# EDGAR Filing Document

**Accession Number:** 0000836267
**File Stem:** 0001999371-25-011882
**Filing Date:** 2025-8
**Character Count:** 781412
**Document Hash:** 67795ad168e601facd010d026d0433f1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-011882.hdr.sgml**: 20250822

**ACCESSION NUMBER**: 0001999371-25-011882

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 65

**FILED AS OF DATE**: 20250822

**DATE AS OF CHANGE**: 20250822

**EFFECTIVENESS DATE**: 20250908

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCM Trust
- **CENTRAL INDEX KEY:** 0000836267

**ORGANIZATION NAME:**
- **EIN:** 526400931
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05617
- **FILM NUMBER:** 251244904

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 800-955-9988

**MAIL ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHELTON GREATER CHINA FUND
- **DATE OF NAME CHANGE:** 20110614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAIWAN GREATER CHINA FUND
- **DATE OF NAME CHANGE:** 20040105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** R O C TAIWAN FUND
- **DATE OF NAME CHANGE:** 19920703
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SCM Trust
- **CENTRAL INDEX KEY:** 0000836267

**ORGANIZATION NAME:**
- **EIN:** 526400931
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-176060
- **FILM NUMBER:** 251244903

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 800-955-9988

**MAIL ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHELTON GREATER CHINA FUND
- **DATE OF NAME CHANGE:** 20110614

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** TAIWAN GREATER CHINA FUND
- **DATE OF NAME CHANGE:** 20040105

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** R O C TAIWAN FUND
- **DATE OF NAME CHANGE:** 19920703

## Series and Classes Contracts Data

### Shelton Equity Premium Income ETF (Series ID: S000092397)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000260372 | Shelton Equity Premium Income ETF |  |

?xml version='1.0' encoding='ASCII'?

As filed with the Securities and Exchange Commission on August 22, 2025

1933 Act Registration Number – 333-176060

1940 Act Registration Number – 811-05617

**UNITED STATES SECURITIES AND EXCHANGE COMMISSION** **Washington, D.C. 20549**

**Form N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒

Post-Effective Amendment No. 80

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 ☒

Amendment No. 81

**SCM Trust** (Exact Name of Registrant as Specified in Charter)

**1125 17<sup>th</sup> Street, Suite 2550 Denver, CO 80202**

(Address of Principal Office)

Telephone Number: **(415) 398-2727**

**Stephen C. Rogers 1125 17<sup>th</sup> Street, Suite 2550 Denver, CO 80202**

(Name and Address of Agent for Service)

With copy to:

**Peter H. Schwartz, Esq. Davis Graham & Stubbs LLP 3400 Walnut Street, Suite 700 Denver, Co 80205**

**It is proposed that this filing will become effective:**

☐ immediately upon filing pursuant to paragraph (b)

☒ On September 8, 2025 pursuant to paragraph (b)

☐ 60 days after filing pursuant to Paragraph (a)

☐ On _________ pursuant to paragraph (a)

☐ 75 days after filing pursuant to paragraph (a)(2)

☐ on _________ pursuant to paragraph (a)(2) of Rule 485

**If appropriate, check the following box:**

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This post-effective amendment designates a new effective date for a previously filed post-effective amendment

The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This Prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Preliminary Prospectus Subject to Completion August 22, 2025

![](sepi485bpos001.jpg)

![](sepi485bpos002.jpg)

**PROSPECTUS**

September [__], 2025

Shelton Equity Premium Income ETF: SEPI

The Securities and Exchange Commission has not approved or disapproved these securities or passed on whether the information in this prospectus is adequate or accurate. Any representation to the contrary is a criminal offense. The Fund is not a bank deposits and is not guaranteed, endorsed or insured by any financial institution or government entity such as the Federal Deposit Insurance Corporation (FDIC). The Fund or some share classes in this Prospectus may not be available in your state. Please check with your advisor to determine those Fund and classes available for sale in your state.

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**SHELTON EQUITY PREMIUM INCOME ETF** Ticker Symbol: SEPI](#sepi485bposa001) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Other Important Information About Fund Shares](#sepi485bposa002)** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Investment Objectives and Principal Strategies](#sepi485bposa003)** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Additional Policies of the Fund](#sepi485bposa004)** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Investment Risks](#sepi485bposa005)** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Fund Organization and Management](#sepi485bposa006)** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Past Performance for Similar Accounts Managed by the Adviser](#sepi485bposa007)** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[How to Buy Shares](#sepi485bposa008)** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Other Policies](#sepi485bposa009)** | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Notice of Privacy Policy](#sepi485bposa010)** | 23 |

---

**SHELTON EQUITY PREMIUM INCOME ETF** Ticker Symbol: SEPI

**Investment Objective**

The Shelton Equity Premium Income ETF (the "Fund") seeks to achieve a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities.

**Fees and Expenses of the Fund**

This table describes the fees and expenses that you may pay when you buy, hold, and sell shares of the Fund. The table and example do not reflect any transaction fees that may be charged by financial intermediaries or commissions that a shareholder may be required to pay directly to its financial intermediary when buying or selling shares.

---

| | |
|:---|:---|
| **Annual Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)<sup>(1)</sup> |  |
| Management fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% |
| Distribution and/or Service (12b-1) Fees | &nbsp;&nbsp;&nbsp;&nbsp; 0.00% |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>2</sup> |
| **Total annual operating expenses** | &nbsp;&nbsp;&nbsp;&nbsp; 0.54% |

---

<sup>1</sup> The Fund's advisory agreement provides that Shelton Capital Management ("Shelton," or the Adviser) will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, interest expenses, dividend and interest expenses related to short sales, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, certain compliance costs, costs of holding shareholder meetings, litigation and potential litigation and other extraordinary expenses such as merger and reorganization expenses, for example, not incurred in the ordinary course of the Fund's business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage expenses relating to investment strategies (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, and commissions and fees and expenses associated with the Fund's securities lending program, if applicable.

<sup>2</sup> "Other Expenses" are based on estimated amounts for the current fiscal year.

**Example of Expenses**

This example is intended to help you compare the cost of investing in the Fund with the cost of investing in other 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. This 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:

---

| | |
|:---|:---|
| 1 year | 3 years |
| $55 | $173 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example of Expenses, affect the Fund's performance. Information regarding the Fund's portfolio turnover will be provided once the Fund has completed a full fiscal year.

**Principal Investment Strategies**

The Fund seeks a high level of current income by investing primarily in income-producing equity securities. The Fund will also consider the potential for price appreciation when consistent with seeking current income. In order to meet its investment objectives, the Fund invests primarily in U.S. equity securities that generate a relatively high level of dividend income (relative to other equities in the same industry) and have the potential for capital appreciation. These securities will generally be stocks of medium and large U.S. corporations. The Fund currently considers "medium U.S. corporations" to be those included in the S&P MidCap 400 Index at the time of purchase, and "large U.S. corporations" to be those with market capitalizations that are larger than those included in the S&P MidCap 400 Index at the time of purchase. As of July 31, 2025, medium corporations included in the S&P MidCap 400 Index range from $1.6 billion to $111 billion in market capitalization. It is the Fund's policy that, under normal market conditions, it will invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in common stocks. The Fund's policy of investing in common stocks may not be changed unless Fund shareholders are given at least 60 days prior notice. Shelton, the investment advisor to the Fund, seeks to purchase equity securities for the Fund's portfolio consistent with the Fund's investment objective, such as when Shelton believes such securities have income producing potential, a potential for capital appreciation or value potential.

When the market price of a stock equals or exceeds the strike price of a covered call option written against it, Shelton may allow all or a portion of the stock to be sold or "called away" by the option buyer. Shelton may sell portfolio securities for a variety of reasons, including when it believes that securities are no longer consistent with the Fund's investment objective, other securities appear to offer more compelling opportunities, or to meet redemption requests.

Although the Fund will attempt to invest as much of its assets as is practical in income-producing stocks, the Fund may maintain a reasonable (up to 20%) position in cash, U.S. Treasury bills or money market instruments to meet redemption requests and other liquidity needs. The Fund may invest in stock futures contracts to keep the net assets of the Fund fully invested in the equity markets in circumstances when the Fund is holding treasury bills, money market instruments, similar investments or cash in the portfolio. Utilizing futures allows the Fund to maintain a high percentage of the portfolio in the market while maintaining cash for liquidity needs.

**Principal Risks**

You could lose money by investing in the Fund, and the Fund could underperform other investments. You should expect the Fund's share price and total return to fluctuate within a wide range. The Fund's performance could be hurt by:

**Equity Risk.** The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, national or international political events, natural disasters, the spread of infectious illness or other public health issue, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally.

**Market Exposure Risk.** Investment prices may increase or decrease, sometimes suddenly and unpredictably, due to general market conditions. The Fund is primarily invested in the U.S. stock markets. As with any investment whose performance is linked to these markets, the value of an investment in the Fund will change. During a declining stock market, investment in this Fund would lose money.

**Option Call and Put Risk.** The Fund's option strategy may limit the upside performance of any position for which a call is sold and may increase costs when puts are purchased. When selling a call, the Fund is effectively selling upside stock performance in exchange for immediate cash flow. In markets where a stock position goes up dramatically, this could cause the Fund to under-perform its benchmark and the equity markets in general. When buying a put, the Fund is spending a premium to protect the downward movement of the value of a position in the Fund's portfolio. In the event the value of the position went up during the life of the put option, the option would expire without value and the Fund will have lost the premium paid.

**Derivatives Risk.** Investing with derivatives, such as options, and equity index futures, or other futures contracts involves risks additional to and possibly greater than those associated with investing directly in securities. The value of a derivative may not correlate to the value of the underlying instrument to the extent expected. Derivative transactions may be volatile, and can create leverage, which could cause the Fund to lose more than the amount of assets initially contributed to the transaction, if any. The Fund may not be able to close a derivatives position at an advantageous time or price. For over-the-counter derivatives transactions, the counterparty may be unable or unwilling to make required payments and deliveries, especially during times of financial market distress. Changes in regulation relating to a mutual fund's use of derivatives and related instruments may make derivatives more costly, limit the availability of derivatives, or otherwise adversely affect the value or performance of derivatives and the Fund.

**LargeCap Stock Risk.** Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

**MidCap Stock Risk.** The risk that stocks of relatively smaller capitalization within the midcap range of companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Relatively smaller capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.

**Economic and Political Risks.** Many factors will affect the performance of the stock market. Two major factors are economic and political events. The impact of positive or negative events could be short-term (by causing a change in the market that is corrected in a year or less) or long-term (by causing a change in the market that may last for many years). Events may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.

**Sector Risks.** The Fund is primarily invested in U.S. value stocks and is designed to provide a dividend yield as well as the potential for capital appreciation. At times, the Fund may hold a concentrated position in the banking and financial sector. Therefore, the Funds' performance may be significantly impacted by the performance of this sector.

**Stock Futures Risk.** The Fund's primary risks are associated with changes in the stock market. However, there are other risks associated with the Fund. For example, the Fund may invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts owned by the Fund do not perform well, the Fund's performance will be impacted.

**Value Securities Risks.** Value stocks are typically purchased at prices that appear to be low relative to other similar securities. Often these companies might be "out of favor" with the market as a whole because of business weakness or failures. Value stocks may fall out of favor with investors and underperform other asset types during any given period. A company may never achieve a normalization of the stock price that the Adviser anticipates.

**Exchange-Traded Fund Risk.** Because shares of ETFs ("ETF Shares") are traded on an exchange, they are subject to additional risks. The Fund's ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value ("NAV"), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. Further, although the Fund's ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.

**ETF Liquidity Risk.** Trading of the Fund's ETF Shares may be halted by the activation of individual or market wide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund's ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors.

Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the Fund's shares may result in the Fund's shares trading significantly above (at a premium) or below (at a discount) to NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

**Manager Risk.** Shelton's opinion about the intrinsic worth or creditworthiness of a company or security may be incorrect or the market may continue to undervalue the company or security. Shelton may not make timely purchases or sales of securities for the Fund.

**Cybersecurity Risk.** Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, Shelton, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder's ability to exchange or redeem Fund shares may be affected.

**Performance**

As of the date of this Prospectus, the Fund has not yet commenced operations. When the Fund has completed a full calendar year of investment operations, this section will include charts that show annual total returns, highest and lowest quarterly returns and average annual total returns (before and after taxes) compared to a benchmark selected for the Fund. Updated performance is available on the Fund's website www.sheltoncap.com or by calling (800) 955-9988.

**Fund Management**

Shelton Capital Management serves as the investment adviser to the Fund. The Fund is managed by a team consisting of Stephen C. Rogers, Barry Martin, Nick Griebenow, Austin Wen, and Yin Bhuyan who have been the Fund's portfolio managers since its inception in September 2025.

Vident Asset Management ("Vident" or the "Sub-Adviser") serves as the sub-adviser to the Fund.

**Other Important Information About Fund Shares**

**Purchase and Sale of Fund Shares**

The Fund will issue and redeem shares at net asset value ("NAV") only in large blocks of shares (each block of shares is called a "Creation Unit") and only to Authorized Participants that have entered into agreements with Paralel Distributors LLC, the Fund's distributor (the "Distributor"). Creation Units are issued and redeemed for cash and/or in-kind for securities. Except when aggregated in Creation Units, the shares are not redeemable securities of the Fund. When spreads widen or premiums and discounts become larger than usual, particularly during times of market stress, investors may pay significantly more or receive significantly less than the underlying value of the ETF's shares when they buy or sell in secondary markets.

Individual shares may only be purchased and sold in secondary market transactions through a broker or dealer at a market price. Shares of the Fund are listed for trading on NYSE Arca ("NYSE Arca" or the "Exchange") under the ticker symbol SEPI.

Because the shares trade at market prices rather than NAV, shares of the Fund may trade at a price that is greater than (a premium), at, or less than (a discount) NAV. An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the "bid-ask spread").

The Fund's bid-ask spread, net asset value, market price, and premiums and discounts, will be disclosed on the Fund's website at <u>www.sheltoncap.com</u>.

If you have questions or need assistance, you may call client services for Shelton Funds at (800) 955- 9988 during normal business hours (generally 8:00 a.m. to 5:00 p.m. Mountain Time).

**Tax Information.** For U.S. federal income tax purposes, the Fund's distributions may be taxable as ordinary income, capital gains, exempt-interest dividends, qualified dividend income, or section 199A dividends, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. Withdrawals from such a tax-advantaged investment plan will be subject to special tax rules.

**Payments to Broker-Dealers and other Financial Intermediaries.** If you purchase the Fund through an employee benefit plan, the Fund, Shelton Capital Management or related entities may make payments to the recordkeeper, broker/ dealer, bank, or other financial institution or organization (each a "financial intermediary") that provides shareholder recordkeeping or other administrative services to the plan as compensation for those services. These payments may create a conflict of interest by influencing your Financial Intermediary to make available the Fund over other mutual funds or investments. You should ask your financial intermediary about differing and divergent interests and how it is compensated for administering your Fund investment.

**Investment Objectives and Principal Strategies**

The Fund seeks a high level of current income by investing primarily in income-producing equity securities. The Fund will also consider the potential for price appreciation when consistent with seeking current income. In order to meet its investment objectives, the Fund invests primarily in U.S. equity securities that generate a relatively high level of dividend income (relative to other equities in the same industry) and have the potential for capital appreciation. These securities will generally be stocks of medium and large U.S. corporations. The Fund currently considers "medium U.S. corporations" to be those included in the S&P MidCap 400 Index at the time of purchase, and "large U.S. corporations" to be those with market capitalizations that are larger than those included in the S&P MidCap 400 Index at the time of purchase. As of July 31, 2025, medium corporations included in the S&P MidCap 400 Index range from $1.6 billion to $111 billion in market capitalization. It is the Fund's policy that, under normal market conditions, it will invest at least 80% of its total assets (which includes the amount of any borrowings for investment purposes) in common stocks. The Fund's policy of investing in common stocks may not be changed unless Fund shareholders are given at least 60 days prior notice. Shelton, the investment advisor to the Fund, seeks to purchase equity securities for the Fund's portfolio consistent with the Fund's investment objective, such as when Shelton believes such securities have income producing potential, a potential for capital appreciation or value potential.

The Fund seeks to deliver capital appreciation and an enhanced cash flow through writing covered calls and/or selling cash secured puts on portfolio positions, thereby enhancing the distribution rates to shareholders. The strategy is used to either reduce overall volatility or add incremental cash flow The covered calls are strategically sold to generate option premium cash flow in addition to the portfolio's dividends. A cash secured put involves selling put options and simultaneously setting aside enough cash or margin to buy the stock if an assignment occurs.The Fund may also buy protective puts. A protective put is a risk-management strategy where a put or puts are purchased against a long stock or other long portfolio position. The objective of buying puts is to reduce the directional risk and exposure of the individual portfolio while allowing for upside gains if the stock or portfolio continues to increase in value.

When the market price of a stock equals or exceeds the strike price of a covered call option written against it, Shelton may allow all or a portion of the stock to be sold or "called away" by the option buyer. Shelton may sell portfolio securities for a variety of reasons, including when it believes that securities are no longer consistent with the Fund's investment objective, other securities appear to offer more compelling opportunities, or to meet redemption requests. Although the Fund will attempt to invest as much of its assets as is practical in income-producing stocks, the Fund may maintain a reasonable (up to 20%) position in cash, U.S. Treasury bills or money market instruments to meet redemption requests and other liquidity needs. The Fund may invest in stock futures contracts to keep the net assets of the Fund fully invested in the equity markets in circumstances when the Fund is holding treasury bills, money market instruments, similar investments or cash in the portfolio. Utilizing futures allows the Fund to maintain a high percentage of the portfolio in the market while maintaining cash for liquidity needs.

The Fund's option strategy may limit the upside performance of any position for which a call is sold and may increase costs when puts are purchased. When selling a call, the Fund is effectively selling upside stock performance in exchange for immediate cash flow. In markets where a stock position goes up dramatically, this could cause the Fund to under-perform its benchmark and the equity markets in general. When buying a put, the Fund is spending a premium to protect the downward movement of the value of a position in the Fund's portfolio. In the event the value of the position went up during the life of the put option, the option would expire without value and the Fund will have lost the premium paid. The Fund may buy or sell options in an effort to generate additional cash flow above and beyond the dividends paid by the stocks or hedge the portfolio from potential losses. A call option is a right for the buyer to purchase the stock from the Fund at a predetermined price. When the Fund sells a call option, the Fund is paid cash and the buyer of the option may exercise the right to purchase the stock at a fixed price over the life of the option. The Fund may do this in order to generate additional cash flow for one or more positions in the portfolio beyond the current dividend yield. A put option is the right to sell a stock to the seller at a predetermined price. When the Fund buys a put option, it pays the seller for the write to sell a stock at a predetermined price. The Fund may do this in order to protect the value of one or more positions in the portfolio. While there is no assurance that a strategy will work as planned, option strategies used by the Fund will generally be used in an effort to reduce the risk exposure of the Fund's portfolio. While there are several factors impacting option values, typically, the higher the share price relative to the strike price of the option and the longer the life of the option, the higher the call premium paid to the Fund.

**Additional Policies of the Fund**

**Temporary Defensive Positions.** In certain market conditions, some or all of a of the Fund's securities may be sold and the proceeds retained as cash, or temporarily invested in U.S. government securities or money market instruments, if the Fund's investment manager believes it is in the best interest of shareholders to do so. As of the date of this Prospectus, this has never happened; but if it were to occur, the investment goals of the relevant Fund might not be achieved.

**Investment Risks**

Investors should recognize that investing in securities presents certain risks that cannot be avoided. There is no assurance that the investment objectives of any Fund will be achieved. The following includes some of the principal and non-principal risks involved in investing in the Fund. The risks are presented in an order intended to facilitate readability and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk. Investing in securities creates indirect exposure to the various business risks to which their issuers are subject, which may include sector-, industry-, or region-specific risks. There is more information about these and other risks in the Statement of Additional Information (SAI).

**Cybersecurity Risk.** *Principal Risk.* Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets, customer data (including private shareholder information), or proprietary information, or cause the Fund, Shelton, and/or other service providers (including custodians, sub-custodians, transfer agents and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality. In an extreme case, a shareholder's ability to exchange or redeem Fund shares may be affected.

**Derivatives Risk.** *Principal Risk.* Derivatives are financial instruments, including futures contracts, the values of which are based on the value of one or more underlying assets, such as stocks, bonds, currencies, interest rates, and market indexes. Derivatives involve risks different from, and possibly greater than, the risks associated with investing directly in the underlying assets and other more traditional investments. The market value of derivatives may be more volatile than that of other investments and can be affected by changes in interest rate or other market developments. The use of derivatives may accelerate the velocity of possible losses. Each type of derivative instrument may have its own special risks, including the risk of mispricing or improper valuation and the possibility that a derivative may not correlate perfectly or as expected with its underlying asset, rate, or index. Derivatives create leverage because the upfront payment required to enter into a derivative is often much smaller than the potential for loss (which may in theory be unlimited). A derivative may be subject to liquidity risk, especially during times of financial market distress; certain types of derivatives may be terminated or modified only with the consent of their counterparties. The use of derivatives may cause the Fund's investment returns to be impacted by the performance of securities the Fund does not own. Derivatives are specialized instruments that may require investment techniques and risk analyses different from those associated with stocks and bonds. Although the use of derivatives is intended to enhance the Fund's performance, it may instead reduce returns and increase volatility, or have a different effect than anticipated, especially in unusual or extreme market conditions. Suitable derivatives transactions may not be available in all circumstances and there can be no assurance that a particular derivative position will be available or used by the Fund or that, if used, such strategies will be successful. Regulations may require the Fund buy or sell a security at a disadvantageous time or price to maintain offsetting positions or asset coverage in connection with certain derivatives transactions. Use of derivatives may increase the amount and change the timing of taxes payable by shareholders.

**Economic and Political Risks.** *Principal Risk.* These risks may be short-term by causing a change in the market that is corrected in a year or less, or they may have long-term impacts which may cause changes in the market that last for many years. Some factors may affect one sector of the economy or a single stock, but may not have a significant impact on the overall market.

**Equity Risk.** *Principal Risk.* Equity securities represent an ownership interest in an issuer rather than a right to receive a specified future payment. This makes equity securities more sensitive than debt securities to changes in an issuer's earnings and overall financial condition; as a result, equity securities are generally more volatile than debt securities. Equity securities may lose value as a result of changes relating to the issuers of those securities, such as management performance, financial leverage, or changes in the actual or anticipated earnings of a company, or as a result of actual or perceived market conditions that are not specific to an issuer. Even when the securities markets are generally performing strongly, there can be no assurance that equity securities held by the Fund will increase in value. Because the rights of all of a company's creditors are senior to those of holders of equity securities, shareholders are least likely to receive any value if an issuer files for bankruptcy**.** Investments in equity securities may create indirect exposure to interest rate, credit, and currency risk. Securities of non-U.S. issuers are exposed to currency risk, even if they are denominated in U.S. dollars. Debt and equity investments in commodity-related issuers create exposure to commodity risks, which may include unpredictable changes in value, supply and demand, and government regulation.

**Exchange-Traded Fund Risk.** *Principal Risk.* Because shares of ETFs ("ETF Shares") are traded on an exchange, they are subject to additional risks. The Fund's ETF Shares are listed for trading on NYSE Arca and are bought and sold on the secondary market at market prices. Although it is expected that the market price of an ETF Share typically will approximate its net asset value ("NAV"), there may be times when the market price and the NAV differ significantly. Thus, you may pay more or less than NAV when you buy ETF Shares on the secondary market, and you may receive more or less than NAV when you sell those shares. Further, although the Fund's ETF Shares are listed for trading on NYSE Arca, it is possible that an active trading market may not be maintained.

**ETF Liquidity Risk.** *Principal Risk.* Trading of the Fund's ETF Shares may be halted by the activation of individual or market wide trading halts (which halt trading for a specific period of time when the price of a particular security or overall market prices decline by a specified percentage). Trading of the Fund's ETF Shares may also be halted if (1) the shares are delisted from NYSE Arca without first being listed on another exchange or (2) NYSE Arca officials determine that such action is appropriate in the interest of a fair and orderly market or for the protection of investors.

Disruptions to creations and redemptions, the existence of extreme market volatility or potential lack of an active trading market for the Fund's shares may result in the Fund's shares trading significantly above (at a premium) or below (at a discount) to NAV. In addition, in stressed market conditions or periods of market disruption or volatility, the market shares may become less liquid in response to deteriorating liquidity in the markets for the Fund's underlying portfolio holdings.

**Interest Rate Risk.** Debt securities that pay interest based on a fixed rate are subject to the risk that they will decline in value if interest rates rise. Interest rate changes may occur suddenly and unexpectedly, and may be caused by a wide variety of factors including central bank monetary policy, inflation rates, and general economic conditions. The Fund may lose money as a result of such movements. The longer the remaining maturity of a debt security, the more its value is likely to be affected by changes in interest rates. Debt securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile than securities with shorter durations. The values of equity and other non-debt securities may also decline due to fluctuations in interest rates. The Fund may choose not to or be unable to hedge itself fully against changes in interest rates. If the Fund uses derivatives to hedge against changes in interest rates, those hedges may not work as intended and may decrease in value if interest rates move differently than anticipated. Interest rates are currently at or near historic lows in many developed countries, including the United States, which increases the risk that interest rates will rise. In the United States, the Federal Reserve Board has already begun, and may continue, to raise interest rates. Non-fixed rate instruments (i.e., variable and floating rate securities) generally are less sensitive to interest rate changes but may decline in value if their interest rates do not rise as much or as quickly as interest rates in general. Conversely, non-fixed-rate instruments will not generally increase in value if interest rates decline. If the Fund holds variable or floating rate securities, a decrease in market interest rates may adversely affect the income received from such securities.

**Large Shareholder Transactions Risk.** The Fund may be adversely impacted when certain large shareholders, including institutional investors, purchase or redeem large amounts of shares of the Fund, which may occur rapidly or unexpectedly. As a result, the Fund may experience redemptions resulting in large outflows of cash from time to time. This could have adverse effects on the Fund's performance if the Fund were required to sell securities at times when it otherwise would not do so. This activity could also accelerate the realization of capital gains or losses and increase the Fund's transaction costs or decrease the liquidity of the Fund's portfolio. Similarly, large purchases of Fund shares may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash or otherwise maintains a larger cash position than it ordinarily would. Large redemptions of Fund shares could also result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. Although large shareholder transactions may be more frequent under certain circumstances, the Fund is generally subject to the risk that a large shareholder can purchase or redeem a significant percentage of Fund shares at any time. Moreover, the Fund is subject to the risk that other shareholders may make investment decisions based on the choices of a large shareholder, which could exacerbate any potential negative effects experienced by the Fund.

**LargeCap Stock Risk.** *Principal Risk.* Larger, more established companies may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. In addition, large-cap companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

**Manager Risk.** *Principal Risk.* Shelton's opinion about the intrinsic worth or creditworthiness of a company, security, or other investment may be incorrect or the market may continue to undervalue the company, security, or other investment, and may not make timely purchases or sales of securities for the Fund; and the Fund's investment objective may not be achieved. The Fund are subject to various operational risks, including risks associated with the calculation of net asset value. In particular, errors or systems failures and other technological issues may adversely impact the Fund's calculation of its net asset value, and such net asset value calculation issues could result in inaccurately calculated net asset values, delays in net asset value calculation and/or the inability to calculate net asset value for some period. The Fund may be unable to recover any losses associated with such failures.

**Market Exposure Risk.** *Principal Risk.* The market price of a security or other investment may increase or decrease, sometimes suddenly and unpredictably. Investments may decline in value because of factors affecting markets generally, such as real or perceived challenges to the economy, national or international political events, natural disasters, the spread of infectious illness or other public health issue, changes in interest or currency rates, adverse changes to credit markets, or general adverse investment sentiment. The prices of investments may reflect factors affecting one or more industries, such as the price of specific commodities or consumer trends, or factors affecting particular issuers. During a general downturn in the markets, multiple asset classes may decline in value simultaneously. Market disruptions may prevent a Fund from implementing investment decisions in a timely manner. Fluctuations in the value of the Fund's investments will cause that Fund's share price to fluctuate. An investment in a Fund, therefore, may be more suitable for long-term investors who can bear the risk of short- and long-term fluctuations in a Fund's share price. In the case of a Fund designed to track passively the performance of the associated index, the Fund does not intend to take steps to reduce its market exposure in any market.

**MidCap Stock Risk.** *Principal Risk.* The risk that stocks of relatively smaller capitalization within the midcap range of companies may be subject to more abrupt or erratic market movements than stocks of larger, more established companies. Relatively smaller capitalization companies may have limited product lines or financial resources, or may be dependent upon a small or inexperienced management group, and their securities may trade less frequently and in lower volume than the securities of larger companies, which could lead to higher transaction costs. Generally, the smaller the company size, the greater the risk.

**Non-U.S. Currency Risk.** Non-U.S. currencies may decline relative to the U.S. dollar and affect the Fund's investments in non-U.S. currencies, in securities that are denominated in non-U.S. currencies, in securities of issuers that are exposed to non-U.S. currencies, or in derivatives that provide exposure to non-U.S. currencies. When a given currency depreciates against the U.S. dollar, the value of securities denominated in that currency typically declines. A U.S. dollar-denominated depositary receipt is exposed to currency risk if the security underlying it is denominated in a non-U.S. currency. Currency depreciation may affect the value of U.S. securities if their issuers have exposure to non-U.S. currencies and non-U.S. issuers may similarly be exposed to currencies other than those in which their securities are denominated and the country in which they are domiciled. Shelton Capital Management may not be able to accurately estimate an issuer's non-U.S. currency exposure.

**Non-U.S. Investment Risk.** Non-U.S. securities (including ADRs and other securities that represent interests in non-U.S. issuer's securities) involve some special risks such as exposure to potentially adverse foreign political and economic developments; market instability; nationalization and exchange controls; potentially lower liquidity and higher volatility; possible problems arising from accounting, disclosure, settlement, and regulatory practices that differ from U.S. standards; foreign taxes that could reduce returns; higher transaction costs and foreign brokerage and custodian fees; inability to vote proxies, exercise shareholder or bondholder rights, pursue legal remedies, and obtain judgments with respect to foreign investments in foreign courts; possible insolvency of a sub-custodian or securities depository; and fluctuations in foreign exchange rates that decrease the investment's value (although favorable changes can increase its value). Non-U.S. stock markets may decline due to conditions unique to an individual country or within a region, including unfavorable economic conditions relative to the United States or political and social instability or unrest. Non-U.S. investments may become subject to economic sanctions or other government restrictions by domestic or foreign regulators, which could negatively impact the value or liquidity of those investments. There may be increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities. Governments in certain foreign countries participate to a significant degree, through ownership or regulation, in their respective economies. Action by such a government could have a significant effect on the market price of securities issued in its country. These risks may be higher when investing in emerging market issuers. Certain of these risks also apply to securities of U.S. issuers with significant non-U.S. operations. Global economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country or region may adversely affect issuers in a different country or region.

**Option Call and Put Risk.** *Principal Risk.* The Fund's option strategy may limit the upside performance of any position for which a call is sold and may increase costs when puts are purchased. When selling a call, the Fund is effectively selling upside stock performance in exchange for immediate cash flow. In markets where a stock position goes up dramatically, this could cause the Fund to under-perform its benchmark and the equity markets in general. When buying a put, the Fund is spending a premium to protect the downward movement of the value of a position in the Fund's portfolio. In the event the value of the position went up during the life of the put option, the option would expire without value and the Fund will have lost the premium paid.

**Portfolio Turnover.** The Fund generally intend to purchase securities for long-term investments rather than short-term gains. However, a security may be held for a shorter than expected period of time if, among other things, Shelton needs to raise cash in the Fund or feels that it is appropriate to do so. Portfolio holdings may also be sold sooner than anticipated due to unexpected changes in the markets. Buying and selling securities may involve incurring some expense to the Fund, such as commissions paid to brokers and other transaction costs. By selling a security, the Fund may realize taxable capital gains that it will subsequently distribute to shareholders. Generally speaking, the higher the Fund's annual portfolio turnover, the greater its brokerage costs and the greater likelihood that it will realize taxable capital gains. Increased brokerage costs may affect the Fund's performance. Also, unless you are a tax-exempt investor, or you purchase shares through a tax-advantaged account, the distributions of capital gains may affect your after- tax return. For some Fund, annual portfolio turnover of 100% or more is considered high.

**Recent Market Events Risk.** U.S. and international markets have experienced and may continue to experience volatility in recent months and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and central banks' interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine, significant conflict between Israel and Hamas in the Middle East, and the impact of the coronavirus (COVID-19) global pandemic. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so. Continuing market volatility as a result of recent market conditions or other events may have an adverse effect on the performance of the Fund.

**Regulatory Risk.** New laws and regulations promulgated by governments and regulatory authorities may affect the value of securities issued by specific companies, in specific industries or sectors, or in all securities issued in the affected country. In times of political or economic stress or market turmoil, governments and regulators may intervene directly in markets and take actions that may adversely affect certain industries, securities, or specific companies. Government and/or regulatory intervention may reduce the value of debt and equity securities issued by affected companies and may also severely limit the Fund's ability to trade those securities.

**Risk of Investing in Other Investment Companies.** The Fund may invest in unaffiliated investment companies as permitted under Section 12(d)(1) of the 1940 Act. Investing in other investment companies involves substantially the same risks as investing directly in the underlying securities, but may involve additional expenses at the investment company level. To the extent the Fund invests in other investment companies, the Fund's shareholders will incur certain duplicative fees and expenses, including investment advisory fees. The return on such investment will be reduced by the operating expenses including investment advisory and administration fees, of such investment Fund, and will be further reduced by Fund expenses, including management fees; that is, there will be a layering of certain expenses. Investments in investment companies also may involve the payment of substantial premiums above the value of such companies' portfolio securities.

The Fund may invest cash holdings in affiliated or non-affiliated money market Fund as permitted under Section 12(d)(1) of the 1940 Act and the rules promulgated under that section. In addition, the Fund may invest in other investment companies that invest in a manner consistent with the Fund's investment objective and strategies, including the use of ETFs.

**Sector Risk.** *Principal Risk.* The Fund is primarily invested in U.S. value stocks and is designed to provide a dividend yield as well as the potential for capital appreciation. At times, the Fund may hold a concentrated position in the banking and financial sector. Therefore, the Funds' performance may be significantly impacted by the performance of this sector.

**Style Risk**. The risk that use of a growth or value investing style may fall out of favor in the marketplace for various periods of time. Growth stock prices reflect projections of future earnings or revenues and may decline dramatically if the company fails to meet those projections. A value stock may not increase in price as anticipated if other investors fail to recognize the company's value.

**Stock Futures Risk.** *Principal Risk.* Losses involving futures can sometimes be substantial in part because a relatively small price movement in a futures contract may result in an immediate and substantial loss for the Fund. In an effort to minimize this risk, the Fund will not use futures for speculative purposes or as leverage. The funds are not allowed to be leveraged, so the total value of a fund's futures position will be less than the value of un-invested assets of the fund. Additionally, the fund does not typically purchase futures if the position after the purchase exceeds 5%. The value of all futures and options contracts in which the Fund acquires an interest will not exceed 20% of current total assets.

**Temporary Defensive Positions.** In certain market conditions, some or all of a of the Fund's securities may be sold and the proceeds retained as cash, or temporarily invested in U.S. government securities or money market instruments, if the Fund's investment manager believes it is in the best interest of shareholders to do so. As of the date of this Prospectus, this has never happened; but if it were to occur, the investment goals of the relevant Fund might not be achieved.

**Valuation Risk.** Some or all of the securities held by the Fund may be valued using "fair value" techniques, rather than market quotations, under the circumstances described in this Prospectus under "How Fund Shares are Priced." Security values may differ depending on the methodology used to determine their values, and may differ from the last quoted sales or closing prices. No assurance can be given that the use of these fair value procedures will always best represent the price at which the Fund could sell the affected portfolio security or result in a more accurate net asset value per share of the Fund.

**Value Securities Risks**. *Principal Risk.* Value stocks are typically purchased at prices that appear to be low relative to other similar securities. Often these companies might be "out of favor" with the market as a whole because of business weakness or failures. Value stocks may fall out of favor with investors and underperform other asset types during any given period. A company may never achieve a normalization of the stock price that the Adviser anticipates.

**Fund Organization and Management**

**SCM Trust.** SCM Trust, a Massachusetts business trust (the "Trust"), is a family of 11 no-load mutual funds, including the Fund; the other series of the Trust are described in another prospectus. The Board of Trustees (the "Board" or the "Trustees"), consisting of four individuals, has primary responsibility for the oversight of the management of the Fund for the benefit of its shareholders, not day-to-day management. The Board authorizes the Trust to enter into service agreements with Shelton Capital Management and other service providers to provide necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements.

**Shelton Capital Management.** The investment advisor for the Fund is Shelton Capital Management, 1125 17<sup>th</sup> Street, Suite 2550, Denver, CO 80202. Shelton manages $6 billion of assets as of July 31, 2025. Shelton has been managing mutual Fund since 1985. Shelton is responsible for managing the Fund and handling the administrative requirements of the Fund. As compensation for managing the Fund, Shelton receives a management fee from the Fund of 0.54% of the Fund's average daily net assets.

The Fund's management agreement provides that Shelton will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, interest expenses, dividend and interest expenses related to short sales, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, certain compliance costs, costs of holding shareholder meetings, litigation and potential litigation and other extraordinary expenses such as merger and reorganization expenses, for example, not incurred in the ordinary course of the Fund's business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage expenses relating to investment strategies (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, and commissions and fees and expenses associated with the Fund's securities lending program, if applicable.

Shelton retains responsibility for portfolio management, including making investment decisions, executing trades in portfolio securities, and selecting brokers to effect such transactions. Acting under the supervision of the investment adviser, the sub-adviser is responsible for managing the composition of the Fund's basket used in the creation and redemption of creation units. This includes determining the securities and cash components that authorized participants must deliver to or receive from the Fund in connection with such transactions, in a manner consistent with the Fund's investment objective and regulatory requirements.

**Vident Asset Management.** The sub-adviser for the Fund is Vident Asset Management ("Vident"), 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009. Vident manages $17.9 billion of assets as of July 31, 2025. For its services, Vident receives a sub-advisory fee from Shelton Capital Management, computed daily at an annual rate based on the greater of (1) the minimum fee or (2) the daily net assets of the respective Fund in accordance with the following fee schedule: $45,000 minimum fee or 0.06% on the first $250 million USD in assets, 0.05% on the second $250 million, and 0.04% for assets above $500 million.

A discussion regarding the rationale for the Board's approval of the Investment Advisory Agreement and the Investment Sub-Advisory Agreement with respect to the Fund, when available, can be found in the Fund's report filed on Form N-CSR for the period ended.

**Manager of Managers Exemptive Relief**

The Fund and the Adviser have submitted an application for exemptive relief from the SEC permitting the Adviser (subject to certain conditions and the approval of the Board) to change or select unaffiliated sub-advisers without obtaining shareholder approval. If granted, the relief would also permit the Adviser to materially amend the terms of agreements with an unaffiliated sub-adviser (including an increase in the fee paid by the Adviser to the unaffiliated sub-adviser (and not paid by the Fund)) or to continue the employment of an unaffiliated sub-adviser after an event that would otherwise cause the automatic termination of services with Board approval, but without shareholder approval. Shareholders will be notified of any unaffiliated sub-adviser changes. The Adviser has the ultimate responsibility, subject to oversight by the Board, to oversee a sub-adviser and recommend their hiring, termination and replacement.

**Portfolio Managers**

The Fund is managed by a team of portfolio managers comprised of Stephen Rogers, Barry Martin, Nick Griebenow, Austin Wen, and Yin Bhuyan.

Stephen C. Rogers has been a portfolio manager for the Fund since its inception in September 2025. He joined Shelton in 1993 and serves as Chief Executive Officer of Shelton. Mr. Rogers graduated from the University of Iowa in 1988 and earned his MBA from the University of California at Berkeley in 2000.

Barry Martin manages various option strategies for accounts at Shelton Capital Management, and is the lead portfolio manager on the team of managing the Fund since its inception in September 2025. Mr. Martin joined Shelton as a portfolio manager in Shelton's separate account management group in 2008 and has been managing options strategies since 2006. Mr. Martin is a member of the San Francisco Society of Financial Analysts and earned the right to use the Chartered Financial Analyst (CFA) designation in September of 2009. Mr. Martin graduated from the University of Arizona in 1998 with a Bachelor's degree in Finance.

Nick Griebenow, CFA, has been a portfolio manager of the Fund since its inception in September 2025. Mr. Griebenow has over 8 years of options and derivatives trading experience, including at Charles Schwab. Mr. Griebenow holds a B.A. (Economics) from Colorado State University.

Austin Wen, CFA, Senior Portfolio Manager, has over a decade of investment experience. At Vident Asset Management, Mr. Wen specializes in portfolio management and trading of equity, derivative, and commodities-based portfolios, as well as risk monitoring and investment analysis. Previously, he was a financial analyst for Vident Financial, focusing on the development and review of various investment solutions. He began his career as a State Examiner for the Georgia Department of Banking and Finance. Mr. Wen obtained a BA in Finance from the University of Georgia and holds the Chartered Financial Analyst designation.

Yin Bhuyan, Senior Portfolio Manager, has over 12 years of expertise in trading and portfolio management, specializing in options and defined outcome ETFs. Prior to joining Vident Asset Management, Ms. Bhuyan was the Director of ETF Portfolio Management at Milliman Financial Risk Management, LLC, where she focused on managing defined outcome ETFs and index tracking ETFs. She led the ETF portfolio management team, significantly contributing to the growth of assets to $16 billion in defined outcome ETFs. Before that, she traded in the S&P Options Pit at Cboe, specializing in volatility arbitrage and delta-neutral hedging strategies. Ms. Bhuyan holds a Bachelor of Science in Economics from National Taipei University and an MBA from the University of Illinois at Chicago.

The SAI provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of securities of the Fund.

**Past Performance for Similar Accounts Managed by the Adviser**

The following tables set forth performance data relating to the historical performance of all private accounts managed by Shelton for the periods indicated that have investment objectives, policies, strategies, and risks substantially similar to those of the Fund. The data is provided to illustrate the past performance of Shelton in managing substantially similar accounts as measured against a market index and does not represent the performance of the Fund. You should not consider this performance data as an indication of future performance of the Fund. Shelton maintains the records on behalf of the Fund to support calculation of the performance as required by Rule 204-2(a)(16) under the Investment Advisers Act of 1940, as amended.

The private accounts that are included in the performance data set forth below are not subject to the same types of expenses to which the Fund is subject, or to the diversification requirements, specific tax restrictions and investment limitations imposed on the Fund by the 1940 Act, or Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"). Consequently, the performance results for these private accounts could have been adversely affected if the private accounts had been regulated as investment companies under the federal securities laws.

**Shelton Equity Income Standard Out of the Money Strategy Composite**

**(Shelton Equity Income Strategy)**

**Average Annual Total Returns**

**For the Periods Ended December 31, 2025**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **One Year** | **Five Years** | **Ten Years** | **Since Inception**<br> **(December 31, 2008)** |
| Shelton Equity Income Strategy Gross Composite Returns<sup>(1)</sup> | 19.34% | 8.82% | 7.21% | 9.62% |
| Net of fees / expenses\* | 17.75% | 7.41% | 5.66% | 7.76% |
| CBOE S&P 500 BuyWrite Index | 20.12% | 6.87% | 6.94% | 8.08% |

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(1) The composite performance does not represent the historical performance of the Fund and should not be interpreted as being indicative of the future performance of the Fund.

\* The net returns for the composite are shown net of all actual fees and expenses, including sales loads. The fees and expenses of accounts included in the composite are lower than the anticipated operating expenses of the Fund and, accordingly, the use of the Fund's expense structure would have lowered the composite performance results.

**Distribution and Shareholder Service (12b-1) Fees**

The Board has adopted a Distribution (Rule 12b-1) Plan (the "Plan") pursuant to Rule 12b-1 under the 1940 Act. In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares.

No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of Fund assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**How to Buy Shares**

Only certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the Fund's Distributor ("Authorized Participants" or "APs") may acquire shares directly from the Fund and tender their shares for redemption directly to the Fund. Such purchases and redemptions are made at NAV per share and only in large blocks, or Creation Units, of shares. Purchases and redemptions directly with the Fund must follow the Fund's procedures, which are described in the SAI.

A creation transaction, which is subject to acceptance by the Fund's Distributor and the Fund, generally takes place when an AP deposits into the Fund's designated portfolio of securities ("Deposit Securities") (including any portion of such securities for which cash may be substituted) and a specified amount of cash approximating the holdings of the Fund in exchange for a specified number of Creation Units. The composition of such portfolio generally corresponds pro rata to the holdings of the Fund. However, the Fund may, in certain circumstances, offer Creation Units partially or solely for cash. Similarly, shares can be redeemed only in Creation Units, generally for a designated portfolio of securities (including any portion of such securities for which cash may be substituted) held by the Fund and a specified amount of cash. Except when aggregated in Creation Units, shares are not redeemable. The prices at which creations and redemptions occur are based on the next calculation of NAV after a creation or redemption order is received in an acceptable form under the AP agreement.

The Fund charges APs standard creation and redemption transaction fees ("Transaction Fees") to offset transfer and other transaction costs associated with the issuance and redemption of Creation Units. The standard creation transaction fee is charged to the AP on the day such AP creates a Creation Unit, and is the same regardless of the number of Creation Units purchased by the AP on the applicable business day. Similarly, the standard redemption transaction fee is charged to the AP on the day such AP redeems a Creation Unit, and is the same regardless of the number of Creation Units redeemed by the AP on the applicable business day. Creations and redemptions for cash (when cash creations and redemptions (in whole or in part) are available or specified) are also subject to an additional charge (up to the maximum amounts shown in the table below). This charge is intended to compensate for brokerage, tax, foreign exchange, execution, price movement and other costs and expenses related to cash transactions (which may, in certain instances, be based on a good faith estimate of transaction costs).

The Fund reserves the right to make redemptions of shares for cash.

Shares of the Fund are listed for trading on NYSE Arca. Share prices are reported in dollars and cents per share. Shares can be bought and sold on the secondary market throughout the trading day like other publicly traded shares, and shares typically trade in blocks of less than a Creation Unit. There is no minimum investment. Shares may only be purchased and sold on the secondary market when the Exchange is open for trading. The Exchange is open for trading Monday through Friday and is closed on weekends and the following holidays, as observed: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

When buying or selling shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.

The Fund may liquidate and terminate at any time without shareholder approval.

**Book Entry** 

Shares are held in book entry form, which means that no stock certificates are issued. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares of the Fund and is recognized as the owner of all shares for all purposes.

Investors owning shares are beneficial owners as shown on the records of DTC or its participants. DTC serves as the securities depository for all shares. Participants in DTC include securities brokers and dealers, banks, trust companies, clearing corporations and other institutions that directly or indirectly maintain a custodial relationship with DTC. As a beneficial owner of shares, you are not entitled to receive physical delivery of stock certificates or to have shares registered in your name, and you are not considered a registered owner of shares. Therefore, to exercise any right as an owner of shares, you must rely upon the procedures of DTC and its participants. These procedures are the same as those that apply to any other securities that you hold in book entry or "street name" form.

**Share Trading Prices**

The trading prices of Shares on the Exchange may differ from the Fund's daily NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of Shares.

**Frequent Purchases and Redemptions of Fund Shares**

The Fund's shares can only be purchased and redeemed directly from the Fund in Creation Units by APs, and the vast majority of trading in the Fund's shares occurs on the secondary market. Because the secondary market trades do not directly involve the Fund, it is unlikely those trades would cause the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains. With regard to the purchase or redemption of Creation Units directly with the Fund, to the extent effected in-kind (i.e., for securities), those trades do not cause the harmful effects that may result from frequent cash trades. To the extent trades are effected in whole or in part in cash, those trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective. However, direct trading by APs is critical to ensuring that the Fund's shares trade at or close to NAV. The Fund also employs fair valuation pricing to minimize potential dilution from market timing. In addition, the Fund imposes transaction fees on purchases and redemptions of the Fund shares to cover the custodial and other costs incurred by the Fund in effecting trades. These fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that the Fund's trading costs increase in those circumstances. Given this structure, the Trust has determined that it is not necessary to adopt policies and procedures to detect and deter market timing of the Fund's shares.

**Financial Intermediaries**

You may purchase or sell Fund shares through a financial intermediary, which may charge you a fee for this service and may require different minimum initial and subsequent investments than the Fund. Financial intermediaries may also impose other charges or restrictions different from those applicable to shareholders who invest in the Fund directly. In addition, a broker may charge a commission to its customers on transactions in Fund shares, provided the broker acts solely on an agency basis for its customer and does not receive any distribution-related payment in connection with the transaction. Shareholders who are customers of financial intermediaries or participants in programs serviced by them should contact the financial intermediaries for additional information. A financial intermediary may be the shareholder of record of your shares. The Fund, Shelton, Vident, the Distributor and each of their respective directors, trustees, officers, employees, and agents are not responsible for the failure of any financial intermediary to carry out its obligations to its customers.

Shelton, out of its own resources, and without additional cost to the Fund or their shareholders, may provide additional cash payments or non-cash compensation to financial intermediaries who sell shares of the Fund. Such payments and compensation are in addition to service fees paid by the Fund. These additional cash payments are generally made to intermediaries that provide shareholder servicing, marketing support and/or access to sales meetings, sales representatives and management representatives of the intermediary. Cash compensation may also be paid to financial intermediaries for the inclusion of the Fund on the sales list, including a preferred or select sales list, in other sales programs or as an expense reimbursement in cases where the intermediary provides shareholder services to Fund shareholders.

**Investments by Other Investment Companies**

Section 12(d)(1) of the 1940 Act generally restricts investments by investment companies in the securities of other investment companies. Registered investment companies are permitted to invest in the Fund beyond the limits set forth in Section 12(d)(1), subject to certain terms and conditions set forth in U.S. Securities and Exchange Commission ("SEC") rules. In some instances, in order for a registered investment company to invest in shares of the Fund beyond the limitations of Section 12(d)(1), the registered investment company must enter into an agreement with the Trust and comply with certain terms and conditions as set forth in SEC rules.

**Determination of Net Asset Value**

The NAV of the Fund is calculated as of the close of regular trading on the NYSE (generally 4:00 p.m., Eastern Time) on each day that the NYSE is open for business. Currently, the NYSE is closed on weekends and in recognition of the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

To calculate the NAV, the Fund's assets are valued and totaled, liabilities are subtracted, and the balance is divided by the number of shares outstanding. The Fund generally values its portfolio securities at its current market values determined based on available market quotations. However, if market quotations are not available or are considered to be unreliable due to market or other events, portfolio securities will be valued at their fair values, as of the close of regular trading on the NYSE, as determined in good faith under procedures adopted by the valuation designee. When fair value pricing is employed, the prices of securities used by the Fund to calculate its NAV are based on the consideration by the Fund of a number of subjective factors and therefore may differ from quoted or published prices for the same securities.

**Premium/Discount Information**

Most investors will buy and sell shares of the Fund in secondary market transactions through brokers at market prices and the Fund's shares will trade at market prices. The market price of shares of the Fund may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of shares of the Fund.

Information regarding how often the shares of the Fund traded at a price above (at a premium to) or below (at a discount to) the NAV of the Fund during the past four calendar quarters, when available, can be found at <u>www.sheltoncap.com</u>.

**Dividends, Distributions and Taxes**

Ordinarily, dividends from net investment income, if any, are declared and paid annually by the Fund. The Fund distributes net realized capital gains, if any, to shareholders annually. Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available.

**Taxes**

As with any investment, you should consider how your investment in shares will be taxed. The tax information in this prospectus is provided as general information. You should consult your own tax professional about the tax consequences of an investment in shares.

The following is a description of material U.S. federal income tax consequences of owning and distributing shares of the Fund and of purchasing and redeeming Creation Units. The following information is a general summary of U.S. federal income tax consequences of investments in the, but it does not describe all of the U.S. federal income tax considerations that may be relevant to a decision of whether to invest in the Fund. Except where otherwise noted, this discussion does not describe tax considerations applicable to investors in the Fund subject to special tax rules, such as: financial institutions and insurance companies; regulated investment companies and real estate investment trusts; dealers or traders in securities that use a mark-to-market method of tax accounting; investors holding their shares as part of a larger integrated transaction, or as part of a straddle, wash sale, conversion transaction, or entering into a constructive sale of shares; entities classified for income tax purposes as partnerships or S corporations or that are otherwise flow-through entities for tax purposes, or that invest through such an entity; investors whose investment in the shares is made by or through a tax-exempt entity or tax -advantaged retirement account; or investors subject to either the U.S. alternative minimum tax or the U.S. corporate minimum tax.

This discussion applies only to persons who are beneficial owners of shares for federal income tax purposes and who hold their shares as capital assets. This discussion is based upon the Code, administrative guidance thereunder, and judicial decisions as of the date hereof, all of which is subject to change, possibly with retroactive effect.

**Taxation of the Fund**

The Fund expects, and the following discussion assumes, that it will qualify under the Code as regulated investment companies ("RICs"). To qualify as a RIC for a taxable year, the Fund must satisfy both an income test and an asset diversification test for such year, in addition to other requirements. The Fund cannot guarantee that it will qualify as a RIC for each taxable year. If the Fund fails to qualify as a RIC, it would be subject to U.S. federal income taxes at corporate tax rates on its taxable income, and income of the Fund would also be taxed to shareholders when distributed to them.

If the Fund qualifies as a RIC, it will be exempt from federal income taxes if it distributes at least 90% of its net investment income (determined before taking into account any deductions for dividends paid) and any realized net capital gains. The Fund expects, and this discussion assumes, that it will satisfy these distribution requirements, but there can be no assurance that this will be the case for each taxable year of the Fund. Any taxable income, including any net capital gain, that the Fund does not timely distribute (or timely report as undistributed capital gains taxable to its shareholders as if distributed) will be subject to U.S. federal corporation income.

Unless your investment in shares is made through a tax-exempt entity or tax-deferred retirement account, such as an individual retirement account, you need to be aware of the possible tax consequences when: the Fund makes distributions, you sell your shares listed on the Exchange, and you purchase or redeem Creation Units.

**Taxation of U.S. Shareholders**

Except where otherwise stated, the discussion in this section applies only to U.S. Shareholders of the Fund. A "U.S. Shareholder" is beneficial owner of shares that is (i) an individual U.S. citizens or U.S. resident, (ii) corporations (and other entities classified as corporations for U.S. federal income tax purposes) organized in the United States or under the law of the United States or any state, (iii) an estate whose income is subject to U.S. federal income taxation regardless of its source or (iv) a trust, if a court within the United States is able to exercise primary supervision over its administration and one or more U.S. person have the authority to control all of its substantial decisions, or if the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

**Taxes on Distributions**

For U.S. federal income tax purposes, shareholders are subject to taxation based on the underlying character of the income and gain recognized by the Fund and distributed to the shareholders. In general, distributions are subject to federal income tax when they are paid, whether you take them in cash or reinvest them in the Fund. As stated above, dividends from net investment income, if any, ordinarily are declared and paid annually by the Fund. The Fund may also pay a special distribution at the end of a calendar year to comply with federal tax requirements. Distributions of net long term capital gains, if any, in excess of net short term capital losses are taxable as long-term capital gains, regardless of how long you have held your shares. The Fund will realize long-term capital gain from the sale of investments that the Fund owned for more than one year and short-term capital gain from the sale of investments that the Fund owned for one year or less. Distributions from the Fund's net investment income, including net short-term capital gains, if any, are taxable to you as ordinary income, except that the Fund's dividends attributable to its "qualified dividend income" (i.e., dividends received on stock of most domestic and certain foreign corporations), if any, generally are subject to federal income tax for non-corporate shareholders at the rate for net capital gain provided the Fund and the shareholder satisfy holding period and other restrictions with respect to their Fund shares. A part of the Fund's dividends also may be eligible for the dividends-received deduction allowed to corporations to the extent such dividends are received by the Fund from a domestic corporation and to the extent a portion of interest paid or accrued on certain high yield discount obligations owned by the Fund are treated as dividends. Corporate shareholders may take the 50% dividends-received deduction only if certain holding period and other requirements are satisfied by the Fund and the shareholders.

Some of the Fund's investments, such as certain option transactions, may be "section 1256 contracts." Section 1256 contracts owned by the Fund generally will be treated for income tax purposes as if sold for their fair market values (i.e., "marked to market") on an annual basis and resulting gains or losses generally will be treated as 60% long-term capital gains or losses and 40% short-term capital gains or losses.

If the Fund invests in stock of an issuer that qualifies as a real estate investment trust ("REIT") for U.S. income tax purposes, it may be eligible to pay "section 199A dividends" to its shareholders with respect to qualifying dividends received by the Fund from its investment in REITs for tax years beginning before 2026. Distributions paid by the Fund designated as "section 199A dividends" may be taxed to individual and other noncorporate shareholders at a reduced effective federal income tax rate, provided that the shareholder receiving the dividends satisfies certain holding period requirements for the shareholder's shares and satisfies certain other conditions. Distributions paid by the Fund that are eligible to be treated as section 199A dividends for a taxable year may not exceed the "qualified REIT dividends" received by the Fund from REITs for the year reduced by the Fund's allocable expenses.

Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of capital to the extent of a shareholder's basis in the shares, and as capital gain thereafter. A distribution will reduce the Fund's NAV per share and may be taxable to you as ordinary income or capital gain (as described above) even though, from an investment standpoint, the distribution may constitute a return of capital.

The Fund may elect to treat any net capital gains that it retains for reinvestment as having been distributed to its shareholders. If the Fund makes such an election, each shareholder must report its share of the undistributed net capital gain as long-term capital gain and will be entitled to claim its share of the U.S. federal income taxes paid by the Fund on such amount as a credit against its own U.S. federal income tax liability, and to claim a refund to the extent that the credit exceeds such tax liability. A shareholders adjusted basis in its shares will be increased by the excess of the amount of the retained net capital gains over the amount of the related refund and/or credit.

**Taxes on Exchange-Listed Share Sales**

A shareholder who sells shares of the Fund generally will recognize a gain or a loss equal to the difference between the amount received and the shareholder's aggregate adjusted basis in the shares sold. Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less, except that any loss realized on shares held for six months or less will be treated as a long-term capital loss to the extent of any capital gain dividends that were received on the shares. The ability to deduct capital losses from sales of shares may be limited.

Any loss realized on a disposition of share may be disallowed under "wash sale" rules to the extent that the shares sold are replaced with other substantially identical shares within a period of 61 days beginning 30 days before the shares are sold, such as pursuant to a dividend reinvestment in other shares of the Fund. If disallowed, the loss will be reflected in an adjustment to the basis of the shares acquired. Persons exchanging securities should consult their tax advisor concerning whether the wash sale rules apply and when a loss might be deductible.

**Taxes on Purchase and Redemption of Creation Units**

An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss on the exchange equal to the difference between (i) the market value of the Creation Units at the time of the exchange and (ii) the sum of the exchanger's aggregate basis in the securities surrendered plus any Cash Component it pays. Persons exchanging equity securities for Creation Units should consult their tax advisor concerning the character and tax treatment of a resulting gain or loss.

An Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of the securities received plus any cash received (generally equal to the difference between the NAV of the shares being redeemed and the value of the securities). The Internal Revenue Service ("Service"), however, may assert that any loss realized upon an exchange of securities for Creation Units cannot be deducted currently under the rules governing "wash sales" or for other reasons. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

Any capital gain or loss realized upon redemption of Creation Units is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less.

See "ADDITIONAL TAX INFORMATION-Cost Basis Reporting in the SAI for a description of the requirement regarding basis determination methods applicable to share redemptions and the Fund's obligation to report basis information to the Service.

**Medicare Surtax on Net Investment Income**

An additional 3.8% Medicare tax is imposed on certain net investment income, including ordinary dividends and capital gain distributions received from Fund and net gains from redemptions or other taxable dispositions of Fund shares owned by U.S. individuals, estates and trusts to the extent that such person's gross income, as adjusted, exceeds certain threshold amounts.

**Information Reporting; Backup Withholding**

Payments on the shares and proceeds from a sale or other disposition of shares will be subject to information reporting unless the shareholders is an exempt recipient. A shareholder will be subject to backup withholding on such payments, currently at the rate of 24%, if the shareholder (i) has provided either an incorrect tax identification number or no such number, (ii) has been identified by the IRS as otherwise subject to backup withholding, or (iii) has failed to certify that the shareholder is a U.S. person not subject to backup withholding. Backup withholding is not an additional tax. Amounts withheld under the backup withholding rules from a payment to a shareholder generally may be refunded or credited against the shareholder federal income tax liability, if any, provided that certain required information is timely furnished to the Service.

**Taxation of Foreign Shareholders**

This section applies only to Foreign Shareholders. A "Foreign Shareholder" is a foreign beneficial owner of shares of the Fund that, for U.S. income tax purposes, is a nonresident alien individual, a foreign corporation, a foreign trust or a foreign estate. This section does not apply, however, to Foreign Shareholders subject to special tax rules, such as: former U.S. citizens and residents and expatriated or inverted entities; a nonresident alien individual present in the United States for 183 days or more in a taxable year; a controlled foreign corporation, passive foreign investment company, or a foreign government; or a Foreign Shareholder whose income from the Fund is effectively connected with a U.S. trade or business of the Foreign Shareholder or, if a U.S. income tax treaty applies, is attributable to a U.S. permanent establishment of the Foreign Shareholder as determined under such treaty.

Distributions of "investment company taxable income" received by a Foreign Shareholder from the Fund (whether or not reinvested in shares of the Fund) will be subject to U.S. federal withholding tax at a 30% rate (or lower applicable treaty rate), except that such distributions properly reported as short-term capital gain dividends or interest-related dividends will be exempt from U.S. withholding tax.

A Foreign Shareholder in the Fund also is generally not subject to U.S. federal income tax on capital gain dividends or on amounts retained by the Fund that are properly designated as undistributed capital gains, and is not subject to U.S. federal income taxation on any gains (and is not allowed a deduction for losses) realized on the sale of shares of the Fund. However, if the Fund were a "qualified investment entity," any distributions by the Fund to a Foreign Shareholder (including, in certain cases, distributions made by the Fund in redemption of its shares) attributable to gains realized by the Fund on the disposition of "U.S. real property interests" or attributable to certain distributions received by the Fund from a lower-tier RIC or real estate investment trust, would be subject to U.S. tax withholding. In addition, such distributions could result in the Foreign Shareholder being required to file a U.S. income tax return and pay tax on the distributions at regular U.S. federal income tax rates. The consequences to a Foreign Shareholder, including the rate of withholding and the character of such distributions (e.g., as ordinary income or capital gain), would depend upon the extent of the Foreign Shareholder's current and past ownership of the Fund. In addition, if the Fund were a U.S real property holding corporation (a "USRPHC") or former USRPHC, it could, in certain circumstances. be required to withhold U.S. tax on the proceeds of a share redemption by a greater-than-5% Foreign Shareholder, in which case such Foreign Shareholder generally would also be required to file U.S. tax returns and pay any additional taxes due in connection with the redemption. See the discussion under "ADDITIONAL TAX INFORMATION -Foreign Shareholders" in the SAI for more information concerning the matters described in this paragraph.

Information returns may be filed with the IRS reporting certain payments on shares of a Foreign Shareholder or proceeds from a sale or redemption of the Foreign Shareholder's shares of the Fund.

