# EDGAR Filing Document

**Accession Number:** 0001524348
**File Stem:** 0001999371-25-016652
**Filing Date:** 2025-10
**Character Count:** 746243
**Document Hash:** 872d677b6a90eab418a965cb2be59e5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-016652.hdr.sgml**: 20251031

**ACCESSION NUMBER**: 0001999371-25-016652

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 37

**FILED AS OF DATE**: 20251031

**DATE AS OF CHANGE**: 20251031

**EFFECTIVENESS DATE**: 20251103

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPEND LIFE WISELY FUNDS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001524348

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22576
- **FILM NUMBER:** 251439512

**BUSINESS ADDRESS:**
- **STREET 1:** 1845 WOODALL RODGERS
- **STREET 2:** SUITE 1000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-871-5230

**MAIL ADDRESS:**
- **STREET 1:** 1845 WOODALL RODGERS
- **STREET 2:** SUITE 1000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RANGER FUNDS INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20110627
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SPEND LIFE WISELY FUNDS INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001524348

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-175328
- **FILM NUMBER:** 251439511

**BUSINESS ADDRESS:**
- **STREET 1:** 1845 WOODALL RODGERS
- **STREET 2:** SUITE 1000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201
- **BUSINESS PHONE:** 214-871-5230

**MAIL ADDRESS:**
- **STREET 1:** 1845 WOODALL RODGERS
- **STREET 2:** SUITE 1000
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RANGER FUNDS INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 20110627

## Series and Classes Contracts Data

### Wisdom Short Duration Income Fund (Series ID: S000086257)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000251712 | Institutional Class |  |

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

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON OCTOBER 31, 2025

Securities Act Registration No. 333-175328

Investment Company Act Registration No. 811-22576

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D. C. 20549

Form N-1A

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933** | ☐ |
| Pre-Effective Amendment No. __ |  |
| Post-Effective Amendment No. 64 | ☒ |

---

and/or

---

| | |
|:---|:---|
| **REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940** | ☐ |
| Amendment No. 65 | ☒ |

---

(Check appropriate box or boxes.)

**Spend Life Wisely Funds Investment Trust**

(Exact Name of Registrant as Specified in Charter)

**1845 Woodall Rodgers, Suite 1000**

**Dallas, Texas 75201**

(Address of Principal Executive Offices)(Zip Code)

Registrant's Telephone Number, including Area Code: **(214) 871-5200** 

**National Corporate Research, Ltd.**

**615 South DuPont Highway**

**Dover, Delaware 19901**

(Name and Address of Agent for Service)

With copy to:

**JoAnn M. Strasser, Thompson Hine LLP**

**41 South High Street, Suite 1700**

**Columbus, Ohio 43215-6101**

Approximate date of proposed public offering:

It is proposed that this filing will become effective:

☐ Immediately upon filing pursuant to paragraph (b)

☒ On November 3, 2025 pursuant to paragraph (b)

☐ 60 days after filing pursuant to paragraph (a)(1)

☐ On (date) pursuant to paragraph (a)(1)

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

☐ On (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

☐ This post-effective amendment designates a new effective date for a previously filed post-effective amendment.

---

| | |
|:---|:---|
| ![](sdur485bpos001.jpg) | &nbsp;&nbsp;**Prospectus**<br>November 3, 2025 |

---

**Wisdom Short Duration Income ETF**

(formerly Wisdom Short Duration Income Fund)

**Ticker Symbol: SDUR**

**Principal U.S. Listing Exchange for the Fund: NYSE Arca, Inc.**

(the "Exchange")

A series of the Spend Life Wisely Funds Investment Trust

(formerly Ranger Funds Investment Trust)

www.thewisdomfunds.com

phone: 1-866-969-5885

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

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**FUND SUMMARY: WISDOM SHORT DURATION INCOME ETF**](#sdur485bposa001) | **1** |
| [**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVE, PRINCIPAL INVESTMENT STRATEGIES, RELATED RISKS, DISCLOSURE OF PORTFOLIO HOLDINGS, AND CYBERSECURITY**](#sdur485bposa002) | **12** |
| [**MANAGEMENT OF THE FUND**](#sdur485bposa003) | **22** |
| [INVESTMENT ADVISER](#sdur485bposa004) | 22 |
| [BOARD OF TRUSTEES](#sdur485bposa005) | 23 |
| [ADMINISTRATOR](#sdur485bposa006) | 23 |
| [TRANSFER AGENT AND CUSTODIAN](#sdur485bposa007) | 23 |
| [DISTRIBUTOR](#sdur485bposa008) | 24 |
| [INVESTING IN THE FUND](#sdur485bposa009) | 24 |
| [DISTRIBUTION OF SHARES](#sdur485bposa010) | 27 |
| [FREQUENT TRADING POLICIES](#sdur485bposa011) | 27 |
| [**DISTRIBUTIONS**](#sdur485bposa012) | **28** |
| [DIVIDENDS AND DISTRIBUTIONS](#sdur485bposa013) | 28 |
| [ANNUAL STATEMENTS](#sdur485bposa014) | 28 |
| [BUYING A DIVIDEND](#sdur485bposa015) | 29 |
| [DIVIDEND REINVESTMENT SERVICE](#sdur485bposa016) | 29 |
| [**FEDERAL TAXES**](#sdur485bposa017) | **29** |
| [TAXES ON DISTRIBUTIONS](#sdur485bposa018) | 29 |
| [TAXES WHEN SHARES ARE SOLD ON AN EXCHANGE](#sdur485bposa019) | 31 |
| [TAXES ON PURCHASES AND REDEMPTIONS OF CREATION UNITS](#sdur485bposa020) | 31 |
| [**FINANCIAL HIGHLIGHTS**](#sdur485bposa021) | **33** |
| [**DISCLAIMERS**](#sdur485bposa022) | **34** |
| [**ADDITIONAL INFORMATION**](#sdur485bposa023) | **34** |

---

**FUND SUMMARY: WISDOM SHORT DURATION INCOME ETF**

**INVESTMENT OBJECTIVE**

The Fund seeks to preserve capital and provide liquidity while generating an optimal level of risk managed income.

**FEES AND EXPENSES**

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables or the examples below.** 

&nbsp;&nbsp;**Annual Fund Operating Expenses**<br>(expenses that you pay each year as a percentage of the value of your investment) <br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Management Fees<sup>(1)</sup> | &nbsp;&nbsp;0.40% |
| &nbsp;&nbsp;Distribution (12b-1) Fees | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Other Expenses<sup>(2)</sup> | &nbsp;&nbsp;0.00% |
| &nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(3)</sup> | &nbsp;&nbsp;0.02% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | &nbsp;&nbsp;0.42% |

---

(1) Pursuant
 to a management agreement with a unitary style fee, the adviser pays all operating expenses
 of the Fund other than borrowing costs, taxes, brokerage expenses, Rule 12b-1 fees (if
 any), acquired fund fees and expenses, and extraordinary expenses. The management fee
 is subject to breakpoints such that fees are 0.40% on the first $500 million, 0.35% on
 the next $500 million, and 0.30% on amounts over $1 billion.

(2) Other
 expenses are based on estimated amounts for the current fiscal year.

(3) Acquired
 Fund Fees and Expenses are indirect costs of investing in other investment companies. The operating expenses in this fee table will not correlate to the expense ratio in the
 Fund's financial highlights because the financial statements include only the direct
 operating expenses incurred by the Fund and does not include the indirect costs of investing
 in other investment companies.

***Example:***

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.

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

---

| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $43 | $135 | $235 | $530 |

---

***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 Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the Fund's initial partial fiscal year (December 19, 2024, through July 31, 2025) the Fund's portfolio turnover rate was 69.84% of the average value of its portfolio. During this time period, the Fund operated as a traditional mutual fund rather than as an exchange traded fund.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund is an actively managed ETF. The Fund invests primarily in various types of fixed income securities of varying maturities and credit quality. The Fund seeks value across different sectors and geographies using a wide range of instruments to capitalize on investment opportunities to maximize current income and provide low volatility. However, the Fund expects to continue to have significant portfolio exposure to securities of companies in the financial services sector.

The types of fixed income instruments in which the Fund will invest are bonds, debt securities, and other similar instruments issued by U.S. and foreign public- or private-sector entities. Such instruments include investment grade fixed income securities, below investment grade fixed income securities (commonly known as junk bonds or high-yield debt), commercial paper, mortgage-backed securities, and floating rate securities. In addition, the Fund may invest up to 30% of its net assets in asset-backed securities (including collateralized loan obligations ("CLOs")) that are rated investment grade or of similar quality as determined by the Fund's adviser. The Fund intends to generally invest 15% or less of its net assets in below investment grade fixed income securities. Below investment grade fixed income securities are those rated below Baa3 by Moody's Investors Service or equivalently by another nationally recognized statistical rating organization.

Under normal circumstances, the Fund seeks to maintain a duration of one year or less, although under certain market conditions, such as in periods of significant volatility in interest rates and spreads, the Fund's duration may be longer than one year. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates.

The Fund may invest up to 50% of its total assets in securities denominated in foreign currencies, including emerging markets, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging markets. The Fund will normally limit its foreign currency exchange exposure to 10% of its total assets.

The Fund may employ derivatives to hedge the Fund's interest rate risk and foreign currency risk. Interest rate risk will be hedged through the use of treasury and bond futures and foreign currency risk will be hedged with cross currency swaps, interest rate swaps and credit default swaps.

The Fund engages in active and frequent trading of its portfolio securities.

**PRINCIPAL INVESTMENT RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The Fund is not intended to be a complete investment program. Generally, the Fund will be subject to the following principal risks:

**Fixed Income Risk.** The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases. Your investment will decline in value if the value of the Fund's investments decreases.

**Interest Rate Risk.** Fixed income securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.

**Floating Rate Risk.** Changes in short-term market interest rates will directly affect the yield on investments in floating rate debt. If short-term market interest rates fall, the yield on the Fund's shares will also fall. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on the floating rate debt in the Fund's portfolio, the impact of rising rates will be delayed to the extent of such lag. This contrasts with the Fund's investments in fixed rate instruments, where a rise in interest rates generally causes values to fall.

**High Yield Bond Risk.** Lower-quality bonds, known as "high yield" or "junk" bonds, are speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

**Credit Risk.** The issuer of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation.

**Government-Sponsored Entities Risk.** The Fund invests in securities issued or guaranteed by government-sponsored entities, but these securities may not be guaranteed or insured by the U.S. government and may only be supported by the credit of the issuing agency.

**Management Risk.** The value of your investment may go down if the investment adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause the Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund. The COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, the Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

**Foreign Investment Risk.** Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

**Emerging Market Risk.** Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging market typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.

**Foreign Currency Risk.** Currency market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency. Interference has taken the form of regulation of the local exchange market, restrictions on foreign investment by residents or limits on inflows of investment funds from abroad. Restrictions on the exchange market or on international transactions are intended to affect the level or movement of the exchange rate. This risk could include the country issuing a new currency, effectively making the "old" currency worthless.

**Sovereign Debt Risk.** The Fund may invest in U.S. and foreign government debt securities ("sovereign debt"). Investments in U.S. sovereign debt are considered relatively low risk. However, investments in foreign sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor's willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in foreign sovereign debt it may be subject to currency risk.

**Mortgage-Backed Securities Risk.** U.S. government agency and non-agency mortgage-backed securities are classified generally as either commercial mortgage-backed securities or residential mortgage-backed securities, each of which is subject to certain specific risks. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. These risks may reduce the Fund's returns. In addition, investments in mortgage-backed securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

**Asset-Backed Securities Risk.** Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase, and the Fund may have to reinvest prepayment proceeds at a lower interest rate.

**CLO Risk.** CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as an asset class. The risks of investing in CLOs depend largely on the seniority of the tranche, remaining credit support for that tranche, and the type of the underlying loans in the CLO.

**Extension Risk.** The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities.

**Prepayment Risk.** The risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund's income or return potential.

**Geographic Concentration Risk.** To the extent that the Fund invests a significant portion of its assets in a particular country or geographic region, the Fund will generally have more exposure to certain risks due to possible political, economic, social, or regulatory events in that country or region. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund's performance.

**Sector Risk.** The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

**Financial Sector Risk.** Performance of companies in the financial sector may be adversely impacted by higher borrower default rates, changes in interest rates, leverage, and increased government regulation*.*

**Issuer-Specific Risk.** The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

**Limited History of Operations Risk and New Adviser Risk.** The Fund and its adviser are each recently formed and have a limited history of operations for investors to evaluate. As a result, investors do not have a long track record from which to judge the adviser, and the adviser may not achieve the intended result in managing the Fund.

**Portfolio Turnover Risk.** A higher portfolio turnover may result in higher transactional and brokerage costs.

**Derivatives Risk.** The Fund may use futures and swaps to or hedge against interest rate risk and foreign currency risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

**Futures Risk.** The Fund's use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser's expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.

**Leverage Risk.** Derivatives have embedded leverage, which will magnify the Fund's gains or losses, making returns more volatile.

**Swaps Risk.** These risks include (i) the risk that the counterparty to a swap transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund's potential for loss and, therefore, amplify the effects of market volatility on a Fund's share price.

**Counterparty Risk.** The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund's net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.

**Cybersecurity Risk.** Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or shareholder data (including private shareholder information), or proprietary information, cause the Fund or its service providers (including, but not limited to, the Fund's investment adviser, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent Fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding the Fund or their investment in the Fund. Cybersecurity incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Valuation Risk.** The risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security's sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer's financial strength, the market's perception of such strength, or in the credit rating of the issuer or the security.

**ETF Structure Risk**. The Fund is structured as an ETF. As a result, the Fund is subject to the special risks, including:

● **Cash Transaction Risk.** The Fund expects to effect its creations and redemptions for cash rather than in-kind securities. Purchases and redemptions of creation units that are made with cash, rather than through in-kind delivery of portfolio securities cause the Fund to incur additional costs including brokerage costs and taxable capital gains or losses that the Fund may not have incurred if the Fund had made redemptions in-kind. The use of cash creations and redemptions may also cause the Fund's shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund's net asset value.

● **Early Close/Trading Halt Risk**. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

● **Not Individually Redeemable**. The Fund's shares ("Shares") are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value ("NAV") and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.

● **Trading Issues**. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares. These trading issues may, in turn, lead to differences between the market value of the Shares and the Fund's NAV, as well as deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund's NAV.

● **Market Price Variance Risk**. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the Shares. 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). There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.

○ In times of market stress, market makers may step away from their role of market making in Shares and in executing trades, which can lead to differences between the market value of the Shares and the Fund's NAV.

○ The market price of the Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less the Shares than the Fund's NAV, which is reflected in the bid and ask price for the Shares or in the closing price.

○ In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund's NAV, as well as deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund's NAV.

● **International Closed Market Trading Risk.** To the extent the Fund's investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund's NAV. Events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.

● **Authorized Participant Risk**. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes.

**PERFORMANCE**

Because the Fund has less than a calendar year of investment operations, no performance information is presented for the Fund at this time. In the future, performance information will be presented in this section of the Prospectus. Also, shareholder reports containing financial and performance information will be mailed to shareholders semi-annually. Updated performance information will be available at no cost by visiting www.thewisdomfunds.com or by calling 1-866-969-5885.

**MANAGEMENT OF THE FUND**

**Investment Adviser**

Wisdom Fixed Income Management, LLC

**Portfolio Manager**

Vincent Ahn, a portfolio manager of the adviser, has served as the Fund's portfolio manager since it commenced operations in 2024. From the commencement of investment operations on December 19, 2024, through October 31, 2025, the Fund operated as a traditional mutual fund rather than as an exchange traded fund.

**PURCHASE AND SALE OF FUND SHARES**

Authorized Participants

The Fund issues and redeems Shares at NAV only in a large, specified number of Shares each called a "Creation Unit," or multiples thereof, and only with authorized participants ("Authorized Participants") which have entered into contractual arrangements with the Fund's distributor ("Distributor"). Creation Unit transactions are typically conducted in exchange for a portfolio of securities closely approximating the holdings of the Fund and/or cash.

Investors

Individual Shares of the Fund may only be purchased and sold on a national securities exchange through brokers. Shares of the Fund are listed on the Exchange and because Shares will trade at market prices rather than NAV, Shares of the Fund may trade at a price greater than or less than NAV.

**TAX INFORMATION**

The Fund's distributions are generally taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Such tax-deferred arrangements may be taxed later upon withdrawal of monies from those arrangements.

**PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

**ADDITIONAL Information ABOUT Investment Objective, Principal Investment Strategies, Related Risks, and Disclosure of Portfolio Holdings AND CYBERSECURITY**

**Investment Objective**

The Fund's investment objective is to seek to preserve capital and provide liquidity while generating an optimal level of risk managed income. The Fund's investment objective may be changed by the Board of Trustees (the "Board" or "Trustees") of the Trust without shareholder approval upon prior written notice to shareholders.

**PRINCIPAL INVESTMENT STRATEGIES**

The Fund is an actively managed ETF. The Fund seeks to preserve capital and provide liquidity while generating an optimal level of current income and providing low volatility. To achieve this, the Fund invests primarily in various types of fixed income securities of varying maturities and credit quality, including short-duration bonds globally, while hedging against non-US interest rate and non-U.S. currency risk. The Fund seeks to take advantage of market mispricing and dislocations caused by structural inefficiencies in the fixed income market including: (1) the bias of cash bond indices towards securities from North America and Asia; and (2) compositional bias in bond indices towards historical benchmark performance and structure. The Fund uses robust fundamental and relative value analysis to select the credit that best aligns with the Fund's capital preservation bias and maintains an adaptive view on duration while identifying high-quality credit opportunities within blue chip companies, globally systematic banks, and other companies that are globally and systematically important to their respective country (i.e., companies that are only likely to fail if the country itself fails). Furthermore, the Fund expects to continue to have significant portfolio exposure to securities of companies in the financial services sector.

The Fund is actively managed and does not manage to or seek to replicate the performance of an index. Typically, the Fund will sell or dispose of investments when they meet their profit or price targets or in response to shifting market conditions. Free from benchmark constraints, the Fund invests across global fixed income markets, actively managing to avoid areas of the market the Fund believes have higher downside risk. The Fund engages in active and frequent trading of its portfolio securities.

The types of fixed income instruments in which the Fund will invest in bonds, debt securities, and other similar instruments issued by U.S. and foreign public- or private-sector entities. Such instruments include investment grade fixed income securities, below investment grade fixed income securities (commonly known as junk bonds or high-yield debt), commercial paper, mortgage-backed securities, and floating rate securities. In addition, the Fund may invest up to 30% of its net assets in asset-backed securities (including collateralized loan obligations ("CLOs")) that are rated investment grade or of similar quality as determined by the Fund's adviser. The Fund intends to generally invest 15% or less of its net assets in below investment grade fixed income securities. Below investment grade fixed income securities are those rated below Baa3 by Moody's Investors Service or equivalently by another nationally recognized statistical rating organization. The Fund may also invest in cash or cash equivalents such as commercial paper, repurchase agreements and other short-duration fixed-income securities.

Under normal circumstances, the Fund seeks to maintain a duration of one year or less, although under certain market conditions, such as in periods of significant volatility in interest rates and spreads, the Fund's duration may be longer than one year. Duration is a measure of the expected life of a fixed income security that is used to determine the sensitivity of a security's price to changes in interest rates. For example, the value of a portfolio of fixed income securities with an average duration of one year would generally be expected to decline by approximately 1.0% if interest rates rose by one percentage point. The average duration of the Fund's investment portfolio may vary from time to time, and there is no assurance that the duration of the Fund's investment portfolio will not exceed one year.

The Fund may invest up to 50% of its total assets in securities denominated in foreign currencies, and may invest beyond this limit in U.S. dollar-denominated securities of foreign issuers. The Fund may invest up to 10% of its total assets in securities and instruments that are economically tied to emerging markets. The Fund will normally limit its foreign currency exchange exposure to 10% of its total assets. Under normal circumstances, the Fund seeks to hedge against any investments in securities denominated in foreign currencies.

**PRINCIPAL RISKS**

An investment in the Fund is subject to investment risks; therefore, you may lose money by investing in the Fund. There can be no assurance that the Fund will be successful in meeting its investment objective. The Fund is not intended to be a complete investment program. Generally, the Fund will be subject to the following principal risks:

**Fixed Income Risk.** The value of the Fund's investments in fixed income securities and derivatives will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the value of fixed income securities and derivatives owned by the Fund. On the other hand, if rates fall, the value of the fixed income securities and derivatives generally increases. Your investment will decline in value if the value of the Fund's investments decreases.

**Interest Rate Risk.** Fixed income securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.

**Floating Rate Risk.** Changes in short-term market interest rates will directly affect the yield on investments in floating rate debt. If short-term market interest rates fall, the yield on the Fund's shares will also fall. Conversely, when short-term market interest rates rise, because of the lag between changes in such short-term rates and the resetting of the floating rates on the floating rate debt in the Fund's portfolio, the impact of rising rates will be delayed to the extent of such lag. This contrasts with the Fund's investments in fixed rate instruments, where a rise in interest rates generally causes values to fall.

**High Yield Bond Risk.** Lower-quality bonds, known as "high yield" or "junk" bonds, are speculative and present greater risk than bonds of higher quality, including an increased risk of default. An economic downturn or period of rising interest rates could adversely affect the market for these bonds and reduce the Fund's ability to sell its bonds. The lack of a liquid market for these bonds could decrease the Fund's share price.

**Credit Risk.** The issuer of a fixed income security may not be able to make interest or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk is that the issuer will default on its obligation.

**Government-Sponsored Entities Risk.** The Fund invests in securities issued or guaranteed by government-sponsored entities, but these securities may not be guaranteed or insured by the U.S. government and may only be supported by the credit of the issuing agency. No assurance can be given that the U.S. government would provide financial support to its agencies and instrumentalities if not required to do so by law. Neither the U.S. government nor its agencies guarantee the market value of their securities, and interest rate changes, prepayments and other factors may affect the value of government securities.

