their business lifecycle compared to mid-cap or large-cap corporations. Despite their smaller size, small-cap companies can be well established in their specific markets or niches and may offer unique products or services. The Fund will invest at least 80% of its total assets in twelve to twenty-five underlying funds that invest most of their assets in common stocks of small and micro-capitalization companies.

MH Elite Fund of Funds will emphasize funds that invest in companies whose market capitalization is greater than $2 billion, commonly referred to as mid and large cap companies. Mid-cap companies typically have a market cap between $2 billion and $10 billion. They are often considered to be in a dynamic phase and may offer a blend of stability and growth potential. Large cap companies, on the other hand, generally have a market cap of $10 billion or more. These companies are often mature, stable, and well-established leaders in their respective industries. They may pose less risk and volatility than smaller companies. The Fund will invest at least 80% of its assets in twelve to twenty-five underlying funds that invest most of their assets in common stocks of mid and large capitalization companies.

MH Elite Select Portfolio of Funds will provide investors the opportunity to invest in a diversified mix of asset classes that may have a low correlation to the U.S. stock market including funds that invest in foreign developed markets, emerging markets, natural resources, precious metals and real estate. In addition, MH Elite Select Portfolio of Funds may invest in long/short and/or short only funds that employ investing techniques that do not involve investing in equity securities to help reduce risk. The underlying funds may also employ other investing strategies such as investing in futures and options. The use of various investing strategies by the underlying funds will assist the Fund in its desire to capture market performance and to reduce the effects of market volatility. The Fund will invest at least 80% of its total assets in fifteen to twenty-five unaffiliated open-end mutual funds.

Our three equity Funds will invest in a mix of fund styles including value, blend and growth funds. Growth funds will invest in stocks that typically enjoy strong growth in earnings, which is often related to a hot new product or service. Growth stocks are expected to grow at a faster pace then the rest of the market as measured by forward earnings, book value, cash flow and sales. They are often priced at a premium associated with relatively high P/Es (price to earnings ratio) and P/Bs (price to book ratio). In contrast, value managers

are bargain hunters looking for a sale, seeking out companies selling for less than the true value of their earning power or assets. The stock holdings of value funds will have P/Es and P/Bs that are well below the norm. Value stocks are not the darlings of Wall Street but rather viewed as the underachievers. In researching stocks, fund managers will uncover what's hot (growth) and what's not (value). Blend funds do not adhere to one particular (value or growth) style of investing and will hold a combination of value and growth stocks.

MH Elite Income Fund of Funds will invest at least 80% of its total assets in fifteen to twenty-five unaffiliated open-end mutual funds (underlying funds) with an investment objective that seeks to provide current income and/or total return. The Fund will diversify its holdings by investing in a wide range of income producing funds including U.S. treasury securities, corporate debt, bank debt, mortgage backed securities, inflation indexed securities, convertible securities, junk bonds and dividend paying common stocks. The underlying funds may invest in debt securities of issuers in both developed and emerging markets throughout the world. The underlying funds may also invest in fixed income instruments of varying maturities and invest in bonds with a credit rating ranging from below investment grade (high yield or junk bonds) securities to AAA credit rated securities. The advisers of the underlying funds that invest in unrated securities are responsible for the valuation of the unrated securities. A maturity date, which refers to a future date on which the issuer pays the principal to the investor, can range from one day up to 30 years or more. Generally bonds that mature in less than five years are called short term bonds; bonds that mature in five to twelve years are called intermediate term bonds and long term bonds have maturities of 12 years or more.

The Investment Adviser reviews and evaluates funds based on their investment style, policies, and past performance. Other criteria considered in making a determination include the portfolio manager's tenure and experience, the size of the fund, transaction and operating expenses and fees, portfolio composition and liquidity, and quality and types of shareholder services provided. Consistency in performance and a fund's relative performance versus other funds with a similar investing style is an important consideration when evaluating a fund for the portfolio. The sector weightings of an underlying fund are reviewed for overlap in holdings and to insure the Funds maintain an overall balanced portfolio. In the process of screening and comparing funds, the Investment Adviser will consider a fund's standard deviation, a statistical measure of a fund's range of performance and volatility, and a fund's alpha figure, used to measure the value added or subtracted by a fund's manager. The Funds will invest in unaffiliated funds that can be purchased at their net asset value without sales charges, upfront or deferred, and have a maximum limit on 12b-1 fees of .25%. Disappointing performance, a change in portfolio manager(s) or significant style drift will lead to a fund being removed from the portfolio. A description of the Funds' policies and procedures with respect to the disclosure of the Funds' portfolio securities are available in the Funds' Statement of Additional Information (SAI). Portfolio Holdings for each Fund are updated monthly on the Fund's website, www.mhelite.com.

**Principal Risks**

An investment in any security involves a certain amount of risk. There are a number of risks and other considerations that a potential investor in each of the Funds should consider. Some of these relate to an investment in a security of any kind, others are particular to a fund that invests in other funds, and still others concern certain legal requirements applicable to funds that invest in other funds. There is the potential for a diluted effect of investing in a fund of funds. MH Elite Small Cap Fund of Funds and MH Elite Fund of Funds will invest at least 80% of their assets in underlying funds, which will invest at least 80% of their assets in equity securities. If only the minimum investment restrictions are met by the Funds and the underlying funds, then only 64% of assets would be invested in equity securities. In contrast, while MH Elite Select Portfolio of Funds will invest 80% of its assets in underlying funds, the underlying funds, by investing in derivatives such as options and futures contracts, may have less than 80% of their assets in equity securities which would further reduce the percentage of assets that would be invested in equity securities. As cash can be considered an income producing security, there is less of a diluted effect for MH Elite Income Fund of Funds in meeting its investment objective.

Although the Funds diversify their portfolios by investing in other mutual funds, which tends to minimize risk somewhat, it does not eliminate risk altogether.

The value of your investment in each Fund will fluctuate in response to stock market and general economic conditions. One risk to consider, when investing in any of the Funds, is the possibility that its share price and total return may decline as a result of a decline in the value of the underlying funds. In the past, investing in small cap stock funds has been riskier than investing in funds that concentrate on mid and large cap stocks. Stock prices of small cap companies tend to be more volatile than mid and large cap companies with sharper price movements in both up and down markets. Each Fund may be weighted more to one particular style of investing (i.e. growth vs. value) that may underperform and/or be more volatile than other investment styles at the time. Furthermore, our selection of underlying funds may not perform as well as expected when we bought them or as well as the stock market in general. As a result, loss of money is a risk of investing in each of the Funds. You should consider an investment in each of these Funds as a long-term investment.

Due to the broad diversification of asset classes in which MH Elite Select Portfolio of Funds will invest in, there are additional risks that should be considered before investing. For a variety of reasons including unstable economies, potential for political unrest, demographics, market inefficiencies and currency fluctuations, investing in foreign and emerging markets may be more volatile than investing in the US market. Some of the techniques used by the underlying funds will produce greater volatility in their attempt to achieve greater returns. Some of the funds will even seek to profit from market declines and will conversely sustain losses when the market is rising. The underlying funds may use investment techniques that may be considered aggressive including the use of futures contracts and options. Short selling is another strategy that may be employed by an underlying fund. In short selling one benefits from the decline in value of a security.

There are a number of risk factors associated with investing in MH Elite Income Fund of Funds. Bond prices will react to the direction of interest rates. When interest rates rise, debt security prices generally will decline. In general, securities with longer maturities are more sensitive to interest rate changes. Debt security prices generally will rise when interest rates decline.

The Fund's investments in underlying funds may be subject to currency risk which is the risk that foreign currencies will decline in value relative to the U.S. dollar. The risk of default by an issuer could have an impact on the Fund's performance. Bonds with lower credit ratings are riskier than bonds with higher credit ratings. Investing in junk or high yield bonds assumes additional risks. These issuers are more vulnerable to changes in the economy which could impede their ability to make principal and interest payments. Considering the difference in accounting, auditing and reporting standards, the potential for political and economic unrest and smaller and often limited markets, investing in foreign debt securities generally involves more risks than investing in U.S. debt obligations.

The Funds are independent from any of the underlying funds in which they invest and have little voice in or control over the investment practices, policies, or decisions of those funds. If the Funds disagree with those practices, policies, or decisions, it may have no choice other than to liquidate its investment in that fund, which can entail further losses. Also, the Investment Advisers of the underlying funds may simultaneously pursue inconsistent or contradictory courses of action; for example, one fund may be purchasing securities of the same issuer whose securities are being sold by another underlying fund.

An investor in each of the Funds will indirectly pay higher expenses than if the underlying shares were owned directly. An investor who invests directly in a fund will pay a pro rata share of the fund's operating expenses (i.e. management fees, distribution fees, and other expenses). An investor in any of the Funds will incur a layering of fees as they will not only be paying the operating expenses related to each of the Funds, but they will also be paying a portion of similar expenses of the underlying funds.

The Investment Company Act of 1940 imposes certain conditions on funds which invest in other funds. The Funds and their affiliated persons will not purchase or otherwise acquire more than 3% of the total outstanding voting shares of another mutual fund. A registered investment company can invest up to 10% of the investing funds total assets into another registered investment company. The Funds may have to forgo what the Investment Adviser deems to be an advantageous purchase because of this restriction. The 1940 Act also provides that an underlying fund is not obligated to redeem any securities in an amount exceeding 1% of its total outstanding securities during any period of less than 30 days. As a result of this provision, the Investment Adviser may be unable to liquidate more than 1% of an underlying fund's securities should market or other considerations indicate the advisability of doing so. Because of this restriction, the Funds may have to forgo certain investment opportunities.

Normally, cash, short-term debt securities, and money market mutual funds held for investments or redemptions may not exceed 20% of the Fund's total assets. For temporary defensive purposes or to accumulate cash for investments or redemptions, the Funds may hold cash or invest in money market mutual funds or U .S. Treasury obligations. When the Funds invest for temporary defensive purpose, it may do so without any percentage limitations. These temporary defensive positions are inconsistent with the Funds' principal investment strategies and the Funds may fail to achieve their investment objectives.

**Investment Adviser**

MH Investment Management, Inc., located at 43 Highlander Drive, Scotch Plains, NJ 07076, is a New Jersey corporation that acts as the Investment Adviser to the Funds. MH Investment Management, Inc. has been the Investment Adviser to the MH Elite Small Cap Fund of Funds since its inception on September 1, 1998. Mr. Harvey Merson and Mr. Jeff Holcombe established the company on October 20, 1997 and are the sole owners and officers of MH Investment Management, Inc.

As Portfolio Manager, Mr. Harvey Merson is primarily responsible for the day to day management of the Fund's portfolios. Mr. Merson is a graduate of Rider College with a Bachelor of Science degree in Business Administration. Mr. Merson has been assisting individuals with the purchasing, monitoring, and sale of mutual funds for the past 43 years. Refer to the Statement of Additional Information (SAI) for additional information about the Portfolio Manager's compensation, other accounts managed by the Portfolio Manager and the Portfolio Manager's ownership of securities in the Fund(s). Mr. Merson also serves as the Chief Compliance Officer, President and Secretary of MH Elite Portfolio of Funds Trust.

Mr. Jeff Holcombe, Chief Information Officer, is primarily responsible for the administrative operations of the Funds. Mr. Holcombe is a graduate of Montclair State College with a Bachelor of Science degree in Business Administration, and Fairleigh Dickinson University with a Master of Business Administration in Finance. Mr. Holcombe was formerly a Development Director with Ericsson. Mr. Holcombe also serves as Vice-President and Treasurer of MH Elite Portfolio of Funds Trust.

The Investment Adviser furnishes each Fund with investment advice and, in general, supervises the management and investment program of the Funds. Under the Investment Advisory Agreement, the MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds have agreed to pay the Investment Adviser an annual management fee, payable monthly, of 1.00% of the Fund's daily net assets.

Pursuant to its contract with each Fund, the Investment Adviser is required to render research, statistical and advisory services to the Funds, to make specific recommendations based on the Fund's investment requirements; and to pay salaries of the Fund's employees who may be Officers, Trustees or employees of the Investment Adviser.

An Administrative Services Agreement between the Funds and MH Investment Management, Inc. stipulates the Investment Adviser will be responsible for expenses incurred for the conduct of business by the Funds and in return, the Funds have agreed to pay the Investment Adviser an annual fee, payable monthly, of .25% of the Fund's daily net assets. For the calendar year 2024, MH Investment Management, Inc. received $141.784 from the Funds under the terms of the Administrative Services Agreement. The Investment Adviser cannot recover any expenses incurred by the Funds that are in excess of the .25% annual fee. For the calendar year 2024, the total operating expenses incurred by the Funds and paid by the adviser, MH Investment Management Inc. was $281,696 or $70,424 per fund.

The Investment Advisory Agreement and Administrative Services Agreement are approved annually by the Fund's Board of Trustees. A discussion regarding the basis for the Board of Trustees approving the investment advisory agreement is available in the Fund's annual report to shareholders for the period January 1<sup>st</sup> to December 31<sup>st</sup> of each year.

**Pricing Of Fund Shares**

The Net Asset Value (NAV) per share is determined by calculating the total value of the Fund's assets, deducting total liabilities, and dividing the result by the number of shares outstanding. On each day the New York Stock Exchange is open for trading, the share price, or NAV, of each Fund is determined as of the close of the regular session of trading on the New York Stock Exchange, normally 4:00 p.m. Eastern time. The price at which a purchase or redemption is effected is based on the next calculation of net asset value after the order is received in good order by the Fund.

The Fund's assets consist primarily of shares of the underlying funds, which are valued at their respective net asset values under the 1940 Act. The underlying funds value securities in their portfolio for which market quotations are readily available at their current market value (generally the last reported sale price) and all other securities and assets at fair value. The prospectuses for the underlying funds will explain the circumstances under which those funds will use fair market value and the effects of using fair market value pricing. As trading hours for certain non-U.S. securities end before the close of the New York Stock Exchange (NYSE), closing market quotations may become unreliable. An underlying fund may impose fair market pricing if a significant event occurs, between the time trading ends on a particular security and the close of the customary trading session on the NYSE, which would make the pricing of a particular security unreliable. Fair market pricing is the subjective judgment of the underlying fund's management.

**How To Buy Shares**

The offering price of the shares offered by the Funds are at the net asset value per share next determined after your order is received by MH Elite Portfolio of Funds Trust in good order and is computed in the manner described under the caption "Pricing of Fund Shares" in this Prospectus. The Funds reserve the right at their sole discretion to terminate the offering of its shares made by this Prospectus at any time and to reject any order received by the Fund that is not in good order. A shareholder will be notified within 48 hours if their order is rejected. "Good Order" means your purchase request should include the name of the fund, the dollar amount of shares to be purchased, a purchase application when opening an account or, if an existing account, an investment stub from an account statement or by adding your account number to your check. Check to be made payable to MH Elite Portfolio of Funds Trust. For retirement accounts, checks will also be accepted if made payable to the Fund's custodian, currently, Argent Institutional Trust. Third party endorsed checks or foreign checks will not be accepted.

Initial purchase of shares of the Funds may be made by completing and signing an account application submitted to the Funds. Applications may be obtained by calling the Fund or by

visiting our website, www.mhelite.com, and downloading the application. Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, permanent street address, date of birth, social security or government identification number, driver's license and any other information that will allow us to identify you. Mailing addresses containing only a P.O. Box will not be accepted. The Funds will use such information to verify your identity and will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA Patriot Act. If you do not supply the necessary information, the Funds may not be able to open your account. Furthermore, if the Funds' do not have a reasonable belief of the identity of a shareholder, the account application will be rejected. Each Fund also reserves the right to close the account within 5 business days of receiving the application if clarifying information/documentation cannot be verified. Please contact the Funds at (800) 318-7969 if you need additional assistance when completing your application.

The minimum initial purchase of shares is $10,000.00. The minimum amount for subsequent purchases is $1,000.00. Investments in funds offered by MH Elite Portfolio of Funds Trust can be combined to meet the required minimum. The minimum is also per household and extended to include immediate members of the family.

The Funds will automatically retain and reinvest dividends and capital gains distributions declared by the Funds, and use the proceeds for the purchase of additional shares for the shareholder at net asset value as of the close of business on the distribution date. A Shareholder may at any time by letter or forms supplied by the Funds direct the Funds to pay dividends and/or capital gains distributions, if any, to such shareholder in cash. Shares will be issued to three decimal places as purchased from the Funds.

**How To Exchange Shares**

Shares of the Funds may be exchanged for each other at NAV. You may exchange shares by written request or by telephone. You must sign your written request exactly as your name appears on our account records. The privilege of exchanging shares by telephone is automatically available to all shareholders. Your exchange will be processed at the next determined NAV after the Fund receives your request. You must maintain a minimum account balance of $1,000 in each Fund after the exchange of shares has been processed. An exchange of the Fund's shares for shares of another fund will be treated as a sale of the Fund's shares and any gain on the transaction may be subject to federal income tax.

**How To Sell Shares**

The Funds will redeem all or any part of the shares of any shareholder that submits a written request to MH Elite Portfolio of Funds Trust. Redemption and withdrawal forms are available on our website, www.mhelite.com or by calling the Fund.

The Funds will also accept telephone redemptions for amounts up to $100,000. A check will be mailed only to the address to which the account is registered unless instructed otherwise in a written request signed by the shareholder(s) of record. The Funds will employ reasonable procedures to determine that telephone instructions are genuine. If the Funds do not employ such procedures, they may be liable for losses due to unauthorized or fraudulent instructions. These procedures may include, among others, requiring forms of personal identification prior to acting upon telephone instructions and providing written confirmation of the transaction(s). Telephone redemption option is not available for retirement accounts.

The sale price of each share will be the next NAV determined after a Fund receives your request in good order. Payment by the Fund will ordinarily be made within three business

days of receipt of request. The Funds may suspend the right of redemption or postpone the date of payment if the New York Stock Exchange is closed for other than customary weekend or holiday closings, or when trading on the New York Stock Exchange is restricted as determined by the Securities and Exchange Commission, or when the Securities and Exchange Commission has determined that an emergency exists, making disposal of Fund securities or valuation of net assets not reasonably practicable. For recently purchased shares, the Funds may delay payment of redemption proceeds for up to 15 days from date of purchase or until the purchased check has cleared which ever occurs first.

The Fund reserves the right to redeem shares automatically without action by the shareholder in accounts when the account balance falls below $1,000.00.

The Board of Trustees has determined it would not be appropriate to impose a redemption fee on any of the Funds. Considering the size of the Fund, in terms of total assets, and the fund of funds structure under which MH Elite Portfolio of Funds Trust operates, there is no evidence of or any past activity that would suggest the Funds would be an appropriate investment vehicle for market timing strategies. There are potential risks of not adopting policies to deter the impact of frequent purchases and redemptions of Fund shares by Fund shareholders. Frequent trading of Fund shares by shareholders could impede a Fund's ability to carry out its investment strategy, have an impact on a Fund's performance and restrict a Fund's ability to achieve its respective investment objectives. The underlying funds held by each Fund may impose their own polices and procedures for the frequent purchasing and redemption of Fund shares by their respective shareholders. A discussion of the underlying funds policies and procedures regarding frequent trading can be found in the underlying fund's prospectus.

**Retirement Plans**

MH Elite Portfolio of Funds Trust offers shares in connection with tax-deferred retirement plans. Application forms and additional information about these plans are available on the website, www.mhelite.com and from MH Elite Portfolio of Funds Trust. Monies deposited into a qualified account may be invested in shares of the Funds upon filing of the appropriate forms. MH Elite Portfolio of Funds Trust will contract with an independent or outside firm, currently Argent Institutional Trust, to serve as trustee for the Fund's retirement plans. Before investing in the Funds through such a plan, an investor should consult a tax advisor. Due to minimum purchase requirements, the retirement plans available are intended to be used in conjunction with rollovers and transfers from individual retirement accounts ('IRAs'), and employer sponsored plans (i.e. Section 401K plans, H-R-10 Plans, 403B, etc.).

**Distributions and Taxes**

At the discretion of the Fund's Board of Trustees, the Funds will distribute substantially all of their net investment income and any realized capital gains. Distributions, if declared, will be paid annually. The distributions may be taxed as ordinary income or capital gains (which may be taxable at different rates depending on the length of time the Fund holds its assets). The Funds' distributions, whether received in cash or reinvested in additional shares of a Fund, may be subject to federal income tax. Dividends received shortly after purchase of shares by an investor will have the effect of reducing the per share net asset value of his shares by the amount of such dividends or distributions and, although in effect a return of capital, are subject to federal income taxes.

The Funds are required by federal law to withhold 24% of reportable payments (which may include dividends, capital gains, distributions and redemptions) paid to shareholders who have not complied with IRS regulations. In order to avoid this withholding requirement, you must supply MH Elite Portfolio of Funds Trust with your Social Security or Taxpayer Identification Number, and that you are not currently subject to back-up withholding, or that you are exempt from back-up withholding.

Mutual funds are now required to report to the Internal Revenue Service the cost basis of shares acquired by a shareholder on or after January 1, 2012 ("covered shares") and subsequently redeemed. These requirements do not apply to investments through a tax-deferred arrangement such as an individual retirement plan or a 401(k) plan. The cost basis of a share is generally its purchase price adjusted for dividends, capital gain distributions and return of capital. Cost basis is used to determine whether a sale of the shares results in a gain or loss. If you redeem covered shares during any year, then the Fund will report the cost basis of such covered shares to the IRS and you on Form 1099-B.

The Fund(s) will permit shareholders to elect from among several IRS accepted cost basis methods to calculate the cost basis in your covered shares. If you do not affirmatively elect a cost basis method, then the Fund's default cost basis calculation method, which is currently Average Cost method, will be applied to your account(s). The cost basis method elected or applied may not be changed after the settlement date of a sale of Fund shares.

You are encouraged to consult your tax adviser regarding the application of the new cost basis reporting rules and which cost basis calculation method you should elect. The Cost Basis Election Form is part of the application and is available online at www.mhelite.com or by calling 1-800-318-7969.

**Financial Highlights**

The financial highlight table is intended to help you understand the Fund?s financial performance for the past 5 years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information for the year ended December 31, 2024 has been audited by Keiter, the Fund's current independent registered public accounting firm, whose report, along with the Fund?s financial statements, is included in the annual report, which is available upon request. For the year ended December 31, 2023, the Fund's financial information and statements were audited by John Michaels, CPA, who served as the Fund's independent registered public accounting firm at that time. Additionally, the financial statements covering each of the years from December 31, 2020 through December 31, 2022 were audited by Sanville & Company, the Fund's former independent registered public accounting firm.

**MH Elite Small Cap Fund of Funds**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years |
|  | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;12/31/2020 |
| &nbsp;&nbsp;**Net Asset Value, at Beginning of Year** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.83 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.56 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.84 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.58 |
| &nbsp;&nbsp;**Income From Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.73) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.52 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.50 |
| &nbsp;&nbsp;**Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.98) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.52) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.24) |
| &nbsp;&nbsp;**Net Asset Value, at End of Year** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.69 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.83 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.81 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.56 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.84 |
| &nbsp;&nbsp;**Total Return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.82% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.98% | &nbsp;&nbsp; (20.36)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.58% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20.41% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11086 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9712 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8094 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 9882 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 8886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.55)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.47)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54)% | &nbsp;&nbsp;0.59% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;16.44% | &nbsp;&nbsp;28.30% | &nbsp;&nbsp;67.56% | &nbsp;&nbsp;16.75% | &nbsp;&nbsp;37.70% |

---

a) Per share net investment income
(loss) has been determined on the average number of shares outstanding during the year.

b) Total return assumes reinvestment
of dividends and capital gains, if any.

c) Net investment income (loss) and
expense ratios do not reflect the Small Cap Fund of Funds' proportionate share of income and expense of the underlying funds.

**Financial Highlights**

**(continued)**

The financial highlight table is intended to help you understand the Fund?s financial performance for the past 5 years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information for the year ended December 31, 2024 has been audited by Keiter, the Fund's current independent registered public accounting firm, whose report, along with the Fund?s financial statements, is included in the annual report, which is available upon request. For the year ended December 31, 2023, the Fund's financial information and statements were audited by John Michaels, CPA, who served as the Fund's independent registered public accounting firm at that time. Additionally, the financial statements covering each of the years from December 31, 2020 through December 31, 2022 were audited by Sanville & Company, the Fund's former independent registered public accounting firm.

**MH Elite Fund of Funds**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years |
|  | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;12/31/2020 |
| &nbsp;&nbsp;**Net Asset Value, at Beginning of Year** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.24 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.92 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.60 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.56 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.44 |
| &nbsp;&nbsp;**Income From Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Loss (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;&nbsp;\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.05) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.03) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.45 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.82) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42 |
| &nbsp;&nbsp;**Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.86) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.56) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.30) |
| &nbsp;&nbsp;**Net Asset Value, at End of Year** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.23 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.24 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.92 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.60 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.56 |
| &nbsp;&nbsp;**Total Return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18.57% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.08% | &nbsp;&nbsp; (20.65)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.75% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19.75% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 26796 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 22387 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16923 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 19631 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 16150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Loss to Average Net Assets (c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.44)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.00)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.41)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;31.63% | &nbsp;&nbsp;27.00% | &nbsp;&nbsp;56.44% | &nbsp;&nbsp;12.73% | &nbsp;&nbsp;24.16% |

---

(a) Per share net investment income
loss has been determined on the average number of shares outstanding during the year.

(b) Total return assumes reinvestment
of dividends and capital gains, if any.

(c) Net investment income (loss) and
expense ratios do not reflect the Fund of Funds' proportionate share of income and expense of the underlying funds .

---

| | |
|:---|:---|
| ? | Less than $0.005 per share. |

---

**Financial Highlights**

**(continued)**

The financial highlight table is intended to help you understand the Fund?s financial performance for the past 5 years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information for the year ended December 31, 2024 has been audited by Keiter, the Fund's current independent registered public accounting firm, whose report, along with the Fund?s financial statements, is included in the annual report, which is available upon request. For the year ended December 31, 2023, the Fund's financial information and statements were audited by John Michaels, CPA, who served as the Fund's independent registered public accounting firm at that time. Additionally, the financial statements covering each of the years from December 31, 2020 through December 31, 2022 were audited by Sanville & Company, the Fund's former independent registered public accounting firm.

**MH Elite Select Portfolio of Funds**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years |
|  | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;12/31/2020 |
| &nbsp;&nbsp;**Net Asset Value, at Beginning of Year** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.06 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.93 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.09 |
| &nbsp;&nbsp;**Income From Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (Loss) (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.02) |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.19 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1.78) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.17 |
| &nbsp;&nbsp;**Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.04) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.07) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp; (0.05) | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;**Net Asset Value, at End of Year** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.56 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.57 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.96 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.06 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.93 |
| &nbsp;&nbsp;**Total Return (b)** | &nbsp;&nbsp; 0.77% | &nbsp;&nbsp; 12.53% | &nbsp;&nbsp; (26.30)% | &nbsp;&nbsp; 6.72% | &nbsp;&nbsp; 20.22% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7287 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7154 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 5952 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7671 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 7185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income (Loss) to Average Net Assets (c) | &nbsp;&nbsp;0.99% | &nbsp;&nbsp;0.83% | &nbsp;&nbsp;0.21% | &nbsp;&nbsp; (0.08)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.37)% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;44.36% | &nbsp;&nbsp;32.27% | &nbsp;&nbsp;44.10% | &nbsp;&nbsp;8.20% | &nbsp;&nbsp;20.38% |

---

(a) Per share net investment income
(loss) has been determined on the average number of shares outstanding during the year.

(b) Total return assumes reinvestment
of dividends and capital gains, if any.

(c) Net investment loss and expense
ratios do not reflect the Select Fund of Funds' proportionate share of income and expense of the underlying funds.

**Financial Highlights**

**(continued)**

The financial highlight table is intended to help you understand the Fund?s financial performance for the past 5 years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information for the year ended December 31, 2024 has been audited by Keiter, the Fund's current independent registered public accounting firm, whose report, along with the Fund?s financial statements, is included in the annual report, which is available upon request. For the year ended December 31, 2023, the Fund's financial information and statements were audited by John Michaels, CPA, who served as the Fund's independent registered public accounting firm at that time. Additionally, the financial statements covering each of the years from December 31, 2020 through December 31, 2022 were audited by Sanville & Company, the Fund's former independent registered public accounting firm.