Foreign Shareholder may be subject to backup withholding on such payments unless the Foreign Shareholder certifies its non-U.S. status under penalties of perjury or otherwise establishes an exemption from backup withholding. Amounts withheld as backup withholding from a Foreign Shareholder generally may be refunded or credited against the Foreign Shareholder's federal income tax liability if certain required information is timely furnished to the IRS.

To qualify for the exemption from U.S. withholding taxes on interest-related dividends or short-term capital gain dividends, or for a reduced rate of withholding taxes under an income tax treaty on distributions from the Fund, a Foreign Shareholder must generally deliver to the withholding agent a properly executed form (generally, an IRS Form W-8BEN or IRS Form W-8BEN-E, as applicable). To claim a refund of any backup withholding taxes or any Fund-level taxes imposed on undistributed net capital gains, a Foreign Shareholder must obtain a taxpayer identification number and file a U.S. federal income tax return.

Under provisions of the Code commonly referred to as "FATCA", the Fund must withhold 30% of certain distributions it pays to foreign shareholders that fail to meet prescribed information reporting or certification requirements or, in certain cases, fail to agree with the IRS to undertake certain diligence, reporting and withholding requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. individual that timely provides required certifications on a valid IRS Form W-9 or applicable Form W-8, respectively. A non-U.S. entity that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status as either exempt from, or compliant with, FATCA in order to avoid FATCA withholding. A more complete description of FATCA can be found in the SAI. Non-U.S. persons should consult their tax advisors concerning documentation necessary to establish an exemption from, or compliance with, FATCA in connection with investing in the Fund.

The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. You may also be subject to state and local taxation on Fund distributions, and sales of Fund shares. Consult your personal tax advisor about the potential tax consequences of an investment in Fund shares under all applicable tax laws. Changes in applicable tax authority could materially affect the conclusions discussed above and could adversely affect the Fund, and such changes often occur. For more information concerning the federal income tax treatment of owning, selling and redeeming shares of the Fund, see the discussion in the SAI under "ADDITIONAL TAX INFORMATION."

**Other Policies**

**Consolidated Mailings & Householding**

Consolidated statements offer convenience to investors by summarizing account information and reducing unnecessary mail. We send these statements to all shareholders unless shareholders specifically request otherwise. These statements include a summary of all Fund held by each shareholder as identified by the first line of registration, social security number and zip code. Householding refers to the practice of mailing one Prospectus, Annual Report and Semi-Annual Report to each home for all household investors. If you would like extra copies of these reports, please download a copy from www.sheltoncap.com or call the Fund at (800) 955-9988. If you would like to elect out of household-based mailings or to receive a complimentary copy of the current SAI, annual or semi-annual report, please call Shelton or write to the Secretary of the Fund at 1125 17<sup>th</sup> Street, Suite 2550, Denver, CO 80202.

**Electronic Delivery of Documents**

You may sign up for electronic statements online or by calling shareholder services at (800) 955-9988. If you sign up over the telephone, a temporary password will be issued to you and you must reset the password to secure your account and access.

**Financial Highlights**

Because the Fund has not yet commenced operations as of the date of this Prospectus, there are no financial highlights for the Fund.

**Learn More**

This Prospectus contains important information on the Fund and should be read and kept for future reference. You can also get more information from the following sources:

**Annual and Semi-Annual Reports**

Additional information about the Fund's investments, when available, will be available in the Fund's annual and semi-annual reports to shareholders. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year.

**Statement of Additional Information**

The Statement of Additional Information ("SAI") provides more detailed information about the Fund. The SAI is incorporated by reference into this Prospectus, making it a legal part of the Prospectus.

**How to Obtain Additional Information** 

You may obtain a copy of the SAI, the Fund's annual and semi-annual reports to shareholders, and other information such as the Fund's financial statements, free of charge by calling the Fund at (800) 955-9988, by accessing the Fund's website at *www.sheltoncap.com*, or by emailing the Fund at *info@sheltoncap.com*.

The Fund's reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at <u>http://www.sec.gov</u>. Copies of this information may also be obtained, after paying a duplication fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Investment Company Act File No. 811-05617

**Notice of Privacy Policy**

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FACTS | **WHAT DO SHELTON CAPITAL MANAGEMENT AND SCM TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DO SHELTON CAPITAL MANAGEMENT AND SCM TRUST DO WITH YOUR PERSONAL INFORMATION?** | **WHAT DO SHELTON CAPITAL MANAGEMENT AND SCM TRUST DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHY? | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WHAT? | The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br> ● Social Security number and account transactions <br> ● Account balances and transaction history <br> ● Wire transfer instructions  | The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br> ● Social Security number and account transactions <br> ● Account balances and transaction history <br> ● Wire transfer instructions  | The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br> ● Social Security number and account transactions <br> ● Account balances and transaction history <br> ● Wire transfer instructions  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOW? | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund choose to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund choose to share; and whether you can limit this sharing. | All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons the Fund choose to share; and whether you can limit this sharing. |
| REASONS WE CAN SHARE YOUR PERSONAL INFORMATION | REASONS WE CAN SHARE YOUR PERSONAL INFORMATION | DO WE SHARE: | CAN YOU LIMIT<br> THIS SHARING? |
| **For our everyday business purpose –** <br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus  | **For our everyday business purpose –** <br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus  | Yes | No |
| **For our marketing purposes –** <br> to offer our products and services to you  | **For our marketing purposes –** <br> to offer our products and services to you  | Yes | No |
| **For joint marketing with other financial companies** | **For joint marketing with other financial companies** | No | N/A |
| **For our affiliates' everyday business purposes –** <br> information about your transactions and experiences  | **For our affiliates' everyday business purposes –** <br> information about your transactions and experiences  | Yes | No |
| **For our affiliates' everyday business purposes –** <br> information about your creditworthiness  | **For our affiliates' everyday business purposes –** <br> information about your creditworthiness  | No | N/A |
| **For non-affiliates to market to you** | **For non-affiliates to market to you** | No | N/A |
| WHO WE ARE | WHO WE ARE | WHO WE ARE | WHO WE ARE |
| Who is providing this notice? | SCM Trust | SCM Trust | SCM Trust |
| WHAT WE DO | WHAT WE DO | WHAT WE DO | WHAT WE DO |
| How do the Funds protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| How do the Funds collect my personal information? | We collect your personal information, for example, when you <br> ● open an account <br> ● provide account information or give us your contact information <br> ● make a wire transfer or deposit money  | We collect your personal information, for example, when you <br> ● open an account <br> ● provide account information or give us your contact information <br> ● make a wire transfer or deposit money  | We collect your personal information, for example, when you <br> ● open an account <br> ● provide account information or give us your contact information <br> ● make a wire transfer or deposit money  |
| Why can't I limit all sharing? | Federal law gives you the right to limit only● sharing for affiliates' everyday business purposes-information about your creditworthiness <br> ● affiliates from using your information to market to you <br> ● sharing for non-affiliates to market to you <br> State laws and individual companies may give you additional rights to limit sharing.  | Federal law gives you the right to limit only● sharing for affiliates' everyday business purposes-information about your creditworthiness <br> ● affiliates from using your information to market to you <br> ● sharing for non-affiliates to market to you <br> State laws and individual companies may give you additional rights to limit sharing.  | Federal law gives you the right to limit only● sharing for affiliates' everyday business purposes-information about your creditworthiness <br> ● affiliates from using your information to market to you <br> ● sharing for non-affiliates to market to you <br> State laws and individual companies may give you additional rights to limit sharing.  |

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|:---|:---|
| DEFINITIONS |  |
| Affiliates | Companies related by common ownership or control. They can be financial and nonfinancial companies. |
| Non-affiliates | Companies not related by common ownership or control. They can be financial and nonfinancial companies. <br> ● *The Funds do not share with non-affiliates so they can market to you.*  |
| Joint marketing | A formal agreement between non-affiliated financial companies that together market financial products or services to you. <br> ● *The Funds do not jointly market.*  |
| OTHER IMPORTANT INFORMATION |  |
| California <br> Residents | If your account has a California home address, your personal information will not be disclosed to nonaffiliated third parties except as permitted by applicable California law, and we will limit sharing such personal information with our affiliates to comply with California privacy laws that apply to us. |

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**Use of Email Addresses:** 

If you have requested information regarding Shelton products and services and supplied your email address to us, we may occasionally send you follow-up communications or information on additional products or services. Additionally, registered clients can subscribe to the following email services:

● Prospectus and Shareholder Reports- Receive prospectuses and shareholder reports online instead of by U.S. Mail.

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We also include instructions and links for unsubscribing from Shelton emails. We do not sell email addresses to anyone, although we may disclose email addresses to third parties that perform administrative or marketing services for us. We may track receipt of emails to gauge the effectiveness of our communications.

The information in this Statement of Additional Information ("SAI") is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This SAI is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Preliminary SAI Subject to Completion August 22, 2025

**SCM TRUST**

 **1125 17<sup>th</sup> Street, Suite 2550**

**Denver, CO 80202**

**(800) 955-9988**

**Statement of Additional Information – September 8, 2025**

**SHELTON EQUITY PREMIUM INCOME ETF (SEPI)**

**Primary Listing Exchange for the Fund: NYSE Arca**

**CCM Partners, LP dba Shelton Capital Management, Investment Adviser and Administrator of the Fund ("Adviser" or "Administrator")**

This Statement of Additional Information ("SAI") is not the Prospectus of the Shelton Equity Premium Income ETF (the "Fund"), but provides additional information which should be read in conjunction with the Prospectus dated September 8, 2025 (as may be amended), which is incorporated by reference into this SAI. The Fund's Prospectus and most recent Annual Report may be obtained at no charge by visiting http://sheltoncap.com, or contacting the Fund at the address or telephone number shown above. This SAI contains additional and more detailed information about the Fund's operations and activities than the Prospectus.

**Table of Contents**

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| | |
|:---|:---|
| [**About SCM Trust**](#sepi485bposb001) | 2 |
| [**Investment Restrictions**](#sepi485bposb002) | 6 |
| [**Board Leadership Structure and Standing Board Committees**](#sepi485bposb003) | 8 |
| [**Code of Ethics**](#sepi485bposb004) | 10 |
| [**Investment Management and Other Services**](#sepi485bposb005) | 10 |
| [**Portfolio Managers**](#sepi485bposb006) | 11 |
| [**Policies Regarding Broker-Dealers used for Portfolio Transactions**](#sepi485bposb007) | 13 |
| [**Sale or Redemption of Shares**](#sepi485bposb008) | 20 |
| [**Miscellaneous Information**](#sepi485bposb009) | 25 |
| [**Financial Statements**](#sepi485bposb010) | 25 |
| [**Appendix A**](#sepi485bposb011) | 26 |

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**About SCM Trust**

SCM Trust (the "Trust") is an open-end management investment company organized as a Massachusetts business trust on July 15, 1988. Currently, the Trust consists of 11 series, including the Fund, which is covered by this SAI. The Fund's principal office is located at 1125 17<sup>th</sup> Street, Suite 2550, Denver, Colorado 80202, and its telephone number is (800) 955-9988.

The Investment Company Act of 1940, as amended (the "1940 Act"), classifies registered investment companies as either "diversified" or "non-diversified." The Fund is classified as "diversified."

Currently, the Trust has eleven (11) Funds, each of which maintains an entirely separate investment portfolio. The other ten funds are described in a separate Statement of Additional Information.

The Fund issues and redeems shares solely to certain financial institutions such as registered broker-dealers and banks that have entered into agreements with the Fund's distributor ("Authorized Participants" or "APs") on a continuous basis at net asset value per share ("NAV") in aggregations of a specified number of shares called "Creation Units." Creation Units generally are issued in exchange for a basket of securities ("Deposit Securities"), together with the deposit of a specified cash payment ("Balancing Amount"). Shares are not individually redeemable, but are redeemable only in Creation Unit aggregations, and generally in exchange for portfolio securities and a specified cash payment. A Creation Unit of the Fund consists of a block of 10,000 shares.

Shares are listed and traded on NYSE Arca, Inc. ("NYSE Arca" or the "Exchange"). Shares trade in the secondary market at market prices that may differ from the shares' NAV. Other than Authorized Participants, investors will not be able to purchase or redeem shares directly with or from the Fund. Instead, most investors will buy and sell shares in the secondary market through a broker.

Each share of a series represents an equal proportionate interest in the assets and liabilities belonging to that series with each other share of that series and is entitled to such dividends and distributions out of income belonging to the series as are declared by the Board. Each share has the same voting and other rights and preferences as any other shares of any series of the Trust with respect to matters that affect the Trust as a whole. The shares do not have cumulative voting rights or any preemptive or conversion rights, and the Board has the authority from time to time to divide or combine the shares of any series into a greater or lesser number of shares of that series so long as the proportionate beneficial interest in the assets belonging to that series and the rights of shares of any other series are in no way affected. The Fund currently offers only one class of shares. In case of any liquidation of a series, the holders of shares of the series being liquidated will be entitled to receive as a class a distribution out of the assets, net of the liabilities, belonging to that series. Expenses attributable to any series are borne by that series. Any general expenses of the Trust not readily identifiable as belonging to a particular series are allocated by or under the direction of the Board in such manner as the Board determines to be fair and equitable. No shareholder is liable to further calls or to assessment by the Trust without his or her express consent.

For information concerning the purchase and sale of shares of the Fund, see "How to Buy and Sell Shares" in the Fund's Prospectus and in this SAI. For a description of the methods used to determine the share price and value of the Fund's assets, see "Determination of Net Asset Value" in the Fund's Prospectus and in this SAI.

The performance of the Fund may be compared in publications to the performance of various indices and investments for which reliable performance data is available. The performance of the Fund may be compared in publications to averages, performance rankings, or other information prepared by recognized investment company statistical services. The Fund's annual report, when available, will contain additional performance information and will be made available to investors upon request and without charge.

**Investment Objectives and Policies of the Fund**

The investment objectives and investment policies of the Fund is set forth in the current Prospectus of the Fund. The following information supplements the information contained in the Prospectus, and the Fund will pursue its investment objective by following the principal investment strategies set out in the Prospectus. The Fund may also invest in the following types of assets and/or employ the following investment techniques, as indicated below.

There can be no assurance that the investment objective of the Fund will be achieved. Except as otherwise indicated, the investment objective and related policies and strategies of the Fund are not fundamental and may be changed by the Board of Trustees of the Trust (the "Board") without the approval of Fund shareholders. Shareholders will be given at least 60 days' advance notice of any change in the Fund's 80% investment policy. Shareholders will be given advance notice of material changes to the Fund's investment objective or other non-fundamental investment policies. If there is a change, shareholders should consider whether the Fund remains an appropriate investment in light of their then-current financial position and needs.

**Investment Techniques and Risks**

The Fund invests in a variety of securities in accordance with its investment objective and policies (as described in the Prospectus and above in this SAI) and employs a number of investment techniques. Each type of security and technique involves certain risks. The following is an alphabetical list of the investment techniques used by the Fund and the main risks associated with those techniques. The risks are presented in an order intended to facilitate readability, and their order does not imply that the realization of one risk is likely to occur more frequently than another risk, nor does it imply that the realization of one risk is likely to have a greater adverse impact than another risk.

***Cybersecurity Risk*.** The Fund and its service providers, including the Adviser, face greater risks of cyber security breaches because of the broad use of technology, such as computer and cloud-based systems and the internet, that has developed in the course of business. In general, cyber-attacks result from deliberate attacks but other events may have effects similar to those caused by cyber-attacks. Cyber-attacks include, among others, stealing, destroying or corrupting data that is maintained online or digitally (or in cloud-based systems), denial-of-service attacks on websites, and the unauthorized release of confidential information. Cyber-attacks affecting the Fund or its service providers, including the Adviser, Administrator, sub-adviser, fund accountant, custodian, transfer agent, intermediary or other third-party service providers, as well as the service providers used by the Fund's service providers, may adversely impact the Fund. These cyber-attacks have the ability to cause disruptions and impact trading and other business operations, to result in financial losses, to prevent the Fund from buying and selling securities (potentially at advantageous times), to prevent shareholders from transacting business, and to lead to violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, and/or additional compliance costs. Similar to operational risk in general, the Fund and its service providers, including the Adviser, have instituted risk management systems designed to minimize the risks associated with cyber security. However, these systems may not succeed in detecting, preventing or remediating cyber-attacks. The Fund does not directly control the cyber security systems of its service providers, their trading counterparties, or the issuers in which the Fund may invest. Moreover, cyber-attacks are becoming increasingly sophisticated and may involve state-sponsored actors. Losses caused by cyber-attacks may not be recoverable.

***Equity Securities.*** The Fund may invest in equity securities including common stock, preferred stock, warrants or rights to subscribe to common stock and, in general, any security that is convertible into or exchangeable for common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate, sometimes dramatically and unpredictably, over time. Rights represent a privilege granted to existing shareholders of a company to subscribe to shares of a new issue of common stock before it is offered to the public. The value of convertible equity securities is also affected by prevailing interest rates, the credit quality of the issuer and any call provisions. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate. Common stock generally takes the form of shares in a corporation. The value of a company's stock may fall as a result of factors directly relating to that company, such as decisions made by its management or lower demand for the company's products or services. A stock's value also may fall because of factors affecting not just the company, but also companies in the same industry or in a number of different industries, such as increases in production costs. The value of a company's stock also may be affected by changes in financial markets that are relatively unrelated to the company or its industry, such as changes in interest rates or currency exchange rates. In addition, a company's stock generally pays dividends only after the company invests in its own business and makes required payments to holders of its bonds, other debt and preferred stock. For this reason, the value of a company's stock will usually react more strongly than its bonds, other debt and preferred stock to actual or perceived changes in the company's financial condition or prospects. Investments in small companies involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth or experience of management. These companies may be in the developmental stage or may be older companies undergoing significant changes. As a result, the prices of small-cap companies may rise and fall more sharply. The securities of small companies are often traded over-the-counter and may not be traded in volumes typical of securities traded on a national securities exchange. Consequently, the securities of small companies may have limited market stability and may be subject to more abrupt or erratic market movements than securities of larger, more established companies or the market averages in general. Securities of companies considered to be growth investments may have rapid price swings in the event of earnings disappointments or during periods of market, political, regulatory and economic uncertainty. Securities of companies considered to be value investments can continue to be undervalued for long periods of time and not realize their expected value.

***Exchange-Traded Funds*.** ("ETFs") are investment companies that are bought and sold on a securities exchange. An ETF generally represents a portfolio of securities designed to track a particular market segment or index. The Fund could purchase an ETF to temporarily gain exposure to a portion of the U.S. or a foreign market while awaiting an opportunity to purchase securities directly. An investment in an ETF, like one in any investment company, carries the same risks as those of its underlying securities. An ETF may fail to accurately track the returns of the market segment or index that it is designed to track, and the price of an ETF's shares may fluctuate or lose money. In addition, because they, unlike other investment companies, are traded on an exchange, ETFs are subject to the following risks: (i) the market price of the ETF's shares may trade at a premium or discount to the ETF's NAV; (ii) an active trading market for an ETF may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of the ETF will continue to be met or remain unchanged. In the event substantial market or other disruptions affecting ETFs should occur in the future, the liquidity and value of the Fund's shares could also be substantially and adversely affected. See also "Investment Company Securities" below.

***Foreign Securities (Non-U.S. Securities)*.** The Fund may invest in foreign securities. Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Foreign issuers are generally not bound by uniform accounting, auditing, and financial reporting requirements and standards of practice comparable to those applicable to domestic issuers. Foreign securities, including those of emerging market issuers, are subject to additional risks, including international trade, social, political and regulatory risks. Investments in foreign securities also involve the risk of possible adverse changes in investment or exchange control regulations (including repatriation restrictions), tariffs and/or trade embargoes, expropriation or confiscatory taxation, other taxes imposed by the foreign country on the Fund's earnings, assets or transactions, limitation on the removal of cash or other assets of the Fund, political or financial instability, the imposition of economic sanctions, or diplomatic and other developments (including wars and armed conflicts) which could affect such investments. The Fund may determine not to invest in, or may limit its overall investment in, a particular issuer, country or geographic region due to, among other things, heightened risks regarding repatriation restrictions, confiscation of assets and property, expropriation or nationalization. Further, economies of particular countries or areas of the world may differ favorably or unfavorably from the economy of the United States. Changes in foreign exchange rates will affect the value of securities denominated or quoted in currencies other than the U.S. dollar. The currency in which the Fund's assets are denominated may be devalued against the U.S. dollar, resulting in a loss to the Fund. Foreign securities often trade with less frequency and volume than domestic securities and therefore may exhibit greater price volatility. Furthermore, dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign withholding taxes, and special U.S. tax considerations may apply. Additional costs associated with an investment in foreign securities may include higher custodial fees than those that apply to domestic custodial arrangements, and transaction costs of foreign currency conversions. Legal remedies available to investors in certain foreign countries may be more limited than those available with respect to investments in the United States or in other foreign countries.

***Euro-Related Risks.*** In the past, economic crises have brought several small economies in Europe to the brink of bankruptcy and many other economies into recession and weakened the banking and financial sectors of many European countries. In addition, due to large public deficits, some European countries may be dependent on assistance from other European governments and institutions or multilateral agencies and offices. Assistance may be dependent on a country's implementation of reforms or reaching a certain level of performance. Failure to reach those objectives or an insufficient level of assistance could result in a deep economic downturn that could significantly affect the value of the Fund's European investments. The Economic and Monetary Union of the European Union ("EMU") is comprised of the European Union members that have adopted the euro currency. By adopting the euro as its currency, a member state relinquishes control of its own monetary policies. As a result, European countries are significantly affected by fiscal and monetary controls implemented by the EMU. The euro currency may not fully reflect the strengths and weaknesses of the various economies that comprise the EMU and Europe generally. It is possible that EMU member countries could abandon the euro and return to a national currency and/or that the euro will cease to exist as a single currency in its current form. The effects of such an abandonment or a country's forced expulsion from the euro on that country, the rest of the EMU, and global markets are impossible to predict, but are likely to be negative.

In a June 2016 referendum, citizens of the United Kingdom voted to leave the European Union ("EU"). In March 2017, the United Kingdom formally notified the European Council of its intention to withdraw from the EU (commonly known as "Brexit") by invoking Article 50 of the Treaty on European Union, which triggered a two-year period of negotiations on the terms of Brexit. Brexit resulted in volatility in European and global markets and weakened the political, regulatory, consumer, corporate and financial confidence in the markets of the United Kingdom and throughout Europe. On January 31, 2020, the United Kingdom withdrew from the EU. The EU-UK Trade and Cooperation Agreement ("TCA"), an agreement on the terms governing certain aspects of the EU-UK trade relationship, took effect in 2021.

***Asia (including the Middle East) Related Risks*.** Many Asian countries are considered emerging or frontier markets, and these markets can be less economically and politically stable than developed markets such as the United States. The Asian region may be adversely affected by social, political, economic and regulatory developments, including long-running border and diplomatic disputes with neighboring countries or the international community. For example, the Asian region, and particularly China and South Korea, may be adversely affected by the social, political, economic and regulatory developments in North Korea and its relationship to the international community, including the United States. In addition, China's long-running conflict over Taiwan, border disputes with many of its neighbors, including Vietnam and Japan, and historically challenging relations with Japan could adversely impact economies in the region. Other potential sources of unrest include nuclear arms threats between India and Pakistan and separatist, ethnic and sectarian violence occurring in Indonesia and the Middle East. Such unrest would likely have a negative impact on the economies and securities markets in this region. Moreover, the Asian region has historically been prone to natural disasters, which have in the past, and may continue to, negatively impact the economy of a country in the Asian region.

The economies of many Asian countries differ from the economies of more developed countries in numerous respects, such as, financial system stability, rate of growth, inflation, capital reinvestment, resource self-sufficiency, the national balance of payments, sensitivity to global trade, and with respect to many countries within the Middle East, the sensitivity to the price of oil. Some Asian countries are highly dependent upon and may be affected by developments in other Asian countries, the United States and Europe as a result of their dependency on international trade. Changes in diplomatic relations, trade barriers or global export flows may have a significant impact on a particular Asian country or on the region as a whole. For example, the imposition of tariffs or other trade barriers by the United States or foreign governments on exports from China could adversely impact economies in China and the surrounding region.

There may be less publicly available information about companies in many Asian countries. In addition, some Asian securities are not rated by rating agencies like Standard & Poor's Ratings Services ("S&P"), Moody's Investors Service Inc. ("Moody's"), or Fitch Ratings, Inc. ("Fitch"); or if they rated, they may be rated below investment grade (referred to as "junk bonds," which are typically speculative securities, and include unrated securities, regardless of quality), which may have a greater risk of default. Moreover, the stock exchanges and financial and securities industries in many Asian countries do not generally have the level of government and regulatory oversight as in the United States or Europe. Financial intermediaries in countries in this region may not operate or perform as well as their counterparts in more developed securities capital markets. The auditing and reporting standards in some Asian emerging market countries also may not yield the same degree of shareholder protection or information to investors as those of developed countries. Specifically, the valuation of assets, depreciation, exchange differences, deferred taxation, contingent liability and consolidation may be treated differently in Asian countries than under the auditing and reporting standards that exist in more developed countries. As the legal systems in many Asian countries continue to develop, it may be more difficult to obtain or enforce a judgment.

The securities markets of many Asian countries are also significantly smaller, less liquid and more volatile than securities markets in the United States and Europe. Certain countries in this region are also undergoing a period of growth and change, which could lead to trading volatility and may impose difficulties regarding the operations, settlement and recording of securities transactions. Certain markets in these countries may also require significant withholding of dividends paid on portfolio securities and on realized capital gains, and there can be no assurance that repatriation of a Fund's income, gains or initial capital from these countries will necessarily occur.

***Global Financial Markets.*** Global economies and financial markets are becoming increasingly interconnected. Social, political and economic conditions (including instability and volatility) and events (including, but not limited to, armed conflicts, natural/environmental disasters, rapid inflation, supply chain disruptions, international sanctions, global recessions, pandemics, epidemics, social unrest, economic sanctions, cyber-attacks, and government shutdowns and defaults) in one country, region or financial market, including a country, region or market in which the Fund has not invested, may adversely impact issuers in a different country, region or financial market, including a country, region or market in which the Fund has invested. As a result, the Fund could be negatively impacted if the values of its investments were harmed by these political or economic conditions or events. Such conditions and/or events may not have the same impact on all types of securities and may expose the Fund to greater market or liquidity risk or cause difficulty in valuing portfolio instruments held by the Fund. This could cause the Fund to underperform other types of investments. Moreover, such negative political and economic conditions and events could disrupt the processes necessary for the Fund's operations. For additional information, please see the discussion herein on "Operational Risk."

For example, the outbreak of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) caused volatility, severe market dislocations and liquidity constraints in markets around the world. The transmission of COVID-19 and efforts to contain its spread led to severe macroeconomic disruptions, exchange closures, travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, quarantines, event and service cancellations or interruptions, disruptions to business operations (including staff furloughs and reductions) and supply chains, and a reduction in consumer and business spending, as well as general concern and uncertainty that has negatively affected the economy. Certain of these consequences remain ongoing. Such events, or other disruptions caused by social, political or economic conditions or other events, could adversely impact issuers, markets and economies (and, accordingly, the Fund) over the short- and long-term, including in ways that cannot be foreseen. The severity or duration of such conditions and/or events may be affected by policy changes made by governments or quasi-governmental organizations. Historically, instability in the financial markets has led governments across the globe to take a number of actions designed to support the financial markets. There can be no guarantee that these actions will be sufficient or will have their intended effect, or will not result in unintended adverse economic consequences, such as increased inflationary pressure. Future government regulation and/or intervention may also change the way in which the Fund is regulated and could limit or preclude the Fund's ability to achieve its investment objective. Moreover, governments or their agencies may acquire distressed assets from financial institutions, may acquire ownership interests in those institutions, or may impose conditions on issuers receiving financial assistance (including by restricting or limiting their ability to pay dividends), all of which may affect the Fund's investments in ways that are unforeseeable.

Political institutions may not be able to effectively respond to these political and economic conditions and events, and these political institutions may erode over time. For example, one or more countries that have adopted the euro may abandon that currency and/or withdraw from the European Union, which could disrupt global markets and affect the liquidity and value of the Fund's investments, regardless of whether the Fund has significant exposure to European markets. The risk of investing in Europe may also be heightened due to the armed conflict in Ukraine. In addition, countries in the Asian region (particularly China) may be adversely affected by social, political, economic and regulatory developments, including long-running border and diplomatic disputes with neighboring countries or the international community, that could adversely impact economies within individual Asian countries or the Asian region or the global market as a whole.

In addition, in the United States, total public debt as a percentage of gross domestic product has grown rapidly since 2008. High levels of national debt may raise concerns that the U.S. government will be unable to pay investors at maturity, may cause declines in currency valuations and may prevent the U.S. government from implementing effective fiscal policy. Export-driven economies, including the economies of a number of Asian countries, may be adversely affected by the U.S. and other large economies, with which they do business.

***Illiquid Investments, Rule 144A Securities, and Section 4(a)(2) Securities.*** The Fund may purchase securities that are not registered or that are offered in exempt non-public offerings under the Securities Act of 1933, as amended ("1933 Act") ("Restricted Securities"), including securities eligible for resale to qualified institutional buyers pursuant to Rule 144A under the 1933 Act ("Rule 144A Securities") or commercial paper issued pursuant to Section 4(a)(2) under the 1933 Act ("4(a)(2) Securities"). However, pursuant to Rule 22e-4 under the 1940 Act, the Fund may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments may include certain Restricted Securities, certain over-the-counter derivatives instruments, or securities or other financial instruments that are not readily marketable. The Trust has implemented a liquidity risk management program to identify illiquid investments pursuant to Rule 22e-4.

***Investment Company Securities.*** Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, an investor becomes a shareholder of that investment company. As a result, the Fund's shareholders indirectly will bear the underlying fund's proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses the Fund's shareholders directly bear in connection with the Fund's own operations. In addition, the Fund will be affected by the investment policies, practices and performance of such investment companies in direct proportion to the amount of assets the Fund invests therein. The Fund's investment in the securities of other investment companies may be particularly significant following its launch or in situations where the Fund is unable to access a particular country or market.

Generally, under the 1940 Act and related rules, the Fund may purchase an unlimited amount of shares of an affiliated fund or a money market fund. The Fund may also purchase shares of an unaffiliated fund as long as: (i) the Fund doesn't invest more than 5% of its total assets in the securities of any one investment company (ETF or other mutual funds); (ii) the Fund doesn't own more than 3% of the outstanding voting stock of any one investment company; or (iii) the Fund doesn't invest more than 10% of its total assets in the securities of other investment companies.

***Money Market Instruments.*** The Fund's investments in money market instruments, if any, will consist of: (i) short-term obligations of the U.S. Government, its agencies and instrumentalities; (ii) other short-term debt securities rated A or higher by Moody's or S&P or, if unrated, of comparable quality in the opinion of the Adviser; (iii) commercial paper, including master demand notes; (iv) bank obligations, including certificates of deposit, bankers' acceptances and time deposits; (v) repurchase agreements; and (vi) shares of money market funds, which may include the U.S. Government Money Market Fund. Securities issued or guaranteed as to principal and interest by the U.S. Government include a variety of Treasury securities, which differ in their interest rates, maturities and dates of issue. Securities issued or guaranteed by agencies or instrumentalities of the U.S. Government may or may not be supported by the full faith and credit of the United States or by the right of the issuer to borrow from the Treasury. Considerations of liquidity and preservation of capital mean that a Fund may not necessarily invest in money market instruments paying the highest available yield at a particular time.

***Operational Risk.*** The Fund and its service providers, including the Adviser, Administrator, sub-adviser, fund accountant, custodian and transfer agent, as well as the service providers of the Fund's service providers, rely on the security and reliability of information and communications technologies, systems and networks and may be negatively impacted if these technologies, systems and networks become compromised or unreliable. These operational risks arise from a variety of factors and could negatively impact the Fund and its shareholders. These factors include processing and human errors, inadequate or failed internal or external processes, failures in technology, systems and networks, cyber-attacks, changes in personnel, and errors caused by third-party service providers or trading counterparties. The use of certain investment strategies that involve manual processing or quantitative investment models increases these risks. Although the Fund and its service providers attempt to minimize such failures through controls and oversight, it is not possible to identify all of the operational risks that may affect the Fund or to develop processes and controls that completely eliminate or mitigate the occurrence of such failures. In addition, other disruptive events, including, but not limited to, natural disasters and public health crises (such as the COVID-19 pandemic), can adversely affect the Fund, in particular if the Fund's officers or the employees of its service providers, including the Adviser, are unable or unwilling to perform their responsibilities as a result of any such event.

In addition, the Fund relies on various sources to calculate its NAV. Therefore, the Fund is subject to certain operational risks associated with reliance on third party service providers and data sources. NAV calculation may be impacted by operational risks arising from factors such as failures in systems and technology. Such failures may result in delays in the calculation of the Fund's NAV and/or the inability to calculate NAV over extended time periods. The Fund may be unable to recover any losses associated with such failures.

***Securities Lending.*** For the purpose of achieving income, the Fund may lend its portfolio securities to brokers, dealers and other financial institutions, provided: (i) the loan is secured continuously by collateral consisting of U.S. Government securities, cash or cash equivalents (negotiable certificates of deposits, bankers' acceptances or letters of credit) maintained on a daily mark-to-market basis in an amount at least equal to the current market value of the securities loaned; (ii) the Fund may at any time call the loan and obtain the return of the securities loaned; (iii) the Fund will receive any interest or dividends paid on the loaned securities; and (iv) the aggregate market value of securities loaned will not at any time exceed 33-1/3% of the total assets of the Fund. The Fund's performance will continue to reflect the receipt of either interest through investment of cash collateral by the Fund in permissible investments, or a fee, if the collateral is U.S. Government securities. Securities lending involves the risk of loss of rights in the collateral or delay in recovery of the collateral should the borrower fail to return the securities loaned or become insolvent. The Fund may pay lending fees to the party arranging the loan.

***Short-Term Trading.*** The Fund may engage in short-term trading. Although the Fund will not make a practice of short-term trading, purchases and sales of securities will be made whenever it is believed to be necessary or desirable to achieve the investment objective of the Fund. A change in the securities held by the Fund is known as "portfolio turnover." The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's performance. Unsettled market economic conditions during certain periods require greater portfolio turnover in pursuing the Fund's investment objectives than would otherwise be the case. A higher incidence of portfolio turnover will result in greater transaction costs to the Fund.

***U.S. Government Securities.*** The Fund may invest in U.S. Government securities to the extent set forth in the Prospectus and this SAI. U.S. Government securities include bills, notes and bonds issued by the U.S. Treasury and securities issued or guaranteed by agencies or instrumentalities of the U.S. Government. Some U.S. Government securities are supported by the direct full faith and credit pledge of the U.S. Government; others are supported by the right of the issuer to borrow from the U.S. Treasury; others, such as securities issued by the FNMA, are supported by the discretionary authority of the U.S. Government to purchase the agencies' obligations; and others are supported only by the credit of the issuing or guaranteeing instrumentality. There is no assurance that the U.S. Government will be able or willing to repay any principal or interest when due, or will provide financial support to a U.S. Government agency, authority, instrumentality or sponsored enterprise when it is not obligated by law to do so.

***Warrants.*** The Fund may purchase or sell warrants. A warrant is an instrument issued by a corporation that gives the holder the right to subscribe to a specific amount of the corporation's capital stock at a set price for a specified period of time. Warrants do not represent ownership of the securities, but only the right to buy the securities. The prices of warrants do not necessarily move parallel to the prices of underlying securities. Warrants may be considered speculative in that they have no voting rights, pay no dividends, and have no rights with respect to the assets of a corporation issuing them. Once a warrant expires, it has no value in the market. Warrant positions will not be used to increase the leverage of the Fund. Consequently, warrant positions are generally accompanied by cash positions equivalent to the required exercise amount

**Investment Restrictions**

Fundamental Investment Policies

The Trust has adopted the following restrictions as fundamental policies of the Fund, which means that they may not be changed without the approval of a majority of the outstanding voting securities of the Fund. Under the 1940 Act, a "vote of a majority of the outstanding voting securities" of the Trust or of the Fund means the affirmative vote of the lesser of (l) more than 50% of the outstanding shares of the Trust or of such Fund, or (2) 67% or more of the shares of the Trust or of such Fund present at a meeting of shareholders if more than 50% of the outstanding shares of the Trust or of the Fund are represented at the meeting in person or by proxy.

Except with respect to the asset coverage requirement under Section 18(f)(1) of the 1940 Act with respect to borrowing, if any percentage restriction on investment or utilization of assets is adhered to at the time an investment is made, a later change in percentage resulting from a change in the market values of the Fund or its assets or redemptions of shares will not be considered a violation of the limitation. The asset coverage requirement under Section 18(f)(1) of the 1940 Act with respect to borrowings is an ongoing requirement. The Fund will not:

1. Purchase
 securities of any one issuer if, as a result, more than 5% of the Fund's total assets would be invested in securities
 of that issuer or the Fund would own more than 10% of the outstanding voting securities of that issuer, except that (a) up
 to 25% of the Fund's total assets may be invested without regard to this limitation; and (b) this limitation does not
 apply to securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities ("U.S. Government
 obligations") or to securities issued by other investment companies. Repurchase agreements fully collateralized by U.S.
 Government obligations will be treated as U.S. Government obligations.

2. Invest 25% or more
 of the value of the Fund's assets in securities of issuers in any one industry or group of industries. This restriction
 does not apply to obligations issued or guaranteed by the U.S. Government, its agencies or instrumentalities or to securities
 issued by other investment companies.

3. Issue senior securities
 or borrow money, except as permitted under the 1940 Act and the rules and regulations thereunder, and then not in excess of
 33-1/3% of the Fund's total assets (including the amount of the senior securities issued but reduced by any liabilities
 not constituting senior securities) at the time of the issuance or borrowing, except that the Fund may borrow up to an additional
 5% of its total assets (not including the amount borrowed) for temporary purposes such as clearance of portfolio transactions
 and share redemptions. For purposes of these restrictions, the purchase or sale of securities on a when issued, delayed delivery
 or forward commitment basis, the purchase and sale of options and futures contracts and collateral arrangements with respect
 thereto are not deemed to be the issuance of a senior security, a borrowing or a pledge of assets.

4. Pledge, mortgage
 or hypothecate its assets except to secure indebtedness permitted to be incurred by the Fund. (For the purpose of this restriction,
 the deposit in escrow of securities in connection with the writing of put and call options, collateralized loans of securities
 by and collateral arrangements with respect to margin for future contracts by the Fund are not deemed to be pledges or hypothecations).

5. Underwrite any issue
 of securities, except to the extent that the Fund may be considered to be acting as underwriter in connection with the disposition
 of any portfolio security.

6. Purchase or sell
 real estate or interests therein, although the Fund may purchase securities of issuers which engage in real estate operations
 and securities secured by real estate or interests therein, including real estate investment trusts.

7. Purchase or sell
 physical commodities, unless acquired as a result of owning securities or other instruments, but the Fund may purchase, sell
 or enter into financial options and futures, forward and spot currency contracts, swap transactions and other financial contracts
 or derivative instruments.

8. Make loans, except
 loans of portfolio securities or through repurchase agreements, provided that for purposes of this restriction, the acquisition
 of bonds, debentures, other debt securities or instruments, participations or other interests therein and investments in government
 obligations, commercial paper, certificates of deposit, bankers' acceptances or similar instruments will not be considered
 the making of a loan.

9. Engage
 in short sales of securities or maintain a short position, except that the Fund may (a) sell short "against the box"
 and (b) maintain short positions in connection with the use of financial options and futures, forward and spot currency contracts,
 swap transactions and other financial contracts or derivative instruments.

10. Purchase securities
 on margin except for the use of short-term credit necessary for the clearance of purchases and sales of portfolio securities,
 provided that the Fund may make initial and variation margin deposits in connection with permitted transactions in options
 and futures, forward and spot currency contracts, swap transactions and other financial contracts or derivative instruments.

11. Invest 25% or more of its assets in securities of any one industry, although
for purposes of this limitation, tax-exempt securities and obligations of the U.S. Government and its agencies or instrumentalities are
not considered to be part of any industry (both the industry of the issuer of the municipal obligation as well as the industry of the
financial institution/intermediary shall be considered in the case of a participation certificate). Index funds may exceed this limitation
and will invest in proportion to the underlying index.

12. Issue senior securities, as defined in the 1940 Act,
 except that this restriction shall not be deemed to prohibit a Fund from (a) making any permitted borrowings, mortgages or pledges,
 and (b) entering into permissible repurchase and futures transactions.

Non-Fundamental Investment Policies

In addition, the Fund has adopted the following restrictions as operating policies, which are not fundamental policies, and may be changed without shareholder approval in accordance with applicable regulations. The Fund may not:

1. Engage in short sales of securities.

2. Invest in warrants, valued at the lower of cost or market, in excess of 5% of the value of a Fund's net assets. Included in such amount, but not to exceed 2% of the value of the Fund's net assets, may be warrants that are not listed on the New York Stock Exchange (the "NYSE") or American Stock Exchange. Warrants acquired by a Fund in units or attached to securities may be deemed to be without value.

3. Enter into a futures contract or option on a futures contract, if, as a result thereof, more than 5% of the Fund's total assets (taken at market value at the time of entering into the contract) would be committed to initial deposits and premiums on open futures contracts and options on such contracts.

4. Invest more than 5% of its total assets in the securities of companies (including predecessors) that have been in continuous operation for a period of less than three years.

Other than with respect to Number 10 above (illiquid securities), if a percentage restriction is adhered to at the time of investment, a subsequent increase or decrease in a percentage resulting from a change in the values of assets will not constitute a violation of that restriction, except as otherwise noted.

**Portfolio Turnover**

The Adviser manages the Fund generally without regard to restrictions on portfolio turnover. In general, the Fund will not trade for short-term profits, but when circumstances warrant, investments may be sold without regard to the length of time held. The primary consideration in placing portfolio security transactions with broker-dealers for execution is to obtain, and maintain the availability of, execution at the most favorable prices and in the most effective manner possible. Expenses to the Fund, including brokerage commissions, and the realization of capital gains that are taxable to the Fund's shareholders tend to increase as the portfolio turnover increases.

**Temporary Defensive Positions**

In certain market conditions, some or all of a of the Fund's securities may be sold and the proceeds retained as cash, or temporarily invested in U.S. government securities or money market instruments, if the Fund's investment manager believes it is in the best interest of shareholders to do so. As of the date of this Prospectus, this has never happened; but if it were to occur, the investment goals of the relevant Funds might not be achieved.

**Disclosure of Portfolio Holdings**

The Board has adopted a policy regarding the disclosure of information about the Fund's security holdings. The Fund's entire portfolio holdings are publicly disseminated each day the Fund is open for business and may be available through financial reporting and news services, including publicly available internet web sites. In addition, the composition of the Deposit Securities (as defined below) is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC").

**Trustees and Officers**

The Trustees of the Trust have the responsibility for the overall management of the Trust, including general supervision and review of the Fund's investment activities. The Trustees appoint the officers of the Trust who are responsible for administering the day-to-day operations of such Trust and its funds. The affiliations of the officers and Trustees and their principal occupations for the past five years are listed below.

**Qualifications of Independent Trustees**

Individual Trustee qualifications are noted in the table below. In addition, the following characteristics are among those that were considered for each existing Trustee and will be considered for any Nominee Trustee.

● Outstanding skills in disciplines deemed by the Independent Trustees to be particularly relevant to the role of Independent Trustee and to the funds, including legal, accounting, the financial industry and the investment industry.

● No conflicts which would interfere with qualifying as independent.

● Appropriate interpersonal skills to work effectively with other Independent Trustees.

● Understanding and appreciation of the important role occupied by Independent Trustees in the regulatory structure governing regulated investment companies.

● Diversity of background.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;**TRUSTEES** | &nbsp;&nbsp;**TRUSTEES** |
| &nbsp;&nbsp;**Name, Address, and Year of Birth** | &nbsp;&nbsp;**Positions 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 Trustee** | &nbsp;&nbsp;**Other Trusteeships Held by Director During Past 5 Years** | &nbsp;&nbsp;**Experience** |
| &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** |
| &nbsp;&nbsp;**Kevin T. Kogler**\*,<br>1966<br>| &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2006 | &nbsp;&nbsp;Director MicroBiz AM LLC, (June 2015 to present); President & Founder of MicroBiz, LLC (2012 to present); Principal, Robertson Piper Software Group, (2006 to 2012); Senior Vice President, Investment Banking, FBR Capital Markets (2003 to 2006). | &nbsp;&nbsp;20 | &nbsp;&nbsp;Shelton Funds | &nbsp;&nbsp;Experience in investment banking and technology industry. M.B.A. |
| &nbsp;&nbsp;**Stephen H. Sutro\*, 1969** | &nbsp;&nbsp;Trustee<br>| &nbsp;&nbsp;Since 2006 | &nbsp;&nbsp;Managing Partner, San Francisco, Duane Morris LLP (law firm), (2014 to present); Partner, Duane Morris LLP (2003 to 2014). | &nbsp;&nbsp;20 | &nbsp;&nbsp;Shelton Funds | &nbsp;&nbsp;Service on Boards for nonprofit organizations, J.D. |
| &nbsp;&nbsp;**Marco L. Quazzo\*, 1962** | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;Principal, Bartko Zankel Bunzel & Miller, (March 2015 to present); Partner, Barg Coffin Lewis & Trapp LLP (law firm), (2008 to March 2015). | &nbsp;&nbsp;20 | &nbsp;&nbsp;Shelton Funds | &nbsp;&nbsp;Experience with risk management for mortgage banks, investment banks, and real estate investment trusts, J.D. |
| &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** |
| &nbsp;&nbsp;**Stephen C. Rogers**\*, 1966 | &nbsp;&nbsp;President, Trustee, and Chairman of the Board | &nbsp;&nbsp;Since 1999 | &nbsp;&nbsp;Portfolio Manager, Shelton Capital Management ("Shelton"), (2003 to present); Chief Executive Officer, Shelton, (1999 to present) Secretary (1999 to November <u>2012)</u> | &nbsp;&nbsp;20 | &nbsp;&nbsp;Shelton Funds | &nbsp;&nbsp;Portfolio management and operations experience, MBA. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;**Name, Address\* <br> and Year of Birth** | &nbsp;&nbsp;**Position(s) Held with Trust** | &nbsp;&nbsp;**Term of Office\*\* and Length of Time Served** | &nbsp;&nbsp;**Principal Occupation During Past 5 Years** |
| &nbsp;&nbsp;**Gregory T. Pusch**\*, 1966 | &nbsp;&nbsp;Chief Compliance Officer and Secretary | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Global Head of Risk & Compliance, Matthews Asia 2015-2016; Head of Legal & Regulatory Compliance/CCO HarbourVest Partners, 2012-2015; SVP, CCO, Pyramis Global Advisors, 2007-2011 |
| &nbsp;&nbsp;**Trevor Shippee**\*, 1966 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Since 2025 | &nbsp;&nbsp;Director, Investment Operations, Shelton Capital Management 2021 to present; Associate in Business Development, 2018-2021 |

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| | |
|:---|:---|
| <sup>1</sup> | Basis of Interestedness. Stephen C. Rogers is affiliated with Shelton Capital Management Capital Management, which is the investment advisor of Funds. |
| <sup>\*</sup> | The address of each Trustee and Officer is: 1125 17<sup>th</sup> Street, Suite 2550, Denver, Colorado 80202. |
| <sup>\*\*</sup> | Each Trustee serves an indefinite term, until such Trustees' successor is elected and appointed, or such Trustee resigns or is deceased. The officers of the Trust are appointed by the Board of Trustees and shall serve until such officer's resignation or removal. |

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The Board met four times during the fiscal year ended December 31, 2024. Currently, the Board has an Audit Committee. The responsibilities of the committee and its members are described below.

**Board Leadership Structure and Standing Board Committees**

Stephen C. Rogers currently serves as the chairman of the Board and has served in such capacity since 1999. Of the Board's four members, Stephen C. Rogers is the only member who is an "interested person" as that term is defined in the 1940 Act.<sup>1</sup> The remaining members are independent trustees. The independent trustees meet separately to consider a variety of matters that are scheduled to come before the Board and meet periodically with the funds' Chief Compliance Officer and fund auditors. They are advised by independent legal counsel. No independent trustee may serve as an officer or employee of a fund. The Board has also established an Audit Committee, as described below. The Audit Committee is comprised solely of independent trustees. The Board believes that the current leadership structure, with independent trustees filling all but one position on the Board is appropriate and allows for independent oversight of the funds.

**Audit Committee:** The Board has an Audit Committee comprised only of the Independent Trustees (currently, Messrs. Quazzo, Kogler, and Sutro). The Audit Committee has the responsibility, among other things, to (1) recommend the selection of the funds' independent auditors; (2) review and approve the scope of the independent auditors' audit activity; (3) review the financial statements which are the subject of the independent auditor's certifications; and (4) review with such independent auditors the adequacy of the funds' basic accounting system and the effectiveness of the Funds' internal accounting controls. During the fiscal year ended December 31, 2024, there were four meetings of the Audit Committee.

**Risk Oversight by the Board**

As previously described, the Board oversees the management of the Funds and meets at least quarterly with management of Shelton Capital Management to review reports and receive information regarding Fund operations. Risk oversight relating to the Fund is one component of the Board's oversight and is undertaken in connection with the duties of the Board. As described in the previous section, the Board's Audit Committee assists the Board in overseeing various types of risks relating to the Funds. The Board receives regular reports from the Audit Committee regarding the committee's areas of responsibility and, through those reports and its regular interactions with management of Shelton Capital Management during and between meetings, analyzes, evaluates, and provides feedback on Shelton Capital Management's risk management processes. In addition, the Board receives information regarding, and has discussions with senior management of Shelton Capital Management about, Shelton Capital Management's enterprise risk management systems and strategies. There can be no assurance that all elements of risk, or even all elements of material risk, will be disclosed to or identified by the Board.

**Compensation Table**

As shown in the following table, the total annual Trustee fees allocated to the Trust are equally divided between each series within the Trust and paid to the Trustees who are not affiliated with Shelton Capital Management. The table provides information regarding the Funds as of December 31, 2024.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name/Position** | **Aggregate**<br> **Compensation from**<br> **the Fund** | **Pension or**<br> **Estimated**<br> **Retirement**<br> **Benefits**<br> **Accrued as Part**<br> **of Fund**<br> **Expenses** | **Estimated Annual**<br> **Benefits Upon**<br> **Retirement** | **Total**<br> **Compensation**<br> **From Trust**<br> **Registrant and Fund**<br> **Complex Paid**<br> **to Trustees\*** |
| Stephen C. Rogers | $0 |  |  |  |
| President & Trustee |  |  |  |  |
| Kevin T. Kogler | $0 |  |  | $40000 |
| Trustee |  |  |  |  |
| Stephen H. Sutro | $0 |  |  | $40000 |
| Trustee |  |  |  |  |
| Marco L. Quazzo | $0 |  |  | $40000 |
| Trustee |  |  |  |  |

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\* The Fund Complex includes all series of the Trust, currently 11, and any other investment companies for which any Trustee serves as trustee for and for which Shelton Capital Management provides investment advisory services (currently 20 funds, and 0 funds, respectively).

Dollar Range of Fund shares beneficially owned in the Fund as of December 31, 2024:

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| | |
|:---|:---|
| | **Shelton Equity**<br> **Premium Income**<br> **ETF** |
| Stephen C. Rogers | None |
| Marco Quazzo | None |
| Kevin T. Kogler | None |
| Stephen H. Sutro | None |

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Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies as of December 31, 2024:

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| | |
|:---|:---|
| | **Shelton**<br> **Capital**<br> **Management**<br> **Funds** |
| Stephen C. Rogers | Above $100,000 |
| Marco Quazzo |  |
| Kevin T. Kogler | Above $100,000 |
| Stephen H. Sutro | Above $100,000 |

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**Code of Ethics**

The Trust, Shelton Capital Management, Vident Advisory, LLC, dba Vident Asset Management (the "Sub-Adviser" or "Vident"), and Paralel Distributors, LLC (the "Distributor") have each adopted codes of ethics pursuant to Rule 17j-1 under the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust, Shelton Capital Management, the Sub-Adviser, and the Distributor from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each Code of Ethics permits personnel subject to that Code of Ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Fund. There can be no assurance that the codes of ethics will be effective in preventing such activities.

**Proxy Voting Policies and Procedures**

The Board of Trustees of the Trust has delegated to Shelton Capital Management the authority to vote proxies of companies held in the Fund's portfolio. Shelton Capital Management has entered into a proxy service agreement with Institutional Shareholder Services, Inc. ("ISS") and intends to apply ISS' pre- determined proxy voting guidelines when voting proxies on behalf of the Fund.

Shelton Capital Management recognizes that an investment advisor is a fiduciary that owes its clients, including the Fund, a duty of utmost good faith and full and fair disclosure of all material facts. An investment advisor's duty of loyalty requires an advisor to vote proxies in a manner consistent with the best interest of its clients and precludes the advisor from subrogating the clients' interests to its own. In addition, an investment advisor voting proxies on behalf of a fund must do so in a manner consistent with the best interests of the fund and its shareholders. The Board, in conjunction with Shelton Capital Management, seeks to balance the benefits of voting the proxies against the associated costs to the shareholders and have determined that entry into a third-party proxy services agreement is in the best interest of the Trust and its shareholders. The Board will review its determination at least annually.

Shelton Capital Management seeks to avoid material conflicts of interest by voting in accordance with an independent third-party's pre-determined written proxy voting guidelines (the "Voting Guidelines"). These Voting Guidelines vote proxies in an objective and consistent manner across client accounts, based on internal and external research performed by ISS without consideration of any client relationship factors. Further, Shelton Capital Management may engage a third party as an independent fiduciary, as required, to vote all proxies of the Fund, and may engage an independent fiduciary to vote proxies of other issuers at its discretion.

All proxies received by the Fund are reviewed, categorized, analyzed and voted in accordance with the Voting Guidelines. The guidelines are reviewed periodically and updated as necessary to reflect new issues and any changes in Shelton Capital Management's or ISS' policies on specific issues. Items that can be categorized under the Voting Guidelines are voted in accordance with any applicable guidelines.

Proposals that cannot be categorized under the Voting Guidelines and raise a material conflict of interest between Shelton Capital Management and the Fund are referred to the Fund's Board of Trustees. Specifically, Shelton Capital Management will disclose the conflict to the Board and obtain its consent to the proposed vote in question prior to voting the securities. The disclosure to the Board will include sufficient detail regarding the matter to be voted on and the nature of Shelton Capital Management's conflict so that the Board would be able to make an informed decision regarding the vote. When the Board does not respond to such a conflict disclosure request or denies the request, Shelton Capital Management will abstain from voting the securities held by the Fund.

With regard to voting proxies of foreign companies, Shelton Capital Management weighs the cost of voting and potential inability to sell the securities (which may occur during the voting process) against the benefit of voting the proxies to determine whether or not to vote. With respect to securities lending transactions, Shelton Capital Management seeks to balance the economic benefits of continuing to participate in an open securities lending transaction against the inability to vote proxies.

When evaluating proposals, Shelton Capital Management recognizes that the management of a publicly- held company may need protection from the market's frequent focus on short-term considerations, so as to be able to concentrate on such long-term goals as productivity and development of competitive products and services. In addition, Shelton Capital Management generally supports proposals designed to provide management with short-term insulation from outside influences so as to enable them to bargain effectively with potential suitors to the extent such proposals are discrete and not bundled with other proposals. Shelton Capital Management believes that a shareholder's role in the governance of a publicly-held company is generally limited to monitoring the performance of the company and its management and voting on matters which properly come to a shareholder vote. However, Shelton Capital Management generally opposes proposals designed to insulate an issuer's management unnecessarily from the wishes of a majority of shareholders. Accordingly, Shelton Capital Management generally votes in accordance with management on issues that, at Shelton Capital Management's sole discretion, it believes neither unduly limits the rights and privileges of shareholders nor adversely affects the value of the investment.

**Shareholder Beneficial Ownership**

Because the Fund is new as of the date of this SAI, there were no shareholders of the Fund, and the Trustees and Officers of the Trust as a group did not own any of the outstanding shares of the Fund.

**Investment Management and Other Services**

**Management Services.** CCM Partners, a California Limited Partnership d/b/a Shelton Capital Management, 1125 Seventeenth Street, Suite 2550, Denver, CO 80202, is the investment advisor to the Funds pursuant to the Investment Advisory Agreement between the Trust on behalf of the Fund and Shelton Capital Management dated October 11, 2016 (the "Agreement"). Shelton manages over $6 billion of assets as of July 31, 2025. Shelton has been managing mutual funds since 1985. Shelton Capital Management is responsible for managing the Funds and handling the administrative requirements of the Funds. Shelton Capital Management is controlled by a privately held partnership, RFS Partners, LP, which in turn is controlled by a family trust of which Mr. Stephen C. Rogers is a co-trustee.

As compensation for managing the Fund, Shelton receives a management fee from the Fund of 0.54% of the Fund's average daily net assets. The Fund's management agreement provides that Shelton Capital Management will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, interest expenses, dividend and interest expenses related to short sales, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, certain compliance costs, costs of holding shareholder meetings, litigation and potential litigation and other extraordinary expenses such as merger and reorganization expenses, for example, not incurred in the ordinary course of the Fund's business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage expenses relating to investment strategies (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, and commissions and fees and expenses associated with the Fund's securities lending program, if applicable.

The Agreement has an initial term of two years, and will be in effect thereafter only if it is renewed for the Fund for successive periods not exceeding one year by (i) the Board of Trustees of the Trust or a vote of a majority of the outstanding voting securities of the Fund, and (ii) a vote of a majority of the Trustees who are not parties to the Agreement or an interested person of any such party (other than as a Trustee), cast in person at a meeting called for the purpose of voting on such Agreement.

The Agreement may be terminated without penalty at any time by the Trust with respect to the Fund (either by the applicable Board of Trustees or by a majority vote of the terminating Fund's outstanding shares). The Agreement may also be terminated by Shelton Capital Management with 60-days' written notice and will automatically terminate in the event of its assignment as defined in the 1940 Act.

Shelton Capital Management retains responsibility for portfolio management, including making investment decisions, executing trades in portfolio securities, and selecting brokers to effect such transactions. Acting under the supervision of the investment adviser, the sub-adviser is responsible for managing the composition of the Fund's basket used in the creation and redemption of creation units. This includes determining the securities and cash components that Authorized Participants must deliver to or receive from the Fund in connection with such transactions, in a manner consistent with the Fund's investment objective and regulatory requirements.

The sub-adviser for the Fund is Vident Advisory, LLC d/b/a Vident Asset Management, 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009. The Sub-Adviser manages $17.9 billion of assets as of July 31, 2025. For its services, Vident receives a sub-advisory fee from Shelton Capital Management, computed daily at an annual rate based on the greater of (1) the minimum fee or (2) the daily net assets of the respective Fund in accordance with the following fee schedule: $45,000 minimum fee or 0.06% on the first $250 million USD in assets, 0.05% on the second $250 million, and 0.04% for assets above $500 million.

**Administrative Services**

Pursuant to the Fund Administration Servicing Agreement, Shelton Capital Management ("Administrator") also serves as the Fund's Administrator. The Administrator is responsible for handling the administrative requirements of the Fund and, as compensation for these duties, receives fees of 0.10% on the first $500 million in combined assets of the Trust, 0.08% on the next $500 million in combined assets of the Trust, and 0.06% on the Trust combined assets over $1 billion. Because the Fund has not yet commenced operations as of the date of this SAI, the Fund paid no fees to the Administrator.

**Distribution and Services Plan**

The Trust has adopted a Distribution and Services Plan (the "12b- Plan") pursuant to Rule 12b-1 under the 1940 Act. Specifically, the Board of Trustees, including a majority of the Trustees who are not interested persons of the Trust and who have no direct or indirect financial interest in the operation of the 12b-1 Plan or in any agreement related to the 12b-1 Plan (the "Independent Trustees"), adopted the 12b-1 Plan. In Reviewing the Plan, the Board of Trustees considered the proposed range and nature of payments and terms of the Investment Advisory Agreement between the Trust on behalf of each Fund and Shelton Capital Management and the nature and amount of other payments, fees and commissions that may be paid to Shelton Capital Management, its affiliates and other agents of the Trust.

No payments pursuant to the Plan are expected to be made during the twelve month period from the date of this SAI. Rule 12b-1 fees to be paid by the Fund under the Plan may only be imposed after approval by the Board.

In accordance with the Plan, the Fund is authorized to pay an amount up to 0.25% of its average daily net assets each year to pay distribution fees for the sale and distribution of its Shares. Pursuant to the Plan, the Fund may make payments to investment/securities brokers, dealers, plan administrators and the other persons providing services to the Fund, including the Distributor and any affiliate of the Distributor, in the form of fees or reimbursements, as compensation for services provided and expenses incurred: 1) for purposes of promoting the sale of Fund shares; 2) reducing redemptions of Fund shares; 3) maintaining or improving services provided to shareholders; 4) with respect to the sale of Fund shares; 5) for providing personal services to investors in Fund shares or the maintenance of shareholder accounts; 6) paying the costs of and compensating others, including authorized participants with whom the Distributor has entered into written authorized participant agreements, for performing shareholder servicing on behalf of the Fund; 7) compensating certain authorized participants for providing assistance in distributing the shares of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of Fund shares; or 8) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance.

**Portfolio Managers**

The table below includes details about the type, number, and assets under management for the various types of accounts, and total assets in the accounts with respect to which the advisory fee is based on the performance of the accounts managed by the portfolio managers of the Fund as of July 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Stephen C. Rogers** | | | | |
| **Type of Account** | **Number of<br> Accounts<br> Managed** | **Total Assets<br> Managed** | **Number of<br> Accounts<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** | **Assets<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** |
| Registered Investment Companies | 9 | $3445454638 |  |  |
| Other Pooled Investment Vehicles |  |  |  |  |
| Other Accounts |  |  |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Barringer H. Martin** | | | | |
| **Type of Account** | **Number of<br> Accounts<br> Managed** | **Total Assets<br> Managed** | **Number of<br> Accounts<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** | **Assets<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** |
| Registered Investment Companies | 2 | $957418540 |  |  |
| Other Pooled Investment Vehicles |  |  |  |  |
| Other Accounts | 1161 | $1069971291 |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Nick M. Griebenow** | | | | |
| **Type of Account** | **Number of<br> Accounts<br> Managed** | **Total Assets<br> Managed** | **Number of<br> Accounts<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** | **Assets<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** |
| Registered Investment Companies | 2 | $957418540 |  |  |
| Other Pooled Investment Vehicles |  |  |  |  |
| Other Accounts | 1162 | $1069971291 |  |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Austin Wen** | | | | |
| **Type of Account** | **Number of<br> Accounts<br> Managed** | **Total Assets<br> Managed** | **Number of<br> Accounts<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** | **Assets<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** |
| Registered Investment Companies | 69 | $8124000000 |  |  |
| Other Pooled Investment Vehicles | 21 | $4636000000 |  |  |
| Other Accounts |  |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Yin Bhuyan** | | | | |
| **Type of Account** | **Number of<br> Accounts<br> Managed** | **Total Assets<br> Managed** | **Number of<br> Accounts<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** | **Assets<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based** |
| Registered Investment Companies | 34 | $780000000 |  |  |
| Other Pooled Investment Vehicles | 3 | $11000000 |  |  |
| Other Accounts |  |  |  |  |

---

**Potential Conflicts of Interest**

Individual portfolio managers may manage multiple accounts. Shelton Capital Management manages potential conflicts between the Fund and other accounts through allocation policies and procedures, internal review processes, including, but not limited to reports and oversight by management. Shelton Capital Management has developed trade allocation systems and controls to help ensure that no one account, regardless of type, is intentionally favored at the expense of another. Allocation policies are designed to address potential conflicts in situations where two or more accounts participate in investment decisions involving the same securities.