**Management Risk.** The value of your investment may go down if the investment adviser's judgments and decisions are incorrect or otherwise do not produce the desired results, or if the investment strategy does not work as intended. You may also suffer losses if there are imperfections, errors or limitations in the quantitative, analytic or other tools, resources, information and data used, investment techniques applied, or the analyses employed or relied on, by the investment adviser, if such tools, resources, information or data are used incorrectly or otherwise do not work as intended, or if the investment adviser's investment style is out of favor or otherwise fails to produce the desired results. Any of these things could cause a Fund to lose value or its results to lag relevant benchmarks or other funds with similar objectives.

**Market and Geopolitical Risk.** The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of a Fund. The COVID-19 global pandemic had negative impacts, and in many cases severe negative impacts, on markets worldwide. It is not known how long such impacts, or any future impacts of other significant events described above, will or would last, but there could be a prolonged period of global economic slowdown, which may impact your investment. Therefore, a Fund could lose money over short periods due to short-term market movements and over longer periods during more prolonged market downturns. During a general market downturn, multiple asset classes may be negatively affected. Changes in market conditions and interest rates can have the same impact on all types of securities and instruments. In times of severe market disruptions, you could lose your entire investment.

**Foreign Investment Risk.** Foreign investing involves risks not typically associated with U.S. investments, including adverse fluctuations in foreign currency values, adverse political, social and economic developments, less liquidity, greater volatility, less developed or less efficient trading markets, political instability and differing auditing and legal standards. Investing in emerging markets imposes risks different from, or greater than, risks of investing in foreign developed countries.

**Emerging Market Risk.** Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, limited availability and reliability of information material to an investment decision, and exposure to political systems that can be expected to have less stability than those of developed countries. The market for the securities of issuers in emerging market typically is small, and a low or nonexistent trading volume in those securities may result in a lack of liquidity and price volatility.

**Foreign Currency Risk.** Currency market risk results from the price movement of foreign currency values in response to shifting market supply and demand. Interest rate risk arises whenever a country changes its stated interest rate target associated with its currency. Country risk arises because virtually every country has interfered with international transactions in its currency. Interference has taken the form of regulation of the local exchange market, restrictions on foreign investment by residents or limits on inflows of investment funds from abroad. Restrictions on the exchange market or on international transactions are intended to affect the level or movement of the exchange rate. This risk could include the country issuing a new currency, effectively making the "old" currency worthless.

**Sovereign Debt Risk.** The Fund may invest in U.S. and foreign government debt securities ("sovereign debt"). Investments in U.S. sovereign debt are considered relatively low risk. However, investments in foreign sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor's willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent the Fund invests in foreign sovereign debt it may be subject to currency risk.

**Mortgage-Backed Securities Risk.** U.S. government agency and non-agency mortgage-backed securities are classified generally as either commercial mortgage-backed securities or residential mortgage-backed securities, each of which is subject to certain specific risks. Mortgage-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. These risks may reduce the Fund's returns. In addition, investments in mortgage-backed securities may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

**Asset-Backed Securities Risk.** Asset-backed securities are subject to credit risk because underlying loan borrowers may default. Additionally, these securities are subject to prepayment risk because the underlying loans held by the issuers may be paid off prior to maturity. The value of these securities may go down as a result of changes in prepayment rates on the underlying mortgages or loans. During periods of declining interest rates, prepayment rates usually increase, and the Fund may have to reinvest prepayment proceeds at a lower interest rate.

**CLO Risk.** CLOs are securities backed by an underlying portfolio of loan obligations. CLOs issue classes or "tranches" that vary in risk and yield and may experience substantial losses due to actual defaults, decrease of market value due to collateral defaults and removal of subordinate tranches, market anticipation of defaults and investor aversion to CLO securities as an asset class. The risks of investing in CLOs depend largely on the seniority of the tranche, remaining credit support for that tranche, and the type of the underlying loans in the CLO. CLOs are also subject to interest rate risk.

**Extension Risk.** The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities.

**Prepayment Risk.** The risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund's income or return potential.

**Geographic Concentration Risk.** To the extent that the Fund invests a significant portion of its assets in a particular country or geographic region, the Fund will generally have more exposure to certain risks due to possible political, economic, social, or regulatory events in that country or region. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund's performance.

**Sector Risk.** The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the sector. This may cause the Fund's net asset value to fluctuate more than that of a fund that does not focus in a particular sector.

**Financial Sector Risk.** Performance of companies in the financial sector may be adversely impacted by the rate of corporate and consumer debt defaults; decreased lending rates and/or increased costs of funding; leverage; increased governmental limitations on loans, other financial commitments, product lines and other operations; and increased competition.

**Issuer-Specific Risk.** The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole.

**Limited History of Operations Risk and New Adviser Risk.** The Fund and its adviser are each recently formed and have a limited history of operations for investors to evaluate. As a result, investors do not have a long track record from which to judge the adviser, and the adviser may not achieve the intended result in managing the Fund.

**Portfolio Turnover Risk.** A higher portfolio turnover may result in higher transactional and brokerage costs.

**Derivatives Risk.** The Fund may use futures and swaps to or hedge against interest rate risk and foreign currency risk. The use of derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) the risk that the counterparty to a derivative transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities.

**Futures Risk.** The Fund's use of futures involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments. These risks include (i) leverage risk (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the futures contract may not correlate perfectly with the underlying asset. Investments in futures involve leverage, which means a small percentage of assets invested in futures can have a disproportionately large impact on the Fund. This risk could cause the Fund to lose more than the principal amount invested. Futures contracts may become mispriced or improperly valued when compared to the adviser's expectation and may not produce the desired investment results. Additionally, changes in the value of futures contracts may not track or correlate perfectly with the underlying index because of temporary, or even long-term, supply and demand imbalances and because futures do not pay dividends unlike the stocks upon which they are based.

**Leverage Risk.** Derivatives have embedded leverage, which will magnify the Fund's gains or losses, making returns more volatile.

**Swaps Risk.** These risks include (i) the risk that the counterparty to a swap transaction may not fulfill its contractual obligations; (ii) risk of mispricing or improper valuation; and (iii) the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, rate or index. Derivative prices are highly volatile and may fluctuate substantially during a short period of time. Such prices are influenced by numerous factors that affect the markets, including, but not limited to: changing supply and demand relationships; government programs and policies; national and international political and economic events, changes in interest rates, inflation and deflation and changes in supply and demand relationships. Trading derivative instruments involves risks different from, or possibly greater than, the risks associated with investing directly in securities. Derivative contracts ordinarily have leverage inherent in their terms. The low margin deposits normally required in trading derivatives, permit a high degree of leverage. Accordingly, a relatively small price movement may result in an immediate and substantial loss to the Fund. The use of leverage may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations or to meet collateral segregation requirements. The use of leveraged derivatives can magnify the Fund's potential for loss and, therefore, amplify the effects of market volatility on a Fund's share price.

**Counterparty Risk.** The Fund may lose money if a counterparty does not meet its contractual obligations. With respect to swap agreements, if the Index has a dramatic intraday move that causes a material decline in the Fund's net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve its investment objective.

**Cybersecurity Risk.** Cybersecurity incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, Fund or shareholder data (including private shareholder information), or proprietary information, cause a Fund or its service providers (including, but not limited to, the Fund's investment adviser, any sub-adviser(s), transfer agent, distributor, custodian, fund accounting agent and financial intermediaries) to suffer data breaches, data corruption or loss of operational functionality, or prevent Fund investors from purchasing, redeeming or exchanging shares, receiving distributions or receiving timely information regarding a Fund or their investment in a Fund. Cybersecurity incidents may result in financial losses to a Fund and its shareholders, and substantial costs may be incurred in order to prevent or mitigate any future cybersecurity incidents.

**Valuation Risk.** The risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security's sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer's financial strength, the market's perception of such strength, or in the credit rating of the issuer or the security.

**ETF Structure Risk**. The Fund is structured as an ETF. As a result, the Fund is subject to the special risks, including:

● **Cash Transaction Risk.** The Fund expects to effect its creations and redemptions for cash rather than in-kind securities. Purchases and redemptions of creation units that are made with cash, rather than through in-kind delivery of portfolio securities cause the Fund to incur additional costs including brokerage costs and taxable capital gains or losses that the Fund may not have incurred if the Fund had made redemptions in-kind. As a result, the Fund may pay out higher or lower annual capital gains distributions than ETFs that redeem in-kind. The use of cash creations and redemptions may also cause the Fund's shares to trade in the market at wider bid-ask spreads or greater premiums or discounts to the Fund's net asset value.

● **Early Close/Trading Halt Risk**. An exchange or market may close or issue trading halts on specific securities, or the ability to buy or sell certain securities or financial instruments may be restricted, which may prevent the Fund from buying or selling certain securities or financial instruments. In these circumstances, the Fund may be unable to rebalance its portfolio, may be unable to accurately price its investments and may incur substantial trading losses.

● **Not Individually Redeemable**. The Fund's shares ("Shares") are not redeemable by retail investors and may be redeemed only by Authorized Participants at net asset value ("NAV") and only in Creation Units. A retail investor generally incurs brokerage costs when selling shares.

● **Trading Issues**. Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange which may result in the Shares being delisted. An active trading market for the Shares may not be developed or maintained. If the Shares are traded outside a collateralized settlement system, the number of financial institutions that can act as Authorized Participants that can post collateral on an agency basis is limited, which may limit the market for the Shares. These trading issues may, in turn, lead to differences between the market value of the Shares and the Fund's NAV, as well as deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund's NAV.

● **Market Price Variance Risk**. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares and will include a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the Shares. 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). There may be times when the market price and the NAV vary significantly. This means that Shares may trade at a discount to NAV.

○ In times of market stress, market makers may step away from their role of market making in Shares and in executing trades, which can lead to differences between the market value of the Shares and the Fund's NAV.

○ The market price of the Shares may deviate from the Fund's NAV, particularly during times of market stress, with the result that investors may pay significantly more or significantly less the Shares than the Fund's NAV, which is reflected in the bid and ask price for the Shares or in the closing price.

○ In stressed market conditions, the market for the Shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Shares may, in turn, lead to differences between the market value of the Shares and the Fund's NAV as well as deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund's NAV.

● **International Closed Market Trading Risk**. To the extent the Fund's investments trade in markets that are closed when the Fund and Exchange are open, there are likely to be deviations between current pricing of an underlying security and the prices at which the underlying securities are valued for purposes of the Fund's NAV. Events may transpire while such foreign exchanges are closed but the Exchange is open that may change the value of such underlying securities relative to their last quoted prices on such foreign exchanges.

● **Authorized Participant Risk**. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that may act as an Authorized Participant on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may be more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting. Authorized Participant concentration risk may be heightened for securities or instruments that have lower trading volumes.

**Portfolio Holdings Disclosure** **:** A description of the Fund's policies and procedures regarding the release of portfolio holdings information is available in the Fund's Statement of Additional Information ("SAI").

**Cybersecurity** **:** The computer systems, networks and devices used by the Fund and its service providers to carry out routine business operations employ a variety of protections designed to prevent damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons and security breaches. Despite the various protections utilized by the Fund and its service providers, systems, networks, or devices potentially can be breached. The Fund and its shareholders could be negatively impacted as a result of a cybersecurity breach.

Cybersecurity breaches can include unauthorized access to systems, networks, or devices; infection from computer viruses or other malicious software code; and attacks that shut down, disable, slow, or otherwise disrupt operations, business processes, or website access or functionality. Cybersecurity breaches may cause disruptions and impact the Fund's business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its NAV; impediments to trading; the inability of the Fund, the adviser, and other service providers to transact business; violations of applicable privacy and other laws; regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs; as well as the inadvertent release of confidential information.

Similar adverse consequences could result from cybersecurity breaches affecting issuers of securities in which the Fund invests; counterparties with which the Fund engages in transactions; governmental and other regulatory authorities; exchange and other financial market operators, banks, brokers, dealers, insurance companies, and other financial institutions (including financial intermediaries and service providers for the Fund's shareholders); and other parties. In addition, substantial costs may be incurred by these entities in order to prevent any cybersecurity breaches in the future.

**MANAGEMENT OF THE FUND**

**INVESTMENT ADVISER**

Wisdom Fixed Income Management, LLC, 1845 Woodall Rodgers Fwy, Suite 1000, Dallas, Texas 75201, serves as investment adviser to the Fund. The adviser provides investment management services to institutional investors such as pooled investment vehicles. As of the date of this registration statement, the adviser had approximately $400 million in assets under management. Wisdom Fixed Income Management, LLC is wholly owned by Ranger Asset Management Company, LLC, a wholly owned subsidiary of First United Bank and Trust.

Pursuant to a management agreement with a unitary style fee, the adviser is entitled to receive a monthly unitary management fee at an annual rate of 0.40% of the Fund's average daily net assets. However, the management fee is subject to breakpoints such that fees are 0.40% on the first $500 million, 0.35% on the next $500 million, and 0.30% on amounts over $1 billion.

Under a unitary fee structure, the adviser is responsible for paying substantially all the operating expenses of the Fund, excluding borrowing costs, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, and extraordinary expenses.

**Portfolio Manager.** Vincent Ahn, a portfolio manager of the adviser is primarily responsible for the day-to-day management of the Fund's portfolio. Mr. Ahn has been a portfolio manager with the adviser since June 2024. Prior to that, he served as a portfolio manager for Janus Henderson Investors U.S. from April 2017 to June 2024. Mr. Ahn also holds an MS in Finance from Georgetown University's McDonough School of Business and a BA in Economics and Political Science from the University of California – Irvine. The SAI provides additional information about the portfolio manager's compensation, other accounts managed by the portfolio manager, and the portfolio manager's ownership of securities in the Fund.

**Disclosure Regarding Investment Management Agreement Approval.** A discussion regarding the basis for the Board of Trustees' prior approval of the management agreement with respect to the Fund is available in the Fund's semi-annual report for the six months ending January 31, 2025; and a discussion regarding the approval of an amendment to the management agreement is available in the Fund's annual report for the period ending July 31, 2025 You may obtain a copy of the Fund's shareholder reports, without charge, upon request to the Fund.

**BOARD OF TRUSTEES**

The Fund is a series of the Trust, an open-end management investment company organized as a Delaware statutory trust on June 21, 2011. The Board supervises the operations of the Fund according to applicable state and federal law and is responsible for the overall management of the Fund's business affairs.

**ADMINISTRATOR** 

Paralel Technologies LLC (the "Administrator"), located at 1700 Broadway, Suite 1850 Denver, Colorado 80290 serves as the Fund's administrator, and fund accounting agent. Management and administrative services provided to the Fund by the Administrator include: (i) providing office space, equipment and officers and clerical personnel, (ii) assisting in obtaining valuations, calculating net asset values and performing other accounting, tax and financial services, (iii) recordkeeping, (iv) regulatory, compliance and reporting services, and (v) supervising custodial and other third-party services.

**TRANSFER AGENT AND CUSTODIAN**

State Street Bank & Trust Company, located at One Lincoln Street Boston, Massachusetts 02111, serves as the Fund's transfer agent and custodian. The transfer agent facilitates the recording of Creation and Redemptions of Fund Shares in Creation Units. The custodian holds and administers the assets in the Fund's portfolio.

**DISTRIBUTOR**

Paralel Distributors LLC (the "Distributor") serves as the Fund's principal underwriter. The Distributor is a broker-dealer registered with the SEC. The Distributor distributes Creation Units for the Fund on an agency basis and does not maintain a secondary market in Shares. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 1700 Broadway, Suite 1850, Denver, Colorado 80290.

**INVESTING IN THE FUND**

**Determination of NAV**

The NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (i.e., the value of its total assets less total liabilities) by the total number of Shares outstanding. Expenses and fees, including the management fee, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is determined each business day as of the close of trading (ordinarily 4:00 p.m. Eastern time) on the NYSE. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

The values of the Fund's portfolio securities are based on the securities' closing prices on their local principal markets, where available. The adviser serves as valuation designee of the Board to manage fair value pricing. In the absence of a last reported sales price, or if no sales were reported, and for other assets for which market quotes are not readily available, values may be based on quotes obtained from a quotation reporting system, established market makers or by an outside independent pricing service. Prices obtained by an outside independent pricing service use information provided by market makers or estimates of market values obtained from data related to investments or securities with similar characteristics and may use a computerized grid matrix of securities and its evaluations in determining what it believes is the fair value of the portfolio securities. If a market quotation for a security is not readily available or the adviser believes it does not otherwise accurately reflect the market value of the security at the time the Fund calculates its NAV, the security will be fair valued by the adviser, in accordance with the adviser's valuation policies and procedures approved by the Board. The Fund may also use fair value pricing in a variety of circumstances, including but not limited to, situations where the value of a security in the Fund's portfolio has been materially affected by events occurring after the close of the market on which the security is principally traded (such as a corporate action or other news that may materially affect the price of a security) or trading in a security has been suspended or halted. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of the security. To the extent the Fund invests in securities that are primarily listed on foreign exchanges or other markets that trade on weekends or other days when the Fund does not price its Shares, the value of the Fund's portfolio securities may change on days when the Fund shareholder will not be able to purchase or sell his or her Shares.

**Buying and Selling Exchange-Traded Shares**

*Authorized Participants (AP)*

The Fund issues and redeems Shares at NAV only in Creation Units. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC, a clearing agency that is registered with the SEC; or (ii) a Depository Trust Company ("DTC") participant (as discussed below). In addition, each AP must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit. An Authorized Participant that is not a "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act, will not be able to receive, as part of a redemption, restricted securities eligible for resale under Rule 144A.

*Investors*

Individual Fund shares may only be bought and sold in the secondary market through a broker or dealer at a market price. Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities. As an ETF, the Fund does not receive a report identifying shareholders as all shares are held of record by DTC. Therefore, the Fund is unable to send information to shareholders directly. Rather, a shareholder's broker or financial representative will provide account statements, information on distributions, annual and semi-annual tailored shareholder reports to shareholders.

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 offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. Because the Fund's shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount). 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). Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads, is available on the Fund's website www.thewisdomfunds.com.

**Book Entry**

Shares are held in book-entry form, which means that no stock certificates are issued. DTC or its nominee is the record owner of all outstanding Shares.

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. DTC's participants 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" through your brokerage account.

**Continuous Offering**

The method by which Creation Units are created and traded may raise certain issues under applicable securities laws. Because new Creation Units are issued and sold by the Trust on an ongoing basis, a "distribution," as such term is used in the Securities Act of 1933, as amended ("Securities Act"), may occur at any point. Broker dealers and other persons are cautioned that some activities on their part may, depending on the circumstances, result in their being deemed participants in a distribution in a manner which could render them statutory underwriters and subject them to the prospectus delivery and liability provisions of the Securities Act.

For example, a broker dealer firm or its client may be deemed a statutory underwriter if it takes Creation Units after placing an order with the Transfer Agent, breaks them down into constituent Shares, and sells such Shares directly to customers, or if it chooses to couple the creation of a supply of new Shares with an active selling effort involving solicitation of secondary market demand for Shares. A determination of whether one is an underwriter for purposes of the Securities Act must take into account all the facts and circumstances pertaining to the activities of the broker dealer or its client in the particular case, and the examples mentioned above should not be considered a complete description of all the activities that could lead to a categorization as an underwriter.

Broker dealers who are not "underwriters" but are participating in a distribution (as contrasted to ordinary secondary trading transactions), and thus dealing with Shares that are part of an "unsold allotment" within the meaning of Section 4(3)(C) of the Securities Act, would be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. This is because the prospectus delivery exemption in Section 4(3) of the Securities Act is not available in respect of such transactions as a result of Section 24(d) of the 1940 Act. As a result, broker dealer firms should note that dealers who are not underwriters but are participating in a distribution (as contrasted with ordinary secondary market transactions) and thus dealing with Shares that are part of an overallotment within the meaning of Section 4(3)(A) of the Securities Act would be unable to take advantage of the prospectus delivery exemption provided by Section 4(3) of the Securities Act. Firms that incur a prospectus delivery obligation with respect to Shares are reminded that, under Rule 153 of the Securities Act, a prospectus delivery obligation under Section 5(b)(2) of the Securities Act owed to an exchange member in connection with a sale on the Exchange is satisfied by the fact that the prospectus is available at the Exchange upon request. The prospectus delivery mechanism provided in Rule 153 is only available with respect to transactions on an exchange.

In addition, certain affiliates of the Fund and the adviser may purchase and resell Fund shares pursuant to this Prospectus.

For More Information:

*Existing Shareholders or Prospective Investors*

Wisdom Short Duration Income ETF

c/o Paralel Technologies LLC

1700 Broadway, Suite 1850

Denver, Colorado 80290

*Dealers*

Wisdom Short Duration Income ETF

c/o Paralel Technologies LLC

1700 Broadway, Suite 1850

Denver, Colorado 80290

**DISTRIBUTION OF SHARES**

No Rule 12b-1 fees are currently paid by the Fund, and there are no plans to impose these fees.

However, the Fund has adopted a Distribution Plan (the "Plan") in accordance with Rule 12b-1 under the 1940 Act that allows it to pay for certain expenses related to the distribution of its shares ("12b-1 fees"), including, but not limited to, payments to securities dealers and other persons (including the Distributor and its affiliates) who are engaged in the sale of shares of the Fund and who may be advising investors regarding the purchase, sale or retention of Fund shares; expenses of maintaining personnel who engage in or support distribution of shares or who render shareholder support services not otherwise provided by the Transfer Agent or the Trust; expenses of formulating and implementing marketing and promotional activities, including direct mail promotions and mass media advertising; expenses of preparing, printing and distributing sales literature and prospectuses and statements of additional information and reports for recipients other than existing shareholders; expenses of obtaining such information, analysis and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable; and any other expenses related to the distribution of Fund shares.