**MH Elite Income Fund of Funds**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years | &nbsp;&nbsp;For the Years |
|  | &nbsp;&nbsp;12/31/2024 | &nbsp;&nbsp;12/31/2023 | &nbsp;&nbsp;12/31/2022 | &nbsp;&nbsp;12/31/2021 | &nbsp;&nbsp;12/31/2020 |
| &nbsp;&nbsp;**Net Asset Value, at Beginning of Year** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.38 |
| &nbsp;&nbsp;**Income From Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income (a)(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 |
| &nbsp;&nbsp; Net Gain (Loss) on Securities (Realized and Unrealized) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.68) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;**&nbsp;&nbsp;&nbsp;&nbsp; Total from Investment Operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;**Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Investment Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) |
| &nbsp;&nbsp; Realized Gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total from Distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.12) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.08) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13) |
| &nbsp;&nbsp;**Net Asset Value, at End of Year** | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.25 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.12 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.89 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.58 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.53 |
| &nbsp;&nbsp;**Total Return (b)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.19% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.33% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.85)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.44% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.26% |
| &nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp; Net Assets at End of Year (Thousands) | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 14646 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 13317 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 11550 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp; 10451 | &nbsp;&nbsp;$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Expenses to Average Net Assets (c) | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% | &nbsp;&nbsp;1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of Net Investment Income to Average Net Assets (c) | &nbsp;&nbsp;3.80% | &nbsp;&nbsp;3.55% | &nbsp;&nbsp;2.79% | &nbsp;&nbsp;1.46% | &nbsp;&nbsp;1.85% |
| &nbsp;&nbsp; Portfolio Turnover | &nbsp;&nbsp;12.38% | &nbsp;&nbsp;45.57% | &nbsp;&nbsp;22.51% | &nbsp;&nbsp;9.96% | &nbsp;&nbsp;25.32% |

---

(a) Per share net investment income
(loss) has been determined on the average number of shares outstanding during the year.

(b) Total return assumes reinvestment
of dividends and capital gains, if any.

(c) Net investment income and expense
ratios do not reflect the Income Fund of Funds' proportionate share of income and expense of the underlying funds.

**Privacy Notice**

MH Elite Portfolio of Funds Trust (the "Fund") is committed to protecting the confidentiality and security of your private investment records and personal information. This notice provides information about how the Fund collects, shares, and protects your personal information. Please read this notice carefully.

The Fund considers client privacy to be fundamental in our relationship with you. Most importantly, the Fund does not sell its current or former customers' non-public personal information to any third parties. The Fund uses its customers' non-public personal information primarily to complete financial transactions that you request or to otherwise service your account and to assess whether you appear on any list of known or suspected terrorists or terrorist organizations. The following is a description of the Fund's practices regarding the information the Fund collects and the standards the Fund has set in place to safeguard the personal and confidential information you entrust to us.

&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund collects non-public information
about you from:

? Information we receive about you from applications or other forms, such as your name, date of birth, driver's license number, occupation, street address and social security number;

? Information you may provide us orally;

? Information regarding your transactions with the Fund and others, such as your account balance(s), transaction details and other bank accounts; and

? Information you submit to us in correspondence, including emails or other electronic communications.

&nbsp;&nbsp;&nbsp;&nbsp;2. The types of non-public information
about you that the Fund may disclose depends on the product or service you have with us or the type of transaction you request. This information
may include, but is not limited to:

? Social Security Number

? Date of birth

? Account balances

? Transaction history

&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund does not disclose any
non-public personal information about its customers to nonaffiliated third parties except as follows:

? To process transactions that you authorize;

? To perform the services the Fund has agreed to provide to you, including maintaining and servicing your account;

? If directed and authorized by you to do so; and

? If authorized or required by law to do so, such as in the case of a court order or request by regulatory or law enforcement agencies.

&nbsp;&nbsp;&nbsp;&nbsp;4. The Fund treats the non-public
information of its former customers the same as the non-public information of existing customers.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Fund restricts access to your
nonpublic personal and account information to employees and those service providers and their employees who need to know that information
to service your account.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Fund maintains physical, electronic,
and procedural safeguards to protect your personal information.

You can be assured that the Fund considers your data to be private and confidential.

If you have any questions or comments about the Fund's privacy notice, please call us at 1-800-318-7969.

**The Privacy Notice is Not Part of the Prospectus**

**Important Notice Regarding Delivery of Shareholder Documents**

Current regulations allow MH Elite Portfolio of Funds to send a single notification or copy of shareholder documents, such as prospectuses and annual and semiannual reports ("Documents"), to certain MH Elite mutual fund customers who we believe are members of the same family and who share the same address ("household").

We will not send multiple notifications or copies of these Documents to you and members of your family who share the household. Instead, we will send only a single notification or copy of these Documents. This will continue for as long as you are a shareholder, unless you notify us otherwise.

The Documents are available on our web site at <u>www.mhelite.com</u> under the heading Documents. The notification is sent when annual and semiannual reports are posted to the web site. A single copy of the prospectus will be mailed to the household.

If at any time you choose to receive paper copies of any shareholder reports, please contact MH Elite Portfolio of Funds Trust at 800-318-7969. We will begin sending individual copies to you within 30 days of receiving your call.

**To Obtain Additional Information**

For additional information about the Funds offered by MH Elite Portfolio of Funds Trust, please contact us:

By telephone: 1-800-318-7969

By mail: MH Elite Portfolio of Funds Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 Highlander Drive

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Scotch Plains, NJ 07076

By e-mail: info@mhelite.com

Internet: www.mhelite.com

**Shareholder Reports**

The Funds' Annual and Semi-Annual Reports contain additional information about the Funds' investments. The Funds' Annual Report contains a discussion of the market conditions and investment strategies that affected the performance of the Funds during the last fiscal year. Both the Annual and Semi-Annual Reports also contain performance information, financial statements, complete portfolio holdings and are available on our web site at www.mhelite.com. Shareholders will be notified when reports are posted to the web site. Shareholders will not be sent paper copies of the reports unless you specifically request paper copies of the reports by contacting MH Elite Portfolio of Funds Trust at 800-318-7969.

Mutual Shareholder Services, LLC assists the Fund in the preparation and distribution of reports and statements to shareholders.

**Proxy Voting Information**

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds' portfolios are available, without charge and upon request, by calling 800-318-7969 and on the SEC's website at www.sec.gov. The Funds' proxy voting record for the twelve-month period ended December 31, is available, without charge and upon request, by calling 800-318-7969 and on the SEC's website at www.sec.gov.

**Statement of Additional Information**

The SAI contains more comprehensive information on the Funds. The SAI is incorporated by reference into this prospectus which makes it legally part of this prospectus.

To obtain a free copy of the SAI or other information about the Funds please call MH Elite Portfolio of Funds Trust at 800-318-7969. .

Information about the Funds, including the SAI, can be reviewed and copied at the Securities and Exchange Commission's Public Reference Room in Washington, D.C. or on the SEC's website at <u>http://www.sec.gov</u>. Information about the operation of the SEC's Public Reference Room may be obtained by calling 1-202-551-8090. Copies of such information and reports may be obtained, after paying a duplicating fee, by sending an e-mail request to <u>publicinfo@sec.gov</u> (or by writing to the SEC's Public Reference Section, Washington, D.C. 20549-1520

Investment Company Act File Number 811-0876

Part B

STATEMENT OF ADDITIONAL INFORMATION

MH Elite Portfolio of Funds Trust

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| | |
|:---|:---|
| &nbsp;&nbsp;MH Elite Small Cap Fund of Funds | &nbsp;&nbsp;(MHELX) |
| &nbsp;&nbsp;MH Elite Fund of Funds | &nbsp;&nbsp;(MHEFX) |
| &nbsp;&nbsp;MH Elite Select Portfolio of Funds | &nbsp;&nbsp;(MHESX) |
| &nbsp;&nbsp;MH Elite Income Fund of Funds | &nbsp;&nbsp;(MHEIX) |

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This Statement of Additional Information (SAI) is not a prospectus and is only authorized for distribution when accompanied or preceded by a prospectus for the Funds, as amended or supplemented from time to time. This SAI contains information that may be useful to investors but which may not be included in the Prospectus. To obtain the Prospectus, please write the Fund(s) at 43 Highlander Drive, Scotch Plains, New Jersey 07076 or call 1-800-318-7969. The prospectus and annual/semi-annual reports may be incorporated into this SAI by reference.

March 1, 2026

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| &nbsp;&nbsp;FUND HISTORY | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;DESCRIPTION OF THE FUNDS, THEIR INVESTMENTS AND RISKS | &nbsp;&nbsp;1 |
| &nbsp;&nbsp;MANAGEMENT OF THE FUNDS | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES | &nbsp;&nbsp;19 |
| &nbsp;&nbsp;INVESTMENT ADVISORY AND OTHER SERVICES | &nbsp;&nbsp;20 |
| &nbsp;&nbsp;PORTFOLIO MANAGER | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;BROKERAGE ALLOCATION AND OTHER PRACTICES | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;CAPITAL STOCK AND OTHER SECURITIES | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;PURCHASE, REDEMPTION AND PRICING OF SHARES | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;TAXATION OF THE FUNDS | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;UNDERWRITERS | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;CALCULATION OF PERFORMANCE DATA | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;FINANCIAL STATEMENTS | &nbsp;&nbsp;25 |

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**FUND HISTORY**

MH Elite Portfolio of Funds, Inc. was originally organized as a corporation in New Jersey on October 20, 1997. On January 1, 2014, MH Elite Portfolio of Funds, Inc. merged into a new Delaware statutory trust called the MH Elite Portfolio of Funds Trust, pursuant to Board and shareholder approval. MH Elite Portfolio of Funds Trust continues the operations of its predecessor New Jersey corporation. The Fund was organized as an open-end diversified investment company under the Investment Company Act of 1940 and its securities under the Securities Act of 1933, the sale and issuance of 20,000 shares of capital stock ("initial shares) for $100,000 ($200 for capital stock and $99,800 as additional paid in capital) to its initial investor on February 17, 1998. MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds are separate portfolios of the Investment Company. MH Elite Small Cap Fund of Funds (the Fund changed the name from MH Elite Portfolio of Funds on September 1, 2003) commenced operations on September 1, 1998. MH Elite Fund of Funds commenced operations on January 13, 2004. MH Elite Select Portfolio of Funds commenced operations on April 6, 2006. MH Elite Income Fund of Funds commenced operations on August 15, 2011.

The Investment Adviser to the Funds is MH Investment Management Inc.

**DESCRIPTION OF THE FUNDS, THEIR INVESTMENTS AND RISKS**

As described in the prospectus, MH Elite Portfolio of Funds Trust is an open-end, management investment company that consists of a series of Funds. Each Fund has its own objectives, policies and strategies. The information below is provided as additional information to that already provided in the prospectus.

The Funds are:

MH Elite Small Cap Fund of Funds (MHELX)

MH Elite Fund of Funds (MHEFX)

MH Elite Select Portfolio of Funds (MHESX)

MH Elite Income Fund of Funds (MHEIX)

Each Fund has adopted certain investment strategies and risks that are described in the Prospectus of each Fund and incorporated here by reference.

The Funds have adopted certain fundamental investment policies which, together with the investment objective of the Funds, cannot be changed without the approval by holders of a majority of the outstanding shares. As defined in the 1940 Act, this means the lesser of the vote of (a) 67% of the outstanding shares of the Fund present at a meeting where more than 50% of the outstanding shares of the Fund are present in person or by proxy; or (b) more than 50% of the outstanding shares of the Fund. The fundamental policies provide, in addition to those listed in the prospectus, as follows:

1) The Fund(s) do not issue different classes of securities or securities having preferences of seniority over other classes.

2) The Fund(s) may borrow money from a bank, other financial institution or individual(s) for temporary or emergency purposes if necessary to allow the Funds to maintain or improve its day-to-day operations in the interest of Fund shareholders. The amount borrowed shall not exceed 5% of total assets valued at market. (The investment policies of the underlying funds may also allow them to borrow money.)

3) The Fund(s) will not act as an underwriter of other issuers, except to the extent that the Funds may be deemed to be an underwriter under the federal securities laws in connection with the disposition of portfolio securities.

4) The Fund(s) will not invest 25% or more of their assets in any one industry.

5) The Fund(s) will not invest directly in real estate or commodities. The investment policies and strategies of the underlying funds may allow them to invest in real estate and commodities. In particular, MH Elite Select Portfolio of Funds will invest in underlying funds that invest in real estate and commodities.

6) The Fund(s) may not loan cash or portfolio securities to any person. This restriction does not prevent managers of the underlying funds from making loans within their portfolios.

7) The Fund(s) will not engage in short sales (borrowing stock from someone else and selling it in anticipation of the price going down, at which time it is repurchased and returned to the lender). It is possible that managers of an underlying fund owned by the Fund(s) may employ this strategy.

The Funds have also adopted a number of other investment policies which are not fundamental and, therefore, may be changed by the Board of Trustees without shareholder approval. These include the following:

1) MH Elite Small Cap Fund of Funds will invest at least 80% of its total assets in small cap mutual funds.

2) MH Elite Income Fund of Funds will invest at least 80% of its total assets in income funds.

3) The Fund of Funds strategy of investing at least 80% of its total assets in other mutual funds (underlying funds) cannot be changed without at least 60 days prior written notice to shareholders.

4) No Fund(s) may invest in securities for the purpose of exercising control over or management of an issuer. The Funds, and all affiliated persons, will, immediately after purchase or acquisition, not own more than 3% of the total outstanding stock of another registered investment company.

5) The Funds will not purchase portfolio securities when outstanding borrowings exceed 5% of the total assets.

6) Each Fund may invest up to 20% of its total assets in exchange traded funds.

**Portfolio Turnover**

There are no restrictions regarding portfolio turnover. The Fund(s) do not propose to purchase securities for short term trading in the ordinary course of operations. For temporary defensive purposes management may deem it advisable to substantially alter the composition of the portfolio, in which event, the portfolio turnover rate may be significantly higher than usual.

**Disclosure of Portfolio Holdings**

Through filings made with the SEC on Form N-CSR and Form N-Port, each Fund makes its full portfolio holdings publicly available to shareholders on a quarterly basis. Each Fund normally makes such filings on or before the sixtieth day following the end of a fiscal quarter. Each Fund delivers their complete schedule of investments to shareholders in the Funds' semi-annual and annual reports. In addition to filings made with the SEC, each Fund's schedule of investments is available on the Fund's website, <u>www.mhelite.com</u>.

**Other Considerations and Risks**

The following is a discussion of non-principal risks and investment strategies of the Funds that may be used by an underlying fund. The underlying funds have their own investment objectives, policies, practices, and techniques, any one or all of which may subject their assets to varying degrees of risk. For some of the underlying funds, the following risks and investment strategies may be considered to be a principal investment strategy or risk that would be disclosed as such in their respective prospectuses.

1) invest in restricted or illiquid securities;

2) invest in warrants;

3) lend their portfolio securities;

4) sell securities short;

5) borrow money in amounts up to 33 1/3% of their assets for leverage purposes;

6) concentrate 25% or more of their assets in any one industry;

7) invest up to 100% of their assets in master demand notes;

8) enter into option contracts, futures contracts and options on futures contracts;

9) invest in convertible securities;

10) enter into repurchase and/or reverse repurchase agreements:

11) invest in high yield/junk bonds and

12) employ hedging strategies.

**Illiquid and Restricted Securities**

An underlying fund may invest in securities for which there is no readily available market (illiquid securities) including securities the disposition of which would be subject to legal restrictions (so-called restricted securities) and repurchase agreements having more than seven days to maturity. A considerable period of time may elapse between an underlying fund's decision to dispose of such securities and the time when the fund is able to dispose of them, during which time the value of the securities (and therefore the value of the underlying fund's shares held by the Fund) could decline.

The Securities and Exchange Commission has adopted rule 144A under the securities Act of 1933, as amended (the Securities Act), which permits a fund to sell restricted securities to qualified institutional buyers without limitations. Under rule 144A the board of Trustees of the underlying funds have the flexibility to determine, in appropriate circumstances, that specific rule 144A securities are liquid and not subject to the fund's illiquid securities limitation. Investing in rule 144A securities could have the effect of increasing the level of the underlying funds illiquidity to the extent that qualified institutional buyers become, for a time, uninterested in purchasing these securities.

**Warrants**

An underlying fund may invest in warrants, which are options to purchase equity securities at specific prices valid for a specific period if time. The prices do not necessarily move parallel to the prices of the underlying securities. Warrants have no voting rights, receive no dividends, and have no rights with respect to the assets of the issuer. If a warrant is not exercised within the specified time period, it will become worthless and the fund will lose the purchase price and the right to purchase the underlying security.

**Loans of Portfolio Securities**

An underlying fund may lend its portfolio securities provided that: (1) the loan is secured continuously by collateral consisting of U.S. Government securities or cash equivalents maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned; (2) the fund may at any time call the loan and obtain the return of the securities loaned; (3) the fund will receive any interest or dividends paid on the loaned securities; and (4) the aggregate market value of securities loaned will not at anytime exceed one-third of the total assets of the fund. Loans of securities involve a risk that the borrower may fail to return the securities or may fail to provide additional collateral.

**Short Sales**

An underlying fund may sell securities short. In a short sale, a fund sells stock which it does not own, making delivery with securities 'borrowed' from a broker. The fund is then obligated to replace the security borrowed by purchasing it at the market price at the time of replacement. This price may or may not be less than the price at which the security was sold by the fund. Until the security is replaced, the fund is required to pay to the lender any dividends or interest which accrue during the period of the loan. In order to borrow the security, the fund may also have to pay a premium which would increase the cost of the security sold. The proceeds of the short sale will be retained by the broker to the extent necessary to meet margin requirements until the short position is closed out.

The fund also must deposit in a segregated account an amount of cash or U.S. Government securities equal to the difference between (a) the market value of the securities sold short at the time they were sold short and (b) the value of the collateral deposited with the broker in connection with the short sale (not including the proceeds from the short sale). While the short position is open, the fund must maintain daily the segregated account at such a level that (1) the amount deposited in it plus the amount deposited with the broker as collateral equals the current market value of the securities sold short and (2) the amount deposited in it plus the amount deposited with the broker as collateral is not less that the market value of the securities at the time they were sold short. Depending upon market conditions, up to 80% of the value of a fund's net assets may be deposited as collateral for the obligation to replace securities borrowed to effect short sales and allocated to a segregated account in connection with short sales.

The fund will incur a loss as a result of the short sale if the price of the security increases between the date of the short sale and the date on which the fund replaces the borrowed security. The fund will realize a gain if the security declines in price between those dates. The amount of any gain will be decreased and the amount of any loss increased by the amount of any premium, dividends, or interest the fund may be required to pay in connection with a short sale.

A short sale is 'against the box' if at all times when the short position is open the fund owns an equal amount of the securities or securities convertible into, or exchangeable without further consideration for, securities of the same issue as the securities sold short. Such a transaction serves to defer a gain or loss for federal income tax purposes.

**Leverage Through Borrowing**

An underlying fund may borrow on an unsecured basis from banks to increase its holders of portfolio securities. Under the 1940 Act, a fund is required to maintain continuous asset coverage of 300% with respect to such borrowings and to sell (within three days) sufficient portfolio holdings to restore such coverage if it should decline to less than 300% due to market fluctuations or otherwise, even if disadvantageous from an investment standpoint. Leveraging through borrowing (i.e. purchasing securities with borrowed funds) will exaggerate the effect of any increase or decrease in the value of portfolio securities on a fund's net asset value, and money borrowed will be subject to interest costs (which may include commitment fees and/or the cost of maintaining minimum average balances) which may or may not exceed the interest and option premiums received from the securities purchased with borrowed funds.

**Industry Concentration**

An underlying fund may concentrate its investment within one industry. Because the scope of investment alternatives within an industry is limited, the value of the shares of such an underlying fund may be subject to greater market fluctuation than an investment in a fund which invests in a broader range of securities.

**Master Demand Notes**

Underlying funds (particularly money market mutual funds) may invest up to 100% of their assets in master demand notes. Master demand notes are unsecured obligations of U.S. corporations redeemable upon notice that permit investment by a fund of fluctuating amounts at varying rates of interest pursuant to direct arrangements between the fund and the issuing corporation. Because they are direct arrangements between the fund and the issuing corporation, there is no secondary market for the notes. However, they are redeemable at face value plus accrued interest at any time.

**Options Activities**

An underlying fund may write (i.e. sell) listed call options (calls) if the calls are "covered" throughout the life of the option. A call is "covered" if that fund owns the optioned securities. When an underlying fund writes a call, it receives a premium and gives the purchaser the right to buy the underlying security at any time during the call period (usually not more than nine months in the case of common stock) at a fixed exercise price regardless of market price changes during the call period. If the call is exercised, that fund will forgo any gain from an increase in the market price of the underlying security over the exercised price.

An underlying fund may purchase a call on securities only to effect a closing purchase transaction which is the purchase of a call covering the same underlying security and having the same exercise price and expiration date as a call previously written by that fund on which it wishes to terminate its obligation. If that fund is unable to effect a closing purchase transaction, it will not be able to sell the underlying security until the call previously written by the fund expires (or until the call is exercised and that fund delivers the underlying security).

An underlying fund also may write and purchase put options (puts). When it writes a put, it receives a premium and gives the purchaser of the put the right to sell the underlying security to their fund at the exercise price at any time during the option period. When purchasing a put, it pays a premium in return for the right to sell the underlying security at the exercise price at any time during the option period. An underlying fund also may purchase stock index puts which differ from puts on individual securities in that they are settled in cash based on the values of the securities in the underlying index rather than by delivery of the underlying securities. Purchase of a stock index put is designed to protect against a decline in the value of the portfolio generally rather than an individual security in the portfolio. If any put is not exercised or sold, it will become worthless on its expiration date.

A fund's option positions may be closed out only on an exchange which provides a secondary market for options of the same series, but there can be no assurance that a liquid secondary market will exist at a given time for any particular option. In this regard, trading in options on certain securities (such as U.S. Government securities) is relatively new so that it is impossible to predict to what extent liquid markets will develop or continue.

The underlying fund's custodian, or a securities depository acting for it, generally acts as escrow agent for the securities on which the fund has written puts or calls or for other securities acceptable for such escrow, so that no margin deposit is required of the fund. Until the underlying securities are released from escrow, they cannot be sold by the fund.

In the event of a shortage of the underlying securities deliverable on exercise of an option, the Options Clearing Corporation has the authority to permit other, generally comparable securities

to be delivered in fulfillment of option exercise obligations. If the Options Clearing Corporation exercises its discretionary authority to allow such other securities to be delivered, it may also adjust the exercise prices of the affected options by setting different prices at which otherwise ineligible securities may be delivered. As an alternative to permitting such substitute deliveries, the Options Clearing Corporation may impose special exercise settlement procedures.

**Future Contracts**

An underlying fund may enter into futures contracts for the purchase or sale of debt securities and stock indexes. A futures contract is an agreement between two parties to buy and sell a security or an index for a set price on a future date. Futures contracts are traded on designated contract markets which, through their clearing corporations, guarantee performances of the contracts.

Generally, if market interest rates increase, the value of outstanding debt securities declines (and vice versa). Entering into a futures contract for the sale of securities has an effect similar to the actual sale of securities, although sale of the futures contract might be accomplished more easily and quickly. For example, if a fund holds long-term U.S. Government securities and it anticipates a rise in long-term interest rates, it could, in lieu of disposing of its portfolio securities, enter into futures contracts for the sale of similar long-term securities. If rates increased and the value of the fund's portfolio securities declined, the value of the fund's futures contracts would increase, thereby protecting the fund by preventing the net asset value from declining as much as it otherwise would have. Similarly, entering into futures contracts for the purchase of securities has an effect similar to the actual purchase of the underlying securities but permits the continued holding of securities other than the underlying securities. For example, if the fund expects long-term interest rates to decline, it might enter into futures contracts for the purchase of long-term securities so that it could gain rapid market exposure that may offset anticipated increases in the cost of securities it intends to purchase while continuing to hold higher-yield short-term securities or waiting for the long-term market to stabilize.

A stock index futures contract may be used to hedge an underlying fund's portfolio with regard to market risk as distinguished from risk relating to a specific security. A stock index futures contract does not require the physical delivery of securities but merely provides for profits and losses resulting from changes in the market value of the contract to be credited or debited at the close of each trading day to the respective accounts of the parties to the contract. On the contract's expiration date, final cash settlement occurs. Changes in the market value of a particular stock index futures contract reflect changes in the specified index of equity securities on which the future is based.

There are several risks in connection with the use of futures contracts. In the event of an imperfect correlation between the futures contract and the portfolio position which is intended to be protected, the desired protection may not be obtained, and the fund may be exposed to risk of loss. Further, unanticipated changes in interest rates or stock price movements may result in a poorer overall performance for the fund than if it had not entered into futures contracts on debt securities or stock indexes.

In addition, the market prices of futures contracts may be affected by certain factors. First, all participants in the futures market are subject to margin deposit and maintenance requirements.

Rather than meeting additional margin deposit requirements, investors may close futures contracts through offsetting transactions which could distort the normal relationship between the securities and futures markets. Second, from the point of view of speculators, the deposit requirements in the futures market are less onerous than margin requirements in the securities market. Therefore, increased participation by speculators in the futures market may also cause temporary price distortions.

Finally, positions in the futures contracts may be closed out only on an exchange or board of trade which provides a secondary market for such futures. There is no assurance that a liquid secondary market on an exchange or board of trade will exist for any particular contract or at any particular time.

**Option on Future Contracts**

An Underlying fund may purchase and sell listed put and call options on futures contracts. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option period. When an option on a futures contract is exercised, delivery of the futures position is accompanied by cash representing the difference between the current market price of the futures contract and the exercise price of the option. The underlying fund may purchase put options on futures contracts in lieu of, and for the same purpose as, a sale of a futures contract. It also may purchase such put options in order to hedge a long position in the underlying futures contract in the same manner as it purchases protective puts on securities.

As with options on securities, the holder of an option may terminate a position by selling an option of the same series. There is no guarantee that such closing transactions can be effected. The underlying fund is required to deposit initial margin and maintenance margin with respect to put and call options on futures contracts written by it pursuant to brokers' requirements similar to those applicable to futures contracts described above, and, in addition, net option premiums received will be included as initial margin deposits.

In addition to the risks which apply to all options transactions, there are several special risks relating to options on futures contracts. The ability to establish and close out positions on such options will be subject to the development and maintenance of a liquid secondary market. It is not certain that this market will develop. Compared to the use of futures contracts, the purchase of options on futures contracts involves less potential risk to that fund, because the maximum amount at risk is the premium paid for the options (plus transaction costs). However, there may be circumstances when the use of an option on a futures contract would result in a loss to that fund when the use of futures contract would not, such as when there is no movement in the prices of the underlying securities. Writing an option on a futures contract involves risks similar to those arising in the sale of futures contracts as described above.

**Convertible Securities**

Certain preferred stocks and debt securities that may be held by an underlying fund have conversion features allowing the holder to convert securities into another specified security (usually common stock) of the same issuer at a specified conversion ratio (e.g., two shares of preferred for one share of common stock) at some specified future date or period. The market value of convertible securities generally includes a premium that reflects the conversion right.

That premium may be negligible or substantial. To the extent that any preferred stock or debt security remains unconverted after the expiration of the conversion period, the market value will fall to the extent represented by that premium.

**Repurchase Agreements and/or Reverse Repurchase Agreements**

Underlying funds, particularly money market funds, may enter into repurchase agreements with banks and broker-dealers under which they acquire securities subject to an agreement with the seller to repurchase the securities at an agreed upon time and price. These agreements are considered under the 1940 Act to be loans by the purchaser collateralized by the underlying securities. If the seller should default on its obligation to repurchase the securities, the underlying fund may experience delay or difficulties in exercising its rights to realize upon the securities held as collateral and might incur a loss if the value of the securities should decline.

In a reverse repurchase agreement, the underlying fund sells a security to another party, such as a bank or broker dealer, in return for cash and agrees to repurchase that security at an agreed upon price and time. Such transactions may increase fluctuations in the market value of the underlying fund's assets and may be viewed as a form of leverage. The underlying fund may enter into a reverse repurchase transaction provided that immediately after any such borrowing there is asset coverage of at least 300% for all of its borrowings.

**Junk Bonds**

Bonds which are rated BB and below by Standard and Poor's and Ba and below by Moody's are commonly known as junk bonds. Investing in junk bonds involves special risks in addition to the risks associated with investments in higher rated debt securities. Junk bonds may be regarded as predominately speculative with respect to the issuer's continuing ability to meet principle and interest payments.

Junk bonds may be more susceptible to real or perceived adverse economic and competitive industry conditions than higher grade securities. The prices of junk bonds have been found to be less sensitive to interest rate changes than more highly rated investments but more sensitive to adverse economic downturns or individual corporate developments. A projection of an economic downturn or of a period of rising interest rates, for example, could cause a decline in junk bond prices, because the advent of a recession could lessen the ability of a highly leveraged company to make principal and interest payments on its debt securities. If the issuer of junk bonds defaults, a fund may incur additional expenses to seek recovery. In the case of junk bonds structured as zero coupon or payment-in-kind securities, the market prices of such securities are affected to a greater extent by interest rate changes and, therefore, tend to be more volatile than securities which pay interest periodically and in cash.

The secondary markets on which junk bonds are traded may be less liquid than the market for higher grade securities. Less liquidity in the secondary trading markets could adversely affect and cause large fluctuations in the daily net asset value of a fund's shares.

Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of junk bonds, especially in a thinly traded market.

There may be special tax considerations associated with investing in junk bonds structured as zero coupon or payment-in-kind securities. A fund records the interest on these securities as income even though it receives no cash interest until the security's maturity or payment date. A fund will be required to distribute all or substantially all such amounts annually and may have to obtain the cash to do so by selling securities which otherwise continue to be held. Shareholders will be taxed on these distributions.