As reflected above, the Sub-Adviser's Portfolio Managers manage accounts in addition to the Funds. A Portfolio Manager's management of these other accounts may give rise to potential conflicts of interest. The Sub-Adviser has adopted policies and procedures that are designed to identify and minimize the effects of these potential conflicts, however there can be no guarantee that these policies and procedures will be effective in detecting potential conflicts or in eliminating the effects of any such conflicts.

**Compensation**

Compensation of portfolio managers of Shelton Capital Management includes a base salary, cash bonus, and a package of employee benefits that are generally available to all salaried employees. Compensation is structured to emphasize the success of Shelton Capital Management rather than that of any one individual. Compensation is not linked to the distribution of Fund shares or to the performance of any account or Fund. Some of the portfolio managers also participate in equity ownership of Shelton Capital Management. Each element of compensation is detailed below:

Base Salary: Portfolio managers are paid a fixed base salary that is intended to be competitive in light of each portfolio manager's experience and responsibilities.

Bonus: Bonus payments are based on a number of factors including the profitability of the firm and the employee's long-term contributions, full-time employees of Shelton Capital Management with sufficient tenure participate in an annual bonus program. Bonuses are not linked to the volume of assets managed or to measurements of relative or absolute investment returns.

Incentive Compensation: The portfolio managers may receive incentive compensation based on revenue in relation to certain newly opened accounts.

Partnership interests: In the past Shelton Capital Management has made partnership interests available in its general partner, RFS Partners to employees of Shelton Capital Management. Portfolio Managers have participated in these offerings by purchasing interests in the partnership. Partnership interests may provide pass-through income of the firm's profits and annual cash distributions based on each Partner's proportionate profit sharing interest. Distributions are generally determined based on considerations of Shelton Capital Management's working capital requirements and on estimated tax liabilities associated with the pass-through income.

Employee Benefit Program: portfolio managers participate in benefit plans and programs available generally to all employees, which includes a 401K plan and optional company matching provisions.

**Other Service Providers**

**Principal Underwriter**. The Trust and Paralel Distributors LLC (the "Distributor"), a Delaware limited liability company, are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for the Fund and distributes Shares. Shares are continuously offered for sale by the Distributor only in Creation Units. The Distributor will not distribute Shares in amounts less than a Creation Unit and does not maintain a secondary market in Shares. The principal business address of the Distributor is 1700 Broadway, Suite 1850, Denver, CO 80290.

**Transfer Agent and Fund Accounting Agent**. State Street Bank and Trust Company, located at 1 Congress Street, Boston, MA 02114, acts as the shareholder servicing agent for the Fund and acts as the Fund's Transfer Agent. In such capacities it performs many services, including portfolio and net asset valuation, bookkeeping, and shareholder record-keeping. Because the Fund has not yet commenced operations as of the date of this SAI, the Fund paid no fees to the Transfer Agent. Paralel Technologies LLC, located at 1700 Broadway, Suite 1850, Denver, CO 80290, acts as the Fund's Fund Accounting Agent.

**Custodian.** State Street Bank and Trust Company, (the "Custodian") located at 1 Congress Street, Boston, MA 02114, as custodian of the securities and other assets of the Trust. The Custodian does not participate in decisions relating to the purchase and sale of portfolio securities. Under the custodian agreement, the Custodian (i) maintains a separate account or accounts in the name of the Fund, (ii) holds and transfers portfolio securities on account of the Fund, (iii) accepts receipts and makes disbursements of money on behalf of the Fund, (iv) collects and receives all income and other payments and distribution on account of the Fund's securities and (v) makes periodic reports to the Trustees of each Trust concerning the Fund's operations. As Foreign Custody Manager, the bank selects and monitors foreign sub-custodian banks, selects and evaluates non-compulsory foreign depositaries, and furnishes information relevant to the selection of compulsory depositaries.

**Independent Registered Public Accounting Firm**. Cohen & Company, Ltd. ("Cohen & Co"), located at 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, is the independent registered public accounting firm for the Trust, subject to annual appointment by the Board of Trustees. Cohen & Co conducts an annual audit of the Fund's annual financial statements. Cohen & Company Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services for the Fund.

**Independent Legal Counsel to the Independent Trustees**. Davis, Graham & Stubbs, 3400 Walnut Street, Suite 700, Denver, Colorado 80205 currently serves as Independent Legal Counsel to the Independent Trustees, and counsel to the Trust.

**Policies Regarding Broker-Dealers used for Portfolio Transactions**

Decisions to buy and sell securities for the Fund, assignment of its portfolio business, and negotiation of commission rates and prices are made by Shelton Capital Management and the Sub-Adviser. It is the Fund's policy to obtain the "best execution" available (i.e., prompt and reliable execution at the most favorable security price). If purchases made by the Fund are effected via principal transactions with one or more dealers (typically a market maker firm in the particular security or a selling group member in the case of an initial or secondary public offering) at net prices, the Fund will generally incur few or no brokerage costs. These dealers are compensated through the principal "spread," and may also charge related transaction fees. Purchases of portfolio securities from underwriters may include a commission or concession paid by the issuer to the underwriter, and purchases from dealers will include a spread between the bid and asked price.

In order to obtain additional research and brokerage services on a "soft dollar" basis, and in order to obtain other qualitative execution services that Shelton Capital Management and the Sub-Adviser believe are important to best execution, Shelton Capital Management and the Sub-Adviser may place over-the-counter ("OTC") equity transactions and/or place fixed-income transactions with specialized broker-dealers with which they have a "soft dollar" credit arrangement, and that execute such transactions on an agency basis ("Brokers"). When Shelton Capital Management and the Sub-Adviser use Brokers to execute OTC equity transactions and/or fixed-income transactions on an agency basis, Shelton Capital Management and the Sub-Adviser take steps to ensure that the prices obtained in such transactions are competitive with the prices that could have been obtained had the transactions been conducted on a principal basis, *i.e.,* directly with the dealers. However, the total cost (*i.e.,* price plus/minus commission) of executing an OTC equity transaction and/or or a fixed income transaction through a Broker on an agency basis may be less favorable than that of executing that same transaction with a dealer because the Broker will receive a commission for its services, including for the provision of research products, services or credits. Shelton Capital Management and the Sub-Adviser will take steps to ensure that commissions paid are reasonable in relation to, among other things: (i) the value of all the brokerage and research products and services provided by that Broker and (ii) the quality of execution provided by that Broker. Accordingly, Shelton Capital Management and the Sub-Adviser use Brokers to effect OTC equity transactions and/or fixed income transactions for the Funds where the total cost is, in Shelton Capital Management's and the Sub-Adviser's opinions, reasonable, but not necessarily the lowest total cost available.

In selecting broker-dealers and in negotiating commissions, Shelton Capital Management and the Sub-Adviser generally considers, among other things, the broker-dealer's reliability, the quality of its execution services on a continuing basis, the financial condition of the broker-dealer, and the research services provided, which include furnishing advice as to the value of securities, the advisability of purchasing or selling specific securities and furnishing analysis and reports concerning state and local governments, securities, and economic factors and trends, and portfolio strategy. Shelton Capital Management and the Sub-Adviser consider such information, which is in addition to and not in lieu of the services required to be performed by Shelton Capital Management and the Sub-Adviser under the Agreements, to be useful in varying degrees, but of indeterminable value.

The Fund may pay brokerage commissions in an amount higher than the lowest available rate for brokerage and research services as authorized, under certain circumstances, by the Securities Exchange Act of 1934, as amended. Where commissions paid reflect research services and information furnished in addition to execution, Shelton Capital Management and the Sub-Adviser believe that such services were bona fide and rendered for the benefit of its clients.

**Voting Rights**

The Trust is not required, nor does it intend, to hold annual shareholder meetings. However, the Trust may hold special meetings for a specific Fund or for the Trust as a whole for purposes such as electing Trustees, changing fundamental policies, or approving an investment management agreement. You have equal rights as to voting and to vote separately by Fund as to issues affecting only your Fund (such as changes in fundamental investment policies and objectives). Your voting rights are not cumulative, so that the holders of more than 50% of the shares voting in any election of Trustees can, if they choose to do so, elect the Trustees. Meetings of shareholders may be called by the Trustees in their discretion or upon demand of the holders of 10% or more of the outstanding shares of any Fund for the purpose of electing or removing Trustees.

**Additional Information Regarding Purchases and Redemptions of Fund Shares**

**Creation Units.** The Fund will issue and redeem shares at NAV only in aggregations of large blocks of shares or Creation Units and only to Authorized Participants. In order to be an Authorized Participant the firm must be either a broker-dealer or other participant ("Participating Party") in the Continuous Settlement System ("Clearing Process") of the NSCC or a participant in DTC with access to the DTC system ("DTC Participant"), and the firm must execute an agreement ("Participant Agreement") with the Distributor that governs transactions in the Fund's Creation Units.

The Fund sells and redeems Creation Units on a continuous basis through the Distributor, without a sales load, at the NAV next determined after receipt of an order in proper form on any day on which the New York Stock Exchange is open for business. The New York Stock Exchange is closed on Saturdays, Sundays and the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

The Fund will issue and redeem Creation Units principally in exchange for an in-kind deposit of Deposit Securities, together with the deposit of a Cash Component, plus a transaction fee. The Fund's shares are listed on NYSE Arca. Shares will trade on the Exchange at market prices that may be below, at, or above NAV. In the event of the liquidation of the Fund, a share split, reverse split or the like, the Trust may revise the number of shares in a Creation Unit.

The Fund reserves the right to offer creations and redemptions of shares for cash.

**Creation Transaction Fee.** A fixed purchase (i.e., creation) transaction fee may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard creation transaction fee for the Fund, regardless of the number of Creation Units created in the transaction, is $250.

The Fund may adjust the creation transaction fee from time to time. The creation transaction fee may be waived on certain orders if the Custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

In addition, a variable fee of up to two percent (2%) may be imposed for cash purchases, non-standard orders, or partial cash purchases of Creation Units. The variable fee is primarily designed to cover non-standard charges, e.g., brokerage, taxes, foreign exchange, execution, market impact, and other costs and expenses, related to the execution of trades resulting from such transaction. In all cases, such fees will be limited in accordance with the requirements of the SEC applicable to management investment companies offering redeemable securities. The Fund may determine not to charge a variable fee on certain orders when the Adviser has determined that doing so is in the best interests of Fund shareholders, e.g., for creation orders that facilitate the rebalance of the Fund's portfolio in a more efficient manner than could have been achieved without such order.

Investors who use the services of an Authorized Participant, broker or other such intermediary may be charged a fee for such services which may include an amount for the creation transaction fee and non-standard charges. Investors are responsible for the costs of transferring the securities constituting the Deposit Securities to the account of the Trust. The Adviser may retain all or a portion of the transaction fee to the extent the Adviser bears the expenses that otherwise would be borne by the Trust in connection with the issuance of a Creation Unit, which the transaction fee is designed to cover.

**Exchange Listing and Trading.** Shares of the Fund are available to the public on the NYSE Arca and trade at market prices rather than NAV. Shares of the Fund may trade at a price that is greater than, at, or less than NAV. There can be no assurance that the requirements of the NYSE Arca necessary to maintain the listing of shares of the Fund will continue to be met. The NYSE Arca may, but is not required to, remove the shares of the Fund from listing if, among other things: (i) following the initial 12-month period beginning upon the commencement of trading of the Fund's shares, there are fewer than 50 record and/or beneficial owners of shares of the Fund for 30 or more consecutive trading days, or (ii) any other event shall occur or condition shall exist that, in the opinion of the NYSE Arca, makes further dealings on the NYSE Arca inadvisable. The NYSE Arca will also remove shares of the Fund from listing and trading upon termination of the Fund.

As in the case of other publicly-traded securities, when you buy or sell shares of the Fund through a broker, you may incur a brokerage commission determined by that broker, as well as other charges.

**The Clearing Process.** Transactions by an Authorized Participant that is a Participating Party using the NSCC system are referred to as transactions "through the Clearing Process." Transactions by an Authorized Participant that is a DTC Participant using the DTC system are referred to as transactions "outside the Clearing Process." The Clearing Process is an enhanced clearing process that is available only for certain securities and only to DTC participants that are also participants in the Continuous Net Settlement System of the NSCC. In-kind (portions of) purchase orders not subject to the Clearing Process will go through a manual clearing process run by DTC. Portfolio Deposits (as defined below) that include government securities must be delivered through the Federal Reserve Bank wire transfer system ("Federal Reserve System"). Portfolio Deposits that include cash may be delivered through the Clearing Process or the Federal Reserve System. In-kind deposits of securities for orders outside the Clearing Process must be delivered through the Federal Reserve System (for government securities) or through DTC (for corporate securities).

**Purchasing Creation Units**

**Portfolio Deposit.** The consideration for a Creation Unit generally consists of the Deposit Securities and a Cash Component. Together, the Deposit Securities and the Cash Component constitute the "Portfolio Deposit." The Cash Component serves the function of compensating for any differences between the net asset value per Creation Unit and the Deposit Securities. Thus, the Cash Component is equal to the difference between (x) the net asset value per Creation Unit of the Fund and (y) the market value of the Deposit Securities. If (x) is more than (y), the Authorized Participant will pay the Cash Component to the Fund. If (x) is less than (y), the Authorized Participant will receive the Cash Component from the Fund.

On each Business Day, prior to the opening of business on the NYSE Arca (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Deposit Security in the current Portfolio Deposit (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. The Deposit Securities announced are applicable to purchases of Creation Units until the next announcement of Deposit Securities.

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

**Custom Orders and Cash-in-lieu.** The Fund may, in its sole discretion, permit or require the substitution of an amount of cash ("cash-in-lieu") to be added to the Cash Component to replace any Deposit Security. The Fund may permit or require cash-in-lieu when, for example, a Deposit Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash in lieu of Deposit Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities laws or policies from transacting in one or more Deposit Securities. The Fund will comply with the federal securities laws in accepting Deposit Securities including that the Deposit Securities are sold in transactions that would be exempt from registration under the Securities Act. All orders involving cash-in-lieu are considered to be "Custom Orders."

**Purchase Orders.** An Authorized Person for the Participant will call the telephone representative at the number listed on the Fund's order form ("Order Form") not later than the cut-off time for placing Orders with the Fund as set forth in the Order Form (the "Order Cut-Off Time") to receive an Order Number. The Order Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." An order to create Creation Units is deemed received on a Business Day if (i) such order is received by the Distributor by the Order Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating custom orders and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve Bank wire system, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the "Settlement Date," which is generally the Business Day immediately following the Transmittal Date ("T+1") for cash and the third Business Day following the Transmittal Date for securities ("T+3").

**Orders Using the Clearing Process.** If available, (portions of) orders may be settled through the Clearing Process. In connection with such orders, the Distributor transmits, on behalf of the Authorized Participant, such trade instructions as are necessary to effect the creation order. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Portfolio Deposit to the Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System.

**Orders Outside the Clearing Process.** If the Clearing Process is not available for (portions of) an order, Portfolio Deposits will be made outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the creation of Creation Units will be effected through DTC. The Portfolio Deposit transfer must be ordered by the DTC Participant on the Transmittal Date in a timely fashion so as to ensure the delivery of Deposit Securities (whether standard or custom) through DTC to the Fund's account by 11:00 a.m., Eastern time, on T+1. The Cash Component, along with any cash-in-lieu and Transaction Fee, must be transferred directly to the Custodian through the Federal Reserve System in a timely manner so as to be received by the Custodian no later than 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive both the Deposit Securities and the cash by the appointed time, the order may be canceled. A canceled order may be resubmitted the following Business Day but must conform to that Business Day's Portfolio Deposit. Authorized Participants that submit a canceled order will be liable to the Fund for any losses incurred by the Fund in connection therewith.

Orders involving foreign Deposit Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable purchase order, the Distributor will notify the Adviser and the Custodian of such order. The Custodian, who will have caused the appropriate local sub-custodian(s) of the Fund to maintain an account into which an Authorized Participant may deliver Deposit Securities (or cash -in-lieu), with adjustments determined by the Fund, will then provide information of the order to such local sub-custodian(s). The ordering Authorized Participant will then deliver the Deposit Securities (and any cash-in-lieu) to the Fund's account at the applicable local sub-custodian. The Authorized Participant must also make available on or before the contractual settlement date, by means satisfactory to the Fund, immediately available or same day funds in U.S. dollars estimated by the Fund to be sufficient to pay the Cash Component and Transaction Fee. When a relevant local market is closed due to local market holidays, the local market settlement process will not commence until the end of the local holiday period. Settlement must occur by 2:00 p.m., Eastern Time, on the contractual settlement date.

Payment of any stamp duty or the like shall be the sole responsibility of the Authorized Participant purchasing a Creation Unit. The Authorized Participant must ensure that all Deposit Securities properly denote change in beneficial ownership.

**Acceptance of Purchase Order.** All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Fund. The Fund's determination shall be final and binding.

The Fund reserves the right to reject or revoke acceptance of a purchase order transmitted to it by the Distributor if (a) the order is not in proper form; (b) the investor(s), upon obtaining the shares ordered, would own 80% or more of the currently outstanding shares of the Fund; (c) the Deposit Securities delivered do not conform to the Deposit Securities for the applicable date; (d) the acceptance of the Portfolio Deposit would, in the opinion of counsel, be unlawful; or (e) in the event that circumstances outside the control of the Trust, the Distributor and the Adviser make it for all practical purposes impossible to process purchase orders. Examples of such circumstances include acts of God; public service or utility problems resulting in telephone, telecopy or computer failures; fires, floods or extreme weather conditions; market conditions or activities causing trading halts; systems failures involving computer or other informational systems affecting the Trust, the Distributor, DTC, NSCC, the Adviser, the Fund's Custodian, a sub-custodian or any other participant in the creation process; and similar extraordinary events. The Distributor shall notify an Authorized Participant of its rejection of the order. The Fund, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Portfolio Deposits, and they shall not incur any liability for the failure to give any such notification.

**Issuance of a Creation Unit.** Once the Fund has accepted an order, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Creation Unit, against receipt of payment, at such NAV. The Distributor will transmit a confirmation of acceptance to the Authorized Participant that placed the order.

Except as provided below, a Creation Unit will not be issued until the Fund obtains good title to the Deposit Securities and the Cash Component, along with any cash-in-lieu and Transaction Fee. Except as otherwise provided, the delivery of Creation Units will generally occur no later than T+2.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

The Fund may issue a Creation Unit prior to receiving good title to the Deposit Securities, under the following circumstances. Pursuant to the applicable Participant Agreement, the Fund may issue a Creation Unit notwithstanding that (certain) Deposit Securities have not been delivered, in reliance on an undertaking by the relevant Authorized Participant to deliver the missing Deposit Securities as soon as possible, provided that the Authorized Participant deposits an initial deposit of cash with the Trust having a value greater than the net asset value of the Shares on the date the Order is placed in proper form. In addition to available Deposit Securities and cash that generally comprise a Creation Unit, cash must be deposited in an amount equal to 115% of the market value of any undelivered Deposit Securities (the "Additional Cash Deposit"). The Order shall be deemed to be received on the Business Day on which the Order is placed provided that the Order is placed in proper form prior to Order Cut-Off Time on such date and cash in the appropriate amount is deposited with the Custodian by 1:00 p.m. Eastern Time. The only Additional Cash Deposit that is acceptable to the Fund is cash in U.S. Dollars.

While (certain) Deposit Securities remain undelivered, the Additional Cash Deposit shall at all times have a value equal to at least 115% (as adjusted by the Adviser) of the daily marked-to-market value of the missing Deposit Securities. At any time, the Fund may use the Additional Cash Deposit to purchase the missing securities, and the Authorized Participant will be liable to the Fund for any costs incurred thereby or losses resulting therefrom, whether or not they exceed the amount of the Additional Cash Deposit, including any Transaction Fee, any amount by which the purchase price of the missing Deposit Securities exceeds the market value of such securities on the Transmittal Date, brokerage and other transaction costs. The Trust will return any unused portion of the Additional Cash Deposit once all of the missing securities have been received by the Fund. More information regarding the Fund's current procedures for collateralization is available from the Distributor.

**Cash Purchase Method.** When cash purchases of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind purchases. In the case of a cash purchase, the investor must pay the cash equivalent of the Portfolio Deposit. In addition, cash purchases will be subject to Transaction Fees, as described above.

**Redeeming a Creation Unit**

**Redemption Basket.** The consideration received in connection with the redemption of a Creation Unit generally consists of an in-kind basket of designated securities ("Redemption Securities") and a Cash Component. Together, the Redemption Securities and the Cash Component constitute the "Redemption Basket."

There can be no assurance that there will be sufficient liquidity in Fund shares in the secondary market to permit assembly of a Creation Unit. In addition, investors may incur brokerage and other costs in connection with assembling a Creation Unit.

The Cash Component serves the function of compensating for any differences between the net asset value per Creation Unit and the Redemption Securities. Thus, the Cash Component is equal to the difference between (x) the net asset value per Creation Unit of the Fund and (y) the market value of the Redemption Securities. If (x) is more than (y), the Authorized Participant will receive the Cash Component from the Fund. If (x) is less than (y), the Authorized Participant will pay the Cash Component to the Fund.

If the Redemption Securities on a Business Day are different from the Deposit Securities, prior to the opening of business on the NYSE Arca (currently 9:30 a.m., Eastern Time), the Adviser through the Custodian makes available through NSCC the name and amount of each Redemption Security in the current Redemption Basket (based on information at the end of the previous Business Day) for the Fund and the (estimated) Cash Component, effective through and including the previous Business Day, per Creation Unit. If the Redemption Securities on a Business Day are different from the Deposit Securities, all redemption requests that day will be processed outside the Clearing Process.

The right of redemption may be suspended or the date of payment postponed: (i) for any period during which the NYSE Arca is closed (other than customary weekend and holiday closings); (ii) for any period during which trading on the NYSE Arca is suspended or restricted; (iii) for any period during which an emergency exists as a result of which disposal of the Fund shares or determination of the Fund's NAV is not reasonably practicable; or (iv) in such other circumstances as permitted by the SEC, including as described below.

**Custom Redemptions and Cash-in-lieu.** The Fund may, in its sole discretion, permit or require the substitution of cash-in-lieu to be added to the Cash Component to replace any Redemption Security. The Fund may permit or require cash-in-lieu when, for example, a Redemption Security may not be available in sufficient quantity for delivery or may not be eligible for transfer through the systems of DTC or the Clearing Process. Similarly, the Fund may permit or require cash-in-lieu of Redemption Securities when, for example, the Authorized Participant or its underlying investor is restricted under U.S. or local securities law or policies from transacting in one or more Redemption Securities. The Fund will comply with the federal securities laws in satisfying redemptions with Redemption Securities, including that the Redemption Securities are sold in transactions that would be exempt from registration under the Securities Act. All redemption requests involving cash-in-lieu are considered to be "Custom Redemptions."

**Redemption Requests.** To redeem a Creation Unit, an Authorized Participant must submit an irrevocable redemption request to the Distributor.

An Authorized Participant submitting a redemption request is deemed to represent to the Fund that it has ascertained or has reasonable grounds to believe that as of the time of the contractual settlement date, that (i) it or its customer, as the case may be, owns, will own or have the authority and right to tender for redemption the Creation Unit to be redeemed and can receive the entire proceeds of the redemption, and (ii) all of the Fund shares that are in the Creation Unit to be redeemed have not been loaned or pledged to another party nor are they the subject of a repurchase agreement, securities lending agreement or such other arrangement that would preclude the delivery of such Fund shares to the Fund on the contractual settlement date. The Fund reserves the absolute right, in its sole discretion, to verify these representations, but will typically require verification in connection with higher levels of redemption activity and/or short interest in the Fund. If the Authorized Participant, upon receipt of a verification request, does not provide sufficient verification of the requested representations, the redemption request will not be considered to be in proper form and may be rejected by the Fund.

**Timing of Submission of Redemption Requests.** An Authorized Participant must submit an irrevocable redemption order no later than the Cut-off Time. The Cut-off Time for Custom Orders is generally two hours earlier. The Business Day the order is deemed received by the Distributor is referred to as the "Transmittal Date." A redemption request is deemed received if (i) such order is received by the Distributor by the Cut-off Time on such day and (ii) all other procedures set forth in the Participant Agreement are properly followed. Persons placing or effectuating Custom Redemptions and/or orders involving cash should be mindful of time deadlines imposed by intermediaries, such as DTC and/or the Federal Reserve System, which may impact the successful processing of such orders to ensure that cash and securities are transferred by the Settlement Date, as defined above.

**Requests Using the Clearing Process.** If available, (portions of) redemption requests may be settled through the Clearing Process. In connection with such orders, the Distributor transmits on behalf of the Authorized Participant, such trade instructions as are necessary to effect the redemption. Pursuant to such trade instructions, the Authorized Participant agrees to deliver the requisite Creation Unit(s) to the Fund, together with such additional information as may be required by the Distributor. Cash Components will be delivered using either the Clearing Process or the Federal Reserve System, as described above.

**Requests Outside the Clearing Process.** If the Clearing Process is not available for (portions of) an order, Redemption Baskets will be delivered outside the Clearing Process. Orders outside the Clearing Process must state that the DTC Participant is not using the Clearing Process and that the redemption will be effected through DTC. The Authorized Participant must transfer or cause to be transferred the Creation Unit(s) of shares being redeemed through the book-entry system of DTC so as to be delivered through DTC to the Custodian by 10:00 a.m., Eastern Time, on received T+1. In addition, the Cash Component must be received by the Custodian by 12:00 p.m., Eastern Time, on T+1. If the Custodian does not receive the Creation Unit(s) and Cash Component by the appointed times on T+1, the redemption will be rejected, except in the circumstances described below. A rejected redemption request may be resubmitted the following Business Day.

Orders involving foreign Redemption Securities are expected to be settled outside the Clearing Process. Thus, upon receipt of an irrevocable redemption request, the Distributor will notify the Adviser and the Custodian. The Custodian will then provide information of the redemption to the Fund's local sub-custodian(s). The redeeming Authorized Participant, or the investor on whose behalf is acting, will have established appropriate arrangements with a broker-dealer, bank or other custody provider in each jurisdiction in which the Redemption Securities are customarily traded and to which such Redemption Securities (and any cash-in-lieu) can be delivered from the Fund's accounts at the applicable local sub-custodian(s).

**Acceptance of Redemption Requests.** All questions as to the number of shares of each security in the Deposit Securities and the validity, form, eligibility and acceptance for deposit of any securities to be delivered shall be determined by the Trust. The Trust's determination shall be final and binding.

**Delivery of Redemption Basket.** Once the Fund has accepted a redemption request, upon next determination of the Fund's NAV, the Fund will confirm the issuance of a Redemption Basket, against receipt of the Creation Unit(s) at such NAV, any cash-in-lieu and Transaction Fee. A Creation Unit tendered for redemption and the payment of the Cash Component, any cash-in-lieu and Transaction Fee will be effected through DTC. The Authorized Participant, or the investor on whose behalf it is acting, will be recorded on the book-entry system of DTC.

The Redemption Basket will generally be delivered to the redeeming Authorized Participant within T+3. Except under the circumstances described below, however, a Redemption Basket generally will not be issued until the Creation Unit(s) are delivered to the Fund, along with the Cash Component, any cash-in-lieu and Transaction Fee.

In certain cases, Authorized Participants will create and redeem Creation Units on the same trade date. In these instances, the Trust reserves the right to settle these transactions on a net basis.

**Cash Redemption Method.** When cash redemptions of Creation Units are available or specified for the Fund, they will be effected in essentially the same manner as in-kind redemptions. In the case of a cash redemption, the investor will receive the cash equivalent of the Redemption Basket minus any Transaction Fees, as described above.

**FEDERAL INCOME TAXES**

This section provides additional information concerning U.S. federal income taxes. It is based on the Internal Revenue Code of 1986, as amended (the "Code"), applicable Treasury Regulations, judicial authority, and administrative rulings and practice, all as of the date of this SAI, and all of which are subject to change, including changes with retroactive effect. Except where otherwise specifically noted, the following does not address any state, local or foreign or estate or gift tax matters.

References to the "Funds" include the Fund and other Funds of the Trust.

A shareholder's U.S. federal income tax consequences from acquiring, holding and disposing of shares in the Fund may vary depending upon the shareholder's particular situation. This discussion only applies to shareholders who are U.S. persons, except where otherwise stated. For purposes of this discussion, U.S. persons are: (i) U.S. citizens or residents, (ii) U.S. corporations (i.e., entities treated classified as corporations for U.S. tax purposes that are organized under the laws of the United States or any state), (iii) an estate whose income is subject to U.S. federal income taxation regardless of its source, or (iv) a trust, if a court within the United States is able to exercise primary supervision over its administration and one or more U.S. persons have the authority to control all of its substantial decisions, or if the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

Except where otherwise noted, this discussion does not address issues of significance to U.S. persons in special situations such as: (i) tax-exempt entities, (ii) shareholders holding shares through tax-qualified accounts (such as 401(k) plan accounts or individual retirement accounts), (iii) shareholders holding investments through foreign institutions (financial and non-financial) or foreign accounts, (iv) financial institutions, (v) insurance companies, (vi) broker-dealers, (vii) entities not organized under the laws of the United States or a political subdivision thereof, (viii) shareholders holding shares as part of a hedge, straddle or conversion transaction, and (ix) shareholders who are subject to either the U.S. federal alternative minimum tax or the U.S. federal corporate minimum tax.

If a pass-through entity (including for this purpose any entity treated as a partnership or S corporation for U.S. federal income tax purposes) is a beneficial owner of shares, the tax treatment of an owner of the pass-through entity will generally depend upon the status of the owners and the activities of the entity. Owners of pass-through entities that are considering the purchase of shares should consult their tax advisers regarding the U.S. federal income tax consequences of the purchase, ownership and disposition of shares.

The Funds have not requested and will not request an advance ruling from the IRS as to the U.S. federal income tax matters described below. The IRS could adopt positions contrary to those discussed below and such positions could be sustained. In addition, the foregoing discussion only addresses some of the U.S. federal income tax considerations generally affecting investments in the Funds. Prospective shareholders are urged to consult with their tax advisers as to the particular U.S. federal tax consequences to them of an investment in the Fund, as well as the applicability and effect of any state, local or foreign laws, and the effect of possible changes in applicable tax laws.

U.S. federal tax information will be furnished to each shareholder for each calendar year as required by federal law.

**Taxation of the Funds**

The Funds intend to elect to be treated and qualify each year as a regulated investment company under Subchapter M of the Code. The Funds also intend to be treated as a separate entity for federal income tax purposes. Thus, the provisions of the Code applicable to regulated investment companies generally will apply separately to each Fund even though each is a series of the Trust. Furthermore, each Fund will separately determine its income, gain, losses and expenses for federal income tax purposes.

In order to qualify for the special tax treatment accorded regulated investment companies and their shareholders, a Fund must, among other things: (i) derive at least 90% of its gross income in each taxable year from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to its business of investing in such stock, securities or currencies and net income derived from interests in "qualified publicly traded partnerships;" (ii) diversify its holdings so that at the end of each fiscal quarter, (a) at least 50% of the value of its total assets consists of cash and cash items (including receivables), U.S. government securities, securities of other regulated investment companies, and other securities limited generally, with respect to any one issuer, to no more than 5% of the value of a Fund's total assets and 10% of the outstanding voting securities of such issuer, and (b) not more than 25% of the value of a Fund's total assets are invested in (1) the securities (other than those of the U.S. government or other regulated investment companies) of any one issuer, (2) the securities (other than the securities of other regulated investment companies) of two or more issuers which a Fund controls and which are engaged in the same, similar or related trades or businesses, or (3) in the securities of one or more qualified publicly traded partnerships; and (iii) distribute with respect to each taxable year an amount equal to or exceeding the sum of (a) 90% of its "investment company taxable income," as that term is defined in the Code (which generally includes, among other things, dividends, taxable interest, and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses) without regard to the deduction for dividends paid, and (b) 90% of its tax-exempt interest income, net of expenses allocable thereto. For purposes of meeting the diversification requirement described in (ii) above, in the case of a Fund's investment in loan participations, the issuer may be the financial intermediary or the borrower. The requirements for qualification as a regulated investment company may significantly limit the extent to which a Fund may invest in some investments.

With respect to (i) above, the IRS may limit qualifying income from foreign currency gains and from certain derivatives to the amount of such income that is directly related to a regulated investment company's principal business of investing in stock or securities pursuant to regulations that may be promulgated in the future. For purposes of the 90% gross income requirement described in (i) above, income derived from a partnership will generally be treated as qualifying income only to the extent such income is attributable to items of income of the partnership which would be qualifying income if realized by the regulated investment company. However, 100% of the net income derived from an interest in a "qualified publicly traded partnership" (defined as a partnership (x) interests in which are traded on an established securities market or readily tradable on a secondary market or the substantial equivalent thereof and (y) that derives less than 90% of its income from the qualifying income described in (i) above) will be treated as qualifying income. In addition, although in general the passive activity loss rules of the Code do not apply to regulated investment companies, such rules do apply to a regulated investment company with respect to items attributable to an interest in a qualified publicly traded partnership. Finally, for purposes of (ii)(a) above, the term "outstanding voting securities of such issuer" will include the equity securities of a qualified publicly traded partnership.

To the extent that a Fund qualifies for treatment as a regulated investment company, the Fund will not be subject to U.S. federal income tax on income distributed to its shareholders in a timely manner in the form of dividends (including capital gain dividends, defined below). In certain situations, a Fund can cure failures to meet the income and diversification tests described above, including, in some cases, by paying a Fund-level tax and, in the case of diversification failures, disposing of certain assets. If a Fund were to fail to qualify as a regulated investment company accorded special tax treatment in any taxable year – for example, because it was not sufficiently diversified under the applicable Code tests – the Fund would be subject to tax on its taxable income at corporate rates, and all distributions from earnings and profits, including any distributions of net tax-exempt income and net long-term capital gains, would be taxable to shareholders as ordinary income or in some cases qualified dividend income. To qualify again to be taxed as a regulated investment company that is accorded special tax treatment in a subsequent year, the Fund could be required to pay substantial taxes, penalties and interest and make substantial distributions, which may be taxed to shareholders as either ordinary income or qualified dividend income. In addition, if a Fund fails to qualify as a regulated investment company for a period greater than two taxable years, the Fund may be required to recognize and pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have been realized if the Fund had been liquidated) or, alternatively, to be subject to taxation on such built-in gain recognized for a period of five years, in order to qualify as a regulated investment company in a subsequent year.

As a regulated investment company, each Fund generally will not be subject to U.S. federal income tax on its net capital gains (that, is any net long-term capital gains in excess of net short-term capital losses) properly reported by each Fund in a written statement to shareholders as capital gain dividends ("capital gain dividends") and its investment company taxable income if any, that each Fund distributes to shareholders on a timely basis. Each Fund intends to distribute substantially all of its investment company taxable income and all of its net capital gains, after offsetting any capital loss carryforwards. If a Fund does retain any investment company taxable income, it will be subject to tax at regular corporate rates on the amount retained. However, a Fund may elect to have certain distributions paid after the close of a tax year treated as having been paid during the tax year for purposes of the regulated investment company distribution requirements and for purposes of determining its taxable income ("spill-over dividends"). Spill-over dividends are taxed to shareholders in the year in which they are received.

If a Fund retains any net capital gain, it will also be subject to tax at regular corporate rates on the amount retained, but may designate the retained amount as undistributed capital gains in a notice to its shareholders who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their shares of such undistributed amount, (ii) will be entitled to credit their proportionate shares of the tax paid by the Fund on such undistributed amount against their U.S. federal income tax liabilities, if any, and (iii) will be entitled to obtain a refund of the excess, if any, of their allocable share of the tax paid by the Fund on such undistributed amount over the shareholder's tax liability on such amount. For U.S. federal income tax purposes, the tax basis of shares owned by a shareholder of a Fund will be increased by an amount equal to the difference between the amount of undistributed capital gains included in the shareholder's income and the tax deemed paid by the shareholder under clause (ii) of the preceding sentence.

Generally, the excess (if any) of a Fund's net short-term capital loss over the net long-term capital gain for a taxable year will carry over as a short-term capital loss arising on the first day of the next tax year. In addition, the excess (if any) of a Fund's net long-term capital loss over the net short-term capital gain for the year will carry over as a long-term capital loss arising on the first day of the next tax year. Unused capital losses realized by a Fund may be carried forward indefinitely until they can be used to offset capital gains.

A Fund may be limited under Code Section 382 in its ability to offset its taxable income by capital loss carryforwards and net unrealized built-in losses after an "ownership change" of the Fund. The term "net unrealized built-in loss" refers to the excess, if any, of a Fund's aggregate adjusted basis in its assets immediately before an ownership change, over the fair market value of such assets at such time, subject to a de minimis rule. A Fund would experience an ownership change under Code Section 382 if and when 5-percent shareholders of the Fund increase their ownership by more than 50 percentage points in the aggregate over their respective lowest percentage ownership of the Fund's shares in a 3-year period. Under Code Section 382, if a Fund experiences an ownership change, the Fund may use its pre-change tax capital loss carryforwards and net unrealized built-in losses in a year after the ownership change generally only up to the product of the fair market value of the Fund's equity immediately before the ownership change and a certain interest rate published monthly by the U.S. Treasury known as the applicable long-term tax-exempt rate. The foregoing limitation on the use of pre-ownership change net unrealized built-in losses only applies for a period of five years after the ownership change, while the foregoing limitation on the use of pre-ownership change capital loss carryforwards lasts indefinitely.

If future capital gains are offset by carried-forward capital losses, such future capital gains are not subject to Fund-level federal income tax, regardless of whether they are distributed to shareholders. However, distributions of amounts of capital gains offset by carried-forward capital losses are generally treated as return of capital distributions to shareholders. Accordingly, the Funds generally do not expect to distribute any capital gains offset by carried forward capital losses. A Fund cannot carry back or carry forward any net operating losses.

A Fund may elect to treat any post-October capital loss (defined as the company's net capital loss, net long-term capital loss, or net short-term capital loss, as applicable, in each case attributable to the portion of the taxable year after October 31) and late-year ordinary loss (generally, (i) net ordinary losses from the sale, exchange or other taxable disposition of property, attributable to the portion of the taxable year after October 31, plus (ii) other net ordinary losses attributable to the portion of the taxable year after December 31) as if incurred in the succeeding taxable year.

If a Fund fails to distribute in a calendar year at least an amount equal to the sum of 98% of its ordinary income for such year and 98.2% of its net capital gain income for the one-year period ending on October 31 of such year, plus any retained amount for the prior year, the Fund will be subject to a non-deductible excise tax on the undistributed amounts. For these purposes, ordinary gains and losses from the sale, exchange or other taxable disposition of property that would be properly taken into account after October 31 are treated as a7rising on January 1 of the following calendar year. For purposes of the excise tax, a Fund will be treated as having distributed any amount on which it has been subject to corporate income tax in the taxable year ending within the calendar year. A dividend paid to shareholders in January of a year generally is deemed to have been paid on December 31 of the preceding year, if the dividend is declared and payable to the shareholders of record on a date in October, November or December of that preceding year.

The Funds intend to make distributions sufficient to avoid imposition of the excise tax, although there can be no assurance that it will be able to do so. Moreover, the Funds reserve the right to pay an excise tax rather than make an additional distribution when circumstances warrant (for example, the amount of excise tax to be paid is deemed de minimis by the Funds).

**Equalization Accounting**

Each Fund may use "equalization accounting" to determine the portion of its income and gains that has been distributed with respect to each taxable year. Under equalization accounting, a Fund would allocate a portion of its undistributed investment company taxable income and net capital gain to redemptions proceeds. This method would allow a Fund to reduce the amount of such income and gains that it distributes to non-redeeming shareholders but would not reduce the total return on a shareholder's investment. If the IRS determines that a Fund's equalization method is improper and that the Fund has under-distributed its income and gain for any taxable year, the Fund may be liable for federal income and/or excise tax. Equalization accounting is not available for a Fund for any taxable year in which it is treated as a personal holding company for federal income tax purposes.

**Personal Holding Company**

A Fund that is a "personal holding company" and that fails to distribute (or to be treated as distributing) all of its investment company taxable income may also be subject to a 20% nondeductible tax on its "undistributed personal holding company income." A Fund would generally be a personal holding company for a taxable year if five or fewer individuals own more than 50% of its outstanding shares at any time in the last half of the taxable year. The term "individual" for this purpose includes private foundations and certain trusts. The Funds do not expect to be subject to the tax on undistributed personal holding company income, although there can be no assurance that this will never occur.

**Taxation of Fund Distributions**

For U.S. federal income tax purposes, distributions of investment company taxable income are generally taxable as ordinary income to the extent of a Fund's current or accumulated "earnings and profits." Taxes on distributions of capital gains are determined by how long a Fund owned the investments that generated them, rather than how long a shareholder has owned shares. Distributions of net capital gains from the sale of investments that a Fund owned for more than one year and from other long-term capital gains recognized by the Fund that are properly designated by the Fund as capital gain dividends (i.e., "capital gain dividends") will be taxable to Fund shareholders as long-term capital gains. Generally, distributions of gains from the sale of investments that the Fund owned for one year or less will be taxable as ordinary income.

A Fund may designate certain dividends as derived from "qualified dividend income," which, when received by an individual or other non-corporate shareholder, will be taxed at a maximum federal income tax rate applicable to long-term capital gain, in addition to the 3.8% surtax on net investment income, described under "Surtax on Net Investment Income," below. Dividend income distributed to individual or other non-corporate shareholders will qualify as "qualified dividend income" as that term is defined in section 1(h)(11)(B) of the Code to the extent such distributions are attributable to income from the Fund's investments in common and preferred stock of U.S. companies and stock of certain qualified foreign corporations provided that certain holding period and other requirements are met by both a Fund (with respect to the dividend paying corporation's stock) and its shareholders (with respect to the Fund's shares). If 95% or more of a Fund's gross income (excluding net long-term capital gain over net short-term capital loss) constitutes qualified dividend income, all of its distributions (other than capital gain dividends) generally will be treated as qualified dividend income in the hands of individual shareholders, as long as they satisfy certain holding period requirements with respect to their Fund shares.

Distributions of earnings and gains are taxable to shareholders even if such distributions are paid from income or gains earned by a Fund before a shareholder invested in the Fund (and thus were included in the price the shareholder paid), and are taxable whether shareholders receive them in cash or reinvest them in additional shares (other than distributions, if any, designated by a Fund as "exempt-interest dividends," a designation which the Funds generally do not expect to make). Any gain resulting from the sale of Fund shares generally will be taxable as capital gains. Distributions declared and payable by the Fund during October, November or December to shareholders of record on a date in any such month and paid by the Fund during the following January will be treated for U.S. federal tax purposes as paid by a Fund and received by shareholders on December 31st of the year in which declared rather than the calendar year in which they were received.

Dividends received by corporate shareholders that are reported by a Fund in a written statement furnished to shareholders may qualify for a dividends-received deduction to the extent of the amount of qualifying dividends received by the Fund from domestic corporations and to the extent (if any) that a portion of interest paid or accrued on certain high yield discount obligations owned by the Fund are treated as dividends.

Section 163(j) of the Code generally limits the deductibility of business interest to the sum of the taxpayer's business interest income and 30% of its adjusted taxable income. Certain small businesses are exempt from such limitations. If a Fund, as a regulated investment company, earns business interest income, the Fund would be permitted to pay Code Section 163(j) interest dividends to its shareholders. A shareholder that receives a Code Section 163(j) interest dividend generally may treat the dividend as interest income for purposes of Code Section 163(j) if certain holding period requirements are met. Generally, the shareholder must have held the fund shares for more than 180 days during the 361-day window beginning 180 days before the ex-dividend date, and the shareholder must not be obligated (under a short sale or otherwise) to make related payments with respect to substantially similar or related property.

If a Fund makes a distribution in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of a shareholder's tax basis in the shareholder's shares, and thereafter as capital gain. A return of capital is generally not taxable, but it reduces a shareholder's basis in the shareholder's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition by the shareholder of such shares.

**Sale or Redemption of Shares**

The sale of exchange-listed shares or redemption of Creation Units by an Authorized Participant may give rise to a taxable gain or loss to the selling or redeeming shareholder equal to the difference between the amount received for shares and the shareholder's adjusted tax basis in the shares. In general, any gain or loss realized upon a taxable disposition of Fund shares will be treated as long-term capital gain or loss if the shares have been held for more than one year. Otherwise, such gain or loss will be treated as short-term capital gain or loss. However, any loss realized upon a taxable disposition of shares held for six months or less will be treated as long-term, rather than short-term, to the extent of any long-term capital gain distributions received (or deemed received) by the shareholder with respect to the shares. All or a portion of any loss realized upon a taxable disposition of Fund shares will be disallowed if other substantially identical shares of the Fund are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares or units will be adjusted to reflect the disallowed loss. The deductibility of capital losses is subject to limitations.

**Special Tax Considerations**

The following discussion relates to the particular U.S. federal income tax consequences of the investment policies of the Funds.

*Passive Foreign Investment Companies*

A Fund may own shares in foreign investment entities referred to as "passive foreign investment companies" ("PFICs"). In general, a foreign company is classified as a PFIC if at least one-half of its assets constitute investment-type assets or 75% or more of its gross income is investment-type income. When investing in PFIC securities, a Fund may elect to "mark-to-market" annually its investments in such entities, which would result in the Fund being treated as if it had sold and repurchased all the PFIC stock at the end of each year. As a result of making the mark-to-market election, the Fund would report any gains (reduced by allowable losses) as ordinary income, and deductions for losses would be allowable only to the extent of previously recognized gains.

By making the mark-to-market election, a Fund could potentially mitigate certain adverse tax consequences with respect to its ownership of shares in a PFIC, but in any particular year may be required to recognize income in excess of the distributions it receives from PFICs and its proceeds from dispositions of PFIC stock. A Fund may have to distribute this "phantom" income and gain to satisfy the distribution requirement and to avoid imposition of the excise tax described above.

Alternatively, a Fund may elect to treat a PFIC as a "qualified electing fund" (a "QEF election"), in which case the Fund would be required to include its share of the company's income and net capital gains annually, regardless of whether it receives distributions from the PFIC. As with the mark-to-market election, these amounts would be taken into account by the Funds for purposes of satisfying the distribution requirement and the excise tax distribution requirement. Amounts included in income under a QEF election would not be qualifying income for a regulated investment company unless such earnings are (i) distributed in the taxable year in which they are included, or (ii) derived with respect to the Fund's business of investing in stock, securities or currencies. In order to make a QEF election, a Fund must obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to obtain. Dividends paid by PFICs or foreign corporations that were PFICs in the year preceding the payment of the dividend are not eligible to be treated as qualified dividend income.

If a Fund is unable to identify an investment as a PFIC and thus does not make a mark-to-market election or a QEF election, the Fund may be subject to U.S. federal income tax and interest on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders.

*Controlled Foreign Corporations*

A Fund also may invest in entities classified as "controlled foreign corporations" ("CFCs"). A CFC is a foreign corporation in which more than 50% of the stock, by vote or value, is owned, directly or constructively, by U.S. persons each of whom own, directly or constructively, 10% or more of the stock of the foreign corporation by vote or by value ("U.S. shareholders"). If a Fund is a U.S. shareholder with respect to a CFC, the Fund generally must annually include in income its allocable share of the CFC's (i) "subpart F income" and (ii) global intangible low-tax income ("GILTI"), both as defined by the Code, regardless of whether or not the CFC distributes such amounts to the Fund. Amounts included in gross income by a Fund as subpart F income of a CFC are qualifying income for a regulated investment company under Code Section 851(b) if either (i) such amounts are distributed to the Fund in the taxable year in which they are earned by the CFC, or (ii) such income is derived with respect to the Fund's business of investing in stock, securities or currencies. Treasury Regulations provide that GILTI inclusions will be treated in the same manner for purposes of Code Section 851(b) as subpart F inclusions, except as may be provided in future Treasury Regulations.

*Non-U.S. Taxes*

Funds that invest in non-U.S. securities may be liable to non-U.S. governments for taxes relating primarily to investment income or capital gains on non-U.S. securities in the Fund's portfolio. If at the close of its taxable year more than 50% of the value of a Fund's total assets consist of securities of foreign corporations (including foreign governments), the Fund may make an election under the Code that would allow Fund shareholders who are U.S. persons or U.S. corporations to claim a foreign tax credit or deduction (but not both) on their U.S. income tax return for their pro rata portion of qualified taxes paid by that Fund to non-U.S. countries in respect of non-U.S. securities held at least a minimum period as specified in the Code. If a Fund were eligible for and were to make the election, the amount of each shareholder's distribution reported on the information returns filed by such Fund with the IRS must be increased by the amount of the shareholder's portion of the Fund's foreign tax paid. A shareholder's ability to claim all or a part of a foreign tax credit or deduction in respect of foreign taxes paid by a Fund would also be subject to certain limitations imposed by the Code.

If a Fund qualifies as a "qualified fund of funds," the Fund could be entitled to elect to pass-through its foreign tax credits without regard to the above-described 50% requirement. For this purpose, the term "qualified funds of funds" means a regulated investment company if (at the close of each quarter of the taxable year) at least 50% of the value of its total assets is represented by interests in other regulated investment companies.

The Funds make no assurances as to either the availability of any election discussed in this section or its willingness to make any such election.

*Non-U.S. Currency Transactions*

Transactions in non-U.S. currencies, non-U.S. currency denominated debt obligations and certain non-U.S. currency options, future contracts, and forward contracts (and similar instruments) may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the non-U.S. currency concerned and may increase the amount and affect the timing and character of taxes payable by shareholders of a Fund. Certain of a Fund's transactions, if any, in foreign currencies and foreign currency denominated instruments are likely to result in a difference between the Fund's book income and taxable income. This difference may cause a portion of such Fund's income distributions to constitute a return of capital or capital gain for tax purposes or require the Fund to make distributions exceeding book income to avoid excise tax liability and to qualify as a regulated investment company, which may have the effect of accelerating taxable distributions to shareholders of such Fund.

*Financial Products*

A Fund's investments in options, futures contracts, hedging transactions, forward contracts, and certain other transactions may be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale, short sale and other rules), the effect of which may be to accelerate income recognized by the Fund, defer Fund losses, cause adjustments in the holding periods of Fund securities, convert capital gain into ordinary income and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to Fund shareholders.

Some of the Funds' investments, such as certain option transactions and certain futures transactions may be "section 1256 contracts." Gains and losses on section 1256 contracts are generally treated as 60% long-term capital and 40% short-term capital, although certain foreign currency gains and losses from such contracts may be treated as entirely ordinary in character. Section 1256 contracts held by the Fund at the end of a taxable year are "marked to market" for income tax purposes, meaning that unrealized gains or losses are treated as though they were realized (and treated on the 60/40 basis described above).

Certain positions undertaken by the Funds may constitute "straddles" for U.S. federal income tax purposes. The straddle rules may affect the character of gains or losses realized by a Fund. Losses realized by a Fund that are part of a straddle may be deferred beyond the point in time that they are realized. The straddle rules, if applicable, could increase the amount of short-term capital gain realized by such Fund which is taxed as ordinary income when distributed to shareholders. Certain income tax elections that a Fund may make with respect to straddles could affect the character and timing of recognition of gains and losses.

Rules governing the tax aspects of notional principal contracts in which a Fund, or a Subsidiary, may invest are not clear in various respects. As a result, the IRS could challenge such Fund's methods of accounting for such contracts for tax purposes, and such a challenge could affect the status of such Fund as a regulated investment company.

The Funds may make short sales of securities. Short sales may increase the amount of short-term capital gains realized by a Fund, which is taxed as ordinary income to the shareholders when distributed. Short sales may also constitute "constructive sales," which would result in taxable income before the short-sale positions are terminated.

Certain of the Funds' hedging activities including its transactions in options, and certain futures contracts may result in a difference between a Fund's book income and taxable income. This difference may cause a portion of such Fund's income distributions to constitute a return of capital or capital gain for tax purposes or require such Fund to make distributions exceeding book income to avoid excise tax liability and to qualify as a regulated investment company, which may have the effect of accelerating taxable distributions to shareholders.

*Securities Issued or Purchased at a Discount*

A Fund may acquire debt obligations that have original issue discount. "Original issue discount" is the excess of a debt obligation's stated redemption price at maturity over the obligation's issue price. Under long-standing tax rules, a taxpayer that acquires an obligation with original issue discount generally is required to include the original issue discount in income on a constant yield-to-maturity basis without regard to when, or whether, payments are made on the obligation. Obligations owned by a Fund that have original issue discount may include investment in payment-in-kind securities, and certain other obligations. Obligations with original issue discount owned by a Fund will give rise to income that the Fund will be required to distribute even though the Fund does not receive an interest payment in cash on the obligation during the year. In order to generate sufficient cash to make the requisite distributions, a Fund may be required to sell securities in its portfolio that it otherwise would have continued to hold. A Fund may realize gains or losses from such sales. If a Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution than they would in the absence of such transactions.

Some debt obligations that are acquired by the Funds in the secondary market may be treated as having market discount. "Market discount" is generally the excess of the stated redemption price of the bond at maturity over the basis of the bond immediately after its acquisition by the taxpayer. Generally, any gain recognized on the disposition of a debt security having market discount is treated as ordinary income to the extent the gain does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Funds may make certain elections applicable to debt obligations having market discount, which could affect the character and timing of recognition of income.

*High-Risk Securities*

The Funds may invest in debt obligations that are in the lowest rating categories or are unrated. Investments in debt obligations that are at risk of, or in default, present special tax issues for a Fund. The application of the tax rules with respect to these types of investments is complicated and will depend upon the application of the law to facts that may be unclear, which may result in uncertainty about the tax treatment of these investments (e.g., such as when a Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts, or worthless securities and how payments received on obligations in default should be allocated between principal and income). These and other related issues will be addressed by the Fund if the Fund invests in such securities in order to increase the likelihood that the Fund distributes sufficient income to avoid becoming subject to U.S. federal income or excise tax.

*Transfers between Classes of a Single Fund*

Exchanges of shares between classes of a single Fund are generally not taxable transactions. Certain "significant holders" of a Fund within the meaning of Treasury Regulation Section 1.368-3(c)(1) will be required to include in their federal income tax returns for the year of the exchange of one class of stock for another the information listed in Treasury Regulation Section 1.368-3(b). The term "significant holders" refers to shareholders of a Fund who own at least one percent (by vote or value) of the total outstanding shares of the Fund, as well as shareholders who own shares of the Fund (immediately before the exchange in question) having a tax basis of at least $1 million.

*Real Estate Investment Trusts*

If a Fund were to invest in REITs, its REIT equity securities could result in such Fund's receipt of cash in excess of the REIT's earnings. If a Fund receives such distributions all or a portion of these distributions will constitute a return of capital to the Fund. Receiving a return of capital distribution from a REIT will reduce the amount of income available to be distributed to Fund shareholders. Income from REIT securities generally will not be eligible for treatment as qualified dividend income.

Under Code Section 199A, a deduction of up to 20% is available for taxable years beginning before January 1, 2026, for taxpayers other than corporations for qualified business income from certain pass-through businesses, including "qualified REIT dividends" from REITs (i.e., ordinary REIT dividends other than capital gains dividends and REIT dividends designated as qualified dividend income). Qualified REIT dividends" are ordinary dividends from REITs other than capital gains dividends and REIT dividends designated as qualified dividend income. Under Treasury Regulations, a regulated investment company may pay and report "section 199A dividends" to its shareholders with respect its qualified REIT dividends. The amount of section 199A dividends that the Funds may pay and report to its shareholders is limited to the excess of the "qualified REIT dividends" that the Funds receives from REITs for a taxable year over the Funds' expenses allocable to such dividends. A shareholder may treat section 199A dividends received on a share of a Fund as "qualified REIT dividends" if the shareholder has held the share for more than 45 days during the 91-day period beginning 45 days before the date on which the share becomes ex-dividend, but only to the extent that the shareholder is not under an obligation (under a short-sale or otherwise) to make related payments with respect to positions in substantially similar or related property. A shareholder may include 20% of the shareholder's "qualified REIT dividends" in the computation of the shareholder's "combined qualified business income amount" under Code Section 199A. Code Section 199A allows a taxpayer (other than a corporation) a deduction for a taxable year equal to the lesser of (A) the taxpayer's "combined qualified business income amount" or (B) 20% of the excess of the taxpayer's taxable income over the taxpayer's net capital gain for the year.

**Backup Withholding**

The Funds generally are required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any non-corporate shareholder who (i) fails to properly furnish a Fund with a correct taxpayer identification number ("TIN"), (ii) is identified by the IRS as otherwise subject to backup withholding, or (iii) fails to certify to a Fund that it is a U.S. person not subject to such withholding. The backup withholding tax rate is 24% for tax years beginning before January 1, 2026.

Backup withholding is not an additional tax. Amounts withheld under the backup withholding rules from a payment to a shareholder generally may be refunded or credited against the shareholder's federal income tax liability, if any, provided that certain required information is timely furnished to the IRS. A shareholder may normally avoid backup withholding by furnishing a properly completed IRS Form W-9. If a shareholder fails to furnish a valid TIN upon request, the shareholder can be subject to IRS penalties.

**Cost Basis Reporting**

The Funds (or their administrative agents) must report to the IRS and furnish to fund shareholders the cost basis information for every fund share purchased on or after January 1, 2012 ("covered shares") when redeemed, exchanged or otherwise sold and whether the shares had a short-term or long-term holding period. In addition, the Funds must report the gross proceeds from the sale of all Fund shares (regardless of whether the shares are covered shares).

The Fund will allow shareholders to elect from among several IRS-accepted cost basis methods to calculate the cost basis of their covered shares. In the absence of such an election for covered shares by a shareholder, each Fund will use its default cost basis method. The cost basis method elected or applied may not be changed after the settlement date of a sale of Fund shares. Once a Fund shareholder has elected a cost basis reporting method, the election will apply to all future transactions in covered shares unless the shareholder revokes or changes the standing election. Fund shareholders should consult with their tax advisers concerning the most desirable IRS-accepted cost basis method for their tax situation.

**Surtax on Net Investment Income**

A surtax of 3.8% applies to net investment income of an individual taxpayer and on the undistributed net investment income of certain estates and trusts, to the extent that such taxpayer's gross income, as adjusted, exceeds a threshold amount. Net investment income includes interest and dividends (other than exempt-interest dividends), royalties, rents, gross income from a trade or business involving passive activities, and net gain from disposition of property (other than property held in a non-passive trade or business). Net investment income also includes ordinary income and capital gain distributions received from a Fund and net gains from redemptions or other taxable dispositions of Fund shares. Net investment income is reduced by deductions properly allocable to such income.

**Other Tax Matters**

Special tax rules not described in this discussion apply to investments through defined contribution plans, and other tax-qualified plans, as well as by tax-exempt entities. Shareholders should consult their tax adviser to determine the suitability of shares of a Fund as an investment through such plans and such entities and the precise effect of an investment on their particular tax situation.

The foregoing discussion relates solely to U.S. federal income tax law. Dividends and distributions may be subject to state and local taxes. Shareholders are urged to consult their tax advisers regarding specific questions as to U.S. federal, state, local and, where applicable, foreign taxes.

The foregoing is a general and abbreviated summary of the applicable provisions of the Code and related regulations currently in effect. For the complete provisions, reference should be made to the pertinent Code sections and regulations. The Code and regulations are subject to change by legislative or administrative actions, possibly with retroactive effect.

The information above is only a summary of some of the tax considerations generally affecting the Funds and their shareholders. No attempt has been made to discuss individual tax consequences and this discussion should not be construed as applicable to all shareholders' tax situations. Investors should consult their own tax advisor to determine the suitability of a particular Fund and the applicability of any federal, state, local, or foreign taxation.

*Yield Disclosure and Performance Information*

As noted in this SAI, the Fund may from time to time quote various performance figures in advertisements and investor communications to illustrate the Fund's past performance. Performance information published by the Funds will be in compliance with rules adopted by the SEC. These rules require the use of standardized performance quotations or, alternatively, that every non-standardized performance quotation furnished by the Fund be accompanied by certain standardized performance information computed as required by the SEC. An explanation of the methods used by the Fund to compute or express performance is discussed below.

*Average Annual Total Return*

Total return for the Fund may be stated for any relevant period as specified in the advertisement or communication. Any statements of total return or other performance data for the Fund will be limited to or accompanied by standardized information on the Fund's average annual compounded rate of return over the most recent four calendar quarters, five years, 10 years (if applicable) and over the life of the Fund (<u>i.e.</u>, the period from the Fund's inception of operations through the end of the most recent calendar quarter). The average annual compounded rate of return is determined by reference to a hypothetical $1,000 investment that includes capital appreciation and depreciation for the stated period and assumes reinvestment (on the reinvestment date) of all distributions at net asset value and redemption at the end of the stated period. It is calculated according to the following standardized formula:

P(1+T)<sup>n</sup> = ERV where:

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| | |
|:---|:---|
| P | = a hypothetical initial payment of $1,000 |
| T | = average annual total return |
| n | = number of years |
| ERV | = ending redeemable value of a hypothetical $1,000 investment made at the beginning of a 1-, 5-, or 10-year periods at the end of a 1-, 5- or 10-year periods (or fractional portion). |

---

Average Annual Total Return (after taxes on distributions):

The Fund computes its average annual total return after taxes on distributions by determining the average annual compounded rates of return during specified periods that equate the initial amount invested to the ending redeemable value of such investment after taxes on fund distributions:

P(1+T)<sup>n</sup> = ATV<sub>D</sub>

where:

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| | |
|:---|:---|
| 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 1-, 5-, or 10-year periods at the end of such periods, after taxes on fund distributions but not after taxes on redemptions. |

---

**Average Annual Total Return (after taxes on distributions and redemptions)**

The Fund computes its average annual total return after taxes on distributions and redemptions by determining the average annual compounded rates of return during specified periods that equate the initial amount invested to the ending redeemable value of such investment after taxes on fund distributions and redemptions:

P(1+T)<sup>n</sup> = ATV<sub>DR</sub>

where

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| | |
|:---|:---|
| P | = a hypothetical initial payment of $1,000. |
| T | = average annual total return (after taxes on distributions and redemptions). n = number of years |
| ATVDR | = ending value of a hypothetical $1,000 payment made at the beginning of the 1-, 5-, or 10-year periods at the end of such periods, after taxes on fund distributions and redemptions. |

---

After-tax returns are calculated using the historical highest 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, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

Since performance will fluctuate, performance data for the Fund should not be used to compare an investment in the Fund's shares with bank deposits, savings accounts and similar investment alternatives which often provide an agreed-upon or guaranteed fixed yield for a stated period of time. Shareholders should remember that performance is generally a function of the kind and quality of the instruments held in a portfolio, portfolio maturity, operating expenses and market conditions.

Distribution Rate

Each Fund may also include a reference to its current distribution rate in investor communications and sales literature preceded or accompanied by the Prospectus, reflecting the amounts actually distributed to shareholders. All calculations of a Fund's distribution rate are based on the distributions per share, which are declared, but not necessarily paid, during the fiscal year. The distribution rate is determined by dividing the distributions declared during the period by the net asset value per share on the last day of the period and annualizing the resulting figure. In calculating its distribution rate, each Fund uses the same assumptions that apply to its calculation of yield. The distribution rate will differ from a Fund's yield because it may include capital gains and other items of income not reflected in the Fund's yield, as well as interest income received by the Fund and distributed to shareholders which is reflected in the Fund's yield. The distribution rate does not reflect capital appreciation or depreciation in the price of the Fund's shares and should not be considered to be a complete indicator of the return to the investor on his investment.