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 for certain distribution-related activities and shareholder services. 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 the Fund's assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

**FREQUENT TRADING POLICIES**

The Board has evaluated the risks of frequent purchases and redemptions of Fund shares ("market timing") activities by the Fund's shareholders. The Board noted that Shares can only be purchased and redeemed directly from the Fund in Creation Units by APs and that the vast majority of trading in Shares occurs on the secondary market. Because the secondary market trades do not involve the Fund directly, it is unlikely those trades would cause many of 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 respect to trades directly with the Fund, which are expected to be in cash, the Board noted that 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, the Board noted that direct trading by APs is critical to ensuring that Shares trade at or close to NAV. The Fund also employs fair valuation pricing to minimize potential dilution from market timing. The Fund imposes transaction fees on purchases and redemptions of Shares to cover the custodial and other costs incurred by the Fund in effecting trades, these fees may increase reflecting the fact that the Fund's trading costs increase in those circumstances. Given this structure, the Board determined that it is not necessary to adopt policies and procedures to detect and deter market timing of Shares.

**DISTRIBUTIONS**

The Fund expects to declare and distribute substantially all of its net investment income, if any, to its shareholders as dividends monthly and its net realized capital gains at least annually.

**Dividends and Distributions**

The Fund intends to qualify each year as a regulated investment company under the Internal Revenue Code of 1986, as amended. As a regulated investment company, the Fund generally pays no federal income tax on the income and gains it distributes to you.

The Fund will distribute net realized capital gains, if any, at least annually. The Fund may distribute such income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Fund. The amount of any distribution will vary, and there is no guarantee the Fund will pay either an income dividend or a capital gains distribution.

**Annual Statements**

Each year, you will receive an annual statement (Form 1099) of your account activity to assist you in completing your federal, state and local tax returns. Distributions declared in December to shareholders of record in such month, but paid in January, are taxable as if they were paid in December. The Fund makes every effort to search for reclassified income to reduce the number of corrected forms mailed to you. However, when necessary, you will receive a corrected Form 1099 to reflect reclassified information.

**Avoid "Buying a Dividend"**

At the time you purchase your Shares, the price of Shares may reflect undistributed income, undistributed capital gains, or net unrealized appreciation in value of portfolio securities held by the Fund. For taxable investors, a subsequent distribution to you of such amounts, although constituting a return of your investment, would be taxable. Buying Shares in the Fund just before it declares an income dividend or capital gains distribution is sometimes known as "buying a dividend."

**Dividend Reinvestment Service**

Brokers may make available the Depository Trust Company book-entry dividend reinvestment service to their customers who own Fund Shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole Shares of the Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require Fund shareholders to adhere to specific procedures and timetables. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares of the Fund purchased in the secondary market.

**FEDERAL TAXES**

The Fund expects, based on its investment objective and strategies, that its distributions, if any, will be taxable as ordinary income, capital gains, or some combination of both. This is true whether you reinvest your distributions in additional Shares or receive them in cash. For federal income tax purposes, Fund distributions of short-term capital gains are taxable to you as ordinary income. Fund distributions of long-term capital gains are taxable to you as long-term capital gains no matter how long you have owned your Shares. A portion of income dividends reported by the Fund may be qualified dividend income eligible for taxation by individual shareholders at long-term capital gain rates provided certain holding period requirements are met.

As with any investment, you should consider how your Fund investment 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 the Fund, including the possible application of foreign, state and local taxes. Unless your investment in the Fund is through a tax-exempt entity or tax-deferred retirement account, such as a 401(k) plan, you need to be aware of the possible tax consequences when: (i) the Fund makes distributions, (ii) you sell Shares in the secondary market or (iii) you create or redeem Creation Units.

**Taxes on Distributions**

The Fund intends to distribute substantially all of its net investment income as dividends to shareholders at least annually and net capital gains, if any, at least annually. For federal income tax purposes, distributions of investment income are generally taxable as ordinary income or qualified dividend income. Taxes on distributions of capital gains (if any) are determined by how long the Fund owned the investments that generated them, rather than how long a shareholder has owned his or her Shares. Sales of assets held by the Fund for more than one year generally result in long-term capital gains and losses, and sales of assets held by the Fund for one year or less generally result in short-term capital gains and losses. Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) that are reported by the Fund as capital gain dividends ("Capital Gain Dividends") will be taxable as long-term capital gains, which for non-corporate shareholders are subject to tax at reduced rates of up to 20% (lower rates apply to individuals in lower tax brackets). Distributions of short-term capital gain will generally be taxable as ordinary income. Dividends and distributions are generally taxable to you whether you receive them in cash or reinvest them in additional Shares.

Distributions reported by the Fund as "qualified dividend income" are generally taxed to noncorporate shareholders at rates applicable to long-term capital gains, provided holding period and other requirements are met. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund received in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market.

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% Medicare contribution tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (generally including capital gains distributions and capital gains realized on the sale of Shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders, such as estates and trusts, whose gross income as adjusted or modified for tax purposes exceeds certain threshold amounts.

In general, your distributions are subject to federal income tax for the year in which they are paid. Certain distributions paid in January, however, may be treated as paid on December 31 of the prior year. Distributions are generally taxable even if they are paid from income or gains earned by the Fund before your investment (and thus were included in the Shares' NAV when you purchased your Shares).

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your investment. Distributions in excess of the Fund's current and accumulated earnings and profits are treated as a tax-free return of your investment to the extent of your basis in the Shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of your investment, reduces your basis in Shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Shares. A distribution will reduce the Fund's NAV per Share and may be taxable to you as ordinary income or capital gain even though, from an economic standpoint, the distribution may constitute a return of capital.

Dividends, interest and gains from non-U.S. investments of the Fund may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may, in some cases, reduce or eliminate such taxes.

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30% unless a lower treaty rate applies. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met.

The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and sale or redemption proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that he, she or it is not subject to such withholding.

Shortly after the close of each calendar year, you will be informed of the character of any distributions received from the Fund.

**Taxes When Shares are Sold on an Exchange**

Any capital gain or loss realized upon a sale of Shares generally is treated as a long-term capital gain or loss if Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such Shares. The ability to deduct capital losses may be limited.

**Taxes on Purchases and Redemptions of Creation Units**

An Authorized Participant having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging Authorized Participant's basis in the cash paid for the Creation Units. However, an Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging Authorized Participant's basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation Units. The Internal Revenue Service may assert, however, that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for an Authorized Participant who does not mark-to-market their holdings), or on the basis that there has been no significant change in economic position. Persons exchanging securities should consult their own tax adviser 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 Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less.

***The information in this section "Tax Information" is not intended or written to be used as tax advice. Because everyone's tax situation is unique, you should consult your tax professional about federal, state, local or foreign tax consequences before making an investment in the Fund.***

**FINANCIAL HIGHLIGHTS**

The financial highlights table is intended to help you understand the Fund's financial performance for the period of the Fund's operations. Certain information reflects financial results for a single Fund Share. The total returns in this table represent the rate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends and distributions). This information has been audited by Cohen & Company, Ltd., the Fund's Independent Registered Public Accounting Firm, whose report, along with the Fund's financial statements, are included in the annual report, which is available upon request. During the Fund's initial partial fiscal year (December 19, 2024, through July 31, 2025), the Fund operated as a traditional mutual fund rather than as an exchange traded fund.

&nbsp;&nbsp;SPEND LIFE WISELY FUNDS INVESTMENT TRUST<br>WISDOM SHORT DURATION INCOME FUND<br>INSTITUTIONAL CLASS<br>FINANCIAL HIGHLIGHTS<br>SELECTED DATA FOR AN INSTITUTIONAL CLASS SHARE OUTSTANDING THROUGHOUT THE PERIOD.<br>

---

| | |
|:---|:---|
|  | Period\* <br> Ended |
|  | 7/31/2025 |
| Net Asset Value, At Beginning of Period | $100.00 |
| Income From Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income\*\* | 3.06 |
| &nbsp;&nbsp;&nbsp;Net Gain On Securities (Realized And Unrealized) | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total From Investment Operations | 3.62 |
| Distributions: |  |
| &nbsp;&nbsp;&nbsp;Net Investment Income | (2.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total From Distributions | (2.69) |
| Net Asset Value, At End Of Period | $100.93 |
| Total Return\*\*\* | 3.67 %<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratios/Supplemental Data: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets At End Of Period (Thousands) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before Waivers | $364358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio Of Expenses To Average Net Assets | 0.50 %<sup>(a)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After Waivers |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio Of Expenses To Average Net Assets | 0.40 %<sup>(b)(c)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio Of Net Investment Income To Average Net Assets | 4.94 %<sup>(c)</sup> |
| Portfolio Turnover | 69.84 %<sup>(d)</sup> |

---

\* For the period December 19, 2024 (commencement of investment operations) to July 31, 2025.

\*\* Per share net investment income (loss) has been determined on the basis of average shares outstanding during the period.

\*\*\* Assumes reinvestment of dividends.

(a) Expenses before waivers (excluding shareholder servicing fees of 0.00%) was 0.50%, for the period December 19, 2024 (commencement of investment operations) to July 31, 2025.

(b) Expenses after waivers (excluding shareholder servicing fees of 0.00%) was 0.40%, for the period December 19, 2024 (commencement of investment operations) to July 31, 2025.

(c) Annualized

(d) Not annualized

**DISCLAIMERS**

Shares of the Fund are not sponsored, endorsed, or promoted by the Exchange. The Exchange makes no representation or warranty, express or implied, to the owners of the Shares of the Fund. The Exchange is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of the Shares of the Fund to be issued, or in the determination or calculation of the equation by which the Shares are redeemable. The Exchange has no obligation or liability to owners of the Shares of the Fund in connection with the administration, marketing, or trading of the Shares of the Fund. Without limiting any of the foregoing, in no event shall the Exchange have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

**ADDITIONAL INFORMATION**

This Prospectus does not contain all the information included in the Registration Statement filed with the SEC with respect to the Fund's Shares. Information about the Fund can be reviewed on the EDGAR database at the SEC's website (http://www.sec.gov), and copies may be obtained, after paying a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov. The SAI for the Fund, which has been filed with the SEC, provides more information about the Fund. The SAI is incorporated herein by reference and is legally part of this Prospectus. Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders including tailored shareholder reports and in Form N-CSR. In the Fund's annual tailored shareholder 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. In Form N-CSR you will find the Fund's annual and semi-annual financial statements. The SAI, the Fund's annual and semi-annual reports to shareholders, and other information such as Fund financial statements are available, without charge, upon request, by calling at no cost 1-866-969-5885. You can also make inquires about the fund and obtain other information about the Fund by calling at no cost 1-866-969-5885. The Fund makes available its SAI, annual and semi-annual reports, and other information such as Fund financial statements, free of charge, on the Fund's website at www.thewisdomfunds.com.

Investment Company Act file no. 811-22576.

&nbsp;&nbsp;**Wisdom Short Duration Income ETF**<br> (formerly Wisdom Short Duration Income Fund)<br> ticker: SDUR<br>

**Principal U.S. Listing Exchange for the Fund: NYSE Arca, Inc.**

(the "Exchange")

*a Series of Spend Life Wisely Funds Investment Trust*

(formerly Ranger Funds Investment Trust)

STATEMENT OF ADDITIONAL INFORMATION

November 3, 2025

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the Prospectus of the Wisdom Short Duration Income ETF, dated November 3, 2025 (the "Fund"). The Prospectus is incorporated herein by reference into this SAI (i.e., legally made a part of this SAI). You can obtain copies of the Fund's Prospectus without charge by writing to Paralel Distributors LLC, 1700 Broadway Suite 1850, Denver, Colorado 80290; or by calling toll-free 1-866-969-5885. You may also obtain a Prospectus by visiting www.thewisdomfunds.com. Previously, the Fund operated as a traditional mutual fund rather than an exchange-traded fund. When the Fund operated as a traditional mutual fund, it issued only Institutional class shares. As an exchange-traded fund, the Fund offers its shares without any share class designation or multiple share class structure.

**<u>**TABLE OF CONTENTS**</u>**

---

| | |
|:---|:---|
| [THE FUND](#sdur485bposb001) | 1 |
| [TYPES OF INVESTMENTS](#sdur485bposb002) | 2 |
| [INVESTMENT RESTRICTIONS](#sdur485bposb003) | 34 |
| [DISCLOSURE OF PORTFOLIO HOLDINGS](#sdur485bposb004) | 36 |
| [MANAGEMENT](#sdur485bposb005) | 38 |
| [CONTROL PERSONS AND PRINCIPAL HOLDERS](#sdur485bposb006) | 42 |
| [INVESTMENT ADVISER](#sdur485bposb007) | 43 |
| [PORTFOLIO MANAGER](#sdur485bposb008) | 45 |
| [THE DISTRIBUTOR](#sdur485bposb009) | 46 |
| [ALLOCATION OF PORTFOLIO BROKERAGE](#sdur485bposb010) | 48 |
| [EXCHANGE LISTING AND TRADING](#sdur485bposb011) | 49 |
| [BOOK ENTRY ONLY SYSTEM](#sdur485bposb012) | 49 |
| [CREATION AND REDEMPTION OF CREATION UNITS](#sdur485bposb013) | 51 |
| [DETERMINATION OF NET ASSET VALUE (PRICING OF SHARES)](#sdur485bposb014) | 61 |
| [PORTFOLIO TURNOVER](#sdur485bposb015) | 62 |
| [OTHER SERVICE PROVIDERS](#sdur485bposb016) | 62 |
| [DESCRIPTION OF SHARES](#sdur485bposb017) | 63 |
| [ANTI-MONEY LAUNDERING PROGRAM](#sdur485bposb018) | 63 |
| [TAX STATUS](#sdur485bposb019) | 64 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#sdur485bposb020) | 72 |
| [LEGAL COUNSEL](#sdur485bposb021) | 72 |
| [FINANCIAL STATEMENTS](#sdur485bposb022) | 72 |
| [DISCLAIMER](#sdur485bposb023) | 72 |
| [PROXY VOTING GUIDELINES](#sdur485bposb024) | A-1 |

---

**THE FUND**

The Wisdom Short Duration Income ETF (the "Short Duration Fund") is a series of Spend Life Wisely Funds Investment Trust, a Delaware statutory trust organized on June 21, 2011 (the "Trust"). The Trust is registered as an open-end management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"). The Short Duration Fund is a diversified series of the Trust.

The Fund may issue an unlimited number of shares of beneficial interest. All shares of the Fund have equal rights and privileges. Each share of the Fund is entitled to one vote on all matters as to which shares are entitled to vote. In addition, each share of the Fund is entitled to participate equally with other shares (i) in dividends and distributions declared by the Fund and (ii) on liquidation, to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. The Board may start other series and offer shares of a new fund under the Trust at any time.

If the Trust receives an exemptive order from the Securities and Exchange Commission, the Board of Trustees may classify and reclassify the shares of the Fund into additional classes of shares at a future date. If the Board does add additional classes of shares of the Fund, each share class will represent an interest in the same assets of the Fund, have the same rights and is identical in all material respects except that (i) each class of shares may be subject to different (or no) sales loads, (ii) each class of shares may bear different distribution fees; (iii) certain other class specific expenses will be borne solely by the class to which such expenses are attributable, including transfer agent fees attributable to a specific class of shares, printing and postage expenses related to preparing and distributing materials to current shareholders of a specific class, registration fees incurred by a specific class of shares, the expenses of administrative personnel and services required to support the shareholders of a specific class, litigation or other legal expenses relating to a class of shares, Trustees' fees or expenses incurred as a result of issues relating to a specific class of shares and accounting fees and expenses relating to a specific class of shares and (iv) each class will have exclusive voting rights with respect to matters relating to its own distribution arrangements.

Under the Trust's Agreement and Declaration of Trust, each Trustee will continue in office until the termination of the Trust or his/her earlier death, incapacity, resignation or removal. Shareholders can remove a Trustee to the extent provided by the Investment Company Act of 1940, as amended (the "1940 Act") and the rules and regulations promulgated thereunder. Vacancies may be filled by a majority of the remaining Trustees, except insofar as the 1940 Act may require the election by shareholders. As a result, normally no annual or regular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act.

Wisdom Fixed Income Management, LLC ("Wisdom") is a recently formed investment adviser that serves as the investment adviser to the Wisdom Short Duration Income ETF. The Fund's investment objective, restrictions and policies are more fully described here and in its Prospectus.

**TYPES OF INVESTMENTS**

The investment objective of the Fund and a description of its principal investment strategies are set forth under "Fund Summary" in the Prospectus. The Fund's investment objective is not "fundamental" and may be changed by the Board without the approval of a majority of its outstanding voting securities, however, shareholders will be given written notice of such a change.

The following information describes securities in which the Fund may invest and the related risks.

Asset-Backed Securities and Collateralized Debt AND LOAN Obligations

Investors in asset-backed securities, CDOs, and CLOs bear the credit risk of the assets/collateral. Tranches are categorized as senior, mezzanine, and subordinated/equity, according to their degree of credit risk. If there are defaults or the CDO's or CLO's collateral otherwise underperforms, scheduled payments to senior tranches take precedence over those of mezzanine tranches, and scheduled payments to mezzanine tranches take precedence over those to subordinated/equity tranches. Senior and mezzanine tranches are typically rated, with the former receiving ratings of A to AAA from S&P Global Ratings ("S&P") and the latter receiving ratings of B to BBB. The ratings reflect both the credit quality of underlying collateral as well as how much protection a given tranche is afforded by tranches that are subordinate to it.

Because the loans held in the pool often may be prepaid without penalty or premium, asset-backed securities, CDOs, and CLOs can be subject to higher prepayment risks than most other types of debt instruments. Prepayments may result in a capital loss to the Fund to the extent that the prepaid securities purchased at a market discount from their stated principal amount will accelerate the recognition of interest income by such Fund, which would be taxed as ordinary income when distributed to the shareholders.

The credit characteristics of asset-backed securities, CDOs, and CLOs also differ in a number of respects from those of traditional debt securities. The credit quality of most asset-backed securities, CDOs, and CLOs depends primarily upon the credit quality of the assets/collateral underlying such securities, how well the entity issuing the securities is insulated from the credit risk of the originator or any other affiliated entities, and the amount and quality of any credit enhancement to such securities. For the purpose of the Fund's investment restrictions, the issuer of a CDO or CLO is considered to be the trust or special purpose vehicle, and not the sponsor, manager or any majority holder of equity tranche interest.

EQUITY SECURITIES

Equity securities include common stock and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant.

Common Stock

Common stock represents an equity (ownership) interest in a company, and usually possesses voting rights and earns dividends. Dividends on common stock are not fixed but are declared at the discretion of the issuer. Common stock generally represents the riskiest investment in a company. In addition, common stock generally has the greatest appreciation and depreciation potential because increases and decreases in earnings are usually reflected in a company's stock price.

The fundamental risk of investing in common stock is the risk that the value of the stock might decrease. Stock values fluctuate in response to the activities of an individual company or in response to general market and/or economic conditions. Historically, common stocks have provided greater long-term returns and have entailed greater short-term risks than fixed-income securities and money market investments. The market value of all securities, including common stocks, is based upon the market's perception of value and not necessarily the book value of an issuer or other objective measures of a company's worth.

Convertible Securities

The Fund may invest in convertible securities and non-investment grade convertible securities. Convertible securities include fixed income securities that may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities may take the form of convertible preferred stock, convertible bonds or debentures, units consisting of "usable" bonds and warrants or a combination of the features of several of these securities. Convertible securities are senior to common stocks in an issuer's capital structure but are usually subordinated to similar non-convertible securities. While providing a fixed-income stream (generally higher in yield than the income derivable from common stock but lower than that afforded by a similar nonconvertible security), a convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

Income Trusts

The Fund may invest in income trusts which are investment trusts that hold assets that are income producing. The income is passed on to the "unitholders." Each income trust has an operating risk based on its underlying business. The term may also be used to designate a legal entity, capital structure and ownership vehicle for certain assets or businesses. Shares or "trust units" are traded on securities exchanges just like stocks. Income is passed on to the investors, called unitholders, through monthly or quarterly distributions. Historically, distributions have typically been higher than dividends on common stocks. The unitholders are the beneficiaries of a trust, and their units represent their right to participate in the income and capital of the trust. Income trusts generally invest funds in assets that provide a return to the trust and its beneficiaries based on the cash flows of an underlying business. This return is often achieved through the acquisition by the trust of equity and debt instruments, royalty interests or real properties. The trust can receive interest, royalty or lease payments from an operating entity carrying on a business, as well as dividends and a return of capital.

Each income trust has an operating risk based on its underlying business; and, typically, the higher the yield, the higher the risk. They also have additional risk factors, including, but not limited to, poorer access to debt markets. Similar to a dividend paying stock, income trusts do not guarantee minimum distributions or even return of capital. If the business starts to lose money, the trust can reduce or even eliminate distributions; this is usually accompanied by sharp losses in a unit's market value. Since the yield is one of the main attractions of income trusts, there is the risk that trust units will decline in value if interest rates offering in competing markets, such as in the cash/treasury market, increase. Interest rate risk is also present within the trusts themselves because they hold very long term capital assets (e.g. pipelines, power plants, etc.), and much of the excess distributable income is derived from a maturity (or duration) mismatch between the life of the asset, and the life of the financing associated with it. In an increasing interest rate environment, not only does the attractiveness of trust distributions decrease, but quite possibly, the distributions may themselves decrease, leading to a double whammy of both declining yield and substantial loss of unitholder value. Because most income is passed on to unitholders, rather than reinvested in the business, in some cases, a trust can become a wasting asset unless more equity is issued. Because many income trusts pay out more than their net income, the unitholder equity (capital) may decline over time. To the extent that the value of the trust is driven by the deferral or reduction of tax, any change in government tax regulations to remove the benefit will reduce the value of the trusts. Generally, income trusts also carry the same risks as dividend paying stocks that are traded on stock markets.