The use of credit ratings as the sole method of evaluating junk bonds can involve certain risks. For example, credit ratings evaluate the safety of principle and interest payments, not the market value risk of junk bonds. Also, credit rating agencies may fail to change credit ratings in a timely fashion to reflect events since the security was last rated.

**Hedging**

An underlying fund may employ a risk management strategy to limit or offset the probability of loss from fluctuations in the price of commodities, currencies or securities. For example, an underlying fund may purchase future contracts on gold and sell futures contracts on silver in the belief that gold will become relatively more valuable compared with silver over the life of the contracts. Although such hedging techniques generally tend to minimize the risk of loss that is hedged against, they also may limit commensurately the potential gain that might have resulted had the hedging transaction not occurred. Also, the desired protection generally resulting from hedging transactions may not always be achieved. Hedging can also be used to protect one's capital against effects of inflation through investing in high-yield financial instruments (bonds, notes, shares), real estate or precious metals.

**MANAGEMENT OF THE FUNDS**

The Fund's Board of Trustees, were elected by shareholders to oversee the Fund's business and affairs, while day-to-day operations such as management of investments, recordkeeping, administration and other compliance responsibilities are the responsibility of Fund management which reports and is accountable to the Board. The Board of Trustees has selected an Independent Registered Public Accounting Firm to perform annual audits. The Board is responsible for determining that the Funds operate in accordance with their stated objectives, policies, and investment restrictions.

The Board is comprised of 4 Trustees, three of whom are independent and not interested persons of the Funds, as that term is defined in the Act. The Board meets twice a year. The non-interested Trustees also meet separately with the Chief Compliance Officer annually. The Board annually elects one of the independent Trustees to serve as Board Chairman.

The members of the Board have been selected based on their individual experiences, education and their ability to serve in a responsible manner to the needs of their fellow shareholders. Considering the Fund's net assets, distribution arrangements and services provided, the Board has determined that its leadership structure is appropriate given the specific characteristics and circumstances of the Fund.

The Board of Trustees of the Investment Company has an audit committee with major responsibilities to select and consult with the independent auditors for the Investment Company on matters pertaining to their audits of the Investment Company's annual financial statements. Howard Samms has been a member of the Board since 1998 and Chairman of the Board for the last 16 years. Retired from Johnson & Johnson in 2005, Howard held the position of Executive Director - Finance for the last 10 of a 30 year career. Howard has been determined to be an audit committee financial expert and is "independent" within the meaning of item 3(a)(2) of Form N-CSR

**Officers and Trustees of the Funds**

Officers and Trustees of the Funds, together with their addresses, and principal occupations.

**Officers of the Fund**

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|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name, Address and Age | &nbsp;&nbsp;Position(s) held with Fund | &nbsp;&nbsp;Term of Office and Length of Time Served | &nbsp;&nbsp;Principal Occupation(s) During Past 5 Years | &nbsp;&nbsp;Number of Portfolios in Fund Complex Overseen by Officer | &nbsp;&nbsp;Other Trusteeships Held by Officer |
| &nbsp;&nbsp; Harvey Merson<br> 43 Highlander Drive<br> Scotch Plains, NJ 07076<br> 74 | &nbsp;&nbsp; President<br> Chief Compliance<br> Officer<br> Portfolio Manager | &nbsp;&nbsp; One Year,<br> Since Fund Inception | &nbsp;&nbsp;President of MH Investment Management, Inc., advisor to MH Elite Portfolio of Funds Trust | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp; Jeff Holcombe<br> 8 Guildford Court<br> Annandale, NJ 08801<br> 70 | &nbsp;&nbsp; Vice President<br> Interested Trustee<br> Chief Information Officer | &nbsp;&nbsp; One Year,<br> Since Fund Inception | &nbsp;&nbsp;Vice President of MH Investment Management Inc., advisor to MH Elite Portfolio of Funds Trust | &nbsp;&nbsp;4 |  |

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**Trustees of the Fund**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Name, Address and Age | &nbsp;&nbsp;Position(s) held with Fund | &nbsp;&nbsp;Term of Office and Length of Time Served | &nbsp;&nbsp;Principal Occupations(s) During Past 5 years | &nbsp;&nbsp;Number of Portfolios in Fund Complex Overseen by Trustee | &nbsp;&nbsp;Other Trusteeships Held by Trustee |
| &nbsp;&nbsp;**Disinterested Trustees** | &nbsp;&nbsp;**Disinterested Trustees** | &nbsp;&nbsp;**Disinterested Trustees** | &nbsp;&nbsp;**Disinterested Trustees** | &nbsp;&nbsp;**Disinterested Trustees** | &nbsp;&nbsp;**Disinterested Trustees** |
| &nbsp;&nbsp; Tom Bontempo<br> 114 Shady Lane<br> Randolph, NJ 07869<br> 62 | &nbsp;&nbsp;Independent Trustee | &nbsp;&nbsp; One year,<br> Since 7/01/2016 | &nbsp;&nbsp; Bossey Advisory Partners<br> Senior Partner.<br> Previously JD Power and Associates Vice President Service Industry Sales. | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp; Howard Samms<br> 4 Surrey Lane<br> Lambertville, NJ 08530<br> 81 | &nbsp;&nbsp;Independent Trustee, Chairman of the Board | &nbsp;&nbsp; One Year,<br> Since 7/31/1998<br>Since 1/01/2005 | &nbsp;&nbsp;Retired | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp; Tice Walker<br> 52 Oak Avenue<br> Metuchen, NJ 08840<br> 57 | &nbsp;&nbsp; Independent<br> Trustee | &nbsp;&nbsp; One Year,<br> Since 9/1/2003 | &nbsp;&nbsp; Holborn Corporate<br> Senior Vice President | &nbsp;&nbsp;4 |  |
| &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** | &nbsp;&nbsp;**Interested Trustees** |
| &nbsp;&nbsp; Jeff Holcombe <sup>1</sup> 8 Guildford Court<br> Annandale, NJ 08801<br> 70 | &nbsp;&nbsp; Interested Trustee<br> Vice President | &nbsp;&nbsp; One Year,<br> Since 7/31/1998 | &nbsp;&nbsp; MH Investment Management, Inc.,<br> Vice President | &nbsp;&nbsp;4 |  |

---

<sup>1</sup> Mr. Holcombe is an interested person (as defined in the Investment Company Act of 1940) by virtue of his position as co-owner of the Fund's Investment Adviser.

Mr. Harvey Merson has been assisting clients with the purchasing, monitoring, and sale of mutual funds and annuities for over 40 years. In addition, Mr. Merson provides financial needs analysis for his clients to determine and satisfy their insurance (life and health) needs. Mr. Merson also serves as the Fund's Chief Compliance Officer and meets regularly with the Board for his input and insight on fund performances, the maintenance of books and records, fund marketing and any additional assistance or guidance as requested by the Board of Trustees.

Mr. Jeff Holcombe was formerly a Development Director at Ericsson. He was responsible for the planning, design, and development of software systems for the telephony industry. Mr. Holcombe's background in technology plays a vital role in maintaining SEC reporting and documentation. As the Fund's Chief Information Officer, he is responsible for Fund records and supporting activities related to shareholder and accounting services provided by Mutual Shareholder Services, 8000 Town Centre Drive, Suite 400, Broadview Heights, OH 44147.

Mr. Bontempo is Vice President of Sales, North America, at Profound Networks, where he is recognized for building strong client relationships through a consultative approach that focuses on understanding client challenges and delivering tailored solutions that drive measurable results and long-term loyalty.

Prior to joining Profound Networks, Mr. Bontempo held senior sales leadership roles at Bossey Advisory Partners, J.D. Power and Dun & Bradstreet. He brings more than 40 years of experience spanning consulting, customer experience management, alliance development, sales and marketing, public sector engagement, and risk assessment.

In addition to his professional work, Mr. Bontempo serves as a Trustee on the Board of the Interfaith Food Pantry in Morris Plains, New Jersey. He earned his undergraduate degree at Montclair State University and his graduate degree in Marketing from Fairleigh Dickinson University.

Mr. Howard Samms was the Finance Department Director for Johnson and Johnson Healthcare Systems and was responsible for all financial requirements of the Johnson and Johnson Healthcare Systems which includes monthly reporting, budget development and implementation, capital investment decisions and related asset management functions before his retirement in 2005. Mr. Samms, with his strong finance background, serves as the Board's Financial Expert.

Mr. Walker is a Senior Vice President of Holborn Corporation, a reinsurance intermediary specializing in insurance risk evaluation, treaty reinsurance placement and related services. He is a Fellow of the Casualty Actuarial Society and is a member of the American Academy of Actuaries. Mr. Walker began his career in 1992 and has worked for insurance, reinsurance and consulting firms. Mr. Walker's actuarial background allows him to provide a helpful assessment of the many risk factors faced by the Fund and the Board.

Each Trustee, who is not an "interested person" as that term is defined in the 1940 Act, of the Funds was paid an annual fee of $750.00 per fund for serving as a member of the Board of Trustees for fiscal year 2024. The Chairman of the Board of Trustees was paid an annual fee of $875.00 per fund.

Mr. Jeff Holcombe is the only "interested persons" of the Funds on the Board and receives no compensation for serving on the Board.

The Funds do not compensate the Officers and Trustees affiliated with the Investment Adviser except as they may benefit through payment of the advisory fee.

No Trustee who is not an interested person of the Investment Company, or his or her immediate family members, owned beneficially or of record, as of December 31, 2024, any securities of the Adviser, the Distributor or any person directly or indirectly controlling, controlled by, or under common control with the Adviser or the Distributor.

**Board of Trustees Ownership Amounts**

(as of 12/31/2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Name of Trustee | &nbsp;&nbsp; <br> Fund <sup>1</sup> | &nbsp;&nbsp; <br> Dollar Range of Equity Securities In the Funds | &nbsp;&nbsp; <br> Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
| &nbsp;&nbsp;Jeff Holcombe | &nbsp;&nbsp; Small Cap<br> Fund of Funds<br> Select Portfolio Income Fund | &nbsp;&nbsp; Over $100,000<br> Over $100,000<br> $50,001 - $100,000<br> $10,001 - $50,000 | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Howard Samms | &nbsp;&nbsp; Small Cap<br> Fund of Funds<br> Select Portfolio Income Fund | &nbsp;&nbsp; $50,001 - $100,000<br> None<br> None<br> None | &nbsp;&nbsp;$50001 - $100000 |
| &nbsp;&nbsp;Tom Bontempo | &nbsp;&nbsp; Small Cap<br> Fund of Funds<br> Select Portfolio Income Fund | &nbsp;&nbsp; Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | &nbsp;&nbsp; Over $100,000<br>|
| &nbsp;&nbsp;Tice Walker | &nbsp;&nbsp; Small Cap<br> Fund of Funds<br> Select Portfolio<br> Income Fund | &nbsp;&nbsp; Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | &nbsp;&nbsp;Over $100,000 |

---

<sup>1</sup> In the Fund column above,

Small Cap refers to MH Elite Small Cap Fund of Funds,

Fund of Funds refers to MH Elite Fund of Funds

Select Portfolio refers to MH Elite Select Portfolio of Funds

Income Fund refers to MH Elite Income Fund of Funds

**Officers of the Funds Ownership Amounts**

(as of 12/31/2024)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> Name of Trustee | &nbsp;&nbsp; <br> Fund <sup>1</sup> | &nbsp;&nbsp; <br> Dollar Range of Equity Securities In the Funds | &nbsp;&nbsp; <br> Aggregate Dollar Range of Equity Securities in All Registered Investment Companies Overseen by Trustee in Family of Investment Companies |
| &nbsp;&nbsp;Jeff Holcombe | &nbsp;&nbsp; Small Cap<br> Fund of Funds<br> Select Portfolio Income Fund | &nbsp;&nbsp; Over $100,000<br> Over $100,000<br> $50,001 - $100,000<br> $10,001 - $50,000 | &nbsp;&nbsp;Over $100,000 |
| &nbsp;&nbsp;Harvey Merson | &nbsp;&nbsp; Small Cap<br> Fund of Funds<br> Select Portfolio Income Fund | &nbsp;&nbsp; Over $100,000<br> Over $100,000<br> Over $100,000<br> Over $100,000 | &nbsp;&nbsp;Over $100,000 |

---

<sup>1</sup> In the Fund column above,

Small Cap refers to MH Elite Small Cap Fund of Funds,

Fund of Funds refers to MH Elite Fund of Funds

Select Portfolio refers to MH Elite Select Portfolio of Funds

Income Fund refers to MH Elite Income Fund of Funds

**Codes of Ethics**

The Investment Company and the Adviser have adopted codes of ethics under Rule 17j-1 of the Investment Company Act to ensure, among other things, that the Officers, Trustees and employees of MH Elite Portfolio of Funds Trust and MH Investment Management Inc. place shareholders' interests ahead of their own. MH Elite Portfolio of Funds Trust invests in shares of open-end investment companies which are not considered "covered securities" by the rule on the theory that transactions in these instruments present little danger of abuse. As a result, Fund and Adviser personnel are permitted to invest in securities, including funds that may be purchased or held by the Fund(s).

**Proxy Voting Policies and Procedures**

MH Investment Management, Inc., the Adviser to the Funds, does not vote proxies on behalf of the Funds. MH Elite Portfolio of Funds Trust receives proxy material from the custodian holding the company's account. Under circumstances where the Adviser receives proxy material involving any security held in the Fund's account the Adviser will promptly forward such material to the Fund's attention. It is the Fund management's responsibility to vote their proxies. The Adviser will provide advice regarding proxy voting upon a request from Fund management. The Adviser will keep a record of:

&nbsp;&nbsp;&nbsp;&nbsp;1. any advice given to the Fund
regarding proxy voting,

&nbsp;&nbsp;&nbsp;&nbsp;2. any proxy material received on
behalf of a Fund and the steps taken to forward such material to the Fund.

MH Elite Portfolio of Funds Trust has adopted the policy of voting in line with management recommendations. If, at any time, we feel the fund management of an underlying fund within one of our portfolios is not working in the best interests of our shareholders we will liquidate our position in that fund. It is not our intent to change or alter the management or policies of the underlying funds. The most effective way to voice our concerns or displeasure with the management of a fund company is to simply not invest in their fund(s). We will only invest in fund companies that we feel will help us to meet our investment objectives and, in turn, serve the needs of our shareholders.

The Funds' proxy voting record for the twelve-month period ended December 31, is available, without charge and upon request, by calling 800-318-7969 and on the SEC's website at www.sec.gov. All funds, regardless of their fiscal year, must file with the SEC by August 31, their proxy voting records for the most recent 12 month period ended June 30.

**CONTROL PERSONS AND PRINCIPAL HOLDERS OF SECURITIES**

**MH Elite Small Cap Fund of Funds**

To the best of our knowledge of the MH Elite Small Cap Fund of Funds, as of December 31, 2024, the following persons and/or entities owned of record or beneficially 5% or more of the Fund's outstanding shares.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Address | &nbsp;&nbsp;Percent Ownership |
| &nbsp;&nbsp;Paul and Stephanie Scotto | &nbsp;&nbsp; 68 Califon Drive<br> Colonia, NJ 07067 | &nbsp;&nbsp;6.2% |

---

The Trustees and Officers as a group own 11.2% of MH Elite Small Cap Fund of Funds outstanding equity securities.

**MH Elite Fund of Funds**

To the best of our knowledge of the MH Elite Fund of Funds, as of December 31, 2024, no persons and/or entities owned of record or beneficially 5% or more of the Fund's outstanding shares.

The Trustees and Officers as a group own 8.4% of MH Elite Fund of Funds outstanding equity securities.

**MH Elite Select Portfolio of Funds**

To the best of our knowledge of the MH Elite Select Portfolio of Funds, as of December 31, 2024, the following persons and/or entities owned of record or beneficially 5% or more of the Fund's outstanding shares.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Address | &nbsp;&nbsp;Percent Ownership |
| &nbsp;&nbsp;Paul and Stephanie Scotto | &nbsp;&nbsp; 68 Califon Drive<br> Colonia, NJ 07067 | &nbsp;&nbsp;6.2% |

---

The Trustees and Officers as a group own 8.3% of MH Elite Select Portfolio of Funds outstanding equity securities.

**MH Elite Income Fund of Funds**

To the best of our knowledge of the MH Elite Income Fund of Funds, as of December 31, 2024, the following persons and/or entities owned of record or beneficially 5% or more of the Fund's outstanding shares.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name | &nbsp;&nbsp;Address | &nbsp;&nbsp;Percent Ownership |
| &nbsp;&nbsp;Paul and Stephanie Scotto | &nbsp;&nbsp; 68 Califon Drive<br> Colonia, NJ 07067 | &nbsp;&nbsp;6.2% |

---

The Trustees and Officers as a group own 6.0% of MH Elite Income Fund of Funds outstanding equity securities.

**INVESTMENT ADVISORY AND OTHER SERVICES**

Under the terms of the Investment Advisory Contract with the Funds, MH Investment Management, Inc. (MHI) acts as Investment Adviser and, subject to the supervision of the Board, has overall responsibility for directing the investments of the Funds in accordance with their investment objective, policies and limitations.

In addition, MHI provides the management and administrative services necessary for the operation of the Funds. Investment Adviser services include all operations of the Fund including portfolio management, transfer and shareholder services. Additional services provided under the Administrative Services Agreement include the expenses and salaries incurred by the Funds that are necessary and incidental to the conduct of its business. Under the Administrative Services Agreement between the Fund and Adviser, portfolio management services and compensation are the responsibility of the Investment Adviser. Administrative services provided by MHI include, but are not limited to, the costs incurred in the maintenance of books, records, and procedures; dealings with shareholders; reports and notices to shareholders; expenses of annual stockholder meetings; Board of Trustees compensation; miscellaneous office expenses; brokerage fees; and custodian, legal, accounting and registration fees. Fees paid to the Investment Adviser cannot be raised without shareholder approval and the Administrative Services Agreement will continue for as long as MH Investment Management Inc. serves as the Investment Adviser to the Fund. In the conduct of the respective businesses of the parties hereto and in the performance of this agreement, the Funds and MHI may share common facilities and personnel common to each.

The following table sets forth the annual fees payable by each Fund to MHI pursuant to the Investment Advisory Contract and Administrative Services Agreement expressed as a percentage of the Fund's average daily net assets:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Investment Advisory | &nbsp;&nbsp;Administrative |
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;Fee | &nbsp;&nbsp;Service Fee |
| &nbsp;&nbsp;MH Elite Small Cap Fund of Funds | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;.25% |
| &nbsp;&nbsp;MH Elite Fund of Funds | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;.25% |
| &nbsp;&nbsp;MH Elite Select Portfolio of Funds | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;.25% |
| &nbsp;&nbsp;MH Elite Income Fund of Funds | &nbsp;&nbsp;1.00% | &nbsp;&nbsp;.25% |

---

Fees are computed daily and payable monthly.

The following table sets forth the aggregate fees paid by each Fund to MHI under the Investment Advisory Contract and the Administrative Services Agreement for the past three fiscal years:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Fund | &nbsp;&nbsp;2024 | &nbsp;&nbsp;2023 | &nbsp;&nbsp;2022 |
| &nbsp;&nbsp;MH Elite Small Cap Fund of Funds | &nbsp;&nbsp;$130339 | &nbsp;&nbsp;$111009 | &nbsp;&nbsp;$102870 |
| &nbsp;&nbsp;MH Elite Fund of Funds | &nbsp;&nbsp;$312810 | &nbsp;&nbsp;$249007 | &nbsp;&nbsp;$208649 |
| &nbsp;&nbsp;MH Elite Select Portfolio of Funds | &nbsp;&nbsp;$93195 | &nbsp;&nbsp;$83216 | &nbsp;&nbsp;$75864 |
| &nbsp;&nbsp;MH Elite Income Fund of Funds | &nbsp;&nbsp;$172574 | &nbsp;&nbsp;$159461 | &nbsp;&nbsp;$129042 |

---

The Board, including the non-interested Trustees, received materials specifically relating to the existing investment advisory contract and administrative services agreement.

Additional information was furnished by MHI including, among other items, information on and analysis of: (a) the overall organization of MHI, including the financial condition and stability of the Adviser, (b) the choice of performance indices and benchmarks, (c) investment management personnel, (d) the potential for achieving further economies of scale, and (e) the information furnished to investors, including Funds' shareholders.

In considering the investment advisory contract, the Board, did not identify any single factor as all-important or controlling, and the following summary does not detail all the matters considered. Matters considered by the Board in connection with its approval of the investment advisory contract included:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Board considered the benefit
to shareholders of investing in a fund of funds,

&nbsp;&nbsp;&nbsp;&nbsp;2. The nature, extent and quality
of the services to be provided by the Investment Adviser,

&nbsp;&nbsp;&nbsp;&nbsp;3. Investment performance,

&nbsp;&nbsp;&nbsp;&nbsp;4. Compensation to the Adviser and
an analysis of the Adviser's profitability with respect to the fund,

&nbsp;&nbsp;&nbsp;&nbsp;5. Possible conflicts of interest
between the Funds and the Adviser,

&nbsp;&nbsp;&nbsp;&nbsp;6. Brokerage and portfolio transactions,

&nbsp;&nbsp;&nbsp;&nbsp;7. Overall fund expenses and expense
ratios based on information provided. The Board also considered that the Funds' fee structure was competitive with the funds with similar
investment goals and strategies,

&nbsp;&nbsp;&nbsp;&nbsp;8. Sales and redemptions of Fund
shares.

Based on its evaluation of all material factors, the Board, including the non-interested Trustees, concluded that the advisory fee structures are fair and reasonable, and that the investment advisory contract and administrative services agreement should be approved. Accordingly, the investment advisory contract and the administrative services agreement were approved by the Board of Trustees on December 11, 2024.

**Custodian and Transfer Agent**

Argent Institutional Trust Company, 1715 N Westshore Blvd suite 750, Tampa FL 33607, serves as the Fund's custodian and trustee for the Fund's retirement plans. Argent Institutional Trust Company acquired the custodian operations from Huntington National Bank, the Funds prior custodian. The Fund acts as its own transfer agent with the assistance of Mutual Shareholder Services, LLC, 8000 Town Centre Drive, Broadview Heights, OH 44147 in the preparation and distribution of reports and statements to shareholders.

**Selection of Independent Registered Public Accounting Firm**

The firm Keiter, 4401 Dominion Boulevard, Glen Allen, Virginia 23060 was selected as the Independent Registered Public Accounting Firm by the Board of Trustees on December 22, 2025 to perform the Funds' annual Audit.

**Report of Independent Registered Public Accounting Firm**

The report of Independent Registered Public Accounting Firm contained in the Annual Report to Shareholders for the fiscal year ended December 31, 2024 is incorporated herein by reference. Copies of the Annual and Semi-Annual Reports to Shareholders may be obtained without charge by writing to MH Elite Portfolio of Funds Trust, 43 Highlander Drive, Scotch Plains, New Jersey 07076, or by calling MH Elite Portfolio of Funds Trust at 1-800-318-7969.

**PORTFOLIO MANAGER**

Harvey Merson is portfolio manager for all four Funds. He has been assisting clients with the purchasing, monitoring and sale of mutual funds on a non-discretionary basis for over 40 years.

**BROKERAGE ALLOCATION AND OTHER PRACTICES**

The Funds do not pay any fees or brokerage commissions as the result of buying and selling mutual funds. Underlying funds are purchased at their respective NAV without sales charges, upfront or deferred. Any transaction fees or redemption fees incurred are paid by the Investment Adviser under the terms of the Administrative Services Agreement between the Fund and the Adviser. The Fund's custodian, Argent Institutional Trust,, provides a mutual fund trading platform which gives the Funds sufficient access to other mutual fund families in a convenient and efficient manner to ensemble a portfolio of underlying funds for each portfolio within the series of funds offered by MH Elite Portfolio of Funds Trust. The Funds do not rely on research or reports provided by brokers in connection with the buying and selling of mutual funds.

**CAPITAL STOCK AND OTHER SECURITIES**

There is only one class of shares issued by the Fund. Each share has equal rights regarding voting, distributions and redemptions. Rights cannot be modified other than by a majority vote of shares outstanding. The authorized capitalization of the Funds consists of 1,000,000,000 shares of common stock. Each shareholder has one vote for each share held. Voting rights are non-cumulative, which means that holders of a majority of shares can elect all Trustees of the Fund if they so choose.

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

Information on Purchasing, Redeeming and the Pricing of Fund Shares is included in the Prospectus.

**TAXATION OF THE FUNDS**

The Funds intend to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the Code). In any year in which the Funds qualify as a regulated investment company and distributes substantially all of its investment company taxable income, the Funds will not be subject to federal income tax to the extent it distributes to shareholders such income and capital gains in the manner required under the Code. Such distributions will be taxable to shareholders in the calendar year for which the distributions were earned and may be paid by the Funds during January of the following calendar year.

**UNDERWRITERS**

There are no underwriters of the Funds.

**CALCULATION OF PERFORMANCE DATA**

The Funds may publish certain total return performance figures in advertisements from time to time. Total return and average annual total return are calculated using the following formulas:

Total Return -

Total return is the percentage change in the value of a hypothetical investment that has occurred in the indicated time period, taking\ into account the imposition of various fees, and assuming the reinvestment of all dividends and distributions. Cumulative total return reflects the Fund's performance over a stated period of time and is computed as follows:

ERV - P = Total Return

-------

P

Where:

ERV = ending redeemable value of hypothetical $1,000 payment made at the beginning of the base period, assuming reinvestment of all dividends and distributions

P = a hypothetical initial payment of $1,000

Average Annual Total Return -

Average annual total return reflects the hypothetical annually compounded return that would have produced the same cumulative total return if the Fund's performance had been constant over the entire period and is computed according to the following formula:

P(1 + T)n = ERV

Where:

P = a hypothetical initial payment of $1,000

T = average annual total return (after taxes on distributions)

n = number of years

ERV = ending redeemable value of a hypothetical $1,000 payment made at the beginning of the base period.

Average Annual Total Return (After Taxes on Distributions) Quotation

Average annual total return (after taxes on distributions) reflects the hypothetical annually compounded return that would have produced the same cumulative total return if the Fund's performance had been constant over the entire period and is computed according to the following formula:

P(1 + T)n = ATVd

Where:

P = a hypothetical initial payment of $1,000

T = average annual total return (after taxes on distributions)

n = number of years

ATVd = ending value of a hypothetical $1,000 payment made at the beginning of the base period, after taxes on Fund distributions but not after taxes on redemption.

Average Annual Total Return (After Taxes on Distributions and Redemption) Quotation

Average annual total return (after taxes on distributions and redemption) reflects the hypothetical annually compounded return that would have produced the same cumulative total return if the Fund's performance had been constant over the entire period and is computed according to the following formula:

P(1 + T)n = ATVdr

Where:

P = a hypothetical initial payment of $1,000

T = average annual total return (after taxes on distributions and redemption)

n = number of years

ATVdr = ending value of a hypothetical $1,000 payment made at the beginning of the base period, after taxes on Fund distributions and redemption.

All performance figures are based on historical results and are not intended to indicate future performance.

**FINANCIAL STATEMENTS**

The financial statements contained in the Annual Report to Shareholders for the fiscal year ended December 31, 2024 are incorporated herein by reference. Copies of the Annual and Semi-Annual Reports to Shareholders may be obtained without charge by writing to MH Elite Portfolio of Funds Trust, 43 Highlander Drive, Scotch Plains, New Jersey 07076, or by calling MH Elite Portfolio of Funds Trust at 1-800-318-7969, or on the Funds' website at www.mhelite.com.

**PART C**

**OTHER INFORMATION**

Item 28. Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Trust Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) By-Laws

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment Advisory Contract

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reimbursement Agreements with Officers and/or Trustees

(g)(1) Huntington National Bank Custody Agreement

(g)(2) Huntington National Bank Announcement

(g)(3) Argent Institutional Trust Announcement

(h)(1) Administrative Services Agreement

(h)(2) Mutual Shareholder Services Agreement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Opinion of Counsel Concerning Fund Securities](https://www.sec.gov/Archives/edgar/data/1054816/000116204414000481/exhibiti.htm)<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Consent of Independent Registered Public Accounting Firm

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Code of Ethics

<sup>1</sup>Opinion of Counsel Concerning Fund Securities is incorporated herein by reference from Amendment No. 23 under the Securities Act of 1933 and Amendment No. 24 under the Investment Company Act of 1940 to the Fund's Registration Statement.

Item 29. Persons Controlled by or Under Common Control of the Fund

Not Applicable

Item 30. Indemnification

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to Trustees, Officers and controlling persons of the registrant, the registrant has been advised that, in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a Trustee, Officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such Trustee, Officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by the final adjudication of such issue.

Item 31. Business and Other Connections of Investment Adviser

The investment adviser to the Fund is MH Investment Management, Inc. 43 Highlander Drive, Scotch Plains, New Jersey 07076, a registered investment adviser under the Investment Advisers Act of 1940. The Officers of the Investment adviser are Harvey Merson and Jeff Holcombe.