Comparisons

From time to time, advertisements and investor communications may compare a Fund's performance to the performance of other investments as reported in various indices or averages, in order to enable an investor better to evaluate how an investment in a particular Fund might satisfy his investment objectives. The Funds may also publish an indication of past performance as measured by Lipper Analytical Services, Inc., Morningstar or other widely recognized independent services that monitor the performance of mutual funds. The performance analysis will include the reinvestment of dividends and capital gains distributions, but does not take any sales charges into consideration and is prepared without regard to tax consequences. Independent sources may include the American Association of Individual Investors, Weisenberger Investment Companies Services, Donoghue's Money Fund Report, Barron's, Business Week, Financial World, Money Magazine, Forbes, and The Wall Street Journal. Additionally, the Fund may compare its performance to the 500 Index, CBOE S&P BuyWrite Monthly Index, or the S&P/Citigroup Value Index. These indices are unmanaged indices of common stock prices. The performance of each index is based on changes in the prices of stocks comprising such index and assumes the reinvestment of all dividends paid on such stocks. Taxes, brokerage commissions and other fees are disregarded in computing the level of each index. The performance of a Fund may also be compared to compounded rates of return regarding a hypothetical investment of $10,000 at the beginning of each year, earning interest throughout the year at the compounding interest rates of 5%, 7.5% and 10%. In assessing any comparisons of total return or yield, an investor should keep in mind that the composition of the investments in a reported average is not identical to a Fund's portfolio, that such averages are generally unmanaged and that the items included in the calculations of such averages may not be identical to the formula used by the Fund to calculate its total return or yield. In addition, there can be no assurance that a Fund will continue its performance as compared to any such averages.

**Miscellaneous Information** 

Shareholders of the Fund, who so request, may have their dividends paid out monthly in cash.

The shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable as partners for its obligations. However, the Trust's Declaration of Trust contains an express disclaimer of shareholder liability for acts or obligations of the Trust. The Declaration of Trust also provides for indemnification and reimbursement of expenses out of Trust assets for any shareholder held personally liable for obligations of the Trust. The Declaration of Trust also provides that a Trust shall, upon request, assume the defense of any claim made against any shareholder for any act or obligation of that Trust and satisfy any judgment thereon. All such rights are limited to the assets of the Fund(s) of which a shareholder holds shares. The Declaration of Trust further provides that the Trust may maintain appropriate insurance (for example, fidelity bonding and errors and omissions insurance) for the protection of the Trust, its shareholders, Trustees, officers, employees and agents to cover possible tort and other liabilities. Furthermore, the activities of the Trust as investment companies as distinguished from operating companies would not likely give rise to liabilities in excess of the Fund's total assets. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which both inadequate insurance exists and a Trust itself is unable to meet its obligations.

**Financial Statements**

Because the Fund has not yet commenced operations as of the date of this SAI, there are no audited financial statements for the Fund.

**Appendix A**

**Description Securities Ratings**

A debt obligation rating by Moody's, Fitch, or S&P reflects their current assessment of the creditworthiness of an obligor with respect to a specific obligation. The purpose of the rating systems is to provide investors with a simple system of gradation by which the relative investment qualities of bonds may be noted. A rating is not a recommendation as to investment value, in as much as it does not comment as to market price or suitability for a particular investor.

The ratings are based on current information furnished by the issuer or from other sources that the rating agencies deem reliable. The ratings are based on the opinion and judgment of the rating agencies and may prove to be inaccurate. The ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or for other circumstances.

Unless a modifier is included, all references in this SAI and the Funds' Prospectus to a rating classification incorporate the full range of modifiers for the classification. For example, a reference to Moody's "Baa" or S&P's "BBB" quality rating incorporates Baa1 to Baa3 and BBB+ to BBB-, respectively.

The following is a description of the characteristics of ratings as recently published by Moody's, Fitch and S&P.

**Ratings by Moody's (Moody's Investors Service) (from Moody's Investors Service, Rating Symbols and Definitions, December 2016).**

**Global Long-Term Rating Scale**. Ratings assigned on Moody's global long-term rating scale are forward-looking opinions of the relative credit risks of financial obligations issued by non-financial corporates, financial institutions, structured finance vehicles, project finance vehicles, and public sector entities. Long-term ratings are assigned to issuers or obligations with an original maturity of one year or more and reflect both on the likelihood of a default on contractually promised payments and the expected financial loss suffered in the event of default.

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| | |
|:---|:---|
| Aaa | Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk. |
| Aa | Obligations rated Aa are judged to be of high quality and are subject to very low credit risk. |
| A | Obligations rated A are judged to be upper-medium grade and are subject to low credit risk. |
| Baa | Obligations rated Baa are judged to be medium grade and subject to moderate credit risk, and as such may possess certain speculative characteristics. |
| Ba | Obligations rated Ba are judged to be speculative and are subject to substantial credit risk. |
| B | Obligations rated B are considered speculative and are subject to high credit risk. |

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---

| | |
|:---|:---|
| Caa | Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk. |
| Ca | Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest. |
| C | Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest. |

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Note: Moody's appends numerical modifiers 1, 2, and 3 to each generic rating classification from Aa through Caa. The modifier 1 indicates that the obligation ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates a ranking in the lower end of that generic rating category.

**Ratings by Fitch (Fitch Ratings) (from Fitch Ratings, Definitions of Ratings and Other Forms of Opinion, March 2017).**

Long-Term Ratings Scales – Issuer Credit Rating Scales.

Rated entities in a number of sectors, including financial and non-financial corporations, sovereigns and insurance companies, are generally assigned Issuer Default Ratings (IDRs). IDRs are also assigned to certain entities in global infrastructure and project finance. IDRs opine on an entity's relative vulnerability to default on financial obligations. The threshold default risk addressed by the IDR is generally that of the financial obligations whose non-payment would best reflect the uncured failure of that entity. As such, IDRs also address relative vulnerability to bankruptcy, administrative receivership or similar concepts.

In aggregate, IDRs provide an ordinal ranking of issuers based on the agency's view of their relative vulnerability to default, rather than a prediction of a specific percentage likelihood of default.

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| | |
|:---|:---|
| AAA | Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. |
| AA | Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
| A | High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |
| BBB | Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. |
| BB | Speculative. 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial flexibility exists which supports the servicing of financial commitments. |
| B | Highly speculative. 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. |
| CCC | Substantial credit risk. Default is a real possibility. |
| CC | Very high levels of credit risk. Default of some kind seems probable. |
| C | Near default. A default or default-like process has begun, or the issuer is in standstill, or for a closed funding vehicle, payment capacity is irrevocably impaired. Conditions that are indicative of a 'C' category rating for an issuer include: |

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&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. the issuer has entered
 into a grace or cure period following non-payment of a material financial obligation;

b. the issuer has entered
 into a temporary negotiated waiver or standstill agreement following a payment default on a material financial obligation;

c. the formal announcement
 by the issuer or their agent of a distressed debt exchange;

&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. a closed financing
 vehicle where payment capacity is irrevocably impaired such that it is not expected to pay interest and/or principal in full
 during the life of the transaction, but where no payment default is imminent.

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| | |
|:---|:---|
| RD | Restricted default. 'RD' ratings indicate an issuer that in Fitch Ratings' opinion has experienced: an uncured payment default on a bond, loan or other material financial obligation but which has not entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, and which has not otherwise ceased operating. This would include: |

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&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. the selective payment
 default on a specific class or currency of debt;

b. the uncured expiry
 of any applicable grace period, cure period or default forbearance period following a payment default on a bank loan, capital
 markets security or other material financial obligation;

c. the extension of
 multiple waivers or forbearance periods upon a payment default on one or more material financial obligations, either in series
 or in parallel; ordinary execution of a distressed debt exchange on one or more material financial obligations.

D Default. 'D' ratings indicate an issuer that in Fitch Ratings' opinion has entered into bankruptcy filings, administration, receivership, liquidation or other formal winding-up procedure, or which has otherwise ceased business.

Default ratings are not assigned prospectively to entities or their obligations; within this context, non-payment on an instrument that contains a deferral feature or grace period will generally not be considered a default until after the expiration of the deferral or grace period, unless a default is otherwise driven by bankruptcy or other similar circumstance, or by a distressed debt exchange.

"Imminent" default typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future.

In all cases, the assignment of a default rating reflects the agency's opinion as to the most appropriate rating category consistent with the rest of its universe of ratings, and may differ from the definition of default under the terms of an issuer's financial obligations or local commercial practice.

Note: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' Long-Term IDR category, or to Long-Term IDR categories below 'B'.

**Ratings of Structured, Project & Public Finance Obligations – Long-Term Rating Scales**

Ratings of structured finance, project finance and public finance obligations on the long-term scale, including the financial obligations of sovereigns, consider the obligations' relative vulnerability to default. These ratings are typically assigned to an individual security or tranche in a transaction and not to an issuer.

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| | |
|:---|:---|
| AAA | Highest credit quality. 'AAA' ratings denote the lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments. This capacity is highly unlikely to be adversely affected by foreseeable events. |
| AA | Very high credit quality. 'AA' ratings denote expectations of very low default risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events. |
| A | High credit quality. 'A' ratings denote expectations of low default risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business or economic conditions than is the case for higher ratings. |

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| | |
|:---|:---|
| BBB | Good credit quality. 'BBB' ratings indicate that expectations of default risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity. |
| BB | 'BB' ratings indicate an elevated vulnerability to default risk, particularly in the event of adverse changes in business or economic conditions over time. |
| B | Highly speculative. 'B' ratings indicate that material default risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is vulnerable to deterioration in the business and economic environment. |
| CCC | Substantial credit risk. Default is a real possibility. |
| CC | Very high levels of credit risk. Default of some kind appears probable. |
| C | Exceptionally high levels of credit risk. Default appears imminent or inevitable. |
| D | Default. Indicates a default. Default generally is defined as one of the following: |

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&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. Failure to make
 payment of principal and/or interest under the contractual terms of the rated obligation; b.

b. The bankruptcy filings,
 administration, receivership, liquidation or other winding-up or cessation of the business of an issuer/obligor; or c.

c. The distressed exchange
 of an obligation, where creditors were offered securities with diminished structural or economic terms compared with the existing
 obligation to avoid a probable payment default.

Structured Finance Defaults. "Imminent" default, categorized under 'C', typically refers to the occasion where a payment default has been intimated by the issuer, and is all but inevitable. This may, for example, be where an issuer has missed a scheduled payment, but (as is typical) has a grace period during which it may cure the payment default. Another alternative would be where an issuer has formally announced a distressed debt exchange, but the date of the exchange still lies several days or weeks in the immediate future. Additionally, in structured finance transactions, where analysis indicates that an instrument is irrevocably impaired such that it is not expected to pay interest and/or principal in full in accordance with the terms of the obligation's documentation during the life of the transaction, but where no payment default in accordance with the terms of the documentation is imminent, the obligation will typically be rated in the 'C' category.

Structured Finance Writedowns. Where an instrument has experienced an involuntary and, in the agency's opinion, irreversible "writedown" of principal (i.e. other than through amortization, and resulting in a loss to the investor), a credit rating of 'D' will be assigned to the instrument. Where the agency believes the "writedown" may prove to be temporary (and the loss may be "written up" again in future if and when performance improves), then a credit rating of 'C' will typically be assigned. Should the "writedown" then later be reversed, the credit rating will be raised to an appropriate level for that instrument. Should the "writedown" later be deemed as irreversible, the credit rating will be lowered to 'D'.

Note: The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories. Such suffixes are not added to the 'AAA' Long-Term Rating category, or categories below 'B'.

**Ratings by S&P (Standard & Poor's Ratings Group) (from Standard & Poor's Ratings Definitions, August 2016)**

Long-Term Issue Credit Ratings

Issue credit ratings are based, in varying degrees, on Standard & Poor's analysis of the following considerations: likelihood of payment—capacity and willingness of the obligor to meet its financial commitment on an obligation in accordance with the terms of the obligation and the promise Standard & Poor's imputes; nature of and provisions of the obligation; protection afforded by, and relative position of, the obligation in the event of bankruptcy, reorganization, or other arrangement under the laws of bankruptcy and other laws affecting creditors' rights. Issue ratings are an assessment of default risk, but may incorporate an assessment of relative seniority or ultimate recovery in the event of default. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation may apply when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.)

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| | |
|:---|:---|
| AAA | An obligation rated 'AAA' has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong. |
| AA | An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong. |
| A | An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong. |
| BBB | An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation. |

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BB, B, CCC, CC, and C. Obligations rated 'BB', 'B', 'CCC', 'CC', and 'C' are regarded as having significant speculative characteristics. 'BB' indicates the least degree of speculation and 'C' the highest. While such obligations will likely have some quality and protective characteristics, these may be outweighed by large uncertainties or major exposures to adverse conditions.

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| | |
|:---|:---|
| BB | An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation. |
| B | An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation. |

---

CCC An obligation rated 'CCC' is currently vulnerable to nonpayment, and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitment on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitment on the obligation.

CC An obligation rated 'CC' is currently highly vulnerable to nonpayment. The 'CC' rating is used when a default has not yet occurred, but Standard & Poor's expects default to be a virtual certainty, regardless of the anticipated time to default.

C An obligation rated 'C' is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared to obligations that are rated higher.

D An obligation rated 'D' is in default or in breach of an imputed promise. For non-hybrid capital instruments, the 'D' rating category is used when payments on an obligation are not made on the date due, unless Standard & Poor's believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation's rating is lowered to 'D' if it is subject to a distressed exchange offer.

NR This indicates that no rating has been requested, or that there is insufficient information on which to base a rating, or that Standard & Poor's does not rate a particular obligation as a matter of policy.

Note: The ratings from 'AA' to 'CCC' may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the major rating categories.

**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits**

(a) (1) [Amended and Restated Agreement and Declaration of Trust dated September 21, 2011, is incorporated by reference Pre-Effective Amendment No. 1 to the Trust's Registration Statement, filed on September 22, 2011 (Accession No. 0001398344-11-002188).](https://www.sec.gov/Archives/edgar/data/836267/000139834411002188/fp0003475_ex9928a.htm)

(2) [Amendment No. 1 dated April 22, 2016 to the Amended and Restated Agreement and Declaration of Trust dated October 11, 2011, is incorporated by reference to Post-Effective Amendment No. 40, filed on July 13, 2020 (Accession No. 0001398344-20-013681).](https://www.sec.gov/Archives/edgar/data/836267/000139834420013681/fp0055411_ex9928a2.htm)

(3) [Amendment No. 2 dated February 14, 2019 to the Amended and Restated Agreement and Declaration of Trust dated October 11, 2011, is incorporated by reference to Post-Effective Amendment No. 35 to the Trust's Registration Statement, filed on April 30, 2020 (Accession No. 0001398344-20-008845).](https://www.sec.gov/Archives/edgar/data/836267/000139834420008845/fp0053126_ex9928a3.htm)

(4) [Amendment No. 3 to the Amended and Restated Agreement and Declaration of Trust dated October 11, 2011, is incorporated by reference to the Form 8A filed on August 18, 2025 (Accession No. 0001999371-25-011550).](http://www.sec.gov/Archives/edgar/data/836267/000199937125011550/ex4.htm)

(b) (1) [Amended and Restated By-Laws dated June 12, 2011, is incorporated by reference to the Trust's Registration Statement on Form N-1A, filed on August 4, 2011 (Accession No. 0001398344-11-001713).](https://www.sec.gov/Archives/edgar/data/836267/000139834411001713/fp0003125_ex9928b.htm)

(2) [Amendment No. 1 dated May 7, 2020 to Amended and Restated By-Laws of the Registrant dated June 12, 2011, is incorporated by reference to Post-Effective Amendment No. 45 to the Trust's Registration Statement, filed on April 29, 2022 (Accession No. 0001398344-22-008395).](https://www.sec.gov/Archives/edgar/data/836267/000139834422008395/fp0075134_ex9928b2.htm)

(c) Inapplicable.

(d) (1) [Investment Advisory Agreement between SCM Trust and CCM Partners, LP d/b/a Shelton Capital Management, dated October 11, 2016, is incorporated by reference to the Trust's Registration Statement on Form N-14, filed on March 13, 2018 (Accession No. 0001398344-18-004150).](https://www.sec.gov/Archives/edgar/data/836267/000139834418004150/fp0031960_ex99166.htm)

(2) [Amendment No. 1 dated May 9, 2019 to the Investment Advisory Agreement Between SCM Trust and CCM Partners, LP d/b/a Shelton Capital Management, dated October 11, 2016, is incorporated by reference to Post-Effective Amendment No. 45 to the Trust's Registration Statement, filed on April 29, 2022 (Accession No. 0001398344-22-008395).](https://www.sec.gov/Archives/edgar/data/836267/000139834422008395/fp0075134_ex9928d2.htm)

(3) [Investment Advisory Agreement between CCM Partners, LP d/b/a Shelton Capital Management, and SCM Trust, with respect to the ICON-Branded Funds dated February 6, 2020, is incorporated by reference to Post-Effective Amendment No. 45 to the Trust's Registration Statement, filed on April 29, 2022 (Accession No. 0001398344-22-008395).](https://www.sec.gov/Archives/edgar/data/836267/000139834422008395/fp0075134_ex9928d3.htm)

(4) [Investment Advisory Agreement between CCM Partners, LP d/b/a Shelton Capital Management, and SCM Trust, with respect to the Shelton Emerging Markets Fund, dated February 6, 2020, is incorporated by reference to Post-Effective Amendment No. 45 to the Trust's Registration Statement, filed on April 29, 2022 (Accession No. 0001398344-22-008395).](https://www.sec.gov/Archives/edgar/data/836267/000139834422008395/fp0075134_ex9928d4.htm)

(5) [Investment Sub-Advisory Agreement between ICON Advisers, Inc. CCM Partners, LP d/b/a Shelton Capital Management and SCM Trust, with respect to the ICON-Branded Funds dated February 6, 2020, is incorporated by reference to Post-Effective Amendment No. 45 to the Trust's Registration Statement, filed on April 29, 2022 (Accession No. 0001398344-22-008395).](https://www.sec.gov/Archives/edgar/data/836267/000139834422008395/fp0075134_ex9928d5.htm)

(6) [Amendment No. 2 dated April 11, 2024, to the between Investment Advisory Agreement between SCM Trust and CCM Partners, LP d/b/a Shelton Capital Management, dated October 11, 2016, is incorporated by reference to Post Effective Amendment No. 68 to the Trust's Registration Statement (Accession No. 0001999371-24-005392).](https://www.sec.gov/Archives/edgar/data/836267/000199937124005392/ex99-d6.htm)

(7) [Investment Advisory Agreement dated August 15, 2025, between CCM Partners, LP d/b/a Shelton Capital Management, and SCM Trust, with respect to the Shelton Equity Premium Income ETF, is filed herewith.](ex99-d7.htm)

(8) [Investment Sub-Advisory Agreement dated August 14, 2025, between CCM Partners, LP d/b/a Shelton Capital Management, and SCM Trust, on behalf of the Shelton Equity Premium Income ETF, and Vident Advisory, LLC (dba Vident Asset Management), is filed herewith.](ex99-d8.htm)

(e) (1) [Amended and Restated Distribution Agreement between SCM Trust and RFS Partners, LP, dated February 8, 2018 is incorporated by reference to the Trust's Registration Statement on Form N-14, filed on March 13, 2018 (Accession No. 0001398344-18-004150).](https://www.sec.gov/Archives/edgar/data/836267/000139834418004154/fp0031961_ex99167.htm)

(2) [Form of Amendment No. 1 to the Amended and Restated Distribution Agreement between SCM Trust and RFS Partners, LP, dated February 8, 2018 with respect to the ICON-Branded Funds and the Shelton Emerging Markets Fund, is incorporated by reference to Post-Effective Amendment No. 35 to the Trust's Registration Statement, filed on April 30, 2020 (Accession No. 0001398344-20-008845).](https://www.sec.gov/Archives/edgar/data/836267/000139834420008845/fp0053126_ex9928e2.htm)

(3) [Amendment No. 2 dated November 12, 2020 to the Amended and Restated Distribution Agreement between SCM Trust and RFS Partners, LP, dated February 8, 2018, is incorporated by reference to Post-Effective Amendment No. 43, filed on January 28, 2021 (Accession No. 0001398344-21-001610).](https://www.sec.gov/Archives/edgar/data/836267/000139834421001610/fp0061496_ex9928e3.htm)

(4) [Amendment No. 3 dated March 4, 2022 to the Amended and Restated Distribution Agreement between SCM Trust and RFS Partners, LP, dated February 8, 2018, is incorporated by reference to Post-Effective Amendment No. 45 to the Trust's Registration Statement, filed on April 29, 2022 (Accession No. 0001398344-22-008395).](https://www.sec.gov/Archives/edgar/data/836267/000139834422008395/fp0075134_ex9928e4.htm)

(5) [Distribution Agreement dated August 14, 2025, between the Trust, on behalf of the Shelton Equity Premium Income ETF, and Paralel Distributors LLC, is filed herewith.](ex99-e5.htm)

(f) Inapplicable.

(g) (1) [Custodian Agreement between Shelton Greater China Fund and U.S Bank National Association dated May 17, 2013, is incorporated by reference to Post-Effective Amendment No. 3 to the Trust's Registration Statement, filed on April 29, 2014 (Accession No. 0001398344-14-002376).](https://www.sec.gov/Archives/edgar/data/836267/000139834414002376/fp0010225_ex9928g.htm)

(2) [First Amendment to Custody Agreement dated August 19, 2016, is incorporated by reference to the Trust's Registration Statement on Form N-14, filed on March 13, 2018 (Accession No. 0001398344-18-004150).](https://www.sec.gov/Archives/edgar/data/836267/000139834418004154/fp0031961_ex99169b.htm)

(3) [Second Amendment to Custody Agreement dated December 12, 2017, is incorporated by reference to the Trust's Registration Statement on Form N-14, filed on March 13, 2018 (Accession No. 0001398344-18-004150).](https://www.sec.gov/Archives/edgar/data/836267/000139834418004154/fp0031961_ex99169c.htm)

(4) [Form of Custody Agreement between the Trust, on behalf of the Shelton Premium Equity Income ETF, and State Street Bank and Trust Company, is filed herewith.](ex99g4.htm)

(h) Other
 Material Contracts

(1) [Restated Fund Services Agreement between Shelton Greater China Fund (n/k/a SCM Trust), and CCM Partners, LP d/b/a Shelton Capital Management dated September 22, 2011, is incorporated by reference to Post-Effective Amendment No. 40 to the Trust's Registration Statement, filed on July 13, 2020 (Accession No. 0001398344-20-013681).](https://www.sec.gov/Archives/edgar/data/836267/000139834420013681/fp0055411_ex9928h1.htm)

(2) [Amended and Restated Fund Administration Servicing Agreement between Shelton Funds, SCM Trust, and Gemini Fund Services, LLC dated September 1, 2019, is incorporated by reference to Post-Effective Amendment No. 27 to the Trust's Registration Statement, filed on November 21, 2019 (Accession No. 0001398344-19-020697).](https://www.sec.gov/Archives/edgar/data/836267/000139834419020697/fp0047864_ex9928h1.htm)

(3) [\[Form of\] Transfer Agency and Services Agreement between the Trust, on behalf of the Shelton Premium Equity Income ETF and State Street Bank and Trust Company, is filed herewith.](ex99-h3.htm)

(4) [Trust Accounting Agreement dated August 14, 2025, between the Trust, on behalf of the Shelton Premium Equity Income ETF, and Paralel Technologies LLC, is filed herewith.](ex99-h4.htm)

(5) [Compliance Program Staffing and Funding Memorandum dated August 16, 2021, is incorporated by reference to Post-Effective Amendment No. 56 to the Trust's Registration Statement, filed on May 1, 2023 (Accession No. 0001387131-23-005798).](https://www.sec.gov/Archives/edgar/data/836267/000138713123005798/ex99-h3.htm)

(6) [Expense Limitation Letter dated April 29, 2025, between CCM Partners, LP d/b/a Shelton Capital Management, and SCM Trust with respect to the Shelton Tactical Credit Fund, Shelton International Equity Fund, and Shelton Emerging Markets Fund, is incorporated by reference to Post-Effective Amendment No. 74 to the Trust's Registration Statement, filed on April 30, 2025 (Accession No. 0001999371-25-005160).](https://www.sec.gov/Archives/edgar/data/836267/000199937125005160/ex99-h4.htm)

(7) [Expense Limitation Letter dated April 10, 2025, between CCM Partners, LP d/b/a Shelton Capital Management, and SCM Trust with respect to the ICON Flexible Bond Fund, is incorporated by reference to Post-Effective Amendment No. 74 to the Trust's Registration Statement, filed on April 30, 2025 (Accession No. 0001999371-25-005160).](https://www.sec.gov/Archives/edgar/data/836267/000199937125005160/ex99-h5.htm)

(i) (1) [Opinion and Consent of Counsel to the Registrant, is incorporated by reference Pre-Effective Amendment No. 1 to the Registration Statement, filed on September 22, 2011 (Accession No. 0001398344-11-002188).](https://www.sec.gov/Archives/edgar/data/836267/000139834411002188/fp0003475_ex9928i1.htm)

(2) [Opinion and Consent of Local Counsel to the Registrant, is incorporated by reference Pre-Effective Amendment No. 1 to the Registration Statement, filed on September 22, 2011 (Accession No. 0001398344-11-002188).](https://www.sec.gov/Archives/edgar/data/836267/000139834411002188/fp0003475_ex9928i2.htm)

(3) [Opinion and consent of counsel as to legality of shares, is incorporated by reference Post-Effective Amendment No. 11 to the Registration Statement as filed on July 27, 2016 (Accession No. 0001398344-16-015631).](https://www.sec.gov/Archives/edgar/data/836267/000139834416015631/fp0020427_ex9928i3.htm)

(4) [Opinion and consent of counsel as to legality of shares with respect to the ICON-Branded Funds and the Shelton Emerging Markets Fund, is incorporated by reference to Post-Effective Amendment No. 30 to the Trust's Registration Statement, filed on March 4, 2020 (Accession No. 0001398344-20-005174).](https://www.sec.gov/Archives/edgar/data/836267/000139834420005174/fp0051653_ex9928i4.htm)

(5) [Opinion and consent of counsel as to legality of shares, with respect to the Shelton Equity Premium Income ETF, is filed herewith.](ex99-i5.htm)

(j) (1) [Consent of Cohen & Company, Ltd., with respect to the Shelton Tactical Credit Fund, the Shelton International Select Equity Fund, and the Shelton Emerging Markets Fund, is incorporated by reference to Post-Effective Amendment No. 74 to the Trust's Registration Statement, as filed on April 30, 2025 (Accession No. 0001999371-25-005160).](https://www.sec.gov/Archives/edgar/data/836267/000199937125005160/ex99-j1.htm)

(2) [Consent of Cohen & Company, Ltd., with respect to the ICON-Branded Funds, is incorporated by reference to Post-Effective Amendment No. 74 to the Trust's Registration Statement, as filed on April 30, 2025 (Accession No. 0001999371-25-005160).](https://www.sec.gov/Archives/edgar/data/836267/000199937125005160/ex99-j2.htm)

(3) [Consent of Cohen & Company, Ltd., with respect to the Shelton Equity Premium Income ETF, is filed herewith.](ex99-j3.htm)

(k) Inapplicable.

(l) Inapplicable.

(m) (1) [Amended and Restated Distribution and Services Plan dated August 23, 2023, is incorporated by reference to Post Effective Amendment No. 68 to the Trust's Registration Statement (Accession No. 0001999371-24-005392).](https://www.sec.gov/Archives/edgar/data/836267/000199937124005392/ex99-m1.htm)

(2) [Distribution and Services Plan dated August 14, 2025 with respect to the Shelton Equity Premium Income ETF, is filed herewith.](ex99-m2.htm)

(n) (1) [Revised Rule 18f-3 Plan dated March 4, 2022, is incorporated by reference to Post-Effective Amendment No. 45 to the Trust's Registration Statement, filed on April 29, 2022 (Accession No. 0001398344-22-008395).](https://www.sec.gov/Archives/edgar/data/836267/000139834422008395/fp0075134_ex9928n1.htm)

(o) Reserved.

(p) (1) [Code of Ethics Shelton Capital Management, RFS Partners, SCM Trust and Shelton Funds, is incorporated by reference to Post-Effective Amendment No. 22 to the Trust's Registration Statement, filed on April 30, 2018 (Accession No. 0001398344-18-006368).](https://www.sec.gov/Archives/edgar/data/836267/000139834418006368/fp0032968_ex9928p.htm)

(2) [Code of Ethics of ICON Advisers, Inc is incorporated by reference to Post-Effective Amendment No. 40 to the Trust's Registration Statement, filed on July 13, 2020 (Accession No. 0001398344-20-013681).](https://www.sec.gov/Archives/edgar/data/836267/000139834420013681/fp0055411_ex9928p2.htm)

(3) [Code of Ethics of Vident Advisory, LLC, is filed herewith.](ex99-p3.htm)

(4) [Code of Ethics of Paralel Distributor LLC, is filed herewith.](ex99-p4.htm)

(q) (1) [Powers of Attorney is incorporated by reference to Post-Effective Amendment No. 19 to the Registration Statement as filed on August 4, 2017 (Accession No. 0001398344-17-009616).](https://www.sec.gov/Archives/edgar/data/836267/000139834417009616/fp0027193_ex9928j1.htm)

(2) [Secretary's Certificate pursuant to Rule 483(b) is incorporated by reference to Post-Effective Amendment No. 29 to the Trust's Registration Statement, filed on February 28, 2020 (Accession No. 0001398344-20-004717).](https://www.sec.gov/Archives/edgar/data/836267/000139834420004717/fp0051333_ex9928q2.htm)

**Item 29. Persons Controlled by or under Common Control with Registrant.**

As of the date of this Post-Effective Amendment, to the knowledge of the Registrant, the Registrant did not control any other person, nor was it under common control with another person.

**Item 30. Indemnification.**

The Fund is permitted by Massachusetts law and required by its Amended and Restated Declaration of Trust to indemnify any Trustee or officer of the Fund against all liability and against all expenses reasonably incurred or paid in connection with any claim, action, suit or proceeding in which the Trustee or officer becomes involved as a party or otherwise by virtue of his being or having been a Trustee or officer and against amounts paid or incurred by him in the settlement thereof unless, (i) by reason of a final adjudication, the Trustee or officer was found to have engaged in willful misfeasance, bad faith gross negligence or reckless disregard of the duties involved in the conduct of his office, (ii) with respect to any matter as to which he shall have been finally adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Fund; or (iii) in the event of a settlement involving payment by the Trustee or officer or other disposition not involving a final adjudication as described in (i) and (ii) above resulting in a payment by the Trustee or officer, unless there has been either a determination that such Trustee or officer did not engage in willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office by the court or other body approving the settlement or other disposition or a reasonable determination, based upon a review of readily available facts (as opposed to a full trial-type inquiry) that he did not engage in such conduct (a) by a vote of a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in officer act on the matter), or (b) by written opinion of independent legal counsel. The Fund may pay the expenses described above in advance of the final disposition of any such legal action provided that the person receiving the payment undertakes to repay such amount if it is ultimately determined that he is not entitled to indemnification provided that either such undertaking is secured by a surety bond or some other appropriate security or the Fund shall be insured against losses arising out of any such advances; or a majority of the disinterested Trustees acting on the matter (provided that a majority of the disinterested Trustees then in officer act on the matter) or an independent legal counsel in written opinion, shall determine, based upon review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the recipient ultimately will be found entitled to indemnification.

The Management Agreement provides that, absent willful misfeasance, bad faith, gross negligence or reckless disregard of its duties and obligations, Shelton Capital Management (the "Manager") is entitled to indemnification from a Fund for any act or omission in the course of, or connected with, its rendering of services under the Management Agreement or for any losses that may be sustained in the purchase, holding or sale of any security by a Fund.

Pursuant to the Sub-Advisory Agreement, the Sub-Adviser shall indemnify and hold harmless the Adviser, the Trust, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) however arising from or in connection with the performance of the Sub-Adviser's obligations under this Agreement to the extent resulting from or relating to Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement; provided, however, that the Sub-Adviser's obligation under this Section 5 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, the

Trust, all affiliated persons thereof and all controlling persons thereof, is caused by or is otherwise directly related to the Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

Insofar as indemnification for liability arising under the Securities Act of 1933, as amended, may be permitted to trustees, officers and controlling persons, if any, of the Fund pursuant to the foregoing provisions, or otherwise, the Fund has been advised that in the opinion of the SEC such indemnification is against public policy as expressed in the Securities Act of 1933, as amended (the "Act"), and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Fund of expenses incurred or paid by a trustee, officer or controlling person, if any, of the Fund in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person, if any, in connection with the securities being registered, the Fund 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 Advisor and Investment Sub-Advisers.**

<u>Shelton Capital Management</u>

CCM Partners, LP, a California limited partnership, d/b/a Shelton Capital Management is the Registrant's investment advisor. Shelton Capital Management is also the investment adviser to Shelton Funds, a diversified open end management company with nine (9) series. The principal business address of Shelton Funds is 1125 17<sup>th</sup> Street, Suite 2550, Denver, Colorado, 80202.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | &nbsp;&nbsp;**Position with Shelton**<br> **Capital Management** | &nbsp;&nbsp;**Other Business Connections\*** | &nbsp;&nbsp;**Type of Business** |
| Stephen C. Rogers | &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;Chief Executive Officer, President of RFS Partners, LP | &nbsp;&nbsp;Distributor; Registered Investment Adviser |
| Nick Griebenow | &nbsp;&nbsp;Assistant Portfolio Manager | &nbsp;&nbsp;None | &nbsp;&nbsp;Not Applicable |
| Peter Higgins | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;None | &nbsp;&nbsp;Not Applicable |
| Bruce Kahn | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;None | &nbsp;&nbsp;Not Applicable |
| Barringer H. Martin | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;Registered representative of RFS Partners, LP | &nbsp;&nbsp;Distributor |
| Gregory T. Pusch | &nbsp;&nbsp;General Counsel, Chief Compliance Officer | &nbsp;&nbsp;General Counsel of RFS Partners, LP | &nbsp;&nbsp;Distributor |
| Jeffrey Rosenkranz | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;None | &nbsp;&nbsp;Not Applicable |
| Derek Izuel | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;None | &nbsp;&nbsp;Not Applicable |
| Justin Sheetz | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;None | &nbsp;&nbsp;Not Applicable |
| Anthony M.D. Jacoby | &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;None | &nbsp;&nbsp;Not Applicable |

---

<sup>\*</sup> The principal place of business of RFS Partners is 1125 17<sup>th</sup> Street, Suite 2550, Denver, CO 80202.

<u>ICON Advisers, Inc.</u>

---

| | | | |
|:---|:---|:---|:---|
| **Name\*** | &nbsp;&nbsp;**Position with** <br> **ICON Advisers, Inc.** | &nbsp;&nbsp;**Other Business Connections** | &nbsp;&nbsp;**Type of Business** |
| Craig Callahan | &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;ICON Management & Research Corporation, Chairman and President | &nbsp;&nbsp;Financial Holdings Company |
| Brian Callahan | &nbsp;&nbsp;President | &nbsp;&nbsp;ICON Management & Research Corporation, Member of the Board of Directors | &nbsp;&nbsp;Financial Holdings Company |

---

The principal place of business of ICON Advisers, Inc. and ICON Management & Research Corporation, is 8480 Orchard Road E, Suite 1200, Greenwood Village, CO 80111.

<u>Vident Advisory, LLC (d/b/a Vident Asset Management)</u>

This information is included in Form ADV filed with the SEC by Vident Asset Management (Registration No. 801-114538) and is incorporated by reference herein.

**Item 32. Principal Underwriters**

<u>RFS Partners, LP</u>

RFS Partners, LP is the principal underwriter of the Funds (excluding the Shelton Premium Equity Income ETF), and in that capacity distributes the shares of each series of the Trust, with the exception of the Shelton Premium Equity Income ETF. RFS Partners also serves as principal underwriter for Shelton Funds. Certain limited partners of RFS Partners also serve as officers and/or trustees of the Registrant.

To the best of Registrant's knowledge, the Directors and Officers of RFS Partners are as follows:

---

| | | |
|:---|:---|:---|
| **Name and Principal Business Address\*** | &nbsp;&nbsp;**Positions and Offices with Underwriter** | &nbsp;&nbsp;**Positions and Offices with Fund** |
| Stephen C. Rogers | &nbsp;&nbsp;Chief Executive Officer, President | &nbsp;&nbsp;Trustee, Principal Executive Officer |
| Richard F. Shelton, Inc. | &nbsp;&nbsp;General Partner | &nbsp;&nbsp;None |
| Dennis Patrick Clark | &nbsp;&nbsp;Member | &nbsp;&nbsp;None |
| Carrie Worcester Della Flora | &nbsp;&nbsp;Chief Compliance Officer | &nbsp;&nbsp;None |
| Barringer Harold Martin | &nbsp;&nbsp;Member | &nbsp;&nbsp;None |

---

\* The Principal Business Address of each Director and Officer of RFS Partners is 1125 17<sup>th</sup> Street, Suite 2550, Denver, Colorado, 80202.

<u>Paralel Distributors LLC</u>

Paralel Distributors LLC acts as the distributor for the Shelton Premium Equity Income ETF.

As of the date of this Registration Statement, in addition to the Shelton Premium Equity Income ETF, Paralel Distributors LLC also acts as the underwriter for:

Collaborative Investment Series Trust (7 series); Reaves Utility Income Fund (ATM Offering); Cullen Funds (6 series); Coller Secondaries Private Equity Opportunities Fund; Coller Private Credit Secondaries Fund; Elevation Series Trust (28 series); HarbourVest Private Investments Fund; Octagon XAI CLO Income Fund, and XAI Octagon Floating Rate & Alternative Income Trust (ATM Offering).

(b)&nbsp;&nbsp;&nbsp;&nbsp; To the best of Registrant's knowledge, the directors and executive officers of the distributor are as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name\*** | &nbsp;&nbsp;**Name\*** | &nbsp;&nbsp;**Position with Underwriter** | &nbsp;&nbsp;**Positions with Trust** |
| &nbsp;&nbsp;Bradley Swenson | &nbsp;&nbsp;Bradley Swenson | &nbsp;&nbsp;President, Chief Compliance Officer and FINOP | &nbsp;&nbsp;President, Chairman and Interested Trustee |
| &nbsp;&nbsp;Jeremy May | &nbsp;&nbsp;Jeremy May | &nbsp;&nbsp;Chief Executive Officer |  |
| &nbsp;&nbsp;Christopher Moore | &nbsp;&nbsp;Christopher Moore | &nbsp;&nbsp;General Counsel |  |
| \* | Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1700 Broadway, Suite 1850, Denver, CO 80290. | Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1700 Broadway, Suite 1850, Denver, CO 80290. | Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1700 Broadway, Suite 1850, Denver, CO 80290. |

---

**Item 33. Locations of Accounts and Records.**

The accounts, books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder are kept at the following offices: (1) Ultimus Fund Solutions, LLC, 4221 N. 203<sup>rd</sup> Street, Elkhorn, NE 68022; (2) Shelton Capital Management, 1125 17<sup>th</sup> Street, Suite 2550, Denver, CO 80202; (3) ICON Advisers, Inc., 8480 Orchard Road E, Suite 1200, Greenwood Village, CO 80111; (4) Vident Advisory, LLC, 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009; (5) RFS Partners, 1125 17<sup>th</sup> Street, Suite 2550, Denver, Colorado, 80202; and (6) Paralel Distributors LLC, 1700 Broadway, Suite 1850, Denver, Colorado 80290.

**Item 34. Management Services**

All management-related service contracts are discussed in Part A or Part B of this Registration Statement.

**Item 35. Undertakings.**

Inapplicable.

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act and has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized, in the city of Denver, and State of Colorado, on the 22<sup>nd</sup> day of August, 2025.

<u>SCM Trust</u> <br> (Registrant)

---

| | |
|:---|:---|
| By | /s/ Stephen C. Rogers\* |
|  | Stephen C. Rogers, Chairman of the Board and Trustee |

---

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

---

| | | |
|:---|:---|:---|
| /s/ Stephen C. Rogers\*\* | Principal Executive Officer and Trustee | August 22, 2025 |
| Stephen C. Rogers |  |  |
| /s/ Kevin T. Kogler\*\* | Trustee | August 22, 2025 |
| Kevin T. Kogler |  |  |
| /s/ Marco Quazzo\*\* | Trustee | August 22, 2025 |
| Marco Quazzo |  |  |
| /s/ Stephen H. Sutro\*\* | Trustee | August 22, 2025 |
| Stephen H. Sutro |  |  |
| /s/ Trevor Shippee | Principal Financial Officer | August 22, 2025 |
| Trevor Shippee |  |  |

---

\* Signed by Gregory T. Pusch pursuant to Secretary's Certificate pursuant to Rule 483(b), filed with Post-Effective Amendment to the Registration Statement filed on February 28, 2020.

\*\* Signed by Stephen C. Rogers pursuant to Powers of Attorney filed by Post-Effective Amendment to the Registration Statement, as filed on August 4, 2017.

**Exhibit List**

---

| | |
|:---|:---|
| [(d)(7)](ex99-d7.htm) | Investment Advisory Agreement dated August 14, 2025, between CCM Partners, LP d/b/a Shelton Capital Management, and SCM Trust, with respect to the Shelton Equity Premium Income ETF. |
| [(d)(8)](ex99-d8.htm) | Investment Sub-Advisory Agreement dated August 14, 2025, between CCM Partners, LP d/b/a Shelton Capital Management, and SCM Trust, on behalf of the Shelton Equity Premium Income ETF, and Vident Advisory, LLC (dba Vident Asset Management). |
| [(e)(5)](ex99-e5.htm) | Distribution Agreement dated August 14, 2025, between the Trust, on behalf of the Shelton Equity Premium Income ETF, and Paralel Distributors LLC. |
| [(g)(4)](ex99g4.htm) | Form of Custody Agreement between the Trust, on behalf of the Shelton Premium Equity Income ETF, and State Street Bank and Trust Company. |
| [(h)(3)](ex99-h3.htm) | Form of Transfer Agency and Services Agreement between the Trust, on behalf of the Shelton Premium Equity Income ETF and State Street Bank and Trust Company. |
| [(h)(4)](ex99-h4.htm) | Trust Accounting Agreement dated August 14, 2025, between the Trust, on behalf of the Shelton Premium Equity Income ETF, and Paralel Technologies LLC. |
| [(i)(5)](ex99-i5.htm) | Opinion and consent of counsel as to legality of shares, with respect to the Shelton Equity Premium Income ETF. |
| [(j)(3)](ex99-j3.htm) | Consent of Cohen & Company, Ltd., with respect to the Shelton Equity Premium Income ETF. |
| [(m)(2)](ex99-m2.htm) | Distribution and Services Plan dated August 14, 2025 with respect to the Shelton Equity Premium Income ETF. |
| [(p)(3)](ex99-p3.htm) | Code of Ethics of Vident Advisory, LLC. |
| [(p)(4)](ex99-p4.htm) | Code of Ethics of Paralel Distributor LLC. |

---

## Ex-99.(D)(7)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(d)(7)**

**SCM TRUST** 

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "Agreement") is made and entered into as of this 14th day of August, 2025, by and between CCM Partners, LP, a California limited partnership d/b/a Shelton Capital Management (the "Adviser"), and SCM Trust, a Massachusetts business trust (the "Trust"), regarding the Funds listed in <u>Appendix A</u> (each, a "Fund" or together, the "Funds")).

WHEREAS, the Trust is registered as an open-end, management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Board of Trustees of the Trust (the "Board") has approved this Agreement, and the Adviser is willing to furnish certain investment advisory services upon the terms and conditions herein set forth.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appointment of the Adviser.</u> The Trust desires to employ each Fund's capital by investing and reinvesting in investments of the kind and in accordance with the limitations specified in its Agreement and Declaration of Trust, and in the Fund's Prospectus and the Statement of Additional Information as from time to time in effect (the "Prospectus"), and in the manner and to the extent as may from time to time be approved by the Board. The Trust desires to employ and hereby appoints the Adviser to act as investment adviser to the Funds. The Adviser accepts the appointment and agrees to furnish the services described herein for the compensation set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Delivery of Fund Documents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust has furnished the Adviser with copies, properly certified or authenticated, of each of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Resolutions of the Board selecting the Adviser as investment adviser to the Funds and approving the form
of this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust's Form N-lA Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser has reviewed the Registration Statement and represents and warrants that, with respect to the disclosure about the Adviser or information relating, directly or indirectly, to the Adviser, and with respect to the disclosure of the investment activities of the Funds and other matters for which the Adviser is contractually responsible hereunder such Registration Statement contains, as of the date hereof, no untrue statement of any material fact and does not omit any statement of a material fact which was required to be stated therein or necessary to make the statements contained therein not misleading in light of the circumstances in which they were made. The Adviser further represents and warrants that it is a duly registered investment adviser under the Advisers Act and has filed the requisite investment adviser notices in all states in which the Adviser is required to make such filings. The Adviser agrees to provide the Trust with current copies of the Adviser's Form ADV, and any supplements or amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Services provided by the Adviser</u>. Subject to the supervision and direction of the Board, the Adviser will, either directly or by employing suitable sub-advisers: (a) act in strict conformity with the Trust's Amended and Restated Declaration of Trust, the Trust's Bylaws, the 1940 Act and the Investment Advisers Act of 1940, as amended; (b) manage the Funds and furnish a continual investment program for the Funds in accordance with each Fund's investment objective and policies as described in the Fund's Prospectus; (c) make investment decisions for the Funds; (d) provide the Funds with investment research and statistical data, advice and supervision, data processing and clerical services; (e) in connection with its management of the Fund, monitoring and assistance with anticipated purchases and redemptions of creation units by shareholders and new investors, (f) the determination of the amount of the cash component, the identity and number of shares of the securities to be accepted in exchange for "Creation Units" for the Fund and the securities that will be applicable that day to redemption requests received for the Fund (and may give directions to the Fund's custodian with respect to such designations), (g) the coordination of the Fund's compliance with rules of the applicable securities exchange, and (vii) the establishment, monitoring and keeping up-to-date of the Fund's website to comply with applicable law; (h) provide the Trust with access to certain office facilities, which may be the Adviser's own offices; (i) determine what securities shall be purchased for a Fund; what securities shall be held or sold by a Fund, and determine what portion of the Fund's assets shall be held uninvested; (j) review asset allocations and investment policies with the Board every quarter; and (k) advise and assist the officers of the Trust in taking such steps as are necessary or appropriate to carry out the decisions of the Board and its committees with respect to the foregoing matters and the conduct of the business of the Fund. In addition, the Adviser will furnish the Trust with whatever statistical information the Trust may reasonably request with respect to the securities that the Funds may hold or contemplate purchasing. The appointment of sub-advisers shall be subject to approval by the Board and, to the extent required by the 1940 Act or any other law or regulation, approval of the shareholders of the Trust. Without limiting the generality of the foregoing provisions, in performing these duties, the Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Sub-Advisers</u>.* The Adviser may delegate certain of its responsibilities hereunder with respect to provision of the investment advisory services set forth in Section 3 above to one or more other parties (each such party, a "Sub-Adviser"), pursuant in each case to a written agreement with such Sub-Adviser that meets the requirements of Section 15 of the 1940 Act and rules thereunder applicable to contracts for service as investment adviser of a registered investment company (including without limitation the requirements for approval by the Board and the shareholders of the Fund), subject, however, to such exemptions as may be granted by the U.S. Securities and Exchange Commission (the "SEC") upon application or by rule. Such Sub-Adviser may (but need not) be affiliated with the Adviser. Any delegation of services pursuant to this Section 3(a) shall be subject to the following conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Any fees or compensation payable
 to any Sub-Adviser shall be paid by the Adviser and no additional obligation may be incurred
 on the Fund's behalf to any Sub-Adviser; except that any Fund expenses that may be
 incurred by the Adviser and paid by the Fund to the Adviser directly may be incurred by the
 Sub-Adviser and paid by the Fund to the Sub-Adviser directly, so long as such payment arrangements
 are approved by the Fund and the Adviser prior to the Sub-Adviser's incurring such
 expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Adviser delegates its
 responsibilities to more than one Sub-Adviser, the Adviser shall be responsible for assigning
 to each Sub-Adviser that portion of the assets of the Portfolio for which the Sub-Adviser
 is to act as Sub-Adviser, subject to the approval of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To the extent that any obligations
 of the Adviser or any Sub-Adviser require any service provider of the Trust or the Fund to
 furnish information or services, such information or services shall be furnished by the Trust's
 or the Fund's service providers directly to both the Adviser and any Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Will furnish a Fund with reports, statements and other data on securities, economic conditions and other pertinent subjects which the Trust's Board of Trustees may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Will regularly report to the Trust's Board of Trustees on the investment program for the Funds and the issuers and securities represented in the Fund's portfolio and render to the Trust's Board of Trustees such periodic and special reports with respect to the Fund's investment activities as the Board may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Shall be responsible for making reasonable inquiries and for reasonably ensuring that any employee or other affiliated person of the Adviser has not, to the best of the Adviser's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) been convicted, in the last ten (10) years, of any felony or misdemeanor involving the purchase or sale
of any security or arising out of such person's conduct as an underwriter, broker, dealer, investment adviser, municipal securities dealer,
government securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the Commodity
Exchange Act, or as an affiliated person, salesman, or employee of any investment company, bank, insurance company, or entity or person
required to be registered under the Commodity Exchange Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) been permanently or temporarily enjoined by reason of any misconduct, by order, judgment, or decree of
any court of competent jurisdiction from acting as an underwriter, broker, dealer, investment adviser, municipal securities dealer, government
securities broker, government securities dealer, transfer agent, or entity or person required to be registered under the Commodity Exchange
Act, or as an affiliated person, salesman or employee of any investment company, bank, insurance company, or entity or person required
to be registered under the Commodity Exchange Act, or from engaging in or continuing any conduct or practice in connection with any such
activity or in connection with the purchase or sale of any security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Will treat confidentially and as proprietary information of the Funds all records and other information related to the Funds, including the performance records of such Funds, and will not use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Funds or when so requested by the Funds; provided, however, that records and information need not be treated as confidential if required to be disclosed under applicable law or regulation or otherwise in connection with investigations or inquiries contemplated under Section 9 hereof, or if generally available to the public through means other than by disclosure by the Adviser, or if available from a source other than the Trust, the Adviser or the Funds which does not owe a duty of confidentiality to the Trust, the Adviser or the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Allocation of Charges and Expenses.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the term of this Agreement, the Adviser will pay all expenses incurred by it in connection with its activities under this Agreement. In addition, for no additional compensation, the Adviser shall pay all of the other operating expenses of the Fund, excluding: (i) its advisory fees payable under this Agreement; (ii) distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act; (iii) interest expenses; (iv) dividend and interest expenses related to short sales, (v) taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), (vi) acquired fund fees and expenses, (vii) certain compliance costs, (viii) costs of holding shareholder meetings, (ix) litigation and potential litigation and other extraordinary expenses such as merger and reorganization expenses, for example, not incurred in the ordinary course of the Fund's business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage expenses relating to investment strategies (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, and commissions and fees and expenses associated with the Fund's securities lending program, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the execution of its duties under this Agreement, the Adviser is entitled to reimbursement of actual costs incurred by the Adviser for expenses which are otherwise the obligation of the Funds. The Funds shall promptly reimburse the Adviser for such costs and expenses, except to the extent the Adviser has otherwise agreed to bear such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Compensation of the Adviser.</u> In consideration for the services to be performed under this Agreement, the Adviser shall receive from the Trust an annual advisory fee, accrued daily at the rate of 1/365<sup>th</sup> (or 1/366<sup>th</sup> in any year in which the month of February has 29 days) of the applicable advisory fee rate and payable monthly within 30 days after the last day of each month in the amount set forth on <u>Appendix A</u> attached hereto, as may be amended in writing from time to time by the Trust and the Adviser, of each Fund's daily net assets during the month. The initial fee under this Agreement shall be payable within 30 days of the first business day of the first month following the effective date of this Agreement. The fee to the Adviser shall be prorated for the portion of any month in which this Agreement is in effect which is not a complete month according to the proportion which the number of calendar days in the month during which the Agreement is in effect bears to the number of calendar days in the month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Services to other Accounts.</u> The Trust understands that the Adviser acts as investment adviser to other managed accounts, and the Trust has no objection to the Adviser so acting, provided that whenever the Fund and one or more other accounts advised by the Adviser are prepared to purchase or sell the same security, available investments or opportunities for sales will be allocated in accordance with the written policies of the Adviser and in a manner believed by the Adviser to be equitable to each entity under the specific circumstances. The Trust recognizes that in some cases this procedure may affect adversely the price paid or received by a Fund or the size of the position purchased or sold by the Fund. In addition, the Trust understands that the persons employed by the Adviser to provide service to the Funds in connection with the performance of the Adviser's duties under this Agreement will not devote their full time to that service. Moreover, nothing contained in this Agreement will be deemed to limit or restrict the right of the Adviser or any "affiliated person" of the Adviser to engage in and devote time and attention to other businesses or to render services of whatever kind or nature to other persons or entities, including serving as investment adviser to, or employee, officer, director or trustee of, other investment companies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Brokerage and Avoidance of Conflicts of Interest.</u> In connection with purchases or sales of Fund securities for the account of the Funds, neither the Adviser nor any of its trustees, officers or employees will act as a principal or agent or receive any commission with respect to such purchases or sales. The Adviser or its agents shall arrange for the placing of all orders for the purchase and sale of Fund securities for a Fund's account with brokers or dealers selected by the Adviser. In the selection of such brokers or dealers and the placing of such orders, the Adviser will use its best efforts to seek for the Fund the most favorable execution and net price available and will consider all factors the Adviser deems relevant in making such decisions including, but not limited to, price (including any applicable brokerage commission or dealer spread), size of order, difficulty of execution, and operational facilities of the firm involved and the firm's risk in positioning a block of securities.

The parties agree that it is in the interests of the Funds that the Adviser have access to supplemental investment and market research and security and economic analyses provided by brokers who may execute brokerage transactions at a higher cost to a Fund than may result when brokerage is allocated to other brokers on the basis of the best price and execution. The Adviser is authorized to place orders for the purchase and sale of securities for the Fund with such brokers, subject to review by the Board from time to time. In selecting brokers or dealers to execute a particular transaction and in evaluating the best price and execution available, the Adviser may consider the brokerage and research services (as such terms are defined in Section 28(e) of the Securities Exchange Act of 1934, as amended) provided to the Funds and/or other accounts over which the Adviser exercises investment discretion.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser will exercise its best judgment in rendering the services described herein. The Adviser shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust or the Funds in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by the Adviser of its obligations and duties under this Agreement, or a loss resulting from a breach of fiduciary duty with respect to receipt of compensation for services (in which case any award of damages shall be limited to the period and amount set forth in Section 36(b)(3) of the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser shall have responsibility for the accuracy and completeness (and liability for the lack thereof) of the statements in the Fund's offering materials (including the prospectus, the statement of additional information, advertising and sales materials), except for information supplied by the Trust or another third party for inclusion therein. With respect to the Adviser's obligations in the prior sentence, the Adviser shall be liable for any untrue statement of any material fact contained in such offering materials as well as the omission of any statement of a material fact which was required to be stated therein or necessary to make the statements contained therein not misleading in light of the circumstances in which they were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall be liable to the Fund for any loss (including brokerage charges) incurred by the Fund as a result of any improper investment made by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser agrees to reimburse the Trust for any and all costs, expenses, and counsel and Trustees' fees reasonably incurred by the Trust in the preparation, printing and distribution of proxy statements, amendments to its Registration Statement, holdings of meetings of its shareholders or Trustees, the conduct of factual investigations, any legal or administrative proceedings (including any applications for exemptions or determinations by the Securities and Exchange Commission) which the Trust incurs as the result of action or inaction of the Adviser or any of its partners where the action or inaction necessitating such expenditures (i) is directly or indirectly related to any transactions or proposed transaction in the interests or control of the Adviser or its affiliates (or litigation related to any pending or proposed future transaction in such interests or control) which shall have been undertaken without the prior, express approval of the Trust's Board of Trustees; or (ii) is within the sole control of the Adviser or any of its affiliates or any of their officers, partners, employees, or agents. So long as this Agreement is in effect, the Adviser shall pay to the Trust the amount due for expenses subject to this subparagraph ll(d) within thirty (30) days after a bill or statement has been received from the Trust therefore. This provision shall not be deemed to be a waiver of any claim which the Trust may have or may assert against the Adviser or others for costs, expenses, or damages heretofore incurred by the Trust or for costs, expenses or damages the Trust may hereafter incur which are not reimbursable to it hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) No provision of this Agreement shall be construed to protect any Trustee or officer of the Trust, or partner or officer of the Adviser, from liability in violation of Sections 17(h) and (i) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Cooperation.</u> Each party to this Agreement agrees to cooperate with each other party and with all appropriate governmental authorities having the requisite jurisdiction (including, but not limited to, the SEC) in connection with any investigation or inquiry relating to this Agreement, the Trust or the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Independent Contractor</u>. The Adviser shall for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Trust from time to time, have no authority to act for or represent the Trust in any way or otherwise be deemed its agent. The Adviser understands that unless expressly provided herein or authorized from time to time by the Trust, the Adviser shall have no authority to act for or represent the Trust in any way or otherwise be deemed the Trust's agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Voting</u>. The Adviser will take any action and provide any advice with respect to the voting of securities held by the Funds in accordance with the Funds' Proxy Voting Policies and Procedures, as amended and revised from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Duration and Termination of this Agreement</u>. This Agreement shall remain in force for an initial term of two years and from year to year thereafter, but only so long as such continuance is specifically approved at least annually by the vote of a majority of the members of the Board who are not interested persons of the Adviser, cast in person at a meeting called for the purpose of voting on such approval and by a vote of the Board or of a majority of the outstanding voting securities of the Trust. The requirement that continuance of this Agreement be specifically approved at least annually shall be construed in a manner consistent with the 1940 Act and the rules and regulations thereunder. This Agreement may, on sixty (60) days written notice, be terminated at any time without the payment of any penalty, by the Trust, by the Board, or by vote of a majority of the outstanding voting securities of a Fund, individually, or by the Adviser. This Agreement shall automatically terminate in the event of its assignment. In interpreting the provisions of this Agreement, the definitions contained in Section 2(a) of the 1940 Act (particularly the definitions of "interested person", "assignment" and "majority of the outstanding voting securities"), as from time to time amended, shall be applied, subject, however, to such exemptions as may be granted by the Securities and Exchange Commission by any rule, regulation or order. The Trust and Adviser will cooperate with each other to ensure that portfolio or other transactions in progress at the date of termination of this Agreement shall be completed in accordance with the terms of such transactions, and to this end each party shall provide the other party with all reasonably necessary information and documentation to secure the implementation thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Amendment of this Agreement.</u> A provision of this Agreement may be amended, changed, waived, discharged or terminated only by an instrument in writing signed by the party against whom enforcement of the amendment, change, waiver, discharge or termination is sought. An amendment to this Agreement shall not be effective until approved by the Board, including a majority of the directors who are not interested persons of the Adviser or of the Trust. To the extent legal counsel to the Trust concludes that shareholder approval of a particular amendment to this Agreement is required under the 1940 Act, such amendment will not be effective until the required shareholder approval has been obtained.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Notice of Certain Events.</u> The Adviser agrees that, if legally permitted, it shall immediately notify the Board in the event that the SEC or any state has censured the Adviser; placed limitations upon its activities, functions or operations; suspended or revoked its registration as an investment adviser; or has commenced proceedings or an investigation that may result in any of these actions, and upon having a reasonable basis for believing that any Fund has ceased to qualify or might not qualify as a regulated investment company under Subchapter M of the Internal Revenue Code. The Adviser further agrees to notify the Board immediately of any material fact known to the Adviser that is not contained in the Registration Statement or prospectus for the Trust that relates to the Adviser or any Fund, or any amendment or supplement thereto, or of any statement contained therein that becomes untrue in any material respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Notice.</u> Any notice, advice or report to be given pursuant to this Agreement shall be delivered or mailed:

To the Adviser at:

Shelton Capital Management

1125 17<sup>th</sup> Street, Ste. 2550

Denver, Colorado 80202

Attn: Legal Department

To the Trust or the Funds at:

SCM Trust

1125 17<sup>th</sup> Street, Ste. 2550

Denver, Colorado 80202

Attn: President

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Books and Records</u>. In compliance with the requirements of Rule 31a-3 under the 1940 Act, the Adviser hereby agrees that all records which it maintains for the Funds are the property of the Trust and further agrees to surrender promptly to the Trust any of such records upon the Trust's or the Trust's request, although the Adviser may, at its own expense, make and retain a copy of such records. The Adviser further agrees to preserve for the periods prescribed by Rule 31a-2 under the 1940 Act the records that the Adviser maintains and to preserve the records required by Rule 204-2 under the Advisers Act for the period specified in that Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Governing Law.</u> This Agreement constitutes the entire agreement of the parties, shall be binding upon and shall inure to the benefit of the parties hereto and shall be governed by Delaware law in a manner not in conflict with the provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Miscellaneous</u>. Neither the holders of shares of the Funds nor the officers or trustees of the Trust in their capacities as such shall be personally liable hereunder. The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or otherwise affect their construction or effect. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Counterparts.</u> This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Conflicts with Trust's Governing Documents and Applicable Laws.</u> Nothing herein contained shall be deemed to require the Trust or any Fund to take any action contrary to the Trust's Agreement and Declaration of Trust, By-Laws, or any applicable statute or regulation, or to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Trust and the Fund.

*[Signature Page Follows]*

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

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| | |
|:---|:---|
| **SHELTON CAPITAL MANAGEMENT** | **SCMTRUST** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Steve Rogers | By: | /s/ Steve Rogers |
| Name: | Steve Rogers | Name: | Steve Rogers |
| Title: | CEO | Title: | President & Chairman |

---

**<u>Appendix A</u>**

---

| | |
|:---|:---|
| **Fund Name** | **Compensation** |
| Shelton Equity Premium Income ETF | 0.54% |

---

## Ex-99.(D)(8)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(d)(8)**

**INVESTMENT SUB-ADVISORY AGREEMENT**

This Investment Sub-Advisory Agreement (the "Agreement") is made as of this 14th day of August, 2025 by and among CCM Partners, LP dba Shelton Capital Management, a California limited parntership with its principal place of business at 1125 17th Street, Ste. 2550, Denver, Colorado 80202 (the "Adviser"), SCM Trust, a Massachusetts business trust (the "Trust"), on behalf of its series listed on Schedule A hereto, and Vident Advisory, LLC (doing business as Vident Asset Management), a Delaware limited liability company with its principal place of business located at 1125 Sanctuary Parkway, Suite 515, Alpharetta, Georgia 30009 (the "Sub-Adviser").

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

WHEREAS, the Trust is an open-end management investment company, registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act"); and

WHEREAS, the Adviser has entered into an Investment Advisory Agreement dated August 14, 2025, as amended to add additional series, with the Trust; and

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Investment Advisers Act of 1940 (the "Advisers Act") and is engaged in the business of supplying investment advice as an independent contractor; and

WHEREAS, the Investment Advisory Agreement contemplates that the Adviser may appoint a sub-adviser to perform some or all of the services for which the Adviser is responsible; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Adviser and each Fund listed in <u>Schedule A</u> to this Agreement (each a "Fund" and, collectively, the "Funds"), as such schedule may be amended from time to time upon mutual agreement of the parties.