Master Limited Partnerships

The Fund may invest in master limited partnership interests ("MLPs"). MLPs are limited partnerships the interests in which (known as "units") are typically traded on public exchanges, just like corporate stock. MLPs are limited partnerships that provide an investor with a direct interest in a group of assets (generally, but not exclusively, oil and gas properties). Master limited partnership units typically trade publicly, like stock, and thus may provide the investor more liquidity than ordinary limited partnerships. Master limited partnerships are also called publicly traded partnerships and public limited partnerships. A limited partnership has one or more general partners (they may be individuals, corporations, partnerships or another entity) which manage the partnership, and limited partners, which provide capital to the partnership but have no role in its management. When an investor buys units in an MLP, he or she becomes a limited partner. MLPs are formed in several ways. A non-traded partnership may decide to go public. Several non-traded partnerships may "roll up" into a single MLP. A corporation may spin off a group of assets or part of its business into an MLP of which it is the general partner, either to realize what it believes to be the assets' full value or as an alternative to issuing debt. A corporation may fully convert to an MLP, although since 1986 the tax consequences have made this an unappealing; or, a newly formed company may operate as an MLP from its inception.

There are different types of risks to investing in MLPs, including regulatory risks and interest rate risks. Currently most partnerships enjoy pass through taxation of their income to partners, which avoids double taxation of earnings. If the government were to change MLP business tax structure, unitholders would not be able to enjoy the relatively high yields in the sector for long. In addition, MLPs that charge government-regulated fees for transportation of oil and gas products through their pipelines are subject to unfavorable changes in government-approved rates and fees, which would affect an MLP's revenue stream negatively. MLPs also carry some interest rate risks. During increases in interest rates, MLPs may not produce decent returns to shareholders.

Publicly Traded Partnerships

The Fund may invest in publicly traded partnerships ("PTPs"). PTPs are limited partnerships, the interests in which (known as "units") are traded on public exchanges, just like corporate stock. PTPs are limited partnerships that provide an investor with a direct interest in a group of assets (generally, oil and gas properties). Publicly traded partnership units typically trade publicly, like stock, and thus may provide the investor more liquidity than ordinary limited partnerships. Publicly traded partnerships are also called master limited partnerships and public limited partnerships. A limited partnership has one or more general partners (they may be individuals, corporations, partnerships or another entity) which manage the partnership, and limited partners, which provide capital to the partnership but have no role in its management. When an investor buys units in a PTP, he or she becomes a limited partner. PTPs are formed in several ways. A non-traded partnership may decide to go public. Several non-traded partnerships may "roll up" into a single PTP. A corporation may spin off a group of assets or part of its business into a PTP of which it is the general partner, either to realize what it believes to be the asset's full value or as an alternative to issuing debt. A corporation may fully convert to a PTP, although since 1986 the tax consequences have made this an unappealing; or, a newly formed company may operate as a PTP from its inception.

There are different types of risks to investing in PTPs including regulatory risks and interest rate risks. Currently most partnerships enjoy pass through taxation of their income to partners, which avoids double taxation of earnings. If the government were to change PTP business tax structure, unitholders would not be able to enjoy the relatively high yields in the sector for long. In addition, PTP's which charge government-regulated fees for transportation of oil and gas products through their pipelines are subject to unfavorable changes in government-approved rates and fees, which would affect a PTPs revenue stream negatively. PTPs also carry some interest rate risks. During increases in interest rates, PTPs may not produce decent returns to shareholders.

Real Estate Investment Trusts

The Fund may invest in securities of real estate investment trusts ("REITs"). REITs are publicly traded corporations or trusts that specialize in acquiring, holding and managing residential, commercial or industrial real estate. A REIT is not taxed at the entity level on income distributed to its shareholders or unitholders if it distributes to shareholders or unitholders at least 95% of its taxable income for each taxable year and complies with regulatory requirements relating to its organization, ownership, assets and income.

REITs generally can be classified as "Equity REITs", "Mortgage REITs" and "Hybrid REITs." An Equity REIT invests the majority of its assets directly in real property and derives its income primarily from rents and from capital gains on real estate appreciation, which are realized through property sales. A Mortgage REIT invests the majority of its assets in real estate mortgage loans and services its income primarily from interest payments. A Hybrid REIT combines the characteristics of an Equity REIT and a Mortgage REIT. Although the Fund can invest in all three kinds of REITs, its emphasis is expected to be on investments in Equity REITs.

Investments in the real estate industry involve particular risks. The real estate industry has been subject to substantial fluctuations and declines on a local, regional and national basis in the past and may continue to be in the future. Real property values and income from real property continue to be in the future. Real property values and income from real property may decline due to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, regulatory limitations on rents, changes in neighborhoods and in demographics, increases in market interest rates, or other factors. Factors such as these may adversely affect companies that own and operate real estate directly, companies that lend to such companies, and companies that service the real estate industry.

Investments in REITs also involve risks. Equity REITs will be affected by changes in the values of and income from the properties they own, while Mortgage REITs may be affected by the credit quality of the mortgage loans they hold. In addition, REITs are dependent on specialized management skills and on their ability to generate cash flow for operating purposes and to make distributions to shareholders or unitholders REITs may have limited diversification and are subject to risks associated with obtaining financing for real property, as well as to the risk of self-liquidation. REITs also can be adversely affected by their failure to qualify for tax-free pass-through treatment of their income under the Internal Revenue Code of 1986, as amended, or their failure to maintain an exemption from registration under the 1940 Act. By investing in REITs indirectly through the Fund, a shareholder bears not only a proportionate share of the expenses of the Fund, but also may indirectly bear similar expenses of some of the REITs in which it invests.

Warrants

The Fund may invest in warrants. Warrants are options to purchase common stock at a specific price (usually at a premium above the market value of the optioned common stock at issuance) valid for a specific period of time. Warrants may have a life ranging from less than one year to twenty years, or longer. Warrants have expiration dates after which they are worthless. In addition, a warrant is worthless if the market price of the common stock does not exceed the warrant's exercise price during the life of the warrant. Warrants have no voting rights, pay no dividends, and have no rights with respect to the assets of the corporation issuing them. The percentage increase or decrease in the market price of the warrant may tend to be greater than the percentage increase or decrease in the market price of the optioned common stock.

FIXED INCOME/DEBT/BOND SECURITIES

Yields on fixed income securities, which the defines to include preferred stock, are dependent on a variety of factors, including the general conditions of the money market and other fixed income securities markets, the size of a particular offering, the maturity of the obligation and the rating of the issue. An investment in the Fund will be subjected to risk even if all fixed income securities in the Fund's portfolio are paid in full at maturity. All fixed income securities, including U.S. Government securities, can change in value when there is a change in interest rates or the issuer's actual or perceived creditworthiness or ability to meet its obligations.

There is normally an inverse relationship between the market value of securities sensitive to prevailing interest rates and actual changes in interest rates. In other words, an increase in interest rates produces a decrease in market value. The longer the remaining maturity (and duration) of a security, the greater will be the effect of interest rate changes on the market value of that security. Changes in the ability of an issuer to make payments of interest and principal and in the markets' perception of an issuer's creditworthiness will also affect the market value of the debt securities of that issuer. Obligations of issuers of fixed income securities (including municipal securities) are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors, such as the Federal Bankruptcy Reform Act of 1978. In addition, the obligations of municipal issuers may become subject to laws enacted in the future by Congress, state legislatures, or referenda extending the time for payment of principal and/or interest or imposing other constraints upon enforcement of such obligations or upon the ability of municipalities to levy taxes. Changes in the ability of an issuer to make payments of interest and principal and in the market's perception of an issuer's creditworthiness will also affect the market value of the debt securities of that issuer. The possibility exists, therefore, that, the ability of any issuer to pay, when due, the principal of and interest on its debt securities may become impaired.

The corporate debt securities in which the Fund may invest include corporate bonds and notes and short-term investments such as commercial paper and variable rate demand notes. Commercial paper (short-term promissory notes) is issued by companies to finance their or their affiliate's current obligations and is frequently unsecured. Variable and floating rate demand notes are unsecured obligations typically redeemable upon not more than 30 days' notice. These obligations include master demand notes that permit investment of fluctuating amounts at varying rates of interest pursuant to a direct arrangement with the issuer of the instrument. The issuer of these obligations often has the right, after a given period, to prepay the outstanding principal amount of the obligations upon a specified number of days' notice. These obligations generally are not traded, nor generally is there an established secondary market for these obligations. To the extent a demand note does not have a 7-day or shorter demand feature and there is no readily available market for the obligation, it is treated as an illiquid security.

The Fund may invest in debt securities, including non-investment grade debt securities. The following describes some of the risks associated with fixed income debt securities:

*Interest Rate Risk.* Debt securities have varying levels of sensitivity to changes in interest rates. In general, the price of a debt security can fall when interest rates rise and can rise when interest rates fall. Securities with longer maturities and mortgage securities can be more sensitive to interest rate changes although they usually offer higher yields to compensate investors for the greater risks. The longer the maturity of the security, the greater the impact a change in interest rates could have on the security's price. In addition, short-term and long-term interest rates do not necessarily move in the same amount or the same direction. Short-term securities tend to react to changes in short-term interest rates and long-term securities tend to react to changes in long-term interest rates.

*Credit Risk.* Fixed income securities have speculative characteristics and changes in economic conditions or other circumstances are more likely to lead to a weakened capacity of those issuers to make principal or interest payments, as compared to issuers of more highly rated securities.

*Extension Risk.* The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in interest rates. These events may lengthen the duration (i.e. interest rate sensitivity) and potentially reduce the value of these securities.

*Prepayment Risk.* Certain types of debt securities, such as mortgage-backed securities, have yield and maturity characteristics corresponding to underlying assets. Unlike traditional debt securities, which may pay a fixed rate of interest until maturity when the entire principal amount comes due, payments on certain mortgage-backed securities may include both interest and a partial payment of principal. Besides the scheduled repayment of principal, payments of principal may result from the voluntary prepayment, refinancing, or foreclosure of the underlying mortgage loans.

Securities subject to prepayment are less effective than other types of securities as a means of "locking in" attractive long-term interest rates. One reason is the need to reinvest prepayments of principal; another is the possibility of significant unscheduled prepayments resulting from declines in interest rates. These prepayments would have to be reinvested at lower rates. As a result, these securities may have less potential for capital appreciation during periods of declining interest rates than other securities of comparable maturities, although they may have a similar risk of decline in market value during periods of rising interest rates. Prepayments may also significantly shorten the effective maturities of these securities, especially during periods of declining interest rates. Conversely, during periods of rising interest rates, a reduction in prepayments may increase the effective maturities of these securities, subjecting them to a greater risk of decline in market value in response to rising interest rates than traditional debt securities, and, therefore, potentially increasing the volatility of the Fund.

At times, some of the mortgage-backed securities in which the Short Duration Fund may invest will have higher than market interest rates and therefore will be purchased at a premium above their par value. Prepayments may cause losses in securities purchased at a premium, as unscheduled prepayments, which are made at par, will cause the Fund to experience a loss equal to any unamortized premium.

*Sovereign Debt Risk.* The Fund may invest in U.S. and foreign government debt securities ("sovereign debt"). Investments in U.S. sovereign debt are considered relatively low risk. However, investments in foreign sovereign debt can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner. A sovereign debtor's willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole. In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid. In addition, to the extent Fund invests in foreign sovereign debt it may be subject to currency risk.

Certificates of Deposit and Bankers' Acceptances

The Fund may invest in certificates of deposit and bankers' acceptances, which are considered to be short-term money market instruments.

Certificates of deposit are receipts issued by a depository institution in exchange for the deposit of funds. The issuer agrees to pay the amount deposited plus interest to the bearer of the receipt on the date specified on the certificate. The certificate usually can be traded in the secondary market prior to maturity. Bankers' acceptances typically arise from short-term credit arrangements designed to enable businesses to obtain funds to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an earning asset or it may be sold in the secondary market at the going rate of discount for a specific maturity. Although maturities for acceptances can be as long as 270 days, most acceptances have maturities of six months or less.

Commercial Paper

The Fund may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations. It may be secured by letters of credit, a surety bond or other forms of collateral. Commercial paper is usually repaid at maturity by the issuer from the proceeds of the issuance of new commercial paper. As a result, investment in commercial paper is subject to the risk the issuer cannot issue enough new commercial paper to satisfy its outstanding commercial paper, also known as rollover risk. Commercial paper may become illiquid or may suffer from reduced liquidity in certain circumstances. Like all fixed income securities, commercial paper prices are susceptible to fluctuations in interest rates. If interest rates rise, commercial paper prices will decline. The short-term nature of a commercial paper investment makes it less susceptible to interest rate risk than many other fixed income securities because interest rate risk typically increases as maturity lengths increase. Commercial paper tends to yield smaller returns than longer-term corporate debt because securities with shorter maturities typically have lower effective yields than those with longer maturities. As with all fixed income securities, there is a chance that the issuer will default on its commercial paper obligation.

Time Deposits and Variable Rate Notes

The Fund may invest in fixed time deposits, whether or not subject to withdrawal penalties.

The commercial paper obligations, which the Fund may buy are unsecured and may include variable rate notes. The nature and terms of a variable rate note (i.e., a "Master Note") permit the Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Fund as Lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. The Fund has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct lending arrangements between the Fund and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, Wisdom will consider the earning power, cash flow and other liquidity ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to the Fund's investment restriction on illiquid securities unless such notes can be put back to the issuer on demand within seven days.

Insured Bank Obligations

The Fund may invest in insured bank obligations. The Federal Deposit Insurance Corporation ("FDIC") insures the deposits of federally insured banks and savings and loan associations (collectively referred to as "banks") up to $250,000. The Fund may purchase bank obligations that are fully insured as to principal by the FDIC. Currently, to remain fully insured as to principal, these investments must be limited to $250,000 per bank per Fund; if the principal amount and accrued interest together exceed $250,000, the excess principal and accrued interest will not be insured. Insured bank obligations may have limited marketability.

High Yield Securities

The Fund may invest in high yield securities. High yield, high risk bonds are securities that are generally rated below investment grade by the primary rating agencies (BB+ or lower by S&P and Ba1 or lower by Moody's). Other terms used to describe such securities include "lower rated bonds," "non-investment grade bonds," "below investment grade bonds," and "junk bonds." These securities are considered to be high-risk investments. The risks include the following:

*Greater Risk of Loss.* These securities are regarded as predominately speculative. There is a greater risk that issuers of lower rated securities will default than issuers of higher rated securities. Issuers of lower rated securities generally are less creditworthy and may be highly indebted, financially distressed, or bankrupt. These issuers are more vulnerable to real or perceived economic changes, political changes or adverse industry developments. In addition, high yield securities are frequently subordinated to the prior payment of senior indebtedness. If an issuer fails to pay principal or interest, the Fund would experience a decrease in income and a decline in the market value of its investments.

*Sensitivity to Interest Rate and Economic Changes.* The income and market value of lower-rated securities may fluctuate more than higher rated securities. Although non-investment grade securities tend to be less sensitive to interest rate changes than investment grade securities, non-investment grade securities are more sensitive to short-term corporate, economic and market developments. During periods of economic uncertainty and change, the market price of the investments in lower-rated securities may be volatile. The default rate for high yield bonds tends to be cyclical, with defaults rising in periods of economic downturn.

*Valuation Difficulties.* It is often more difficult to value lower rated securities than higher rated securities. If an issuer's financial condition deteriorates, accurate financial and business information may be limited or unavailable. In addition, the lower rated investments may be thinly traded and there may be no established secondary market. Because of the lack of market pricing and current information for investments in lower rated securities, valuation of such investments is much more dependent on judgment than is the case with higher rated securities.

*Liquidity.* There may be no established secondary or public market for investments in lower rated securities. Such securities are frequently traded in markets that may be relatively less liquid than the market for higher rated securities. In addition, relatively few institutional purchasers may hold a major portion of an issue of lower-rated securities at times. As a result, the Fund may be required to sell investments at substantial losses or retain them indefinitely when an issuer's financial condition is deteriorating.

*Credit Quality.* Credit quality of non-investment grade securities can change suddenly and unexpectedly, and even recently-issued credit ratings may not fully reflect the actual risks posed by a particular high-yield security.

*New Legislation.* Future legislation may have a possible negative impact on the market for high yield, high risk bonds. As an example, in the late 1980's, legislation required federally-insured savings and loan associations to divest their investments in high yield, high risk bonds. New legislation, if enacted, could have a material negative effect on the Fund's investments in lower rated securities.

High yield, high risk investments may include the following:

*Straight fixed-income debt securities.* These include bonds and other debt obligations that bear a fixed or variable rate of interest payable at regular intervals and have a fixed or resettable maturity date. The particular terms of such securities vary and may include features such as call provisions and sinking funds.

*Zero-coupon debt securities.* These do not pay periodic interest but are issued at a discount from their value at maturity. When held to maturity, their entire return equals the difference between their issue price and their maturity value.

*Zero-fixed-coupon debt securities.* These are zero-coupon debt securities that convert on a specified date to periodic interest-paying debt securities.

*Pay-in-kind bonds.* These are bonds which allow the issuer, at its option, to make current interest payments on the bonds either in cash or in additional bonds. These are bonds are typically sold without registration under the Securities Act of 1933, as amended ("1933 Act"), usually to a relatively small number of institutional investors.

*Convertible Securities.* These are bonds or preferred stock that may be converted to common stock.

*Preferred Stock.* These are stocks that generally pay a dividend at a specified rate and have preference over common stock in the payment of dividends and in liquidation.

*Loan Participations and Assignments.* These are participations in, or assignments of all or a portion of loans to corporations or to governments, including governments of less developed countries ("LDCs").

*Securities issued in connection with Reorganizations and Corporate Restructurings.* In connection with reorganizing or restructuring of an issuer, an issuer may issue common stock or other securities to holders of its debt securities. The Fund may hold such common stock and other securities even if it does not invest in such securities.

Municipal Government Obligations

In general, municipal obligations are debt obligations issued by or on behalf of states, territories and possessions of the United States (including the District of Columbia) and their political subdivisions, agencies and instrumentalities. Municipal obligations generally include debt obligations issued to obtain funds for various public purposes. Certain types of municipal obligations are issued in whole or in part to obtain funding for privately operated facilities or projects. Municipal obligations include general obligation bonds, revenue bonds, industrial development bonds, notes and municipal lease obligations. Municipal obligations also include additional obligations, the interest on which is exempt from federal income tax, that may become available in the future as long as the Board of the Fund determines that an investment in any such type of obligation is consistent with the Fund's investment objectives. Municipal obligations may be fully or partially backed by local government, the credit of a private issuer, current or anticipated revenues from a specific project or specific assets or domestic or foreign entities providing credit support such as letters of credit, guarantees or insurance.

*Bonds and Notes.* General obligation bonds are secured by the issuer's pledge of its full faith, credit and taxing power for the payment of interest and principal. Revenue bonds are payable only from the revenues derived from a project or facility or from the proceeds of a specified revenue source. Industrial development bonds are generally revenue bonds secured by payments from and the credit of private users. Municipal notes are issued to meet the short-term funding requirements of state, regional and local governments. Municipal notes include tax anticipation notes, bond anticipation notes, revenue anticipation notes, tax and revenue anticipation notes, construction loan notes, short-term discount notes, tax-exempt commercial paper, demand notes and similar instruments.

*Municipal Lease Obligations.* Municipal lease obligations may take the form of a lease, an installment purchase or a conditional sales contract. They are issued by state and local governments and authorities to acquire land, equipment and facilities, such as vehicles, telecommunications and computer equipment and other capital assets. The Fund may invest in funds that purchase these lease obligations directly, or it may purchase participation interests in such lease obligations. States have different requirements for issuing municipal debt and issuing municipal leases. Municipal leases are generally subject to greater risks than general obligation or revenue bonds because they usually contain a "non-appropriation" clause, which provides that the issuer is not obligated to make payments on the obligation in future years unless funds have been appropriated for this purpose each year. Such non-appropriation clauses are required to avoid the municipal lease obligations from being treated as debt for state debt restriction purposes. Accordingly, such obligations are subject to "non-appropriation" risk. Municipal leases may be secured by the underlying capital asset and it may be difficult to dispose of any such asset in the event of non-appropriation or other default.

United States Government Obligations

These consist of various types of marketable securities issued by the United States Treasury, i.e., bills, notes and bonds. Such securities are direct obligations of the United States government and differ mainly in the length of their maturity. Treasury bills, the most frequently issued marketable government security, have a maturity of up to one year and are issued on a discount basis. The Fund may also invest in Treasury Inflation-Protected Securities (TIPS). TIPS are special types of treasury bonds that were created in order to offer bond investors protection from inflation. The values of the TIPS are automatically adjusted to the inflation rate as measured by the Consumer Price Index (CPI). If the CPI goes up by half a percent, the value of the bond (the TIPS) would also go up by half a percent. If the CPI falls, the value of the bond does not fall because the government guarantees that the original investment will stay the same. TIPS decline in value when real interest rates rise. However, in certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar duration.

United States Government Agency Obligations

These consist of debt securities issued by agencies and instrumentalities of the United States government, including the various types of instruments currently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government National Mortgage Association ("Ginnie Mae"), Farmer's Home Administration, Export-Import Bank of the United States, Maritime Administration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the National Bank for Cooperatives, the Federal Home Loan Mortgage Corporation ("Freddie Mac"), the Farm Credit Banks, the Federal National Mortgage Association ("Fannie Mae"), and the United States Postal Service. These securities are either: (i) backed by the full faith and credit of the United States government (e.g., United States Treasury Bills); (ii) guaranteed by the United States Treasury (e.g., Ginnie Mae mortgage-backed securities); (iii) supported by the issuing agency's or instrumentality's right to borrow from the United States Treasury (e.g., Fannie Mae Discount Notes); or (iv) supported only by the issuing agency's or instrumentality's own credit (e.g., Tennessee Valley Association). On September 7, 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the "FHFA") announced that Fannie Mae and Freddie Mac had been placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending facility and a Secured Stock Purchase Agreement with both Fannie Mae and Freddie Mac to ensure that each entity had the ability to fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing business operations of Fannie Mae and Freddie Mac.