Item 32. Principal Underwriters

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Applicable

Item 33. Location of Accounts and Records

Fund records are held by Mutual Shareholder Services, LLC at 8000 Town Centre Dr Suite 400, Broadview Heights, OH 44147, Harvey Merson at 43 Highlander Drive, Scotch Plains, New Jersey 07076 and Jeff Holcombe at 8 Guildford Court, Annandale, NJ 08801

Item 34. Management Services

Not Applicable

Item 35. Undertakings

Not Applicable

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the MH Elite Portfolio of Funds Trust certifies that it meets all of the requirements for effectiveness of this Registration Statement and has duly caused this amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Scotch Plains and State of New Jersey, on the 27th day of February 2026.

MH Elite Portfolio of Funds Trust

<u>/s/ Harvey Merson</u>

Harvey Merson

President

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Signature | &nbsp;&nbsp;Title | &nbsp;&nbsp;Date |
| &nbsp;&nbsp;/s/ Harvey Merson |  |  |
| &nbsp;&nbsp;Harvey Merson | &nbsp;&nbsp;President and CEO | &nbsp;&nbsp;February 27, 2026 |
| &nbsp;&nbsp;/s/ Jeff Holcombe |  |  |
| &nbsp;&nbsp;Jeff Holcombe | &nbsp;&nbsp;Vice President, CIO and Trustee | &nbsp;&nbsp;February 27, 2026 |
| &nbsp;&nbsp;/s/ Tom Bontempo |  |  |
| &nbsp;&nbsp;Tom Bontempo | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;February 27, 2026 |
| &nbsp;&nbsp;/s/ Howard Samms |  |  |
| &nbsp;&nbsp;Howard Samms | &nbsp;&nbsp;Trustee and Chairman of the Board | &nbsp;&nbsp;February 27, 2026 |
| &nbsp;&nbsp;/s/ Tice Walker |  |  |
| &nbsp;&nbsp;Tice Walker | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;February 27, 2026 |

---

## Ex-99.A

EXHIBIT 99.a

**Certificate of Trust of MH Elite Portfolio of Funds Trust**

This Certificate of Trust of MH Elite Portfolio of Funds Trust (the "Trust"), dated as of this 27<sup>th</sup> day of December, 2013, is being duly executed and filed in order to form a statutory trust in accordance with the provisions of the Delaware Statutory Trust Act (Title 12 of the Delaware Code, Section 3801 et seq.) (the "Act") and sets forth the following:

1. The name of the Trust is "MH Elite Portfolio of Funds Trust".

2. The Trust will become, prior to or within 180 days following the first issuance of shares of beneficial interest, a registered investment company under the Investment Company Act of 1940, as amended. Therefore, in accordance with Section 3807(b) of the Act, the Trust has and shall maintain in the State of Delaware a registered office and a registered agent for service of process.

(a) The registered office of the Trust in Delaware and the registered agent for service of process on the Trust is:

Corporation Service Company

2711 Centerville Road, Suite 400

Wilmington, Delaware 19808

3. The effective date of the effectiveness of this certificate shall that date of filing.

4. Pursuant to Section 3804(a) of the Act, notice is hereby given that the Trust shall consist of one or more series. The debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series of the Trust shall be enforceable against the assets of such series only, and not against the assets of the Trust generally or any other series.

[Signature Page Follows]

EXHIBIT 99.a

IN WITNESS WHEREOF, the undersigned, being the Initial Trustees of the Trust, have executed this Certificate of Trust as of the 27th day of December, 2013.

<u>/s/ Vincent Farinaro_______________________</u><br> Vincent Farinaro, as Trustee and not individually

<u>/s/ Howard Samms</u>________________________ <br> Howard Samms, as Trustee and not individually

<u>/s/ Tice Walker</u>___________________________ <br> Tice Walker, as Trustee and not individually

<u>/s/ Jeff Holcombe</u>_________________________ <br> Jeff Holcombe, as Trustee and not individually

<u>/s/ Vincent Rettino</u>_________________________<br> Vincent Rettino, as Trustee and not individually

## Ex-99.B

**MH ELITE PORTFOLIO OF FUNDS TRUST**

**BY-LAWS**

These By-laws (the "By-laws") of MH Elite Portfolio of Funds Trust (the "Trust"), a Delaware statutory trust, are subject to the Trust's Agreement and Declaration of Trust dated December 27, 2013 as from time to time amended, supplemented or restated (the "Trust Instrument"). Capitalized terms used herein which are defined in the Trust Instrument are used as therein defined.

**<u>ARTICLE I</u>**

**<u>OFFICES</u>**

**Section 1.1 <u>Delaware Office</u>.** The registered office of the Trust in Delaware and the name and address of its resident agent for service of process shall be as set forth in the Certificate of Trust of the Trust, as filed with the Secretary of State of Delaware on December 27, 2013 and as may be amended and restated from time to time.

**Section 1.2 <u>Principal Office</u>.** The principal office of the Trust shall be located in such location as the Trustees may from time to time determine. The Trust may establish and maintain such other offices and places of business as the Trustees may from time to time determine.

**<u>ARTICLE II</u>**

**<u>OFFICERS AND THEIR ELECTION</u>**

**Section 2.1 <u>Officers</u>.** The officers of the Trust shall be a President, a Treasurer, a Secretary, a Chief Compliance Officer and such other officers as the Trustees may from time to time elect. It shall not be necessary for any Trustee or other officer to be a holder of Shares in the Trust.

**Section 2.2 <u>Election of Officers</u>.** Two or more offices may be held by a single person. Subject to the provisions of Section 2.3 hereof, the officers shall hold office until their successors are chosen and qualified and serve at the pleasure of the Trustees.

**Section 2.3 <u>Resignations</u>.** Any officer of the Trust may resign by filing a written resignation with the President, the Secretary or the Trustees, which resignation shall take effect on being so filed or at such later time as may be therein specified.

**<u>ARTICLE III</u>**

**<u>POWERS AND DUTIES OF OFFICERS AND TRUSTEES</u>**

**Section 3.1 <u>Chief Executive Officer</u>.** Unless the Trustees have designated the Chairman as the chief executive officer of the Trust, the President shall be the chief executive officer of the Trust and shall preside at all meetings of the Shareholders.

**Section 3.2 <u>Treasurer</u>.** The Treasurer shall be the principal financial and accounting officer of the Trust. He shall deliver all funds and securities of the Trust which may come into his hands to such company as the Trustees shall employ as custodian in accordance with the Trust Instrument and applicable provisions of law. He shall make annual reports regarding the business and condition of the Trust, which reports shall be preserved in Trust records, and he shall furnish such other reports regarding the business and condition of the Trust as the Trustees may from time to time require. The Treasurer shall perform such additional duties as the Trustees or the chief executive officer may from time to time designate.

**Section 3.3 <u>Secretary</u>.** The Secretary shall record in books kept for the purpose all votes and proceedings of the Trustees and the Shareholders at their respective meetings. He shall have the custody of the seal of the Trust. The Secretary shall perform such additional duties as the Trustees or the chief executive officer may from time to time designate.

**Section 3.4 <u>Chief Compliance Officer.</u>** The Chief Compliance Officer ("CCO") of the Trust shall be responsible for administering the Trust's policies and procedures adopted pursuant to Rule 38a-1(a) under the Investment Company Act of 1940 (the "1940 Act"), or any successor provision thereto. The CCO shall have such other powers and duties as from time to time may be conferred upon or assigned to him by the Trustees.

**Section 3.5 <u>Vice President</u>.** Any Vice President of the Trust shall perform such duties as the Trustees or the chief executive officer may from time to time designate. At the request or in the absence or disability of the President, the most senior Vice President present and able to act may perform all the duties of the President and, when so acting, shall have all the powers of and be subject to all the restrictions upon the President.

**Section 3.6 <u>Assistant Treasurer</u>.** Any Assistant Treasurer of the Trust shall perform such duties as the Trustees or the Treasurer may from time to time designate, and, in the absence of the Treasurer, the most senior Assistant Treasurer present and able to act may perform all the duties of the Treasurer.

**Section 3.7 <u>Assistant Secretary</u>.** Any Assistant Secretary of the Trust shall perform such duties as the Trustees or the Secretary may from time to time designate, and, in the absence of the Secretary, the most senior Assistant Secretary present and able to act may perform all the duties of the Secretary.

**Section 3.8 <u>Additional Officers</u>.** The Trustees from time to time may appoint such other officers or agents as they may deem advisable, each of whom shall have such title, hold office for such period, have such authority and perform such duties as the Trustees may determine.

**Section 3.9 <u>Surety Bonds</u>.** The Trustees may require any officer or agent of the Trust to execute a bond (including, without limitation, any bond required by the 1940 Act) in such sum and with such surety or sureties as the Trustees may determine, conditioned upon the faithful performance of his duties to the Trust including responsibility for negligence and for the accounting of any of the Trust's property, funds or securities that may come into his hands.

**Section 3.10 <u>Removal</u>.** Any officer may be removed from office at any time by the Trustees.

**Section 3.11 <u>Remuneration</u>.** The salaries or other compensation, if any, of the officers of the Trust shall be fixed from time to time by resolution of the Trustees.

**<u>ARTICLE IV</u>**

**<u>SHAREHOLDERS' MEETINGS</u>**

**Section 4.1 <u>Notices</u>.** Notices of any meeting of the Shareholders shall be given by the Secretary by delivering or mailing, postage prepaid, to each Shareholder entitled to vote at said meeting, written or printed notification of such meeting at least seven days before the meeting, to such address as may be registered with the Trust by the Shareholder. Notice of any Shareholder meeting need not be given to any Shareholder if a written waiver of notice, executed before or after such meeting, is filed with the record of such meeting, or to any Shareholder who shall attend such meeting in person or by proxy. Notice of adjournment of a Shareholders' meeting to another time or place need not be given, if such time and place are announced at the meeting or reasonable notice is given to persons present at the meeting.

**Section 4.2 <u>Voting-Proxies</u>.** Subject to the provisions of the Trust Instrument, Shareholders entitled to vote may vote either in person or by proxy, provided that either (i) an instrument authorizing such proxy to act is executed by the Shareholder in writing and dated not more than eleven months before the meeting, unless the instrument specifically provides for a longer period or (ii) an electronic, telephonic, computerized or other alternative to execution of a written instrument authorizing the proxy to act, which authorization is received not more than eleven months before the meeting.

Proxies shall be delivered to the Secretary of the Trust or other person responsible for recording the proceedings before being voted. A proxy with respect to Shares held in the name of two or more persons shall be valid if executed by one of them unless at or prior to exercise of such proxy the Trust receives a specific written notice to the contrary from any one of them. If any Shareholder is a minor or a person of unsound mind, and subject

to guardianship or to the legal control of another person as regards the control or management of such Shareholder's shares, such Shareholder's shares may be voted by such guardian or such other person appointed or having control, and such vote may be given in person or by proxy. Unless otherwise specifically limited by their terms, proxies shall entitle the holder thereof to vote at any adjournment of a meeting. A proxy purporting to be exercised by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise and the burden of proving invalidity shall rest on the challenger. At all meetings of the Shareholders, unless the voting is conducted by inspectors, all questions relating to the qualifications of voters, the validity of proxies, and the acceptance or rejection of votes shall be decided by the Chairman of the meeting. Except as otherwise provided herein or in the Trust Instrument, all matters relating to the giving, voting or validity of proxies shall be governed by the General Corporation Law of the State of Delaware relating to proxies, and judicial interpretations thereunder, as if the Trust were a Delaware corporation and the Shareholders were shareholders of a Delaware corporation.

**Section 4.3 <u>Broker Non-Votes.</u>** At any meeting of Shareholders, the Trust will consider broker non-votes as present for purposes of determining whether a quorum is present at the meeting. Broker non-votes will not count as votes cast.

**Section 4.4 <u>Place of Meeting</u>.** All meetings of the Shareholders shall be held at such places as the Trustees may designate. In the absence of any such designation, Shareholders' meetings shall be held at the principal office of the Trust at the time of such meetings. Notwithstanding the foregoing, if either the President or Secretary of the Trust, or in the absence or unavailability of the President and the Secretary, any officer of the Trust, determines that the date, time or place designated for a meeting or adjourned meeting of Shareholders is not reasonably practicable or available as a result of (a) fire, flood, elements of nature, or other acts of god, (b) acts of terrorism, (c) outbreak or escalation of hostilities, war, riots or civil disorders or (d) other similar events, such officer may, without further notice to Shareholders, designate such other date, time or place for such meeting or adjourned meeting as such officer shall, in his or her sole discretion, determine.

**<u>ARTICLE V</u>**

**<u>SHARES OF BENEFICIAL INTEREST</u>**

**Section 5.1 <u>Share Certificate</u>.** No certificates certifying the ownership of Shares shall be issued except as the Trustees may otherwise authorize. The Trustees may issue certificates to a Shareholder of any Series or Class thereof for any purpose and the issuance of a certificate to one or more Shareholders shall not require the issuance of certificates generally. In the event that the Trustees authorize the issuance of Share certificates, such certificate shall be in the form prescribed from time to time by the Trustees and shall be signed by the President or a Vice President and by the Treasurer, Assistant Treasurer, Secretary or Assistant Secretary. Such signatures may be facsimiles if the certificate is signed by a transfer or shareholder services agent or by a registrar, other than a Trustee, officer or employee of the Trust. In case any officer who has signed or whose facsimile signature has been placed on such certificate shall have ceased to be such officer before such certificate is issued, it may be issued by the Trust with the same effect as if he or she were such officer at the time of its issue.

**Section 5.2 <u>Loss of Certificate</u>.** In case of the alleged loss or destruction or the mutilation of a Share certificate, a duplicate certificate may be issued in place thereof, upon such terms as the Trustees may prescribe.

**Section 5.3 <u>Discontinuance of Issuance of Certificates</u>.** The Trustees may at any time discontinue the issuance of Share certificates and may, by written notice to each Shareholder, require the surrender of Share certificates to the Trust for cancellation. Such surrender and cancellation shall not affect the ownership of Shares in the Trust.

**<u>ARTICLE VI</u>**

**<u>INSPECTION OF BOOKS</u>**

The Trustees shall from time to time determine whether and to what extent, and at what times and places, and under what conditions and regulations the accounts and books of the Trust or any of them shall be open to the inspection of the Shareholders; and no Shareholder shall have any right to inspect any account or book or document of the Trust except as conferred by law or otherwise by the Trustees.

**<u>ARTICLE VII</u>**

**<u>AMENDMENTS</u>**

These By-laws may be amended from time to time by the Trustees.

**<u>ARTICLE VIII</u>**

**<u>HEADINGS</u>**

Headings are placed in these By-laws for convenience of reference only and, in case of any conflict, the text of these By-laws rather than the headings shall control.

## Ex-99.D

EXHIBIT 99.d

MH Elite Portfolio of Funds Trust

43 Highlander Drive

Scotch Plains NJ 07076

1-800-318-7969

INVESTMENT ADVISORY CONTRACT

Effective January 1, 2024

AGREEMENT, made by and between the MH Elite Portfolio of Funds Trust, a Delaware statutory trust (hereinafter called 'Fund') and MH Investment Management, Inc., a New Jersey Corporation (hereinafter called "Investment Adviser"). WITNESSETH: WHEREAS, Fund will consist of four funds, MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds. Fund engages in the business of investing and reinvesting its assets and property in various mutual funds and Investment Adviser engages in the business of providing investment advisory services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund hereby employs the Investment Adviser, for the period set forth in Paragraph 7 hereof, and on the terms set forth herein, to render investment advisory services to the Fund, subject to the supervision and direction of the Trustees of the Fund. The Investment Adviser will furnish each fund with investment advice and, in general, supervise the management and investment program of the funds. The Investment Adviser is required to render research, statistical and advisory services to the Fund and make specific recommendations based on each fund's principal investment strategies. The Investment Adviser hereby accepts such employment and agrees, during such period, to render the services and assume the obligations herein set forth, for the compensation provided. The Investment Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Fund in any way, or in any way be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As compensation for the services to be rendered to the Fund by the Investment Adviser under the provisions of this Agreement, the Fund shall pay to the Investment Adviser an annual fee, payable monthly, of 1.00% of the daily net assets in the MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds. As long as MH Investment Management, Inc. serves as the Investment Adviser to the Fund, it is the obligation of the adviser to pay all expenses incurred by the Fund other than the Investment Advisory Fees, Other Expenses of .25% as per the Administrative Services Agreement and the Acquired Fund Fees and Expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is expressly understood and agreed that the services to be rendered by the Investment Adviser to the Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Investment Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. It is understood and agreed that trustees, officers, employees, agents and shareholders of the Fund may be interested in the Investment Adviser as officers, employees, agents and shareholders, and that officers, employees, agents and shareholders of the Investment Adviser may be interested in the Fund, as trustees, officers, employees, agents and shareholders or otherwise, and that the Investment Adviser, itself, may be interested in the Fund as a shareholder or otherwise, specifically, it is understood and agreed that officers, employees, agents and shareholders of the Investment Adviser may continue as trustees, officers, employees, agents and shareholders of the Fund; that the Investment Adviser, its officers, employees, agents and shareholders may engage in other business, may render investment advisory services to other investment companies, or to any other corporation, association, firm or individual, may render underwriting services to the Fund, or to any other investment company, corporation, association, form or individual. Employees, officers and agents of the Investment Adviser who are, or may in the future be, trustees and/or senior officers of the Fund shall receive no remuneration from the Fund for acting in such capacities for the Fund. In the conduct of the respective businesses of the parties hereto and in the performance of this agreement, the Fund and Investment Adviser may share common facilities and personnel common to each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Investment Adviser shall give the Fund the benefit of its best judgment and efforts in rendering these services, and Fund agrees as an inducement to the undertaking of these services that Investment Adviser shall not be liable hereunder for any mistake of judgment or any event whatsoever, provided that nothing herein shall be deemed to protect, or purport to protect, Investment Adviser against any liability to Fund or to its security holders to which Investment Adviser would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of duties hereunder, or by reason of reckless disregard of obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Investment Adviser shall not vote proxies on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. This agreement shall continue in effect until December 31, 2024, and, thereafter, only so long as such continuance is approved at least annually by votes of the Fund's Trustees, cast in person at a meeting called for the purpose of voting on such approval, including the votes of a majority of the Trustees who are not parties to such agreement or interested persons of any such party. This agreement may be terminated at any time upon 60 days prior written notice, without the payment of any penalty, by the Fund's Trustees or by vote of a majority of the outstanding voting securities of the Fund. The contract will automatically terminate in the event of its assignment by the Investment Adviser (within the meaning of the Investment Company Act of 1940), which shall be deemed to include a transfer of control of the Investment Adviser. Upon the termination of this agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for any obligation to respond for a breach of this Agreement committed prior to such termination and except for the obligation of the Fund to pay to the Investment Adviser the fee provided in Paragraph 2 hereof, prorated to the date of termination.

This Agreement shall not be assigned by the Fund without prior written consent thereto of the Investment Adviser. This Agreement shall terminate automatically in the event of its assignment by the Investment Adviser unless an exemption from such automatic termination is granted by order or rule of The Securities and Exchange Commission.

IN WITNESS WHEREOF, the parties hereto have caused their seals to be affixed and duly attested and their presence to be signed by their duly authorized officers this 113<sup>th</sup> day of December, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Elite Portfolio of Funds Trust By <u>/s/Harvey Merson_______</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvey Merson, President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attest: <u>/s/ Jeff Holcombe_____________</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeff Holcombe, Vice- President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MH Investment Management, Inc. By <u>/s/Harvey Merson_______</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvey Merson, President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attest: <u>/s/ Jeff Holcombe_____________</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeff Holcombe, Vice-President

## Ex-99.F

EXHIBIT 99.f

MH Elite Portfolio of Funds Trust

43 Highlander Drive

Scotch Plains NJ 07076

1-800-318-7969

**Reimbursement Agreements**

The Funds have no plans to compensate Officers and Trustees who are affiliated with the Investment Adviser except indirectly through payment of the advisory fee.

Each Trustee, who is not an 'interested person' as that term is defined in the 1940 Act, of the Funds was paid an annual fee of $750.00 per Fund for serving as a member of the Board of Trustees for fiscal year 2024. The Chairman of the Board of Trustees was paid an annual fee of $875.00 per Fund.

## Ex-99.G

Exhibit 99.g

***CUSTODY AGREEMENT***

***THIS CUSTODY AGREEMENT*** ("Agreement"), effective as of November 1, 2010, is entered into by and between THE HUNTINGTON NATIONAL BANK, a national bank organized under the laws of the United States (the "**Custodian**" or "**Bank"**), and MH Elite Portfolio of Funds, Inc., a corporation formed under the laws of the State of New Jersey (**"Corporation"**).

***W I T N E S S E T H:***

***WHEREAS***, the Custodian serves as custodian and foreign custody manager for certain of its customers; and

***WHEREAS***, the Corporation wishes to employ Custodian to act as its custodian and as the foreign custody manager for the Corporation to provide for the custody and safekeeping of the assets of the Corporation as required by the Act, and to provide related services, all as provided herein, and Custodian is willing to accept such employment, subject to the terms and conditions herein set forth.

***NOW, THEREFORE***, in consideration of the mutual covenants and agreements herein contained, the Custodian and Corporation hereby agree, as follows:

**Definitions**: The following words and phrases, when used in this Agreement, unless the context otherwise requires, shall have the following meanings:

<u>Act or 1940 Act</u> shall mean the Investment Company Act of 1940, as amended from time to time.

<u>1934 Act</u> shall mean the Securities Exchange Act of 1934, as amended from time to time.

<u>Advance(s)</u> shall mean any extension of credit by or through the Custodian or by or through any Sub-custodian and shall include, without limitation, amounts due to the Custodian or any Sub-custodian as the principal counterparty to any foreign exchange transaction with the Corporation, or paid to third parties for account of the Corporation or in discharge of any expense, tax or other item payable by the Corporation.

<u>Agent(s)</u> shall have the meaning set forth in Section 8 hereof.

<u>Applicable Law</u> shall mean with respect to each jurisdiction, all (a) laws, statutes, treaties, regulations, guidelines (or their equivalents); (b) orders, interpretations, licenses and permits; and (c) judgments, decrees, injunctions, writs, orders and similar actions by a court of competent jurisdiction, compliance with which is required or customarily observed in such jurisdiction.

<u>Authorized Person(s)</u> shall mean any person, whether or not any such person is an Officer or employee of the Corporation, who is duly authorized by the Board of Directors of the Corporation to give Instructions on behalf of the Corporation or any Fund in accordance with Section 4 herein, and named in <u>Appendix A</u> attached hereto and as amended from time to time by resolution of the Board of Directors, certified by an Officer, and received by the Custodian.

<u>Board of Directors</u> shall mean the Directors from time to time serving under the Corporation's Agreement and Articles of Incorporation as from time to time amended.

<u>Book-Entry System</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFT Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of Subpart O.

<u>Clearing Corporation</u> shall mean any entity or system established for purposes of providing securities settlement and movement and associated functions for a given market.

Exhibit 99.g

<u>Delegation Schedule</u> shall mean any separate schedule entered into between the Custodian and the Corporation or its authorized representative with respect to certain matters concerning the administration of Investments held outside of the United States and the appointment of "Eligible Foreign Custodians" under the provisions of Rule 17f-5 of the 1940 Act.

<u>Dividend and Transfer Agent</u> shall mean the dividend and transfer agent appointed, from time to time, pursuant to a written agreement between the dividend and transfer agent and the Corporation.

<u>FINRA</u> means the Financial Industry Regulatory Authority.

<u>Foreign Financial Regulatory Authority</u> shall have the meaning given by Section 2(a)(50) of the 1940 Act.

<u>Fund(s)</u> shall mean each series of the Corporation listed in Appendix B and any additional series added pursuant to Written Instructions. A series is individually referred to as a "Fund" and collectively referred to as the "Funds."

<u>Instruction(s)</u> shall mean Oral Instructions or Written Instructions. Instructions may be continuing Written Instructions when deemed appropriate by both parties.

<u>Investment(s)</u> shall mean any investment asset of the Corporation and/or a Fund, including without limitation, Money Market Securities and Securities.

<u>Money Market Security</u> shall mean debt obligations issued or guaranteed as to principal and/or interest by the government of the United States or agencies or instrumentalities thereof, commercial paper, obligations (including certificates of deposit, bankers' acceptances, repurchase agreements and reverse repurchase agreements with respect to the same), and time deposits of domestic banks and thrift institutions whose deposits are insured by the Federal Deposit Insurance Corporation, and short-term corporate obligations where the purchase and sale of such securities normally require settlement in federal funds or their equivalent on the same day as such purchase and sale, all of which mature in not more than thirteen (13) months.

<u>Officer</u> shall mean the Chairman, President, Secretary, Treasurer, any Vice President, Assistant Secretary or Assistant Treasurer of the Corporation.

<u>Oral Instructions</u> shall mean Instructions orally transmitted to and received by the Custodian from an Authorized Person (or from a person that the Custodian reasonably believes in good faith to be an Authorized Person) and confirmed by Written Instructions in such a manner that such Written Instructions are received by the Custodian on the Business Day in accordance with Section 4 herein immediately following receipt of such Oral Instructions, provided, however, The Corporation agrees that the failure of the Custodian to receive such confirming instructions shall in no way affect the validity of the transactions or enforceability of the transactions authorized by such Oral Instructions.

<u>Prospectus</u> shall mean with respect to each Fund, the Fund's then currently effective prospectus and Statement of Additional Information, as filed with and declared effective from time to time by the Securities and Exchange Commission.

<u>SEC</u> shall mean the Securities and Exchange Commission of the United States.

<u>Security or Securities</u> shall mean Money Market Securities, common stock, preferred stock, options, financial futures, bonds, notes, debentures, corporate debt securities, mortgages, bank certificates of deposit, bankers' acceptances, mortgage-backed securities or other obligations and any certificates, receipts, warrants, or other instruments or documents representing rights to receive, purchase, or subscribe for the same or evidencing or representing any other rights or interest therein, or any similar property or assets, including securities of any registered investment company, that the Custodian has the facilities to clear and to service.

Exhibit 99.g

<u>Securities Depository</u> shall mean a central or book entry system or clearing agency established under Applicable Law for purposes of recording the ownership, transfer, and/or entitlement to investment securities for a given market.

<u>Sub-custodian(s)</u> shall mean each Sub-custodian appointed by the Custodian pursuant to Section 8 of this Agreement, but shall not include Securities Depositories.

<u>Corporation</u> shall mean the business Corporation which is the party to this Agreement, and which is an open-end management investment company registered under the Act.

<u>Written Instructions</u> means communications in writing actually received by the Custodian from an Authorized Person in accordance with Section 4. A communication in writing includes a communication by facsimile, telex or between electro-mechanical or electronic devices as set forth in Section 4 (where the use of such devices have been approved by resolution of the Board of Directors and the resolution is certified by an Officer and delivered to the Custodian). All written communications shall be directed to the Custodian, attention: Institutional Corporation Custody Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ***<u>Appointment of Custodian; Acceptance</u>. Corporation*** hereby designates, constitutes, and appoints Custodian as custodian and its foreign custody manager for all Investments and cash owned by each Fund at any time during this Agreement, and Custodian hereby accepts such appointment and agrees to perform the duties thereof as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ***<u>Furnishing of Documents; and Representations and Warranties of Corporation</u>.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement, to the Custodian by the Corporation:

1)

A copy of the Articles of Incorporation of the Corporation certified by the Secretary.

2)

A copy of the By-Laws of the Corporation certified by the Secretary.

3)

A copy of the resolution of the Board of Directors of the Corporation appointing the Custodian, certified by the Secretary.

4)

A copy of the then current Prospectuses.

5)

A Certificate of the President and Secretary of the Corporation setting forth the names and signatures of all Authorized Persons.

In addition, the Corporation agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any Dividend and Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. 2. <u>Representations and Warranties of Corporation</u>: The Corporation makes the following representations and warranties to Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.1 The obligations of the Corporation set forth in this Agreement have been authorized by the Corporation's Board of Directors, acting as such Directors for and on behalf of the Corporation, pursuant to the authority vested in them under the laws of the State of its formation, the Articles of Incorporation and the By-Laws of the Corporation, provided, however, that this Agreement has been executed by Officers of the Corporation as officers, and not individually, and the obligations contained herein are not binding upon any of the Directors, Officers, agents or holders of shares, personally, but bind only the Corporation and then only to the extent of the assets of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 Appendix A sets forth the names and the signatures of all Authorized Persons as of this date. Corporation agrees to furnish to the Custodian a new Appendix A in form similar to the attached Appendix A, if any present Authorized Person ceases to be an Authorized Person or if

Exhibit 99.g

any other or additional Authorized Persons are elected or appointed. Until such new Appendix A shall be received, the Custodian shall be fully protected in acting under the provisions of this Agreement upon Instructions or signatures of the then current Authorized Persons as set forth in the last delivered Appendix A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.3 This Agreement to the best of Corporation's knowledge, does not violate any constitutive document, agreement, judgment, order or decree to which the Corporation is a party or by which it is bound, including without limitation any agreement in effect pertaining to the assets which may be maintained under this Agreement.