**A G R E E M E N T**

NOW, THEREFORE, in consideration of the mutual covenants and benefits set forth herein, the parties do hereby agree as follows:

**1.** **Duties of the Sub-Adviser.** Subject to supervision and oversight of
the Adviser and the Board of Trustees (the "Board"), and in accordance with the terms and conditions of the Agreement, the
Sub-Adviser shall assist in the management of the securities and other assets of each Fund entrusted to it in respect of the Fund's
ETF investment process (the "Assets"), including the purchase, retention and disposition of the Assets, in accordance with
the Funds' respective investment objectives, guidelines, policies and restrictions as stated in each Fund's prospectus and
statement of additional information, as currently in effect and as amended or supplemented from time to time (referred to collectively
as the "Prospectus"), and subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&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) The Sub-Adviser shall exercise its discretion in assisting in the ETF investment process of each Fund, subject to subparagraph (b) and its limited role in coordination with the actions and directions of the Adviser as the overall discretionary portfolio manager of the Fund, determine from time to time what Assets will be purchased, retained or sold by the Funds, and what portion of the Assets will be invested or held uninvested in cash as is permissible.

&nbsp;&nbsp;&nbsp;&nbsp;&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 the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity with the Prospectus, the Statement of Additional Information, the written instructions and directions of the Adviser and of the Board, the terms and conditions of

exemptive and no-action relief granted to the Trust as amended from time to time and provided to the Sub-Adviser and the Trust's policies and procedures provided to the Sub-Adviser and will conform to and comply with the requirements of the 1940 Act, the Advisers Act, the Commodity Exchange Act, the Internal Revenue Code of 1986, as amended (the "Code"), and all other applicable federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Sub-Adviser shall determine the Assets to be purchased or sold by the Funds as provided in subparagraph (a) and will place orders with or through such persons, brokers or dealers to carry out the policy with respect to brokerage set forth in the Funds' Prospectus or as the Board or the Adviser may direct in writing from time to time, in conformity with all federal securities laws. In executing Fund transactions and selecting brokers or dealers, the Sub-Adviser will use its best efforts to seek on behalf of each Fund the best execution and overall terms available. In assessing the best overall terms available for any transaction, the Sub-Adviser shall consider all factors that it deems relevant, including the breadth of the market in the security, the price of the security, the financial condition and execution capability of the broker or dealer, and the reasonableness of the commission, if any, both for the specific transaction and on a continuing basis. In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the Sub-Adviser may also consider the brokerage and research services provided (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934 (the "Exchange Act")). Consistent with any guidelines established by the Board and Section 28(e) of the Exchange Act, as amended, the Sub-Adviser is authorized to pay to a broker or dealer who provides such brokerage and research services a commission for executing a portfolio transaction for a Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the Sub-Adviser determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer viewed in terms of that particular transaction or in terms of the overall responsibilities of the Sub-Adviser to its discretionary clients, including the Fund. In addition, the Sub-Adviser is authorized to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser, Sub-Adviser or the Trust's principal underwriter) if the Sub-Adviser believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. In no instance, however, will the Assets be purchased from or sold to the Adviser, Sub-Adviser, the Trust's principal underwriter, or any affiliated person of the Trust, Adviser, the Sub-Adviser or the principal underwriter, acting as principal in the transaction, except to the extent permitted by the U.S. Securities and Exchange Commission ("SEC") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&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 Sub-Adviser shall maintain all books and records with respect to transactions involving the Assets required by subparagraphs (b)(1), (5), (6), (7), (8), (9) and (10) and paragraph (f) of Rule 31a-1 under the 1940 Act. The Sub-Adviser shall keep the books and records relating to the Assets required to be maintained by the Sub-Adviser under this Agreement and shall timely furnish to the Adviser all information relating to the Sub-Adviser's services under this Agreement needed by the Adviser to keep the other books and records of the Fund required by Rule 31a-1 under the 1940 Act, as requested by the Adviser. The Sub-Adviser agrees that all records that it maintains on behalf of a Fund are property of the Fund and the Sub-Adviser will surrender promptly to the Fund any of such records upon the Fund's request; provided, however, that the Sub-Adviser may retain a copy of such records. In addition, for the duration of this Agreement, the Sub-Adviser shall preserve for the periods prescribed by Rule 31a-2 under the 1940 Act any such records as are required to be maintained by it pursuant to this Agreement, and shall transfer said records to any successor sub-adviser upon the termination of this Agreement (or, if there is no successor sub-adviser, to the Adviser).

&nbsp;&nbsp;&nbsp;&nbsp;&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 Sub-Adviser shall provide the Fund's custodian on each business day with information relating to all transactions concerning the Assets and shall provide the Adviser with such information upon request of the Adviser and shall otherwise cooperate with and provide reasonable assistance to the Adviser, the Trust's administrator, the Trust's custodian and foreign custodians, the Trust's transfer agent and pricing agents and all other agents and representatives of the 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;(f) The Adviser acknowledges that the Sub-Adviser performs investment advisory services for various other clients in addition to the Funds and, to the extent it is consistent with applicable law and the Sub-Adviser's fiduciary obligations, the Sub-Adviser may give advice and take action with respect to any of those other clients that may differ from the advice given or the timing or nature of action taken for a particular 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;(g) The Sub-Adviser shall promptly notify the Adviser of any financial condition that is reasonably and foreseeably likely to impair the Sub-Adviser's ability to fulfill its commitment under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Sub-Adviser shall not be responsible for reviewing proxy solicitation materials and voting and handling proxies.The Sub-Adviser will have no obligation to advise, initiate or take any other action on behalf of the Adviser, the Funds or the Assets in any legal proceedings (including, without limitation, class actions and bankruptcies) relating to the securities comprising the Assets or any other matter. Sub-Adviser will not file proofs of claims relating to the securities comprising the Assets or any other matter and will not notify the Adviser, the Funds or the Trust's custodian of class action settlements or bankruptcies relating to the 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) In performance of its duties and obligations under this Agreement, the Sub-Adviser shall not consult with any other sub-adviser to the Funds or a sub-adviser to a portfolio that is under common control with the Funds concerning the Assets, except as permitted by the policies and procedures of the Funds. The Sub-Adviser shall not provide investment advice to any assets of the Funds other than the Assets which it sub-advises.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the best interest of the Funds as well as other clients of the Sub-Adviser, the Sub-Adviser may, to the extent permitted by applicable law and regulations, aggregate the order for securities to be sold or purchased. In such event, the Sub-Adviser will allocate securities so purchased or sold, as well as the expenses incurred in the transaction, in a manner the Sub-Adviser reasonably considers to be equitable and consistent with its fiduciary obligations to the Fund and to such other clients under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Sub-Adviser shall maintain books and records with respect to the Funds' securities transactions and keep the Board and the Adviser fully informed on an ongoing basis as agreed by the Adviser and the Sub-Adviser of all material facts concerning the Sub-Adviser and its key investment personnel providing services with respect to the Funds and the investment and the reinvestment of the Assets of the Funds. The Sub-Adviser shall furnish to the Adviser or the Board such reasonably requested regular, periodic and special reports, balance sheets or financial information, and such other information with regard to its affairs as the Adviser or Board may reasonably request and the Sub-Adviser will attend meetings with the Adviser and/or the Trustees, as reasonably requested, to discuss the foregoing. Upon the request of the Adviser, the Sub-Adviser shall also furnish to the Adviser any other information relating to the Assets that is required to be filed by the Adviser or the Trust with the SEC or sent to shareholders under the 1940 Act (including the rules adopted thereunder) or any exemptive or other relief that the Adviser or the Trust obtains from the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The fair valuation of securities in a Fund may be required when the Adviser becomes aware of significant events that may affect the pricing of all or a portion of a Fund's portfolio. The Sub-Adviser will provide assistance in determining the fair value of the Assets, as necessary and reasonably requested by the Adviser or its agent, and use reasonable efforts to arrange for the provision of valuation information or a price(s) from a party(ies) independent of the Sub-Adviser if market prices are not readily available, it being understood that the Sub-Adviser will not be responsible for determining the value of any such security.

**2.** **Duties of the Adviser.** The Adviser shall continue
to have responsibility for all services to be provided to the Funds pursuant to the Advisory Agreement and shall oversee and review the
Sub-Adviser's performance of its duties under this Agreement; provided, however, that in connection with its management of the Assets,
nothing herein shall be construed to relieve the Sub-Adviser of responsibility for compliance with the

Prospectus, the Statement of Additional Information, the written instructions and directions of the Board, the requirements of the 1940 Act, the Code, and all other applicable federal laws and regulations, as each is amended from time to time.

**3.** **Delivery of Documents.** The Adviser has furnished
the Sub-Adviser with copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust's Agreement and Declaration of Trust (such Agreement and Declaration
of Trust, as in effect on the date of this Agreement and as amended from time to time, herein called the "Declaration of Trust");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Amended and Restated By-Laws of the Trust (such By-Laws, as in effect on the date
of this Agreement and as amended from time to time, are herein called the "By-Laws");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Prospectus and Statement of Additional Information of the Funds, as amended from
time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Resolutions of the Board approving the engagement of the Sub-Adviser as a sub-adviser
to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Resolutions, policies and procedures adopted by the Board with respect to the Assets
to the extent such resolutions, policies and procedures may affect the duties of the Sub-Adviser hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A list of the Trust's principal underwriter and each affiliated person of the
Adviser, the Trust or the principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The terms and conditions of exemptive and no-action relief granted to the Trust,
as amended from time to time.

The Adviser shall promptly furnish the Sub-Adviser from time to time with copies of all amendments of or supplements to the foregoing. Until so provided, the Sub-Adviser may continue to rely on those documents previously provided. The Adviser shall not, and shall not permit any of the Funds to use the Sub-Adviser's name or make representations regarding Sub-Adviser or its affiliates without prior written consent of Sub-Adviser, such consent not to be unreasonably withheld. Notwithstanding the foregoing, the Sub-Adviser's approval is not required when the information regarding the Sub-Adviser used by the Adviser or the Fund is limited to information disclosed in materials provided by the Sub-Adviser to the Adviser in writing specifically for use in the Fund's registration statement, as amended or supplemented from time to time, or in Fund shareholder reports or proxy statements and the information is used (a) as required by applicable law, rule or regulation, in the Prospectus of the Fund or in Fund shareholder reports or proxy statements; or (b) as may be otherwise specifically approved in writing by the Sub-Adviser prior to use.

**4.** **Compensation to the Sub-Adviser.** For the services to be provided
by the Sub-Adviser pursuant to this Agreement, the Adviser will pay the Sub-Adviser, and the Sub-Adviser agrees to accept as full compensation
therefore, a sub-advisory fee at the rate specified in <u>Schedule A</u> which is attached hereto and made part of this Agreement. The
fee will be calculated based on the daily value of the Assets under the Sub-Adviser's management (as calculated as described in
the Fund's registration statement), shall be computed daily, and will be paid to the Sub-Adviser not less than monthly in arrears.
Except as may otherwise be prohibited by law or regulation (including any then current SEC staff interpretations), the Sub-Adviser may,
in its sole discretion and from time to time, waive a portion of its fee.

In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect; provided, however that any minimum annual fee for any Fund (as noted on Schedule A) will not be prorated if this Agreement is terminated with respect to such Fund within twelve (12) months of its inception under this Agreement, but, rather, such minimum annual fee shall be paid by the Adviser in full (minus any investment management fees already paid during such period) at the time of termination.

**5.** **Expenses.** The Sub-Adviser will furnish, at its expense, all necessary
facilities and personnel, including personnel compensation, expenses and fees required for the Sub-Adviser to perform its duties under
this Agreement; administrative facilities, including operations and bookkeeping, and all equipment necessary for the efficient conduct
of the Sub-Adviser's duties under this Agreement. The Sub-Adviser may enter into an agreement with the Funds to limit the operating
expenses of the Fund.

**6.** **Indemnification.** The Sub-Adviser shall indemnify and hold harmless
the Adviser, the Trust, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling
persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities
or damages (including reasonable attorney's fees and other related expenses) however arising from or in connection with the performance
of the Sub-Adviser's obligations under this Agreement to the extent resulting from or relating to Sub-Adviser's own willful
misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement;provided, however,
that the Sub-Adviser's obligation under this <u>Section 5</u> shall be reduced to the extent that the claim against, or the loss,
liability or damage experienced by the Adviser, the Trust, all affiliated persons thereof and all controlling persons thereof, is caused
by or is otherwise directly related to the Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless
disregard of its duties under this Agreement.

The Adviser shall indemnify and hold harmless the Sub-Adviser and all affiliated persons thereof (within the meaning of Section 2(a)(3) of the Investment Company Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) from and against any and all claims, losses, liabilities or damages (including reasonable attorney's fees and other related expenses) however arising from or in connection with this Agreement (including, without limitation, any claims of infringement or misappropriation of the intellectual property rights of a third party against the Sub-Adviser or any affiliated person relating to any index or index data provided to Sub-Adviser by the Adviser or Adviser's agent and used by the Sub-Adviser in connection with performing its duties under this Agreement); provided, however, that the Adviser's obligation under this <u>Section 6</u> shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Sub-Adviser, is caused by or is otherwise directly related to the Sub-Adviser's own willful misfeasance, fraud, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement.

Notwithstanding anything to the contrary contained herein, no party to this Agreement shall be responsible or liable for its failure to perform under this Agreement or for any losses to the Assets resulting from any event beyond the reasonable control of such party or its agents, including, but not limited to, nationalization, expropriation, devaluation, seizure or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Assets; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or acts or war, terrorism, insurrection or revolution; or acts of God, or any other similar event. In no event, shall any party be responsible for incidental, consequential or punitive damages hereunder.

The provisions of this Section shall survive the termination of this Agreement.

**7.** **Representations and Warranties of Sub-Adviser.** The Sub-Adviser represents and warrants to the Adviser
and the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser is registered with the U.S. Securities and Exchange Commission as an investment adviser under the Advisers Act and will continue to be so registered so long as this Agreement remains in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sub-Adviser will promptly notify the Adviser of the occurrence of any event that would substantially impair the Sub-Adviser's ability to fulfill its commitment under this Agreement or disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act. The Sub-Adviser will also promptly notify the Trust and the Adviser if

it, a member of its executive management or portfolio manager for the Assets is served or otherwise receives notice of any action, suit, proceeding or investigation, at law or in equity, before or by any court, government agency, self-regulatory organization, public board or body, involving the affairs of the Funds or relating to the investment advisory services of the Sub-Adviser provided pursuant to this Agreement (other than any routine regulatory examinations);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Sub-Adviser will notify the Adviser promptly upon detection of (a) any material failure to manage the Fund(s) in accordance with the Fund(s)' stated investment objectives, guidelines and policies or any applicable law or regulation; or (b) any material breach of any of the Fund(s)' or the Sub-Adviser's policies, guidelines or procedures relating to the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Sub-Adviser is fully authorized under all applicable law and regulation to enter into this Agreement and serve as Sub-Adviser to the Funds and to perform the services described under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Sub-Adviser is a limited liability company duly organized and validly existing under the laws of the state of Delaware with the power to own and possess its assets and carry on its business as it is now being conducted;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The execution, delivery and performance by the Sub-Adviser of this Agreement are within the Sub-Adviser's powers and have been duly authorized by all necessary action on the part of its corporate members or board, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Sub-Adviser for the execution, delivery and performance by the Sub-Adviser of this Agreement, and the execution, delivery and performance by the Sub-Adviser of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Sub-Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. This Agreement is a valid and binding agreement of the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The Form ADV of the Sub-Adviser previously provided to the Adviser is a true and complete copy of the form filed with the SEC and the information contained therein is accurate, current and complete in all material respects as of its filing date, and does not omit to state any material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Sub-Adviser shall not divert any Fund's portfolio securities transactions to a broker or dealer in consideration of such broker or dealer's promotion or sales of shares of the Fund, any other series of the Trust, or any other registered investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage as determined by the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. The Sub-Adviser will provide information , as necessary and reasonably requested by the Adviser or its agent, with respect to any component of the liquidity risk management program adopted by the Fund(s) in accordance with SEC Rule 22e-4.

**8.** **Duration and Termination.** The effectiveness and termination dates of this Agreement shall be determined
separately for each Fund as described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Duration</u>. This Agreement shall become effective
with respect to a Fund upon the latest of (i) the approval by a vote of a majority of those Trustees of the Trust who are not parties
to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval;
(ii) the approval of a majority of the Fund's outstanding voting securities, if required by the 1940 Act; and (iii) the commencement
of the Sub-Adviser's management of the Fund. With respect to the Fund, this Agreement shall continue in effect for a period of two
years from the effective date described in this sub-paragraph, subject thereafter to being continued in force and effect from year to
year if specifically approved each year by the Board or by the vote of a majority of the Fund's outstanding voting securities. In
addition to the foregoing, each renewal of this Agreement must be approved by the vote of a majority of the Board who are not parties
to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval.
Prior to voting on the renewal of this Agreement, the Board may request

and evaluate, and the Sub-Adviser shall furnish, such information as may reasonably be necessary to enable the Board to evaluate the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. <u>Termination</u>. Notwithstanding whatever may be provided herein to the contrary, this Agreement may be terminated at any time with respect to a Fund, without payment of any penalty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. By vote of a majority of the Board, or by vote of a majority of the outstanding voting securities of the Funds, or by the Adviser, in each case, upon sixty (60) days' written notice to the Sub-Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. By the Adviser upon breach by the Sub-Adviser of any representation or warranty contained in Section 7 and Section 9 hereof, which shall not have been cured within twenty (20) days of the Sub-Adviser's receipt of written (including notice delivered electronically) notice of such breach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. By the Adviser immediately upon written (including notice delivered electronically) notice to the Sub-Adviser if the Sub-Adviser becomes unable to discharge its duties and obligations under this Agreement; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. By the Sub-Adviser upon sixty (60) days' written (including notice delivered electronically) notice to the Adviser and the Board.

This Agreement shall terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement with the Trust upon notice to the Sub-Adviser. As used in this <u>Section 8</u>, the terms "assignment" and "vote of a majority of the outstanding voting securities" shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act.

**9.** **Regulatory Compliance Program of the Sub-Adviser.** The Sub-Adviser hereby represents and warrants
that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. in accordance with Rule 206(4)-7 under the Advisers Act, the Sub-Adviser has adopted and implemented and
will maintain written policies and procedures reasonably designed to prevent violation by the Sub-Adviser and its supervised persons (as
such term is defined in the Advisers Act) of the Advisers Act and the rules the SEC has adopted under the Advisers Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the Sub-Adviser has adopted and implemented and will
maintain written policies and procedures that are reasonably designed to prevent violation of the "federal securities laws"
(as such term is defined in Rule 38a-1 under the 1940 Act) by the Funds and the Sub-Adviser applicable to the Sub-Adviser's services
provided under this Agreement (the policies and procedures referred to in this <u>Section 9(b)</u>, along with the policies and procedures
referred to in <u>Section 9(a)</u>, are referred to herein as the Sub-Adviser's "Compliance Program").

**10.** **Confidentiality**. Subject to the duty of the Adviser
or Sub-Adviser to comply with applicable law and regulation, including any demand or request of any regulatory, governmental or tax authority
having jurisdiction, the parties hereto shall treat as confidential all non-public information pertaining to the Funds and the actions
of the Sub-Adviser and the Funds in respect thereof. It is understood that any information or recommendation supplied by the Sub-Adviser
in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the Adviser, the
Funds, the Board, or such persons as the Adviser may reasonably designate in connection with the Funds. It is also understood that any
information supplied to the Sub-Adviser in connection with the performance of its obligations hereunder is to be regarded as confidential
and for use only by the Sub-Adviser, its affiliates and agents in connection with its obligation to provide investment advice and other
services to the Funds and to assist or enable the effective management of the Adviser's and the Funds' overall relationship
with the Sub-Adviser and its affiliates. The parties acknowledge and agree that all nonpublic personal information with regard to shareholders
in the Funds shall be deemed proprietary and confidential information of the Adviser, and that the Sub-Adviser shall use that information
solely in the performance of its duties and obligations under this Agreement and shall take reasonable steps to safeguard the confidentiality
of that information. Further, the Sub-Adviser shall maintain and enforce adequate security and oversight procedures with respect to all
materials, records, documents and data relating to any of its responsibilities pursuant to this Agreement including all means for the
effecting of investment transactions.

11. **Reporting of Compliance Matters.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Sub-Adviser shall promptly provide to the Trust's
Chief Compliance Officer ("CCO") the following:

&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) a report of any material violations of the Sub-Adviser's
Compliance Program or any "material compliance matters" (as such term is defined in Rule 38a-1 under the 1940 Act) that have
occurred with respect to the Sub-Adviser's Compliance 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;(ii) on a quarterly basis, a report of any material changes
to the policies and procedures that compose the Sub-Adviser's Compliance 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;(iii) a copy of the summary of the Sub-Adviser's chief
compliance officer's report (or similar document(s) which serve the same purpose) regarding his or her annual review of the Sub-Adviser's
Compliance Program, as required by Rule 206(4)-7 under the Advisers Act; 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) an annual (or more frequently as the Trust's CCO
may reasonably request) representation regarding the Sub-Adviser's compliance with <u>Section 7</u> and Section <u>9</u> of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Sub-Adviser shall also provide the Trust's CCO with reasonable access, during normal business hours, to the Sub-Adviser's facilities for the purpose of conducting pre-arranged on-site compliance related due diligence meetings with personnel of the Sub-Adviser.

**11. The Name "**Shelton Capital Management**."** The Adviser grants to the Sub-Adviser a sub-license to use the name "Shelton Capital Management" (the "Name"). The foregoing authorization by the Adviser to the Sub-Adviser to use the Name is not exclusive of the right of the Adviser itself to use, or to authorize others to use, the Name; the Sub-Adviser acknowledges and agrees that, as between the Sub-Adviser and the Adviser, the Adviser has the right to use, or authorize others to use, the Name. The Sub-Adviser shall only use the Name in a manner consistent with uses approved by the Adviser. Notwithstanding the foregoing, neither the Sub-Adviser nor any affiliate or agent of it shall make reference to or use the Name or any of Adviser's respective affiliates or clients names without the prior approval of Adviser, which approval shall not be unreasonably withheld or delayed; provided that the Sub-Adviser is authorized to disclose the Name and the Adviser's and the Funds identities as clients of the Sub-Adviser in any representative client list prepared by the Sub-Adviser for use in marketing materials. The Sub-Adviser hereby agrees to make all reasonable efforts to cause any affiliate or agent of the Sub-Adviser to satisfy the foregoing obligation in connection with any services such affiliates or agents provide to the Sub-Adviser or the Funds under this Agreement.

**12. Index Data.** The Adviser has obtained all licenses and permissions necessary for the Sub-Adviser to use any index data provided to it by the Adviser or Adviser's agent under this Agreement and the Sub-Adviser is not required to obtain any such licenses or permissions itself.

**13. Governing Law.** This Agreement shall be governed by the laws of the State of Delaware, without regard to conflict of law principles; provided, however, that nothing herein shall be construed as being inconsistent with the 1940 Act.

**14. Severability.** Should any part of this Agreement be held invalid by a court decision, statute, regulation, rule or otherwise, the remainder of this Agreement shall not be affected thereby. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors.

**15. Notice.** Any notice, advice, document, report or other client communication to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid or electronically addressed by the party giving notice to the other party at the last address furnished by the other party. By consenting to the electronic delivery of any notice, advice, document, report or other client communication in respect of this Agreement or as required pursuant to applicable law, the Adviser authorizes the Sub-Adviser to deliver all communications by email or other electronic means.

---

| | |
|:---|:---|
| To the Adviser at: | Shelton Funds<br> 1125 17th Street, Ste. 2550<br> Denver, Colorado 80202<br> Attn: CEO and General Counsel <br> srogers@sheltoncap.com; gpusch@sheltoncap.com |
| To the Trust at: | SCM Trust<br> 1125 17th Street, Ste. 2550<br> Denver, Colorado 80202<br> Attn: President and CCO <br> srogers@sheltoncap.com; gpusch@sheltoncap.com |
| <br> To the Sub-Adviser at: | <br> Vident Advisory, LLC<br> 1125 Sanctuary Parkway, Suite 515<br> Alpharetta, Georgia, 30009<br> Attention: Amrita Nandakumar, President<br> Email: <u>anandakumar@videntam.com</u> |

---

**16. Non-Hire/Non-Solicitation.** The parties hereby agree that, during the term of this Agreement, neither party shall, for any reason, directly or indirectly, on its own behalf or on behalf of others, knowingly hire any person employed by the other party (a "Restricted Person"), whether or not such Restricted Person is a full-time employee or whether or not any Restricted Person's employment is pursuant to a written agreement or is at-will. The parties further agree that, to the extent that a party breaches the covenant described in this paragraph, the other party shall be entitled to pursue all appropriate remedies in law or equity.

**17. Amendment of Agreement.** This Agreement may be amended only by written agreement of the Adviser, the Sub-Adviser and the Trust, and only in accordance with the provisions of the 1940 Act and the rules and regulations promulgated thereunder.

**18. Representations and Warranties of the Adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each Fund is an "eligible contract participant" as defined in Section 1a(18) of the U.S. Commodity
Exchange Act (the "CEA") and U.S. Commodity Futures Trading Commission ("CFTC") Rule 1.3(m) thereunder and a "qualified
eligible person" as defined in Rule 4.7 of the CFTC. The Adviser consents to each Fund being treated as an exempt account under
Rule 4.7 of the CFTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Adviser is not registered with the National Futures Association as a commodity pool operator or commodity
trading adviser because it does not engage in any activities requiring such registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The execution, delivery and performance by the Adviser and the Funds of this Agreement have been duly
authorized by all necessary action on the part of the Adviser and the Board (including full authority to bind the Funds to the terms of
this Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Adviser will promptly notify the Sub-Adviser if any of the above representations in this Section are
no longer true and accurate.

**19.** **Entire Agreement.** This Agreement embodies the entire agreement and understanding between the parties
hereto, and supersedes all prior agreements and understandings relating to this Agreement's subject matter. This Agreement may be
executed in any number of counterparts, each of which shall be deemed to be an original, but such counterparts shall, together, constitute
only one instrument.

**20.** **Interpretation.** Any question of interpretation of any term or provision of this Agreement having
a counterpart in or otherwise derived from a term or provision of the 1940 Act will be resolved by reference to such term or provision
of the 1940 Act and to interpretations thereof, if any, by the United States courts or, in the absence of any controlling decision of
any such court, by rules, regulations or orders of the SEC validly issued pursuant to the 1940 Act. Specifically, the terms "vote
of a majority of the outstanding voting securities," "interested persons," "assignment," and "affiliated
persons," as used herein will have the meanings assigned to them by Section 2(a) of the 1940 Act. In addition, where the effect
of a requirement of the 1940 Act reflected in any provision of this Agreement is relaxed by a rule, regulation or order of the SEC, whether
of special or of general application, such provision will be deemed to incorporate the effect of such rule, regulation or order.

**21.** **Headings.** The headings in the sections of this Agreement are inserted for convenience of reference
only and will not constitute a part hereof.

In the event the terms of this Agreement are applicable to more than one Fund of the Trust as specified in <u>Schedule A</u> attached hereto, the Adviser is entering into this Agreement with the Sub-Adviser on behalf of the respective Funds severally and not jointly, with the express intention that the provisions contained in each numbered paragraph hereof shall be understood as applying separately with respect to each Fund as if contained in separate agreements between the Adviser and Sub-Adviser for each such Fund. In the event that this Agreement is made applicable to any additional Funds by way of a Schedule executed subsequent to the date first indicated above, provisions of such Schedule shall be deemed to be incorporated into this Agreement as it relates to such Fund so that, for example, the execution date for purposes of <u>Section 8</u> of this Agreement with respect to such Fund shall be the execution date of the relevant Schedule.

**22.** **Miscellaneous.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. A copy of the Certificate of Trust is on file with the
Secretary of State of the Commonwealth of Massachusetts, and notice is hereby given that the obligations of this instrument are not binding
upon any of the Trustees, officers or shareholders of the Fund or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Where the effect of a requirement of the 1940 Act or
Advisers Act reflected in any provision of this Agreement is altered by a rule, regulation or order of the SEC, whether of special or
general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order.

**PURSUANT TO AN EXEMPTION FROM THE COMMODITY FUTURES TRADING COMMISSION IN CONNECTION WITH ACCOUNTS OF QUALIFIED ELIGIBLE PERSONS, THIS BROCHURE OR ACCOUNT DOCUMENT IS NOT REQUIRED TO BE, AND HAS NOT BEEN, FILED WITH THE COMMISSION. THE COMMODITY FUTURES TRADING COMMISSION DOES NOT PASS UPON THE MERITS OF PARTICIPATING IN A TRADING PROGRAM OR UPON THE ADEQUACY OR ACCURACY OF COMMODITY TRADING ADVISOR DISCLOSURE. CONSEQUENTLY, THE COMMODITY FUTURES TRADING COMMISSION HAS NOT REVIEWED OR APPROVED THIS TRADING PROGRAM OR THIS BROCHURE OR ACCOUNT DOCUMENT.**

[*Signature page follows*]

**IN WITNESS WHEREOF**, the parties hereto have caused this Agreement to be executed as of the day first set forth above.

---

| |
|:---|
| &nbsp;&nbsp; <br> CCM PARTNERS, LP DBA SHELTON CAPTIAL MANAGEMENT<br>By: <u>/s/ Steve Rogers__________________</u><br>Name: Steve Rogers<br>Title: CEO<br>|
| &nbsp;&nbsp; <br> VIDENT ADVISORY, LLC<br>By: <u>/s/ Amrita Nandakumar</u><br>Name: <u>Amrita Nandakumar</u><br>Title: <u>President</u><br>|
| &nbsp;&nbsp; <br> SCM TRUST, ON BEHALF OF ITS SERIES LISTED ON SCHEDULE A HERETO<br>By: <u>/s/ Steve Rogers</u><br>Name: Steve Rogers<br>Title: President<br>|

---

**A** 

**to the**

**INVESTMENT SUB-ADVISORY AGREEMENT**

**Dated August 14, 2025 by and among**

**CCM PARTNERS, LP DBA SHELTON CAPITAL MANAGEMENT**

**and**

**VIDENT ADVISORY, LLC**

**and**

**scm TRUST**

The Adviser will pay to the Sub-Adviser as compensation for the Sub-Adviser's services rendered, a fee, computed daily at an annual rate based on the greater of (1) the minimum fee or (2) the daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | | |
|:---|:---|:---|
| **<u>Fund</u>** | **<u>Rate</u>** | **<u>Minimum Fee</u>** |
| Shelton Equity Premium Income ETF | 0.06% on the first $250 million USD in assets, 0.05% on the second $250 million, and 0.04% for assets above $500M | $45000 |

---

Example:

If a fund has $600 million in assets, the annual fee would be calculated as:

0.06% on the first $250M = $150,000

0.05% on the next $250M = $125,000

0.04% on the remaining $100M = $40,000

Total Annual Fee = $315,000

The fee of the Sub-Adviser will accrue and be payable monthly in arrears. The Adviser will pay the Sub-Adviser the amount payable pursuant to any invoice not later than: (i) ten (10) days after the last day of the month during which the services for the payment of which the fee is payable were rendered; or (ii) ten (10) days after receipt by the Adviser of the Sub-Adviser's invoice with respect to that month.

## Ex-99.(E)(5)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(e)(5)**

**DISTRIBUTION AGREEMENT**

This Distribution Agreement (the "Agreement") is made effective this August 14, 2025, by and between SCM Trust, a Massachusetts business trust (the "Trust") and Paralel Distributors LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "1940 Act") with certain separate and distinct series listed on Exhibit A (each series a "Fund" and collectively the "Funds") registered with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "1933 Act").

WHEREAS, the Trust intends to create and redeem shares of beneficial interest (the "Shares") of each Fund on a continuous basis and list the Shares on one or more national securities exchanges (together, the "Listing Exchanges").

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

WHEREAS, the Trust desires to retain the Distributor to (i) act as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund, and (ii) hold itself available to review and approve orders for such Creation Units in the manner set forth in the Trust's Prospectus.

WHEREAS, the Distributor desires to provide the services described herein to the Trust subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows:

**1. Appointment**. The Trust hereby appoints the Distributor to serve as the principal underwriter of the Funds with respect to the creation and redemption of Creation Units of each Fund listed in Exhibit A hereto (as may be amended by the Trust from time to time on written notice to the Distributor) on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

**2. Definitions**. Wherever they are used herein, the following terms have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Prospectus" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Registration Statement" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is amended by any amendments thereto at the time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

**3. Duties of the Distributor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor agrees to serve as the principal underwriter of the Funds in connection with the review and approval of all Purchase and Redemption Orders of Creation Units of each Fund by Authorized Participants that have executed an Authorized Participant Agreement with the Distributor and Transfer Agent/ Index Receipt Agent. Nothing herein shall affect or limit the right and ability of the Transfer Agent/ Index Receipt Agent to accept fund securities, deposit securities, and related cash components through or outside the clearing process, and as provided in and in accordance with the Registration Statement and Prospectus. The Trust acknowledges that the Distributor shall not be obligated to approve any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to use commercially reasonable efforts to provide the following services to the Trust with respect to the continuous distribution of Creation Units of each Fund: (i) at the request of the Trust, the Distributor shall enter into Authorized Participant Agreements between and among Authorized Participants, the Distributor and the Transfer Agent/Index Receipt Agent, for the purchase and redemption of Creation Units of the Funds, (ii) the Distributor shall approve and maintain copies of confirmations of Creation Unit purchase and redemption order acceptances; (iii) upon request, the Distributor will make available copies of the Prospectus to purchasers of such Creation Units and, upon request, the Statement of Additional Information; and (iv) the Distributor shall maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall ensure that all direct requests to Distributor for Prospectuses, Statements of Additional Information, product descriptions and periodic fund reports, as applicable, are fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to make available, at the Trust's request, one or more members of its staff to attend, either via telephone or in person, Board meetings of the Trust in order to provide information with regard to the Distributor's services hereunder and for such other purposes as may be requested by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributor shall review and approve, prior to use, all Trust marketing materials ("Marketing Materials") for compliance with SEC and FINRA advertising rules and will file all Marketing Materials required to filed with FINRA. The Distributor agrees to furnish to a Fund's investment adviser any comments provided by FINRA with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Distributor shall not offer any Shares and shall not approve any creation or redemption order hereunder if and so long as the effectiveness of the Registration Statement then in effect or any necessary amendments thereto shall be suspended under any of the provisions of the 1933 Act or if and so long as a current prospectus as required by Section 10 of the 1933 Act is not on file with the SEC; provided, however, that nothing contained in this paragraph shall in any way restrict or have any application to or bearing upon the Trust's obligation to redeem or repurchase any Shares from any shareholder in accordance with provisions of the Prospectus or Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor shall work with the Index Receipt Agent to review and approve orders placed by Authorized Participants and transmitted to the Index Receipt Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor agrees to maintain and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Distributor agrees to maintain compliance policies and procedures (a "Compliance Program") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees.

**4. Duties of the Trust.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to create, issue, and redeem Creation Units of each Fund in accordance with the procedures described in the Prospectus. Upon reasonable notice to the Distributor and in accordance with the procedures described in the Prospectus, the Trust reserves the right to reject any order for Creation Units or to stop all receipts of such orders at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees that it will take all actions necessary to register an indefinite number of Shares under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust will make available to the Distributor such number of copies as Distributor may reasonably request of (i) its then currently effective Prospectus and Statement of Additional Information and product description, (ii) copies of semi-annual reports and annual audited reports of the Trust's books and accounts made by independent public accountants

regularly retained by the Trust, and (iii) such other publicly available information for use in connection with the distribution of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust shall inform Distributor of any such jurisdictions in which the Trust has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in authorized jurisdictions where the Distributor had no information from the Trust that such sale or sales were unauthorized at the time of such sale or sales.

The Distributor acknowledges and agrees that the Trust reserves the right to suspend sales and Distributor's authority to review and approve orders for Creation Units on behalf of the Trust. Upon due notice to the Distributor, the Trust shall suspend the Distributor's authority to review and approve Creation Units if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust shall arrange to provide the Listing Exchanges with copies of Prospectuses, Statements of Additional Information, and product descriptions to be provided to purchasers in the secondary market.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust will make it known that Prospectuses and Statements of Additional Information and product descriptions are available by making sure such disclosures are in all marketing and advertising materials prepared by the Trust.

**5. Fees and Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor shall be entitled to no compensation or reimbursement of reasonable expenses from the Trust for the services provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from the Trust's investment adviser related to its services hereunder or for additional services as may be agreed to between the investment adviser and Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust shall bear the cost and expenses of: (i) the registration of the Shares for sale under the 1933 Act; and (ii) the registration or qualification of the Shares for sale under the securities laws of the various States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall pay (i) all expenses relating to Distributor's broker-dealer qualification and registration under the 1934 Act; and (ii) the expenses incurred by the Distributor in connection with routine FINRA filing fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Trust's investment adviser with respect to any services performed under this Agreement, as may be agreed upon by the parties from time to time.

The Trust shall bear any costs associated with printing Prospectuses, Statements of Additional Information and all other such materials.

**6. Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor will not be liable for and the Trust agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "Distributor Indemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("Losses") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement, (ii) any liability or other Losses of the Distributor arising from or related to its role of entering into agreements with APs (defined hereafter) on behalf of the Trust unless such liability or Loss is due to the Distributor's willful misfeasance, bad faith, gross negligence, or reckless disregard of duties; (iii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties and responsibilities in this Agreement; (iv) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and/or Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and

product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (v) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (vi) the Trust's failure to comply in any material respect with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to indemnify and hold harmless the Trust and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "Trust Indemnitees") against any Losses arising out of or based upon (i) any willful misfeasance, bad faith, gross negligence, or reckless disregard of duties by the Distributor or any of its directors, officers, employees or affiliates, taken in connection with its activities as Distributor pursuant to this Agreement; (ii) the breach of any material obligation, representation or warranty contained in this Agreement by the Distributor; (iii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations; or (iv) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 3(g)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor.

In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of duties in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any of the Creation Units or the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No indemnified party shall settle or compromise any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld, conditioned, or delayed. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action, unless otherwise agreed. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges and agrees that as part of its duties, Distributor will enter into agreements with certain authorized participants (each an "AP" and collectively the "APs") for the purchase and redemption of Creation Units (each such agreement an "AP Agreement"). The APs may insert and require that Distributor agree to certain provisions in the AP Agreements that contain certain clauses or terms (including, among others, representations, undertakings and indemnification) that are not included in the form-of AP Agreement (each such modified AP Agreement, a "Non-Standard AP Agreement).

To the extent that Distributor is requested or required to make any such change as mentioned above, the Trust shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard AP Agreement; (b) any representations made by the Distributor in any Non-Standard AP Agreement to the extent that the Distributor is not required to make such representations in the form-of AP Agreement; or (c) any liability assumed or

indemnification provided by the Distributor under a Non-Standard AP Agreement. In no event shall anything contained herein be so construed as to protect the Distributor Indemnitees against any liability to the Trust or its shareholders to which the Distributor Indemnitees would otherwise be subject by reason of willful misfeasance, bad faith, reckless disregard, or gross negligence in the performance of Distributor's obligations or duties under the Non-Standard AP Agreement.

**7. Representations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware limited liability company and is and at all times will remain duly
authorized and licensed under applicable law to carry out its services as contemplated herein; (ii) the execution, delivery and performance
of this Agreement are within its power and have been duly authorized by all necessary action; (iii) its entering into this Agreement or
providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any
provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is registered as a broker-dealer
under the 1934 Act and is a member of FINRA; and (v) it has in place compliance policies and procedures reasonably designed to prevent
violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All activities by the Distributor and its agents and employees in connection with the services provided
in this Agreement shall comply with the Registration Statement and Prospectus, the instructions of the Trust, and all applicable laws,
rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or
any securities association registered under the 1934 Act, including FINRA and the Listing Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Massachusetts business trust and is and at all times will remain duly authorized
to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940 Act; (iii) the execution,
delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) its entering
into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement
or document to which the Trust is a party or by which it is bound; (v) the Registration Statement and each Fund's Prospectus have
been prepared, and all Marketing Materials shall be prepared, in all materials respects, in conformity with the 1933 Act, the 1940 Act
and the rules and regulations of the SEC (the "Rules and Regulations"); and (vi) the Registration Statement and each Fund's
Prospectus contain, and all Marketing Materials shall contain, all statements required to be stated therein in accordance with the 1933
Act, the 1940 Act and the Rules and Regulations; (vii) all statements of fact contained therein, or to be contained in all Marketing Materials,
are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and none of
the Registration Statement, any Fund's Prospectus, nor any Marketing Materials shall include any untrue statement of a material
fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the case of each Fund's
Prospectus in light of the circumstances in which made, not misleading; and (viii) except as otherwise noted in the Registration Statement
and Prospectus, the offering price for all Creation Units will be the aggregate net asset value of the Shares per Creation Unit of the
relevant Fund, as determined in the manner described in the Registration Statement and Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. it shall file such amendment or amendments to the Registration Statement and each Fund's Prospectus
as, in the light of future developments, shall, in the opinion of the Trust's counsel, be necessary in order to have the Registration
Statement and each Fund's Prospectus at all times contain all material facts required to be stated therein or necessary to make
the statements therein, in light of the circumstances in which made, not misleading. The Trust shall not file any amendment to the Registration
Statement or each Fund's Prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in
this Agreement shall in any way limit the Trust's right to file at any time such amendments to the Registration Statement or any
Fund's Prospectus as the Trust may deem advisable. The Trust will also

notify the Distributor in the event of any stop order suspending the effectiveness of the Registration Statement. Notwithstanding the foregoing, the Trust shall not be deemed to make any representation or warranty as to any information or statement provided by the Distributor for inclusion in the Registration Statement or any Fund's Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. upon delivery of Deposit or Fund Securities to an Authorized Participant in connection with a purchase
or redemption of Creation Units, the Authorized Participant will acquire good and unencumbered title to such securities, free and clear
of all liens, restrictions, charges and encumbrances, and not subject to any adverse claims and that such Fund and Deposit Securities
will not be "restricted securities" as such term is used in Rule 144(a)(3)(i) under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor and the Trust each individually represent that its anti-money laundering program ("AML Program"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Trust acknowledges that the Authorized Participants are not "customers" for the purposes of 31 CFR 103.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor and the Trust each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (ii) it will comply with all of the applicable terms and provisions of the 1934 Act.

**8. Duration, Termination and Amendment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually (i) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each Fund (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party or (ii) by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

**9. Notice.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Distributor:** | &nbsp;&nbsp;(ii) **If to the 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; Paralel Distributors LLC<br> 1700 Broadway Suite 1850<br> Denver, Colorado 80290<br> Attn: General Counsel<br> [REDACTED]<br>| &nbsp;&nbsp; SCM Trust<br> 1125 17th Street, Ste. 2550<br> Denver, Colorado 80202<br> Attn: CEO and General Counsel <br> [REDACTED]<br>|

---

**10. Choice of Law.** This Agreement shall be governed by, and construed in accordance with, the laws of the state of Colorado, without giving effect to the choice of laws provisions thereof. Each party to this Agreement, by its execution hereof

(i) irrevocably submits to the nonexclusive jurisdiction of the state courts of the State of Colorado or the United States District Courts for the State of Colorado for the purpose of any action between the parties arising in whole or in part under or in connection with this Agreement, and (ii) waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced in or by such court.

**11. Counterparts.** This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**12. Severability.** If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

**13. Insurance.** The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

**14. Confidentiality.** During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

**15. Liability of Officers, Directors, and Funds.** This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the Trust individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund of the Trust shall be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of that Fund.

**16. Use of Names; Publicity.** The Trust shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Trust, in a manner not approved by the Distributor in writing prior to such use,

such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

The Distributor shall not use the name SCM Trust in any offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying the Trust as a client of Distributor hereunder, in a manner not approved by the Trust in writing prior to such use; provided, however, that the Trust shall consent to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

**17. Exclusivity.** Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

[execution page follows]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their officers designated below as of the date first set forth above.

---

| | |
|:---|:---|
| **SCM TRUST** | **SCM TRUST** |
| A Massachusetts business trust | A Massachusetts business trust |
| By: | /s/ Steve Rogers |
| Name: | Steve Rogers |
| Title: | CEO |
| **PARALEL DISTRIBUTORS LLC** | **PARALEL DISTRIBUTORS LLC** |
| A Delaware limited liability company | A Delaware limited liability company |
| By: | /s/ Bradley Swenson |
| Name: | Bradley Swenson |
| Title: | President |

---

**EXHIBIT A**

**Funds**

&nbsp;&nbsp;&nbsp;&nbsp;1. Shelton Equity Premium Income ETF

## Ex-99.(G)(4)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(g)(4)**

**FORM OF CUSTODY AGREEMENT**

**This Agreement** (the "Agreement") is made as of [·], 2025 (the "Effective Date") **between**:

**(1)** Each entity identified on Appendix A, whose jurisdiction of formation is identified opposite its name
(the "Client"); and

**(2)** **STATE STREET BANK AND TRUST COMPANY**, a bank and trust company organized under the laws of The Commonwealth
of Massachusetts, U.S.A. (the "Custodian").

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| | |
|:---|:---|
| **1** | **Definitions and Interpretation** |
|  | Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1. |

---

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| | |
|:---|:---|
| **2** | **Appointment of the Custodian** |
|  | The Client hereby appoints the Custodian to provide the services set out in Sections 3 through 15 below (the "Services") subject to and in accordance with the terms of this Agreement. |

---

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| | |
|:---|:---|
| 3 | **Safekeeping Securities** |

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**3.1** **Holding Securities.** The Custodian will hold Securities delivered or credited to its account under
this Agreement directly or through accounts at Subcustodians or CSDs. In turn, Subcustodians will hold Securities directly or through
accounts at CSDs.

**3.2** **Client Entitlements and Segregation.** The Custodian will take the following steps to reflect the
Client's ownership of Securities and to separately identify the Securities of the Client from the proprietary assets of the Custodian,
Subcustodians, and CSDs, in accordance with Local Market Practice:

**3.2.1** **Accounts at the Custodian.** Open and maintain on the records of the Custodian one or more securities
accounts in the name of the Client or such other name as the Client may reasonably request (each, a "Securities Account")
and credit Securities to them;

**3.2.2** **Accounts at the Subcustodians or CSDs.** Open and maintain securities accounts at the Subcustodians
or CSDs in which the Custodian is a direct participant, cause Subcustodians to open and maintain securities accounts at CSDs in which
the Subcustodian is a participant, and cause Securities to be credited to the relevant accounts. Such accounts: (i) may be commingled
(or omnibus) accounts for Securities of multiple customers of the Custodian (or Subcustodian, in the case of accounts opened by the Subcustodian
at a CSD) or, in limited markets, segregated (or separate) accounts for Securities of the Client; and (ii) must not include any proprietary
securities of the Custodian, the Subcustodian or the CSD;

**3.2.3** **Physical Securities.** Physically segregate bearer Securities from the proprietary assets of the
Custodian, and require that the Subcustodians physically segregate bearer Securities from the Subcustodian's and the Custodian's
proprietary assets;

Information Classification: Limited Access 1

**3.2.4** **Registration Names.** Register certificated Securities (other than bearer securities) in the name
of the Client or in the name of the Custodian, a Subcustodian, a CSD or a nominee of any of them, or otherwise in accordance with Local
Market Practice and the laws and regulations applicable to the Custodian; and

**3.2.5** **Records of Transactions; Reconciliation.** Maintain records of the Client's transactions in
the Securities Accounts and reconcile its records of clients' securities holdings against the records of its Subcustodians and CSDs
in which it is a direct participant in accordance with the Custodian's standard procedures and Local Market Practice. Subcustodians
will likewise maintain records of their client's transactions and reconcile their records of the securities holdings of their clients
against the records of the CSDs in which they are a direct participant in accordance with the Subcustodians' standard procedures
and Local Market Practice.

**3.3** **Securities Interchangeable.** Securities of the Client (whether held in separate or commingled accounts)
are fungible with all other securities of the same issue held in such accounts by the Custodian and its Subcustodians. This means that
the Client's redelivery rights in respect of the Securities are not in respect of the Securities actually deposited with the Custodian
or a Subcustodian from time to time, but rather in respect of Securities of the same number, class, denomination and issue as those Securities.

**3.4** **Acceptance of Securities.** Except as otherwise agreed in writing with the Client, the Custodian
will only accept custody of Securities and other assets that it is operationally equipped and licensed to hold in the relevant market
where it provides custodial services either directly or through an existing Subcustodian and may decline to accept custody of certain
securities or asset types that it determines present an unacceptable risk profile or that it or its Subcustodians are not operationally
equipped or permitted to hold under any law or regulation.

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| | |
|:---|:---|
| **4** | **Cash** |

---

**4.1** **Cash Accounts.** The Custodian will open and maintain in the name of the Client one or more cash
deposit accounts (each a "Cash Account") in such currencies as may be required in connection with the investment activity
of the Client.

**4.2** **Location of Cash Deposits.** Cash received for the Client will be deposited with the Custodian, or
with a Subcustodian, depending on the currency and/or the market. The Custodian will designate each currency in a particular market as
On Book Cash or Off Book Cash. "On Book Cash" means the currency is maintained in a deposit account with, and recorded as
a liability on the balance sheet of, the Custodian (through any of its branches) and "Off Book Cash" means the currency is
maintained in a deposit account with, and recorded as a liability on the balance sheet of, a Subcustodian (through any of its branches).
The Custodian may change the designation of a currency as On Book or Off Book from time to time. Clients will find the designation of
currencies as On Book Cash and Off Book Cash, and any changes to such designations, in the Client Publications.

**4.3** **Cash Records.** The Custodian will reflect Cash balances held in all On Book and Off Book Client
deposit accounts on its books and records and report the balances to the Client.

Information Classification: Limited Access 2

**4.4** **Banking Relationship.** In accepting deposits under this Agreement, the Custodian (for On Book Cash)
or the relevant Subcustodian (for Off Book Cash) acts as banker and (i) does not hold the money deposited on trust or segregated from
its proprietary assets and (ii) does not collateralize such deposits. Accordingly, the Client is an unsecured creditor of the Custodian
(for On Book Cash) or the relevant Subcustodian (for Off Book Cash), subject to such rights as may arise in an Insolvency Event as determined
under the laws of the jurisdiction of the Custodian or relevant Subcustodian. With respect to Off Book Cash, the Custodian is only responsible
for returning the actual amount that the Custodian receives from the Subcustodian.

**4.5** **Interest and Charges.** Cash Accounts may be interest bearing or non-interest bearing and may be
subject to charges or fees on the deposit balance or on a per account basis. The Custodian or the relevant Subcustodian will determine
on a periodic basis:

**4.5.1** the interest rates, if any, (which may be positive, zero or negative) or equivalent charges or fees paid
or charged to the Client from time to time with respect to a Cash Account; and

---

| | |
|:---|:---|
| **4.5.2** | the overdraft rates or equivalent charges or fees and the applicable overdraft thresholds (if any) that will trigger interest charges from time to time for overdrafts, |
| in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request. | in each case, acting in their sole discretion, taking into account market conditions and other relevant commercial considerations. Interest and overdraft rates or other account charges or fees will vary by currency. Details on current rates and deposit account charges are available upon request. |

---

**4.6** **Overdrafts.** The Client must maintain sufficient funds in the Cash Accounts to settle all transactions
in the applicable currencies in a timely manner. The Custodian or its Subcustodians may, but are not required to, extend credit under
this Agreement. The Custodian reserves the right to decline to process any Proper Instruction or settle any transaction that would result
in an overdraft of the Cash Account. If an overdraft arises in the Cash Account, the Client agrees to repay the principal amount of the
overdraft upon demand by the Custodian or within five Business Days, whichever is earlier, plus any applicable overdraft fees and interest
on the principal overdraft.

---

| | |
|:---|:---|
| **5** | **Transaction Settlement** |

---

**5.1** **Settlement**. The Custodian will settle all transactions in accordance with Local Market Practice,
which may not always be on a delivery-versus-payment or receipt-versus-payment basis. Except as otherwise provided below regarding Contractual
Settlement, the Custodian will credit or debit the appropriate Cash Account on an actual settlement or payment basis.

**5.2** **Contractual Settlement.** In order to facilitate transaction settlement, the Custodian may provisionally
credit settlement, maturity or redemption proceeds, or income, dividends and other distributions, on a contractual settlement or predetermined
income basis ("Contractual Settlement"), for markets, securities and eligible clients as determined and notified by the Custodian
in the Client Publications. The Custodian can terminate or suspend Contractual Settlement for markets, securities or particular clients
at any time.

**5.3** **Use of Funds.** Where Contractual Settlement applies, the Custodian will credit or debit the appropriate
Cash Account on the contractual settlement date or payable date for the relevant transaction. This means that (i) the Client will have
use of the funds from the date that a sale was contracted to settle or
the payable date, which may be earlier than the date payment actually occurs and (ii) the Custodian will have use of the funds debited
from the Cash Account from the date that a purchase was contracted to settle until the date that settlement actually occurs.

Information Classification: Limited Access 3

**5.4** **Reversal.** The Custodian may reverse any Contractual Settlement credit at any time before actual
receipt of the cash payment associated with the credit if the Custodian determines, in its reasonable judgement, that such payment will
not be received within 30 days for that transaction or if the Custodian suspends or terminates the provision of Contractual Settlement
for those Securities in that market. The Custodian will generally notify the Client two Business Days before any such reversal.

**5.5** **Secured Liability.** To the extent that the Custodian has not received the cash payment associated
with a credit, the amount credited remains a Secured Liability under this Agreement.

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|:---|:---|
| **6** | **Corporate Actions** |

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**6.1** **Transmit Information.** The Custodian will promptly transmit or make available to the Client all
material written information customarily provided by a professional global custodian regarding an applicable Corporate Action, or a brief
synopsis of that information, affecting Securities then being held under this Agreement, where (i) that information is received directly
from issuers of such Securities or from CSDs or Subcustodians or (ii) that information is publicly available in the relevant market from
standard vendors routinely used by professional global custodians provided that the Custodian can verify the accuracy of such information.
The Custodian will transmit or make available such Corporate Action data it receives from primary sources (issuers, CSDs and Subcustodians)
without further review although it will generally note if such information is single sourced. The Custodian generally will not transmit
or make available such Corporate Action data it receives from secondary sources (vendors) unless the accuracy of that information can
be verified against at least one additional source.

**6.2** **Exercise.** The Custodian will process the Client's elections with respect to any voluntary
Corporate Action at the direction of the Client provided it has actual possession of the relevant Securities and it has received Proper
Instructions by the deadline specified in the Custodian's Corporate Action notification ("Corporate Actions Deadline Date").
The Custodian will use reasonable efforts to effect Proper Instructions received after that deadline but will have no responsibility for
any failure to exercise such instructions accurately or timely. In the absence of receiving Proper Instructions by the Corporate Actions
Deadline Date, the Custodian may take the default action specified in the corporate action notification. In the event of a mandatory Corporate
Action, the Custodian will act without Proper Instructions in accordance with Section 22.10.

**6.3** **Class Actions.** The Custodian will transmit written information
received by the Custodian regarding any class action litigation to the extent set out in the Client Publications. The Custodian will not
support class action participation by the Client beyond such forwarding of written information. In no event will the Custodian act as
a lead plaintiff in a class action.

**6.4** **Fractional Positions.** Fractional positions resulting from Corporate Actions will be dealt with
in accordance with the Client Publications.

Information Classification: Limited Access 4

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|:---|:---|
| **7** | **Proxy Servicing** |

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**7.1** **Transmit Information.** The Custodian will forward to the Client all proxies received by the
Custodian relating to the Securities then held under this Agreement, for the markets designated in the Client Publications, unless otherwise
instructed by the Client. The Custodian will use an agent to assist in the receipt and distribution of proxies and will share the
Client's position and contact information to facilitate such collection and distribution.

**7.2** **Voting.** The Custodian provides proxy voting services for the markets designated in the Client Publications.
The Custodian will cause eligible proxies to be promptly executed by the registered holder in accordance with Proper Instructions
and delivered to the issuer of the Securities or its designated agent. In order for the Custodian to provide the voting services, the
Custodian must have received such Proper Instructions, must have actual possession of the relevant Securities, and all requirements set
out in the Client Publications must have been met, including where applicable receiving an executed power of attorney, in each case by
the deadline specified in the Custodian's proxy notification.

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|:---|:---|
| **8** | **Income Collection** |

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**8.1** **Monitoring and Crediting.** The Custodian will use reasonable efforts to monitor and collect on a
timely basis, in accordance with Local Market Practice, all income and other payments to which the Client is entitled in respect of the
Securities held under this Agreement and Securities on loan through the securities lending program sponsored by the Custodian or its Affiliates.
The Custodian will credit such amounts to the Cash Account of the Client as received, except where Contractual Settlement applies.

**8.2** **Repatriation of Income.** The Client is responsible for directing the repatriation of income into
the base currency of the Portfolio or another currency selected by the Client, and may enter into separate arrangements to do so, as set
out in Section 13 of this Agreement.

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|:---|:---|
| **9** | **Statements and Reports** |

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**9.1** **Contents.** The Custodian will make available reports to the Client regarding the Portfolio on a
periodic basis as selected by the Client from certain online tools made available from time to time by the Custodian or as otherwise agreed
with the Client. The reports will include Cash balances, an itemized statement of Securities and Cash and Securities transaction activity.
Market values contained in these reports are unaudited and based on the Custodian's standard pricing vendors and practices. These
reports will not include net asset value calculations.

**9.2** **Cash and Securities Not Held.** The Custodian may agree to incorporate information in respect of
cash or securities not held by the Custodian. In making available such information to the Client, the Custodian will rely upon the information
provided by the Client or a third party without any requirement to verify the accuracy of such information. The Custodian will not perform
any other Services in relation to such cash or securities.

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| **10** | **Tax Withholding and Tax Relief** |

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**10.1** **Withholding.** The Custodian will withhold (or cause to be withheld) the amount of any tax which
is required to be withheld by the Custodian or Subcustodian under the Law applicable to the Custodian or Subcustodian based on the Client's
domicile and entity type in respect of any dividend, interest income
or other distribution in relation to any Security, and/or the proceeds or income from the sale or other transfer of any Security held
by the Custodian. If the Client has not provided the requisite information and documentation, the Custodian is obligated to arrange for
maximum withholding. In certain markets, the Client will be required to hire a local tax agent to calculate withholding, as set out in
the Client Publications.

Information Classification: Limited Access 5

**10.2** **Tax Relief.** The Custodian will apply for a reduction of withholding tax and refund of any tax paid
or tax credits in respect of income payments on Securities based on the Client's entitlement under relevant tax treaties or laws
which apply in each market that supports a standard tax reclaim process, in all cases as may be set out from time to time in the Client
Publications *.* The Custodian does not facilitate tax reclaims for tax transparent or pass-through (i.e., multiple-beneficiary) entities
such as partnerships, LLCs, common trusts or any other types of entities that are generally ineligible for tax treaty or domestic law
tax entitlements, even where the partners or beneficial holders of such entities may be eligible.

**10.3** **Documentation.** In order for the Custodian to perform the services in this Section 10, the Client
will provide the Custodian such information and documentation as may be required from time to time by the Custodian for tax purposes,
including documentary evidence of its tax domicile, and its entity type and details of any special ruling or treatment to which the Client
may be entitled in relation to countries where the Client engages or proposes to engage in investment activity or where Securities are
or will be held. The Client is responsible for ensuring the documentation and information provided is true and accurate in all material
respects and will promptly provide the Custodian with all necessary corrections or updates upon becoming aware of any changes or inaccuracies
in the documentation or information supplied. The provision of documentation and information under this Section 10.3 will be taken to
be a Proper Instruction upon which the Custodian will be entitled to rely for all purposes under this Section 10, including calculating
withholding and determining available tax relief, without the need to undertake any further inquiries or verification.

**10.4** **Client Responsible for Taxes.** The Client will be liable for all taxes, levies or similar obligations
which arise as a result of the Client's investment activity, including in relation to any Cash or Securities held by the Custodian
on behalf of the Client, or any related transactions. If any taxes become payable in relation to any prior payment made to the Client
by the Custodian, the Custodian may withhold any credit balance in the Client's Cash Accounts to the extent necessary to satisfy
such tax obligation. The Client will also remain liable for any tax deficiency.

**10.5** **No Tax Advice.** The Client acknowledges that the Custodian is not, and will not be deemed to be,
providing tax advice or tax counsel.

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|:---|:---|
| **11** | **Physical Safekeeping of Investment Documents** |

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**11.1** **Document Safekeeping.** The Custodian may agree to provide physical safekeeping for Investment Documents
delivered to it and will return such Investment Documents to the Client upon receipt of Proper Instructions, subject to additional documentation
and other requirements as the Custodian may specify from time to time.

**11.2** **No Other Services.** The Custodian will not otherwise perform any other Services in relation to such
Investment Documents.

Information Classification: Limited Access 6

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| **12** | **Alternative Asset Servicing** |

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**12.1** **Alternative Assets.** The Custodian may agree to reflect the Client's Alternative Assets on
its books, records or statements. Unless otherwise agreed in writing, the Custodian will not perform any other services or assume any
obligations in relation to Alternative Assets. The Custodian may, in limited cases, agree to register the Client's interests in
Alternative Assets in the name of the Custodian, subject to additional documentation and other requirements as the Custodian may specify
from time to time.

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| **13** | **Foreign Exchange** |

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**13.1** **Role of Custodian.** The role of the Custodian with respect to foreign exchange transactions is limited
to facilitating the processing and settlement of such transactions. The Custodian does not have any agency, trust or fiduciary obligation
to the Client or any other person in connection with the execution of any foreign exchange transactions, other than the obligation as
agent to process the Proper Instructions given by the Client.

**13.2** **Role of Counterparties.** If the Client enters into any foreign exchange transaction with State Street
Bank and Trust Company, a Subcustodian or any of their Affiliates, the Client does so on the basis that these entities are acting as a
principal dealer and counterparty, and not as fiduciary or agent to the Client, and the execution services are governed by separate arrangements
(including pricing) and do not form part of the Services provided by the Custodian under this Agreement. This applies to foreign exchange
transactions entered into by the Client directly with the trading desk of these entities or by Proper Instruction to the Custodian using
the indirect foreign exchange services described in the Client Publications.

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|:---|:---|
| **14** | **Subcustodians** |

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**14.1** **Use of Subcustodians.** The Custodian is authorized to utilize Subcustodians in connection with its
performance of the Services, and will notify the Client of the Subcustodians so employed from time to time through the Client Publications.

**14.2** **Selection and Monitoring.** The Custodian will use reasonable skill, care and diligence in the selection,
monitoring and continued utilization of Subcustodians by taking the following actions: (i) annually assess the financial condition of
each Subcustodian by reviewing their publicly available financial information, (ii) on a daily basis monitoring the performance by each
Subcustodian' of its duties relative to the Services, and (iii) confirming on an annual basis that each Subcustodian is licensed
to act as a subcustodian in its relevant market.

**14.3** **Special Subcustodians**. At the request of the Client, the Custodian may agree to appoint one or
more qualified banks, trust companies or other entities designated by the Client to act as a subcustodian (each a "Special Subcustodian")
for purposes specified by the Client. In connection with the appointment of a Special Subcustodian, the Custodian shall enter into a tri-party
subcustodian agreement with the Special Subcustodian and the Client in form and substance approved the Custodian, provided that such agreement
shall comply with Law applicable to the Client and shall be consistent with the terms and provisions of this Agreement, to the extent
practicable.