Government-related guarantors (i.e. not backed by the full faith and credit of the United States Government) include Fannie Mae and Freddie Mac. Fannie Mae is a government-sponsored corporation owned by stockholders. It is subject to general regulation by the Secretary of Housing and Urban Development. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved seller/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae but are not backed by the full faith and credit of the United States Government.

Mortgage-Backed Securities

US Government agency and non-agency mortgage-backed securities (residential and commercial) which are interests in pools of mortgage pass-through securities differ from other forms of debt securities (which normally provide periodic payments of interest in fixed amounts and the payment of principal in a lump sum at maturity or on specified call dates). Instead, mortgage pass-through securities provide periodic monthly payments which may consist of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on the underlying mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Unscheduled payments of principal may be made if the underlying mortgage loans are repaid or refinanced or the underlying properties are foreclosed, thereby shortening the securities' weighted average life. Some mortgage pass-through securities (such as securities guaranteed by Ginnie Mae) are described as "modified pass-through securities." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, on the scheduled payment dates regardless of whether the mortgagor actually makes the payment.

A principal governmental guarantor of mortgage pass-through securities is Ginnie Mae. Ginnie Mae is authorized to guarantee, with the full faith and credit of the U.S. Treasury, the timely payment of principal and interest on securities issued by lending institutions approved by Ginnie Mae (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgage loans. These mortgage loans are either insured by the Federal Housing Administration or guaranteed by the Veterans Administration. A "pool" or group of such mortgage loans is assembled and after being approved by Ginnie Mae, is offered to investors through securities dealers.

Government-related guarantors of mortgage pass-through securities (i.e., not backed by the full faith and credit of the U.S. Treasury) include Fannie Mae and Freddie Mac. Fannie Mae is subject to general regulation by the Secretary of Housing and Urban Development. Fannie Mae purchases conventional (i.e., not insured or guaranteed by any government agency) residential mortgages from a list of approved sellers/servicers which include state and federally chartered savings and loan associations, mutual savings banks, commercial banks and credit unions and mortgage bankers. Mortgage pass-through securities issued by Fannie Mae are guaranteed as to timely payment of principal and interest by Fannie Mae but are not backed by the full faith and credit of the U.S. Treasury.

Commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers also create pass-through pools of conventional mortgage loans. Such issuers may, in addition, be the originators and/or servicers of the underlying mortgage loans as well as the guarantors of the mortgage pass-through securities. Mortgage-backed securities backed by residential loans and mortgage-back securities backed by commercial loans are subject to default risk. However, default rates are subject to differing economic forces.

*Resets.* The interest rates paid on the Adjustable Rate Mortgage Securities ("ARMs") in which the Fund may invest generally are readjusted or reset at intervals of one year or less to an increment over some predetermined interest rate index. There are two main categories of indices: those based on U.S. Treasury securities and those derived from a calculated measure, such as a cost of funds index or a moving average of mortgage rates. Commonly utilized indices include the one-year and five-year constant maturity Treasury Note rates, the three-month Treasury Bill rate, the 180-day Treasury Bill rate, rates on longer-term Treasury securities, the National Median Cost of Funds, the prime rate of a specific bank, or commercial paper rates. Some indices, such as the one-year constant maturity Treasury Note rate, closely mirror changes in market interest rate levels. Others tend to lag changes in market rate levels and tend to be somewhat less volatile.

*Caps and Floors.* The underlying mortgages which collateralize the ARMs in which the Fund invest will frequently have caps and floors which limit the maximum amount by which the loan rate to the borrower may change up or down: (1) per reset or adjustment interval, and (2) over the life of the loan. Some mortgage loans restrict periodic adjustments by limiting changes in the borrower's monthly principal and interest payments rather than limiting interest rate changes. These payment caps may result in negative amortization. The value of mortgage securities in which the Fund invests may be affected if market interest rates rise or fall faster and farther than the allowable caps or floors on the underlying mortgage loans. Additionally, even though the interest rates on the underlying mortgages are adjustable, amortization and prepayments may occur, thereby causing the effective maturities of the mortgage securities in which the Fund invests to be shorter than the maturities stated in the underlying mortgages.

Preferred Stock

The Fund defines preferred stock as form of fixed income security because it has similar features to other forms of fixed income securities. Preferred stocks are securities that have characteristics of both common stocks and corporate bonds. Preferred stocks may receive dividends but payment is not guaranteed as with a bond. These securities may be undervalued because of a lack of analyst coverage resulting in a high dividend yield or yield to maturity. The risks of preferred stocks include a lack of voting rights and Wisdom may incorrectly analyze the security, resulting in a loss to the Fund. Furthermore, preferred stock dividends are not guaranteed and management can elect to forego the preferred dividend, resulting in a loss to the Fund. Preferred stock may also be convertible in the common stock of the issuer. Convertible securities may be exchanged or converted into a predetermined number of shares of the issuer's underlying common stock at the option of the holder during a specified period. Convertible securities are senior to common stocks in an issuer's capital structure but are usually subordinated to similar non-convertible securities. A convertible security also gives an investor the opportunity, through its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock. In general, preferred stocks generally pay a dividend at a specified rate and have preference over common stock in the payment of dividends and in liquidation. The Fund may invest in preferred stock with any or no credit rating. Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock market value may change based on changes in interest rates.

Exchange-Traded Notes and Structured Notes

The Fund may invest in exchange-traded notes ("ETNs"), which are a type of debt security that is typically unsecured and unsubordinated. This type of debt security differs from other types of bonds and notes because ETN returns are based upon the performance of a market index minus applicable fees, and typically, no periodic coupon payments are distributed and no principal protections exists, even at maturity. But as debt securities, ETNs do not own the underlying commodity or other index they are tracking. The purpose of ETNs is to create a type of security that combines both the aspects of bonds and exchange-traded funds ("ETFs"). Similar to ETFs, ETNs are traded on a major exchange, such as the New York Stock Exchange during normal trading hours. However, investors such as the Fund can also hold the debt security until maturity. At that time, the issuer will pay the investor a cash amount that would be equal to principal amount times the return of a benchmark index, less any fees or other reductions. Because fees reduce the amount of return at maturity or upon redemption, if the value of the underlying decreases or does not increase significantly, the Fund may receive less than the principal amount of investment at maturity or upon redemption.

The Fund may invest in structured notes, which are a type of debt security that is typically unsecured and unsubordinated. These notes are typically issued by banks or brokerage firms and have interest and/or principal payments which are linked to changes in the price level of certain assets or to the price performance of certain indices. The value of a structured note will be influenced by time to maturity, level of supply and demand for this type of note, interest rate and commodity market volatility, changes in the issuer's credit quality rating, and economic, legal, political, or geographic events that affect the referenced commodity. In addition, there may be a lag between a change in the value of the underlying reference asset and the value of the structured note. The Fund may also be exposed to increased transaction costs when it seeks to sell such notes in the secondary market.

INVESTMENT COMPANIES

The Fund may invest in investment companies such as open-end funds (mutual funds), closed-end funds, and exchange-traded funds (also referred to as "Underlying Funds"). The 1940 Act provides that the mutual funds may not: (1) purchase more than 3% of an investment company's outstanding shares, (2) invest more than 5% of its assets in any single such investment company (the "5% Limit"), and (3) invest more than 10% of its assets in investment companies overall (the "10% Limit"), unless: (i) the underlying investment company and/or the Fund have received an order for exemptive relief from such limitations from the Securities and Exchange Commission ("SEC"); and (ii) the underlying investment company and the Fund take appropriate steps to comply with any conditions in such order. The Fund may also rely upon Rule 12d1-4 to exceed the 3%, 5% and 10% limits.

In addition, Section 12(d)(1)(F) of the Investment Company Act of 1940, as amended, provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by the Fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company is owned by the Fund and all affiliated persons of the Fund; and (ii) the Fund have not, and are not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1 ½% percent. An investment company that issues shares to the Fund pursuant to paragraph 12(d)(1)(F) shall not be required to redeem its shares in an amount exceeding 1% of such investment company's total outstanding shares in any period of less than thirty days. The Fund (Wisdom acting on behalf of the Fund) must comply with the following voting restrictions: when the Fund exercise voting rights, by proxy or otherwise, with respect to investment companies owned by the Fund, the Fund will either seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or vote the shares held by the Fund in the same proportion as the vote of all other holders of such security.

Further, the Fund may rely on Rule 12d1-3, which allows unaffiliated mutual funds to exceed the 5% Limit and the 10% Limit, provided the aggregate sales loads any investor pays (i.e., the combined distribution expenses of both the acquiring fund and the acquired funds) does not exceed the limits on sales loads established by FINRA (Financial Industry Regulatory Authority, Inc.) for funds of funds.

The Fund and any "affiliated persons," as defined by the 1940 Act, under certain circumstances, may purchase in the aggregate only up to 3% of the total outstanding securities of any Underlying Fund. Accordingly, when affiliated persons hold shares of any of the Underlying Funds, the Fund's ability to invest fully in shares of those funds is restricted, and the adviser must then, in some instances, select alternative investments that would not have been its first preference. The 1940 Act also provides that an Underlying Fund whose shares are purchased by the Fund will be obligated to redeem shares held by the Fund only in an amount up to 1% of the Underlying Fund's outstanding securities during any period of less than 30 days. Shares held by the Fund in excess of 1% of an Underlying Fund's outstanding securities, therefore, will be considered not readily marketable securities, which, together with other such securities, may not exceed 15% of the Fund's total assets.

Under certain circumstances an Underlying Fund may determine to make payment of a redemption by the Fund wholly or partly by a distribution in kind of securities from its portfolio, in lieu of cash, in conformity with the rules of the SEC. In such cases, the Fund may hold securities distributed by an Underlying Fund until the adviser determines that it is appropriate to dispose of such securities.

Investment decisions by the investment advisors of the Underlying Funds are made independently of the Fund and their adviser. Therefore, the investment advisor of one Underlying Fund may be purchasing shares of the same issuer whose shares are being sold by the investment advisor of another such fund. The result would be an indirect expense to the Fund without accomplishing any investment purpose. Because other investment companies employ an investment adviser, such investments by the Fund may cause shareholders to bear duplicate fees.

*Closed-End Investment Companies.* The Fund may invest its assets in "closed-end" investment companies (or "closed-end funds"), subject to the investment restrictions set forth above. Shares of closed-end funds are typically offered to the public in a one-time initial public offering by a group of underwriters who retain a spread or underwriting commission of between 4% or 6% of the initial public offering price. Such securities are then listed for trading on the New York Stock Exchange, the National Association of Securities Dealers Automated Quotation System (commonly known as "NASDAQ") and, in some cases, may be traded in other over-the-counter markets. Because the shares of closed-end funds cannot be redeemed upon demand to the issuer like the shares of an open-end investment company (such as the Fund), investors seek to buy and sell shares of closed-end funds in the secondary market.

The Fund generally will purchase shares of closed-end funds only in the secondary market. The Fund will incur normal brokerage costs on such purchases similar to the expenses the Fund would incur for the purchase of securities of any other type of issuer in the secondary market. The Fund may, however, also purchase securities of a closed-end fund in an initial public offering when, in the opinion of Wisdom, based on a consideration of the nature of the closed-end fund's proposed investments, the prevailing market conditions and the level of demand for such securities, they represent an attractive opportunity for growth of capital. The initial offering price typically will include a dealer spread, which may be higher than the applicable brokerage cost if the Fund purchased such securities in the secondary market.

The shares of many closed-end funds, after their initial public offering, frequently trade at a price per share that is less than the net asset value per share, the difference representing the "market discount" of such shares. This market discount may be due in part to the investment objective of long-term appreciation, which is sought by many closed-end funds, as well as to the fact that the shares of closed-end funds are not redeemable by the holder upon demand to the issuer at the next determined net asset value but rather are subject to the principles of supply and demand in the secondary market. A relative lack of secondary market purchasers of closed-end fund shares also may contribute to such shares trading at a discount to their net asset value.

The Fund may invest in shares of closed-end funds that are trading at a discount to net asset value or at a premium to net asset value. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease. In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the net asset value of the Fund's shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

Closed-end funds may issue senior securities (including preferred stock and debt obligations) for the purpose of leveraging the closed-end fund's common shares in an attempt to enhance the current return to such closed-end fund's common shareholders. The Fund's investment in the common shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment, but at the same time may be expected to exhibit more volatility in market price and net asset value than an investment in shares of investment companies without a leveraged capital structure.

*Exchange-Traded Funds.* ETFs are typically passive funds that track their related index and have the flexibility of trading like a security. They are managed by professionals and provide the investor with diversification, cost and tax efficiency, liquidity, marginability, are useful for hedging, have the ability to go long and short, and some provide quarterly dividends. Additionally, some ETFs are unit investment trusts (UITs), which are unmanaged portfolios overseen by trustees and some ETFs may be grantor trusts. An ETF typically holds a portfolio of securities or contracts. The Fund may use ETFs as part of an overall investment strategy and as part of a hedging strategy. To offset the risk of declining security prices, the Fund may invest in inverse ETFs. Inverse ETFs are funds designed to rise in price when stock prices are falling. Additionally, inverse ETFs may employ leverage which magnifies the changes in the underlying stock index upon which they are based. Inverse ETF index funds seek to provide investment results that will match a certain percentage of the inverse of the performance of a specific benchmark on a daily basis. For example, if an inverse ETF's current benchmark is 200% of the inverse of the Russell 2000 Index and the ETF meets its objective, the value of the ETF will tend to increase on a daily basis when the value of the underlying index decreases (e.g., if the Russell 2000 Index goes down 5% then the inverse ETF's value should go up 10%). ETFs generally have two markets. The primary market is where institutions swap "creation units" in block-multiples of 50,000 shares for in-kind securities and cash in the form of dividends. The secondary market is where individual investors can trade as little as a single share during trading hours on the exchange. This is different from open-ended mutual funds that are traded after hours once the net asset value (NAV) is calculated. ETFs share many similar risks with open-end and closed-end funds.

There is a risk that ETFs in which the Fund invests may terminate due to extraordinary events that may cause any of the service providers to the ETFs, such as the trustee or sponsor, to close or otherwise fail to perform their obligations to the ETF. Also, because the ETFs in which the Fund intends to invest may be granted licenses by agreement to use the indices as a basis for determining their compositions and/or otherwise to use certain trade names, the ETFs may terminate if such license agreements are terminated. In addition, an ETF may terminate if its entire net asset value falls below a certain amount. Although the Fund believes that, in the event of the termination of an underlying ETF, they will be able to invest instead in shares of an alternate ETF tracking the same market index or another market index with the same general market, there is no guarantee that shares of an alternate ETF would be available for investment at that time. To the extent the Fund invests in a sector product, the Fund is subject to the risks associated with that sector.

The Fund could also purchase an ETF to temporarily gain exposure to a portion of the U.S. or foreign market while awaiting an opportunity to purchase securities directly. The risks of owning an ETF generally reflect the risks of owning the underlying securities they are designed to track, although lack of liquidity in an ETF could result in it being more volatile than the underlying portfolio of securities and ETFs have management fees that increase their costs versus the costs of owning the underlying securities directly.

ETFs are listed on national stock exchanges and are traded like stocks listed on an exchange. ETF shares may trade at a discount or a premium in market price if there is a limited market in such shares. Investments in ETFs are subject to brokerage and other trading costs, which could result in greater expenses to the Fund. ETFs also are subject to investment advisory and other expenses, which will be indirectly paid by the Fund. As a result, your cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest exclusively in stocks and bonds. You will indirectly bear fees and expenses charged by the ETFs in addition to the Fund's direct fees and expenses. Finally, because the value of ETF shares depends on the demand in the market, Wisdom may not be able to liquidate the Fund's holdings at the most optimal time, adversely affecting such Fund's performance.

ETFs may also include high beta index funds ("HBIFs"), which track an index by investing in leveraged instruments such as equity index swaps, futures contracts and options on securities, futures contracts, and stock indices. HBIFs are more volatile than the benchmark index they track and typically don't invest directly in the securities included in the benchmark, or in the same proportion that those securities are represented in that benchmark. On a day-to-day basis, HBIFs will target a volatility that is a specific percentage of the volatility of the underlying index. HBIFs seek to provide investment results that will match a certain percentage greater than 100% of the performance of a specific benchmark on a daily basis. For example, if a HBIF's current benchmark is 200% of the S&P 500 Index and it meets its objective, the value of the HBIF will tend to increase on a daily basis 200% of any increase in the underlying index (if the S&P 500 Index goes up 5% then the HBIF's value should go up 10%). When the value of the underlying index declines, the value of the HBIF's shares should also decrease on a daily basis by 200% of the value of any decrease in the underlying index (if the S&P 500 Index goes down 5% then the value of the HBIF should go down 10%).

DERIVATIVES

Futures Contracts

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (e.g., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are paid when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position.

Unlike when the Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. Upon entering into a futures contract, and to maintain the Fund's open positions in futures contracts, the Fund would be required to deposit with a custodian or futures broker in a segregated account in the name of the futures broker an amount of cash, U.S. government securities, suitable money market instruments, or other liquid securities, known as "initial margin." The margin required for a particular futures contract is set by the exchange on which the contract is traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

If the price of an open futures contract changes (by increase in underlying instrument or index in the case of a sale or by decrease in the case of a purchase) so that the loss on the futures contract reaches a point at which the margin on deposit does not satisfy margin requirements, the broker will require an increase in the margin. However, if the value of a position increases because of favorable price changes in the futures contract so that the margin deposit exceeds the required margin, the broker will pay the excess to the Fund.

These subsequent payments, called "variation margin," to and from the futures broker, are made on a daily basis as the price of the underlying assets fluctuate making the long and short positions in the futures contract more or less valuable, a process known as "marking to the market." The Fund expects to earn interest income on margin deposits.

Although certain futures contracts, by their terms, require actual future delivery of and payment for the underlying instruments, in practice most futures contracts are usually closed out before the delivery date. Closing out an open futures contract purchase or sale is effected by entering into an offsetting futures contract sale or purchase, respectively, for the same aggregate amount of the identical underlying instrument or index and the same delivery date. If the offsetting purchase price is less than the original sale price, the Fund realizes a gain; if it is more, the Fund realizes a loss. Conversely, if the offsetting sale price is more than the original purchase price, realize a gain; if it is less, the Fund realize a loss. The transaction costs must also be included in these calculations. There can be no assurance, however, that s will be able to enter into an offsetting transaction with respect to a particular futures contract at a particular time. If the Fund is not able to enter into an offsetting transaction, the Fund will continue to be required to maintain the margin deposits on the futures contract.

For example, one contract in the Financial Times Stock Exchange 100 Index future is a contract to buy 25 Pounds Sterling multiplied by the level of the UK Financial Times 100 Share Index on a given future date. Settlement of a stock index futures contract may or may not be in the underlying instrument or index. If not in the underlying instrument or index, then settlement will be made in cash, equivalent over time to the difference between the contract price and the actual price of the underlying asset at the time the stock index futures contract expires.

Options on Futures Contracts

The Fund may purchase and sell options on the same types of futures in which they may invest. Options on futures are similar to options on underlying instruments except that options on futures give the purchaser the right, in return for the premium paid, to assume a position in a futures contract (a long position if the option is a call and a short position if the option is a put), rather than to purchase or sell the futures contract, at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by the delivery of the accumulated balance in the writer's futures margin account which represents the amount by which the market price of the futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the futures contract. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

*Regulation as a Commodity Pool Operator*

Wisdom, on behalf of the Fund, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term "commodity pool operator" under the Commodity Exchange Act, as amended, and the rules of the Commodity Futures Trading Commission promulgated thereunder, with respect to the Fund's operations. Accordingly, Wisdom and the Fund are not subject to registration or regulation as a commodity pool operator.

Options On Securities

The Fund may purchase and write (*i.e.,* sell) put and call options. Such options may relate to particular securities or stock indices, and may or may not be listed on a domestic or foreign securities exchange and may or may not be issued by the Options Clearing Corporation. Options trading is a highly specialized activity that entails greater than ordinary investment risk. Options may be more volatile than the underlying instruments, and therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves.

A call option for a particular security gives the purchaser of the option the right to buy, and the writer (seller) the obligation to sell, the underlying security at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligation under the option contract. A put option for a particular security gives the purchaser the right to sell the security at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security.

Stock index options are put options and call options on various stock indices. In most respects, they are identical to listed options on common stocks. The primary difference between stock options and index options occurs when index options are exercised. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of an index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than, in the case of a call, or less than, in the case of a put, the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple. A stock index fluctuates with changes in the market value of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the Standard & Poor's 500® Index or the Value Line Composite Index or a narrower market index, such as the Standard & Poor's 100®. Indices may also be based on an industry or market segment, such as the AMEX Oil and Gas Index or the Computer and Business Equipment Index. Options on stock indices are currently traded on the Chicago Board Options Exchange, the New York Stock Exchange, and the Philadelphia Stock Exchange.

The Fund's obligation to sell an instrument subject to a call option written by it, or to purchase an instrument subject to a put option written by it, may be terminated prior to the expiration date of the option by the Fund's execution of a closing purchase transaction, which is effected by purchasing on an exchange an option of the same series (*i.e.*, same underlying instrument, exercise price and expiration date) as the option previously written. A closing purchase transaction will ordinarily be effected to realize a profit on an outstanding option, to prevent an underlying instrument from being called, to permit the sale of the underlying instrument or to permit the writing of a new option containing different terms on such underlying instrument. The cost of such a liquidation purchase plus transactions costs may be greater than the premium received upon the original option, in which event the Fund will have incurred a loss in the transaction. There is no assurance that a liquid secondary market will exist for any particular option. An option writer unable to effect a closing purchase transaction will not be able to sell the underlying instrument or liquidate the assets held in a segregated account, as described below, until the option expires or the optioned instrument is delivered upon exercise. In such circumstances, the writer will be subject to the risk of market decline or appreciation in the instrument during such period.