2.2.4 By providing a Written Instruction with respect to an acquisition of an Investment in a jurisdiction other than the United States of America, the Corporation shall be deemed to have confirmed to the Custodian that the Corporation has (i) assessed and accepted all material Country or Sovereign Risks and accepted responsibility for their occurrence, (ii) made all determinations required to be made by the Corporation under Applicable Law, and (iii) appropriately and adequately disclosed to all persons who have rights in or to such Investments, all material investment risks, including those relating to the custody and settlement infrastructure or the servicing of securities in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.5. By providing a Written Instruction in respect of an Investment (which Written Instruction may relate to among other things, the execution of trades), the Corporation hereby (i) authorizes Custodian to complete such documentation as may be reasonably required or appropriate for the execution of the Written Instruction, and agrees to be contractually bound to the terms of such documentation "as is" without recourse against Custodian; (ii) represents, warrants and covenants that Corporation has accepted and agreed to comply with all Applicable Law, terms and conditions to which Corporation and/or Corporation's Investment may be bound, including without limitation, requirements imposed by the Investment prospectus or offering circular, subscription agreement, any application or other documentation relating to an Investment (e.g., compliance with suitability requirements and eligibility restrictions); (iii) acknowledges and agrees that Custodian will not be responsible for the accuracy of any information provided to Custodian by or on behalf of the Corporation, or for any underlying commitment or obligation inherent to an Investment; (iv) represents, warrants and covenants that Corporation will not effect any sale, transfer or disposition of Investment(s) held in Custodian's name by any means other than the issuance of an Written Instructions by the Corporation to Custodian; (v) acknowledges that collective investment schemes (and/or their agent(s)) in which the Corporation invests may pay to Custodian certain fees (including without limitation, shareholder servicing and/or trailer fees) in respect of the Corporation's investments in such schemes; (vi) represents, warrants and covenants that Corporation will provide Custodian with such information as is necessary or appropriate to enable Custodian's performance pursuant to an Instruction or under this Agreement; and (vii) represents that unless otherwise disclosed to Custodian in writing, that Corporation is not a "Plan" (which term includes (1) employee benefit plans that are subject to the United States ("US") Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or plans, individual retirement accounts and other arrangements that are subject to Section 4975 of the US Internal Revenue Code of 1986, as amended (the "Code"), (2) plans, individual retirement accounts and other arrangements that are subject to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, and (3) entities the underlying assets of which are considered to include "plan assets" of such plans, accounts and arrangements), or an entity purchasing shares on behalf of, or with the "plan assets" of, a Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **<u>Representations and Warranties of Custodian</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Custodian hereby represents and warrants that it is a national bank duly organized under the laws of the United States of America and that this Agreement has been duly executed by the Custodian and to the best of Custodian's knowledge will not violate any Applicable Law or any agreement, instrument judgment order or decree which Custodian is a party or to which it is bound.

Exhibit 99.g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **<u>Instructions</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Authorized Persons</u>. The Custodian may treat any Authorized Person as having full authority of the Corporation to issue Instructions hereunder The Custodian shall be entitled to rely upon the authority of any Authorized Persons until it receives appropriate written notice from the Custodian to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Form of Instruction</u>. Each Instruction, other than Oral Instructions, shall be transmitted by such secured or authenticated electro-mechanical means as Custodian shall make available to the Corporation from time to time unless the Corporation shall elect to transmit such Written Instruction in accordance with Subsections (a) through (c) of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Written Instructions</u>. Written Instructions may be transmitted in a writing that bears the manual signature of Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Custodian Designated Secured-Transmission Method</u>. Written Instructions may be transmitted through a secured or tested electro-mechanical means identified by the Corporation or by an Authorized Person entitled to give Instruction and acknowledged and accepted by the Custodian and/or its Sub-custodian(s), it being understood that such acknowledgment shall authorize the Custodian to accept such means of delivery but shall not represent a judgment by the Custodian as to the reasonableness or security of the means utilized by the Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Other Forms of Instruction</u>. Instructions may also be transmitted by another means determined by the Corporation or Authorized Persons and acknowledged and accepted by the Custodian and/or its Sub-custodian(s) (subject to the same limits as to acknowledgements as are contained in Subsection (b), above) including Oral Instructions, and Instructions by SWIFT or telefax (whether tested or untested).

When an Instruction is given by means established under Subsections (a) through (c), it shall be the responsibility of the Custodian to use reasonable care to adhere to any security or other procedures established in writing between the Custodian and the Authorized Person with respect to such means of Instruction, but the Authorized Person shall be solely responsible for determining that the particular means chosen is reasonable under the circumstances. If Oral Instructions are transmitted to and received by Custodian from an Authorized Person, Custodian may act on any such instructions which it reasonably and in good faith believes is such an Authorized Person. Oral Instructions shall be binding upon the Custodian only if and when the Custodian takes action with respect thereto. Oral Instructions shall be confirmed by Written Instructions not later than the Business Day immediately following receipt of such Oral Instructions in the manner set forth herein, provided, however, The Corporation agrees that the failure of the Custodian to receive such confirming instructions shall in no way affect the validity of the transactions or enforceability of the transactions hereby authorized by the Corporation. The Corporation agrees that the Custodian shall incur no liability to the Corporation for acting upon Oral Instructions given to the Custodian hereunder concerning such transactions. With respect to telefax instructions, the parties agree and acknowledge that receipt of legible instructions cannot be assured, that the Custodian cannot verify that authorized signatures on telefax instructions are original or properly affixed, and that the Custodian shall not be liable for losses or expenses incurred through actions taken in reliance on inaccurately stated, illegible or unauthorized telefax instructions. The provisions of Section 4A of the Uniform Commercial Code shall apply to funds transfers performed in accordance with Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Completeness and Contents of Instructions</u>. The Authorized Person shall be responsible for assuring the adequacy and accuracy of Instructions. Particularly, upon any acquisition or disposition or other dealing in Investments and upon any delivery and transfer of any Investment or moneys, the person initiating the Instruction shall give the Custodian an Instruction with appropriate detail. If the Custodian determines that an Instruction is either unclear or incomplete, the Custodian may give prompt notice of such determination to the Corporation, and the Corporation shall thereupon amend or otherwise reform the

Exhibit 99.g

Instruction. In such event, the Custodian shall have no obligation to take any action in response to the Instruction initially delivered until the redelivery of an amended or reformed Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 <u>Timeliness of Instructions</u>. In giving an Instruction, the Corporation shall take into consideration delays which may occur due to the involvement of a Sub-custodian or agent, differences in time zones, and other factors particular to a given market, exchange or issuer. When the Custodian has established specific timing requirements or deadlines with respect to particular classes of Instruction, or when an Instruction is received by the Custodian at such a time that it could not reasonably be expected to have acted on such instruction due to time zone differences or other factors beyond its reasonable control, the execution of any Instruction received by the Custodian after such deadline (including any modification or revocation of a previous Instruction) shall be at the risk of the Corporation.

**Purchase and Sale of Investments**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 <u>Delivery of Investments</u>. During the term of this Agreement, Corporation will deliver or cause to be delivered to the Custodian all Investments to be held by the Custodian for the account of any Fund. Custodian will not have any duties or responsibilities with respect to such Investments until actually received by the Custodian. The Custodian is hereby authorized by the Corporation, acting on behalf of a Fund, to actually deposit any assets of the Fund in the Book-Entry System or in a Securities Depository, provided, however, that the Custodian shall be accountable to the Corporation for the assets of the Fund so deposited. Assets deposited in the Book-Entry System or the Security Depository will be represented in accounts which include only assets held by the Custodian for customers, including but not limited to accounts in which the Custodian acts in a fiduciary or representative capacity. As and when received, the Custodian shall deposit to the account(s) of a Fund any and all payments for Shares of that Fund issued or sold from time to time as they are received from the Corporation's distributor or Dividend and Transfer Agent or from the Corporation itself. The Custodian shall not be responsible for any Securities, moneys or other assets of any Fund until actually received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. 1.1

<u>Purchase of Investments</u>. Promptly after each purchase of Investments by the Corporation, the Corporation shall deliver to the Custodian (i) with respect to each purchase of Investments which are not Money Market Securities, Written Instructions, and (ii) with respect to each purchase of Money Market Securities, Oral or Written Instructions, specifying with respect to each such purchase the:

1)

Name of the issuer and the title of the securities;

2)

Number of shares, principal amount purchased (and accrued interest, if any) or other units purchased;

3)

Date of purchase and settlement;

4)

Purchase price per unit;

5)

Total amount payable;

6)

Name of the person from whom, or the broker through which, the purchase was made;

7)

Name of the person to whom such amount is payable; and

8)

Name of the Fund for which the purchase was made.

The Custodian shall, against receipt of Investments purchased by or for the Corporation, pay out of the moneys held for the account of such Fund the total amount specified in the Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Investments for a Fund, if in the relevant Fund custody account there is insufficient cash available to the Fund for which such purchase was made. With respect to any repurchase agreement transaction for the Funds, the Custodian shall assure that the collateral reflected on the transaction advice is received by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. <u>Sale of Investments</u>. Promptly after each sale of Investments by a Fund, the Corporation shall deliver to the Custodian (i) with respect to each sale of Investments which are not Money Market Securities, Written Instructions, and (ii) with respect to each sale of Money Market Securities, Oral or Written Instructions, specifying with respect to each such sale the:

Exhibit 99.g

1)

Name of the issuer and the title of the Investments;

2)

Number of shares, principal amount sold (and accrued interest, if any) or other units sold;

3)

Date of sale and settlement;

4)

Sale price per unit;

5)

Total amount receivable;

6)

Name of the person to whom, or the broker through which, the sale was made,

7)

Name of the person to whom such Investments are to be delivered, and

8)

Fund for which the sale was made;

The Custodian shall deliver the Investments against receipt of the total amount specified in the Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 <u>Delivery Versus Payment for Purchases and Sales</u>. Purchases and sales of Investments effected by Custodian will be made on a delivery versus payment basis in accordance with generally accepted trade practices, or the terms of the instrument representing such Investment. The Custodian may, in its sole discretion, upon receipt of Written Instructions, elect to settle a purchase or sale transaction in some other manner, but only upon receipt of acceptable indemnification from the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 <u>Payment on Settlement Date</u>. On contractual settlement date, the account of the Fund will be charged for all purchased Investments settling on that day, regardless of whether or not delivery is made. Likewise, on contractual settlement date, proceeds from the sale of Investments settling that day will be credited to the account of Fund, irrespective of delivery. Exceptions to contractual settlement on purchases and sales, that will continue to settle delivery versus payment, include real estate, venture capital, international trades, open-ended mutual funds, non standard depository settlements and in-kind trades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 <u>Segregated Accounts</u>. The Custodian shall, upon receipt of Written Instructions so directing it, establish and maintain a segregated account or accounts for and on behalf of a Fund. Cash and/or Investments may be transferred into such account or accounts for specific purposes, to-wit:

1)

In accordance with the provision of any agreement among the Corporation, the Custodian, and a broker-dealer registered under the 1934 Act, and also a member of the FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of the Options Clearing Corporation and of any registered national securities exchange, the Commodity Futures Trading Commission, any registered contract market, or any similar organization or organizations requiring escrow or other similar arrangements in connection with transactions by the Fund;

2)

For purposes of segregating cash or Investments in connection with options purchased, sold, or written by the Fund or commodity futures contracts or options thereon purchased or sold by the Fund;

3)

For the purpose of compliance by the Fund with the procedures required for reverse repurchase agreements, firm commitment agreements, standby commitment agreements, short sales, or any other securities by Act Release No. 10666, or any subsequent release or releases or rule of the SEC relating to the maintenance of segregated accounts by registered investment companies;

4)

For the purpose of segregating collateral for loans of Investments made by the Fund; and

5)

For other proper corporate purposes, but only upon receipt of, in addition to Instructions, a copy of a resolution of the Board of Directors, certified by an Officer, setting forth the purposes of such segregated account.

Each segregated account established hereunder shall be established and maintained for a single Fund only. All Instructions relating to a segregated account shall specify the Fund involved.

Exhibit 99.g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6 <u>Advances for Settlement</u>. Except as otherwise may be agreed upon by the parties hereto, Custodian shall not be required to comply with any Instructions to settle the purchase of any Investments on behalf of a Fund unless there is sufficient cash in the account(s) pertaining to such Fund at the time or to settle the sale of any Investments from such an account(s) unless such Investments are in deliverable form. Notwithstanding the foregoing, if the purchase price of such Investments exceeds the amount of cash in the account(s) at the time of such purchase, Custodian may, in its sole discretion, advance the amount of the difference in order to settle the purchase of such Investments. The amount of any such advance shall be deemed a loan from Custodian to Corporation payable on demand and bearing interest accruing from the date such loan is made up to but not including the date such loan is repaid at the rate per annum customarily charged by Custodian on similar loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.7.

<u>Safekeeping of Corporation Assets</u>. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Sub-custodians, or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Sub-custodians. The Custodian shall hold Investments for the account of the Corporation and shall segregate Investments from assets belonging to the Custodian and shall cause its Sub-custodians to segregate Investments from assets belonging to the Sub-custodian in an account held for the Corporation or in an account maintained by the Sub-custodian generally for non-proprietary assets of the Custodian. In the event of a loss of a Security for which loss the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Security, or in the event that such replacement cannot be effected, the Custodian shall pay to the Corporation the fair market value of such Investment based on the last available price as of the close of business in the relevant market on the date that a claim was first made to the Custodian with respect to such loss, or, such other lesser amount as shall be agreed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Administrative Duties Custodian**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Duties</u>. Custodian shall perform the following administrative duties with respect to and in connection with Investments of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Segregation of Non-Cash Assets; Use of Securities Depositories</u>. All Investments and non-cash property held by the Custodian for the account of a Fund (other than Investments maintained in a Securities Depository or Book-entry System) shall be physically segregated from other Investments and non-cash property in the possession of the Custodian (including the Investments and non-cash property of the other Funds) and shall be identified as subject to this Agreement. The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Sub-custodians appointed by the Custodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Sub-custodian, as the case may be, and (b) in an account for the Corporation or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Securities Depository. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Sub-custodian or (any agent of either) from holding its client assets in such a separate account, the Custodian, the Sub-custodian or other agent shall as appropriate segregate such Investments for the benefit of the Corporation from the assets held for the benefit of clients of the Custodian's generally on its own books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Securities in Bearer and Registered Form</u>. All Investments held which are issued or issuable only in bearer form, shall be held by the Custodian in that form; all other Investments held for a Fund may be registered in the name of the Custodian, any sub-custodian appointed in accordance with this Agreement, or the nominee of any of them. The Corporation agrees to furnish to the Custodian appropriate instruments to enable the Custodian to hold, or deliver in proper form for transfer, any Investments that it may hold for the account of any Fund and which may, from time to time, be registered in the name of a Fund. Investments which are certificated may be held in registered or bearer form: (a) in the Custodian's vault; (b) in the vault of a Sub-custodian or agent of the Custodian or a Sub-custodian; or (c) in an account maintained by the Custodian, Sub-custodian or agent at a Securities Depository, all in accordance with customary market practice in the jurisdiction in which any Investments are held. Investments which are

Exhibit 99.g

registered may be registered in the name of the Custodian, a Sub-custodian, or in the name of the Corporation or a nominee for any of the foregoing, and may be held in any manner set forth in this Section 6 with or without any identification of fiduciary capacity in such registration. Investments which are represented by book-entry may be so held in an account maintained by the book-entry agent on behalf of the Custodian, a Sub-custodian, an Agent of the Custodian, or a Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Duties of Custodian as to Securities</u>. Unless otherwise instructed by the Corporation, with respect to all Investments held for the Corporation, the Custodian shall:

1)

Collect all income due and payable with respect to such Investments;

2)

Present for payment and collect amounts payable upon all Investments which may mature or be called, redeemed, or retired, or otherwise become payable;

3)

Surrender interim receipts or Investments in temporary form for Securities in definitive form; and

4.)

Execute, as Custodian, any necessary declarations or certificates of ownership under the Federal income tax laws or the laws or regulations of any other taxing authority, including any foreign taxing authority, now or hereafter in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Certain Actions Upon Written Instructions</u>. Upon receipt of a Written Instructions and not otherwise, the Custodian shall:

1)

Execute and deliver to such persons as may be designated in such Written Instructions proxies, consents, authorizations, and any other instruments whereby the authority of the Corporation as beneficial owner of any Investments may be exercised;

2)

Deliver any Investments in exchange for other Investments or cash issued or paid in connection with the liquidation, reorganization, refinancing, merger, consolidation, or recapitalization of any corporation, or the exercise of any conversion privilege;

3)

Deliver any Investments to any protective committee, reorganization committee, or other person in connection with the reorganization, refinancing, merger, consolidation, recapitalization, or sale of assets of any corporation, and receive and hold under the terms of this Agreement such certificates of deposit, interim receipts or other instruments or documents as may be issued to it to evidence such delivery;

4)

Make such transfers or exchanges of the assets of any Fund and take such other steps as shall be stated in the Written Instructions to be for the purpose of effectuating any duly authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Corporation; and

5)

Deliver any Securities held for any Fund to the depository agent for tender or other similar offers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Custodian to Deliver Proxy Materials</u>. The Custodian shall promptly deliver to the Corporation all notices, proxy material and executed but un-voted proxies pertaining to shareholder meetings of Securities held by any Fund. The Custodian shall not vote or authorize the voting of any Securities or give any consent, waiver or approval with respect thereto unless so directed by Written Instructions.

Exhibit 99.g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Custodian to Deliver Tender Offer Information</u>. The Custodian shall promptly deliver to the Corporation all information received by the Custodian and pertaining to Securities held by any Fund with respect to tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Corporation desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Corporation shall notify the Custodian at least five Business Days prior to the date on which the Custodian is to take such action. The Corporation will provide or cause to be provided to the Custodian all relevant information for any Investment which has unique put/option provisions at least five Business Days prior to the beginning date of the tender period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Custodian to Deliver Security and Transaction Information</u>. On each Business Day that the Federal Reserve Bank is open, the Custodian shall furnish the Corporation with a detailed statement of monies held for the Fund under this Agreement and with confirmations and a summary of all transfers to or from the account of the Fund. At least monthly and from time to time, the Custodian shall furnish the Corporation with a detailed statement of the Securities held for the Fund under this Agreement. Where Securities are transferred to the account of the Fund without physical delivery, the Custodian shall also identify as belonging to the Fund a quantity of Securities in a fungible bulk of Securities registered in the name of the Custodian (or its nominee) or shown on the Custodian's account on the books of the Book-Entry System or the Depository. With respect to information provided by this section, it shall not be necessary for the Custodian to provide formal Notice as described below. It shall be sufficient to communicate by such means as shall be mutually agreeable to the Corporation and the Custodian.

6.2 <u>Contractual Obligations and Similar Investments</u>. From time to time, a Fund's assets may include Investments that are not ownership interests as may be represented by certificate (whether registered or bearer), by entry in a Securities Depository or by Book-entry Agent, registrar or similar agent for recording ownership interests in the relevant Investment. If the Fund shall at any time acquire such Investments, including without limitation deposit obligations, loan participations, repurchase agreements and derivative arrangements, the Custodian shall (a) receive and retain, to the extent the same are provided to the Custodian, confirmations or other documents evidencing the arrangement; and (b) perform on the Fund's account in accordance with the terms of the applicable arrangement, but only to the extent directed to do so by Written Instruction. The Custodian shall have no responsibility for agreements running to the Corporation as to which it is not a party other than to retain, to the extent the same are provided to the Custodian, documents or copies of documents evidencing the arrangement and, in accordance with Written Instruction, to include such arrangements in reports made to the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Ownership Certificates and Disclosure of the Custodian's Interest</u>. The Custodian is hereby authorized to execute on behalf of the Corporation ownership certificates, affidavits or other disclosure required under Applicable Law or established market practice in connection with the receipt of income, capital gains or other payments by the Corporation with respect to Investments, or in connection with the sale, purchase or ownership of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Distribution of Assets</u>. The Corporation shall furnish to the Custodian a copy of the resolution of the Board of Directors of the Corporation, certified by the Corporation's Secretary, either (i) setting forth the date of the declaration of any dividend or distribution in respect of Shares of any Fund of the Corporation, the date of payment thereof, the record date as of which the Fund shareholders entitled to payment shall be determined, the amount payable per share to Fund shareholders of record as of that date, and the total amount to be paid by the Dividend and Transfer Agent on the payment date, or (ii) authorizing the declaration of dividends and distributions in respect of Shares of a Fund on a daily basis and authorizing the Custodian to rely on Written Instructions setting forth the date of the declaration of any such dividend or distribution, the date of payment thereof, the record date as of which the Fund shareholders entitled to payment shall be determined, the amount payable per share to Fund shareholders of record as of that date, and the total amount to be paid by the Dividend and Transfer Agent on the payment date. On the payment date specified in the resolution or Written Instructions described above, the Custodian shall segregate such amounts from moneys held for the account of the Fund so that they are available for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.1 &nbsp;&nbsp;&nbsp;&nbsp;<u>Segregation of Redemption Proceeds</u>. Upon receipt of Written Instructions so directing it, the Custodian shall segregate amounts necessary for the payment of redemption proceeds to

Exhibit 99.g

be made by the Dividend and Transfer Agent from moneys held for the account of the Fund so that they are available for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.2 <u>Disbursements of Custodian</u>. Upon receipt of a Written Instruction directing payment and setting forth the name and address of the person to whom such payment is to be made, the amount of such payment, the name of the Fund from which payment is to be made, and the purpose for which payment is to be made, the Custodian shall disburse amounts as and when directed from the assets of that Fund. The Custodian is authorized to rely on such directions and shall be under no obligation to inquire as to the propriety of such directions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.3 <u>Payment of Custodian Fees</u>. Upon receipt of Written Instructions directing payment, the Custodian shall disburse moneys from the assets of the Corporation in payment of the Custodian's fees and expenses as provided in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4.4. Sufficient Funds for Payment. The Custodian shall not be under any obligation to pay out moneys to cover any of the foregoing payments if in the relevant Fund account there is insufficient cash available to the Fund for which such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Other Dealings</u>. The Custodian shall otherwise act as directed by Instruction, including without limitation effecting the free payments of moneys or the free delivery of Investments, provided that such Instruction shall indicate the purpose of such payment or delivery and that the Custodian shall record the party to whom the payment or delivery is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Nondiscretionary Details</u>. The Custodian shall attend to all nondiscretionary details in connection with the sale or purchase or other administration of Investments, except as otherwise directed by an Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **Cash Accounts, Deposits, Money Movements, & Corporation Borrowings**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Cash Deposits</u>. During the term of this Agreement, Corporation will deliver or cause to be delivered to Custodian all moneys to be held by the Custodian for the account of any Fund. Subject to the terms and conditions set forth in this Section 7, the Corporation hereby authorizes the Custodian to open and maintain, with itself or with Sub-custodians, cash accounts in United States Dollars, in such other currencies as are the currencies of the countries in which Corporation maintains Investments or in such other currencies as Corporation shall from time to time request by Written Instruction. Notwithstanding anything in this Agreement to contrary effect, the Corporation shall be liable as principal for any overdrafts occurring in any cash accounts. Custodian shall be entitled to reverse any deposits made on Corporation's or any Fund's behalf where such deposits have been entered and moneys are not finally collected within 20 days of the making of such entry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 <u>Types of Accounts</u>. Cash accounts opened on the books of the Custodian (Principal Accounts) shall be opened in the name of the Corporation, coupled with the name of such Fund. Custodian shall hold all cash received by it for the account of the Corporation or any Fund in accordance with Rule 17f-3 under the Act. Such accounts collectively shall be a deposit obligation of the Custodian and shall be subject to the terms of this Section 7 and the general liability provisions contained in this Agreement. Cash accounts opened on the books of a Sub-custodian may be opened in the name of the Corporation or the Sub-custodian or in the name of its Sub-custodian for its customers generally (Agency Accounts). Such deposits shall be obligations of the Sub-custodian, and shall be treated as an Investment of the Corporation. Accordingly, the Custodian shall be responsible for exercising reasonable care in the administration of such accounts but shall not be liable for their repayment in the event such Sub-custodian by reason of its bankruptcy, insolvency or otherwise, fails to make repayment through no fault of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.2 <u>Administrative Accounts</u>. In connection with the services provided hereunder, the Custodian is hereby directed to open cash accounts on its books and records from time to time for

Exhibit 99.g

the purposes of receiving subscriptions and/or processing redemptions on behalf of the Corporation, and/or for the purposes of aggregating, netting and/or clearing transactions (including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes, each on behalf of the Corporation. Each such account shall be subject to the terms and conditions of this Agreement and the Corporation shall be liable for the satisfaction of its own obligations in connection with each such account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Payments and Credits with Respect to the Cash Accounts</u>. The Custodian shall make payments from or deposits to any of the cash accounts in the course of carrying out its administrative duties, including but not limited to income collection with respect to Investments, and otherwise in accordance with Instructions. The Custodian and its Sub-custodians shall be required to credit amounts to the cash accounts only when moneys are actually received in cleared funds in accordance with banking practice in the country and currency of deposit. Any credit made to any Principal or Agency Account or any other Fund account before actual receipt of cleared funds shall be provisional and may be reversed by the Custodian or its Sub-custodian in the event such payment is not actually collected. Unless otherwise specifically agreed in writing by the Custodian or any Sub-custodian, all deposits shall be payable only at the branch of the Custodian or Sub-custodian where the deposit is made or carried.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 <u>Currency and Related Risks</u>. The Corporation bears risks of holding or transacting in any currency, including any mark to market exposure associated with a foreign exchange transaction undertaken with or through the Custodian. Neither the Custodian nor any Sub-custodian shall be liable for any loss or damage arising from the applicability of any law or regulation now or hereafter in effect, or from the occurrence of any event, which may delay or affect the transferability, convertibility or availability of any currency in the country (a) in which such Principal or Agency Accounts are maintained or (b) in which such currency is issued, and in no event shall the Custodian or any Sub-custodian be obligated to make payment of a deposit denominated in a currency during the period during which its transferability, convertibility or availability has been affected by any such law, regulation or event. Without limiting the generality of the foregoing, neither the Custodian nor any Sub-custodian shall be required to repay any deposit made at a foreign branch of either the Custodian or any Sub-custodian if such branch cannot repay the deposit due to a cause for which the Custodian would not be responsible in accordance with the terms of Section 9 of this Agreement unless the Custodian or such Sub-custodian expressly agrees in writing to repay the deposit under such circumstances. All currency transactions in any account opened pursuant to this Agreement are subject to exchange control regulations of the United States and of the country where such currency is the lawful currency or where the account is maintained. Any taxes, costs, charges or fees imposed on the convertibility of a currency held by the Corporation shall be for the account of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 <u>Foreign Exchange Transactions</u>. The Custodian shall, subject to the terms of this Section, settle foreign exchange transactions (including contracts, futures, options and options on futures) on behalf and for the account of the Corporation with such currency brokers or banking institutions, including Sub-custodians, as the Corporation may direct pursuant to Instructions. The obligations of the Custodian in respect of all foreign exchange transactions shall be contingent on the free, unencumbered transferability of the currency transacted on the actual settlement date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 <u>Third Party Foreign Exchange Transactions</u>. The Custodian shall process foreign exchange transactions (including without limitation contracts, futures, options, and options on futures), where any third party acts as principal counterparty to the Corporation on the same basis, if any, that it performs duties as agent for the Corporation with respect to any other of the Corporation's investments. Accordingly, the Custodian shall only be responsible for delivering or receiving currency on behalf of the Corporation in respect of such contracts pursuant to Written Instructions. The Custodian shall not be responsible for the failure of any counterparty (including any Sub-custodian) in such agency transaction to perform its obligations thereunder. The Custodian (a) shall transmit cash and Written Instructions to and from the currency broker or banking institution with which a foreign exchange contract or option has been executed pursuant hereto, (b) may make free outgoing payments of cash in the form of Dollars or foreign currency without receiving confirmation of a foreign exchange contract or option or confirmation that the