Information Classification: Limited Access 7

**14.4.** **Provisions Relating to Rule 17f-5** 

**14.4.1** **Delegation**. Each Client, by resolution of its Board, delegates to the Custodian, pursuant to Rule
17f-5(b), the obligations to perform as the Client's Foreign Custody Manager and, unless the Custodian advises the Customer that
it does not accept such delegation with respect to a country, the Custodian accepts such delegation. The Custodian acting in this capacity
shall be referred to as the "Foreign Custody Manager."

**14.4.2** **Exercise of Care as Foreign Custody Manager**. The Foreign Custody Manager will exercise such reasonable
care, prudence and diligence in performing the delegated responsibilities as a person having responsibility for the safekeeping of assets
of management investment companies registered under the 1940 Act would exercise.

**14.4.3** **Foreign Custody Arrangements.** The Foreign Custody Manager will perform the delegated responsibilities
only with respect to Covered Foreign Countries and will provide the Client with a list on Schedule A of the Eligible Foreign Custodian(s)
it selects to maintain the Client's Foreign Assets in each Covered Foreign Country. The Foreign Custody Manager may amend the list
from time to time in its sole discretion upon notice to the Client.

**14.4.4** **Scope of Delegated Responsibilities**. The Foreign Custody Manager, when placing and maintaining
Foreign Assets in the care of an Eligible Foreign Custodian, will determine that: (i) the Foreign Assets will be subject to reasonable
care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by the Eligible Foreign
Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified
in Rule 17f-5(c)(1), and (ii) the contract between the Foreign Custody Manager and the Eligible Foreign Custodian governing the foreign
custody arrangements will satisfy the requirements of Rule 17f-5(c)(2). The Foreign Custody Manager will establish a system to monitor
(a) the appropriateness of maintaining the Foreign Assets with the Eligible Foreign Custodian, and (b) the performance of the contract
governing the foreign custody arrangements. The Foreign Custody Manager will notify the Client if it determines that the custody arrangements
with an Eligible Foreign Custodian are no longer appropriate and will act in accordance with the Client's Proper Instructions with
respect to the disposition of the affected Foreign Assets.

**14.4.5** **Reporting Requirements**. The Foreign Custody Manager will (i) report the withdrawal of Foreign Assets
from an Eligible Foreign Custodian and the placement of Foreign Assets with another Eligible Foreign Custodian by providing to the Client
an updated Schedule A at the end of the calendar quarter in which the action has occurred, and (ii) after the occurrence of any other
material change in the foreign custody arrangements of the Client, make a written report available to the Client containing a notification
of the change.

**14.4.6** **Representations of Foreign Custody Manager and Client**. The Foreign Custody Manager represents to
Client that it is a U.S. Bank as defined in Section (a)(7) of Rule 17f-5(a)(7). Client represents to the Custodian that its Board has
(i) determined that it is reasonable for the Board to rely on the Custodian to perform the responsibilities delegated
pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Client, and (ii) considered and determined to accept
the risk described in the first sentence of Section 19.2 as is incurred by placing and maintaining the Client's Foreign Assets in
each Covered Foreign Country.

Information Classification: Limited Access 8

**14.4.7.** **Withdrawal of Acceptance of Delegation as Foreign Custody Manager.** Upon reasonable prior written
notice to the Client, the Foreign Custody Manager may withdraw its acceptance of such delegated responsibilities generally or with respect
to a specified Covered Foreign Country, and the Custodian will have no further responsibility in its capacity as Foreign Custody Manager
to the Client generally or with respect to the designated Covered Foreign Country, as applicable.

**14.4.8.** **Settlement Practices.** The Custodian will provide to each Client the information with respect to
custody and settlement practices in countries in which the Custodian employs an Eligible Foreign Custodian described on Schedule C at
the time or times set out on the Schedule. The Custodian may revise Schedule C from time to time, but no revision will result in a Client
being provided with substantively less information than had been previously provided on Schedule C.

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| **15(A)** | **Central Securities Depositories** |

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|:---|:---|
| **15.1(A)** | **Use of Central Securities Depositories.** The Custodian and its Subcustodians will use CSDs in connection with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications**.** |

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|:---|:---|
| **15.2(A)** | **Rules of Central Securities Depositories.** Where the Custodian or its Subcustodians use CSDs, the Client acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof. |

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|:---|:---|
| **15.3(A)** | **Provisions Relating to Rule 17f-4**. The Custodian may deposit and maintain securities or other financial assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4. |

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|:---|:---|
| **15.4(A)** | **Provisions Relating to Rule 17f-7.** The Custodian will (i) provide the Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above. |

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|:---|:---|
| **15 (B)** | **Provision of ETF Services** |

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|:---|:---|
| **15.1(B)** | Each Client identified on <u>Appendix A</u> as an "ETF Client" is an exchange-traded fund that will issue and redeem shares only in aggregations of a specified number of shares, each called a "Creation Unit," generally in exchange for a basket of securities and/or instruments and a specified cash payment, as more fully described in the Client's currently effective prospectus and statement of additional information (collectively, the "Prospectus"). Capitalized terms used in this Section 15B without definition shall have the meanings given to them in the Prospectus. For the avoidance of doubt, this Section 15B will only apply with respect to the ETF Clients identified on <u>Appendix A</u> hereto. |

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Information Classification: Limited Access 9

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|:---|:---|
| **15.2(B)** | **Determination of Fund Deposit, etc**. Subject to and in accordance with the directions of the Investment Manager, the Custodian shall determine for each Client after the end of each trading day on the New York Stock Exchange (the "Exchange"), in accordance with Board policies and the procedures set forth in the Prospectus, (i) the identity and weighting of the securities in the Deposit Securities and the Fund Securities, (ii) the cash component, and (iii) the amount of cash redemption proceeds (all as described in the Prospectus) required for the issuance or redemption, as the case may be, of Creation Units on such date. The Custodian shall provide or cause to be provided this information to the Client's distributor and other persons as instructed according to Board policies and shall disseminate such information on each day that the Exchange is open, including through the facilities of the National Securities Clearing Corporation (the "NSCC"), prior to the opening of trading on the Exchange. |

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|:---|:---|
| **15.3(B)** | **Allocation of Deposit Security Shortfalls.** Each Client acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Client (collectively, the "ETF Custody Clients"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client's required amount (a "Common Deposit Security Shortfall"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall. |

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|:---|:---|
| **15.4(B)** | **Creation and Redemption of Creation Units.** |

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|:---|:---|
| **15.4(B).1** | **Creation**. The Custodian shall receive and deposit into the Client's account such payments as are received for Client shares issued or sold in Creation Units. The Custodian will provide timely notification to the Client and the Transfer Agent of any receipt of such payments by the Custodian. |
| **15.4(B).2** | Redemption. Upon receipt of instructions from the Client's Transfer Agent, the Custodian shall set aside funds and securities of the Client to the extent available for payment to, or in accordance with the instructions of, Authorized Participants who have delivered to the Transfer Agent a request for redemption of their shares, in Creation Units, which shall have been accepted by the Transfer Agent, the applicable Fund Securities (or such securities in lieu thereof as may be designated by the Investment Advisor in accordance with the Prospectus) for such Client and the Cash Redemption Amount, if applicable, less any applicable Redemption Transaction Fee. The Custodian will transfer the applicable Fund Securities to or on the order of the Authorized Participant. Any cash redemption payment (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through the DTC system or through wire transfer in the case of redemptions effected outside of the DTC system. |

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Information Classification: Limited Access 10

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|:---|:---|
| **16** | **Delegation** |

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**16.1** **Use of Delegates.** The Custodian will have the right, without prior notice to or the consent of
the Client, to employ Delegates to provide or assist it in the provision of any part of the Services other than Services required by Law
applicable to either Party to be performed by a qualified custodian or CSD. Unless otherwise agreed in a fee schedule, the Custodian will
be responsible for the compensation of its Delegates.

**16.2** **Provision of Information Regarding Delegates.** The Custodian will provide or make available to the
Client on a quarterly or other periodic basis information regarding its global operating model for the delivery of the Services, which
information will include the identities of Delegates affiliated with the Custodian that perform or may perform any part of the Services,
and the locations from which such Delegates perform Services, as well as such other information about its Delegates as the Client may
reasonably request from time to time.

**16.3** **Third Parties.** Nothing in this Section limits or restricts the Custodian's right to use Affiliates
or third parties to perform or discharge, or assist it in the performance or discharge of, any obligations or duties under this Agreement
other than the provision of the Services.

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|:---|:---|
| **17** | **Standard of Care and Liability** |

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**17.1** **Standard of Care.** The Custodian will at all times exercise the reasonable skill, care and diligence
expected of a professional provider of custody services to institutional investors and act in good faith and in accordance with generally
applicable industry standards and practices in the performance of its duties under this Agreement.

**17.2** **Liability for Losses.** Subject to the limitations and exclusions of liability in this Agreement,
the Custodian will be liable for Losses suffered or incurred by the Client to the extent such Losses are caused by the negligence, wilful
default, or fraud of the Custodian in the performance of its obligations under this Agreement. The parties agree that "negligence"
will mean a breach by the Custodian of its obligation to exercise the standard of care described in Section 17.1 above.

**17.3** **Responsibility for Subcustodians.** The Custodian will be liable to the Client for the acts and omissions
of its Subcustodians as if it had committed such acts and omissions itself; provided that:

**17.3.1** compliance with the standard of care set out in Section 17.1 will be assessed in accordance with the standards
and circumstances prevailing at the time of the act or omission in the local market or jurisdiction in which the Subcustodian is providing
the relevant Services; and

**17.3.2** the Custodian will have no liability for Losses resulting from the insolvency or other financial default
of a Subcustodian that is not an Affiliate of the Custodian except to the extent that such Losses are caused by the failure of the Custodian
to exercise reasonable skill, care and diligence in the selection, monitoring and continued utilization of the Subcustodian as required
under Section 14.2.

Information Classification: Limited Access 11

**17.4** **Responsibility for Special Subcustodians.** Notwithstanding the provisions of Section 17.3 to the
contrary, the Custodian shall not be liable to the Client for Losses suffered or incurred by the Client resulting from the acts or omissions
of a Special Subcustodian, except to the extent such Losses are caused by the negligence, wilful default or fraud of the Custodian. In
the event of any such Loss, the Custodian shall use commercially reasonable efforts to enforce such rights as it may have against any
Special Subcustodian.

**17.5** **Responsibility for Delegates.** The Custodian will be liable to the Client for the acts and omissions
of its Delegates as if it had committed such acts and omissions itself.

**17.6** **Force Majeure.** Neither Party will be in breach of this Agreement or liable for Losses arising by
reason of the occurrence of a Force Majeure Event that prevents, hinders or delays it from or in performing its obligations under this
Agreement, except, in the case of the Custodian, to the extent that such Losses are attributable to its breach of its business continuity
obligations under this Agreement.

**17.7** **No Liability for Certain Losses.** The Custodian will not be liable to the Client for any Losses
to the extent they arise from or are caused by:

**17.7.1** the Custodian acting upon any (i) Proper Instruction or (ii) if a Proper Instruction is not required in
a particular circumstance, any other instruction, information, notice, request, consent, certificate, instrument or other writing that
the Custodian reasonably believes to be genuine and to be signed or otherwise given by or on behalf of a person authorized to do so;

**17.7.2** a delay in processing or any failure to process any Proper Instruction to the extent permitted under Section
22, subject to the satisfaction of the conditions set out in that Section, as applicable;

**17.7.3** the failure of the Client or any person authorized by it to comply with the Client's obligations
under this Agreement; or

**17.7.4** any other acts and omissions of the Client, any person authorized by it or any third party, including
any Third Party Agent, Market Participant, Authorized Data Source, CSD, or Financial Market Utility.

**17.8** **Mutual Exclusion of Indirect and Other Loss.** Notwithstanding any other provision of this Agreement,
neither Party will be liable to the other for: (i) indirect, consequential, speculative, punitive or special Loss or (ii) loss of profit,
revenue, opportunity, business, anticipated savings, goodwill and damage to reputation, or Loss of any similar kind; in each case whether
or not a Party has been advised of or otherwise could have anticipated the possibility of such losses, except to the extent any such losses
cannot be excluded or limited as a matter of Law applicable to either Party.

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| **18** | **Error Correction** |

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**18.1** **Error Correction**. If an error results from an act or omission of the Custodian in performing the
services under this Agreement, the Custodian may take such remedial action as it considers appropriate under the circumstances, which
may include effecting corrective transactions involving the Client's assets, where and to the extent reasonably necessary to place
the Client in the position (or its equivalent) it would have been had the error not occurred. The Custodian will be responsible
for Losses arising from its errors in accordance with the terms of this Agreement and will be entitled to retain gains arising from its
errors or related remedial actions unless otherwise prohibited by Law. Where an error results in a series
of related Losses and gains, the Custodian will be entitled to net gains against Losses when permitted by Law. The Custodian will
have no duty to notify or account to the Client for any Loss or gain associated with an error it has fully remediated.

Information Classification: Limited Access 12

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|:---|:---|
| **19** | **Limits on the Scope of the Services** |

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**19.1** **No Fiduciary or Implied Duties.** The Custodian is responsible only for the duties it has expressly
undertaken under this Agreement and no other duties will be implied or inferred, including any fiduciary duties, except to the extent
such fiduciary duties may not be disclaimed as a matter of Law.

**19.2** **Investment and Other Risk, Client Compliance Matters.** The Client bears the risk of investing in
Securities or other assets or holding cash denominated in any currency or holding assets in a particular market, including investment
risk and risk arising from the political, regulatory, legal or financial infrastructure of such market or otherwise arising from Local
Market Practice. The Custodian is not responsible for monitoring or enforcing compliance by the Client or its Investment Manager(s) with
any investment or other restriction, guideline or requirement imposed by the Client's constituent documents or by contract or Law
applicable to the Client in connection with investment activity undertaken by or on behalf of the Client.

**19.3** **Data Accuracy.** The Custodian has no responsibility for, or duty to review, verify or otherwise
perform any investigation as to the completeness, accuracy or sufficiency of, any data or information provided by or on behalf of the
Client, any persons authorized by the Client, any Third Party Agent, any Market Participant or any Authorized Data Sources, except to
the extent the Custodian has agreed in writing to perform reconciliations, variance or tolerance checks or other specific forms of data
review under this Agreement.

**19.4** **Title.** The Custodian is not responsible for title or entitlement to, validity or genuineness,
including good deliverable form, of any asset received by the Custodian.

**19.5** **Proceedings.** The Custodian is not responsible for commencing legal or administrative proceedings
on behalf of the Client or relating to the assets held under this Agreement, including in respect of the late payment of income or other
payments due to the Client or amounts payable on Securities in default if payment is refused after due demand and presentment.

**19.6** **Laws Applicable to the Custodian or Subcustodian.** Laws applicable to the Custodian or a Subcustodian
may from time to time prohibit or cause delays in the Custodian holding assets, acting on Proper Instructions or providing the Services
to the Client in the manner contemplated by this Agreement. In such cases, the Custodian or Subcustodian will be entitled to comply with
the Law and, where permitted by such Law, the Parties will seek to resolve the situation to the Parties' mutual satisfaction.

**19.7** **Securities on Loan.** Asset servicing is not generally performed for securities on loan unless otherwise
noted in this Agreement or agreed by the Parties in writing. Provision of such services with respect to securities on loan may be
covered by a separate securities lending or services agreement.

Information Classification: Limited Access 13

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|:---|:---|
| **20** | **Indemnity** |

---

**20.1** **Indemnity by Client.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.8, the Client will indemnify the Custodian against any direct Losses incurred by the
Custodian (including Losses incurred by Subcustodians or Delegates for which the Custodian is liable) in connection with the performance
of its duties under this Agreement, including acting on Proper Instructions and Losses incurred by virtue of being the holder of record
of the Client's Securities, except, in each case, to the extent such Losses result from the Custodian's negligence, wilful
default or fraud (or that of its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

**20.2** **Indemnity by Custodian.** Subject to this Section 20 and the exclusions and limitations of liability
elsewhere in this Agreement, including Section 17.7 and 17.8, the Custodian will indemnify the Client against any direct Losses incurred
by the Client, in each case, to the extent such Losses result from the negligence, wilful default or fraud of the Custodian (or that of
its Subcustodians or Delegates) in the discharge of the Custodian's duties under this Agreement.

**20.3** **Duty to Mitigate.** Each Party will use reasonable efforts to mitigate any Losses in respect of which
it claims indemnification under this Agreement.

**20.4** **Notice of Claims.** A Party seeking indemnification under this Section
("Indemnified Party") against a third-party claim ("Indemnified Claim") will promptly provide written notice of
such claim to the Party obligated to indemnify ("Indemnifying Party"). The failure to notify the Indemnifying Party will not
relieve such Party of any liability under this Section, except to the extent that such failure materially prejudices the investigation
and/or defense of the Indemnified Claim.

**20.5** **Right to Control Third Party Claims.** The Indemnifying Party will, at its own expense, be entitled
but not obligated to control and direct the investigation and defense of any Indemnified Claim, except where the Custodian is the Indemnified
Party and is seeking indemnification from multiple customers for claims based on common facts or otherwise related to the Indemnified
Claim, in which case the Custodian will have the right to control and direct the investigation and defense of such claim, at the expense
of (i) the Indemnifying Party or (ii) all of the customers from which indemnification is sought, including the Indemnifying Party, pro
rata, as appropriate. Where the Indemnifying Party controls and directs the investigation of the defence of the Indemnified Claim, the
Indemnified Party may retain separate counsel at its own expense. If a conflict of interest exists between the Parties with respect to
the defense of such claim, the reasonable cost of separate counsel will be an indemnified expense.

**20.6** **Settlement of Claims.** Neither Party may settle an Indemnified Claim without the consent of the
other Party, which consent will not be unreasonably withheld, conditioned or delayed, provided that the Indemnifying Party will have the
right to settle an Indemnified Claim without the consent of the Indemnified Party if such settlement:

**20.6.1** involves only the payment of money;

**20.6.2** fully and unconditionally releases the Indemnified Party from any liability
in exchange for the amount paid in settlement; and

**20.6.3** does not include any admission of fault or liability in relation to the
Indemnified Party.

Information Classification: Limited Access 14

**20.7** **Cooperation.** In all cases, each Party will, as applicable, provide reasonable cooperation and
assistance to the other Party and keep the other Party apprised as to the status of the Indemnified Claim, including any discussions relating
to the settlement of the claim and the details of any settlement offer.

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|:---|:---|
| **21** | **Obligations of the Client** |

---

**21.1** **Provide Information.** The Client will provide or cause to be provided to the Custodian all data,
information, documents and instructions concerning the Client and the investment activity of the Client in relation to the Portfolio as
may be reasonably necessary or as the Custodian may reasonably request, in each case in a complete, accurate and timely manner, in order
to enable the Custodian to discharge its duties under this Agreement.

**21.2** **AML Compliance.** The Client will comply with all applicable anti-money laundering, sanctions or
other financial crime legislation applicable to it and will provide the Custodian with all necessary sanctions questionnaires, declarations
and other documentation in order for the Custodian to comply with its anti-money laundering policy.

**21.3** **Pass Through Representations.** To the extent that the Custodian is required to give (or is deemed
to have given) any representation, warranty or undertaking to a third party relating to the Client in accordance with normal market practice
in connection with the execution of transaction documents or the issuance or transmission of trade notifications, confirmations and/or
settlement instructions, whether using facsimile transmission, industry messaging or matching utilities and/or the proprietary software
of Third Party Agents and Market Participants, CSDs or other Financial Market Utilities, the Client will be deemed to have made such representation,
warranty or undertaking to the Custodian.

**21.4** **Operational Requirements.** The Client will adhere to the deadlines and other operational requirements
set out in the Client Publications, to facilitate meeting the requirements of CSD's, Third Party Agents and Market Participants.

**21.5** **Client Review and Notification.** In accordance with standard market practice, the Client will employ
commercially reasonable review and control measures with respect to information provided by the Custodian under this Agreement and give
the Custodian prompt written notice of any suspected error or omission or the Client's inability to access any such Information
so as to prevent, stem or mitigate any Losses that may arise from the use of inaccurate data or the inaccessibility of data.

**21.6** **Fees.** In consideration for the Services provided by the Custodian, the Client will pay the Fees
as agreed in a written fee schedule or otherwise agreed in writing by the Parties from time to time. The Fees and any other amounts payable
under this Agreement are stated exclusive of any sales, use, excise, value-added, services, consumption, withholding or other similar
tax that is assessed on the supply of the Services under an agreement. Any such tax will be payable by the Client.

**21.7** **Client Publications.** The Client will ensure that it provides the Custodian with and regularly updates,
as necessary, e-mail and other contact details for its representatives to enable timely distribution and receipt of the Client Publications.

Information Classification: Limited Access 15

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|:---|:---|
| **22** | **Proper Instructions** |

---

**22.1** **Dealings in Cash and Securities.** The Custodian will effect all transactions and dealings in Cash
and Securities under this Agreement in accordance with Proper Instructions, subject to any other rights it may have under this Agreement.

**22.2** **Appointment of Authorized Persons.** The Client and each Investment Manager will provide the Custodian
with a list of the names and (if applicable) signatures, of Authorized Persons in a form agreed by the parties from time to time. The
Custodian may rely upon the authority of each Authorized Person until it receives written notice to the contrary from the Client and has
had a reasonable time to act on such notice.

**22.3** **Authentication Procedures.** The Custodian will implement Authentication Procedures. The Client acknowledges
that the Authentication Procedures are intended to provide a commercially reasonable degree of protection against unauthorized transactions
of certain types and are not designed to detect errors. Any purported Proper Instruction received by the Custodian in accordance with
an Authentication Procedure will be taken to have originated from an Authorized Person and will constitute a Proper Instruction under
this Agreement for all purposes.

**22.4** **Security Measures by Client.** The Client is responsible for ensuring that appropriate security measures
are implemented to prevent unauthorized disclosure or use of any Authentication Procedure made available to it or an Investment Manager
in connection with this Agreement.

**22.5** **No Duty to Verify.** Except to the extent the Custodian is required to comply with Authentication
Procedures under Section 22.3 above, the Custodian has no duty to verify that personnel of the Client or any Investment Manager engaged
in investment activity are authorized to do so or that any instructions received by the Custodian are duly authorized.

**22.6** **Decline/Delay in Processing.** The Custodian reserves the right to decline to process or delay the
processing of any purported Proper Instruction where:

**22.6.1** the Custodian, in good faith, determines that the instruction may not have been properly authorized;

**22.6.2** the instruction is inaccurate, incomplete or unclear;

**22.6.3** the instruction conflicts with the terms of this Agreement or any Law applicable to either Party, Local
Market Practice or the Custodian's standard operating procedures; or

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|:---|:---|
| **22.6.4** | the Custodian has not been given a reasonable time period to effect the instruction. |
| In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be. | In these circumstances, the Custodian will promptly seek authentication, clarification, correction or amendment of any Proper Instruction, as the case may be. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions
to cancel or amend previously issued Proper Instructions if:

**22.7.1** the Custodian has not already acted on the previously issued Proper Instructions; and

Information Classification: Limited Access 16

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|:---|:---|
| **22.7.2** | the Proper Instruction to cancel or amend is received before the applicable deadlines specified from time to time in the Client Publications or applicable event notification. |
| The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied. | The Custodian is not responsible or liable if the request to cancel or amend cannot be satisfied. |

---

**22.8** **Oral Instructions.** If applicable, the Custodian may act on an oral instruction (given in accordance
with an agreed Authentication Procedure) before receipt of any written confirmation and irrespective of whether any subsequent written
confirmation conforms to the oral instruction.

**22.9** **Conflicting Claims.** If there is a dispute or conflicting claim with respect to Securities or Cash
held by the Custodian under this Agreement, the Custodian is entitled to refuse to act on a Proper Instruction of the Client or any Investment
Manager in relation to the particular Securities or Cash until either (i) the dispute or conflicting claims have been finally determined
by a court of competent jurisdiction or settled by agreement between the conflicting parties, and the Custodian has received written evidence
satisfactory to it of such determination or agreement, or (ii) the Custodian has received an indemnity, security or both, satisfactory
to it and sufficient to hold it harmless from and against any and all Losses which the Custodian may incur as a result of its actions.

**22.10** **Matters Not Requiring Proper Instructions.** The Client authorises the Custodian in the absence of
Proper Instructions to attend to all matters which may be necessary or appropriate to discharge its duties and give effect to the terms
of this Agreement, including the execution, in the Client's name or on its behalf, of any affidavits, certificates of ownership
and other certificates and documents relating to Securities.

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|:---|:---|
| **23** | **Creditors Rights** |

---

**23.1** **Security.** To secure the full and timely satisfaction of all Secured Liabilities, the Client hereby
grants to the Custodian a security interest in and a right of retention, sale and set off, as applicable, against (i) all of the Client's
Cash, Securities, and other assets, whether now existing or hereafter acquired, in the possession or under the control of the Custodian
or its Subcustodians pursuant to this Agreement and (ii) any and all cash proceeds of any of the above (collectively, the "Collateral").

**23.2** **Rights of the Custodian**. In the event that the Client fails to satisfy in full any of the Secured
Liabilities as and when due and payable, the Custodian will have, in addition to all other rights and remedies arising under this Agreement
or under applicable Law, the rights and remedies of a secured party under applicable Law. Without prejudice to the Custodian's other
rights and remedies, the Custodian will be entitled, in each case as and to the extent reasonably necessary to satisfy in full the Secured
Liabilities and any related transaction expenses, to (a) exercise its right of retention and withhold delivery of any Collateral and otherwise
refuse to act on any Proper Instruction relating to such Collateral, (b) sell or otherwise realize any Collateral, and (c) set off the
net proceeds of such sale or realization of Collateral and/or the amount of any deposit balances standing to the credit of the Client
in any Cash Account(s) against such Secured Liabilities.

**23.3** **Exercise of Rights**. The Custodian may exercise its rights and remedies against the Collateral in
any manner (including by any method, at any time or place, and on any terms) as it deems, in good faith, to be commercially reasonable
under the circumstances, and will use reasonable efforts to effect any sale of Collateral at the prevailing market price in the relevant market.
Without limiting the foregoing, the Client acknowledges that it will be commercially reasonable for the Custodian to, among other things:
(i) accelerate or cause the acceleration of the maturity of any fixed term deposits comprised in the Collateral and (ii) effect any necessary
currency conversions through its own trading desk at such exchange rates as it determines in its reasonable discretion, which rates may
include a mark-up from the rates the Custodian receives on the interbank market.

Information Classification: Limited Access 17

**23.4** **Notice.** The Custodian will use reasonable efforts to give the Client prior notice of any exercise
of the right to sell or otherwise realize Collateral set forth above, provided that the Custodian will not be obligated to give prior
notice to the Client or delay exercising its rights pending or after the provision of such notice if, in its reasonable judgment, giving
such notice or any such delay would prejudice its ability to obtain satisfaction in full of the Secured Liabilities.

---

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|:---|:---|
| **24** | **Confidentiality and Use of Data** |

---

**24.1** **Confidentiality** 

**24.1.1** **No Disclosure Without Consent.** Subject to Section 24.2 and
 Section 24.3, Confidential Information will not be disclosed by the Receiving Party to any third
 party without the prior consent of the Disclosing Party.

**24.1.2** **No limitations of obligations under Agreement or at Law.** Except as expressly contemplated by this
Agreement, nothing in this Section 24 will limit the confidentiality and data-protection obligations of the Custodian and its Affiliates
under this Agreement and Law applicable to the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.2** **Use of Confidential Information and Data** 

**24.2.1** **Use of Confidential Information and Data generally.** Subject to this Section 24.2 and Section 24.3,
all Confidential Information, including Data, will be used by the Receiving Party for the purpose of providing or receiving services,
as applicable, pursuant to this Agreement or otherwise discharging its obligations under this Agreement.

**24.2.2** **Use of Data for Indicators.** The Custodian and its Affiliates may use Data to develop, publish or
otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad
trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"),
but only so long as (i) the Data is combined or aggregated with (A) information relating to other customers of the Custodian and/or (B)
information derived from other sources, in each case such that the Indicators do not allow for attribution to or identification of such
Data with the Client, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators
and (iii) the Custodian publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes
available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except
as expressly permitted under this Agreement.

**24.2.3** **Economic benefit from Indicators.** The Client acknowledges that the Custodian may seek and realize
economic benefit from the publication or distribution of the Indicators.

Information Classification: Limited Access 18

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Disclosure of Confidential Information and Data** 

**24.3.1** **Disclosure of Confidential Information to Representatives.** The Receiving Party may disclose the
Disclosing Party's Confidential Information without the Disclosing Party's consent to its attorneys, accountants, auditors, consultants
and other similar advisors that have a reasonable need to know such Confidential Information ("Representatives"), provided
such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential
Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative
has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The Parties
acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party
would constitute a breach of this Section 24.3. Where the Custodian is the Receiving Party, "Representatives" will include
its Affiliates and Service Providers (as defined below).

**24.3.2** **Disclosure and Use of Confidential Information by Custodian.** The Custodian may disclose and permit
use (as applicable) of Confidential Information of the Client without the Client's consent:

**24.3.2.1** to its Affiliates and any of its third-party agents and service providers ("Service Providers")
in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any Proper
Instruction, including in accordance with the standard practices or requirements of any Financial Market Utility or in connection with
the settlement, holding or administration of Cash, Securities or other instruments;

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|:---|:---|
| **24.3.2.2** | to its Affiliates in connection with the management of the businesses of the Custodian and its Affiliates, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing. |
|  | Where possible, such Confidential Information must be disclosed under obligations of confidentiality or in a manner consistent with industry practice. |

---

**24.3.3** **Confidential Information and Cloud Computing and Storage.** Each Party may store Confidential Information
with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably
necessary for the receipt of cloud computing and storage services and related hardware and software maintenance and support. Such Confidential
Information must be disclosed under obligations of confidentiality.

**24.3.4** **Disclosure of Confidential Information to comply with law.** The Receiving Party may disclose the
Disclosing Party's Confidential Information to the extent such disclosure is required to satisfy any legal requirement (including in response
to court-issued orders, investigative demands, subpoenas or similar processes or to
satisfy the requirements of any applicable regulatory authority).

Information Classification: Limited Access 19

**24.3.5** **Harm of Unauthorized Disclosure of Confidential Information.** Each Party acknowledges that the disclosure
to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement, may
immediately give rise to continuing irreparable injury inadequately compensable in damages at law, and in such cases the Receiving Party
agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against
any such breach or any threatened breach.

**24.3.6** **Responsibility for Representatives.** Each Party will be responsible for any use or disclosure of
Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such Party had used or disclosed
such Confidential Information itself.

**24.3.7** **No Disclosure to Custodian Asset Manager Division.** In no event will the Custodian allow representatives
of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information of the
Client, including Data.

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|:---|:---|
| **25** | **Term and Termination** |

---

**25.1** **Term.** This Agreement will commence on the Effective Date and will continue until terminated in
accordance with this Section.

**25.2** **Termination Rights.** 

**25.2.1** **Prior Notice.** The Parties agree that:

25.2.1.1 the Client may terminate this Agreement by giving not less than 30 days' prior written notice to
the Custodian; and

25.2.1.2 the Custodian may terminate this Agreement by giving not less than 270 days' prior written notice
to the Client.

**25.2.2** **Immediate Effect.** A Party may terminate this Agreement with immediate effect at any time by written
notice to the other Party, if:

25.2.2.1 an Insolvency Event occurs in relation to the other Party;

25.2.2.2 such other Party is the Client and fails to pay any undisputed Fees as and when due and has failed to
cure such breach within 30 days of receipt of notice from the Custodian requesting it to do so; or

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|:---|:---|
| 25.2.2.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;such other Party commits a material breach of an obligation under this Agreement and has failed to cure such breach within 30 days of receipt of notice requesting it to do so. |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Custodian terminates this Agreement pursuant to sub-sections 25.2.1 or 25.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian. |

---

Information Classification: Limited Access 20

**25.3** **Actions on Termination.** 

**25.3.1** **Successor Custodian.** Upon termination of the Agreement, the Custodian will deliver the Portfolio
to the successor custodian designated by the Client in Proper Instructions.

**25.3.2** **Remaining Portfolio.** If any part of the Portfolio remains in the possession of the Custodian or
its Subcustodians after the date of termination because the Client fails to designate a successor custodian or otherwise, the Custodian
may continue to provide the Services to the Client in consideration of the Fees, as if the Agreement had not terminated. If no successor
custodian has been appointed on or before the termination of this Agreement, then the Custodian will have the right to deliver to a bank
or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts, or New York, New
York, of its own selection, all Cash and Securities of the Client then held by the Custodian, and to transfer to an account of the bank
or trust company all of the Securities of the Client held in any CSD. The transfer will be on such terms as are contained in this Agreement
or as the Custodian may otherwise reasonably negotiate with the bank or trust company. Any compensation payable to the bank or trust company,
and any cost or expense incurred by the Custodian, in connection with the transfer will be for the account of the Client.

**25.3.3** **Payment of Fees.** Upon termination of this Agreement, Fees will become due and payable for the period
to the date of such termination, or, if later, to the date at which any part of the Portfolio held by the Custodian has been fully transferred
to a successor custodian or to the Client, other than Fees subject to a bona fide good faith dispute.

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|:---|:---|
| **26** | **Representations and Warranties** |

---

**26.1** **Each Party.** Each Party represents and warrants to the other that: (i) it
has the power to enter into and perform its obligations under this Agreement; and (ii) it has duly executed this Agreement by duly authorized
persons so as to constitute valid and binding obligations of that Party.

**26.2** **Client.** The Client further represents and warrants to the Custodian that: (i) it is the beneficial
owner of the assets comprising the Portfolio or is entitled to deal with the assets comprising the Portfolio under this Agreement as if
it were beneficial owner; and (ii) unless otherwise agreed, the Client acts as principal for the purposes of this Agreement and not as
agent for another person.

**26.3** **Custodian.** The Custodian further represents and warrants to the Client that: (i) it holds such
authorisations and licences as are necessary to lawfully perform its obligations under this Agreement; and (ii) it will seek to maintain
such authorisations and licenses for the term of this Agreement.

Information Classification: Limited Access 21

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|:---|:---|
| **27** | **Record Retention and Audit Rights** |

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**27.1** **Records.** The Custodian will retain the records it is required to maintain under this Agreement
in accordance with the Law applicable to the Custodian.

**27.2** **Client and Regulator Access.** The Custodian will allow the Client and the Client's regulators
or supervisory authorities to perform periodic on-site audits as may be reasonably required to examine the Custodian's performance
of the Services.

**27.3** **Frequency and Scope.** For inspections requested by the Client (such request will include reasonable
advance notice) and agreed to by the Custodian, the Custodian reserves the right to impose reasonable limitations on the number, frequency,
timing, and scope of such audits.

**27.4** **Limitations on Disclosure.** Nothing contained in this Section will obligate the Custodian to provide
access to or otherwise disclose: (i) any information that is unrelated to the Client and the provision of the Services to the Client;
(ii) any information that is treated as confidential under the Custodian's corporate policies, including, without limitation, internal
audit reports, compliance or risk management plans or reports, work papers and other reports, and information relating to management functions;
or (iii) any other documents, reports, or information that the Custodian is obligated or entitled to maintain in confidence as a matter
of law or regulation. In addition, any access provided to technology will be limited to a demonstration by the Custodian of the functionality
thereof and a reasonable opportunity to communicate with the Custodian's personnel regarding such technology.

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|:---|:---|
| **28** | **Business Continuity, Internal Controls and Information Security** |

---

**28.1** **Business Continuity Plans.** The Custodian will at all times maintain a business contingency plan
and a disaster recovery plan and will take commercially reasonable measures to maintain and periodically test such plans. The Custodian
will implement such plans following the occurrence of an event which results in an interruption or suspension of the Services to be provided
by the Custodian.

**28.2** **Internal Controls Review and Repor** t. The Custodian will retain a firm of independent auditors to
perform an annual review of certain internal controls and procedures employed by the Custodian in the provision of the Services and issue
a standard System and Organization Controls 1 or equivalent report based on such review. The Custodian will provide a copy of the report
to the Client upon request.

**28.3** **Information Security Systems and Controls.** The Custodian will maintain commercially reasonable
information security systems and controls, which include administrative, technical, and physical safeguards that are designed to: (i)
maintain the security and confidentiality of the Client's data; (ii) protect against any anticipated threats or hazards to the security
or integrity of the Client's data, including appropriate measures designed to meet legal and regulatory requirements applying to
the Custodian; and (iii) protect against unauthorized access to or use of the Client's data.

**28.4** **Virus Detection.** The Custodian will at all times employ a current version of one of the leading
commercially available virus detection software programs to test the hardware and software applications used by it to deliver the Services
for the presence of any computer code designed to disrupt, disable, harm, or otherwise impede operation.

Information Classification: Limited Access 22

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|:---|:---|
| **29** | **General** |

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**29.1** **Services Not Exclusive; Acting in Various Capacities.** The Custodian, its Subcustodians and their
Affiliates are part of groups of companies and businesses that, in the ordinary course of their business:

**29.1.1** provide a wide range of financial services to many clients of different kinds;

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| | |
|:---|:---|
| **29.1.2** | engage in transactions for their own account (including acting as banker as outlined in Section 4.4 and acting as foreign exchange counterparty as outlined in Section 13) or for the account of other clients; |
| which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest. | which may result in actual, perceived or potential conflicts between the interests of the Client and the interest of the Custodian, its Subcustodians and their Affiliates or between the interests of clients. The Custodian maintains a conflicts of interest policy, and has implemented procedures and arrangements to identify and manage conflicts of interest. |

---

**29.2** **Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the Custodian,
its Subcustodians and their Affiliates:

**29.2.1** may do business with each client on different contractual or financial terms;

**29.2.2** will seek to profit and is entitled to receive and retain profits and compensation in connection with
such activities without any obligation to account to the Client for the same;

**29.2.3** may act as principal in its own interests, or as agent for its other clients;

**29.2.4** may act or refrain from acting based upon information derived from such activities that is not available
to the Client;

**29.2.5** are not under a duty to notify or disclose to the Client any information which comes to their notice as
a result of such activities; and

---

| | |
|:---|:---|
| **29.2.6** | do not have an obligation to consider, act in, or provide information to the Client in respect of, the interests of the Client in connection with such activities, except to the extent (if any) expressly agreed in writing with the Client under the contractual arrangements governing those activities. |
|  | The Custodian may (but is not required to) make any disclosure or notification in connection with such activities to the Client via publication on MyStateStreet.com or other notification mechanism. |

---

**29.3** **Notice.** Unless otherwise specified, all notices, requests, demands and other communications under
this Agreement (other than routine operational communications), will be in writing and will be taken to have been given:

**29.3.1** when delivered by hand;

**29.3.2** on the next Business Day after being sent by e-mail (unless the sender receives an automated message that
the e-mail has not been delivered);

**29.3.3** on the next Business Day after being sent by overnight courier service for next Business Day delivery;
or

**29.3.4** on the third Business Day after being sent by certified or registered mail, return
 receipt requested; in each case to the applicable
Party at the address or e-mail address specified on <u>Schedule 2</u>, or such other address or e-mail address as a Party may specify
by written notice from time to time.

Information Classification: Limited Access 23

**29.4** **Waiver.** No failure on the part of any Party to exercise, and no delay on its part in exercising,
any right or remedy under this Agreement will operate as a waiver, nor will any single or partial exercise of any right or remedy preclude
any other or further exercise of that right or remedy, or the exercise of any other right or remedy.

**29.5** **Sole Remedy.** Subject to the right to seek relief under the specific circumstances expressly permitted
in this Agreement, each of the Custodian and the Client agrees that, to the maximum extent permitted by law, a claim for breach of contract
under and consistent with the terms of this Agreement will be the sole and exclusive remedy available for any and all matters arising
from or in any way relating to this Agreement, the provision of the Services or any conduct (including omissions and alleged conduct)
relating to the Agreement or provision of the Services, whether before, during or after the term of this Agreement. Accordingly, to the
maximum extent permitted by law, each of the Custodian and the Client, on behalf of itself and its Affiliates, waives any and all other
rights and remedies that otherwise would be available to such party in law or equity.

**29.6** **Assignment and Successors.** The terms of this Agreement are binding on the Parties'
 representatives, successors and permitted assigns and this Agreement and any rights or obligations
 under this Agreement may not be assigned or transferred without the prior written consent
 of the other Party. However, in the event that either Party becomes the subject of an Insolvency
 Event, then such Party will have the right to assign or transfer its rights and obligations
 under this Agreement to any entity to which the Party transfers its business and assets (including
 a bridge bank or similar entity) and the other Party irrevocably consents to such assignment
 or transfer.

**29.7** **Entire Agreement.** This Agreement is the complete and exclusive agreement
 of the Parties regarding the Services and supersedes, as of the Effective Date, all prior
 oral or written agreements, arrangements or understandings between the parties relating to
 the Services.

**29.8** **Amendments.** This
 Agreement may be amended by written agreement between the Parties. However, the Custodian
 may amend this Agreement by giving written notice to the Client of such proposed amendment
 and the Client will be taken to have consented to the amendment if the Client does not affirmatively
 object in writing within thirty (30) days.

**29.9** **Counterparts and Electronic Signatures.** This Agreement may be executed in separate
 counterparts, each of which will be an original, but which together will constitute one and
 the same agreement. Counterparts may be executed in either original or electronically transmitted
 form (e.g., faxes or emailed portable document format (PDF) form), and the Parties adopt
 as original any signatures received in electronically transmitted form. This Agreement may
 be executed by electronic signature (whatever form the electronic signature takes) and the Parties agree that this method of
signature is as conclusive of the intention to be bound by this Agreement as if signed by the Parties' manuscript signatures.

Information Classification: Limited Access 24

**29.10** **Severance.** In
 the event that any part of this Agreement will be determined to be void or unenforceable
 for any reason, the rest of this Agreement will be unaffected (unless the essential purpose
 hereof is substantially frustrated by such determination) and will be enforceable in accordance
 with the rest of its terms as if the void or unenforceable part were not a part of this Agreement.

**29.11** **Survival.** The
 provisions of Sections 10 (Tax Withholding and Tax Relief), 17 (Standard of Care and Liability),
 20 (Indemnity), 21 (Obligations of the Client-Fees), 23 (Creditors Rights), 24 (Confidentiality
 and Use of Data) and 25.3 (Actions on Termination) are continuing obligations and will survive
 termination of this Agreement for any reason.

**29.12** **Governing Law and Jurisdiction.** This Agreement is governed by and interpreted in accordance
 with the laws of the Commonwealth of Massachusetts, and any disputes which may arise out
 of, under or in connection with this Agreement will be determined by the exclusive jurisdiction
 of the Massachusetts courts.

**29.13** **Reserved.** 

**29.14** **Reserved** 

**29.15** **The Parties; Additional Clients** 

**29.15.1** All references in this Agreement to the "Client" are to each of the client entities listed
on <u>Appendix A</u>, individually, as if this Agreement were between the relevant individual Client and the Custodian. Any reference
in this Agreement to "the Parties" shall mean the Custodian and the individual Client as to which the matter relates.

**29.15.2** If any entity in addition to those listed on <u>Appendix A</u> would like the Custodian to render Services
under the terms of this Agreement, the entity may notify the Custodian in writing. If the Custodian agrees in writing to provide
the services, <u>Appendix A</u> will be taken to be amended to include such entity as a Client and that entity (together with the Custodian)
will be bound by all Sections of this Agreement .

Information Classification: Limited Access 25

 

---

| |
|:---|
| Signed by the Parties: |
| SCM TRUST ON BEHALF OF |
| EACH ENTITY IDENTIFIED ON APPENDIX A |

---

---

| | |
|:---|:---|
| By: |  |
| Name: | Steve Rogers |
| Title: | Chairman and President |
| Date: |  |
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: |  |
| Name: |  |
| Title: |  |
| Date: |  |

---

Information Classification: Limited Access 26

**Schedule 1<br> Definitions**

In this Agreement:

"**1940 Act**" means the U.S. Investment Company Act of 1940, as amended from time to time.

**"Affiliate"** means, with respect to any person, any other person Controlling, Controlled by, or under common Control with, such person at the time in question. For these purposes. "Control" and its derivatives "Controlled" and "Controlling" mean, with regard to any person: (i) the legal or beneficial ownership, directly or indirectly, of fifty percent (50%) or more of the issued share capital or capital stock of that person (or other ownership interest, if not a corporation); (ii) the ability to control, directly or indirectly, fifty per cent (50%) or more of the voting power in relation to that person; or (iii) the legal power to direct or cause the direction of the general management and policies of that person, provided that where Control is being determined with respect to a person that is a limited partnership, Control shall be determined by reference to the satisfaction of any of the above tests with respect to the general partner of the limited partnership

**"Alternative Assets"** means derivatives, real estate, commodities, private placements, loans, infrastructure holdings, private equity holdings, hedge fund holdings or such other assets (i) not typically held in book-entry form and (ii) not typically held in accounts registered in the name of the Custodian or a Subcustodian, in each case as determined by the Custodian.

"**Authentication Procedures**" means the use of security codes, passwords, tested communications or other authentication procedures as may be agreed upon in writing by Parties from time to time for purposes of enabling the Custodian to verify that purported Proper Instructions have been originated by an Authorized Person, and will include a Funds Transfer and Transaction Origination Policy Agreement.

"**Authorized Data Sources**" means third party sources of data and information utilized by the Custodian in the provision of the Services, including issuer and issuer group data; security characteristics and classifications; security prices (OTC and exchange traded); ratings (issuer and issue); exchange, interest, discount and coupon rates; corporate action, dividend, income and tax data; benchmark, index, composite and indice related data (including values, constituents, weights and performance); and other reference and market data and information necessary for the performance of the Services.

"**Authorized Person**" means a person authorized to give Proper Instructions and otherwise act on the Client's behalf in connection with this Agreement.

"**Business Day**" means a day on which the Custodian or the relevant Subcustodian is open for business in the market or country in which a transaction or an action by a Party takes place.

"**Board**" means, in relation to a Client, the board of directors, trustees or other governing body of the Client.

"**Cash**" means cash in any currency from time to time deposited with the Custodian or Subcustodian under this Agreement.

"**Cash Account**" has the meaning given to it in Section 4.1.

"**Client**" means the party named in the preamble. In the case of an investment entity that is structured as a series organization or umbrella scheme, all references in this Agreement to the "Client" are to the individual series or scheme, as applicable.

Information Classification: Limited Access 27

**"Client Publications"** means the general client publications of the Custodian from time to time available to clients and their investment managers, including the Investment Managers' Guide, Client Guide, Guide to Custody in World Markets, and FX Client Guide.

**"Collateral"** has the meaning given to it in Section 23.1.

**"Confidential Information"** means all information provided by or on behalf of a party (the "Disclosing Party") to the other party (the "Receiving Party"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any Fees will be treated as Confidential Information as to which each Party is a Disclosing Party. Confidential Information will not include information that: (i) is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement: (ii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure; (iii) is independently developed by the Receiving Party without the use of other Confidential Information; (iv) is rightfully obtained on a non-confidential basis from a third party source.

**"Contractual Settlement"** has the meaning given to it in Section 5.2.

**"Corporate Actions"** means warrant and option exercises, conversions, exchanges and other capital reorganizations, calls, odd lot tenders/credits, bonus rights, subscription offers/rights, puts, maturities of securities, redemptions, mergers, tender or exchange offers, and rights exercises and expirations. Corporate Actions do not include class actions.

"**Corporate Actions Deadline Date**" has the meaning given to it in Section 6.2.

"**Covered Foreign Country**" means a country listed on Schedule A, which list of countries may be amended from time to time at the request of any Client and with the agreement of the Foreign Custody Manager.

"**CSD**" or "**Central Securities Depository**" means an entity or generally recognised book-entry or other settlement system or clearing house, central clearing counterparty or agency, acting as a local securities depository, central securities depository or international securities depository, the use of which is customary for securities settlement activities in the jurisdiction(s) in which it holds Securities or Cash in connection with this Agreement, and through which the Custodian may transfer, settle, clear, deposit or maintain Securities whether in certificated or uncertificated form and will include any services provided by any network service provider or carriers or settlement banks used by a CSD.

"**Data**" means any Confidential Information of the Client relating to its holdings, transactions or other information that the Custodian obtains with respect to the Client in connection with the provision of the Services under this Agreement or any other agreement.

"**Delegate**" means any agent, subcontractor, consultant and other third party, whether affiliated or unaffiliated with the Custodian. The term Delegate does not include Subcustodians, CSDs, Authorized Data Sources, suppliers of information technology or related services, or Financial Market Utilities.

**"Effective Date"** has the meaning given to it in the preamble.

"**Eligible Foreign Custodian**" has the meaning set out in Section (a)(1) of Rule 17f-5.

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

Information Classification: Limited Access 28

"**Fees**" means the fees charged by the Custodian in consideration for providing the Services and the costs, expenses and disbursements of the Custodian to be reimbursed by the Client, as agreed between the parties from time to time in a separate written fee schedule, or as otherwise agreed in writing.

"**Financial Market Utility**" means any multilateral system for transferring, clearing, and settling payments, securities, and other financial transactions among or between financial institutions, including payment systems, central securities depositories, securities settlement systems, central counterparties and trade repositories.

"**Force Majeure Event**" means any event or circumstances beyond the reasonable control of the Custodian, including nationalization, expropriation, currency restrictions, suspension or disruption of the normal procedures and practices, or disruption of the infrastructure, of any securities market or CSD, interruptions in telecommunications or utilities, acts of war or terrorism, riots, revolution, acts of God or other similar events or acts.

"**Foreign Assets**" means a Client's Securities or other investments (including non-U.S. Cash) for which the primary market is outside the United States, and any cash and cash equivalents that are reasonably necessary to effect transactions in those investments.

"**Foreign Custody Manager**" has the meaning set forth in section (a)(3) of Rule 17f-5.

"**Foreign Securities System**" means an Eligible Securities Depository listed on Schedule B.

"**Indemnified Claim**", "**Indemnified Party**" **and** "**Indemnifying Party**" each have the meaning given to them in Section 20.4.

"**Insolvency Event**" means the occurrence of any of the following events in relation to any person: (i) the person generally does not pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or makes a general assignment for the benefit of creditors; or (ii) any proceeding is instituted by or against such person seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, or other similar official for it or for any substantial part of its property and, where any such proceeding is instituted against (but not by) such person, such person does not promptly seek dismissal of such proceeding or its motion or request to dismiss such proceeding is denied (whether or not on an initial, interim or final basis); or (iii) such person proposes or takes any corporate action to authorize any of the preceding actions or anything analogous to the foregoing events occurs in relation to such person under the laws of any jurisdiction.

"**Investment Document**" means any agreement, subscription, assignment or other document evidencing in physical form an investment of the Client, or providing for the ownership by the Client, in each case that is acceptable to the Custodian. For the avoidance of doubt, it does not include any Security, instrument, certificate, title, agreement or other document that is accompanied by a stock power or instrument of assignment, endorsed to the Custodian or in blank.

"**Investment Manager**" means each person specified as such by the Client, including its agents and delegates.

"**Law**" means any statute, ordinance, order, judgment, decree, subordinate legislation, rule or regulation promulgated by any regulatory, administrative or judicial authority or otherwise in force in any jurisdiction, applicable to a Party, that relates to the performance by such Party of the Services or obligations under this Agreement.

Information Classification: Limited Access 29

"**Local Market Practice**" means the customary or established practices, procedures and terms in the jurisdiction or market where a transaction occurs, including the rules and procedures of any exchange or over the counter market and any practical constraints that exist with respect to the exercise of shareholder rights, realisation of entitlements or the sale, exchange, purchase, transfer or delivery of Cash or Securities.

"**Losses**" means all direct losses, damages, claims, costs, expenses or other liabilities (including reasonable attorneys' fees and other litigation expenses).

"**Market Participant**" means any issuer, intermediary, exchange, transaction counterparty or other market participant.

"**Off Book Cash**" has the meaning given to it in Section 4.2.

"**On Book Cash**" has the meaning given to it in Section 4.2.

"**Parties"** means the parties set out at the beginning of this Agreement.

"**Portfolio**" means the Securities and Cash delivered to and held by the Custodian which comprise the assets of the Client over which the Custodian provides the Services pursuant to this Agreement.

"**Proper Instructions**" means instructions (which may be standing instructions and which includes any security trade advice) received by the Custodian through an agreed Authentication Procedure in any of the following forms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) in writing given by an Authorized Person including a facsimile transmission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) in an electronic communication as may be agreed upon between the Custodian and the Client in writing from
time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) by such other means as may be agreed from time to time by the Custodian and the Client .

"**Rule 17f-4, Rule 17f-5, and Rule17f-7**" means Rule 17f-4, Rule 17f-5 and Rule 17f-7 promulgated under the 1940 Act.

"**Schedule" or "Schedules"** are all of the schedules referenced herein and attached to this Agreement.

**"Secured Liabilities"** means all liabilities or obligations owed by the Client to the Custodian or its Affiliates relating to this Agreement, including: (a) the obligations of the Client to the Custodian or its Affiliates in relation to any advance of cash or securities or any other extension of credit for any purpose; (b) the obligations of the Client to compensate the Custodian for the provision of the Services; and (c) the indemnity obligations of the Client to the Custodian under Section 20.

"**Securities**" means securities and such other similar assets as the Custodian may from time to time accept into custody under this Agreement.

"**Securities Account**" has the meaning given to it in Section 3.2.

"**Services**" means the services to be provided by the Custodian to the Client in accordance with this Agreement.

"**Special Subcustodian**" has the meaning given to it in Section 14.3.

"**Subcustodian**" means any qualified bank, credit institution, trust company or other entity appointed by the Custodian to perform safekeeping, processing and other elements of the Services, including Affiliates or non-Affiliates of the Custodian.

Information Classification: Limited Access 30

"**Third Party Agent**" means any provider of services to the Client (other than the Custodian, a Subcustodian or Delegate under this Agreement) including any Investment Manager, adviser or sub-advisor, distributor, broker, dealer, transfer agent, administrator, accounting agent, audit firm, tax firm, or law firm.

"**UCC**" means the Uniform Commercial Code of the Commonwealth of Massachusetts, as in effect from time to time.

"**U.S.**" shall mean the United States of America.

"**U.S. CSD**" means a CSD authorized by the U.S. Department of the Treasury or a "clearing corporation" as defined in Section 8-102 of the UCC.

<u>Interpretation</u>: Capitalised terms used in this Agreement have the meanings given to them in this Schedule 1 unless otherwise defined. In this Agreement references to "persons" will include legal as well as natural persons or entities, references importing the singular will include the plural (and vice versa), use of the masculine pronoun will include the feminine, use of the terms "include", "includes" or "including" shall be deemed to be followed by the phrase "without limitation" and any specific examples given following the use of such terms shall be illustrative and in no way limit the general meaning of the words preceding them and numbered schedules, exhibits or Sections will (unless the contrary intention appears) be construed as references to such schedules and exhibits hereto and Sections herein bearing those numbers and any sub-sections thereof. The schedules and exhibits hereto are hereby incorporated herein by reference.

Information Classification: Limited Access 31

**Schedule 2<br> Notices**

**(Section 29)**

---

| | |
|:---|:---|
| CUSTODIAN: | STATE STREET BANK AND TRUST COMPANY |
| Attention: | Senior Vice President – Custody |
| CC: | Legal Department |
| Address: | One Congress Street, Boston, Massachusetts 02114 |
| Telephone No: | [●] |
| Email: | [●] |
| CLIENT: | Shelton Capital Management |
| Attention: | President and Legal Department |
| Address: | 1125 17th Street, Suite 2550, Denver, Colorado 80202 |
| Telephone No: | (415) 625-4900; (303) 228-8983 |
| Email: | <u>srogers@sheltoncap.com</u>; <u>gpusch@sheltoncap.com</u> |

---

Information Classification: Limited Access 32

**Appendix A**

**List of Funds** 

---

| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>Jurisdiction of Formation</u>** |
| Shelton Equity Premium Income ETF | Massachusetts |

---

Information Classification: Limited Access 33

## Ex-99.(H)(3)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(h)(3)**

<u>**FORM OF TRANSFER AGENCY AND SERVICE AGREEMENT**</u>

THIS AGREEMENT is made as of the ___ day of August, 2025, by and between **State Street Bank and Trust Company,** Massachusetts trust company having its principal office and place of business at One Congress Street, Boston, Massachusetts 02114 ("State Street" or the "Transfer Agent"), and **SCM Trust**, a statutory trust formed under the laws of Massachusetts having its principal office and place of business at 1125 17th Street, Suite 2550 Denver, Colorado 80202 (the "Trust").

WHEREAS, the Trust is authorized to issue shares of beneficial interest ("Shares") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, the Trust intends to initially offer Shares in one or more series, each as named in the attached <u>Schedule A,</u> which may be amended by the parties from time to time (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with Section 11 of this Agreement, being herein referred to as a "Portfolio," and collectively as the "Portfolios");

WHEREAS, each Portfolio will issue and redeem Shares only in aggregations of Shares known as "Creation Units" as described in the currently effective prospectus and statement of additional information of the Trust (collectively, the "Prospectus");

WHEREAS, only those entities ("Authorized Participants") that have entered into an Authorized Participant Agreement with the distributor of the Trust, currently Paralel Distributors LLC, a Delaware limited liability company (the "Distributor"), are eligible to place orders for Creation Units with the Distributor;

WHEREAS, the Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC") or its nominee will be the record or registered owner of all outstanding Shares;

WHEREAS, Trust desires to appoint Transfer Agent to act as its transfer agent, dividend disbursing agent and agent in connection with certain other activities; and Transfer Agent is willing to accept such appointment.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** <u>**TERMS OF APPOINTMENT**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Subject to the terms and conditions set forth in this Agreement, the Trust and each
Portfolio hereby employs and appoints the Transfer Agent to act as, and the Transfer Agent agrees to act as, transfer agent for the Creation
Units and dividend disbursing agent of the Trust and each Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services.* In accordance with procedures established from
time to time by agreement between the Trust and each Portfolio, as applicable, and the

Transfer Agent (the "Procedures"), the Transfer Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) establish each Authorized Participant's account in the applicable Portfolio on the
Transfer Agent's recordkeeping system and maintain such account for the benefit of such Authorized Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) receive and process orders for the purchase of Creation Units from the Distributor
or the Trust, and promptly deliver payment and appropriate documentation thereof to the custodian of the applicable Portfolio as identified
by the Trust (the "Custodian");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) generate or cause to be generated and transmitted confirmation of receipt of such
purchase orders to the Authorized Participants and, if applicable, transmit appropriate trade instruction to the National Securities Clearance
Corporation ("NSCC");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) receive and process redemption requests and redemption directions from the Distributor
or the Trust and deliver the appropriate documentation thereof to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) with respect to items (i) through (iv) above, the Transfer Agent may execute transactions
directly with Authorized Participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) at the appropriate time as and when it receives monies paid to it by the Custodian
with respect to any redemption, pay over or cause to be paid over in the appropriate manner such monies, if any, to the redeeming Authorized
Participant as instructed by the Distributor or the Trust ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) prepare and transmit by means of DTC's book - entry system payments for any dividends and distributions declared by the Trust on behalf of the applicable
Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) record the issuance of Shares of the applicable Portfolio and maintain a record
of the total number of Shares of each Portfolio which are issued and outstanding; and provide the Trust on a regular basis with the total
number of Shares of each Portfolio which are issued and outstanding but Transfer Agent shall have no obligation, when recording the issuance
of Shares, to monitor the issuance of such Shares to determine if there are authorized Shares available for issuance or to take cognizance
of any laws relating to, or corporate actions required for, the issue or sale of such Shares, which functions shall be the sole responsibility
of the Trust and each Portfolio; and, excluding DTC or its nominee as the record or registered owner, the Transfer Agent shall have no
obligations or responsibilities to account for, keep records of, or otherwise related to, the beneficial owners of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) maintain and manage, as agent for the Trust and each Portfolio, such bank accounts
as the Transfer Agent shall deem necessary for the performance of its duties under this Agreement, including but not limited to, the processing
of Creation Unit purchases and redemptions and the payment

of a Portfolio's dividends and distributions. The Transfer Agent may maintain such accounts at the bank or banks deemed appropriate by the Transfer Agent in accordance with applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) process any request from an Authorized Participant to change its account registration;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except as otherwise instructed by the Trust, the Transfer Agent shall process all
transactions in each Portfolio in accordance with the procedures mutually agreed upon by the Trust and the Transfer Agent with respect
to the proper net asset value to be applied to purchase orders received in good order by the Transfer Agent or by the Trust or any other
person or firm on behalf of such Portfolio or from an Authorized Participant before cut-offs established by the Trust. The Transfer Agent
shall report to the Trust any known exceptions to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 *Additional Services.* In addition to, and neither *in lieu* of nor in
contravention of the services set forth in Section 1.2 above, the Transfer Agent shall perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Transfer Agent shall perform such other services for the Trust that are mutually
agreed to by the parties from time to time, for which the Trust will pay such fees as may be mutually agreed upon, including the Transfer
Agent's reasonable out-of-pocket expenses. The provision of such services shall be subject to the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>DTC and NSCC.</u> The Transfer
Agent shall: (a) accept and effectuate the registration and maintenance of accounts, and the purchase and redemption of Creation Units
in such accounts, in accordance with instructions transmitted to and received by the Transfer Agent by transmission from DTC or NSCC on
behalf of Authorized Participants; and (b) issue instructions to a Portfolio's banks for the settlement of transactions between the Portfolio
and DTC or NSCC (acting on behalf of the applicable Authorized Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.4 *Authorized Persons.* The Trust and each Portfolio, hereby agrees and acknowledges
that the Transfer Agent may rely on the current list of authorized persons, including the Distributor, as provided or agreed to by the
Trust and as may be amended from time to time, in receiving instructions to issue or redeem Creation Units. The Trust and each Portfolio,
agrees and covenants for itself and each such authorized person that any order or sale of or transaction in Creation Units received by
it after the order cut-off time as set forth in the Prospectus or such earlier time as designated by such Portfolio (the "Order Cut-Off
Time"), shall be effectuated at the net asset value determined on the next business day or as otherwise required pursuant to the
applicable Portfolio's then-effective Prospectus, and the Trust or such authorized person shall so instruct the Transfer Agent of the
proper effective date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *Anti-Money Laundering and Client Screening.* With
respect to the Trust's or any Portfolio's offering and sale of Creation Units at any time, and for all subsequent transfers of such interests , the Trust or its delegate shall, to the extent applicable, directly or indirectly and to the extent
required by law: (i) conduct know your customer/client identity due diligence with respect to potential investors and transferees in the
Shares and Creation Units and shall obtain and retain due diligence records for each investor and transferee; (ii) use its best efforts
to ensure that each investor's and any transferee's funds used to purchase Creation Units or Shares shall not be derived from, nor the
product of, any criminal activity; (iii) if requested, provide periodic written verifications that such investors/transferees have been
checked against the United States Department of the Treasury Office of Foreign Assets Control database for any non-compliance or exceptions;
and (iv) perform its obligations under this Section in accordance with all applicable anti- money laundering laws and regulations. In
the event that the Transfer Agent has received advice from counsel that access to underlying due diligence records pertaining to the investors/transferees
is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering (or other applicable) laws or regulations,
the Trust shall, upon receipt of written request from the Transfer Agent, provide the Transfer Agent copies of such due diligence records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *State Transaction (''Blue Sky") Reporting.* If applicable, the Trust shall be solely responsible for its "blue sky" compliance and state registration requirements .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 *Tax Law.* The Transfer Agent shall have no responsibility or liability for
any obligations now or hereafter imposed on the Trust, a Portfolio, any Creation Units, any Shares, a beneficial owner thereof, an Authorized
Participant or the Transfer Agent in connection with the services provided by the Transfer Agent hereunder by the tax laws of any country
or of any state or political subdivision thereof. It shall be the responsibility of the Trust to notify the Transfer Agent of the obligations
imposed on the Trust, a Portfolio, the Creation Units, the Shares, or the Transfer Agent in connection with the services provided by the
Transfer Agent hereunder by the tax law of countries, states and political subdivisions thereof, including responsibility for withholding
and other taxes, assessments or other governmental charges, certifications and governmental reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 The Transfer Agent shall provide the office facilities and the personnel determined
by it to perform the services contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** <u>**FEES AND EXPENSES**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 *Fee Schedule.* For the performance by the Transfer Agent of services provided
pursuant to this Agreement, the Transfer Agent shall be entitled to receive the fees and expenses set forth in a written fee schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** <u>**REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT**</u> <br> The Transfer Agent represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 It is a trust company duly organized and existing under the laws of the Commonwealth
of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 It is duly registered as a transfer agent under Section 17A(c)(2) of the Securities
Exchange Act of 1934, as amended (the "1934 Act"), it will remain so registered for the duration of this Agreement, and it will
promptly notify the Trust in the event of any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 It is duly qualified to carry on its business in the
Commonwealth of Massachusetts .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 It is empowered under applicable laws and by its organizational documents to enter
into and perform the services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 All requisite organizational proceedings have been taken to authorize it to enter
into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** <u>**REPRESENTATIONS AND WARRANTIES OF THE TRUST AND THE PORTFOLIOS**</u> 

The Trust and each Portfolio represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The Trust is a business trust duly organized, existing and in good standing under
the laws of the state of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The Trust is empowered under applicable laws and by its organizational documents
to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 All requisite proceedings have been taken to authorize the Trust to enter into,
perform and receive services pursuant to this Agreement and to appoint the Transfer Agent as transfer agent of the Trust and the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The Trust is registered under the Investment Company Act of 1940, as amended (the
"1940 Act"), as an open-end management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 A registration statement under the Securities Act of 1933, as amended (the "Securities
Act"), is currently effective and will remain effective, and all appropriate state securities law filings have been made and will
continue to be made, with respect to all Shares of the Trust being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6 Where information provided by the Trust or the Authorized Participants includes
information about an identifiable individual ("Personal Information"), the Trust represents and warrants that it has obtained
all consents and approvals, as required by all applicable laws, regulations, by-laws and ordinances that regulate the collection, processing,
use or disclosure of Personal Information, necessary to disclose such Personal Information to the Transfer Agent, and as required for
the Transfer Agent to

use and disclose such Personal Information in connection with the performance of the services hereunder. The Trust acknowledges that the Transfer Agent may perform any of the services, and may use and disclose Personal Information outside of the jurisdiction in which it was initially collected by the Trust, including the United States and that information relating to the Trust, including Personal Information of investors may be accessed by national security authorities, law enforcement and courts. The Transfer Agent shall be kept indemnified by and be without liability to the Trust for any action taken or omitted by it in reliance upon this representation and warranty, including without limitation, any liability or costs in connection with claims or complaints for failure to comply with any applicable law that regulates the collection, processing, use or disclosure of Personal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** <u>**DATA ACCESS AND PROPRIETARY INFORMATION**</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 The Trust acknowledges that the databases, computer programs, screen formats, report
formats, interactive design techniques, and documentation manuals furnished to the Trust by the Transfer Agent as part of the Trust's
ability to access certain Trust-related data maintained by the Transfer Agent or another third party on databases under the control and
ownership of the Transfer Agent ("Data Access Services") constitute copyrighted, trade secret, or other proprietary information
(collectively, "Proprietary Information") of substantial value to the Transfer Agent or another third party. In no event shall
Proprietary Information be deemed Authorized Participant information or the confidential information of the Trust. The Trust and each
Portfolio agrees to treat all Proprietary Information as proprietary to the Transfer Agent and further agrees that it shall not divulge
any Proprietary Information to any person or organization except as may be provided hereunder. Without limiting the foregoing, the Trust
agrees for itself and its officers and trustees and their agents, to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) use such programs and databases solely on the Trust's, or such agents' computers,
or solely from equipment at the location(s) agreed to between the Trust and the Transfer Agent, and solely in accordance with the Transfer
Agent's applicable user documentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) refrain from copying or duplicating in any way the Proprietary Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) refrain from obtaining unauthorized access to any portion of the Proprietary Information,
and if such access is inadvertently obtained, to inform the Transfer Agent in a timely manner of such fact and dispose of such information
in accordance with the Transfer Agent's instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) refrain from causing or allowing Proprietary Information transmitted from the Transfer
Agent's computers to the Trust's, or such agents' computer to be retransmitted to any other computer facility or other location, except
with the prior written consent of the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) allow the Trust or such agents to have access only to those authorized transactions
agreed upon by the Trust and the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) honor all reasonable written requests made by the Transfer Agent to protect at the
Transfer Agent's expense the rights of the Transfer Agent in Proprietary Information at common law, under federal copyright law and under
other federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Proprietary Information shall not include all or any
portion of any of the foregoing items that (i) are or become publicly available without breach of this Agreement; (ii) that are released
for general disclosure by a written release by the Transfer Agent; or (iii) that are already in the possession of the receiving party
at the time of receipt without obligation of confidentiality or breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 If the Trust notifies the Transfer Agent that any of the Data Access Services do
not operate in material compliance with the most recently issued user documentation for such services, the Transfer Agent shall use commercially
reasonable efforts to correct such failure. Organizations from which the Transfer Agent may obtain certain data included in the Data Access
Services are solely responsible for the contents of such data, and the Trust agrees to make no claim against the Transfer Agent arising
out of the contents of such third-party data, including, but not limited to, the accuracy thereof. DATA ACCESS SERVICES AND ALL COMPUTER
PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER
AGENT EXPRESSLY DISCLAIMS ALL WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF
MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 If the transactions available to the Trust include the ability to originate electronic
instructions to the Transfer Agent in order to (i) effect the transfer or movement of cash or Creation Units, or (ii) transmit Authorized
Participant information or other information, then in such event the Transfer Agent shall be entitled to rely on the validity and authenticity
of such instruction without undertaking any further inquiry as long as such instruction is undertaken in conformity with security procedures
established by the Transfer Agent from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Each party shall take reasonable efforts to advise its employees of their obligations
pursuant to this Section. The obligations of this Section shall survive any earlier termination of this Agreement.