If an option purchased by the Fund expires unexercised, that Fund realizes a loss equal to the premium paid. If the Fund enters into a closing sale transaction on an option purchased by it, the Fund will realize a gain if the premium received by the Fund on the closing transaction is more than the premium paid to purchase the option or a loss if it is less. If an option written by the Fund expires on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold). If an option written by the Fund is exercised, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.

*Certain Risks Regarding Options.* There are several risks associated with transactions in options. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. In addition, a liquid secondary market for particular options, whether traded over-the-counter or on an exchange, may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of options or underlying securities or currencies; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or the Options Clearing Corporation may not at all times be adequate to handle current trading value; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by the Options Clearing Corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

Successful use by the Fund of options on stock indices will be subject to the ability of Wisdom to correctly predict movements in the directions of the stock market. This requires different skills and techniques than predicting changes in the prices of individual securities. In addition, the Fund's ability to effectively hedge all or a portion of the securities in a portfolio, in anticipation of or during a market decline, through transactions in put options on stock indices, depends on the degree to which price movements in the underlying index correlate with the price movements of the securities held by the Fund. Inasmuch as the Fund's securities will not duplicate the components of an index, the correlation will not be perfect. Consequently, the Fund bears the risk that the prices of its securities being hedged will not move in the same amount as the prices of its put options on the stock indices. It is also possible that there may be a negative correlation between the index and ' securities that would result in a loss on both such securities and the options on stock indices acquired by the Fund.

The hours of trading for options may not conform to the hours during which the underlying securities are traded. To the extent that the options markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying markets that cannot be reflected in the options markets. The purchase of options is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. The purchase of stock index options involves the risk that the premium and transaction costs paid by the Fund in purchasing an option will be lost as a result of unanticipated movements in prices of the securities comprising the stock index on which the option is based.

There is no assurance that a liquid secondary market on an options exchange will exist for any particular option, or at any particular time, and for some options no secondary market on an exchange or elsewhere may exist. If the Fund is unable to close out a call option on securities that it has written before the option is exercised, the Fund may be required to purchase the optioned securities in order to satisfy its obligation under the option to deliver such securities. If the Fund was unable to effect a closing sale transaction with respect to options on securities purchased, the Fund would have to exercise the option in order to realize any profit and would incur transaction costs upon the purchase and sale of the underlying securities.

*Dealer Options*

The Fund may engage in transactions involving dealer options as well as exchange-traded options. Certain additional risks are specific to dealer options. While the Fund might look to a clearing corporation to exercise exchange-traded options, if the Fund were to purchase a dealer option it would need to rely on the dealer from which it purchased the option to perform if the option were exercised. Failure by the dealer to do so would result in the loss of the premium paid by the Fund as well as loss of the expected benefit of the transaction.

Exchange-traded options generally have a continuous liquid market while dealer options may not. Consequently, the Fund may generally be able to realize the value of a dealer option it has purchased only by exercising or reselling the option to the dealer who issued it. Similarly, when the Fund writes a dealer option, the Fund may generally be able to close out the option prior to its expiration only by entering into a closing purchase transaction with the dealer to whom the Fund originally wrote the option. While the Fund will seek to enter into dealer options only with dealers who will agree to and which are expected to be capable of entering into closing transactions with the Fund, there can be no assurance that the Fund will at any time be able to liquidate a dealer option at a favorable price at any time prior to expiration. Unless the Fund, as a covered dealer call option writer, are able to effect a closing purchase transaction, they will not be able to liquidate securities (or other assets) used as cover until the option expires or is exercised. In the event of insolvency of the other party, the Fund may be unable to liquidate a dealer option. With respect to options written by the Fund, the inability to enter into a closing transaction may result in material losses to the Fund. For example, because the Fund must maintain a secured position with respect to any call option on a security it writes, the Fund may not sell the assets that it has segregated to secure the position while it is obligated under the option. This requirement may impair the Fund's ability to sell portfolio securities at a time when such sale might be advantageous.

The Staff of the SEC has taken the position that purchased dealer options are illiquid securities. The Fund may treat the cover used for written dealer options as liquid if the dealer agrees that the Fund may repurchase the dealer option it has written for a maximum price to be calculated by a predetermined formula. In such cases, the dealer option would be considered illiquid only to the extent the maximum purchase price under the formula exceeds the intrinsic value of the option. Accordingly, the Fund will treat dealer options as subject to the Fund's limitation on illiquid securities. If the SEC changes its position on the liquidity of dealer options, the Fund will change treatment of such instruments accordingly.

Spread Transactions

The Fund may purchase covered spread options from securities dealers. These covered spread options are not presently exchange-listed or exchange-traded. The purchase of a spread option gives the Fund the right to put securities that it owns at a fixed dollar spread or fixed yield spread in relationship to another security that the Fund does not own, but which is used as a benchmark. The risk to the Fund, in addition to the risks of dealer options described above, is the cost of the premium paid as well as any transaction costs. The purchase of spread options will be used to protect the Fund against adverse changes in prevailing credit quality spreads, *i.e.,* the yield spread between high quality and lower quality securities. This protection is provided only during the life of the spread options.

Swap Agreements

The Fund may enter into interest rate, index and currency exchange rate swap agreements in an attempt to obtain a particular desired return at a lower cost to the Fund than if they had invested directly in an instrument that yielded that desired return. Swap agreements are two-party contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," i.e., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations the parties to a swap agreement have agreed to exchange. The Fund's obligations (or rights) under a swap agreement will generally be equal only to the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). The Fund's obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of a segregated account consisting of cash, U.S. government securities, or other liquid securities, to avoid leveraging of the Fund's portfolio.

Whether the Fund's use of swap agreements enhance the Fund's total return will depend on Wisdom's ability correctly to predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two-party contracts and may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Wisdom will cause the Fund to enter into swap agreements only with counterparties that it deem creditworthy. The swap market is a relatively new market and is largely unregulated. It is possible that developments in the swaps market, including potential government regulation, could adversely affect the Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

Certain swap agreements are exempt from most provisions of the Commodity Exchange Act ("CEA") and, therefore, are not regulated as futures or commodity option transactions under the CEA, pursuant to regulations of the Commodity Futures Trading Commission ("CFTC"). To qualify for this exemption, a swap agreement must be entered into by "eligible participants," which include the following, provided the participants' total assets exceed established levels: a bank or trust company, savings association or credit union, insurance company, investment company subject to regulation under the 1940 Act, commodity pool, corporation, partnership, proprietorship, organization, trust or other entity, employee benefit plan, governmental entity, broker-dealer, futures commission merchant, natural person, or regulated foreign person. To be eligible, natural persons and most other entities must have total assets exceeding $10 million; commodity pools and employees benefit plans must have assets exceeding $5 million. In addition, an eligible swap transaction must meet three conditions. First, the swap agreement may not be part of a fungible class of agreements that are standardized as to their material economic terms. Second, the creditworthiness of parties with actual or potential obligations under the swap agreement must be a material consideration in entering into or determining the terms of the swap agreement, including pricing, cost or credit enhancement terms. Third, swap agreements may not be entered into and traded on or through a multilateral transaction execution facility.

*Certain Investment Techniques and Derivatives Risks.*

When Wisdom uses investment techniques such as margin, leverage and short sales, and forms of financial derivatives, such as options and futures, an investment in the Fund may be more volatile than investments in other mutual funds. Although the intention is to use such investment techniques and derivatives to minimize risk to the Fund, as well as for speculative purposes, there is the possibility that improper implementation of such techniques and derivative strategies or unusual market conditions could result in significant losses to the Fund. Derivatives are used to limit risk in the Fund or to enhance investment return and have a return tied to a formula based upon an interest rate, index, price of a security, or other measurement. Derivatives involve special risks, including: (1) the risk that interest rates, securities prices and currency markets will not move in the direction that a portfolio manager anticipates; (2) imperfect correlation between the price of derivative instruments and movements in the prices of the securities, interest rates or currencies being hedged; (3) the fact that skills needed to use these strategies are different than those needed to select portfolio securities; (4) the possible absence of a liquid secondary market for any particular instrument and possible exchange imposed price fluctuation limits, either of which may make it difficult or impossible to close out a position when desired; (5) the risk that adverse price movements in an instrument can result in a loss substantially greater than the Fund's initial investment in that instrument (in some cases, the potential loss in unlimited); (6) particularly in the case of privately-negotiated instruments, the risk that the counterparty will not perform its obligations, or that penalties could be incurred for positions held less than the required minimum holding period, which could leave the Fund worse off than if it had not entered into the position; and (7) the inability to close out certain hedged positions to avoid adverse tax consequences. In addition, the use of derivatives for non-hedging purposes (that is, to seek to increase total return) is considered a speculative practice and may present an even greater risk of loss than when used for hedging purposes.

FOREIGN SECURITIES

The Fund may invest in securities of foreign issuers and ETFs and other investment companies that hold a portfolio of foreign securities. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S. companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

To the extent the Fund's currency exchange transactions do not fully protect the Fund against adverse changes in currency exchange rates, decreases in the value of currencies of the foreign countries in which the Fund will invest relative to the U.S. dollar will result in a corresponding decrease in the U.S. dollar value of the Fund's assets denominated in those currencies (and possibly a corresponding increase in the amount of securities required to be liquidated to meet distribution requirements). Conversely, increases in the value of currencies of the foreign countries in which the Fund invests relative to the U.S. dollar will result in a corresponding increase in the U.S. dollar value of the Fund's assets (and possibly a corresponding decrease in the amount of securities to be liquidated).

*Emerging Markets Securities.* The Fund may purchase securities of emerging market issuers and ETFs and other closed end funds that invest in emerging market securities. Investing in emerging market securities imposes risks different from, or greater than, risks of investing in foreign developed countries. These risks include: smaller market capitalization of securities markets, which may suffer periods of relative illiquidity; significant price volatility; restrictions on foreign investment; possible repatriation of investment income and capital. In addition, foreign investors may be required to register the proceeds of sales; future economic or political crises could lead to price controls, forced mergers, expropriation or confiscatory taxation, seizure, nationalization, or creation of government monopolies. The currencies of emerging market countries may experience significant declines against the U.S. dollar, and devaluation may occur subsequent to investments in these currencies by the Fund. Inflation and rapid fluctuations in inflation rates have had, and may continue to have, negative effects on the economies and securities markets of certain emerging market countries.

Additional risks of emerging markets securities may include: greater social, economic and political uncertainty and instability; more substantial governmental involvement in the economy; less governmental supervision and regulation; unavailability of currency hedging techniques; companies that are newly organized and small; differences in auditing and financial reporting standards, which may result in unavailability of material information about issuers; and less developed legal systems. In addition, emerging securities markets may have different clearance and settlement procedures, which may be unable to keep pace with the volume of securities transactions or otherwise make it difficult to engage in such transactions. Settlement problems may cause the Fund to miss attractive investment opportunities, hold a portion of its assets in cash pending investment, or be delayed in disposing of a portfolio security. Such a delay could result in possible liability to a purchaser of the security.

*Depositary Receipts.* The Fund may invest in sponsored and unsponsored American Depositary Receipts ("ADRs"), which are receipts issued by an American bank or trust company evidencing ownership of underlying securities issued by a foreign issuer. ADRs, in registered form, are designed for use in U.S. securities markets. Unsponsored ADRs may be created without the participation of the foreign issuer. Holders of these ADRs generally bear all the costs of the ADR facility, whereas foreign issuers typically bear certain costs in a sponsored ADR. The bank or trust company depositary of an unsponsored ADR may be under no obligation to distribute shareholder communications received from the foreign issuer or to pass through voting rights. Many of the risks described above regarding foreign securities apply to investments in ADRs.

ILLIQUID AND RESTRICTED SECURITIES

The Fund may invest up to 15% of its net assets in illiquid securities. Illiquid securities include securities subject to contractual or legal restrictions on resale (e.g., because they have not been registered under the Securities Act of 1933, as amended (the "Securities Act")) and securities that are otherwise not readily marketable (e.g., because trading in the security is suspended or because market makers do not exist or will not entertain bids or offers). Securities that have not been registered under the Securities Act are referred to as private placements or restricted securities and are purchased directly from the issuer or in the secondary market. Foreign securities that are freely tradable in their principal markets are not considered to be illiquid.

Restricted and other illiquid securities may be subject to the potential for delays on resale and uncertainty in valuation. The Fund might be unable to dispose of illiquid securities promptly or at reasonable prices and might thereby experience difficulty in satisfying redemption requests from shareholders. The Fund might have to register restricted securities in order to dispose of them, resulting in additional expense and delay. Adverse market conditions could impede such a public offering of securities.

A large institutional market exists for certain securities that are not registered under the Securities Act, including foreign securities. The fact that there are contractual or legal restrictions on resale to the general public or to certain institutions may not be indicative of the liquidity of such investments. Rule 144A under the Securities Act allows such a broader institutional trading market for securities otherwise subject to restrictions on resale to the general public. Rule 144A establishes a "safe harbor" from the registration requirements of the Securities Act for resale of certain securities to qualified institutional buyers. Rule 144A has produced enhanced liquidity for many restricted securities, and market liquidity for such securities may continue to expand as a result of this regulation and the consequent existence of the PORTAL system, which is an automated system for the trading, clearance and settlement of unregistered securities of domestic and foreign issuers sponsored by NASDAQ.

Under guidelines adopted by the Trust's Board, Wisdom may determine that particular Rule 144A securities, and commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are liquid even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination, Wisdom will consider, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, Wisdom will also determine that the paper (1) is not traded flat or in default as to principal and interest, and (2) is rated in one of the three highest rating categories by at least two Nationally Recognized Statistical Rating Organizations (each an "NRSRO") or, if only one NRSRO rates the security, by that NRSRO, or if the security is unrated, Wisdom determines that it is of equivalent quality.

Rule 144A securities and Section 4(a)(2) commercial paper that have been deemed liquid as described above will continue to be monitored by Wisdom to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or Section 4(a)(2) commercial paper could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if institutional buyers are unwilling to purchase such securities.

LENDING PORTFOLIO SECURITIES

For the purpose of achieving income, the Fund is authorized but not obligated to lend portfolio securities, provided (1) the loan is secured continuously by collateral consisting of U.S. Government securities or cash or cash equivalents (cash, U.S. Government securities, negotiable certificates of deposit, 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, (2) the Fund may at any time call the loan and obtain the return of securities loaned, (3) the Fund will receive any interest or dividends received on the loaned securities, and (4) the aggregate value of the securities loaned will not at any time exceed one-third of the total assets of the Fund.

REPURCHASE AGREEMENTS

The Fund may enter into repurchase agreements. In a repurchase agreement, an investor (such as the Fund) purchases a security (known as the "underlying security") from a securities dealer or bank. Any such dealer or bank must be deemed creditworthy by Wisdom. At that time, the bank or securities dealer agrees to repurchase the underlying security at a mutually agreed upon price on a designated future date. The repurchase price may be higher than the purchase price, the difference being income to the Fund, or the purchase and repurchase prices may be the same, with interest at an agreed upon rate due to the Fund on repurchase. In either case, the income to the Fund generally will be unrelated to the interest rate on the underlying securities. Repurchase agreements must be "fully collateralized," in that the market value of the underlying securities (including accrued interest) must at all times be equal to or greater than the repurchase price. Therefore, a repurchase agreement can be considered a loan collateralized by the underlying securities.

Repurchase agreements are generally for a short period of time, often less than a week, and will generally be used by the Fund to invest excess cash or as part of a temporary defensive strategy. Repurchase agreements that do not provide for payment within seven days will be treated as illiquid securities. In the event of a bankruptcy or other default by the seller of a repurchase agreement, the Fund could experience both delays in liquidating the underlying security and losses. These losses could result from: (a) possible decline in the value of the underlying security while the Fund is seeking to enforce its rights under the repurchase agreement; (b) possible reduced levels of income or lack of access to income during this period; and (c) expenses of enforcing its rights.

WHEN-ISSUED, FORWARD COMMITMENTS AND DELAYED SETTLEMENTS

The Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. In this event, the Custodian (as defined under the section entitled "Custodian") will segregate liquid assets equal to the amount of the commitment in a separate account. Normally, the Custodian will set aside portfolio securities to satisfy a purchase commitment. In such a case, the Fund may be required subsequently to segregate additional assets in order to assure that the value of the account remains equal to the amount of the Fund's commitment. It may be expected that the Fund's net assets will fluctuate to a greater degree when it sets aside portfolio securities to cover such purchase commitments than when it sets aside cash.

The Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of investment objectives. Because the Fund will segregate liquid assets to satisfy its purchase commitments in the manner described, the Fund's liquidity and the ability of Wisdom to manage them may be affected in the event the Fund's forward commitments, commitments to purchase when-issued securities and delayed settlements ever exceeded 15% of the value of net assets.

The Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is entered into and may sell securities committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases, the Fund may realize a taxable capital gain or loss. When the Fund engages in when-issued, forward commitment and delayed settlement transactions, they rely on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

The market value of the securities underlying a when-issued purchase, forward commitment to purchase, or a delayed settlement and any subsequent fluctuations in market value is taken into account when determining the market value of the Fund starting on the day the Fund agrees to purchase the securities. The Fund does not earn interest on the securities committed to purchase.

**INVESTMENT RESTRICTIONS**

The Fund has adopted the following investment restrictions that may not be changed without approval by a "majority of the outstanding shares" of the Fund which, as used in this SAI, means the vote of the lesser of (a) 67% or more of the shares of the Fund represented at a meeting, if the holders of more than 50% of the outstanding shares of the Fund are present or represented by proxy, or (b) more than 50% of the outstanding shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Borrowing Money</u>. The Fund will not borrow money, except: (a) from a bank, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Senior Securities</u>. The Fund will not issue senior securities, except to the extent that such issuance or sale of a senior security by the Fund is permitted by the 1940 Act, as amended, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Underwriting</u>. The Fund will not act as underwriter of securities issued by other persons. This limitation is not applicable to the extent that, in connection with the disposition of portfolio securities (including restricted securities), the Fund may be deemed an underwriter under certain federal securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Real Estate</u>. The Fund will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Commodities</u>. The Fund will not purchase or sell commodities unless acquired as a result of ownership of securities or other investments. This limitation does not preclude the Fund from purchasing or selling options or futures contracts, from investing in securities or other instruments backed by commodities or from investing in companies which are engaged in a commodities business or have a significant portion of their assets in commodities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Loans</u>. The Fund will not make loans to other persons, except: (a) by loaning portfolio securities; (b) by engaging in repurchase agreements; or (c) by purchasing non-publicly offered debt securities. For purposes of this limitation, the term "loans" shall not include the purchase of a portion of an issue of publicly distributed bonds, debentures or other securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Concentration</u>. The Fund will not invest 25% or more of its total assets in a particular industry or group of industries and will not invest 25% or more of its total assets in any investment company that concentrates. The concentration limitation is not applicable to investments in obligations issued or guaranteed by the U.S. government, its agencies and instrumentalities or repurchase agreements with respect thereto.

**THE FOLLOWING ARE ADDITIONAL INVESTMENT LIMITATIONS OF THE FUND. THE FOLLOWING RESTRICTIONS ARE DESIGNATED AS NON-FUNDAMENTAL AND MAY BE CHANGED BY THE BOARD OF TRUSTEES OF THE TRUST WITHOUT THE APPROVAL OF SHAREHOLDERS.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Pledging</u>. The Fund will not mortgage, pledge, hypothecate or in any manner transfer, as security for indebtedness, any assets of the Fund except as may be necessary in connection with borrowings described in limitation (1) above. Margin deposits, security interests, liens and collateral arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investments and techniques are not deemed to be a mortgage, pledge or hypothecation of assets for purposes of this limitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Borrowing</u>. The Fund will not purchase any security while borrowings representing more than one third of its total assets are outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Margin Purchases</u>. The Fund will not purchase securities or evidences of interest thereon on "margin." This limitation is not applicable to short-term credit obtained by the Fund for the clearance of purchases and sales or redemption of securities, or to arrangements with respect to transactions involving options, futures contracts, short sales and other permitted investment techniques.

If a restriction on the Fund's investments is adhered to at the time an investment is made, a subsequent change in the percentage of Fund assets invested in certain securities or other instruments, or change in average duration of the Fund's investment portfolio, resulting from changes in the value of the Fund's total assets, will not be considered a violation of the restriction; provided, however, that the asset coverage requirement applicable to borrowings shall be maintained in the manner contemplated by applicable law.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

The Trust has adopted policies and procedures that govern the disclosure of the Fund's portfolio holdings. These policies and procedures are designed to ensure that such disclosure is in the best interests of Fund shareholders.

The Board has adopted a policy regarding the disclosure of information about the Fund's portfolio securities. Under the policy, portfolio holdings of the Fund, which will form the basis for the calculation of NAV, are publicly disseminated each day the Fund is open for business through financial reporting and news services, including publicly accessible websites. In addition, a basket composition file, which includes the security names and share quantities to deliver in exchange for Creation Units, together with estimates and actual Cash Amounts is publicly disseminated daily prior to the opening of the Exchange via the National Securities Clearing Corporation ("NSCC"), a clearing agency that is registered with the SEC. The basket represents one Creation Unit of the Fund. The Trust, the adviser, Administrator, Custodian and Distributor will not disseminate non-public information concerning the Trust.

**QUARTERLY PORTFOLIO SCHEDULE**

The Fund is required to disclose, after its first and third fiscal quarters, the complete schedule of its portfolio holdings with the SEC on Form N-PORT. Form N-PORT for the Fund is available on the SEC's website at <u>http://www.sec.gov</u>.

It is the Trust's policy to: (1) ensure that any disclosure of portfolio holdings information is in the best interest of Trust shareholders; (2) protect the confidentiality of portfolio holdings information; (3) have procedures in place to guard against personal trading based on the information; and (4) ensure that the disclosure of portfolio holdings information does not create conflicts between the interests of the Trust's shareholders and those of the Trust's affiliates.

The Fund will disclose its portfolio holdings by mailing its annual and semi-annual reports to shareholders approximately two months after the end of the fiscal year and semi-annual period. In addition, the Fund will disclose portfolio holdings reports on Form N-CSR two months after the end of each quarter/semi-annual period.