Exhibit 99.g

countervalue currency completing the foreign exchange contract has been delivered or received or that the option has been delivered or received, (c) may, in connection with cash payments made to third party currency broker/dealers for settlement of the Corporation's foreign exchange spot or forward transactions, foreign exchange swap transactions and similar foreign exchange transactions, process settlements using the banking facilities selected by Custodian from time to time according to such banking facilities standard terms, and (d) shall hold all confirmations, certificates and other documents and agreements received by the Custodian and evidencing or relating to such foreign exchange transactions in safekeeping. The Corporation accepts full responsibility for its use of third-party foreign exchange dealers and for execution of said foreign exchange contracts and options and understands that the Corporation shall be responsible for any and all costs and interest charges which may be incurred by the Corporation or the Custodian as a result of the failure or delay of third parties to deliver foreign exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 <u>Delays</u>. If no event of Force Majeure shall have occurred and be continuing and in the event that a delay shall have been caused by the negligence or willful misconduct of the Custodian in carrying out an Instruction to credit or transfer cash, the Custodian shall be liable to the Corporation: (a) with respect to Principal Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Custodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected; and, (b) with respect to Agency Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Sub-custodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected. The Custodian shall not be liable for delays in carrying out such Instructions to transfer cash which are not due to the Custodian's own negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 <u>Advances</u>. With respect to any advances of cash made by the Custodian to or for the benefit of a Fund for any purpose which results in the Fund incurring an overdraft at the end of any Business Day, such advance shall be repayable immediately upon demand made by the Custodian at any time. The Custodian may, in its sole discretion, charge interest accruing from the date of such overdraft to but not including the date of such repayment at the rate per annum customarily charged by the Custodian on similar overdrafts. In addition, the Custodian shall have an automatically perfected statutory security interest in any Investments purchased with any such unpaid Advance pursuant to Section 9-206 of the Uniform Commercial Code as in effect in the State of Ohio from time to time and that the Custodian may take any further actions that the Custodian may reasonably require to collect such unpaid Advance. In addition, for purposes hereof, deposits maintained in all Principal Accounts (whether or not denominated in Dollars) shall collectively constitute a single and indivisible current account with respect to the Corporation's obligations to the Custodian for any unpaid Advances, and balances in such Principal Accounts shall be available for satisfaction of the Corporation's obligations under this Section 7. The Custodian shall further have a right of offset against the balances in any Agency Account maintained hereunder to the extent that the aggregate of all Principal Accounts is overdrawn.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 <u>Borrowings</u>. In connection with any borrowings by the Corporation ,the Corporation will cause to be delivered to the Custodian by a bank or broker requiring securities as collateral for such borrowings (including the Custodian if the borrowing is from the Custodian), a notice or undertaking in the form currently employed by such bank or broker setting forth the amount of collateral. The Corporation shall promptly deliver to the Custodian Written Instructions specifying with respect to each such borrowing: (a) the name of the bank or broker, (b) the amount and terms of the borrowing, which may be set forth by incorporating by reference an attached promissory note duly endorsed by the Corporation ,or a loan agreement, (c) the date, and time if known, on which the loan is to be entered into, (d) the date on which the loan becomes due and payable, (e) the total amount payable to the Corporation on the borrowing date, and (f) the description of the securities securing the loan, including the name of the issuer, the title and the number of shares or other units or the principal amount. The Custodian shall deliver on the borrowing date specified in the Written Instructions the required collateral against the lender's delivery of the total loan amount then payable, provided that the same conforms to that which is described in the Written Instructions. The Custodian shall deliver, in the manner directed by the Corporation ,such securities as additional collateral, as may be specified in Written Instructions, to secure further any

Exhibit 99.g

borrowing transaction. The Corporation shall cause all securities released from collateral status to be returned directly to the Custodian and the Custodian shall receive from time to time such return of collateral as may be tendered to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Domestic and Foreign Sub-custodians; Securities Depositories</u>**. Subject to the provisions hereinafter set forth in this Section 8, the Corporation hereby authorizes the Custodian to utilize Securities Depositories to act on behalf of the Corporation and the Fund(s) and to appoint from time to time (and at any time remove) and to utilize agents (Agents) and sub-custodians ("Sub-custodians") to carry out some or all of the duties and obligations of Custodian under this Agreement provided, however, that the appointment of such agents and Sub-custodians shall not relieve the Custodian of its administrative obligations under this Agreement. The list of the Custodian's current Agents and Sub-custodians is attached hereto on Appendix C. With respect to securities and cash held by a Sub-custodian, either directly or indirectly (including by a Securities Depository), notwithstanding any provisions of this Agreement to the contrary, payment for securities purchased and delivery of securities sold may be made prior to receipt of securities or payment, respectively, and securities or payment may be received in a form, in accordance with (a) governmental regulations, (b) rules of Securities Depositories and Clearing Corporations, (c) generally accepted trade practice in the applicable local market, (d) the terms and characteristics of the particular Investment, or (e) the terms of Written Instructions. The Funds shall reimburse the Custodian for all costs incurred by the Custodian in connection with opening accounts with any such Agents or Sub-custodians. Upon request, the Custodian shall promptly forward to the Corporation any documents it receives from any Agent or Sub-custodian appointed hereunder which may assist Directors of registered investment companies to fulfill their responsibilities under Rule 17f-5 of the Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Domestic Subcustodians and Securities Depositories</u>. The Custodian may deposit and/or maintain, either directly or through one or more Agents appointed by the Custodian, Investments of the Corporation or its Funds in any Securities Depository in the United States, including The Depository Corporation Company, provided such Securities Depository meets applicable requirements of the Federal Reserve Bank or of the Securities and Exchange Commission. The Custodian may, at any time, appoint any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder to act on behalf of the Corporation or the Funds as a Sub-custodian for purposes of holding Investments of the Corporation in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Foreign Subcustodians and Securities Depositories</u>. Unless instructed otherwise by the Corporation ,the Custodian may deposit and/or maintain non-U.S. Investments of the Corporation or its Funds in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.4 below, the Custodian shall have prepared or obtained from an Agent or Sub-custodian, and shall have delivered to the Corporation ,an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time and pursuant to the provisions of Appendix E to this Agreement, appoint (a) any bank, Corporation company or other entity meeting the requirements of an "eligible foreign custodian" under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder, to act on behalf of the Corporation or its Funds as a Sub-custodian for purposes of holding Investments of the Corporation and/or its Funds outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Review of Sub-custodians</u>. From time to time, the Custodian may agree to perform certain reviews of Sub-custodians at the Corporation's request. In such event, the Custodian's duties and obligations with respect to this review will be performed in accordance with the terms of the attached 17f-5 Delegation Schedule to this Agreement.

Exhibit 99.g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Approval of Foreign Sub-custodians</u>. Unless and except to the extent that the Corporation has requested and the Custodian has accepted delegation of the appointment of Sub-custodians, the Custodian shall, prior to the appointment of any Sub-custodian for purposes of holding Investments of the Corporation or its Funds outside the United States, obtain written confirmation of the approval of the Corporation with respect to the identity of such Sub-custodian, such approval to be signed by an Authorized Person. A Written Instruction to open an account in a given country shall comprise authorization by the Corporation for the Custodian to hold assets in such country in accordance with the terms of this Agreement. The Sub-custodian shall not be required to make independent inquiry as to the authorization of the Corporation or its Fund to invest in such country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>Monitoring and Risk Assessment of Securities Depositories</u>. Prior to the placement of any assets of the Corporation or its Funds with a non-U.S. Securities Depository, the Custodian: (a) shall provide to the Corporation an assessment of the custody risks associated with maintaining assets within such Securities Depository; and (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository on a continuing basis and to promptly notify the Corporation of any material changes in such risk. In performing its duties under this subsection, the Custodian shall use reasonable care and may rely on such reasonable sources of information as may be available including but not limited to: (i) published ratings; (ii) information supplied by a Sub-custodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant foreign financial regulatory authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has performed its monitoring and assessment duties with reasonable care, prudence and diligence. The risk assessment shall be provided to the Corporation by such means as the Custodian shall reasonably establish. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Corporation and the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Responsibility for Sub-custodians</u>. Except as provided in the last sentence of this Section 8.6, the Custodian shall be liable to the Corporation for any loss or damage to the Corporation caused by or resulting from the acts or omissions of any Sub-custodian to the extent that such acts or omissions would be deemed to be negligence, gross negligence or willful misconduct in accordance with the terms of the relevant Sub-custodian agreement under the laws, circumstances and practices prevailing in the place where the act or omission occurred. The liability of the Custodian in respect of the countries and Sub-custodians so designated by the Custodian, from time to time shall be subject to the additional condition that the Custodian actually recovers such loss or damage from the Sub-custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 <u>New Countries</u>. The Corporation shall be responsible for informing the Custodian sufficiently in advance of a proposed investment which is to be held in a country in which no Sub-custodian is authorized to act in order that the Custodian shall, if it deems appropriate to do so, have sufficient time to establish a sub-custodial arrangement in accordance herewith. In the event the Custodian is unable to establish such arrangements prior to the time the Investment is to be acquired, the Custodian is authorized to designate at its discretion a local safekeeping Agent, and the use of such local safekeeping Agent shall be at the sole risk of the Corporation ,and accordingly the Custodian shall be responsible to the Corporation for the actions of the Agent if and only to the extent the Custodian shall have recovered from the Agent for any damages caused the Corporation by the Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Responsibility of Custodian</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Limitations on Liability of Custodian</u>. Except as otherwise provided herein, the Custodian shall not be liable for any loss or damage, including counsel fees, resulting from its action or omission to act or otherwise, except for any such loss or damage arising out of its negligence or willful misconduct. The Corporation ,on behalf of the Fund and only from assets of the Fund (or insurance purchased by the Corporation with respect to its liabilities on behalf of the Fund hereunder), shall defend, indemnify and hold harmless the Custodian and its directors, officers, employees and agents with respect to

Exhibit 99.g

any loss, claim, liability or cost (including reasonable attorneys' fees) arising or alleged to arise from or relating to the Corporation's duties hereunder or any other action or inaction of the Corporation or its Directors, officers, employees or agents, except such as may arise from the negligent action, negligent omission, willful misconduct or any breach of this Agreement by the Custodian, its directors, officers, employees or agents, provided, however, the Corporation shall not in any event be liable for any special, incidental, consequential, or punitive damages. The Custodian shall defend, indemnify and hold harmless the Corporation and its Directors, officers, employees or agents with respect to any loss, claim, liability or cost (including reasonable attorneys' fees) arising or alleged to arise from actual losses, claims, damages, costs, expenses and liabilities asserted against, imposed upon or incurred by the Corporation resulting from any negligent action taken or omission or willful misconduct by the Custodian in accordance with the terms of this Agreement, or a material breach of any of the Custodian's duties as specifically set forth in this Agreement, except such as may arise from the negligent action, omission or willful misconduct of the Corporation ,its Directors, officers, employees, or agents, provided, further, however, that Custodian shall not in any event be liable for any any special, incidental, consequential, or punitive damages. The Custodian may, with respect to questions of law apply for and obtain the advice and opinion of counsel to the Corporation at the expense of the Fund, or of its own counsel at its own expense, and shall be fully protected with respect to anything done or omitted by it in good faith in conformity with the advice or opinion of counsel to the Corporation ,and shall be similarly protected with respect to anything done or omitted by it in good faith in conformity with advice or opinion of its counsel, unless counsel to the Fund shall, within a reasonable time after being notified of legal advice received by the Custodian, have a differing interpretation of such question of law. The Custodian shall be liable to the Corporation for any proximate loss or damage resulting from the use of the Book-Entry System or any Depository arising by reason of any negligence, misfeasance or misconduct on the part of the Custodian or any of its employees, agents, nominees or Sub-Custodians, but not for any special, incidental, consequential, or punitive damages; provided, however, that nothing contained herein shall preclude recovery by the Corporation ,on behalf of the Fund, of principal and of interest to the date of recovery on Investments incorrectly omitted from the Fund's account or penalties imposed on the Corporation ,in connection with the Fund, for any failures to deliver Securities. In any case in which one party hereto may be asked to indemnify the other or hold the other harmless, the party from whom indemnification is sought (the "Indemnifying Party") shall be advised of all pertinent facts concerning the situation in question, and the party claiming a right to indemnification (the "Indemnified Party") will use reasonable care to identify and notify the Indemnifying Party promptly concerning any situation which presents or appears to present a claim for indemnification against the Indemnifying Party. The Indemnifying Party shall have the option to defend the Indemnified Party against any claim which may be the subject of the indemnification, and in the event the Indemnifying Party so elects, such defense shall be conducted by counsel chosen by the Indemnifying Party and satisfactory to the Indemnified Party and the Indemnifying Party will so notify the Indemnified Party and thereupon such Indemnifying Party shall take over the complete defense of the claim and the Indemnifying Party shall sustain no further legal or other expenses in such situation for which indemnification has been sought under this paragraph, except the reasonable expenses of any additional counsel retained by the Indemnified Party. In no case shall any party claiming the right to indemnification confess any claim or make any compromise in any case in which the other party has been asked to indemnify such party (unless such confession or compromise is made with such other party's prior written consent). The provisions of this Section 9.1 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Specific Actions Not Required by Custodian</u>. Without limiting the generality of the foregoing, the Custodian, acting in the capacity of custodian hereunder, shall be under no obligation to inquire into, and shall not be liable for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The validity of the issue of any Securities purchased by or for the account of Corporation ,the legality of the purchase thereof, or the propriety of the amount paid therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The legality of the sale of any Securities by or for the account of Corporation ,or the propriety of the amount for which the same are sold;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The legality of the issue or sale of any Shares of any Fund, or the sufficiency of the amount to be received therefor;

Exhibit 99.g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The legality of the redemption of any Shares of any Fund, or the propriety of the amount to be paid therefor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The legality of the declaration or payment of any dividend by Corporation in respect of Shares of any Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The legality of any borrowing by Corporation or any Fund, using Securities as collateral;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Whether the Corporation is in compliance with the 1940 Act or the regulations thereunder; the provisions of the Corporation's Articles of Incorporation, certificate of incorporation, by-laws, or other constitutive document; Applicable Law; or any directives by the directors or shareholders of the Corporation ,or its investment objectives and policies as then in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Limitations of Performance</u>. The Custodian shall not be responsible under this Agreement for any failure to perform its duties, and shall not be liable hereunder for any loss, claim, or damage in association with such failure to perform, for or in consequence of the following causes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.1 <u>Force Majeure</u>. Force Majeure shall mean any circumstance or event which is beyond the reasonable control of the Custodian, a Sub-custodian or any agent of the Custodian or a Sub-custodian and which adversely affects the performance by the Custodian of its obligations hereunder, by the Sub-custodian of its obligations under its sub-custody agreement or by any other agent of the Custodian or the Sub-custodian, including any event caused by, arising out of or involving (a) an act of God, (b) accident, fire, water or wind damage or explosion, (c) any computer, system or other equipment failure or malfunction caused by any computer virus or the malfunction or failure of any communications medium, (d) any interruption of the power supply or other utility service, (e) any strike or other work stoppage, whether partial or total, (f) any delay or disruption resulting from or reflecting the occurrence of any Country or Sovereign Risk, (g) any disruption of, or suspension of trading in, the securities, commodities or foreign exchange markets, whether or not resulting from or reflecting the occurrence of any Country or Sovereign Risk, (h) any encumbrance on the transferability of a currency or a currency position on the actual settlement date of a foreign exchange transaction, whether or not resulting from or reflecting the occurrence of any Country or Sovereign Risk, or (i) any other cause similarly beyond the reasonable control of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.2 <u>Country Risk</u>. Country Risk shall mean, with respect to the acquisition, ownership, settlement or custody of Investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of Investments including (a) the prevalence of crime and corruption, (b) the inaccuracy or unreliability of business and financial information, (c) the instability or volatility of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement infrastructure of the market in which such Investments are transacted and held, (e) the acts, omissions and operation of any Securities Depository, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.3 <u>Sovereign Risk</u>. Sovereign Risk shall mean, in respect of any jurisdiction, including the United States of America, where an Investment is acquired or held hereunder or under a sub-custody agreement, (a) any act of war, terrorism, riot, insurrection or civil commotion, (b) the imposition of any investment, repatriation or exchange control restrictions by any Governmental Authority, (c) the confiscation, expropriation or nationalization of any Investment or cash deposit by any Governmental Authority, whether de facto or de jure, (d) any devaluation or revaluation of the currency, (e) the imposition of taxes, levies or other charges affecting Investments or cash

Exhibit 99.g

deposits, (f) any change in the Applicable Law, or (g) any other economic or political risk incurred or experienced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.4 <u>Failure of Third Parties</u>. The failure of any third party including: (a) any issuer of Investments or Book-entry Agent or other agent of an issuer; (b) any counterparty with respect to any Investment, including any issuer of exchange-traded or other futures, option, derivative or commodities contract; (c) failure of an investment adviser or other Agent of the Corporation; or (d) failure of other third parties similarly beyond the control or choice of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.5 <u>Information Sources</u>. Except as otherwise provided in Section 8.6, reliance by Custodian upon or inaccuracies in information received from issuers of Investments or agents of such issuers, information received from Sub-custodians and from other commercially reasonable sources provided that the Custodian has relied upon such information in good faith, or for the failure of any commercially reasonable information provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.6 <u>Reliance on Instruction</u>. Action by the Custodian or the Sub-custodian in accordance with an Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3.7 <u>Restricted Securities</u>. The limitations inherent in the rights, transferability or similar investment characteristics of a given Investment of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 &nbsp;&nbsp;&nbsp;&nbsp;<u>No Duty to Collect Amounts Due From Dividend and Transfer Agent</u>. The Custodian shall not be under any duty or obligation to take action to effect collection of any amount due to the Corporation from any Dividend and Transfer Agent of the Corporation nor to take any action to effect payment or distribution by any Dividend and Transfer Agent of the Corporation of any amount paid by the Custodian to any Dividend and Transfer Agent of the Corporation in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.5 <u>No Enforcement Actions</u>. Notwithstanding anything to the contrary in this Agreement, Custodian shall not be under any duty or obligation to take action, by legal means or otherwise, to effect collection of any amount, if the Investment upon which such amount is payable is/are in default, or if payment is refused after due demand or presentation, unless and until (i) it shall be directed to take such action by Written Instructions and (ii) it shall be assured to its satisfaction (including prepayment thereof) of reimbursement of its costs and expenses in connection with any such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.6 <u>No Duty to Supervise Investments</u>. Custodian shall not be under any duty or obligation to ascertain whether any Investments at any time delivered to or held by it for the account of the Corporation are such as properly may be held by the Corporation under the provisions of the Corporation's Articles of Incorporation and the Corporation's By-laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.7 <u>Compensation of Custodian</u>. The Custodian shall be entitled to receive and the Corporation agrees to pay to the Custodian, for the Fund's account from the Fund's assets only, such compensation as shall be determined pursuant to **Appendix D** attached hereto, or as shall be determined pursuant to amendments to **Appendix D** as approved by the Custodian and the Corporation. The Custodian shall be entitled to charge against any money held by it for the accounts of the Fund the amount of any loss, damage, liability or expense, including counsel fees, for which it shall be entitled to reimbursement under the provisions of this Agreement as determined by agreement of the Custodian and the Corporation or by the final order of any court or arbitrator having jurisdiction and as to which all rights of appeal shall have expired. The expenses which the Custodian may charge against the account of a Fund include, but are not limited to, the expenses of agents or Sub-Custodians incurred in settling transactions involving the purchase and sale of Investments of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>Reports and Records</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. 1.

<u>Provision of Records to Corporation</u>. The Custodian shall:

Exhibit 99.g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 <u>Internal Accounting and Control Systems</u>. Make available to the Corporation and shall send to the Corporation any report received on the systems of internal accounting control of Custodian or its Agents or Sub-custodians as the Corporation may reasonably request from time to time, subject, however, to all reasonable security requirements of the Custodian then applicable to the records of its custody customers generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 <u>Books and Records Generally</u>. Make available to the Corporation ,its auditors, agents and employees, upon reasonable request and during normal business hours of the Custodian, all records maintained by the Custodian pursuant to its obligations under this Agreement. Without limiting the generality of the foregoing, the Custodian shall set up and maintain proper books of account and complete records of all transactions in the accounts maintained by the Custodian hereunder in such manner as will meet the obligations of the Fund under the Act, with particular attention to Section 31 thereof and Rules 3la-1 and 3la-2 thereunder and those records are the property of the Corporation, (ii) preserve for the periods prescribed by applicable Federal statute or regulation all records required to be so preserved. All such books and records shall be available, upon request, for inspection by duly authorized officers, employees or agents of the Corporation and employees of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 <u>Assistance to Corporation</u>. Take all reasonable action, that the Corporation may from time to time request, to assist the Corporation in obtaining favorable opinions from the Corporation's independent accountants, with respect to the Custodian's activities hereunder, in connection with the preparation of the Fund's Form N- IA, Form N-SAR, or other annual reports to the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 The Corporation shall examine all records, however produced or transmitted, promptly upon receipt thereof and notify the Custodian promptly of any discrepancy or error therein. Unless the Corporation delivers written notice of any such discrepancy or error within a reasonable time after its receipt thereof, such records shall be deemed to be true and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>No Management of Assets by Custodian</u>. The Custodian performs only the services of a custodian and shall have no responsibility for the management, investment or reinvestment of the Securities or other assets from time to time owned by any Fund. The Custodian is not a selling agent for Shares of any Fund and performance of its duties as custodian shall not be deemed to be a recommendation to any Fund's depositors or others of Shares of the Fund as an investment. The Custodian shall have no duties or obligations whatsoever except such duties and obligations as are specifically set forth in this Agreement, and no covenant or obligation shall be implied in this Agreement against the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **Miscellaneous.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Powers of Attorney, etc</u>. The Corporation will promptly execute and deliver, upon request, such proxies, powers of attorney or other instruments as may be necessary or desirable for the Custodian to provide, or to cause any Sub-custodian to provide, custody services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Entire Agreement</u>. This Agreement and the exhibits and/or other schedules attached hereto, including the 17f-5 Delegation Schedule, constitutes the entire agreement between the Corporation and the Custodian and supersedes any other oral or written agreements heretofore in effect between the Corporation and the Custodian with respect to the subject matter hereof. No provision of this Agreement may be amended or terminated except by an instrument in writing signed by the party against which enforcement of the amendment or termination is sought, provided, however, that an Written Instruction shall, whether or not such Written Instruction shall constitute a waiver, amendment or modification for purposes hereof, be deemed to have been accepted by the Custodian when it commences actions pursuant thereto or in accordance therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Binding Effect; Assignment</u>. This Agreement shall extend to and shall be binding upon the parties hereto, and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Corporation or by the Custodian, and no attempted assignment by the Corporation or the Custodian shall be effective without the written consent of the other party hereto. Each

Exhibit 99.g

party agrees that only the parties to this agreement and /or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no client of the Corporation or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>GOVERNING LAW, JURISDICTION AND VENUE; JURY WAIVER</u>. THIS AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH, AND BE GOVERNED BY THE LAWS OF, THE STATE OF OHIO, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW OF SUCH STATE. THE PARTIES HERETO IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF OHIO AND THE COURTS OF THE UNITED STATES FOR THE SOUTHERN DISTRICT AND EACH PARTY BY ITS EXECUTION OF THIS AGREEMENT IRREVOCABLY (I) SUBMITS TO SUCH JURISDICTION AND (II) CONSENTS TO THE SERVICE OF ANY PROCESS OR PLEADINGS BY FIRST CLASS U.S. MAIL, POSTAGE PREPAID AND RETURN RECEIPT REQUESTED, OR BY ANY OTHER MEANS FORM TIME TO TIME AUTHORIZED BY THE LAWS OF SUCH JURISDICTION. FURTHERMORE, EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Notices</u>. Notices and other writings contemplated by this Agreement, other than Instructions, shall be delivered (a) by hand, (b) by first class registered or certified mail, postage prepaid, return receipt requested, (c) by a nationally recognized overnight courier, delivery charge prepaid, or (d) by facsimile transmission, provided that any notice or other writing sent by facsimile transmission shall also be mailed, postage prepaid, or by overnight courier delivery charge prepaid, to the party to whom such notice is addressed. All such notices shall be addressed, as follows:

If to Corporation:

___________________________

___________________________

___________________________

Attn: ______________________

Telephone:

()

Facsimile

()

If to Custodian:

The Huntington National Bank.

7 Easton Oval EA4E70

Columbus, OH 43219

Attn: Dan Luke, Vice President

Telephone:

614-331-9711

Facsimile

614-331-5845

or such other address as the Corporation or Custodian may have designated in writing to the other. Such Notice shall be deemed received when delivered if by hand or by facsimile transmission, on the third business day after mailing if sent by registered or certified mail, and on the next business day if sent by overnight courier.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Headings</u>. The headings of paragraphs in this Agreement are for convenience of reference only and shall not affect the meaning or construction of any provision of this Agreement.

Exhibit 99.g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Severability</u>. In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.8 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but each such counterpart shall, together, constitute only one instrument. This Agreement shall become effective when one or more counterparts have been signed and delivered by the Corporation and the Custodian. A photocopy or telefax of the signed signature page to the Agreement shall be acceptable evidence of the existence of the Agreement and the Custodian shall be protected in relying on such photocopy or telefax until the Custodian has received the original signed copy of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.9 <u>Confidentiality</u>. The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by or to any bank examiner of the Custodian or any Sub-custodian, any regulatory authority, any auditor of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.10 <u>Tape-recording</u>. Corporation authorizes the Custodian to tape record any and all telephonic or other oral instructions given to the Custodian by or on behalf of the Corporation ,including from any Authorized Person. This authorization will remain in effect until and unless revoked by the Corporation in writing. The Corporation ,upon request, further agrees to solicit valid written or other consent from any of its employees with respect to telephone communications to the extent such consent is required by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.11 <u>Custodian's Consent to Use of Its Name</u>. Corporation shall obtain the Custodian's written consent prior to the publication and/or dissemination or distribution, of a Prospectus or any other documents (including advertising material) specifically mentioning the Custodian (other than merely by name and address).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.12 <u>Termination</u>. Either party hereto may terminate this Agreement for any reason by giving to the other party a notice in writing specifying the date of such termination, which shall be not less than ninety (90) days after the date of giving of such notice. If such notice is given by the Corporation ,it shall be accompanied by a copy of a resolution of the Board of Directors of the Corporation electing to terminate this Agreement and designating a successor custodian or custodians each of which shall be a bank or Corporation company having not less than $100,000,000 aggregate capital, surplus, and undivided profits. In the event such notice is given by the Custodian, the Corporation shall, on or before the termination date, deliver to the Custodian a copy of a resolution of the Board of Directors of the Corporation designating a successor custodian or custodians to act on behalf of the Corporation. In the absence of such designation by the Corporation ,the Custodian may designate a successor custodian which shall be a bank or Corporation company having not less than $100,000,000 aggregate capital, surplus, and undivided profits. Upon the date set forth in such notice this Agreement shall terminate, and the Custodian, provided that it has received a notice of acceptance by the successor custodian, shall deliver, on that date, directly to the successor custodian all Securities and monies then owned by the FUND and held by it as Custodian. Upon termination of this Agreement, the Corporation shall pay to the Custodian on behalf of the Corporation such compensation as may be due as of the date of such termination. The Corporation agrees on behalf of the Corporation that the Custodian shall be reimbursed for its reasonable costs in connection with the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.13 <u>Failure to Designate Successor Custodian</u>. If a successor custodian is not designated by the Corporation ,or by the Custodian in accordance with the preceding paragraph, or the

Exhibit 99.g

designated successor cannot or will not serve, the Corporation shall, upon the delivery by the Custodian to the Corporation of all Securities (other than Securities held in the Book-Entry System which cannot be delivered to the Corporation) and moneys then owned by the Corporation ,be deemed to be the custodian for the Corporation ,and the Custodian shall thereby be relieved of all duties and responsibilities pursuant to this Agreement, other than the duty with respect to Securities held in the Book-Entry System, which cannot be delivered to the Corporation ,which shall be held by the Custodian in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.14 <u>Compliance Policies and Procedures</u>. To assist the Custodian in complying with Rule 38a-1 of the 1940 Act, Corporation represents that it has adopted written policies and procedures reasonably designed to prevent violation of the federal securities laws in fulfilling its obligations under the Agreement and that it has in place a compliance program to monitor its compliance with those policies and procedures. Corporation will upon request provide the Custodian with information about our compliance program as mutually agreed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 <u>Limitation of Personal Liability</u>. No recourse under any obligation of this Agreement or for any claim based thereon shall be had against any organizer, shareholder, officer, director, past, present or future as such, of the Corporation or of any predecessor or successor, either directly or through the Corporation or any such predecessor or successor, whether by virtue of any constitution, statute or rule of law or equity, or by the enforcement of any assessment or penalty or otherwise; it being expressly agreed and understood that this Agreement and the obligations thereunder are enforceable solely against the assets of the Corporation ,and that no such personal liability whatever shall attach to, or is or shall be incurred by, the organizers, shareholders, officers, or Directors of the Corporation or of any predecessor or successor, or any of them as such, because of the obligations contained in this Agreement or implied therefrom and that any and all such liability is hereby expressly waived and released by the Custodian as a condition of, and as a consideration for, the execution of this Agreement.

<u>Balance of Page Left Blank Intentionally</u>.

Exhibit 99.g

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be duly executed as of the date first above written.

<u>Corporation</u>:

Custodian

**________________________________**

**THE HUNTINGTON NATIONAL BANK**

By: __________________________________

By: ________________________________

Name:

Name: Dan Luke

Title:

Title: Vice President

Date:

Date:

Exhibit 99.g

**APPENDIX A**

<u>Authorized Persons</u>

<u>Specimen Signatures</u>

Chairman:

_________________

__________________________________

President:

_________________

__________________________________

Secretary:

_________________

__________________________________

Treasurer:

_________________

__________________________________

Senior Vice

President:

_________________

__________________________________

Assistant

Secretary:

_________________

_________________________________

Assistant

Treasurer:

_________________

__________________________________

Adviser Employees:

_________________

__________________________________

_________________

__________________________________

Transfer Agent/Fund Accountant

Employees:

_________________

__________________________________

_________________

__________________________________

_________________

__________________________________

_________________

__________________________________

\* Authority restricted; does not include: ______________________________________

Exhibit 99.g

**APPENDIX B**

Series of the Corporation

MH Elite Small Cap Fund of Funds

MH Elite Fund of Funds

MH Elite Select Portfolio of Funds

MH Elite Income Fund of Funds

Exhibit 99.g

**APPENDIX C**

**Agents of the Custodian**

The following agents are employed currently by The Huntington National Bank for securities processing and control.