**6.**  **<u>STANDARD OF CARE/ LIMITATION OF LIABILITY</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;6.1 The Transfer Agent shall at all times act in good faith in its performance of all
services performed under this Agreement, but assumes no responsibility and shall not be liable for loss or damage due to errors, including
encoding and payment processing errors, unless said errors are caused by its gross negligence, bad faith, or willful misconduct or that
of its employees or agents.

The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 In any event, the Transfer Agent's cumulative liability for each calendar year (a
"Liability Period") with respect to the services provided pursuant to this Agreement regardless of the form of action or legal
theory shall be limited to the total fees payable hereunder during the preceding 12-month period, for any liability or loss suffered by
the Trust or the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 In no event shall the Transfer Agent be liable for any special, incidental, indirect,
punitive or consequential damages, regardless of the form of action and even if the same were foreseeable.

**7.**  **<u>INDEMNIFICATION</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;7.1 The Transfer Agent and its affiliates, including their respective officers, directors,
employees and agents (the "Indemnitees"), shall not be responsible for, and the Trust and each Portfolio shall indemnify and
hold the Indemnitees harmless from and against, any and all losses, damages, costs, charges, reasonable counsel fees (including the defense
of any lawsuit in which one of the Indemnitees is a named party), 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;(i) all actions of the Transfer Agent or its agents or subcontractors required to be
taken pursuant to this Agreement, provided that such actions are taken in good faith and without gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Trust's breach of any representation, warranty or covenant of the Trust hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Trust's lack of good faith, gross negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) reliance upon, and any subsequent use of or action taken or omitted, by the Transfer
Agent, or its agents or subcontractors on: (a) any information, records, documents, data, stock certificates or services, which are received
by the Transfer Agent or its agents or subcontractors in physical form, or by machine readable input, facsimile, electronic data entry,
electronic instructions or other similar means authorized by the Trust, and which have been prepared, maintained or performed by the Trust
or any other person or firm on behalf of the Trust, including but not limited to any broker-dealer, third party administrator or previous
transfer agent; (b) any instructions or requests of the Trust or its officers or the Trust's agents or subcontractors or their officers
or employees; (c) any instructions or opinions of legal counsel to the Trust or any Portfolio with respect to any matter arising in connection
with the services to be performed by the Transfer Agent under this Agreement which are provided to the Transfer Agent by the Trust or
Fund after consultation with such legal counsel; or (d) any paper or document, reasonably believed to be genuine, authentic, or signed
by the

proper person or persons;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the offer or sale of Creation Units in violation of any requirement under federal
or state securities laws or regulations requiring that such Creation Units be registered, or in violation of any stop order or other determination
or ruling by any federal or state agency with respect to the offer or sale of such Creation Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the negotiation and processing of any checks, wires and ACH transmissions, including
without limitation, for deposit into, or credit to, the Trust's demand deposit accounts maintained by the Transfer Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) all actions relating to the transmission of Trust, Creation Unit or Authorized Participant
data through the NSCC clearing systems, if applicable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any tax obligations under the tax laws of any country or of any state or political
subdivision thereof, including taxes, withholding and reporting requirements, claims for exemption
and refund, additions for late payment, interest, penalties and other expenses (including legal expenses) that may be assessed, imposed
or charged against the Transfer Agent as transfer agent 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;7.2 At any time the Transfer Agent may apply to any officer of the Trust for instructions,
and may consult with legal counsel (which may be Trust counsel) with respect to any matter arising in connection with the services to
be performed by the Transfer Agent under this Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable and
shall be indemnified by the Trust and the applicable Portfolio for any action taken or omitted by it in reliance upon such instructions
or upon the opinion of such counsel. The Transfer Agent, its agents and subcontractors shall be protected and indemnified in acting upon
any paper or document furnished by or on behalf of the Trust or the applicable Portfolio, 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 the Transfer Agent
or its agents or subcontractors by machine readable input, electronic data entry or other similar means authorized by the Trust and the
Portfolios, and shall not be held to have notice of any change of authority of any person, until receipt of written notice thereof from
the Trust.

**8.**  **<u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</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;8.1 *Delivery of Documents.* The Trust shall promptly
furnish to the Transfer Agent the following :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A copy of the resolution of the Board of Trustees of
the Trust certified by the Trust's Secretary authorizing the appointment of the Transfer Agent and the execution and delivery of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A copy of the Declaration of Trust and By-Laws of the
Trust and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *Certificates, Checks, Facsimile Signature Devices* *.* The Transfer Agent

hereby agrees to establish and maintain facilities and procedures for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices; and for the preparation or use, and for keeping account of, such certificates, forms and devices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 *Records* *.* The Transfer Agent shall keep records relating to the services to be performed hereunder, in the
form and manner as it may deem advisable. In furtherance of the Trust's compliance with the requirements of Section 31 of the 1940 Act
and the Rules thereunder, the Transfer Agent agrees that any records relating to the services provided to the Trust and Portfolios hereunder
shall be made available upon reasonable request and preserved for the periods prescribed by the applicable Rules unless such records are
earlier surrendered to the Trust or Portfolios. Records may be surrendered in either written or machine-readable form, at the option of
the Transfer Agent. In the event that the Transfer Agent is requested or authorized by the Trust, or required by subpoena, administrative
order, court order or other legal process, applicable law or regulation, or required in connection with any investigation, examination
or inspection of the Trust by state or federal regulatory agencies, to produce the records of the Trust or the Transfer Agent's personnel
as witnesses or deponents, the Trust agrees to pay the Transfer Agent for the Transfer Agent's time and expenses, as well as the fees
and expenses of the Transfer Agent's counsel, incurred in such production.

**9.**  **<u>CONFIDENTIALITY AND USE OF DATA</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;9.1 All information provided under this Agreement by a
party (the "Disclosing Party") to the other party (the "Receiving Party") regarding the Disclosing Party's business
and operations shall be treated as confidential. Subject to Section 9.2 below, all confidential information provided under this Agreement
by Disclosing Party shall be used, including disclosure to third parties, by the Receiving Party, or its agents or service providers,
solely for the purpose of performing or receiving the services and discharging the Receiving Party's other obligations under the Agreement
or managing the business of the Receiving Party and its Affiliates (as defined in Section 9.2 below), including financial and operational
management and reporting, risk management, legal and regulatory compliance and client service management. The foregoing shall not be applicable
to any information (a) that is publicly available when provided or thereafter becomes publicly available, other than through a breach
of this Agreement, (b) that is independently derived by the Receiving Party without the use of any information provided by the Disclosing
Party in connection with this Agreement, (c) that is disclosed to comply with any legal or regulatory proceeding, investigation, audit,
examination, subpoena, civil investigative demand or other similar process, (d) that is disclosed as required by operation of law or regulation
or as required to comply with the requirements of any market infrastructure that the Disclosing Party or its agents direct the Transfer
Agent or its Affiliates to employ (or which is required in connection with the holding or settlement of instruments included in the assets
subject to this Agreement), or (e) where the party seeking to disclose

has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 (a) In connection with the provision of the services and the discharge of its
other obligations under this Agreement, the Transfer Agent (which term for purposes of this Section 9.2 includes each of its parent company,
branches and affiliates ("Affiliates")) may collect and store information regarding the Trust or Fund and share such information
with its Affiliates, agents and service providers in order and to the extent reasonably necessary (i) to carry out the provision of services
contemplated under this Agreement and other agreements between the Trust and the Transfer Agent or any of its Affiliates and (ii) to carry
out management of its businesses, including, but not limited to, financial and operational management and reporting, risk management,
legal and regulatory compliance and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Subject to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Trust or Portfolios ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Trust and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Trust, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Transfer Agent publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Trust acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The Transfer Agent affirms that it has, and will continue
to have throughout the term of this Agreement, procedures in place that are reasonably designed to protect the privacy of non-public personal
consumer/customer financial information to the extent required by applicable laws, rules and regulations .

**10.**  **<u>EFFECTIVE PERIOD AND TERMINATION</u>** 

This Agreement shall remain in full force and effect for an initial two year term ending July ___, 2026 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, the Trust may terminate this Agreement by giving not less than 30 days' prior written notice to the Transfer Agent. The Transfer Agent may terminate this Agreement by giving not less than 270 days' prior written notice to the Trust. Either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 30 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction.

Upon termination of this Agreement, the Trust or applicable Portfolio shall pay the Transfer Agent its compensation due and payable for the period to the date of such termination and shall reimburse the Transfer Agent for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Trust's or such Portfolio's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to this paragraph in the event of any transaction such as (a) the liquidation or dissolution of the Trust or a Portfolio and distribution of the Trust's or Portfolio's assets as a result of the Board's determination in its reasonable business judgment that the Trust or such Portfolio is no longer viable, (b) a merger of the Trust or a Portfolio into, or the consolidation of the Trust of a Portfolio with, another entity, or (c) the sale by the Trust or a Portfolio of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Trust or such Portfolio (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Portfolio shall in no way affect the rights and duties under this Agreement with respect to the Trust or any other Portfolio.

**11.**  **<u>ADDITIONAL PORTFOLIOS</u>** 

In the event that the Trust establishes one or more series of Shares in addition to the Portfolios listed on the attached <u>Schedule A,</u> with respect to which the Trust desires to have the Transfer Agent render services as transfer agent under the terms hereof, it shall so notify the Transfer Agent in writing, and if the Transfer Agent agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

**12.**  **<u>ASSIGNMENT</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;12.1 Except as provided in Section 13 below, neither this Agreement nor any rights or
obligations hereunder may be delegated or assigned by either party without the written consent of the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Except as explicitly stated elsewhere in this Agreement, nothing under this Agreement
shall be construed to give any rights or benefits in this Agreement to anyone other than the Transfer Agent and the Trust and the Portfolios,
and the duties and responsibilities undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of the Transfer
Agent and the Trust and the Portfolios. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 This Agreement does not constitute an agreement for a partnership or joint venture
between the Transfer Agent and the Trust. Neither party shall make any commitments with third parties that are binding on the other party
without the other party's prior written consent.

**13.**  **<u>DELEGATION; SUBCONTRACTORS</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;13.1 The Transfer Agent shall have the right, without the
consent or approval of the Trust, to employ agents, subcontractors, consultants and other third parties, whether affiliated or unaffiliated,
to provide or assist it in the provision of any part of the services stated herein (each, a "Delegate" and collectively, the
"Delegates"), without the consent or approval of the Trust. The Transfer Agent shall be responsible for the services delivered
by, and the acts and omissions of, any such Delegate as if the Transfer Agent had provided such services and committed such acts and omissions
itself . Where required, such Delegate shall be a duly registered
transfer agent pursuant to Section 17A(c)(2) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The Transfer Agent will provide the Trust with information regarding its global
operating model for the delivery of the services on a quarterly or other periodic basis, which information shall include the identities
of Delegates affiliated with the Transfer Agent that perform or may perform parts of the services, and the locations from which such Delegates
perform services, as well as such other information about its Delegates as the Trust may reasonably request from time to time. Nothing
in this Section 13 shall limit or restrict the Transfer Agent's right to use affiliates or third parties to perform or discharge, or assist
it in the performance or discharge, of any obligations or duties under this Agreement other than the provision of the services.

**14.**  **<u>MISCELLANEOUS</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;14.1 *Amendment.* This Agreement may be amended by a written agreement executed
by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 *Massachusetts Law to Apply.* This Agreement shall be construed and the

provisions thereof interpreted under and in accordance with the laws of The Commonwealth of Massachusetts without giving effect to any conflicts of law rules thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.3 *Force Majeure.* The Transfer Agent shall not be responsible or liable for
any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances
beyond its control, including without limitation, work stoppage, power or other mechanical failure, computer virus, natural disaster,
acts of war or terrorism, pandemics, governmental actions or communication disruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 *Data Protection.* The Transfer Agent will implement
and maintain a comprehensive written information security program that contains appropriate security measures to safeguard the personal
information of the Trust's shareholders, employees, directors and/or officers that the Transfer Agent receives, stores, maintains, processes
or otherwise accesses in connection with the provision of services hereunder. For these purposes, "personal information" shall
mean (i) an individual's name (first initial and last name or first name and last name), address or telephone number <u>plus</u> (a) social security number, (b) driver's license number, (c) state identification card number, (d) debit or credit card number, (e) financial
account number or (f) personal identification number or password that would permit access to a person's account or (ii) any combination
of the foregoing that would allow a person to log onto or access an individual's account. Notwithstanding the foregoing "personal
information" shall not include information that is lawfully obtained from publicly available information, or from federal, state
or local government records lawfully made available to the general public .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 *Survival.* All provisions regarding indemnification, warranty, liability,
and limits thereon, and confidentiality and/or protections of proprietary rights and trade secrets shall survive the termination of this
Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 *Severability* *.* If any provision or provisions of this Agreement shall be held invalid, unlawful, or unenforceable,
the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 *Priorities Clause* *.* In the event of any conflict, discrepancy or ambiguity between the terms and conditions contained
in this Agreement and any schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 *Waiver* *.* The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion
shall not be considered a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term
or any term of this Agreement. The failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement
shall not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single or partial exercise
of any right or remedy under

this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other right or remedy. Any waiver must be in writing signed by the waiving party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.9 *Entire Agreement.* This Agreement and any schedules,
exhibits, attachments or amendments hereto constitute 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 *Counterparts.* This Agreement may be executed
in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one
and the same Agreement. Counterparts may be executed in either original or electronically transmitted form (e . g.,
faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically
transmitted form .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 *Reproduction of Documents.* This Agreement and
all schedules, exhibits, attachments and amendments hereto may be reproduced by any photographic, photostatic, digital or other similar
process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial
or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in
the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible
in evidence .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 *Notices* *.* Any notice instruction or other instrument required to be given hereunder will be in writing and
may be sent by hand, or by facsimile transmission, or overnight delivery by any recognized delivery service, to the parties at the following
address or such other address as may be notified by any party from time to time:

&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) If to Transfer Agent, to:

State Street Bank and Trust<br> Transfer Agency

Attention: Compliance

1776 Heritage Drive

Quincy, MA 02171

With a copy to:

State Street Bank and Trust Company

Legal Division – Institutional Services Americas

One Congress Street

Boston, MA 02114

&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) If to the Trust, to:

SCM Trust

Attention: President and Legal Department

1125 17th Street, Suite 2550

Denver, Colorado 80202

Telephone No: (415) 625-4900; (303) 228-8983

Email: srogers@sheltoncap.com; gpusch@sheltoncap.com<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 *Interpretive and Other Provisions.* In connection
with the operation of this Agreement, the Transfer Agent and the Trust on behalf of each of the Funds, may from time to time agree on
such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the
general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties, provided
that no such interpretive or additional provisions shall contravene any applicable laws or regulations or any provision of the Trust's
governing documents . No interpretive or additional provisions
made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

*[Remainder of Page Intentionally Left Blank}*

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

STATE STREET BANK AND TRUST COMPANY

---

| | |
|:---|:---|
| By: |  |
| Name Title: |  |
| SCM TRUST |  |
| By: |  |
| Name: | Steve Rogers |
| Title: | Chairman and President |

---

<u>**Schedule A**</u>

LIST OF PORTFOLIOS

Shelton Equity Premium Income ETF

Information Classification: Limited Access<br>

## Ex-99.(H)(4)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(h)(4)**

**TRUST ACCOUNTING AGREEMENT**

This TRUST ACCOUNTING AGREEMENT ("Agreement") is made as of August 14, 2025, between the SCM Trust, a Massachusetts business trust, ("SCM" or the "Trust") on behalf of its series listed in <u>Appendix A</u>, and Paralel Technologies LLC, a Delaware Limited Liability Company, its successors and assigns ("Paralel").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company, consisting of multiple series; and

WHEREAS, the Trust and Paralel desire to enter into an agreement pursuant to which Paralel shall provide the Services (as defined below) to each series of the Trust listed on Appendix A (each a "Fund", or collectively, the "Fund(s)"); and

NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Paralel Appointment and Duties; Interpretation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby appoints Paralel to provide the services set forth in <u>Appendix B</u> hereto, as amended
from time to time, to the Fund(s) upon the terms and conditions hereinafter set forth ("Services"). Paralel hereby accepts
such appointment and agrees to furnish the Services. Paralel shall for all purposes be deemed to be an independent contractor and shall,
except as otherwise expressly authorized in this Agreement, have no authority to act for or represent the Trust in any way or otherwise
be deemed an agent of the Trust. The Trust acknowledges that Paralel does not render legal, tax or investment advice and that Paralel
is not a registered broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paralel may employ or associate itself with such person(s) or organization(s) as Paralel believes to
be desirable in the performance of its duties hereunder; provided *,* that Paralel shall not engage any such person(s) or organization(s)
without the prior written notice provided to the Trust; and provided further that, in such event, the compensation of such person(s) or
organization(s) shall be paid by and be the sole responsibility of Paralel, and the Trust shall bear no cost or obligation with respect
thereto; and provided further that Paralel shall not be relieved of any of its obligations under this Agreement in such event and shall
be responsible for all acts of any such person(s) or organization(s) taken in furtherance of this Agreement to the same extent it would
be for its own acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Paralel Compensation; Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration for the Services to be performed hereunder by Paralel, the Trust shall pay Paralel the
fees listed in Appendi <u>x C</u>. Notwithstanding anything to the contrary in this Agreement, fees billed for the Services to be performed
by Paralel under this Agreement are based on information provided by the Trust and such fees are subject to renegotiation between the
parties to the extent such information is determined by Paralel to be materially different from what the Trust originally provided to
Paralel. Any such adjustment to such fees shall be subject to the mutual written agreement of the parties, and no increase in fees shall
take effect without the Trust's prior written consent. Fees paid to Paralel will be calculated and accrued daily and paid monthly
in arrears, including for any partial months during which this Agreement begins or terminates. The fees set forth in Appendix C shall
constitute full and complete compensation for all Services provided by Paralel under this Agreement, and Paralel shall not be entitled
to any additional compensation or reimbursement from the Trust except as expressly provided herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On each January 1, (pro-rated for a previous partial year), the minimum fees set forth in <u>Appendix C</u> shall automatically be increased by a cost of living adjustment equal to: 3% or the percentage increase in the Consumer Price Index
published by the Bureau of Labor and Statistics of the United States Department of Labor, for the Denver-Aurora-Lakewood, CO region for
the twelve-month period ending with the latest published month preceding January 1st (the "CPI") whichever is greater. Paralel
will provide notice to the Trust of the amount of such any such CPI adjustment at, prior to, promptly following its implementation. With
the Trust's prior written approval, any CPI adjustment not charged in any given year may be included in prospective CPI fee adjustments
in future years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paralel will bear all expenses in connection with its provisions of Services under this Agreement, except
as otherwise provided herein and in <u>Appendix C.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust agrees to pay all amounts due hereunder within thirty (30) days following receipt of a properly
documented invoice. Except as otherwise provided in <u>Appendix C</u>, Paralel shall submit invoices for fees on a monthly basis in arrears
and for out-of-pocket expenses as incurred, unless the Trust has agreed in writing to a reasonable prepayment request. Except as approved
in writing by the Trust, with respect to any out of pocket expenses, Paralel agrees to such costs shall be invoiced without any mark-up,
handling fee, or other adjustment by Paralel, other than related to a reasonable pro-rata allocation between Paralel clients,. Any disputed
amounts shall be promptly identified and discussed in good faith by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Right to Receive Advice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Advice of the Trust and Service Providers</u>. If Paralel is in doubt as to any action it should or
should not take, Paralel may request directions, advice or instructions from the Trust or, as applicable, a Fund's investment adviser,
sub-adviser, custodian or other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Advice of Counsel</u>. If Paralel is in doubt as to any question of law regarding actions it should
or should not take in connection with its obligations under this Agreement, it may seek advice from legal counsel of its own choosing.
Such counsel may include, at Paralel's option, counsel for the Trust, the Trust's independent trustees, a Fund's investment
adviser or sub-adviser, or Paralel itself. Paralel shall promptly notify the Trust of its intent to seek such advice and shall provide
the Trust with a summary of the issue and the identity of the selected counsel. Any legal fees and expenses incurred in connection with
such advice shall be borne by Paralel, unless otherwise agreed to in writing by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conflicting Advice</u>. In the event of a conflict between directions, advice, or instructions Paralel
receives from the Trust or any service provider, and legal advice Paralel receives from counsel, Paralel may rely on such legal advice
with respect to its obligations under this Agreement; provided, however, that Paralel shall provide the Trust with prior written notice
of its intent to follow legal advice that is materially inconsistent with any directions, advice, or instructions received from the Trust.
Paralel shall include in such notice a description of the nature of the conflict and the basis for relying on the legal advice. Upon reasonable
request, and subject to applicable privilege protections, Paralel shall provide the Trust with a copy or summary of such legal advice.
Paralel shall act in good faith and use commercially reasonable efforts to resolve such conflicts in a manner consistent with the Trust's
instructions, legal advice received, and applicable law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Standard of Care; Limitation of Liability; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paralel shall perform its duties under this Agreement honestly, in good faith, and with commercially
reasonable care, skill, and diligence, consistent with industry standards applicable to similarly situated service providers. Paralel
shall be responsible for the accuracy and timeliness of its work and shall use reasonable efforts to prevent, identify, and correct errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, Paralel, its affiliates, and each of their
respective directors, officers, control persons, employees, and agents (each, an "Admin Associate") shall not be liable to
the Trust, any Fund, or any Fund shareholder for any loss, damage, claim, or expense arising out of any act or omission by an Admin Associate
in connection with this Agreement, except to the extent such loss, damage, claim, or expense results from the bad faith, willful misfeasance,
gross negligence, or reckless disregard of duties by such Admin Associate in the performance of services under this Agreement. Nothing
in this Section shall be construed to limit the Trust's rights to seek equitable relief, require correction of errors, or enforce
any other express provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust agrees to indemnify and hold harmless each Admin Associate (as defined in Section (b)) from
and against any loss, liability, claim, damage, or expense (including the reasonable cost of investigating or defending any alleged loss,
liability, claim, damage, or expense, and reasonable attorneys' fees incurred in connection therewith) arising out of or in connection
with: (i) this Agreement or any activity related to or taken under this Agreement, or (ii) any breach by the Trust of its obligations,
representations, or warranties under this Agreement; except to the extent such loss, liability, claim, damage, or expense results from
the bad faith, willful misfeasance, gross negligence, or reckless disregard of duties by the Admin Associate in the performance of its
duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paralel agrees to indemnify and hold harmless the Trust, each Fund, and the Trust's trustees, officers,
and controlling persons (each, a "Trust Associate") from and against any loss, liability, claim, damage, or expense (including
the reasonable cost of investigating or defending any alleged loss, liability, claim, damage, or expense, and reasonable attorneys'
fees incurred in connection therewith) arising directly or primarily out of an Admin Associate's reckless disregard, willful misfeasance,
bad faith or gross negligence taken in connection to this Agreement; except to the extent such loss, liability, claim, damage, or expense
results from the bad faith, willful misfeasance, gross negligence, or reckless disregard of duties by the Trust Associate in the performance
of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paralel shall be entitled to rely in good faith on information and data provided by third-party service
providers (whether selected by Paralel, the Trust, or a Fund's investment adviser or sub-adviser), including, without limitation,
pricing vendors, custodians, advisers, sub-advisers, and other authorized representatives of such parties, provided such reliance is reasonable
under the circumstances. Paralel may also rely on any instruction, direction, notice, instrument, or other communication that it reasonably
and in good faith believes to be genuine. Paralel may consult and rely on the advice of counsel to the Trust or of its own counsel, as
it deems appropriate in the context of its duties under this Agreement. In each case described herein, Paralel shall not be liable for
any loss or claim arising from such reliance, provided such reliance was not the result of Paralel's own bad faith, willful misfeasance,
gross negligence, or reckless disregard of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything in this Agreement to the contrary: (i) neither party shall be liable under this
Agreement to the other party hereto, or to any other party, for any punitive, consequential, special, or indirect losses or damages; ;
(ii) Paralel will not be liable for any trading losses, lost revenues, or lost profits, whether or not such damages were foreseeable or
Paralel was advised of the possibility

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thereof, ; and (iii) the maximum cumulative amount of liability of Paralel to the Trust arising out of the subject matter of, or in any way related to, this Agreement shall not exceed the aggregate fees paid by the Trust to Paralel under this Agreement for the most recent 18 months immediately preceding the date of the event giving rise to the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any case in which
either party (the "Indemnifying Party") may be asked to indemnify or hold the other party (the "Indemnified Party")
harmless, the Indemnified Party will notify the Indemnifying Party promptly after identifying any situation which it believes presents
or appears likely to present a claim for indemnification against the Indemnifying Party (although the failure to do so shall not prevent
recovery by the Indemnified Party s hall not
relieve the Indemnifying Party of its obligations except to the extent that it is materially prejudiced thereby) and shall keep the Indemnifying
Party advised with respect to all developments concerning such situation. The Indemnifying Party shall have the option to defend the Indemnified
Party against any claim which may be the subject of this indemnification, and, in the event that the Indemnifying Party so elects, such
defense shall be conducted by counsel chosen by the Indemnifying Party and reasonably satisfactory to the Indemnified Party, and thereupon
the Indemnifying Party shall take over complete defense of the claim and the Indemnified Party shall sustain no further legal or other
expenses in respect of such claim except as otherwise agreed in writing or in the case of a conflict of interest. The Indemnified Party
will not settle or compromise any claim or make any compromise in any case in which the Indemnifying Party will be asked to provide indemnification,
except with the Indemnifying Party's prior written consent, which shall not be unreasonably withheld, conditioned, or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Force Majeure</u>. Other than as to payment obligations of the Trust, no party shall be liable for
losses, delays, failures, errors, interruptions or losses of data in its performance of its obligations under this Agreement if and to
the extent it is caused, directly or indirectly, by reason of circumstances beyond their reasonable control, including without limitation,
acts of God, action or inaction of civil or military authority, war, terrorism, riot, fire, flood, sabotage, labor disputes, elements
of nature or non-performance by a third party not engaged by the non-performing party. In any such event, the non-performing party shall
be excused from any further performance and observance of obligations so affected only for the duration of such circumstances, provided
that such party (i) promptly notifies the other party of the occurrence and expected duration of the force majeure event, and (ii) continues
to use commercially reasonable efforts to mitigate the effects of the event and to recommence performance or observance as soon as practicable.
Obligations not affected by the force majeure event shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Activities of Paralel; Web Portal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Services rendered by Paralel under this Agreement are not to be deemed exclusive and Paralel shall
be free to render similar services to others. The Trust recognizes that, from time to time, directors, officers and employees of Paralel
may serve as directors, officers and employees of other corporations or businesses (including other investment companies) and that such
other corporations and businesses may include Paralel as part of their name and that Paralel or its affiliates may enter into administration,
bookkeeping, pricing agreements or other agreements with such other corporations and businesses. Notwithstanding the foregoing, Paralel
agrees that it shall perform the Services under this Agreement with the same priority and quality of care as it provides to any other
client of similar size and complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Parties agree that any reports and information Paralel is required to provide to the Trust pursuant
to the Services (the "Reports") will be provided via secure file transfer protocol (SFTP) without additional charge, or such
other method as mutually agreed to by the Parties.

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Paralel may also, in its discretion, provide access to its web portal, through which it may deliver the Reports (if agreed to by the Trust) and may make available certain other supplemental information, data, or tools for the convenience of the Trust ("Supplemental Portal Information"). Paralel may require the Trust or its adviser to enter into an additional agreement or agree to certain terms of use relating to the creation of, or to obtain access to Paralel's web portal. Paralel is not obligated to provide access to such web portal (and this Agreement does not create any such obligation). Paralel may discontinue or suspend the availability of any web portal at any time without prior notice; provided however, that Paralel will endeavor to notify Trust as soon as reasonably practicable of such action if it occurs, and if the Reports are provided through such web portal, it will provide prior written notice to the Trust to the extent practicable and will provide an alternative delivery method acceptable to the Trust. If access is provided to a web portal, with or without the parties entering into additional agreements or terms of use, the Trust acknowledges that Paralel does not guarantee the accuracy of any Supplemental Portal Information provided in or by the web portal. Further, the Trust acknowledges that Paralel and its affiliates, including their respective officers, directors, agents and employees, shall not be liable for, and the Trust agrees to indemnify, defend and hold harmless such persons from any claim, loss, or other damage (as otherwise described in Section 4(b)) arising directly or indirectly from the Trust's or service providers' use of any Supplemental Portal Information provided therein. For clarity, notwithstanding the foregoing, if the Reports are delivered through the web portal, such Reports shall remain subject to the liability and indemnification provisions otherwise applicable to the Services under this Agreement, and shall not be subject to the waiver of liability and indemnification set forth in this Section 6(c) applicable to the Supplemental Portal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Portfolio compliance with: (i) the investment objective and certain policies and restrictions as disclosed
in a Fund's prospectus(es) and statement(s) of additional information, as applicable; and (ii) certain SEC rules and regulations
(collectively, "Portfolio Compliance") is required daily and is the responsibility of the Trust or a Fund's adviser/sub-adviser,
as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust agrees and acknowledges that Paralel's performance of the Portfolio Compliance Testing
(if applicable) shall not relieve the Trust or a Fund's investment adviser or sub-adviser of their primary day-to-day responsibility
for assuring such Portfolio Compliance, including on a pre-trade basis, and Paralel is not responsible and shall not be held liable for
matter related to a Fund's Portfolio Compliance, or any act or omission of a Trust, a Fund,, or a Fund's adviser or sub-adviser,
as applicable, related to such Portfolio Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Accounts and Records</u>. The accounts and records maintained by Paralel under this Agreement on behalf
of the Trust shall be the property of the Trust. Paralel shall prepare, maintain and preserve such accounts and records as required by
the 1940 Act and other applicable securities laws, rules and regulations. Paralel shall surrender such accounts and records to the Trust **,** in the form in which such accounts and records have been maintained or preserved **,** promptly upon receipt of instructions from
the Trust. The Trust shall have access to such accounts and records at all times during Paralel's normal business hours. Upon the
reasonable request of the Trust, copies of any such books and records shall be provided by Paralel to the Trust at the Trust's expense.
Paralel shall assist the Trust, the Trust's independent auditors, or, upon approval of the Trust, any regulatory body, in any requested
review of the Trust's accounts and records and reports by Paralel or its independent accountants concerning its accounting system
and internal auditing controls will be open to such entities for audit or inspection upon reasonable request. The Trust agrees to cooperate
with Paralel and take delivery of Trust records within 120 days of termination of this Agreement and to pay all reasonable costs associated
with the return of Trust records to the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Confidential and Proprietary Information</u>. Paralel agrees that it will, on behalf of itself and
its officers and employees, treat all transactions contemplated by this Agreement, and all records and information relative to the Trust
and its current and former shareholders, and other information germane thereto, as confidential and as proprietary information of the
Trust. Paralel further agrees that it will not use, sell, transfer, or divulge such information or records to any person for any purpose
other than the performance of its duties hereunder, and only to its personnel or agents who have a reasonable need to know such information
in order to perform those duties, except after prior notification to and approval in writing from the Trust, which approval shall not
be unreasonably withheld. Approval may not be withheld where Paralel may be exposed to civil, regulatory, or criminal proceedings for
failure to comply, pursuant to a valid subpoena, court order, or regulatory request issued by duly constituted authorities, or when requested
by the Trust. When requested to divulge such information by duly constituted authorities, Paralel shall use reasonable commercial efforts
to request confidential treatment of such information. Paralel shall provide prior written notice to the Trust of any such compelled disclosure,
unless prohibited by law or regulatory authority. Paralel shall have in place and maintain physical, electronic, and procedural safeguards
reasonably designed to protect the security, confidentiality, and integrity of, and to prevent unauthorized access to or use of, records
and information relating to the Trust and its current and former shareholders. Paralel shall notify the Trust promptly upon becoming aware
of any actual unauthorized use, disclosure, or misuse of confidential Trust information in material breach of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Compliance with Rules and Regulations</u>. Paralel shall comply (and to the extent Paralel takes or
is required to take action on behalf of the Trust hereunder shall cause the Trust to comply) with all applicable requirements of the 1940
Act and other applicable laws, rules, regulations, orders and codes of ethics, as well as all investment restrictions, policies and procedures
adopted by the Trust of which Paralel has knowledge (it being understood that Paralel is deemed to have knowledge of all investment restrictions,
policies or procedures set out in the Trust's public filings or otherwise provided to Paralel). Except as set out in this Agreement,
Paralel assumes no responsibility for such compliance by the Trust. Paralel shall maintain at all times a program reasonably designed
to prevent violations of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to the Services. Paralel
shall make available its compliance personnel for consultation with the Trust, its Chief Compliance Officer, or regulatory authorities,
and shall provide, at its own expense, summaries, certifications, and other relevant documentation reasonably requested by the Trust in
connection with the Trust's oversight responsibilities. Paralel shall promptly notify the Trust of any material compliance violations
or regulatory inquiries related to its Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations and Warranties of Paralel</u>. Paralel represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing as a limited liability company and in good standing under the laws
of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is empowered under applicable laws and by its Certificate of Formation and Operating Agreement to
enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It has and will continue to have access to the necessary facilities, equipment and personnel to perform
its duties and obligations in a timely and professional manner under this Agreement in accordance with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained (or will timely obtain) all regulatory approvals

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necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its operating documents or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement. Its execution, delivery or performance of this Agreement will not conflict with or violate (a) any provision of the organizational or governance documents of Paralel, (b) any law applicable to Paralel, or (c) any material agreement to which Paralel is a party or by which it is bound.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations and Warranties of the Trust.</u> The Trust represents and warrants to Paralel that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a statutory trust duly organized and existing and in good standing under the laws of the state
of Delaware and is registered with the SEC as an open-end management investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is empowered under applicable laws and by its Declaration of Trust and Bylaws (collectively, the "Organizational
Documents") to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Trustees of the Trust has duly authorized it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Trust agrees not to make any modifications
to a Fund's registration statement or adopt any policies which would affect materially the obligations or responsibilities of Paralel
hereunder without the prior written approval of Paralel, which approval shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The (i) execution, delivery and performance of this Agreement by the Trust does not breach, violate or
cause a default under any agreement, contract or instrument to which the Trust is a party or any judgment, order or decree to which the
Trust is subject; (ii) the execution, delivery and performance of this Agreement by the Trust has been duly authorized and approved by
all necessary action; and (iii) upon the execution and delivery of this Agreement by Paralel and Trust, this Agreement will be a valid
and binding obligation of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The officer position(s) filled by Paralel, to the extent applicable, shall be covered
by the Trust's Directors & Officers/Errors & Omissions Policy (the "Policy"), and the Trust shall use reasonable
efforts to ensure that such coverage be (i) reinstated should the Policy be cancelled; (ii) continued after such officer(s) cease to serve
as officer(s) of the Trust on substantially the same terms as such coverage is provided for the other persons serving as officers of the
Trust after such persons are no longer officers of the Trust; or (iii) continued in the event the Trust merges or terminates, on substantially
the same terms as such coverage is continued for the other Trust officers (but, in any event, for a period of no less than six years).
The Trust shall provide Paralel with proof of current coverage, including a copy of the Policy, and shall notify Paralel immediately should
the Policy be cancelled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust's officer position(s) filled by Paralel (if any) are named officer(s) in the Trust's
corporate resolutions and are subject to the provisions of the Trust's Organizational Documents regarding indemnification of its
officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Documents</u>. The Trust has furnished or will furnish, upon request, Paralel with copies of the Trust's
Organizational Documents, advisory agreement(s), sub-advisory agreement (if applicable), custodian agreement, transfer agency agreement,
administration agreement, other service agreements, current prospectus, statement of additional information, periodic reports and all
forms relating to any plan, program or service offered by the Trust or a Fund. The Trust shall furnish, within a reasonable time period,
to Paralel a copy of any amendment or

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supplement to any of the above-mentioned documents. Upon request, the Trust shall furnish promptly to Paralel any additional documents necessary or advisable to perform its functions hereunder. As used in this Agreement the terms "registration statement," "prospectus" and "statement of additional information" shall mean any registration statement, prospectus and statement of additional information filed by the Trust, on behalf of its Funds, with the SEC and any amendments and supplements thereto that are filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Consultation Between the Parties</u>. Paralel and the Trust shall regularly consult with each other
regarding Paralel's performance of its obligations under this Agreement. In connection therewith, the Trust shall submit to Paralel
at a reasonable time in advance of filing with the SEC reasonably complete copies of any amended or supplemented registration statement
(including exhibits) under the Securities Act of 1933, as amended (if applicable), and the 1940 Act which could materially affect the
obligations of Paralel hereunder; provided, however, that nothing contained in this Agreement shall in any way limit the Trust's
right to file at any time such amendments to any registration statement and/or supplements to any prospectus or statement of additional
information, of whatever character, as the Trust may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Valuation, Custodians, and Pricing Services; Assistance with Regulatory Examinations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Valuation Responsibilities and Pricing Services</u>.

If set forth in the Services, Paralel may assist the Trust in calculating fair values and apply securities pricing information as required or authorized under the terms of the valuation policies and procedures of the Trust ("Valuation Procedures"). This may include utilizing (i) pricing information from third-party pricing services approved by the Trust, (ii) fair value pricing information from third-party pricing services to apply to prices pursuant to the Valuation Procedures, and (iii) such other prices or valuations obtained from the Trust, the Adviser, Sub-Adviser, Valuation Designee of the Trust, third-party pricing service, or other third party, as directed by the Trust (collectively, any party providing pricing or valuation information to Paralel related to the Services described above, including, but not limited to, the Trust, the Adviser, Sub-Adviser(s), Valuation Designee of the Fund(s), third-party pricing service, or other third party as directed by the Trust, referred to as the "Trust Valuation Providers").

The Trust acknowledges that, while Paralel may provide assistance with valuation calculations as provided in the Services and set forth in the Valuation Procedures, Paralel (i) does not provide valuations with respect to the Trust's securities (ii) does not and is not responsible for valuing a Fund's securities, except to apply such calculations as set forth in the Services, (iii) does not verify any valuations provided to it by the Trust or any Trust Valuation Provider, and does not verify the existence of any assets referenced, but instead relies exclusively on information about prices, valuations and the existence of assets provided to it by the Trust or the Trust Valuation Providers, and (iv) shall have no responsibility and shall be without liability for, and be fully indemnified by the Trust, any claim, loss or damage arising with respect to pricing, valuation, verification, and/or existence of such securities held by a Fund or the Trust. The Trust further acknowledges that (i) the valuation of its securities remains the sole responsibility of the Trust; (ii) it is the Trust's obligation to select and complete appropriate diligence on all pricing services, even if recommended or otherwise utilized by Paralel in its services, and (iii) Paralel is not the guarantor of the accuracy of the security prices received from any third-party pricing service or Trust Valuation Provider, and Paralel will not liable to the Trust for incorrect prices, errors, or other mistakes or issues (and shall be indemnified by Trust for any claims against or losses of Paralel related to such issues) occurring with respect to valuing the Trust's assets or calculating the net asset value of the Trust when calculations are based upon inaccurate prices provided by pricing services, the Trust, or any Trust Valuation Provider. Paralel may, but shall not be obligated to, conduct due diligence reviews of certain

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commonly used third-party pricing or valuation service providers. To the extent such reviews are conducted, Paralel shall prepare the reports in good faith and make them available to the Trust. The provision of such reports shall not be deemed to transfer, delegate, or otherwise diminish the Trust's sole responsibility to select and oversee the Trust Valuation Providers, and Paralel shall bear no liability for any reliance placed by the Trust on such reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Custodians and Verification</u>. The Trust acknowledges that Paralel may rely
on and shall have no responsibility to validate the existence of assets reported by the Trust, a Fund's adviser, sub-adviser(s),
Valuation Designee or a Fund's custodian, other than Paralel's completion of a reconciliation of the assets reported by such
parties. The Trust acknowledges that it is the responsibility of the Trust to validate the existence of assets reported to Paralel. Paralel
may rely, and has no duty to investigate the representations of, the adviser, sub-adviser, Trust, or the Trust's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Examinations</u>. Paralel shall provide reasonable assistance in connection with
any examination of or inquiry related to the Trust or a Fund by a regulatory authority that includes a review of Trust records maintained
by Paralel. Paralel shall cooperate in good faith and respond in a timely manner to such regulatory inquiries. Paralel reserves the right
to charge a reasonable fee for such services only to the extent such assistance goes beyond routine cooperation and imposes a material
burden on Paralel's resources, and only with the Trust's prior written consent. Any such fee shall be discussed in advance
and shall be subject to mutual agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Business Continuity Plan; Information and Cybersecurity Program</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paralel shall maintain in effect a business continuity and disaster recovery plan
reasonably designed to ensure the continuity of its critical business functions and the Services under this Agreement. Paralel shall enter
into any agreements necessary with appropriate parties to support such plan, making reasonable provisions for emergency use of electronic
data processing systems, communications infrastructure, and other operational facilities, consistent with industry standards and regulatory
expectations. In the event of equipment failures, system outages, natural disasters, or other disruptions affecting Paralel's ability
to perform its obligations, Paralel shall, at no additional expense to the Trust, take prompt and commercially reasonable steps to minimize
service interruptions and to restore full functionality as soon as practicable. Paralel shall promptly notify the Trust of any such disruption
that materially impacts or is reasonably likely to materially impact the Services. Upon the Trust's reasonable request, Paralel
shall provide a written summary of its current business continuity and disaster recovery plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paralel shall implement and maintain an information security program and cybersecurity
protocols reasonably designed to protect the confidentiality, integrity, and availability of Trust data, including personally identifiable
information of shareholders, against unauthorized access, use, disclosure, alteration, or destruction. Such program shall be consistent
with industry standards and shall include, at a minimum: access controls and authentication measures; regular vulnerability assessments
and patch management; data encryption (in transit and at rest, where appropriate); monitoring and incident detection systems; employee
training on cybersecurity practices; and a written incident response plan. Paralel shall promptly notify the Trust of any actual or reasonably
suspected cybersecurity incident that (i) affects or is reasonably likely to affect Trust data or systems supporting the Services, or
(ii) triggers any notification obligations under applicable data protection laws. Such notice shall include a description of the incident,
the nature of the affected information, and steps being taken to investigate, mitigate, and remediate the incident. Paralel shall cooperate
fully with the Trust, its legal representatives, and regulatory authorities in connection with any investigation of a cybersecurity incident.
Upon the Trust's

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reasonable request, Paralel shall provide a summary of its current information security program, including any third-party assessments or audits conducted within the past 24 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Duration and Termination of this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Term</u>. This Agreement shall become effective as of the date first written above (the "Start
Date") and shall continue thereafter throughout the period that ends two (2) years after the Start Date (the "Initial Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Renewal Terms:</u> If not sooner terminated, this Agreement shall renew at the end of the Initial
Term and shall thereafter continue for successive annual periods (each a "Renewal Term" and collectively with the Initial
Term, a "Term") until terminated as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination:</u> Either party may terminate this Agreement, without payment of penalty, if upon at
least sixty (60) days prior to the end of applicable Term it gives the other party a written notice of non-renewal and termination, with
such termination coinciding at the end of the applicable Term or otherwise negotiated date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination for Cause</u>. Paralel or Trust may, by written notice to the other, terminate this Agreement
if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The other party breaches any material term, condition or provision of this Agreement, which breach, if
capable of being cured, is not cured within 30 calendar days after the non-breaching party gives the other party written notice of such
breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The other party terminates or suspends its business; becomes insolvent, admits in writing its inability
to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to the direct control of a trustee,
receiver, or analogous authority; becomes subject to any bankruptcy, insolvency, or analogous proceeding; becomes subject to a material
Action (as defined below), or an Action that the terminating party reasonably determines, in good faith, is reasonably likely to cause
it material reputational harm (including, in the case of Paralel as the terminating party, any Action against a Fund's investment
adviser, sub-adviser, or other key service provider of the Trust), or (v) where the other party is Trust, material changes in governing
documents, bylaws, or registration statement, or other assumptions relied upon by Paralel or the assumptions set forth are determined
by Paralel, in its reasonable discretion, to materially affect the Services provided by Paralel, and the parties, after negotiating in
good faith in accordance with Section 2(a), are unable to come to an agreement regarding ongoing terms for the continued provision of
Services following such change described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Action" means any civil, criminal, regulatory, or administrative lawsuit, allegation, demand,
claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration, or proceeding, in each case, made,
asserted, commenced, or threatened by any person, including any governmental entity or authority.

If any such event occurs, the termination will become effective immediately, or on the date stated in the written notice of termination, or other such date as agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Early Termination</u> - Except if terminated in accordance with Section 16(c) or 16(d), if this Agreement
is

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otherwise terminated by the Trust prior to the end of the applicable Term, the Trust shall be obligated to pay Paralel the remaining balance of the minimum fees, reimbursable expenses and other moneys payable to Paralel under this Agreement through the end of the applicable Term, except that, for the Renewal Term, such fees payable shall be calculated based on six (6) months or the remaining portion of the Renewal Term whichever is less. Termination of the Agreement by the Trust will not relieve the Trust of any other amount due under this Agreement. The parties agree that any payment is a reasonable forecast of probable actual loss to Paralel and that this sum is agreed to as liquidated damages and not as a penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Deliveries Upon Termination</u>. Upon termination of this Agreement, Paralel agrees to cooperate in
the orderly transfer of administrative duties and shall deliver to the Trust or as otherwise directed by the Trust (at the expense of
the Trust) all records and other documents made or accumulated in the performance of its duties for the Trust hereunder. In the event
Paralel gives notice of termination under this Agreement, it will continue to provide the Services contemplated hereunder after such termination
at the contractual rate for up to 120 days, provided that the Trust uses all reasonable commercial efforts to appoint such replacement
on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fees and Expenses Upon Termination</u> *.* Should either party exercise its right to terminate,
all reasonable out-of-pocket expenses or costs associated with the movement of records and material will be borne by the Trust. Additionally,
the Trust agrees to pay to Paralel a reasonable fee (determined by Paralel) for Paralel's services provided in connection with the
Trust liquidating or converting to another service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Assignment</u>. This Agreement shall extend to and shall be binding upon the parties hereto and their
respective successors and permitted assigns; provided, however, that this Agreement shall not be assignable by the Trust without the prior
written consent of Paralel, or by Paralel without the prior written consent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Governing Law</u>. The provisions of this Agreement shall be construed and interpreted in accordance
with the laws of the State of Colorado and the 1940 Act and the rules thereunder. To the extent that the laws of the State of Colorado
conflict with the 1940 Act or such rules, the latter shall control. Each party to this Agreement, by its execution hereof (i) irrevocably
submits to the nonexclusive jurisdiction of the state courts of the State of Colorado or the United States District Courts for the State
of Colorado for the purpose of any action between the parties arising in whole or in part under or in connection with this Agreement,
and (ii) waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise,
in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt
or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of
forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason
of the pendency of some other proceeding in any other court other than one of the above-named courts, or that this Agreement or the subject
matter hereof may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Names</u>. The obligations of the Trust entered into in the name or on behalf thereof by any director,
shareholder, representative, or agent thereof are made not individually, but in such capacities, and are not binding upon any of the directors,
shareholders, representatives or agents of the Trust personally, but bind only the property of the Trust, and all persons dealing with
the Trust must look solely to the property of the Trust for the enforcement of any claims against the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Amendments to this Agreement</u>. This Agreement may only be amended by the parties in writing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Notices</u>. Any notice, advice or report to be given pursuant to this Agreement shall be made in writing and deemed to have been
given and received (a) when personally delivered, or delivered by same-day courier; or (b) on the third business day after mailing by
registered or certified mail, postage prepaid, return receipt requested; or (c) upon delivery when sent by prepaid overnight express delivery
service (e.g., FedEx, UPS); or (d) when sent by email, upon the receipt by the sending party of confirmation of receipt by the receiving
party, which shall not be unduly withheld by the receiving party;

To Paralel:

Paralel Technologies LLC

1700 Broadway Suite 1850

Denver, Colorado 80290

Attn: General Counsel

Email: [removed]

To the Trust:

SCM Trust

1125 17<sup>th</sup> Street, Ste. 2550

Denver, Colorado 80202

Attn: CEO and General Counsel

Email: [removed]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Counterparts</u>. This Agreement may be executed by the parties hereto on any number of counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Entire Agreement</u>. This Agreement, together with any Appendices embodies the entire agreement and
understanding among the parties and supersedes all prior agreements and understandings relating to the subject matter hereof; provided,
however, that Paralel may embody in one or more separate documents its agreement, if any, with respect to delegated duties and oral instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Severability</u>. Any covenant, provision, agreement or term contained in this Agreement that is prohibited
or that is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such prohibition
or unenforceability, without in any way invalidating, effecting or impairing the other provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Survival</u>. The provisions of Sections 4, 7, 11(f), 11(g), 16 (as applicable), 18, 24 and this Section
25 hereof shall survive termination of this Agreement.

*[signature page follows]*

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

**SCM Trust**

a Massachusetts business trust

on behalf of each of its Funds listed on Appendix A

By: <u>/s/ Steve Rogers</u> 

Name: Steve Rogers

Title: CEO

**PARALEL TECHNOLOGIES LLC,**

A Delaware limited liability company

By: <u>/s/ Jeremy May</u> 

Name: Jeremy May

Title: Chief Executive Officer

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**<u>APPENDIX A</u>**

**LIST OF FUNDS**

&nbsp;&nbsp;&nbsp;&nbsp;· Shelton Equity Premium Income ETF

Exhibit A-1

**<u>APPENDIX B</u>**

**SERVICES**

The below services to be performed by Paralel are included in the compensation noted on <u>Appendix C</u>, in accordance with procedures established from time to time by agreement between the parties.

**Fund Accounting**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate daily net asset values (NAVs) in conformance
with generally accepted accounting principles and SEC regulations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Provide a NAV-break analysis when as set forth in the Trust's
policy and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Provide daily notification upon pricing completion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Apply daily security valuations, consistent with pricing
and valuation policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transmit NAVs to the advisor, NASDAQ, transfer agent, custodian
and other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Communicate Fund distribution information to NASDAQ and
other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reconcile cash & positions with the custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide data and reports to support Trust preparation of
financial statements and regulatory filings, including but not limited to: Semi-annual and annual financial statements; Form N-CEN; tax
returns; annual registration statement updates; proxy statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Communicate as needed with third-party services providers,
including but not limited to, maintaining the Fund's data feed with Gainskeeper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prepare, maintain and/or calculate, as the case may be:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Required accounting records in accordance with the Investment
Company Act of 1940, as amended; Cash receipts journal; Cash disbursements journal; Dividend record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Purchase and sales – portfolio securities journals;
Subscription and redemption journals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Security ledgers; Broker ledger; General ledger;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Securities and monies borrowed/loaned and collateral therefore;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Trial balances including daily/monthly/annually in Microsoft
Excel and PDF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Make necessary adjustments to Fund accruals, including
but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Daily expense and income accruals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Expense waivers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reconcile all appropriate data with each Fund's custodian
including tax reclaims as needed and ability to write-off consistent with the Fund's policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide report of currently fair valued securities and
securities priced by a pricing provider other than the primary pricing provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate capital gains tracking and the ability to relieve
specific tax-lot holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide adjusted trial balances to capture last day cap
stock e.g. B-packages

**ETF Basket Services** - Provision of basket services in connection with ETF creation and redemption unit processing, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Creation of PCF (Portfolio Composition File) in NSCC Format

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Apply application corporate actions to PCF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Basket valuation and calculation of estimated and actual cash components

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transmit PCF to each Fund and investment adviser as instructed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Submit create/redeem file to NSCC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Distribute PCF (in NSCC file format) to custodian for dissemination to NSCC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Create and deliver to custodian the trade confirmation file

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordination of collateral management process for failed in-kind trades for Fund(s)
which do not participate in

Exhibit B-2

the custodian-managed NSCC's Continuous Net Settlement ("CNS") system

Any addition of new services, or revision to, the services listed above (including but not limited to new or revised services related to regulatory changes or special projects) shall be subject to additional fees as determined by Paralel. Paralel is not responsible for any services that are not specifically set forth above.

 

Paralel may require the Trust to enter into an additional agreement to obtain access to Paralel's web portal, or other service determined appropriate by Paralel. Paralel is not obligated to provide and may discontinue or suspend the availability of any web portal at any time without prior notice; Paralel will endeavor to notify Trust as soon as reasonably practicable of such action.

Exhibit B-1

**<u>APPENDIX C</u>**

**FEES AND EXPENSES**

[REDACTED]

Exhibit C-1

**<u>APPENDIX D</u>**

**<u>ADDITIONAL TERMS APPLICABLE TO DATA SERVICES</u>**

In addition to the terms and conditions otherwise contained in the Agreement, the following terms and conditions apply to any services requiring third-party valuation, pricing, or security level data, or any other reference or similar data (as defined generally below as "Data") (herein referred to as "Data Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Provision of Services.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paralel may engage third-party persons or organizations (referred to as a "Supplier") to
assist in the provision of its duties of providing the Data Services; provided that, in such event, Paralel shall not be relieved of any
of its obligations otherwise applicable under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Use of Data; No Warranty; Termination of Rights.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As part of the provision of the Data Services, Paralel may provide or utilize security and/or issuer
level reference data, risk metrics calculations, liquidity data, taxonomy data and other similar holdings classifications, as well as
pricing or other market data (collectively, the "Data") that may be supplied by Paralel or a third-party Suppliers. Any Data
being provided to the Trust by Paralel directly or by a Suppliers are being supplied to the Trust for the sole purpose of completion of
the Data Services. The Trust may use the Data only for purposes necessary for the Data Services. The Trust does not have any license or
right to use the Data for purposes beyond the Data Services, including, but not limited to, resale to other users or use to create any
type of historical database. Data cannot be passed to or shared with any other non-affiliated entity or used by Trust in a third party
hosted system except as to complete the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust acknowledges the proprietary rights that Paralel and its Suppliers have in the Data. Paralel
and/or Supplier shall retain any intellectual property rights in the Data supplied to Trust in the provision of the Data Services under
this Agreement. Trust acknowledges the confidentiality provisions of the Agreement applies to any Data provided by Suppliers as part of
the Data Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When required in Paralel's agreement with a Supplier ("Supplier Agreement"), the Trust
acknowledges that such Supplier shall be considered a third-party beneficiary under this Agreement as it relates to the Data supplied
by such Supplier in the Data Services and may enforce its rights under the applicable provisions of this Agreement. Upon termination of
a Supplier Agreement or by request of Supplier (which may be communicated to Paralel, who shall notify the Trust), the Trust agrees to
cease use of and delete any Data related to such Supplier Agreement from its systems, except as may be required by applicable law or regulatory
requirements. Upon reasonable prior notice, Trust agrees to provide a Supplier with limited audit rights to reasonably ensure that Trust's
use of that Supplier's Data (or its deletion, if applicable) is in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In reports or other materials created for the Trust or by the Trust using Data or as part of the Data
Services, Paralel may require the inclusion of certain disclaimers that may be now or later required under a Supplier Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paralel and its Suppliers shall have no liability to the Trust, any Fund, or other third party, for errors,
omissions or malfunctions in the Data or related services, other than the obligation of Paralel to

Exhibit D-1

endeavor, upon receipt of notice from the Trust, to correct a malfunction, error, or omission in any Data or related services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust acknowledges that the Data and related services are intended for use as an aid to institutional
investors, registered brokers or professionals of similar sophistication in making informed judgments concerning securities, in connection
to the Data Services. The Trust accepts responsibility for, and acknowledges it exercises its own independent judgment in, its selection
of the Data and related services, its selection of the use or intended use of such, and any results obtained. Nothing contained herein
shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust shall indemnify Paralel and its Suppliers against and hold Paralel and its Suppliers harmless
from any and all losses, damages, liability, costs, including attorney's fees, resulting directly or indirectly from any claim or demand
against Paralel or its Suppliers by a third party arising out of or related to the accuracy or completeness of any Data or related services
received by the Trust, or any data, information, service, report, analysis or publication derived therefrom. Neither Paralel nor its Suppliers
shall be liable for any claim or demand against the Trust by a third party related to the Data or provision of the Data Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Paralel and its Suppliers, nor the Trust shall be liable for (i) any special, indirect or consequential
damages (even if advised of the possibility of such), (ii) any delay by reason of circumstances beyond its control, including acts of
civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God,
insurrection, war, riots, or failure beyond its control of transportation or power supply, or (iii) any claim that arose more than one
year prior to the institution of suit therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) THE TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, Paralel AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS
OR IMPLIED, AS TO MERCHANTABILITY, FITNESS OR ANY OTHER MATTER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Provisions applicable to Data from Suppliers containing evaluations.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Trust at any time receives Data from Supplier containing evaluations, rather than
market quotations, for certain securities or certain other data related to such securities, the following provisions will apply:

&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. Evaluated securities are typically complicated financial instruments. There are many methodologies (including
computer-based analytical modeling and individual security evaluations) available to generate approximations of the market value of such
securities, and there is significant professional disagreement about which is best. No evaluation method, including those used by Supplier,
may consistently generate approximations that correspond to actual "traded" prices of the instruments;

&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. Supplier methodologies used to provide the pricing portion of certain Data may rely on evaluations; however,
the Trust acknowledges that there may be errors or defects in Supplier's software, databases, or methodologies that may cause resultant
evaluations to be inappropriate for use in certain applications; 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;iii. The Trust assumes all responsibility for edit checking, external verification of evaluations, and ultimately
the appropriateness of use of evaluations and other pricing data provided via the Service in Trust's applications, regardless of
any efforts made by Supplier in this respect. The Trust

Exhibit D-2

shall indemnify and hold Supplier and Paralel completely harmless in the event that errors, defects, or inappropriate evaluations are made available via the Data.