The Fund may choose to make available portfolio holdings information to rating agencies such as Lipper, Morningstar or Bloomberg.

Under limited circumstances, as described below, the Fund's portfolio holdings may be disclosed to, or known by, certain third parties in advance of their posting to the Fund's website. In each case, a determination has been made that such advance disclosure is supported by a legitimate business purpose and that the recipient is subject to a duty to keep the information confidential.

● **The Adviser**. Personnel, including service providers and agents of Wisdom, including personnel responsible for managing the Fund's portfolio, may have full daily access to Fund portfolio holdings since that information is necessary in to provide management, administrative, and investment services to the Fund. As required for purposes of analyzing the impact of existing and future market changes on the prices, availability, demand and liquidity of such securities, as well as for the assistance of portfolio manager(s) in the trading of such securities, Wisdom's personnel may also release and discuss certain portfolio holdings with various broker-dealers and research providers.

● **State Street Bank & Trust Company** is the transfer agent and custodian for the Fund; therefore, its personnel have full daily access to the Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

● **Paralel Technologies LLC** is the administrator and fund accountant for the Fund; therefore, its personnel have full daily access to the Fund's portfolio holdings since that information is necessary in order for them to provide the agreed-upon services for the Trust.

● **Cohen & Company, Ltd.** is the Fund's independent registered public accounting firm; therefore, its personnel have access to the Fund's portfolio holdings in connection with auditing of the Fund's annual financial statements and financial highlights.

● **Thompson Hine LLP** is counsel to the Fund; therefore, its personnel have access to the Fund's portfolio holdings in connection with the review of the Fund's annual and semi-annual shareholder reports and SEC filings.

**Additions to List of Approved Recipients.** The Fund's Chief Compliance Officer is the person responsible, and whose prior approval is required, for any disclosure of the Fund's portfolio securities at any time or to any persons other than those described above. In such cases, the recipient must have a legitimate business need for the information and must be subject to a duty to keep the information confidential. There are no ongoing arrangements in place with respect to the disclosure of portfolio holdings. In no event shall the Fund, Wisdom or any other party receive any direct or indirect compensation in connection with the disclosure of information about the Fund's portfolio holdings, except pursuant to Section 21F of the Securities Exchange Act of 1934, as amended, commonly referred to as the Securities Whistleblower Incentives and Protection.

**Compliance with Portfolio Holdings Disclosure Procedures.** The Fund's Chief Compliance Officer will report periodically to the Board with respect to compliance with the Fund's portfolio holdings disclosure procedures, and from time to time will provide the Board any updates to the portfolio holdings disclosure policies and procedures. There is no assurance that the Trust's policies on disclosure of portfolio holdings will protect the Fund from the potential misuse of holdings information by individuals or firms in possession of that information.

**MANAGEMENT**

The business of the Trust is managed under the direction of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws, which have been filed with the SEC and are available upon request. The Board consists of 3 individuals, all of whom are not "interested persons" (as defined under the 1940 Act) of the Trust and Wisdom ("Independent Trustees"). Pursuant to the governing documents of the Trust, the Board shall elect officers including a President, a Secretary, a Chief Financial Officer and a Chief Compliance Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties. Following is a list of the Trustees and executive officers of the Trust and their principal occupation over the last five years.

*Board Leadership Structure*. The Trust is led by Jason Elliott, who has served as the Chairman, since the Fund's inception and is an Independent Trustee. The Trust does not have a Lead Independent Trustee, but governance guidelines provide that Independent Trustees will meet in executive session at each Board meeting and no less than quarterly. The Trust has an Audit Committee with a separate chair. The Trust does not have a Nominating Committee, but the Audit Committee performs the duties of a nominating committee when, and if, necessary. Under the Trust's Declaration of Trust, By-Laws and governance guidelines, the Chairman of the Board is generally responsible for (a) chairing board meetings, (b) setting the agendas for these meetings and (c) providing information to board members in advance of each board meeting and between board meetings. Generally, the Trust believes it best to have a single leader who is seen by shareholders, business partners and other stakeholders as providing strong leadership. The Trust believes that its Chairman, together with the Audit Committee and the full Board of Trustees, provide effective leadership that is in the best interests of the Trust, its Fund and each shareholder.

*Board Risk Oversight*. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from the Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when, and if, necessary. The Audit Committee considers financial and reporting the risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information.

*Trustee Qualifications*. Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including (i) experience, (ii) qualifications, (iii) attributes and (iv) skills.

Mr. Curtis A. Hite has more than 10 years of experience in the technology sector, including experience as the CEO of two different technology consulting firms. Mr. Hite's background in consulting services and his leadership skills as an executive contribute to the Board's effectiveness in overseeing and managing the operations of the Trust.

Mr. Jason Christopher Elliott has more than 20 years of experience in the asset management industry. His experience as the former manager of Ranger Capital Group, L.L.C. gives him extensive knowledge about the operations of the Trust's advisers, as well as an in-depth understanding of the Fund's strategies for investing and distribution. Mr. Elliott's background in asset management and his managerial skills contribute to the Board's oversight responsibilities regarding Wisdom and other service providers, as well as general discussions regarding Trust operations and growth.

Larrie A. Weil has been Principal at Weil Capital Advisors since 2011. Prior to this, Mr. Weil had a successful career in the investment banking industry, which earned him a reputation for commercial integrity, exceptional interpersonal and mentoring skills, and a deep understanding of the capital markets. As a problem-solving and strategic-thinking senior executive with major regional investment banking firms, Mr. Weil has been an effective leader in the roles of Chief Operating Officer, Chief Administrative Officer, Head of Corporate Finance, Head of Capital Markets, and Director of Equity Research. Mr. Weil has served as an independent director on corporate boards of public companies, as well as a board member of private companies. He has been a Chartered Financial Analyst since 1979 and is a lifetime member of the CFA Institute. Mr. Weil received his B.A. Degree in History from the University of California, Berkeley. Mr. Weil's background in investment banking and experience on boards and in executive roles contribute to the Board's effectiveness.

The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that collective experience of each Trustee makes them highly qualified.

Independent Trustees

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address<sup>1</sup>**<br> **and Year of Birth** | **Position/Term of**<br> **Office\*** | **Principal Occupation**<br>**During the Past Five Years**<br>| **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex\*\***<br>**Overseen**<br> **by Trustee**<br>| **Other**<br> **Directorships**<br> **held by**<br> **Trustee**<br> **During Past Five Years** |
| Jason Christopher Elliott <br> Year of Birth: 1970  | Trustee, Chairman (since September 2011) | Manager, Ranger Capital Group, L.L.C. (2005-2022). | 4 |  |
| Curtis A. Hite <br> Year of Birth: 1969  | Independent Trustee (since September 2011) | CEO, Improving Holdco, Inc. (since July 2018) and CEO, Improving Holdings LLC (2007- July 2018), a technology consulting company. | 4 |  |
| Larrie A. Weil <br> Year of Birth: 1944  | Independent Trustee, Since November 2020 | Principal, Weil Capital Advisors (Since 2011). | 4 |  |

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\* The term of office for each Trustee and Officer listed above will continue indefinitely.

\*\* The term "Fund Complex" refers to Spend Life Wisely Funds Investment Trust.

<sup>1</sup> Unless otherwise noted, the address of each Trustee and Officer is 1845 Woodall Rodgers Fwy, Suite 1000, Dallas, Texas 75201.

Officers

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address<sup>1</sup> and**<br> **Year of Birth** | **Position/Term of**<br> **Office\*** | **Principal Occupation**<br>**During the Past Five**<br> **Years**<br>| **Number of**<br> **Portfolios**<br> **in Fund**<br> **Complex \*\*** <br>**Overseen**<br> **by Trustee**<br>| **Other Directorships held by Trustee During Past Five Years** |
| Kenneth Scott Canon <br> Year of Birth: 1962<br>| President (since September 2011) | President, Ranger Capital Group Holdings, L.P. (since 2001); President, Ranger Asset Management Company, LLC (since 10/23). | N/A | N/A |
| Wesley McDowell <br> Year of Birth: 1985<br>| Secretary and Chief Compliance Officer (since September 2021) | General Counsel & CCO, Ranger Asset Management Company, LLC (10/23 – present); General Counsel, Ranger Capital Group Holdings, L.P. (8/2021-present); CCO, Ranger Capital Group Holdings, L.P. (1/2021-present); Associate Attorney, Ranger Capital Group Holdings, L.P. (4/2017-8/2021). | N/A | N/A |
| Joseph W. Thompson <br> Year of Birth: 1959<br>| Treasurer/Chief Financial Officer (2011-2021 and August 2023 – Present) | COO/CFO, Ranger Asset Management Company, LLC (10/23 – present); COO/CFO, Ranger Capital Group Holdings, L.P. (2002 – 8/2021). | N/A | N/A |

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\* The term of office for each Trustee and Officer listed above will continue indefinitely.

\*\* The term "Fund Complex" refers to Spend Life Wisely Funds Investment Trust.

<sup>1</sup> Unless otherwise noted, the address of each Trustee and Officer is 1845 Woodall Rodgers Fwy, Suite 1000, Dallas, Texas 75201.

<sup>.</sup><u>Board Committees</u> 

*Audit Committee.* The Board has an Audit Committee that consists of all the Trustees who are not "interested persons" of the Trust within the meaning of the 1940 Act. Curtis Hite has been designated as an "audit committee financial expert" as defined under Item 407 of Regulation S-K of the Securities Exchange Act of 1934, as amended. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter. The Audit Committee performs the duties of a nominating committee when and if necessary, including to consider nominees recommended by Trust shareholders. Nominations should be forwarded to the attention of the Secretary of the Trust at the address indicated above for officers. Any shareholder nomination must be submitted in compliance with all of the pertinent provisions of the Trust's Agreement and Declaration of Trust and By-Laws. The Audit Committee met twice during the last fiscal year.

Compensation

Each Trustee who is not affiliated with the Trust or Wisdom will receive an annual fee of $2,500, as well as reimbursement for any reasonable expenses incurred attending the meetings. The "interested persons" who serve as Trustees of the Trust receive no compensation for their services as Trustees. None of the executive officers receive compensation from the Trust.

The table below details the amount of compensation the Trustees received from the Trust for the fiscal year ended July 31, 2025. The Trust does not have a bonus, profit sharing, pension or retirement plan.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Position** | &nbsp;&nbsp;**Aggregate**<br> **Compensation**<br> **From Trust \*** | &nbsp;&nbsp;**Pension or**<br> **Retirement**<br> **Benefits**<br> **Accrued as**<br> **Part of Fund**<br> **Expenses** | &nbsp;&nbsp;**Estimated**<br> **Annual**<br> **Benefits**<br> **Upon**<br> **Retirement** | &nbsp;&nbsp;**Total**<br> **Compensation**<br> **From Trust and**<br> **Fund Complex\*\***<br> **Paid to Trustees** |
| &nbsp;&nbsp;Curtis A. Hite | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2500 |
| &nbsp;&nbsp;Jason C. Elliott | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Larrie A. Weil | &nbsp;&nbsp;$2500 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$2500 |

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\* There are currently multiple series comprising the Trust. Trustees' fees are allocated equally to each fund in the Trust that has commenced operations.

\*\*The term "Fund Complex" refers to Spend Life Wisely Funds Investment Trust.

Trustee Ownership

The following table indicates the dollar range of equity securities that each Trustee beneficially owned in the Fund as of December 31, 2024.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Name of Trustee | &nbsp;&nbsp;Dollar Range of Equity Securities in the Fund | &nbsp;&nbsp;Aggregate Dollar Range of<br> Equity Securities in All<br> Registered Investment<br> Companies Overseen by<br> Trustee in Family of Investment<br> Companies |
| &nbsp;&nbsp;Curtis A. Hite | &nbsp;&nbsp;$0 |  |
| &nbsp;&nbsp;Jason C. Elliott | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$50001–$100000 |
| &nbsp;&nbsp;Larrie A. Weil | &nbsp;&nbsp;$0 |  |

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**CONTROL PERSONS AND PRINCIPAL HOLDERS**

A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged the existence of control. A shareholder who controls the Fund can determine the outcome of any proposal submitted to the shareholders for approval, including changes to the Fund's fundamental policies or the terms of the management agreement with Wisdom.

As of October 13, 2025, the following shareholders beneficially owned 5% or more of the outstanding shares of the Fund. As of the same date, the Trustees and officers of the Trust, as a group, owned less than 1% of the shares of the Fund.

Institutional Class

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name and Address of Owner** | &nbsp;&nbsp;**Percent of Class and Fund** |
| &nbsp;&nbsp;First United Bank and Trust <br> 1400 W. Main Street<br> Durant, OK 74701  | &nbsp;&nbsp;99.65% |

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As of October 13, 2025, the Trustees and officers of the Trust, as a group, owned 0% of the shares of the Fund.

**INVESTMENT ADVISER**

Wisdom Fixed Income Management, LLC, 1845 Woodall Rodgers Fwy, Suite 1000, Dallas, Texas 75201, serves as investment adviser to the Fund. Wisdom provides investment management services to individuals and institutional investors such as pooled investment vehicles. As of July 8, 2025, Wisdom had approximately $400 million in assets under management. Wisdom is a recently formed advisor that does not have a long history of operations. Wisdom Fixed Income Management, LLC is wholly owned by Ranger Asset Management Company, LLC, a wholly owned subsidiary of First United Bank and Trust Company, a wholly owned subsidiary of Spend Life Wisley Company Inc. Greg Massey serves as the control person of Spend Life Wisley Company Inc.

The Fund pays Wisdom a unitary fee ("Management Fee") under the Management Agreement in return for providing its services. Pursuant to an amended management agreement the adviser is entitled to receive a monthly unitary management fee at an annual rate of 0.40% of the Fund's average daily net assets. However, the management fee is subject to breakpoints such that fees are 0.40% on the first $500 million, 0.35% on the next $500 million, and 0.30% on amounts over $1 billion.

Under a unitary fee structure, the adviser is responsible for paying substantially all the operating expenses of the Fund, excluding borrowing costs, taxes, brokerage expenses, Rule 12b-1 fees (if any), acquired fund fees and expenses, and extraordinary expenses. During the Fund's initial partial fiscal year (December 19, 2024, through July 31, 2025) the adviser earned $328,512 and waived $112,975 pursuant to an expense limitation agreement. These fees were paid under a different management fee structure.

Under the management agreement, Wisdom, under the supervision of the Board, agrees to invest the assets of the Fund in accordance with applicable law and the investment objective, policies and restrictions set forth in the Fund's current Prospectus and Statement of Additional Information, and subject to such further limitations as the Trust may from time to time impose by written notice to Wisdom. Wisdom shall act as the investment adviser to the Fund and, as such shall (i) obtain and evaluate such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities here under, (ii) formulate a continuing program for the investment of the assets of the Fund in a manner consistent with its investment objective, policies and restrictions, and (iii) determine from time to time securities to be purchased, sold, retained or lent by the Fund, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that Wisdom will place orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) will attempt to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide Wisdom with research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged by other brokers. Wisdom also provides the Fund with all necessary office facilities and all personnel of the Fund or Wisdom performing services relating to research, statistical and investment activities. The management agreement for the Fund was initially approved by the Board, including by a majority of the Independent Trustees, at a meeting held on September 9, 2024, and as amended, re-approved July 23, 2025.

The management agreement is in effect for two (2) years initially and thereafter shall continue from year to year provided such continuance is approved at least annually by (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the majority vote of either all of the Trustees or the vote of a majority of the outstanding shares of the Fund. The management agreement may be terminated without penalty on 60 days' written notice by a vote of a majority of the Trustees or by Wisdom, or by holders of a majority of that Trust's outstanding shares. The management agreement shall terminate automatically in the event of its assignment.

Codes of Ethics

The Trust, Wisdom and the Distributor have adopted respective codes of ethics under Rule 17j-1 under the 1940 Act that govern the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. Under these codes of ethics, the Trustees are permitted to invest in securities that may also be purchased by the Fund. In addition, the Trust has adopted a separate code of ethics that applies only to the Trust's executive officers to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote (i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; (ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Fund; (iii) compliance with applicable governmental laws, rule and regulations; (iv) the prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and (v) accountability for adherence to the Code.

Proxy Voting Policies

The Board has adopted Proxy Voting Policies and Procedures ("Policies") on behalf of the Trust, which delegate the responsibility for voting proxies of securities held by the Fund to Wisdom or its designee and responsibility for voting proxies of securities held by the Fund to Wisdom, subject to the Board's continuing oversight. The Policies require that Wisdom vote proxies received in a manner consistent with the best interests of the Fund and shareholders. The Policies also require Wisdom or their designee to present to the Board, at least annually, Wisdom's Policies and a record of each proxy voted by Wisdom or its designee on behalf of the Fund, including a report on the resolution of all proxies identified by Wisdom or its designee as involving a conflict of interest. A copy of Wisdom's Policies is attached hereto as Appendix A.

*More information*. Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ending June 30 will be available (1) without charge, upon request, by calling the Fund at 1-866-969-5885; and (2) on the SEC's website at http://www.sec.gov. In addition, a copy of the Fund's proxy voting policies and procedures are also available by calling 1-866-969-5885 and will be sent within three business days of receipt of a request.

**PORTFOLIO MANAGER**

The following table lists the number and types of accounts managed by the Portfolio Manager in addition to those of the Fund and assets under management in those accounts as of July 31, 2025:

Total Other Accounts Managed

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio Manager<br>| &nbsp;&nbsp;Registered Investment<br> Company<br> Accounts | &nbsp;&nbsp;<br> Assets<br> Managed<br> ($ millions) | &nbsp;&nbsp;Pooled<br> Investment<br> Vehicle<br> Accounts | &nbsp;&nbsp;<br>Assets<br> Managed <br> ($ millions) | &nbsp;&nbsp;<br>Other<br> Accounts | &nbsp;&nbsp;Assets<br> Managed<br>($ millions) |
| &nbsp;&nbsp;Vincent Ahn | &nbsp;&nbsp;1 | &nbsp;&nbsp;$52 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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Other Accounts Managed Subject to Performance-Based Fees

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Portfolio Manager<br>| &nbsp;&nbsp;Registered<br> Investment<br> Company<br> Accounts | &nbsp;&nbsp;<br> Assets<br> Managed<br> ($ millions) | &nbsp;&nbsp;Pooled<br> Investment<br> Vehicle<br> Accounts | &nbsp;&nbsp;<br>Assets<br> Managed<br> ($ millions) | &nbsp;&nbsp;<br>Other<br> Accounts | &nbsp;&nbsp;Assets<br> Managed<br>($ millions) |
| &nbsp;&nbsp;Vincent Ahn | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

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Conflicts of Interest.

As indicated in the table above, the portfolio managers may manage numerous accounts for multiple clients. These accounts may include registered investment companies, other types of pooled accounts (e.g., collective investment funds), and separate accounts (i.e., accounts managed on behalf of individuals or public or private institutions). The portfolio managers make investment decisions for each account based on the investment objectives and policies and other relevant investment considerations applicable to that portfolio.

When the portfolio managers have responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts could include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For instance, Wisdom may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, the portfolio managers may have an incentive to favor the higher and/or performance-based fee accounts over the Fund. Wisdom has adopted policies and procedures designed to address these potential material conflicts. For instance, Wisdom utilizes a system for allocating investment opportunities among portfolios that is designed to provide a fair and equitable allocation.

As compensation, Mr. Ahn receives a (i) salary, (ii) a bonus based on assets under management, and (iii) a profits interest.

<u>Ownership</u>.

Dollar range of equity securities of the Fund held by the Fund's the portfolio manager as of July 31, 2025.

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| | |
|:---|:---|
| &nbsp;&nbsp;Portfolio Manager | &nbsp;&nbsp;Fund |
| &nbsp;&nbsp;Vincent Ahn | &nbsp;&nbsp;$0 |

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**THE DISTRIBUTOR**

The Trust and Paralel Distributors LLC (the "Distributor") 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.

Under the Distribution Agreement, the Distributor, as agent for the Trust, will review orders for the purchase and redemption of Creation Units, provided that any subscriptions and orders will not be binding on the Trust until accepted by the Trust. The Distributor is a broker-dealer registered under the Exchange Act and a member of the Financial Industry Regulatory Authority ("FINRA").

The Distributor may also enter into agreements with securities dealers ("Soliciting Dealers") who will solicit purchases of Creation Units of shares. Such Soliciting Dealers may also be Authorized Participants (as discussed below) or DTC participants (as defined below).

The Fund does not pay the Distributor any fees under the Distribution Agreement. However, Wisdom pays an annual fee to the Distributor plus reasonable out-of-pocket expenses incurred by Distributor in connection with activities performed for the Fund, including, without limitation, printing and distribution of prospectuses and shareholder reports, out of its own resources.

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the shareholders of the Fund and (ii) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

***Intermediary Compensation.*** The adviser, or its affiliates, out of their own resources and not out of Fund assets (*i.e.*, without additional cost to the Fund or its shareholders), may pay certain broker dealers, banks and other financial intermediaries ("Intermediaries") for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support. These arrangements are not financed by the Fund and, thus, do not result in increased Fund expenses. They are not reflected in the fees and expenses listed in the fees and expenses sections of the Fund's Prospectus and they do not change the price paid by investors for the purchase of shares or the amount received by a shareholder as proceeds from the redemption of shares.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars and printed communications). The adviser periodically assesses the advisability of continuing to make these payments, if any. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker or other investment professional, if any, may also be significant to such adviser, broker or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker or investment professional if he or she receives similar payments from his or her Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments his or her Intermediary firm may receive. Any payments made by the adviser or its affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy shares.

If you have any additional questions, please call 1-866-969-5885.

**ALLOCATION OF PORTFOLIO BROKERAGE**

Specific decisions to purchase or sell securities for the Fund are made by the portfolio manager, who is an employee of Wisdom. Wisdom is authorized by the Trustees to allocate the orders placed on behalf of the Fund to brokers or dealers who may, but need not, provide research or statistical material or other services to the Fund or Wisdom use. Such allocation is to be in such amounts and proportions as Wisdom may determine.