The Depository Corporation Company (New York)

7 Hanover Square

New York, NY 10004

The Federal Reserve Bank

Cleveland Branch

Brown Brothers Harriman & Co.

40 Water Street

Boston, Massachusetts 02109

(Sub-custodian for Foreign Investments and certain non-DTC eligible Investments)

Exhibit 99.g

**APPENDIX D**

 **(CURRENT SCHEDULE OF CUSTODY FEES)**

---

| | |
|:---|:---|
| **<u>Transaction Fee</u>**: |  |
| DTC & Fed Eligible Items  | $9.00/Transaction |
| Non-DTC & Fed Eligible Items  | $22.00/Transaction |
| Mortgage Backed Securities & Private Placements  | $20.00/Transaction |
| Mortgage Backed Securities & Private Placement Payments  | $5.00/Payment |
| Options  | $20.00/Transaction |
| Repurchase Agreements  | $9.00/Transaction |
| Foreign Securities (depending on country)  | $20-350.00/Transaction |
| **<u>Administrative Domestic Fee</u>** |  |
| First $50 million of Market Value | 2.00 Basis Points |
| On Next $50 million of Market Value | 1.75 Basis Points |
| In Excess of $100 million of Market Value | 1.25 Basis Points |
| Monthly Minimum Fee Per Fund Account | $166.67/Account |
| **<u>Wire Transfer Fee</u>**:  |  |
| Outgoing Wires | $15.00/transaction |
| **<u>Physical Check Fee</u>**: |  |
| Physical Check | $5.00/check |
| **<u>Funds Transfer Fee</u>**: |  |
| To/From DDA & trust account(s) | No Charge |
| **<u>Internet Access</u>**: |  |
| Online access to trust account activity | No Charge |
| **<u>Statements</u>** |  |
| Standard | No Charge |
| Online | No Charge |
| **Note**: Other fees may be assessed for special handling and miscellaneous services.  | **Note**: Other fees may be assessed for special handling and miscellaneous services.  |

---

Exhibit 99.g

---

| | | |
|:---|:---|:---|
|  | **<u>ADMINISTRATION/ SAFEKEEPING FEE (IN BASIS POINTS)</u>** | **<u>TRANSACTION FEE (US DOLLARS)</u>** |
| Argentina | 22 | 70 |
| Australia | 6 | 55 |
| Austria | 7 | 90 |
| Bahrain | 77 | 205 |
| Bangladesh | 52 | 180 |
| Belgium  | 6 | 65 |
| Bermuda | 12 | 105 |
| Botswana | 42 | 75 |
| Brazil | 32 | 55 |
| Bulgaria | 47 | 105 |
| Canada | 4 | 28 |
| Chile | 27 | 75 |
| China | 27 | 65 |
| Colombia | 52 | 150 |
| Costa Rica | 52 | 75 |
| Croatia | 52 | 85 |
| Cyprus | 12 | 150 |
| Czech Republic | 22 | 60 |
| Denmark | 5 | 90 |
| Egypt | 27 | 65 |
| Estonia | 27 | 85 |
| Euroclear | 4.5 | 20 |
| Finland | 12 | 65 |
| France | 5 | 70 |
| Germany | 4 | 40 |
| Ghana | 42 | 85 |
| Greece | 27 | 135 |
| Hong Kong | 10 | 85 |
| Hungary | 17 | 50 |
| Iceland | 27 | 140 |
| India | 32 | 155 |
| Indonesia | 14 | 140 |
| Ireland | 6 | 60 |
| Israel | 67 | 60 |
| Italy | 6 | 70 |
| Japan | 6 | 23 |

---

Exhibit 99.g

---

| | | |
|:---|:---|:---|
|  | **<u>ADMINISTRATION/ SAFEKEEPING FEE (IN BASIS POINTS)</u>** | **<u>TRANSACTION FEE (US DOLLARS)</u>** |
| Jordan | 52 | 150 |
| Kazakhstan | 52 | 155 |
| Kenya | 42 | 75 |
| Latvia | 52 | 130 |
| Lebanon | 67 | 155 |
| Lithuania | 52 | 140 |
| Luxembourg | 10 | 90 |
| Malaysia | 14 | 155 |
| Malta | 37 | 140 |
| Mauritius | 62 | 205 |
| Mexico | 14 | 30 |
| Morocco | 52 | 120 |
| Namibia | 47 | 75 |
| Netherlands | 7 | 25 |
| New Zealand | 6 | 85 |
| Nigeria | 42 | 75 |
| Norway | 6 | 85 |
| Oman | 62 | 205 |
| Pakistan | 62 | 155 |
| Palestine | 62 | 205 |
| Peru | 72 | 130 |
| Philippines | 14 | 135 |
| Poland | 52 | 135 |
| Portugal | 32 | 155 |
| Qatar | 62 | 205 |
| Romania | 52 | 155 |
| Russia | 37 | 155 |
| Singapore | 10 | 95 |
| Slovakia | 52 | 145 |
| Slovenia | 52 | 145 |
| South Africa | 6 | 50 |
| South Korea | 12 | 25 |
| Spain | 6 | 60 |
| Sri Lanka | 27 | 75 |
| Swaziland | 47 | 75 |
| Sweden | 6 | 65 |

---

Exhibit 99.g

---

| | | |
|:---|:---|:---|
|  | **<u>ADMINISTRATION/ SAFEKEEPING FEE (IN BASIS POINTS)</u>** | **<u>TRANSACTION FEE (US DOLLARS)</u>** |
| Switzerland | 6 | 100 |
| Taiwan | 20 | 155 |
| Thailand | 8 | 55 |
| Trinidad | 52 | 135 |
| Turkey | 27 | 95 |
| Tunisia | 52 | 105 |
| Ukraine | 47 | 305 |
| UAE | 47 | 140 |
| United Kingdom | 5 | 45 |
| Uruguay  | 52 | 95 |
| Venezuela | 52 | 180 |
| Vietnam | 52 | 180 |
| Zambia | 47 | 75 |
| Zimbabwe | 47 | 75 |

---

Exhibit 99.g

<u>Other Settlement Charges:</u>

FRB

$10.00/Transaction

Mutual Fund Settlement (Domestic)

$35.00/Transaction

Short Term Instruments

$10.00/Transaction

Time Deposits

$10.00/Transaction

Derivatives (Hedges, Futures, Forwards, Swaps)

$30.00/Transaction

Repurchase Agreements

$10.00/Transaction

Commercial Paper

$10.00/Transaction

Vault Transfer (Domestic)

$6.00/Transaction

Physical

$20.00/Transaction

Manual Trade Surcharge

$30.00/Transaction

Repaired Trade Surcharge

$10.00/Transaction

Cancels

$10.00/Transaction

Proxy Announcement – Non U.S.

$12.00/Transaction

Proxy Vote – Non U.S.

$12.00/Transaction

SWIFT message

$1.00/Message

<u>Wires and Payments Charges:</u>

U.S. Wires

$10.00/Transaction

Book Transfers

$6.00/Transaction

Non – U.S. Wire

$30.00/Transaction

FX – 3<sup>rd</sup> Party

$40.00/Transaction

Cashiers Check

$25.00/Transaction

<u>Miscellaneous Other Charges:</u>

Restricted Securities Processing

$150

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Please note that there is a segregated account charge of $5,000 annual through BBH. This is broken down monthly for a total of $416.67/month additional.

Exhibit 99.g

**APPENDIX E**

**17f-5 DELEGATION SCHEDULE**

By its execution of this Delegation Schedule dated as of _____________, 2008, between**_______________________________________ (the "Corporation")**, a business Corporation formed under the laws of the State of _______________________ acting on behalf of the funds listed on Appendix B- of the Custody Agreement (each a "Fund" and collectively the "Funds"), the Corporation hereby appoints **THE HUNTINGTON NATIONAL BANK (the "Delegate")**, a national bank organized under the laws of the United States, as its delegate to perform certain functions with respect to the custody of the Funds' Assets outside the United States.

**WHEREAS** the Corporation at the direction of each Fund, has appointed the Delegate as custodian "Custodian" of each Fund's Assets pursuant to the "Custody Agreement_ between the Corporation and the Delegate dated _______________________;

**WHEREAS** a Fund may, from time to time, determine to invest and maintain some or all of the Fund's Assets outside of the United States;

**WHEREAS** the Corporation at the direction of each Fund wishes to delegate to the Delegate certain functions with respect to the custody of Fund's Assets outside the United States;

**NOW, THEREFORE,** in consideration of the mutual covenants and agreements herein contained, the Corporation on behalf of the Funds and the Delegate agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Maintenance of Fund's Assets Abroad</u>. The Corporation ,acting on behalf of the Fund's, hereby instructs the Delegate pursuant to the terms of the Custody Agreement to place and maintain the Fund's Assets in countries outside the United States in accordance with Instructions received from the Corporation. Such instruction shall constitute an Instruction under the terms of the Custody Agreement. The Corporation acknowledges that (a) the Delegate shall perform services hereunder only with respect to the countries where it accepts delegation as foreign custody manager; (b) depending on conditions in the particular country, advance notice may be required before the Delegate shall be able to perform its duties hereunder in or with respect to such country (such advance notice to be reasonable in light of the specific facts and circumstances attendant to performance of duties in such country); and (c) nothing in this Delegation Schedule shall require the Delegate to provide delegated or custodial services in any country, and there may from time to time be countries as to which the Delegate determines it will not provide delegation services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delegation</u>.

Pursuant to the provisions of Rule 17f-5 under the 1940 Act as amended, the Corporation on behalf of the Funds hereby delegates to the Delegate, and the Delegate hereby accepts such delegation and agrees to perform only those duties set forth in this Delegation Schedule concerning the safekeeping of the Fund's Assets in each of the countries as to which it acts as delegate. The Delegate is hereby authorized to take such actions on behalf of or in the name of the Corporation ,on behalf of the Funds, as are reasonably required to discharge its duties under this Delegation Schedule, including, without limitation, to cause the Fund's Assets to be placed with a particular Eligible Foreign Custodian in accordance herewith. The Corporation confirms to the Delegate that the Corporation on behalf of the Funds has considered the Sovereign Risk and prevailing Country Risk as part of its continuing investment decision process, including such factors as may be reasonably related to the systemic risk of maintaining the Fund's Assets in a particular country, including, but not limited to, financial infrastructure, prevailing custody and settlement systems and practices (including the use of any Securities Depository in the context of information provided by the Delegate in the performance of its duties as required under Rule 17f-7 and the terms of the Custody Agreement governing such duties), and the laws relating to the safekeeping and recovery of the Fund's Assets held in custody pursuant to the terms of the Custody Agreement. Corporation acknowledges that Delegate has appointed Brown Brothers Harriman & Co. as its sub-custodian and sub-foreign custody manager for purposes of carrying out some or all of the duties and obligations of Delegate under this Delegation Schedule, provided however, that such appointment shall not relieve the Delegate of its obligations under this Delegation Schedule.

Exhibit 99.g

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Selection of Eligible Foreign Custodian and Contract Administration</u>.

The Delegate shall perform the following duties with respect to the selection of Eligible Foreign Custodians and administration of certain contracts governing the Fund's foreign custodial arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Selection of Eligible Foreign Custodian</u>. The Delegate shall place and maintain the Fund's Assets with an Eligible Foreign Custodian, provided that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering factors relevant to the safekeeping of such assets including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Eligible Foreign Custodian's practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Fund's Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Eligible Foreign Custodian's general reputation and standing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Whether the Fund will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodian's appointment of an agent for service of process in the United States or consent to jurisdiction in the United States.

The Delegate shall be required to make the foregoing determination to the best of its knowledge and belief based only on information reasonably available to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Contract Administration</u>. The Delegate shall cause that the foreign custody arrangements with an Eligible Foreign Custodian shall be governed by a written contract that the Delegate has determined will provide reasonable care for Fund assets based on the standards applicable to custodians in the relevant market. Each such contract shall, except as set forth in the last paragraph of this subsection (b), include provisions that provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) That the Fund's Assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Eligible Foreign Custodian or its creditors except a claim of payment for their safe custody or administration or, in the case of cash deposits, liens or rights in favor of creditors of such Custodian arising under bankruptcy, insolvency or similar laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) That beneficial ownership of the Fund's Assets will be freely transferable without the payment of money or value other than for safe custody or administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) That adequate records will be maintained identifying the Fund's Assets as belonging to the Fund or as being held by a third party for the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) That the Fund's independent public accountants will be given access to those records described in (iv) above or confirmation of the contents of such records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) That the Delegate will receive sufficient and timely periodic reports with respect

Exhibit 99.g

to the safekeeping of the Fund's Assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing the Fund's Assets.

Such contract may contain, in lieu of any or all of the provisions specified in this Section 3(b), such other provisions that the Delegate determines will provide, in their entirety, the same or a greater level of care and protection for the Fund's Assets as the specified provisions, in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Monitoring</u>.

The Delegate shall establish a system to monitor at reasonable intervals (but at least annually) the appropriateness of maintaining the Fund's Assets with each Eligible Foreign Custodian that has been selected by the Delegate pursuant to Section 3 of this Delegation Schedule. The Delegate shall monitor the continuing appropriateness of placement of the Fund's Assets in accordance with the criteria established under Section 3(a) of this Delegation Schedule. The Delegate shall monitor the continuing appropriateness of the contract governing the Fund's arrangements in accordance with the criteria established under Section 3(b) of this Delegation Schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Reporting</u>.

At least annually and more frequently as mutually agreed between the parties, the Delegate shall provide to the Board written reports specifying placement of the Fund's Assets with each Eligible Foreign Custodian selected by the Delegate pursuant to Section 3 of this Delegation Schedule and shall promptly report on any material changes to such foreign custody arrangements. Delegate will prepare such a report with respect to any Eligible Foreign Custodian that the Delegate has been instructed to use pursuant to Section 7 of this Delegation Schedule only to the extent specifically agreed with respect to the particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Withdrawal of Fund's Assets</u>.

If the Delegate determines that an arrangement with a specific Eligible Foreign Custodian selected by the Delegate under Section 3 of this Delegation Schedule no longer meets the requirements of said Section, Delegate shall withdraw the Fund's Assets from the non-complying arrangement as soon as reasonably practicable; provided, however, that if in the reasonable judgment of the Delegate, such withdrawal would require liquidation of any of the Fund's Assets or would materially impair the liquidity, value or other investment characteristics of the Fund's Assets, it shall be the duty of the Delegate to provide information regarding the particular circumstances and to act only in accordance with Instructions of the Corporation with respect to such liquidation or other withdrawal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Standard of Care</u>.

In carrying out its duties under this Delegation Schedule, the Delegate agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for safekeeping the Fund's Assets would exercise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Representations</u>.

The Corporation hereby represents and warrants that it is a U.S. Corporation and that this Delegation Schedule has been duly authorized, executed and delivered by the Delegate and is a legal, valid and binding agreement of the Delegate. The Corporation hereby represents and warrants that each Board of Directors has determined that it is reasonable to rely on the Delegate to perform the delegated responsibilities provided for herein and that this Delegation Schedule has been duly authorized, executed and delivered by the Corporation and is a legal, valid and binding agreement of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Effectiveness; termination</u>.

This Delegation Schedule shall be effective as of the date on which this Delegation Schedule shall have been accepted by the Delegate, as indicated by the date set forth below the Delegate's signature. This Delegation Schedule may be terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Such termination shall be effective on the 30th calendar day following the date on which the non-terminating party shall receive the foregoing notice. Notwithstanding the foregoing, this Delegation Schedule shall be deemed to have

Exhibit 99.g

been terminated concurrently with the termination of the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Notices</u>.

Notices and other communications under this Delegation Schedule are to be made in accordance with the arrangements designated for such purpose under the Custody Agreement unless otherwise indicated in a writing referencing this Delegation Schedule and executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Definitions</u>.

Capitalized terms not otherwise defined in this Delegation Schedule have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Country Risk – shall have the meaning set forth in Section 9.3.2 of the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Eligible Foreign Custodian</u> - shall have the meaning set forth in Rule 17f-5(a)(1) of the 1940 Act and shall also include a U.S. Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Fund's Assets</u> - shall mean any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Instructions</u> - shall have the meaning set forth in the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Securities Depository</u> - shall have the meaning set forth in Rule 17f-7 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Sovereign Risk</u> - shall have the meaning set forth in Section 9.3.3 of the Custody Agreement.

g .

<u>U.S. Bank</u> - shall mean a bank which qualifies to serve as a custodian of assets of investment companies under Section 17(f) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Governing Law and Jurisdiction</u>.

This Delegation Schedule shall be construed in accordance with the laws of the State of New Ohio without reference to the conflict of law provisions thereof. The parties hereby submit to the exclusive jurisdiction of the Federal courts sitting in the State of Ohio or the or of the state courts of such State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Fees</u>.

Delegate shall perform its functions under this Delegation Schedule for the compensation determined under the Custody Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Integration</u>.

This Delegation Schedule sets forth all of the Delegate's duties with respect to the selection and monitoring of Eligible Foreign Custodians, the administration of contracts with Eligible Foreign Custodians, the withdrawal of assets from Eligible Foreign Custodians and the issuance of reports in connection with such duties. The terms of the Custody Agreement shall apply generally as to matters not expressly covered in this Delegation Schedule, including dealings with the Eligible Foreign Custodians in the course of discharge of the Delegate's obligations under the Custody Agreement.

Exhibit 99.g

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Delegation Schedule to be duly executed as of the date first above written.

The undersigned acknowledges that (I/we) have received a copy of this document.

**_______________________________**

**THE HUNTINGTON NATIONAL BANK**

By: __________________________________

By: ________________________________

Name:

Name: Dan Luke

Title:

Title: Vice President

## Ex-99.G

Exhibit 99 (g)(2)

**REQUEST FOR CONSENT TO ASSIGNMENT TO SUCCESSOR CUSTODIAN** 

Dear Client,

Thank you for being a client of The Huntington National Bank. We have valued the opportunity to serve as your custodian and are grateful for our relationship with you.

We are writing to inform you of an important change to your account(s). As part of our ongoing commitment to provide high-quality services and ensure the long-term stability and scalability of our custodial operations, Huntington has entered into an agreement to assign its institutional custodial responsibilities to Argent Institutional Trust Company ("Argent").

Huntington is requesting your consent to assign its duties to Argent as successor custodian pursuant to your existing custody agreement with us. **Please complete the attached Consent to Assignment form using your electronic signature through DocuSign.** 

Please be assured that this assignment will not impact or result in any changes to your custody fees under your current agreement. The terms of your existing custody agreement with Huntington will be honored by Argent if you consent to the assignment. For additional information about Argent, please visit them online at <u>https://argentfinancial.com/</u>.

To ensure continuity of service, we would appreciate a response at your earliest convenience and no later than August 1, 2025. Because Huntington will no longer offer custody services after the transition to Argent, **if we do not receive your consent by August 1, 2025, Huntington will provide you with a custody termination notice pursuant to the terms and conditions of your existing custody agreement.** 

In the coming months, you will receive further communication from Huntington and Argent regarding the transition. We intend to make the transition to Argent as easy as possible for you.

We thank you for the trust and confidence you have placed in Huntington and its staff over the years and for being a valued customer of Huntington. We are confident that Argent will continue to provide the excellent service you have been accustomed to. If you have any questions regarding the information contained in this correspondence, please reach out to your Huntington Relationship Manager.

Sincerely,

The Huntington National Bank

**CONSENT TO ASSIGNMENT TO SUCCESSOR CUSTODIAN**

In connection with the assignment of the institutional custody business of the Huntington National Bank ("Huntington") to Argent Institutional Trust Company. ("Argent"), the undersigned, on behalf of the institutional custody client listed below ("Client"), hereby consents to the assignment of its institutional custody account agreement from Huntington to Argent. Client agrees this consent may be executed electronically.

Client Name: ________________________________________________________

Authorized Signer's

Name: ________________________________________________________

Signature: ________________________________________________________

Date: ________________________________________________________

Address:________________________________________________________

________________________________________________________ ________________________________________________________

Thank you and we appreciate your prompt response.

## Ex-99.G

Exhibit 99 (g)(3)

![[exhibitg3001.jpg]](exhibitg3001.jpg)

As a follow up to the June 6 press release announcement, we at Argent Institutional Trust

Company (AITC) want to take this opportunity to introduce ourselves and welcome you to the AITC family of valued clients. We look forward to supporting your continued success by providing the exemplary level of service you have come to expect and deserve.

**What is Happening?** 

On May 9, Huntington National Bank (HNB) and AITC entered into a definitive agreement for AITC to acquire the corporate trust and custody business from HNB. In the process, AITC will acquire all of HNB's Corporate Trust and Custody Services associates, certain operational infrastructure, and certain technology. You will continue to work with your current relationship team and we will keep you well informed of any changes along the way. We will strive to ensure that the conversion process is invisible to you and does not disrupt your current processes. AITC has a long history of similar transactions and successful conversions.

AITC and HNB will maintain an ongoing strategic partnership to continue to provide needed trust, escrow, and custody solutions to HNB's clients. By aligning AITC's administration teams with HNB's corporate, commercial, and government banking teams, HNB's clients will continue to have access to their current solutions and more.

**Who is Argent Institutional Trust Company?**

Originally founded as Trust Management Incorporated (TMI) in 1954, TMI was a Texaschartered trust company. In August 2023, TMI's holding company merged with Argent Financial Group and its name was changed to Argent Institutional Trust Company (AITC). AITC is headquartered in Tampa, Florida, is now a Florida trust company, and is regulated by the Florida Office of Financial Regulation. Since its inception, AITC has grown into a full-service provider of trust and agency services.

AITC currently operates administration offices in Tampa (FL), Atlanta (GA), Fort Worth (TX),

Milwaukee (WI), and New York City (NY), and will now add new offices in Columbus and Cincinnati (OH), Indianapolis (IN), and Grand Rapids (MI). AITC delivers exceptional client care across four

primary service categories: trustee, escrow, and loan agency; custody services; IRA; family office and investment partnerships.

AITC is a wholly owned subsidiary of Argent Financial Group (Argent), a leading, independent client asset services firm with a particular focus on corporate trust and custody services through AITC. Following this acquisition, the firm will be responsible for more than $175 billion in client assets. Formed in 1990 in Ruston, Louisiana, Argent can trace its roots back to 1930.

**What Happens Next?** 

Soon you will be receiving a more expanded welcome package that will provide more detailed information about the conversion process, how to work with AITC, and what to do if you have any questions or concerns.

As you move forward and have new and additional transactions, we hope you will continue to place your trust in your AITC team to handle any transaction from the simple to the most complex.

We have addressed what we believe will be some of the more pressing questions you may have in the below Talking Points and Frequently Asked Questions.

Sincerely,

**<u>Steven B. Eason, CCTS</u>** 

Argent Institutional Trust Company, Chief Executive Officer

**<u>Luke McCabe</u>** 

Salem Trust Company, President

![[exhibitg3002.jpg]](exhibitg3001.jpg)

**Argent Institutional Trust Company Acquisition**

**of Custody Services from The Huntington National Bank**

**Frequently Asked Questions**

**Summary**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. On May 9, 2025, The Huntington National Bank ("HNB") entered into a Definitive Agreement with Argent Institutional Trust Company ("AITC") for AITC to acquire HNB's Corporate Trust and Custody Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The transaction includes the transfer of key client relationships, personnel, technology, and operational infrastructure from HNB to AITC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. HNB and AITC will maintain an ongoing strategic partnership to continue to provide needed trust, escrow, and custody solutions to HNB's clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The acquisition's targeted completion date is on or about August 31, 2025.

**<u>Frequently Asked Questions</u>** 

**Q What's Happening?**

HNB and AITC entered into a strategic transaction in which AITC will acquire HNB's Corporate Trust and Custody Services. HNB will partner with AITC to ensure the ability to provide a complete solution set for HNB's valued customers. Both firms are excited about the engagement as it means access to a broader set of solutions for clients through Argent Financial Group.

**Q: Who is Argent Institutional Trust Company)?**

AITC is a leading provider of bespoke Corporate Trust and Institutional Custody solutions. Headquartered in Tampa, Florida, AITC delivers a deep and diverse set of asset servicing solutions that are provided to a broad range of customers.

Originally founded as Trust Management Incorporated in 1954, TMI was a Texas-chartered trust company. In August 2023, TMI merged with Argent Financial Group to become AITC and is headquartered in Tampa, FL, as a Florida trust company. Since its inception, AITC has grown into a full-service provider of trust and agency services.

AITC currently operates administration offices in Tampa (FL), Atlanta (GA), Fort Worth (TX),

Milwaukee (WI), and New York City (NY), and will now add new offices in Columbus and Cincinnati (OH), Indianapolis (IN), and Grand Rapids (MI). AITC delivers exceptional client care across four primary service categories: trustee, escrow, and loan agency; custody services; IRA; family office and investment partnerships.

Following this acquisition, the firm will be responsible for more than $175 billion in client assets.

**Q: Is AITC a bank?**

No. Argent Institutional Trust Company is an independent, non-depository, non-lending trust company. To handle client cash and assets, AITC maintains depository trust accounts with financial institution partners. This is how all trust companies function. Importantly, your operational accounts you maintain with Huntington as part of your current services will remain in place.

**Q: Will my Relationship Manager and Service Team Change?**

We are pleased to say that AITC will be retaining all the HNB colleagues delivering your service. Your Relationship Manager and Client Service Manager will not change.

**Q: Will there be any changes to my contract?**

We expect client contracts to remain substantially unchanged. In certain cases, amendments may be required to meet statutory requirements, but we expect the terms of the agreements to remain unchanged.

**Q: Will my team need training to operate in the new environment?**

The good news is that AITC and HNB use the same trust accounting systems, client portal tools, and workflow forms. As a result, we expect minimal disruption as it relates to your team's training needs.

**Q: I am glad to hear that the underlying technology is the same – but there must be some changes?**

Yes, there will certainly be some minor changes with the trust system conversion. For instance, trade settlement instructions will change, and cash-sweep investments could potentially be different. It is expected that your HNB deposit account or operating DDA will not change as part of this new partnership.

**Q: When is this happening? What is the timeline?**

The Custody migration is expected to occur in mid-Q4.

**Q: Will there be disruptions to our normal processes?**

We are striving to minimize the impact to current processing and fully believe that this migration if the least disruptive route for all clients. We collectively benefit from the fact that both providers leverage the same technology for accounting, workflow, web portal, statements, etc. Further, your banking information should remain unchanged.

**Q: Who do I call if I have a question or a concern?**

Since AITC is retaining the entire HNB relationship management, client services, and operations teams, you will continue to work with the same people you do today.

## Ex-99.H

EXHIBIT 99.h(1)

MH Elite Portfolio of Funds Trust

43 Highlander Drive

Scotch Plains NJ 07076

1-800-318-7969

ADMINISTRATIVE SERVICES AGREEMENT

Effective January 1, 2024

AGREEMENT, made by and between MH Elite Portfolio of Funds Trust, a Delaware statutory trust (hereinafter called 'Fund') and MH Investment Management, Inc., a New Jersey Corporation (hereinafter called 'Investment Adviser'). WITNESSETH: WHEREAS, in connection with the expenses incurred by the Fund associated with operating a family of funds, the Investment Adviser agrees to provide the following administrative services to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund hereby employs the Investment Adviser, for the period set forth in Paragraph 6 and on the terms set forth herein, to render administrative services to the Fund, subject to the supervision and direction of the Trustees of the Fund. The Investment Adviser hereby accepts and agrees, during such period, to render the services and assume the obligations herein set forth, for the compensation provided. The Investment Adviser shall, for all purposes herein, be deemed to be an independent contractor, and shall, unless otherwise expressly provided and authorized, have no authority to act for or represent the Fund in any way, or in any way be deemed an agent of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. As compensation for the services to be rendered to the Fund by the Investment Adviser under the provisions of this agreement, the Fund shall pay to the Investment Adviser an annual fee, payable monthly, of .25% each of the Fund's daily net assets. The fee (.25%) cannot be raised without shareholder approval and this agreement will continue for as long as MH Investment Management Inc. serves as the Investment Adviser to the Fund. The Investment Adviser cannot recover, at some future date, any expenses incurred that are in excess of the .25% annual fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. It is expressly understood and agreed that the services to be rendered by the Investment Adviser to the Fund under the provisions of this Agreement are not to be deemed to be exclusive, and the Investment Adviser shall be free to render similar or different services to others so long as its ability to render the services provided for in this Agreement shall not be impaired thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Investment Adviser is obligated to pay all the expenses of the Fund other than the investment advisory fee and the acquired fund fees and expenses. The expenses and salaries incurred by the Fund that are necessary and incidental to the conduct of its business of operating a family of funds will be the responsibility of the Investment Adviser. Administrative services provided by the Investment Adviser include, but are not limited to, the costs incurred in the maintenance of books, records, and procedures; dealings with shareholders; reports and notices to shareholders; expenses of annual shareholder meetings; trustee compensation; miscellaneous office expenses; brokerage fees; and custodian, legal, accounting and registration fees. In the conduct of the respective businesses of the parties hereto and in the performance of this agreement, the Fund and Investment Adviser may share common facilities and personnel common to each.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Payments to the Investment Adviser cannot be used for distribution and/or marketing of Fund shares. Investment Adviser is not obligated in any way to provide distribution services to or for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. This agreement shall continue in effect until December 31, 2024, and, thereafter, only so long as such continuance is approved at least annually by votes of the Fund's Trustees, cast in person at a meeting called for the purpose of voting on such approval, including the votes of a majority of the Trustees who are not parties to such agreement or interested persons of any such party. This agreement may be terminated at any time upon 60 days prior written notice, without the payment of any penalty, by the Fund's Trustees or by vote of a majority of the outstanding voting securities of the Fund. This agreement will automatically terminate in the event of its assignment by the Investment Adviser (within the meaning of the Investment Company Act of 1940), which shall be deemed to include a transfer of control of the Investment Adviser. Upon the termination of this agreement, the obligations of all the parties hereunder shall cease and terminate as of the date of such termination, except for any obligation to respond for a breach of this Agreement committed prior to such termination and except for the obligation of the Fund to pay to the Investment Adviser the fee provided in Paragraph 2 hereof, prorated to the date of termination.