Exhibit D-3

## Ex-99.(I)(5)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(i)(5)**

![A black background with blue letters AI-generated content may be incorrect.](opinion_image001.jpg)<br>

August 22, 2025

SCM Trust

1125 17th Street, Suite 2550

Denver, CO 80202

---

| | |
|:---|:---|
| Re: | SCM Trust |
|  | 1933 Act File No. 333-176060 - Post-Effective Amendment No. 80 and |
|  | 1940 Act File No. 811-05617 - Post-Effective Amendment No. 81 |
|  | as filed with the Commission on August 22, 2025 |

---

Ladies and Gentlemen:

We have acted as counsel for SCM Trust, a Massachusetts business trust (the "**Trust**"), in connection with the registration by the Trust of shares of beneficial interest, no par value (the "**Shares**"), of the series (the "**Series**") of the Shelton Equity Premium Income ETF (the "**Fund**"), a series of the Trust, described in the above-referenced filing (the "**Registration Statement**").

The Trust is authorized to issue an unlimited number of shares of beneficial interest. The Board of Trustees of the Trust (the "**Board of Trustees**") has the power to classify and reclassify any unissued shares of beneficial interest into one or more series of shares and to classify or reclassify any class of shares into one or more series of shares. You have asked for our opinion on certain matters relating to the Shares. The Board of Trustees has previously authorized the issuance of the Shares to the public.

We have reviewed: (i) the Trust's Amended and Restated Declaration of Trust, as further amended (the "**Declaration of Trust**"); (ii) its Amended and Restated Bylaws, as further amended (the "**Bylaws**" and together with the Declaration of Trust, the "**Governing Documents**"); (iii) resolutions adopted by its Board of Trustees (the "Resolutions"); (iv) certificates of public officials; (v) a printer's proof of the Registration Statement dated August 22, 2025; and (vi) such other legal and factual matters as we have considered necessary.

This opinion is based exclusively on the laws of the Commonwealth of Massachusetts and the federal law of the United States of America. The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof that are applicable to equity securities issued by open-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws. We express no opinion with respect to any other laws.

We have also assumed the following for this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Governing Documents and the Resolutions authorizing the issuance of the Shares have not been amended, modified, or withdrawn and will be in full force and effect on the date of the issuance of the Shares.

Office: 303.892.9400 \| Fax: 303.893.1379 \| 3400 Walnut Street, Suite 700, Denver, Colorado 80205 \| davisgraham.com

SCM Trust

August 22, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been, and will continue to be, issued in accordance with the Trust's Governing Documents, and the Resolutions relating to the creation, authorization and issuance of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Shares have been, or will be, issued against consideration therefor as described in the Trust's prospectuses relating thereto, and that such consideration was, or will be, per share in each case at least equal to the applicable net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each document submitted to us is accurate and complete, the signatures on all originals documents are genuine, all documents submitted to us as originals are authentic, all documents submitted to us as facsimile, electronic, certified, conformed or photostatic copies thereof conform to the original, and all documents are duly executed and delivered where due execution and delivery are prerequisites of the effectiveness thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any and all conditions established by resolution of the Board to the authorization and issuance of the Shares will have been satisfied in full prior to, and in respect of, such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All natural persons identified to us have legal capacity, and persons identified to us as officers of the Trust are actually serving in such capacity, and the representations of officers of the Trust are correct as to matters of fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All applicable securities laws will be complied with and the Registration Statement with respect to the offering of the Shares will be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The Registration Statement, as filed with the Securities and Exchange Commission, will be in substantially the form of the proof referred to above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Trust is in compliance with the 1940 Act and such other laws and regulations.

We have not independently verified any of these assumptions.

Based on the foregoing, it is our opinion that: (i) the Shares have been duly authorized and, when sold as contemplated in the Registration Statement, including receipt by the Trust of full payment for the Shares and compliance with the Securities Act of 1933, the Investment Company Act of 1940 and applicable state law regulating the offer and sale of securities, will be validly issued Shares of the Trust; and (ii) purchasers of the Shares will not have any obligation to make payments to the Trust or its creditors (other than the purchase price for the Shares) or contributions to the Trust or its creditors solely by reason of the purchasers' ownership of the Shares.

This opinion is rendered solely in connection with the filing of the Registration Statement and supersedes any previous opinions of this firm in connection with the issuance of the Shares. This opinion is rendered solely for the benefit of the Registrant and its shareholders in connection with the Registration Statement and may not be otherwise quoted or relied upon by any other person, firm, corporation or other entity, without prior written consent.

SCM Trust

August 22, 2025

Under Massachusetts law, shareholders of a Massachusetts business trust could, under certain circumstances, be held personally liable for the obligations of the trust. However, the Declaration of Trust disclaims shareholder liability for acts, obligations or affairs of the Trust. The Declaration of Trust provides for indemnification out of the assets of the particular Series of shares for all losses and expenses of any shareholder of that Series held personally liable solely by reason of his being or having been a shareholder. Thus, the risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which that Series of shares itself would be unable to meet its obligations.

We hereby consent to the prospectus discussion of this opinion, the reproduction of this opinion as an exhibit, and being named in the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the 1933 Act or the Rules and Regulations of the Commission.

---

| |
|:---|
| Very truly yours, |
| <u>/s/ DAVIS GRAHAM & STUBBS LLP</u> |
| DAVIS GRAHAM & STUBBS LLP |

---

## Ex-99.(J)(3)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(j)(3)**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the references to our firm in this Registration Statement on Form N-1A of Shelton Equity Premium Income ETF, a series of SCM TRUST, under the heading "Other Service Providers" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

August 15, 2025

![](consent_002.jpg)

## Ex-99.(M)(2)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(m)(2)**

**SCM TRUST**

**DISTRIBUTION AND SERVICES PLAN**

**(Exchange-Traded Funds)**

This Plan (this "Plan") constitutes the Distribution and Services Plan with respect to the funds listed on Schedule A (together, the "Funds"), each Fund, a separate series of SCM Trust, adopted pursuant to the provisions of Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"). During the effective term of this Plan, the Funds may make payments to investment brokers or dealers (including any principal underwriter or distributor (the "Distributor") of the Funds), plan administrators and other persons providing services to the Funds upon the terms and conditions hereinafter set forth.

Section 1. The Funds may make payments to investment/securities brokers, dealers, plan administrators and the other persons providing services to the Funds, including the Distributor and any affiliate of the Distributor, in the form of fees or reimbursements, as compensation for services provided and expenses incurred: 1) for purposes of promoting the sale of Fund shares; 2) reducing redemptions of Fund shares; 3) maintaining or improving services provided to shareholders; 4) with respect to the sale of Fund shares; 5) for providing personal services to investors in Fund shares or the maintenance of shareholder accounts; 6) paying the costs of and compensating others, including authorized participants with whom the Distributor has entered into written authorized participant agreements, for performing shareholder servicing on behalf of the Fund; 7) compensating certain authorized participants for providing assistance in distributing the shares of the Fund, including the travel and communication expenses and salaries and/or commissions of sales personnel in connection with the distribution of Fund shares; or 8) payments to financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, mutual fund supermarkets and the affiliates and subsidiaries of the Trust's service providers as compensation for services or reimbursement of expenses incurred in connection with distribution assistance ("Eligible Services").

To the extent any such payments are made to the Distributor, the Distributor may in turn pay all or any portion of such payments to securities dealers, plan administrators and other persons (including, but not limited to, any affiliate of the Distributor, including in respect of salaries, benefits and incentive compensation of employees and agents of such affiliates attributable to Eligible Services) as commissions, asset-based sales charges, reimbursements or other compensation with respect to Eligible Services, and may retain all or any portion of such payments as compensation for the Distributor's services as principal underwriter of Fund shares. The amount of such payments and the purposes for which they are made shall be determined by the Qualified Trustees (as defined below). Payments under this Plan shall not exceed in any fiscal year the annual rate of up to 0.25% of the average daily net asset value of the Fund. Subject to the preceding sentence and Section 7 hereof, a majority of the Qualified Trustees may, at any time and from time to time, reduce or increase the amount of such payments covered by this Plan, or may suspend the operation of this Plan for such period or periods of time as they may determine.

Section 2. This Plan shall not take effect until it has been approved, together with any related agreements, by votes of a majority (or whatever greater percentage may, from time to time, be required by Section 12(b) of the Act or the rules and regulations thereunder) of both (a) the Trustees of the Trust, and (b) the Qualified Trustees of the Trust, cast in person at a meeting called for the purpose of voting on this Plan or such agreement.

Section 3. This Plan shall continue in effect with respect to each Fund from year to year, provided that such continuance is approved at least annually by a vote of a majority of the Trustees of the Trust, and of the Qualified Trustees, cast in person at a meeting called for the purpose of voting on such continuance (or in another manner permitted by the Act or pursuant to exemptive relief therefrom).

Section 4. The Trustees shall review, at least quarterly, a written report of the amounts covered by this Plan and the purposes for which such expenditures were made.

Section 5. This Plan may be terminated at any time by vote of a majority of the Qualified Trustees, or by vote of a majority of the Fund's outstanding voting securities.

Section 6. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide:

(a) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Trustees or by vote of a majority of the Fund's outstanding voting securities, on not more than 60 days' written notice to any other party to the agreement; and

(b) that such agreement shall terminate automatically in the event of its assignment.

Section 7. This Plan may not be amended to increase materially the amount to be spent for distribution without shareholder approval, and all material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 2 above.

Section 8. As used in this Plan, (a) the term "Qualified Trustees" shall mean those Trustees of the Trust who are not interested persons of the Trust, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms "assignment," "interested person" and "vote of a majority of the outstanding voting securities" shall have the respective meaning specified in the Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.

Section 9. A copy of the Agreement and Declaration of Trust of the Trust is on file with the Secretary of State of the Commonwealth of Massachusetts and notice is hereby given that this instrument is made on behalf of the Trustees of the Trust as Trustees and not individually, and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the Funds.

Adopted: August 14, 2025

**Schedule A**

**List of Funds Effective August 14, 2025**

---

| | |
|:---|:---|
| **Name of Fund** | **Approval Date** |
| Shelton Equity Premium Income ETF | August 14, 2025 |

---

## Ex-99.(P)(3)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(p)(3)**

![](ex99-p3_image001.gif)

![](ex99-p3_image002.gif)

![](ex99-p3_image003.gif)

![](ex99-p3_image004.gif)

![](ex99-p3_image005.gif)

![](ex99-p3_image006.gif)

![](ex99-p3_image007.gif)

![](ex99-p3_image008.gif)

![](ex99-p3_image009.gif)

![](ex99-p3_image010.gif)

![](ex99-p3_image011.gif)

![](ex99-p3_image012.gif)

![](ex99-p3_image013.gif)

![](ex99-p3_image014.gif)

![](ex99-p3_image015.gif)

![](ex99-p3_image016.gif)

![](ex99-p3_image017.gif)

![](ex99-p3_image018.gif)

![](ex99-p3_image019.gif)

![](ex99-p3_image020.gif)

![](ex99-p3_image021.gif)

![](ex99-p3_image022.gif)

![](ex99-p3_image023.gif)

![](ex99-p3_image024.gif)

![](ex99-p3_image025.gif)

![](ex99-p3_image026.gif)

![](ex99-p3_image027.gif)

## Ex-99.(P)(4)

[SCM Trust 485BPOS](sepi-485bpos_090825.htm)

**Exhibit 99.(p)(4)**

![Logo, company name Description automatically generated](ex99-p4_image001.jpg)

**Combined Code of Ethics**

Last updated: April 10, 2024

Contents

---

| | |
|:---|:---|
| **CODE OF ETHICS** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**BACKGROUND** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;**RISKS** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**POLICIES AND PROCEDURES** | 3 |
| **CONFLICTS OF INTEREST** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**BACKGROUND** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**RISKS** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;**POLICIES AND PROCEDURES** | 14 |
| **INSIDER TRADING** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**BACKGROUND** | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**RISKS** | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;**POLICIES AND PROCEDURES** | 18 |
| **GIFTS AND ENTERTAINMENT** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**BACKGROUND** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**RISKS** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;**POLICIES AND PROCEDURES** | 20 |
| **APPENDIX A - DEFINITIONS** | 26 |

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**Code of Ethics**

Most Recently Revised: October 2023

***Background***

This Code of Ethics ("Code") has been adopted by various Paralel entities, together and separately referred to as "Paralel" within this Code, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel Technologies LLC ("PTL")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel Advisors LLC ("PAL")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Paralel Distributors, Inc. ("PDL")

The Code is designed to comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act"). By adopting and adhering to a code that meets the applicable requirements under the Advisers Act and 1940 Act, it is intended that Paralel employees who are deemed to be Access Persons and/or Investment Persons, will not also be subject to duplicative reporting requirements under various other codes for fund companies for which they may serve as an officer or are otherwise deemed to be an Access Person or Supervised Person. However, all such persons should check with each company's Compliance or Legal representatives to confirm their status.

In addition to the policies found directly in this Code, Paralel's Gift and Entertainment, Conflicts of Interest, and Insider Trading policies shall also be deemed to be part of this Code.

*Employees who are also registered with the Financial Industry Regulatory Authority ("FINRA") as a Registered Representative may have additional requirements and/or restrictions in addition to those described herein. Those Registered Representatives should consult their Written Supervisory Procedures for any additional requirements that may apply.* 

Paralel and its employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct. The Code is designed to reinforce Paralel's reputation for integrity by avoiding even the appearance of impropriety in the conduct of our business. This Code was developed to promote the highest standards of behavior and ensure compliance with applicable laws.

Employees are required to promptly report any known violations of the Code to the relevant entity's Chief Compliance Officer ("CCO" as defined). This includes violations that come to your attention that may have been inadvertent and/or violations that other employees may have committed. The CCO (or a designee) will promptly investigate the matter and take appropriate action, if needed. There will be no retribution against any employee for making such a report, and every effort will be made to protect the identity of the reporting employee. There may be additional provisions for reporting violations that are covered under applicable policies and employees should make themselves familiar with these policies or consult with the CCO.

Employees should be aware that they may be held personally liable for any improper or illegal acts committed during their course of employment, and that "ignorance of the law" is not a defense. Paralel employees are expected to read the Code carefully and observe and adhere to its guidance at all times. Failure to comply with the provisions of the Code may result in serious sanctions including, but not limited to: disgorgement of profits, termination, personal criminal or civil liability and referral to law enforcement agencies or other regulatory agencies.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for employees of Paralel in their conduct. In those situations where an employee may be uncertain as to the intent or purpose of the Code, they are advised to consult with the CCO. All questions arising in connection with personal securities trading should be resolved in favor of the Client, even at the expense of the interests of employees.

***The CCO will periodically report to senior management/board of directors of Paralel and the respective Fund boards where Paralel serves in the capacity of investment adviser, administrator and/or distributor to document compliance or noncompliance with this Code. Each employee is responsible for knowing their responsibilities under the Code.***

***Risks***

In developing these policies and procedures, Paralel considered the material risks associated with administering the *Code of Ethics*. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons do not understand the fiduciary duty that they, and Paralel, owe to Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons and/or Paralel fail to identify and comply with all applicable Federal Securities Laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons do not report personal Securities transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons trade personal accounts ahead of Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Access Persons allocate profitable trades to personal accounts or unprofitable trades to Client accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Violations of the Federal Securities Laws, the Code of Ethics, or the policies and procedures set forth in this Manual, are not reported to the CCO and/or appropriate supervisory personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Paralel does not provide its *Code of Ethics* and any amendments to all Supervised Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Paralel does not retain Supervised Persons' acknowledgements that they received the *Code of Ethics* and any amendments.

***Policies and Procedures***

**<u>Who is Covered By the Code?</u>**

All permanent employees are covered under the Code. All employees are deemed a "Supervised Person". Certain Supervised Persons will also be deemed an Access Person and subject to additional personal trading and other requirements. Certain Access Persons will also be deemed an Investment Person and

subject to additional personal trading, transaction, and pre-clearance restrictions, as well as other requirements.

Specific definitions of Supervised Person, Access Person, and Investment Person are available in the Appendix A, attached. At any time, employees may check their status by contacting Compliance.

Temporary employees may be subject to either all or certain provisions within the Code. The CCO may deem a temporary employee a Supervised Person, Access Person, or Investment Person as determined appropriate. The CCO may exempt a temporary employee (e.g. summer intern, work study) from certain aspects of this Code or require additional or different certifications, prohibitions, or requirements as determined appropriate to ensure the effective operation of this Code.

**<u>Code of Conduct, Fiduciary Standards, and Compliance with the Federal Securities Laws</u>**

At all times, Paralel and its employees, including all Supervised Persons, inclusive of all Access Persons and Investment Persons, must comply with the spirit and the letter of the Federal Securities Laws and the rules governing the capital markets.

The CCO administers the *Code of Ethics* (or the "*Code*"). All questions regarding the *Code* should be directed to the CCO. Supervised Persons must cooperate to the fullest extent reasonably requested by the CCO to enable (i) Paralel to comply with all applicable Federal Securities Laws and (ii) the CCO to discharge their duties under the Manual.

All Supervised Persons will act with competence, dignity, integrity, and in an ethical manner, when dealing with Reportable Funds, Clients, the public, prospects, third-party service providers and fellow Supervised Persons. Supervised Persons must use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, trading, promoting Paralel's services, and engaging in other professional activities.

Paralel expects all Supervised Persons to adhere to the highest standards with respect to any potential conflicts of interest with Reportable Funds or Clients. As a fiduciary, Paralel must act in its Clients' best interests. Notify the CCO promptly about any practice that creates, or gives the appearance of, a material conflict of interest.

Supervised Persons of Paralel that perform functions that give such individuals knowledge of a Reportable Fund's investment activities may not, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by any Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· employ any device, scheme, or artifice to defraud a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· make any untrue statement of a material fact to a Fund or omit to state a material fact necessary in order to make the statements made to a Fund, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· engage in any manipulative practice with respect to a Fund.

Supervised Persons are generally expected to discuss any perceived risks, or concerns about Paralel's business practices, with their direct supervisor. However, if a Supervised Person is uncomfortable discussing an issue with their supervisor, or if they believe that an issue has not been appropriately addressed, they should bring the matter to the CCO's attention.

**<u>Reporting Violations</u>**

Improper actions by Paralel or its Supervised Persons could have severe negative consequences for Paralel, its Reportable Funds, and Paralel's Supervised Persons. Impropriety, or even the appearance of impropriety, could negatively impact all Supervised Persons, including people who had no involvement in the problematic activities.

Supervised Persons must promptly report any improper or suspicious activities, including any suspected violations of the *Code of Ethics* or the Federal Securities Laws to the CCO. Issues can be reported to the CCO through the Confidential Reporting Form (Whistleblower) on MCO. Reports of potential issues may be made anonymously. Any reports of potential problems will be thoroughly investigated by the CCO, who will report directly to the CEO on the matter. Any problems identified during the review will be addressed in ways that reflect Paralel's fiduciary duty to its Clients.

A Supervised Person's identification of a material compliance issue will be viewed favorably by the Company's senior executives. Retaliation against any Supervised Person who reports a violation of the *Code of Ethics* in good faith is strictly prohibited and will be cause for corrective action, up to and including dismissal. If a Supervised Person believes that he or she has been retaliated against, he or she should notify the Chief Compliance Officer directly.

Violations of this *Code of Ethics*, or the other policies and procedures set forth in the Manual, may warrant sanctions including, without limitation, requiring that personal trades be reversed, requiring the disgorgement of profits or gifts, issuing a letter of caution or warning, reporting to the Supervised Person's supervisor, suspending personal trading rights, imposing a fine, suspending employment (with or without compensation), making a civil referral to the SEC, making a criminal referral, terminating employment for cause, and/or a combination of the foregoing. Violations may also subject a Supervised Person to civil, regulatory or criminal sanctions. No Supervised Person will determine whether he or she committed a violation of the *Code of Ethics*, or impose any sanction against himself or herself. All sanctions and other actions taken will be in accordance with applicable employment laws and regulations.

If the CCO determines that a material violation of this *Code of Ethics* has occurred, the CCO will promptly report the violation, and any associated action(s), to Paralel's senior management. If senior management determines that the material violation may involve a fraudulent, deceptive or manipulative act, Paralel will report its findings to a Fund's Board of Directors or Trustees pursuant to Rule 17j-1.

For the avoidance of doubt, nothing in this Manual prohibits Supervised Persons from reporting potential violations of federal law or regulation to any governmental agency or entity, including but not limited to the Department of Justice, the SEC, or any agency's inspector general, or from making other disclosures that are protected under the whistleblower provisions of federal law or regulation. Supervised Persons do not need prior authorization from their supervisor, other members of management, the CCO, or any other person or entity affiliated with Paralel to make any such reports or disclosures and do not need to notify Paralel that they have made such reports or disclosures. Additionally, nothing in this Manual prohibits

Supervised Persons from recovering an award pursuant to a whistleblower program of a government agency or entity.

**<u>Distribution of the Code and Acknowledgement of Receipt</u>**

Paralel will distribute the Company's *Code of Ethics*, to each Supervised Person upon the commencement of employment, annually, and upon any change to the *Code of Ethics* or any material change to another portion of the Manual.

All Supervised Persons must use MCO to acknowledge that they have received, read, understood, and agree to comply with the Company's policies and procedures described in this Manual, including this *Code of Ethics*.

**<u>Personal Securities Transactions</u>**

*<u>(Applies to All Access Persons, Including Investment Persons)</u>*

Access Person trades should be executed in a manner consistent with our fiduciary obligations to our funds and Clients: trades should avoid actual improprieties, as well as the appearance of impropriety. Employee trades must not be timed to precede orders placed for any client, nor should trading activity be so excessive as to conflict with the Access Person's ability to fulfill daily job responsibilities.

In the event of a material change to this *Personal Securities Transactions* section of the *Code of Ethics*, the CCO shall inform each Reportable Fund's CCO of such change.

**Accounts Covered by the Policies and Procedures, Beneficial Ownership**

Paralel's *Personal Securities Transactions* policies and procedures apply to all accounts ("Accounts") holding or that can hold any Securities over which Access Persons have any Beneficial Ownership interest, which typically includes accounts held by immediate family members sharing the same household, or non-funds over which Access Persons exercise investment discretion. Immediate family members include children, step-children, grandchildren, parents, step-parents, grandparents, spouses, domestic partners, siblings, parents-in-law, and children-in-law, as well as adoptive relationships that meet the above criteria.

It may be possible for Access Persons to exclude Accounts held personally or by immediate family members sharing the same household if the Access Persons does not have any direct or indirect influence or control over the Accounts, or if the Access Persons can rebut the presumption of beneficial ownership over family members' accounts. Access Person should consult with the CCO before excluding any Accounts held by immediate family members sharing the same household.

**Reportable Securities<sup>1</sup>**

Paralel requires Access Persons to provide periodic reports regarding transactions and holdings in all "Reportable Securities," which include any Security, **<u>except</u>**:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by open-end investment companies registered under the Investment Company Act of 1940, other than investment companies advised or underwritten by Paralel or an affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Interests in 529 college savings plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Shares issued by unit investment trusts that are invested exclusively in one or more open-end investment companies registered under the Investment Company Act of 1940, none of which are advised, underwritten by Paralel or an affiliate.

*Crypto and Other Digital Assets*

Any Access Person who wishes to purchase, acquire or sell any asset that is issued and transferred using distributed ledger or blockchain technology, including, but not limited to, virtual currencies, cryptocurrencies, digital "coins" or "tokens" ("Digital Assets"), should consult with the CCO as to whether such Digital Asset would be considered a Security, and specifically a "Digital Security", for purposes of this policy. A Digital Asset is likely to be considered a Digital Security if it is offered and sold as an investment contract. On April 3, 2019, the SEC published a framework for investment contract analysis of Digital Assets.<sup>2</sup> The CCO may use this framework, among other relevant SEC guidance, to determine whether a Digital Asset would be considered a Digital Security for the purposes of this policy. If the CCO determines that such Digital Asset should be considered a Digital Security, the Digital Asset will be considered a Reportable Security for purposes of this policy.

**Reporting**

Paralel must collect information regarding the personal trading activities and holdings of all Access Persons. Access Persons must submit, through MCO, quarterly reports regarding Reportable Securities transactions and newly opened Accounts that hold or can hold Securities, as well as initial and annual reports regarding holdings and existing Accounts.

_____________

1 Rule 17j-1 limits the Reportable Securities reporting exemptions to "i) Direct obligations of the Government of the United States; (ii) Bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; and (iii) Shares issued by open-end Funds." Therefore, Supervised Persons of Paralel that perform functions that give such individuals knowledge of an advised fund's investment activities are subject to this more restrictive list of reporting exemptions.

2 <u>https://www.sec.gov/files/dlt-framework.pdf</u>

*Initial Reporting - Securities Holdings and Accounts* 

Access Persons must report the existence of any Accounts that holds or can hold any Securities (including Securities excluded from the definition of a Reportable Security), as well as all Reportable Securities holdings. Reports relating to Accounts and Reportable Securities holdings must be submitted via MCO within 10 days of an individual first becoming an Access Person. Initial reports must be current as of a date no more than 45 days prior to the date that the person became an Access Person.

*Account Types and Reporting:* Accounts that can hold Reportable Securities must be linked in MCO to ensure Paralel receives an electronic feed from the broker/dealer. Access Persons should discuss with the compliance team or the CCO if an electronic feed is available with a particular broker and how to establish an electronic feed with a broker. In situations where an electronic feed is not available with a particular broker, an alternative reporting process specified by the CCO may be required (such as providing duplicate statements) or, in certain instances, the compliance team or CCO may require Access Persons to move Accounts from existing brokers to a preferred broker so that an electronic feed may be established. The Access Person is fully responsible for ensuring compliance with this Code if an alternative process is permitted.

For Accounts that are unable to hold or transact in Reportable Securities ("NRS Accounts"), Access Persons will need to report NRS Accounts in MCO initially, providing the brokerage name and account number of the NRS Account in MCO. The Chief Compliance Officer or his/her designee reserves the right to request additional information as they may determine appropriate and monitor such NRS Accounts for any abusive trading practices that would violate this Code.

*Paralel 401k Account Guidance –* Provided that an Access Person has not linked his/her Paralel 401k Account to a brokerage (allowing investments outside of the limited set in the 401k), such account will generally be considered a NRS Account.

If an Access Person does not have any holdings and/or accounts to report, this should be indicated within MCO within 10 days of becoming an Access Person.

*Ongoing Reporting – New Accounts*

Upon opening a new Account (other than an NRS Account) and prior to the completion of any transactions in the account, Access Persons must report the Account and ensure it is linked with an electronic feed from the broker/dealer (unless otherwise approved) as described in the initial reporting section above. NRS Accounts may be reported in conjunction with the quarterly reports as described below.

*Quarterly Reporting – Accounts and Transactions in Reportable Securities* 

Each quarter, Access Persons must report all Reportable Securities transactions in Accounts in which they have a Beneficial Interest – this may be completed by affirming that the transactions reflected in MCO that Paralel received from the broker/dealer are accurate and complete, or for Accounts that are not connected by an electronic feed, by manually entering all transactions in Reportable Securities in MCO.

Access Persons must also report any NRS Accounts opened during the quarter that otherwise had not already been reported. Reports regarding Reportable Securities transactions and newly opened Accounts must be submitted via MCO within 30 days of the end of each calendar quarter.

Access Persons must utilize MCO to fulfill quarterly reporting obligations.

If an Access Person did not have any transactions in non-exempt Securities or Account openings to report, this should be indicated in MCO within 30 days after the end of each calendar quarter.

*Annual Holdings and Accounts Reports*

Access Persons must annually confirm the list of Accounts in MCO and report all Reportable Securities holdings. Reports regarding accounts and holdings must be submitted via MCO on or before February 14<sup>th</sup> of each year. Annual reports must be current as of December 31<sup>st</sup>.

Annual reports must disclose the existence of all Accounts that hold or can hold any Securities, including NRS Accounts. If an Access Person does not have any holdings and/or accounts to report, this should be indicated within MCO by February 14<sup>th</sup> of each year.

*Exceptions from Reporting Requirements*

There are limited exceptions from certain reporting requirements. Specifically, Access Persons are not required to submit reports as follows:

· <u>Automatic Investment Plans</u>: Quarterly transaction reports are not required for any transactions in Reportable Securities effected pursuant to an Automatic Investment Plan, including Dividend Reinvestment Plans; or

· <u>Managed Accounts:</u> No reports (either holdings/transaction reports) are required with respect to Securities held in Accounts over which the Access Person has no direct or indirect influence or control (known as "Managed Accounts.")

-

"Managed Account" means an account for which the Access Person has authorized a third-party financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets held in the account. The Access Person may not have any direct or indirect influence or control in the investment decisions of the account, or be made aware of any such investment decisions before transactions are executed by the advisor or manager.

-

While the reporting requirements do not apply to Managed Accounts, other restrictions and requirements applicable to Access Persons (such as preclearance in IPOs and Private Placements) still apply.

For Accounts that may be eligible for either of these exceptions, approval should be sought through MCO to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception to be deemed a Managed Account. In making this determination, the CCO or a designee may ask for supporting documentation, such as a copy of the discretionary account management agreement and/or a written certification from the unaffiliated investment adviser, and may provide Access Persons with the exact wording and a clear definition of "no direct or indirect influence or

control" that the adviser consistently applies to all Access Persons. On a sample basis, the CCO may request reports on holdings and/or transactions made in the Managed Account to identify transactions that would have been prohibited pursuant to Paralel's *Code*, absent reliance on the reporting exception. Access Persons who claim they have no direct or indirect influence or control over an Account are required to indicate as such in MCO upon commencement of their employment or implementation of such Managed Account and on an annual basis thereafter*.*

**Trading Restrictions for Access Persons**

*<u>Pre-Clearance Required</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Initial Public Offerings and Private Placements* – Access Persons must have written pre-clearance completed in MCO for any investments in IPOs or Private Placements. Paralel may disapprove any proposed transaction for any reason. If clearance is granted for a specified period of time, the Access Person receiving the approval is responsible for ensuring that his or her trading is completed before the clearance's expiration. Access Persons should be cautious when submitting good-until-cancelled orders to avoid inadvertent violations of Paralel's pre-clearance procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Any Registered Representative of Paralel is prohibited from participating
in IPOs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Reportable Funds* – Access Persons are prohibited from the purchase or sale of a Reportable Fund without pre-clearance in MCO being obtained. Access Persons are prohibited from the purchase and sale or sale and purchase of the same Reportable Fund within a sixty (60) calendar day holding period.

*<u>Other Restrictions</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Knowledge of Transaction* – Access Persons shall not purchase or sell a Reportable Security in any Account if they had actual knowledge at the time of the transaction that, during the 24 hour period immediately preceding or following the transaction, the Reportable Security was purchased or sold or was considered for purchase or sale by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Blackout Period* – Blackout periods may be determined and established by the CCO. Any such periods will be communicated to all affected persons as necessary.

 

Access Persons are reminded that all provisions of this Code apply even if not specifically listed in the restrictions above, including the Conflict of Interest and Insider Trading sections set forth below.

***Additional Requirements for Investment Persons***

**Pre-Clearance Requirements for Investment Persons**

Investment Persons must have written pre-clearance for all transactions in Reportable Securities, as well as IPOs or Private Placements. Paralel may disapprove any proposed transaction, particularly if the transaction appears to pose a conflict of interest or otherwise appears improper. If clearance is granted for a specified period of time, the Investment Persons receiving the approval is responsible for ensuring that his or her trading is completed before the clearance's expiration. Investment Persons should be

cautious when submitting good-until-cancelled orders to avoid inadvertent violations of Paralel's pre-clearance procedures.

Pre-clearance is valid for two business days. If the Investment Person still desires to execute the trade, but the trade is not executed within this timeframe, the Investment Persons must request a new pre-clearance approval before entering the trade. Limit orders must be pre-approved for each day the order is open.

 

*Exemptions from Pre-Clearance Requirements:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· <u>Managed Accounts.</u> Trades effected by the manager of a Managed Account shall not be subject to the pre-clearance procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o <u>Pre-clearance is always required for trades in Reportable Funds shares,</u> regardless of whether shares are held in a Managed Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ "Managed Account" means an account for which an Investment
Person has authorized a professional financial advisor or investment manager, in its sole discretion, to acquire and dispose of assets
held in the account. The Investment Person may not make, directly or indirectly, any investment decisions, be made aware of any such investment
decisions before transactions are executed by the advisor or manager, or otherwise direct the advisor or manager to effect any transactions
in the account. Pre-clearance is not generally required for trades in a Managed Account. However, to the extent that an Investment Person
becomes aware of a proposed transaction by the manager in these types of accounts or have personally directed or asked another person
to direct trades in these accounts, the Investment Person is required to pre-clear the transaction prior to execution of the trade by
the manager.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exchange Traded Funds ("ETF") and Exchange Traded Notes ("ETN"). Pre-clearance is not required for ETFs or ETNs; however, ETFs and ETNs are subject to the reporting requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases or sales that are non-volitional on the part of the Investment Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases that are part of an automatic dividend reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Purchases effected upon the exercise of rights issues by an issuer pro rata to all holders of a class of its securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Transactions that meet the de minimis exception, which is personal trade that meets the following conditions: (a) less than $5,000; and (b) is made with no knowledge that a Reportable Fund has purchased or sold the Reportable Security, or is considered purchasing or selling the Reportable Security.;

Investment Persons must use MCO to seek pre-clearance. Pre-clearance is valid for two business days.

**Restrictions for Investment Persons**

In addition to those restrictions applicable to Access Persons, Investment Persons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· may not purchase or sell any security that they have knowledge is being considered for purchase or sale by a Reportable Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· are prohibited from participating in investment clubs unless such membership is approved in writing by the CCO. An investment club is any group of people who pool their money to make joint or group investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· may not make any personal transaction that may be deemed to be a conflict of interest with the interests of the Funds or any Paralel client.

 

Investment Persons are reminded that all provisions of this Code apply even if not specifically listed in the restrictions above, including the Conflict of Interest and Insider Trading provisions set forth below.

Any Registered Representative of Paralel is prohibited from participating in IPOs.

***Personal Trading and Holdings Reviews***

Paralel's *Personal Securities Transactions* policies and procedures are designed to mitigate any potential material conflicts of interest associated with Access Persons' personal trading activities. Accordingly, the CCO or a designee will closely monitor Access Persons' investment patterns to detect the following potentially abusive behavior:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Frequent and/or short-term trades in any Security, with particular
attention paid to potential market-timing of mutual funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Personal trading in Securities also held by a client fund advised,
underwritten or administered by Paralel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading opposite of client trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading ahead of clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading that appears to be based on Material Nonpublic Information.

The CCO will review all reports submitted pursuant to the *Personal Securities Transactions* policies and procedures for potentially abusive behavior and will compare Access Person trading with Funds' trades as necessary. Any personal trading that appears abusive may result in further inquiry by the CCO and/or sanctions, up to and including dismissal.

The CEO or his delegate (currently the Paralegal Manager) will use MCO to monitor the CCO's personal Securities transactions for compliance with the *Personal Securities Transactions* policies and procedures.

**<u>Disclosure of the Code of Ethics</u>**

Paralel will, upon request, furnish Funds with a copy of the *Code of Ethics*.

**Conflicts of Interest**

Most Recently Revised: April 2023

***Background***

Conflicts of interest may exist between various individuals and entities, including Paralel, Supervised Persons, and current or prospective Reportable Funds or Clients. Any failure to identify or properly address a conflict can have severe negative repercussions for Paralel, its Supervised Persons, and/or Funds or Clients. In some cases, the improper handling of a conflict could result in litigation and/or disciplinary action.

Section 206(2) of the Advisers Act prohibits investment advisers from engaging in any transaction, practice, or course of business which operates as a fraud or deceit upon any client or prospective client whereas Section 206(4) of the Advisers Act prohibits investment advisers from engaging in any act, practice, or course of business which is fraudulent, deceptive, or manipulative. Rule 206(4)-8(a) under the Advisers Act effectively extends this prohibition so as to apply to pooled investment vehicle investors or prospective investors. A failure to identify, disclose and/or manage a conflict of interest could constitute a violation of any of these provisions.

***Risks***

In developing these policies and procedures, Paralel considered the material risks associated with conflicts of interest. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons do not understand what could constitute an actual or apparent conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons engage in conduct that could entail an actual or apparent conflict of interest without giving Paralel the opportunity to prevent such activity or take sufficient steps to manage and/or disclose the actual or apparent conflict of interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Paralel engages in conduct in its capacity as the investment adviser (or in its affiliates' capacity in other servicing roles) that could entail an actual or apparent conflict of interest with its obligations on behalf of the other, without taking sufficient steps to manage and/or disclose the actual or apparent conflict of interest; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The interests of more than one Client are in conflict with each other and Paralel does not resolve this conflict or resolves it in a way that is not fair and reasonable to all affected parties, or that disproportionately disadvantages one or more parties.

***Policies and Procedures***

Paralel's policy is to disclose, mitigate, and/or eliminate all identified conflicts of interest in the best interests of its Funds and Clients. In the event that a conflict of interest arises between client funds, Paralel's policy is to seek to resolve such conflict as fairly as possible in relation to all parties.

**<u>Understanding and Identifying Conflicts of Interest</u>**

Paralel's policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest. Supervised Persons should refer to applicable sections of this Manual when conducting the activities addressed therein. To the extent such activities entail an actual, potential or apparent conflict of interest, the relevant Manual section will typically provide guidance or instructions as to how to proceed. If a Supervised Person has any questions about the contents of this Manual or any particular section thereof, they should contact the CCO to discuss further.

Paralel requires Supervised Persons to complete a *Compliance Questionnaire* included within MCO upon joining the Company and generally quarterly thereafter. Many of these questions are intended to identify actual or potential conduct that could constitute an actual, potential or apparent conflict of interest. If a Supervised Person has any questions about the questions included in the *Compliance Questionnaire*, they should contact the CCO to discuss further.

However, written policies and procedures cannot address and a compliance questionnaire cannot anticipate every potential conflict. With this in mind, Supervised Persons should be cognizant of any and all potential conflicts of interest regardless of whether Paralel has contemplated them or not in its existing policies and procedures and/or the *Compliance Questionnaire.* Upon identifying such a potential conflict of interest, Supervised Persons should bring it to the attention of the CCO as soon as possible so that Paralel can assess the potential conflict and take the necessary steps to properly address it.

 

While it is not possible to provide a precise or comprehensive definition of a conflict of interest, Paralel is providing the following guidance to better enable Supervised Persons to recognize potential conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· One factor that is common to many conflict of interest situations is the possibility that Paralel's or a Supervised Person's actions or decisions will be affected because of actual or potential differences between or among the interests of Paralel, Clients, and/or the Supervised Person's own personal interests. If you suspect that any of these parties' interests may not be aligned and that this could affect your or Paralel's decisions or actions, a potential conflict of interest may exist.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· A situation may be found to involve a conflict of interest even if it does not result in any financial loss to Paralel or Clients, or any gain to Paralel, certain Clients, and/or the Supervised Person, and irrespective of the motivations of Paralel or the Supervised Persons involved. Such factors should not prevent you from notifying the CCO of a potential conflict of interests.

**<u>Addressing Conflicts of Interest</u>**

As stated above, Paralel's policies and procedures have been designed to identify and properly disclose, mitigate, and/or eliminate applicable conflicts of interest. The following procedures apply to potential conflicts of interest that may not currently be anticipated by such existing policies and procedures.

The CCO is responsible for determining how to address a newly identified potential conflict of interest. Supervised Persons should not seek to address a potential conflict of interest without the CCO's involvement unless it is not possible to contact the CCO on a timely basis. In such situations, Supervised Persons should use good judgment in identifying and responding appropriately to actual or apparent conflicts and notify the CCO of the potential conflict and their conduct in response as soon as possible thereafter.

The following principles govern Paralel's approach to addressing conflicts of interest:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To the extent possible, potential conflicts of interest should be resolved in such a way so as to prevent the potential conflict of interest from becoming an actual or apparent conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· To the extent possible, conflicts of interest that involve Paralel and/or its Supervised Persons on one hand, and Clients on the other hand, will generally be disclosed and resolved in a way that favors the interests of Clients over the interests of Paralel and its Supervised Persons.

**Insider Trading**

Most Recently Revised: April 2023

***Background***

Section 204A of the Advisers Act requires every investment adviser to establish, maintain, and enforce written policies and procedures reasonably designed, taking into consideration the nature of such investment adviser's business, to prevent the misuse of Material Nonpublic Information by such investment adviser or any associated person. In the past, the Federal Securities Laws have been interpreted to prohibit the following activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading by an insider while in possession of Material Nonpublic Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading by a non-insider while in possession of Material Nonpublic Information, where the information was disclosed to the non-insider in violation of an insider's duty to keep it confidential;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Trading by a non-insider who obtained Material Nonpublic Information through unlawful means such as computer hacking; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Communicating Material Nonpublic Information to others in breach of a fiduciary duty.

**<u>What Information is Material?</u>**

Many types of information may be considered material, including, without limitation, advance knowledge of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Dividend or earnings announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Asset write-downs or write-offs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Additions to reserves for bad debts or contingent liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Expansion or curtailment of company or major division operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Merger, joint venture announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· New product/service announcements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Discovery or research developments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Criminal, civil and government investigations and indictments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Pending labor disputes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Debt service or liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Bankruptcy or insolvency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Tender offers and stock repurchase plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Recapitalization plans; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Major developments in litigation or events that could lead to litigation (e.g., a cyber breach or a data leak).

Information provided by a company could be material because of its expected effect on a particular class of securities, all of a company's securities, the securities of another company, or the securities of

several companies. The prohibition against misusing Material Nonpublic Information applies to a wide range of financial instruments including, but not limited to, equities, bonds, warrants, options, futures, forwards, swaps, commercial paper, government-issued securities, and Digital Securities. Material information need not relate to a company's business. For example, information about the contents of an upcoming newspaper column may affect the price of a security, and therefore be considered material. Advance notice of forthcoming secondary market transactions could also be material.

Supervised Persons should consult with the CCO if there is any question as to whether nonpublic information is material.

**<u>What Information is Nonpublic?</u>**

Once information has been effectively distributed to the investing public, it is no longer nonpublic. However, the distribution of Material Nonpublic Information must occur through commonly recognized channels for the classification to change. In addition, there must be adequate time for the public to receive and digest the information. Non-public information does not change to public information solely by selective dissemination. The confirmation by an insider of unconfirmed rumors, even if the information in question was reported as rumors in a public form, may be nonpublic information. Examples of the ways in which nonpublic information might be transmitted include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· In writing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By telephone;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· During a presentation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By email, instant messaging, or Bloomberg messaging;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· By text message or through Twitter; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· On a social networking site such as Facebook or LinkedIn.

Supervised Persons must be aware that even where there is no expectation of confidentiality, a person may become an insider upon receiving Material Nonpublic Information. Supervised Persons should consult with the CCO if there is any question as to whether material information is nonpublic.

**<u>Penalties for Trading on Material Nonpublic Information</u>**

Severe penalties exist for firms and individuals that engage in Insider Trading, including civil injunctions, disgorgement of profits, and jail sentences. Further, fines for Insider Trading may be levied against individuals and companies in amounts up to three times the profit gained or loss avoided (and up to $1,000,000 for companies). Paralel is not obligated to pay legal fees, penalties, or other costs incurred by Supervised Persons found guilty of insider trading.

***Risks***

In developing these policies and procedures, Paralel considered the material risks associated with insider trading. This analysis includes risks such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons place trades in personal and/or Client accounts while in possession of Material Nonpublic Information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons pass Material Nonpublic Information on to others;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Supervised Persons are not aware of what constitutes Material Nonpublic Information;

Paralel has established the following guidelines to mitigate these risks.

***Policies and Procedures***

Supervised Persons are strictly forbidden from engaging in Insider Trading, either personally or on behalf of Paralel's Funds. Paralel's *Insider Trading* policies and procedures apply to all Supervised Persons, as well as any transactions in any securities by family members, trusts, or corporations, directly or indirectly controlled by such persons. The policy also applies to transactions by corporations in which the Supervised Person is an officer, director, or 10% or greater stockholder, as well as transactions by partnerships of which the Supervised Person is a partner unless the Supervised Person has no direct or indirect control over the partnership.

**<u>Procedures for Recipients of Material Nonpublic Information</u>**

If a Supervised Person has questions as to whether they are in possession of Material Nonpublic Information, they may inquire about whether such information qualifies as Material Public Information. The CCO will conduct research to determine if the information is likely to be considered material, and whether the information has been publicly disseminated.

Given the severe penalties imposed on individuals and firms engaging in Insider Trading, a Supervised Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Must not trade the securities of any company about which they may possess Material Nonpublic Information, or derivatives related to the issuer in question;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Must not discuss any potentially Material Nonpublic Information with colleagues or a fund sub-adviser, except as specifically required by their position, which shall first be approved by the CCO; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Must not conduct research, trading, or other investment activities regarding a security for which they may have Material Nonpublic Information.

If a Supervised Person believes that they have either violated or may be asked to violate any of the above requirements regarding Material Nonpublic information, they must immediately report such fact or belief to the CCO to determine the appropriate course of action. Quarterly, the Supervised Persons will certify that they will follow these requirements in the future, and that they have not violated such requirements across the past quarter

**<u>Selective Disclosure</u>**

Non-public information about Paralel's investment strategies, trading, and Client holdings may not be shared with third parties except as is necessary to implement investment decisions and conduct other legitimate business. Supervised Persons must never disclose proposed or pending trades or other sensitive information to any third-party without the prior approval of the CCO. Federal Securities Laws may prohibit the dissemination of such information, and doing so may be considered a violation of the fiduciary duty that Paralel owes to its Funds.

Supervised Persons should not disclose proposed or pending trades to any Client or other individual or entity outside of Paralel other than a trading counterparty with a legitimate need to know the information.

**<u>Sub-Advisory Relationships</u>**

Paralel will delegate management of Client assets to third-party sub-advisors. In doing so, Paralel may receive Material Nonpublic Information about these managers' investment strategies and trading activities. Paralel's Supervised Persons are prohibited from trading on, or improperly utilizing, Material Nonpublic Information obtained from third-party managers. Generally, without prior approval of the CCO, Investment Persons should not open a Managed Account with any sub-adviser with which Paralel has engaged for work on a Reportable Fund.

**<u>Rumors</u>**

Supervised Persons are prohibited from knowingly circulating false rumors or sensational information that might reasonably be expected to affect market conditions for one or more securities, sectors, or markets, or improperly influencing any person or entity. Creating or passing false rumors with the intent to manipulate securities prices or markets may violate the antifraud provisions of Federal Securities Laws.

This policy is not intended to discourage or prohibit appropriate communications between Supervised Persons of Paralel and other market participants and trading counterparties. Supervised Persons should consult with the CCO regarding questions about the appropriateness of any communications.

**Gifts and Entertainment**

Most Recently Revised: April 2024

***Background***

Supervised Persons should not engage in any activity, practice, or act which conflicts with the best interest of the Company or its Clients. Accepting gifts of more than a nominal value could have the potential to influence an employee in such a way as to impede his or her best judgment when making decisions on behalf of the Company or its Clients. Supervised Persons may generally give and receive gifts and entertainment, so long as such gifts and entertainment are not lavish or excessive, and do not give the appearance of being designed to improperly influence the recipient.

***Risks***

In developing these policies and procedures, Paralel considered the risk that Supervised Persons would be improperly influenced by excessive gifts or entertainment. Paralel also considered the risk that Supervised Persons would try to use gifts or entertainment to exert improper influence on another individual or entity. Paralel established the following guidelines to mitigate these risks.

***Policies and Procedures***

**<u>Guiding Principles</u>**

Paralel holds its Supervised Persons to high ethical standards and strictly prohibits any giving or receipt of things of value that are designed to improperly influence the recipient. The purpose of business gifts and entertainment is to create goodwill and sound working relationships, not to gain unfair advantage. Anti-bribery and anti-corruption statutes in the U.S. are broadly written, so Supervised Persons should consult with the CCO if there is even an appearance of impropriety associated with the giving or receipt of anything of value.

***<u>Registered Representatives</u>*** *- Employees who are also registered with the Financial Industry Regulatory Authority ("FINRA") as a Registered Representative may have additional requirements and/or restrictions in addition to those described herein. Those Registered Representatives should consult their Written Supervisory Procedures ("WSP") for any additional requirements.*

**<u>Specific Policies and Procedures</u>**

Paralel and its Supervised Persons are prohibited from directly or indirectly giving gifts or entertainment that may appear lavish or excessive. Definitions and policies for the giving and receipt of entertainment and gifts for this section are below. While this policy applies to Paralel broadly (i.e., PTL, PAL, PDL), it is important that Supervised Persons consider the capacity in which they are acting when giving or permitting to be given anything of value as certain entities and individuals have regulatory requirements while others do not.

<u>Entertainment</u> is a meeting, meal or other activity where both you and a business partner are present and have the opportunity to discuss business or any participant's employer bears the cost. It does not include events that have been organized by Paralel, such as Paralel organized receptions or multi-client entertainment. If the giver is not present for the event or activity, it will be considered a gift.

Paralel recognizes that participating in entertainment events with Business Partners may help further legitimate business purposes and objectives. Examples of permissible entertainment events include lunches, dinners, golf outings, cocktail parties and regular season sporting events ("entertainment events"). Supervised Persons are encouraged to participate in entertainment events with whom the Company maintains business relationships, so long as they are reasonable and customary types of entertainment events in a business context. Nonetheless, extravagant entertainment from or to a client, prospective client or other person or entity with which Paralel conducts business is strictly prohibited. Supervised Persons are not required to obtain prior approval before participating in or hosting an entertainment event, provided that the entertainment event is not lavish or extravagant in nature.

A <u>Gift</u> is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or tickets if the giver does not attend. Cash gifts are not permitted to be given or received.

Gifts such as holiday baskets or lunches delivered to Paralel's offices, which are received on behalf of the Company, do not require reporting. Promotional items valued at less than $100 that clearly display the giver's company logo also need not be reported. Examples of promotional gifts include mugs, hats, jackets, and umbrellas.

The <u>Value</u> of any Gifts or Entertainment given or received must be the greater of cost or market value. If the cost or market value is not easily determined, an employee can estimate the approximate value or request further guidance from the CCO or designee.

<u>Disclosures and Approvals</u>

*Disclosures of Gifts or Entertainment*

 

All disclosures of applicable gifts or entertainment must be disclosed via the Gifts and Entertainment Form found on MCO (when receiving) or in Ramp expense reporting and quarterly reporting process via corporate (when giving) as set forth below.

MCO disclosures should be completed on at least a quarterly basis along with regular quarterly Code requirements but, unless otherwise indicated, may be done prior or immediately following the act occurring as well.

Information required to be disclosed in expense reports should be provided in the Ramp expense reporting system whenever required following the action.

*Approvals of Gifts or Entertainment (when required)*

 

All approvals, unless otherwise indicated, must come from the CCO or designee, which can be accomplished by completing a request using MCO's Gifts and Entertainment Form request form.

Generally, pre-approval should be obtained to the extent feasible when approval is required. However, due to the nature of gift-giving and the impromptu nature of some Entertainment, approval for employees accepting such items may often be after the fact.

If a gift request is not approved and returning or rejecting the item would negatively affect the business relationship, the gift should be turned over to the CCO and the gift will be donated to charity.

<u>Specific Requirements</u>

The chart that follows sets forth the various requirements related to the receipt and giving of gifts and entertainment for Supervised Persons. Please note that FINRA Registered Representatives may have additional requirements detailed in the applicable WSP related to gifts and entertainment. In addition, there are specific requirements related to Investment Persons which are different than Supervised Persons.

**<u>Paralel G&E Requirements<br></u>**

<br> ---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **Value** | **Approval Required\*** | **Disclosure Required** |
| &nbsp;&nbsp;**Entertainment** | **Recipient** | De-minimis (under ~$100, or reasonable amount for routine activities, e.g. board meeting dinner received in connection to services provided; attendance at industry events with drinks, etc.). |  |  |
| &nbsp;&nbsp;**Entertainment** | **Recipient** | &nbsp;&nbsp; More than de-minimis, but less than $500 per person per event<br> (<$250 for an <u>Investment Person</u>) |  | Disclose at least quarterly in MCO |
| &nbsp;&nbsp;**Entertainment** | **Recipient** | &nbsp;&nbsp; Greater than $500 per person per event<br> (>$250 for an <u>Investment Person</u>) | Approval required <br> (pre-approval preferred) | Disclose at least quarterly in MCO |
| &nbsp;&nbsp;**Entertainment** | **Recipient** | <u>Any value</u> from a broker/dealer to an <u>Investment Person</u> | <u>Pre-approval</u> required; generally not allowed | Disclose at least quarterly in MCO |
| &nbsp;&nbsp;**Entertainment** | **Giver\*** | De-minims or routine activities |  |  |
| &nbsp;&nbsp;**Entertainment** | **Giver\*** | More than de-minims, but less than $500 per person per event |  | Indicate recipient / relationship in expense report. Confirm in quarterly reporting process. |
| &nbsp;&nbsp;**Entertainment** | **Giver\*** | Greater than $500 per person per event | Approval required <br> (pre-approval preferred) | Indicate recipient / relationship in expense report. Confirm in quarterly reporting process. |
| &nbsp;&nbsp;**Entertainment** | **Giver\*** | <u>Any value</u> to a broker/dealer from an <u>Investment Person</u> | <u>Pre-approval</u> required; generally not allowed | Indicate recipient / relationship in expense report. Confirm in quarterly reporting process. |
| &nbsp;&nbsp;**Gifts** | **Recipient** | Cash or equivalent | Not permitted | -- |
| &nbsp;&nbsp;**Gifts** | **Recipient** | De-minimis (less than ~$100) promotional/logo items, gift baskets for department, etc. |  |  |
| &nbsp;&nbsp;**Gifts** | **Recipient** | More than de-minimis, but less than $100 in total from same Business Partner per year. |  | Quarterly disclosure required in MCO |
| &nbsp;&nbsp;**Gifts** | **Recipient** | Greater than $100 in total from same Business Partner per year | Approval required, <u>strictly prohibited for FINRA Reg. Reps+</u> | Quarterly disclosure required in MCO |
| &nbsp;&nbsp;**Gifts** | **Recipient** | <u>Any value</u> from a broker/dealer to an <u>Investment Person</u> | <u>Pre-approval</u> required; generally not allowed | Quarterly disclosure required in MCO |
| &nbsp;&nbsp;**Gifts** | **Giver\*** | Cash or equivalent | Not permitted | -- |
| &nbsp;&nbsp;**Gifts** | **Giver\*** | De-minimis (less than ~$100) promotional/logo items, gift baskets for department, etc. |  |  |
| &nbsp;&nbsp;**Gifts** | **Giver\*** | More than de-minimis, but under $100 per Business Partner per year |  | &nbsp;&nbsp; Indicate recipient / relationship in expense report. Confirm in quarterly reporting process. |
| &nbsp;&nbsp;**Gifts** | **Giver\*** | Over $100 per Business Partner per year (from budget). | Approval required; <u>strictly prohibited for FINRA Registered Reps+</u> | &nbsp;&nbsp; Indicate recipient / relationship in expense report. Confirm in quarterly reporting process. |
| &nbsp;&nbsp;**Gifts** | **Giver\*** | <u>Any value</u> to a broker/dealer from an <u>Investment Person</u> | <u>Pre-approval</u> required; generally not allowed | &nbsp;&nbsp; Indicate recipient / relationship in expense report. Confirm in quarterly reporting process. |

---

\* Additional manager approval may be required depending on the individual and position.

+ There may be instances which the CCO determines such gift is allowable; ***<u>only</u>*** permitted with pre-clearance.

<u>Exceptions to Entertainment Limits.</u> The limits and reporting requirements set forth above generally do not apply to personal relationships with business partners that are not conducted for the purpose of awarding business.

<u>Exceptions to Gift Giving Limits.</u> The limits set forth above generally do not apply to personal gifts, such as a wedding gift or a congratulatory gift for the birth of a child, provided that these gifts are not in relation to the business of Paralel.

Additionally, certain Supervised Persons have roles which require them to perform functions in various capacities for Paralel entities. By way of example, the CEO may participate in, or provision, entertainment events for clients and prospective clients of PTL as a natural part of the sales and relationship cycle. While such entertainment may not improperly influence the recipient or have even an appearance of impropriety, the CCO has the authority to grant an exception to the Gifts and Entertainment reporting requirements for these individuals/circumstances.

<u>Gifts and Entertainment Given to Foreign Governments and "Government Instrumentalities"</u> – The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "instrumentality" of a foreign government. Companies that are owned, even partly, by a foreign government may be considered an "instrumentality" of that government. In particular, government investments in foreign financial institutions may make the FCPA applicable to those institutions. Individuals acting in an official capacity on behalf of a foreign government or a foreign political party may also be "instrumentalities" of a foreign government.

The FCPA includes provisions that may permit the giving of gifts and entertainment under certain circumstances, including certain gifts and entertainment that are lawful under the written laws and regulations of the recipient's country, as well as bona-fide travel costs for certain legitimate business purposes. However, these exceptions are limited and is dependent on the relevant facts and circumstances. Paralel and its Supervised Persons must comply with the spirit and the letter of the FCPA at all times. Supervised Persons must obtain pre-clearance from the CCO prior to giving anything of value that might be subject to the FCPA *except* food and beverages (not lavish or excessive) that are provided during a legitimate business meeting.

Supervised Persons must consult with the CCO if there is any question as to whether gifts or entertainment need to be pre-cleared and/or reported in connection with this policy.

**<u>Internal Controls</u>**

<u>Gifts and Entertainment Tracking</u> – As noted in the chart above, a combination of expense reporting, corporate reporting and MCO has been implemented to track Supervised Persons' provision and receipt of gifts and entertainment.

<u>Monitoring Third Parties</u> – Supervised Persons are responsible for assessing whether agreements with third parties should include anti-bribery representations and for ensuring that any necessary representations are included in executed agreements. Supervised Persons should consult with the CCO as needed. The Company will offer anti-bribery training sessions if the CCO or their designee believes that they are necessary given the types of clients the Company has. Supervised Persons may not execute

agreements with third parties that are reasonably expected to interact with government officials without the CCO's approval.

If a third-party is reasonably expected to interact with government officials, the Supervised Person will review any expense claims submitted by the third-party and may require explanations and supplemental documentation to ensure that the third-party has not provided improper gifts or entertainment on Paralel's behalf. The Supervised Person will escalate any potential items to the CCO or designee that may require additional review.

**Appendix A - Definitions**

The following defined terms are used throughout this Code of Ethics. Other capitalized terms are defined within specific sections of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **1940 Act** – The Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Access Person** – Any Supervised Persons of PAL, who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· has access to non-public information regarding any clients' transactions,
or non-public information regarding the portfolio holdings of any Reportable Fund(s) or subsidiary of a Reportable Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· is involved in making securities recommendations to a Reportable Fund,
or has access to such recommendations that are non-public; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in connection with his or her regular functions or duties, makes, participates
in or obtains information regarding a Reportable Fund's transactions or whose functions relate to the making of any recommendations
with respect to a Reportable Fund's transactions;

In addition, Access Persons will include the following persons, with notice to such person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any Supervised Person of a Paralel entity who the CCO designates as
an Access Person after consideration of applicable law and/or regulations and any other factors deemed appropriate by the CCO; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any consultant, intern, or independent contractor hired or engaged
by any Paralel entity, as determined appropriate by the CCO.

All of PAL's directors, officers, and partners are presumed to be Access Persons (officers of affiliates of PAL will be determined by the CCO). All officers of a Reportable Fund will also be an Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Advisers Act** – The Investment Advisers Act of 1940, as
amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Automatic Investment Plan** – A program in which regular
trades are made automatically in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend
reinvestment plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Beneficial Interest** – An individual has a Beneficial Interest
in a security if he or she can directly or indirectly profit from the security. An individual generally has a Beneficial Interest in all
securities held directly or indirectly, as well as those owned directly or indirectly by family members sharing the same household.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Business Partner** - Includes all current or potential clients
and vendors of Paralel, any registered broker/dealers, and any firms which Paralel might have a business relationship in in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CCO** – Paralel's Chief Compliance Officer, as applicable
to the relevant entity (PTL, PDL, or PAL). References to the CCO completing activities discussed throughout the Code are assumed to be
delegable at the discretion of the CCO, unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **CEO** – Paralel's Chief Executive Officer. References
to the CEO completing activities discussed throughout the Code are assumed to be delegable at the discretion of the CEO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Employees** – Paralel's officers, directors, principals,
and employees and, if designated by the CCO, contractors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Exchange Act** – The Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Federal Securities Laws** – The Federal Securities Laws
include the Securities Act, the Exchange Act, the Sarbanes-Oxley Act of 2002, the 1940 Act, the Advisers Act, Title V of the Gramm-Leach-Bliley
Act, the Dodd-Frank Act of 2010, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to investment
companies and investment advisers, and any rules adopted thereunder by the SEC or the Department of the Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **FINRA** – The Financial Industry Regulatory Authority, a
self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Front-Running** – Trading a favored account ahead of other
accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Insider Trading** – Trading personally or on behalf of others
on the basis of Material Nonpublic Information, or improperly communicating Material Nonpublic Information to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Investment Persons** – "Investment Person" shall
mean any Access Person (within Paralel) who makes investment decisions for Paralel or its Reportable Funds, who provides investment related
information or advice to portfolio managers, or helps to execute and/or implement a portfolio manager's decisions. This typically
includes for example, portfolio managers, portfolio assistants, traders, and securities analysts. This may include any consultant, intern,
or independent contractor hired or engaged by a Paralel entity, as determined appropriate by the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **IPO** – An initial public offering. An IPO is an offering
of securities registered under the Securities Act where the issuer, immediately before the registration, was not subject to the reporting
requirements of sections 13 or 15(d) of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Material Nonpublic Information** – Information that (i)
has not been made generally available to the public, and that (ii) a reasonable investor would likely consider important in making an
investment decision. Supervised Persons should consult with Paralel's CCO about any questions as to whether information constitutes
Material Nonpublic Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Outside Counsel** – Counsel retained by Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Registered Representative** – The term "Registered
Representative" as used within this Code, refers to an employee who holds a securities license, and is actively registered, with
FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Reportable Funds** – Registered open-end (mutual fund or
ETFs) and closed-end funds for which Paralel provides investment advisory services or serves as the principal underwriter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **RIC** – An investment company registered under the 1940
Act, often referred to as a fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Security** – The SEC defines the term "Security"
broadly to include stocks, bonds, certificates of deposit, options, interests in Private Placements, futures contracts on other securities,
participations in profit-sharing agreements, and interests in oil, gas, or other mineral royalties or leases, among other things. "Security"
is also defined to include any instrument commonly known as a security. "Security" also includes any Digital Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **SEC** – The Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Securities Act** – The Securities Act of 1933.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· **Supervised Person** – Any partner, officer, director (or
other person occupying a similar status or performing similar functions), or employee of a Paralel entity, or other person who provides
investment advice on behalf of Paralel and is subject to Paralel's supervision and control.