This Agreement shall not be assigned by the Fund without prior written consent thereto of the Investment Adviser. This Agreement shall terminate automatically in the event of its assignment by the Investment Adviser unless an exemption from such automatic termination is granted by order or rule of the Securities and Exchange Commission.

IN WITNESS WHEREOF, the parties hereto have caused their seals to be affixed and duly attested and their presence to be signed by their duly authorized officers this 13<sup>st</sup> day of December 2023.

MH Elite Portfolio of Funds Trust By <u>/s/ Harvey Merson_______</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvey Merson, President

Attest: <u>/s/ Jeff Holcombe____________</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeff Holcombe, Vice President

MH Investment Management, Inc. By <u>/s/ Harvey Merson_______</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Harvey Merson, President

Attest: <u>/s/ Jeff Holcombe____________</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jeff Holcombe, Vice President

## Ex-99.H

EXHIBIT 99.h(2)

**<u>TRANSFER AGENT AGREEMENT</u>**

THIS AGREEMENT is made and entered into this 1st day of November, 2010, by and between MH Elite Portfolio of Funds, Inc. (the "Fund"), a NJ corporation having its principal place of business at 220 Russell Ave., Rahway NJ 07065, and Mutual Shareholder Services, LLC, a Delaware Limited Liability Company ("MSS").

**<u>RECITALS:</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Fund is an open-end management investment company registered with the United States Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Fund desires to appoint MSS as its transfer agent and MSS desires to accept such appointment.

**<u>AGREEMENTS:</u>**

**NOW, THEREFORE**, in consideration of the mutual covenants herein contained, the parties hereby agree as follows:

**1. DUTIES OF MSS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 Subject to the terms and conditions set forth in this Agreement, the Fund hereby employs and appoints MSS to act, and MSS agrees to act, as transfer agent for the Fund's authorized and issued shares of beneficial interest of each class of each portfolio of the Fund (the "Shares").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 MSS agrees that it will perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In accordance with procedures established from time to time by agreement between the Fund and MSS, MSS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Pursuant to purchase orders, issue the appropriate number of Shares and hold such Shares in the appropriate Shareholder account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Receive for acceptance redemption requests and redemption directions and deliver the appropriate documentation therefore to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Effect transfers of Shares by the registered owners thereof upon receipt of appropriate instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Prepare and transmit documentation for dividends and distributions declared by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Maintain records of account for and advise the Fund and its Shareholders as to the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Maintain an Anti-Money Laundering Program in compliance with the USA Patriot Act of 2001 and regulation thereunder, and provide to the Fund a copy of MSS's Anti-Money Laundering Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Perform such services as are necessary to implement and enforce the Fund's Anti-Money Laundering Program;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Provide necessary and reasonable access to properly authorized federal examiners so that they can obtain all necessary information and records relating to the AML Program and to inspect MSS's implementation and operation of the AML Program; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Record the issuance of shares of the Fund and maintain pursuant to SEC Rule 17Ad-10(e) a record of the total number of shares of the Fund which are authorized, based upon data provided to it by the Fund, and issued and outstanding. MSS shall also provide the Fund on a regular basis with the total number of shares which are authorized, issued and outstanding and shall have no obligation, when recording the issuance of shares, to monitor the issuance of such shares or to take cognizance of any laws relating to the issue or sale of such shares, which functions shall be the sole responsibility of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition, MSS shall perform all of the customary services of a transfer agent, dividend disbursing and redemption agent, including but not limited to: maintaining all Shareholder accounts, preparing Shareholder meeting lists, mailing proxies, receiving and tabulating proxies, mailing Shareholder reports and prospectuses to current Shareholders, withholding taxes for U.S. resident and non-resident alien accounts, preparing and filing U.S. Treasury Department Forms 1099 and other appropriate forms required with respect to dividends and distributions by federal authorities for all Shareholders, preparing and mailing confirmation forms and statements of account to Shareholders for all purchases and redemptions of Shares and other confirmable transactions in Shareholder accounts, preparing and mailing activity statements for Shareholders, and providing Shareholder account information and provide a system and reports which will enable the Fund to monitor the total number of Shares sold in each State.

Procedures applicable to certain of these services may be established from time to time by agreement between the Fund and MSS.

**2. FEES AND EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 In consideration of the services to be performed by MSS pursuant to this Agreement, the Fund agrees to pay MSS the fees set forth in the fee schedule attached hereto as Exhibit "A". Under an Administrative Services Agreement between the Fund and its adviser, MH Investment Management Inc., MH Investment Management Inc. will pay all fees due MSS under this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 In addition to the fee paid under Section 2.01 above, the Fund agrees to reimburse MSS for out-of-pocket expenses or advances incurred by MSS in connection with the performance of its obligations under this Agreement. In addition, any other expenses incurred by MSS at the request or with the consent of the Fund will be reimbursed by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 The Fund agrees to pay all fees and reimbursable expenses within five days following the receipt of the respective billing notice. Postage for mailing of dividends, proxies, Fund reports and other mailings to all shareholder accounts shall be advanced to MSS by the Fund at least seven days prior to the mailing date of such materials.

**3. REPRESENTATIONS AND WARRANTIES OF MSS**

MSS represents and warrants to the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 It is a Limited Liability Company duly organized and existing and in good standing under the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 It is duly qualified to carry on its business in the State of Ohio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 It is empowered under applicable laws and by its charter and by-laws to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 It has and will continue to have access to the necessary facilities, equipment and personnel to perform its duties and obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 MSS is duly registered as a transfer agent under the Securities Act of 1934 and shall continue to be registered throughout the remainder of this Agreement.

**4. REPRESENTATIONS AND WARRANTIES OF THE FUND**

The Fund represents and warrants to MSS that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 It is a corporation duly organized and existing and in good standing under the laws of New Jersey.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 It is empowered under applicable laws and resolution by the Board of Directors to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 All corporate proceedings required by Board of Directors have been taken to authorize it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 It is an open-end and diversified management investment company registered under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 A registration statement under the Securities Act of 1933 is currently or will become effective and will remain effective, and appropriate state securities law filings as required, have been or will be made and will continue to be made, with respect to all Shares of the Fund being offered for sale.

**5. INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 MSS shall not be responsible for, and the Fund shall indemnify and hold MSS harmless from and against, any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All actions of MSS or its agents or subcontractors required to be taken pursuant to this Agreement, provided that such actions are taken in good faith and without negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund's refusal or failure to comply with the terms of this Agreement, or which arise out of the Fund's lack of good faith, negligence or willful misconduct or which arise out of the breach of any representation or warranty of the Fund hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The reliance on or use by MSS or its agents or subcontractors of information, records and documents which (i) are received by MSS or its agents or subcontractors and furnished to it by or on behalf of the Fund, and (ii) have been prepared and/or maintained by the Fund or any other person or firm on behalf of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The reliance on, or the carrying out by MSS or its agents or subcontractors of, any instructions or requests of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The offer or sale of Shares in violation of any requirement under the federal securities laws or regulations or the securities laws or regulations of any state that

such Shares be registered in such state or in violation of any stop order or other determination or ruling by any federal agency or any state with respect to the offer or sale of such Shares in such state.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 MSS shall indemnify and hold the Fund harmless from and against any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or attributable to any action or failure or omission to act by MSS as a result of MSS's lack of good faith, gross or ordinary negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 At any time MSS may apply to any officer of the Fund for instructions, and may consult with legal counsel with respect to any matter arising in connection with the services to be performed by MSS under this Agreement, and MSS and its agents or subcontractors shall not be liable and shall be indemnified by the Fund for any action taken or omitted by it in reliance upon such instructions or upon the opinion of such counsel. MSS, its agents and subcontractors shall be protected and indemnified in acting upon any paper or document furnished by or on behalf of the Fund, reasonably believed to be genuine and to have been signed by the proper person or persons, or upon any instruction, information, data, records or documents provided MSS or its agents or subcontractors by machine readable input, telex, CRT data entry or other similar means authorized by the Fund, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from the Fund. MSS, its agents and subcontractors shall also be protected and indemnified in recognizing stock certificates which are reasonably believed to bear the proper manual or facsimile signatures of the officers of the Fund, and the proper countersignature of any former transfer agent or registrar, or of a co-transfer agent or co-registrar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 In the event either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes, equipment or transmission failure or damage reasonably beyond its control, or other causes reasonably beyond its control, such party shall not be liable for damages to the other for any damages resulting from such failure to perform or otherwise from such causes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 Upon the assertion of a claim for which either party may be required to indemnify the other, the party of seeking indemnification shall promptly notify the other party of such assertion, and shall keep the other party advised with respect to all developments concerning such claim. The party who may be required to indemnify shall have the option to participate with the party seeking indemnification the defense of such claim. The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be required to indemnify it except with the other party's prior written consent.

**6. COVENANTS OF THE FUND AND MSS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.01 The Fund shall promptly furnish to MSS a certified copy of the resolution of the Board of Directors of the Fund authorizing the appointment of MSS and the execution and delivery of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 MSS hereby agrees to establish and maintain facilities and procedures reasonably acceptable to the Fund for safekeeping of check forms and facsimile signature imprinting devices, if any; and for the preparation or use, and for keeping account of such forms and devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.03 MSS shall keep records relating to the services to be performed hereunder, in the form and manner as it may deem advisable. To the extent required by Section 31 of the 1940 Act, as amended, and the Rules thereunder, MSS agrees that all such records prepared or maintained by MSS relating to the services to be performed by MSS hereunder are the property of the Fund and will be preserved, maintained and made available in accordance with such Section and Rules, and will be surrendered promptly to the Fund on and in accordance with its request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04 MSS and the Fund agree that all books, records, information and data pertaining to the business of the other party which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement shall remain confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 In case of any requests or demands for the inspection of the Shareholder records of the Fund, MSS will endeavor to notify the Fund and to secure instructions from an authorized officer of the Fund as to such inspection. MSS reserves the right, however, to exhibit the Shareholder records to any person whenever it is advised by its counsel that it may be held liable for the failure to exhibit the Shareholder records to such person, and shall promptly notify the Fund of any unusual request to inspect or copy the shareholder records of the Fund or the receipt of any other unusual request to inspect, copy or produce the records of the Fund.

**7. TERM OF AGREEMENT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 This Agreement shall become effective as of the date hereof and shall remain in force for a period of three years. This Agreement will automatically renew for successive annual terms unless one party provides written notice to the other party 60 days prior to the annual renewal date that the agreement will not be renewed. Each party to this Agreement has the option to terminate this Agreement during the initial three year term and any renewal period, without penalty, upon 60 days prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 Should the Fund exercise its right to terminate, all out-of-pocket expenses associated with the movement of records and material will be paid by the Fund. Additionally, MSS reserves the right to charge for any other reasonable expenses associated with such termination.

**8. MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 Neither this Agreement nor any rights or obligations hereunder may be assigned by either party without the written consent of the other party. This Agreement shall inure to the benefit of and be binding upon the parties and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 This Agreement may be amended or modified by a written agreement executed by both parties and authorized or approved by a resolution of the Board of Directors of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03 The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Ohio as at the time in effect and the applicable provisions of the 1940 Act. To the extent that the applicable law of the State of Ohio, or any of the provisions here in, conflict with the applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.04 This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.05 All notices and other communications hereunder shall be in writing, shall be deemed to have been given when received or when sent by telex or facsimile, and shall be given to the following addresses (or such other addresses as to which notice is given):

To the Fund: To MSS:

MH Elite Portfolio of Funds, Inc. Mutual Shareholder Services, LLC

220 Russell Ave. 8000 Town Centre Drive, Suite 400

Rahway, NJ 07065 Broadview Heights, OH 44147

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

MH Elite Portfolio of Funds, Inc. Mutual Shareholder Services, LLC

By:<u> </u> By:<u> </u>

Its: ___________________________ Its: ___________________________

## Ex-99.J

**<u>Exhibit 99.J</u>**

**Consent of Independent Registered Public Accounting Firm**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of MH Elite Small Cap Fund of Funds, MH Elite Fund of Funds, MH Elite Select Portfolio of Funds and MH Elite Income Fund of Funds, each a series of MH Elite Portfolio of Funds Trust (collectively, the "Funds") of our report dated February 6, 2026, relating to the financial statements and financial highlights, which appear in the Funds' Annual Report to Shareholders on Form N-CSR for the year ended December 31, 2024. We also consent to the references to our firm under the headings "Financial Highlights" included in the Prospectus and "Selection of Independent Registered Public Accounting Firm" and "Report of Independent Registered Public Accounting Firm" included in the Statement of Additional Information.

<u>/s/Keiter</u>

March 3, 2026

Glen Allen, Virginia

## Ex-99.P

EXHIBIT 99.p

**CODE OF ETHICS**

**MH Elite Portfolio of Funds Trust**

**GENERAL POLICY**

This Code of Ethics is based on the principle that the officers, trustees, and employees (collectively, "Personnel") of the MH Elite Portfolio of Funds Trust("Fund") owe a fiduciary duty to the Fund to place the Fund's interests before their own interests. Consequently, Fund Personnel should avoid any conduct which could create a potential conflict of interest and must ensure that they conduct their activities with the highest level of ethical standards.

**PROHIBITED ACTS**

This Code of Ethics strictly prohibits the following acts by Fund Personnel:

&nbsp;&nbsp;&nbsp;&nbsp;1. Employing any device, scheme or artifice to defraud the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;2. Making any untrue statement of a material fact to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;3. Omitting to state a material fact necessary in order to make a statement made to the Fund, in light of
the circumstances under which it is made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;4. Engaging in anyact, practice or course of business that would operate as a fraud or deceit on the Fund;
or,

&nbsp;&nbsp;&nbsp;&nbsp;5. Engaging in any manipulative practice with respect to the Fund.

**CONFLICTS OF INTEREST**

Fund Personnel have a duty to disclose potential and actual conflicts of interest to the Fund. The Fund will notify all shareholders of the Fund of any potential or actual conflicts of interest. In order to avoid any appearance of impropriety, Fund Personnel should not accept any gifts (other than de minimis gifts, which are usually defined as having a value under $100.00) from persons or entities doing business with the Fund.

**SECURITIES PRE-CLEARANCE REQUIREMENTS**

All employees of the Fund who, in connection with his/her regular functions or duties, make or participate in making recommendations regarding the purchase or sale of securities by the Fund and any natural person who is a control person of the Fund who obtains information concerning recommendations made to the Fund regarding the purchase or sale of securities by the Fund are required to request and obtain pre-clearance from the Fund's Chief Compliance Officer before directly or indirectly acquiring beneficial ownership in any securities in an initial public offering or a limited offering (i.e., private placement).

If pre-approval is granted, the Chief Compliance Officer must create and maintain a record of the decision and the reasons supporting the decision to approve the acquisition for at least five years after the end of the fiscal year in which the approval was granted.

**SECURITIES REPORTING REQUIREMENTS**

<u>Initial and Annual Holdings Reports</u>

All access persons of the Fund shall file, no later than ten (10) days after becoming an access person, an initial holdings report. Access Person means any Fund trustee, Fund officer, as well as any Fund employee who, in connection with his/her regular functions or duties, makes or participates in making recommendations regarding the purchase or sale of securities by the Fund. Information contained in the initial holdings report must be current as of the date that the person becomes an Access Person. Furthermore, all Access Persons must file an annual holdings report between January 1<sup>st</sup>and February 14<sup>th</sup>of each calendar year that reports information as of December 31<sup>st</sup>of the prior calendar year. All holdings reports, whether initial or annual, must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The title of each security in which the Access Person has any direct or indirect beneficial ownership
interest;

&nbsp;&nbsp;&nbsp;&nbsp;2. The number of shares of each security, if applicable, in which the Access Person has any direct or indirect
beneficial ownership interest;

&nbsp;&nbsp;&nbsp;&nbsp;3. The principal amount of each security in which the Access Person has any direct or indirect beneficial
ownership interest;

&nbsp;&nbsp;&nbsp;&nbsp;4. The name of any broker, dealer or bank that maintains an account in which any security is held for the
direct or indirect benefit of the Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The date the report was submitted by the Access Person.

<u>Quarterly Transaction Reports</u>

All Access Persons shall file, no later than thirty (30) days after the end of each calendar quarter, a transaction report containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The date of each transaction in a security;

&nbsp;&nbsp;&nbsp;&nbsp;2. The title of the security involved in each transaction;

&nbsp;&nbsp;&nbsp;&nbsp;3. The interest rate and maturity date of the security involved in each transaction, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;4. The number of shares of each security involved in each transaction, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;5. The principal amount of eachsecurity involved in each transaction;

&nbsp;&nbsp;&nbsp;&nbsp;6. The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;7. The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;8. The name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;9. The date the transaction report was submitted by the Access Person.

Additionally, if an Access Person establishes an account in which any securities were held during the calendar quarter for which a transaction report is being filed for the direct or indirect benefit of the Access Person, the transaction report must also contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the broker, dealer or bank with whom the Access Person established the account; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The date the account was established.

<u>Exceptions to Reporting Requirements</u>

Access Persons are not required to:

&nbsp;&nbsp;&nbsp;&nbsp;1. Report on a transactions report, transactions effected in any account over which the Access Person does
not have any direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;2. Report on a holdings report, the holdings of any account over which the Access Person does not have any
direct or indirect influence or control.

&nbsp;&nbsp;&nbsp;&nbsp;3. Submit an initial or annual holdings report if they are not an "interested person" of the
Fund and the sole reason for which the person would be required to submit a holdings report is because they are a trustee of the Fund.<sup>1</sup>

&nbsp;&nbsp;&nbsp;&nbsp;4. Report on a quarterly transaction report, a transaction in a covered security if a) they are not an "interested
person" of the Fund, b) the sole reason for which the person would be required to submit a transaction report is because they are
a trustee of the Fund, and c) during the 15-day period immediately before or after the transaction, the trustee did not know and the trustee's
official duties to the Fund should not have made him/her aware that the Fund purchased or sold the same security or that the Fund or its
investment adviser considered purchasing or selling the same security.

&nbsp;&nbsp;&nbsp;&nbsp;5. Report on a transactions report, transactions effected pursuant to an Automatic Investment Plan.

&nbsp;&nbsp;&nbsp;&nbsp;6. Report on holdings of or transactions in securities that are a) direct obligations of the government of
the United States, b) bankers' acceptances, bank certificates of deposit, commercial paper, and high quality short-term debt instruments,
including repurchase agreements, and c) shares issued by open-end registered investment companies.

1. An "interested person" of the Fund is 1) any affiliated person of the Fund; 2) any member of the immediate family of any natural person who is an affiliated person of the Fund; 3) any interested person of any investment adviser of or principal underwriting for the Fund; 4) any person, partner, or employee of any person who at any time since the beginning of the last two completed fiscal years of the Fund has acted as its legal counsel; 5) any person or any affiliated person of a person (other than a registered investment company) that, at any time during the six month period preceding the date of determination as to whether the person or affiliated person is an interested person, has executed any portfolio transactions for, engaged in any principal transactions with, or distributed shares for a) the Fund, b) any other investment company that has the same investment adviser as the Fund, c) any other investment company holding itself out to investors as a related company of the Fund for purposes of investment or investor services, d) any account over which the Fund's investment adviser has brokerage placement discretion; 6) any person or any affiliated person of a person (other than a registered investment company) that, at any time during the six month period preceding the date of determination as to whether the person or affiliated person is an interested person, has loaned money or property to a) the Fund, b) any other investment company that has the same investment adviser as the Fund, c) any other investment company that holds itself out to investors as a related company of the Fund for purposes of investment or investor services, or d) any account for which the Fund's investment adviser has borrowing authority; and 7) any natural person whom the U.S. Securities and Exchange Commission by order shall have determined to be an interested person of the Fund. A person, however, whose only affiliation with the Fund results from his being a member of its board of trustees is not deemed to be an interested person of the Fund.

<u>Maintenance of Reports</u>

All copy of each holdings and transaction report submitted by an Access Person must be maintained by the Fund for at least five years after the end of the fiscal year in which the report is made or the information was provided, the first two years in an easily accessible place.

<u>Review of Reports</u>

The Fund's Chief Compliance Officer or his/her designee is responsible for reviewing all holdings and transaction reports submitted by Access Persons to assess whether the person 1) was in compliance with the Fund's Code of Ethics reporting requirements; 2) engaged in any trading activity that might by prohibited by the Fund's Code of Ethics or violate its spirit; and 3) transacted in the same securities as Fund, and if so, whether the Fund appeared to be disadvantaged as a result of the Access Person's transactions. Any reports submitted by the Fund's Chief Compliance Officer will be reviewed by another Executive-Level Officer of the Fund.

<u>Notification of Reporting Obligations</u>

The Chief Compliance Officer of the Fund is responsible for creating and maintaining a record of all Access Persons who, currently or within the past five years, are or were required to submit holdings and/or transaction reports to the Fund. Furthermore, the Fund's Chief Compliance Officer must create and maintain a record of all persons who are or were responsible for reviewing holdings and/or transaction reports for the Fund. Finally, the Fund's Chief Compliance Officer must inform all Access Persons of their reporting obligations.

**ANNUAL REPORT**

Annually, the Fund's Chief Compliance Officer must prepare and provide a written report to the Fund's board of trustees that describes any issues arising under this Code of Ethics since the last report to the board of trustees, including, but not limited to, information about material violations of this Code of Ethics and sanctions imposed in response to such material violations. Additionally, the written report must certify that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code of Ethics. Any reports submitted to the Fund's board of trustees pursuant to this paragraph must be maintained for at least five years after the end of the fiscal year in which the report was made, the first two years in an easily accessible place.

**COMPLIANCE and ACKNOWLEDGEMENT**

All Fund Personnel are required to annually acknowledge that they have read, understood and will comply in all respects with this Code of Ethics.

**MH Elite Portfolio of Funds Trust**

**Code of Ethics Acknowledgment**

&nbsp;&nbsp;&nbsp;&nbsp;1. I hereby acknowledge receipt of a copy of the Code of Ethics for MH Elite Portfolio of Funds Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. I have read and understand the Code of Ethics and recognize that I am subject thereto in the capacity
of "Fund Personnel" and/or "Access Person".

&nbsp;&nbsp;&nbsp;&nbsp;3. I hereby certify that I have no knowledge of the existence of any personal conflict of interest relationship
which may involve the MH Elite Portfolio of Funds Trust such as any economic relationship between my transactions and securities held
or to be acquired by MH Elite Portfolio of Funds Trust.

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| &nbsp;&nbsp;Print Name: |  |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |

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**MH Elite Portfolio of Funds Trust**

**Policy on Insider Trading**

The Fund forbids anyofficer, trustee, and employee (collectively, "Personnel") of the MH Elite Portfolio of Funds Trust ("Fund") from trading, either personally or on behalf of others, on material non-public information or communicating material non-public information to others in violation of the Insider Trading and Securities Fraud Enforcement Act of 1988. This conduct is frequently referred to as "insider trading."This policy applies to all Fund Personnel and extends to their activities within and outside their duties for the Fund. This"Policy on Insider Trading" must be read and signed by all Fund Personnel. Any questions regarding this policy should be referred to the Fund's Chief Compliance Officer.

The term "insider trading" is not clearly defined in federal or state securities laws, but generally is used to refer to the use of material non-public information to trade in securities (whether or not one is an "insider") or to the communication of material non-public information to others.

While the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;1. Trading by an insider on the basis of material non-public information;

&nbsp;&nbsp;&nbsp;&nbsp;2. Trading by a non-insider on the basis of material non-public information, where the information either
was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated; or

&nbsp;&nbsp;&nbsp;&nbsp;3. Communicating material non-public information to others.

The elements of insider trading and penalties for such unlawful conduct are discussed below. If, after reviewing this policy statement, you have any questions you should consult the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.**  **<u>Who is an Insider?</u>** 

The term "insider" is broadly defined. It includes officers, trustees and employees of a company. In addition, a person can be a "temporary insider" if they enter into a special confidential relationship in the conduct of a company's affairs and, as a result, are given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the employees of such organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.**  **<u>What is Material Information?</u>** 

Trading on insider information is not a basis for liability unless the information is material. "Material information" generally is defined as information that a reasonable investor would most likely consider important in making their investment decisions, or information that is reasonably certain to have a substantial effect on the price of a company's securities, regardless of whether the information is related directly to the company's business. Information that Fund Personnel should consider material includes, but is not limited to: dividend changes; earnings estimates; changes in previously released earnings estimates; significant merger or acquisition proposals or agreements; major litigation; liquidation problems; and extraordinary management developments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.**  **<u>What is Non-public Information?</u>** 

Information is non-public until it has been effectively communicated to the marketplace. For example, information found in a report filed with the SEC, or appearing in Dow Jones, Reuters Economic Services, The Wall Street Journal or other publications of general circulation would be considered public information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.**  **<u>Penalties for Insider Trading</u>** 

Penalties for trading on or communicating material non-public information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties described below even if they do not personally benefit from the activities surrounding the violation. Penalties include: civil injunctions; treble damages; disgorgement of profits; jail sentences; fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited; and fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided. In addition, any violation of this policy statement can be expected to result in serious sanctions by the Fund, including dismissal of the persons involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.**  **<u>Procedures to Implement Insider Trading Policy</u>** 

The following procedures have been established to Fund Personnel in avoiding insider trading. Failure to follow these procedures may result in dismissal, regulatory sanctions and/or criminal penalties.

**1)** **Identify Insider Information**

Before trading or making investment recommendations for yourself or others in the securities of a company about which you may potentially have insider information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Is the information material? Is this information that an investor would consider important in making an
investment decision? Is this information

that could substantially effect the market price of the security if generally disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Is the information non-public? To whom has this information been provided? Has the information been effectively
communicated to the market place by being published in publications of general circulation?

If,after consideration of the above, the information is material and non-public, or if further questions arise as to whether the information is material and non-public, the following procedures shall be followed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Report the matter immediately to the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Do not purchase, sell or recommend securities on behalf of yourself or others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Do not communicate the information inside or outside the Fund other than to the Fund's Chief Compliance
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. After the Fund's Chief Compliance Officer has reviewed the issue, you will be instructed as to the
proper course of action to take.

**2)** **Restricting Access to Material Non-Public Information**

Information in your possession that you identify as material and non-public may not be communicated to anyone, including persons within the Fund except as provided in paragraph 1 above. In addition, care should be taken so that such information is secure. For example, files containing material non-public information should be maintained in locked cabinets with access limited to appropriate personnel or electronically on password-protected secure drives.

**3)** **Resolving Issues Concerning Insider Trading**

If,after consideration of the items set forth in paragraph 1, doubt remains as to whether information is material or non-public, or if there is any unresolved question as to the applicability or interpretation of the foregoing procedures, or as to the propriety of any action, it must be discussed with the Fund's Chief Compliance Officer before trading or communicating the information to anyone.

**4)** **<u>Acknowledgment</u>**

All Fund Personnel are required to annually acknowledge that they have read and understood this "Policy on Insider Trading" and will comply in all respects with this policy.

**MH Elite Portfolio of Funds Trust**

**Policy on Insider Trading Acknowledgement**

&nbsp;&nbsp;&nbsp;&nbsp;1. I hereby acknowledge receipt of a copy of the Policy on Insider Trading for MH Elite Portfolio of Funds
Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. I have read and understand the Policy on Insider Trading and recognize that I am subject thereto in the
capacity of "Fund Personnel."

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| | |
|:---|:---|
| &nbsp;&nbsp;Print Name: |  |
| &nbsp;&nbsp;Signature: | &nbsp;&nbsp;Date: |

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