In selecting a broker or dealer to execute each particular transaction, Wisdom will take into consideration execution capability and available liquidity; timing and size of particular orders; commission rates; responsiveness; trading experience; reputation, and integrity and fairness in resolving disputes. "Best execution" means the best overall qualitative execution, not necessarily the lowest possible commission cost. Wisdom will obtain information as to the general level of commission rates being charged by the brokerage community from time to time and will periodically evaluate the overall reasonableness of brokerage commissions paid on client transactions by reference to such data. Wisdom periodically reviews the past performance of the exchange members, brokers or dealers with whom it has been placing orders to execute Fund transactions in light of the factors discussed above. The majority of the Fund's portfolio securities are debt instruments which trade in the over-the-counter market in principal transactions and not through an exchange. Consequently, the Fund pays an undisclosed dealer commission or mark-up that is built into the bid-asked spread.

Brokers or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if Wisdom determine in good faith that such commission is reasonable in relation to the value of brokerage, research and other services provided to the Fund. In allocating portfolio brokerage, Wisdom may select brokers or dealers who also provide brokerage, research and other services to other accounts over which Wisdom exercises investment discretion. Some of the services received as the result of Fund transactions may primarily benefit accounts other than the Fund, while services received as the result of portfolio transactions effected on behalf of those other accounts may primarily benefit the Fund. During the Fund's initial partial fiscal year (December 19, 2024, through July 31, 2025) the Fund paid $7,641 in brokerage commissions. During this period, the Fund acquired securities of Royal Bank of Canada, which is the indirect parent entity of RBC Dominion Securities, Inc., which is one of the Fund's regular broker-dealers. As of July 31, 2025, these securities were valued at $15,263,135.

**EXCHANGE LISTING AND TRADING**

A discussion of exchange listing and trading matters associated with an investment in the Fund is contained in the Prospectus under the headings "Principal Investment Risks" with respect to the Fund, "Additional Information About Investment Objective, Principal Investment Strategies, Related Risks, and Disclosure of Portfolio Holdings," "Determination of NAV" and "Buying and Selling Exchange-Traded Shares." The discussion below supplements, and should be read in conjunction with, such sections of the Prospectus.

The shares of the Fund are listed on the Exchange and will trade in the secondary market at prices that may differ to some degree from its NAV. The Exchange may but is not required to remove the shares of the Fund from listing if: (1) following the initial twelve (12) month period beginning upon the commencement of trading of the Fund, there are fewer than 50 beneficial holders of the shares for 30 or more consecutive trading days, or (2) such other event shall occur or condition exists that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. In addition, the Exchange will remove the shares from listing and trading upon termination of the Trust. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of shares of the Fund will continue to be met.

As in the case of other securities traded on the Exchange, brokers' commissions on transactions are based on negotiated commission rates at customary levels.

The Fund is required by the Exchange to comply with certain listing standards (which includes certain investment parameters) in order to maintain its listing on the Exchange. Compliance with these listing standards may compel the Fund to sell securities at an inopportune time or for a price other than the security's then-current market value. The sale of securities in such circumstances could limit the Fund's profit or require the Fund to incur a loss, and as a result, the Fund's performance could be impacted.

**BOOK ENTRY ONLY SYSTEM**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Buying and Selling Exchange-Traded Shares."

The Depository Trust Company ("DTC") acts as securities depositary for the shares. shares of the Fund are represented by securities registered in the name of DTC or its nominee and deposited with, or on behalf of, DTC. Certificates will not be issued for shares.

DTC, a limited-purpose trust company, was created to hold securities of its participants ("DTC Participants") and to facilitate the clearance and settlement of securities transactions among the DTC Participants in such securities through electronic book-entry changes in accounts of the DTC Participants, thereby eliminating the need for physical movement of securities certificates. DTC Participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC. More specifically, DTC is owned by a number of its DTC Participants and by the NYSE and FINRA. Access to the DTC system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a DTC Participant, either directly or indirectly ("Indirect Participants").

Beneficial ownership of shares is limited to DTC Participants, Indirect Participants and persons holding interests through DTC Participants and Indirect Participants. Ownership of beneficial interests in shares (owners of such beneficial interests are referred to herein as "Beneficial Owners") is shown on, and the transfer of ownership is effected only through, records maintained by DTC (with respect to DTC Participants) and on the records of DTC Participants (with respect to Indirect Participants and Beneficial Owners that are not DTC Participants). Beneficial Owners will receive from or through the DTC Participant a written confirmation relating to their purchase of shares.

Conveyance of all notices, statements and other communications to Beneficial Owners is effected as follows. Pursuant to the Depositary Agreement between the Trust and DTC, DTC is required to make available to the Trust upon request and for a fee to be charged to the Trust a listing of the shares holdings of each DTC Participant. The Trust shall inquire of each such DTC Participant as to the number of Beneficial Owners holding shares, directly or indirectly, through such DTC Participant. The Trust shall provide each such DTC Participant with copies of such notice, statement or other communication, in such form, number and at such place as such DTC Participant may reasonably request, in order that such notice, statement or communication may be transmitted by such DTC Participant, directly or indirectly, to such Beneficial Owners. In addition, the Trust shall pay to each such DTC Participant a fair and reasonable amount as reimbursement for the expenses attendant to such transmittal, all subject to applicable statutory and regulatory requirements.

Share distributions shall be made to DTC or its nominee, Cede & Co., as the registered holder of all shares. DTC or its nominee, upon receipt of any such distributions, shall credit immediately DTC Participants' accounts with payments in amounts proportionate to their respective beneficial interests in shares as shown on the records of DTC or its nominee. Payments by DTC Participants to Indirect Participants and Beneficial Owners of shares held through such DTC Participants will be governed by standing instructions and customary practices, as is now the case with securities held for the accounts of customers in bearer form or registered in a "street name," and will be the responsibility of such DTC Participants.

The Trust has no responsibility or liability for any aspects of the records relating to or notices to Beneficial Owners, or payments made on account of beneficial ownership interests in such shares, or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests or for any other aspect of the relationship between DTC and the DTC Participants or the relationship between such DTC Participants and the Indirect Participants and Beneficial Owners owning through such DTC Participants.

DTC may determine to discontinue providing its service with respect to the shares at any time by giving reasonable notice to the Trust and discharging its responsibilities with respect thereto under applicable law. Under such circumstances, the Trust shall take action either to find a replacement for DTC to perform its functions at a comparable cost or, if such a replacement is unavailable, to issue and deliver printed certificates representing ownership of shares, unless the Trust makes other arrangements with respect thereto satisfactory to the Exchange.

**CREATION AND REDEMPTION OF CREATION UNITS**

**General**

The Fund will issue and sell shares only in Creation Units (typically 10,000 shares) on a continuous basis, without an initial sales load, at their NAV next determined after receipt, on any Business Day (as defined herein), of an order in proper form. The consideration for purchase of a Creation Unit of the Fund generally consists of Deposit Cash. An Authorized Participant (defined below) that is not "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act, will not be able to receive, as part of a redemption, restricted securities, if any, eligible for resale under Rule 144A.

A "Business Day" with respect to the Fund is any day on which the NYSE is open for business. As of the date of the Prospectus, the NYSE observes the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day (Washington's Birthday), Good Friday, Memorial Day (observed), Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day.

**Fund Deposit**

The consideration for purchase of a Creation Unit of the Fund generally consists of Deposit Cash. However, the Fund may permit or require the in-kind deposit of Deposit Securities per each Creation Unit, constituting all or a portion of the Fund Deposit, computed as described below. Notwithstanding the foregoing, the Trust reserves the right to permit or require the substitution of a "cash in lieu" amount (included in the term "Deposit Cash") to be added to the Cash Component to replace any Deposit Security. Because the Fund generally accepts purchases of Creation Units for Deposit Cash, the Fund will incur additional costs associated with the acquisition of Deposit Securities that would otherwise be provided by an in-kind purchaser.

Together, the Deposit Securities or Deposit Cash, as applicable, and the Cash Component constitute the Fund Deposit, which represents the minimum initial and subsequent investment amount for a Creation Unit of the Fund. The "Cash Component" is an amount equal to the difference between the NAV of shares (per Creation Unit) and the value of the Deposit Securities or Deposit Cash, as applicable. If the Cash Component is a positive number (i.e., the NAV per Creation Unit exceeds the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such positive amount. If the Cash Component is a negative number (i.e., the NAV per Creation Unit is less than the value of the Deposit Securities or Deposit Cash, as applicable), the Cash Component shall be such negative amount and the creator will be entitled to receive cash in an amount equal to the Cash Component. The Cash Component serves the function of compensating for any differences between the NAV per Creation Unit and the value of the Deposit Securities or Deposit Cash, as applicable. Computation of the Cash Component excludes any stamp duty or other similar fees and expenses payable upon transfer of beneficial ownership of the Deposit Securities, if applicable, which shall be the sole responsibility of the Authorized Participant.

The Fund, through NSCC, makes available on each Business Day, prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time), the list of the names and the required number of shares of each Deposit Security, if applicable, or the required amount of Deposit Cash, as applicable, to be included in the current Fund Deposit (based on information at the end of the previous Business Day) for the Fund. Such Fund Deposit is subject to any applicable adjustments as described below, to effect purchases of Creation Units of the Fund until such time as the next-announced composition of the Deposit Securities or the required amount of Deposit Cash, as applicable, is made available.

The identity and number of shares of the Deposit Securities, if applicable, or the amount of Deposit Cash, as applicable, required for the Fund Deposit for the Fund changes as rebalancing adjustments and corporate action events are reflected from time to time by the adviser with a view to the investment objective of the Fund.

The Trust reserves the right to permit or require the substitution of Deposit Cash to replace any Deposit Security, which shall be added to the Cash Component, including, without limitation, in situations where the Deposit Security: (i) may not be available in sufficient quantity for delivery; (ii) may not be eligible for transfer through the systems of DTC for corporate securities and municipal securities; (iii) may not be eligible for trading by an Authorized Participant or the investor for which it is acting; (iv) would be restricted under the securities laws or where the delivery of the Deposit Security to the Authorized Participant would result in the disposition of the Deposit Security by the Authorized Participant becoming restricted under the securities laws; or (v) in certain other situations (collectively, "custom orders").The adjustments described above will reflect changes, known to the adviser on the date of announcement to be in effect by the time of delivery of the Fund Deposit, resulting from certain corporate actions.

**Procedures for Purchase of Creation Units**

To be eligible to place orders with the Transfer Agent to purchase a Creation Unit of the Fund, an entity must be (i) a "Participating Party" (i.e., a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC (the "Clearing Process")), a clearing agency that is registered with the SEC; or (ii) a DTC Participant (see "Book Entry Only System"). In addition, each Participating Party or DTC Participant (each, an "Authorized Participant") must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Each Authorized Participant will agree, pursuant to the terms of a Participant Agreement, on behalf of itself or any investor on whose behalf it will act, to certain conditions, including that it will pay to the Trust, an amount of cash sufficient to pay the Cash Component together with the creation transaction fee (described below), if applicable, and any other applicable fees and taxes.

All orders to purchase shares directly from the Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for the Fund for orders to purchase Creation Units is expected to be 4:00 p.m. Eastern Time, which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. In the case of custom orders, the order must be received by the Transfer Agent no later than 3:00 p.m. Eastern Time or such earlier time as may be designated by the Fund and disclosed to Authorized Participants. The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date." In all circumstances, any early cut-off time will be after: (1) the NAV is calculated for the day prior to the Order Placement Date and (2) the portfolio holdings or basket information is published on the Order Placement Date.

An Authorized Participant may require an investor to make certain representations or enter into agreements with respect to the order (e.g., to provide for payments of cash, when required). Investors should be aware that their particular broker may not have executed a Participant Agreement and that, therefore, orders to purchase shares directly from the Fund in Creation Units have to be placed by the investor's broker through an Authorized Participant that has executed a Participant Agreement. In such cases there may be additional charges to such investor. At any given time, there may be only a limited number of broker-dealers that have executed a Participant Agreement and only a small number of such Authorized Participants may have international capabilities.

On days when the Exchange close earlier than normal, the Fund may require orders to create Creation Units to be placed earlier in the day. In addition, if a market or markets on which the Fund's investments are primarily traded is closed, the Fund will also generally not accept orders on such day(s). Orders must be transmitted by an Authorized Participant by telephone or other transmission method acceptable to the Transfer Agent pursuant to procedures set forth in the Participant Agreement and in accordance with the applicable order form. On behalf of the Fund, the Transfer Agent will notify the Custodian of such order. The Custodian will then provide such information to the appropriate local sub-custodian(s). Those placing orders through an Authorized Participant should allow sufficient time to permit proper submission of the purchase order to the Transfer Agent by the cut-off time on such Business Day. Economic or market disruptions or changes, or telephone or other communication failure may impede the ability to reach the Transfer Agent or an Authorized Participant.

Fund Deposits must be delivered by an Authorized Participant through the Federal Reserve System (for cash) or through DTC (for corporate securities), through a sub-custody agent (for foreign securities) and/or through such other arrangements allowed by the Trust or its agents. With respect to foreign Deposit Securities, the Custodian shall cause the sub-custodian of the Fund to maintain an account into which the Authorized Participant shall deliver, on behalf of itself or the party on whose behalf it is acting, such Deposit Securities (or Deposit Cash for all or a part of such securities, as permitted or required), with any appropriate adjustments as advised by the Trust. Foreign Deposit Securities must be delivered to an account maintained at the applicable local sub-custodian. The Fund Deposit transfer must be ordered by the Authorized Participant in a timely fashion so as to ensure the delivery of the requisite number of Deposit Securities or Deposit Cash, as applicable, to the account of the Fund or its agents by no later than 12:00 p.m. Eastern Time (or such other time as specified by the Trust) on the Settlement Date. If the Fund or its agents do not receive all of the Deposit Securities, or the required Deposit Cash in lieu thereof, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. The "Settlement Date" for the Fund is generally one Business Day after the Order Placement Date. All questions as to the number of Deposit Securities or Deposit Cash to be delivered, as applicable, and the validity, form and eligibility (including time of receipt) for the deposit of any tendered securities or cash, as applicable, will be determined by the Trust, whose determination shall be final and binding. The amount of cash represented by the Cash Component must be transferred directly to the Custodian through the Federal Reserve Bank wire transfer system in a timely manner so as to be received by the Custodian no later than the Settlement Date. If the Cash Component and the Deposit Securities or Deposit Cash, as applicable, are not received by the Custodian in a timely manner by the Settlement Date, the creation order may be cancelled. Upon written notice to the Transfer Agent, such canceled order may be resubmitted the following Business Day using the Fund Deposit as newly constituted to reflect the then current NAV of the applicable Fund.

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 the applicable cut-off time and the federal funds in the appropriate amount are deposited by 2:00 p.m. or 3:00 p.m., Eastern Time (as set forth on the applicable order form), with the Custodian on the Settlement Date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m. or 3:00 p.m., Eastern Time (as set forth on the applicable order form) on the Settlement Date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

**Issuance of a Creation Unit**

The Fund generally issues Creation Units for cash (i.e. Cash Deposit). Except as provided in this SAI, Creation Units will not be issued until the transfer of good title to the Trust of the Deposit Securities or payment of Deposit Cash, as applicable, and the payment of the Cash Component have been completed. When the sub-custodian has confirmed to the Custodian that the required Deposit Securities (or the cash value thereof) have been delivered to the account of the relevant sub-custodian or sub-custodians, the Transfer Agent and the adviser shall be notified of such delivery, and the Trust will issue and cause the delivery of the Creation Units. The delivery of Creation Units so created generally will occur no later than one Business Day following the day on which the purchase order is deemed received by the Transfer Agent. The Authorized Participant shall be liable to the applicable Fund for losses, if any, resulting from unsettled orders.

Creation Units may be purchased in advance of receipt by the Trust of all or a portion of the applicable Fund Deposit as described below. In these circumstances, the initial deposit will have a value greater than the NAV of shares on the date the order is placed in proper form since, in addition to available Deposit Securities (if any), cash must be deposited in an amount equal to the sum of (i) the Cash Component, plus (ii) an additional amount of cash equal to a percentage of the value as set forth in the Participant Agreement, of the undelivered Deposit Securities (the "Additional Cash Deposit"), which shall be maintained in a separate non-interest bearing collateral account. The Authorized Participant must deposit with the Custodian the Additional Cash Deposit, as applicable, by 12:00 p.m. Eastern Time (or such other time as specified by the Trust) on the Settlement Date. If the Fund or its agents do not receive the Additional Cash Deposit in the appropriate amount, by such time, then the order may be deemed rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting therefrom. An additional amount of cash shall be required to be deposited with the Trust, pending delivery of the missing Deposit Securities to the extent necessary to maintain the Additional Cash Deposit with the Trust in an amount at least equal to the applicable percentage, as set forth in the Participant Agreement, of the daily market value of the missing Deposit Securities. The Participant Agreement will permit the Trust to buy the missing Deposit Securities at any time. Authorized Participants will be liable to the Trust for the costs incurred by the Trust in connection with any such purchases. These costs will be deemed to include the amount by which the actual purchase price of the Deposit Securities exceeds the value of such Deposit Securities on the day the purchase order was deemed received by the Transfer Agent plus the brokerage and related transaction costs associated with such purchases.

The Trust will return any unused portion of the Additional Cash Deposit once all of the missing Deposit Securities have been properly received by the Custodian or purchased by the Trust and deposited into the Trust. In addition, a transaction fee, as described below under "Creation Transaction Fee," may be charged. The delivery of Creation Units so created generally will occur no later than the Settlement Date.

**Acceptance of Orders of Creation Units**

The Trust reserves the right to reject an order for Creation Units transmitted to it by the Transfer Agent with respect to the Fund including, but not limited to, if (a) the order is not in proper form; (b) the Deposit Securities or Deposit Cash, as applicable, delivered by the Participant are not as disseminated through the facilities of the NSCC for that date by the Custodian; (c) the investor(s), upon obtaining shares ordered, would own 80% or more of the currently outstanding shares; (d) the acceptance of the Fund Deposit would, in the opinion of counsel, be unlawful; (e) the acceptance or receipt of the order for a Creation Unit would, in the opinion of counsel to the Trust, be unlawful; or (f) in the event that circumstances outside the control of the Trust, the Custodian, the Transfer Agent and/or the adviser make it for all practical purposes not feasible to process orders for Creation Units.

Examples of such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process, and other extraordinary events. The Transfer Agent shall notify a prospective creator of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, 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 Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

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, and the Trust's determination shall be final and binding.

**Creation Transaction Fee**

A fixed purchase (i.e., creation) transaction fee, payable to the Fund's Custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for the Fund is $500, regardless of the number of Creation Units created in the transaction. Additionally, a variable transaction fee may be charged by the Fund of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation. Variable transaction fees are imposed to compensate the Fund for the transaction costs associated with creation transactions. The Fund may adjust the creation transaction fee from time to time. The creation fee may be waived on certain orders if the Fund's 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.

Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring Fund Securities from the Trust to their account or on their order.

**Risks of Purchasing Creation Units**

There are certain legal risks unique to investors purchasing Creation Units directly from the Fund. Because shares may be issued on an ongoing basis, a "distribution" of shares could be occurring at any time. Certain activities that a shareholder performs as a dealer could, depending on the circumstances, result in the shareholder being deemed a participant in the distribution in a manner that could render the shareholder a statutory underwriter and subject to the prospectus delivery and liability provisions of the Securities Act. For example, a shareholder could be deemed a statutory underwriter if it purchases Creation Units from the Fund, breaks them down into the constituent shares, and sells those shares directly to customers, or if a shareholder chooses to couple the creation of a supply of new shares with an active selling effort involving solicitation of secondary-market demand for shares. Whether a person is an underwriter depends upon all of the facts and circumstances pertaining to that person's activities, and the examples mentioned here should not be considered a complete description of all the activities that could cause you to be deemed an underwriter.

Dealers who are not "underwriters" but are participating in a distribution (as opposed to engaging in ordinary secondary-market transactions), and thus dealing with shares as part of an "unsold allotment" within the meaning of Section 4(a)(3)(C) of the Securities Act, will be unable to take advantage of the prospectus delivery exemption provided by Section 4(a)(3) of the Securities Act.

*Redemption.* The consideration for redemption of a Creation Unit of the Fund generally consists of cash. Shares may be redeemed only in Creation Units at their NAV next determined after receipt of a redemption request in proper form by the Fund through the Transfer Agent and only on a Business Day. Except upon liquidation of the Fund, the Trust will not redeem shares in amounts less than Creation Units. Investors must accumulate enough shares in the secondary market to constitute a Creation Unit to have such shares redeemed by the Trust. There can be no assurance, however, that there will be sufficient liquidity in the public trading market at any time to permit assembly of a Creation Unit. Investors should expect to incur brokerage and other costs in connection with assembling a sufficient number of shares to constitute a redeemable Creation Unit.

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each Business Day, the list of the names and Share quantities of the Fund's portfolio securities, if any, that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption might not be identical to Deposit Securities.

The consideration for redemption of a Creation Unit of the Fund generally consists of cash. However, redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities – as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of shares being redeemed, as next determined after a receipt of a request in proper form, and the value of Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. When purchasing Creation Units with cash, the Fund may incur brokerage costs and taxable gains losses it wouldn't incur if purchasing Creation Units in-kind. These costs could decrease the NAV if they are imposed on the Fund. In the event that Fund Securities have a value greater than the NAV of shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

**Redemption Transaction Fee**

A fixed redemption transaction fee, payable to the Fund's custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for the Fund is $500 regardless of the number of Creation Units redeemed in the transaction. Additionally, a variable transaction fee may be charged by the Fund of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each redemption. Variable transaction fees are imposed to compensate the Fund for the transaction costs associated with redemption transactions. The Fund may adjust the redemption transaction fee from time to time. The redemption fee may be waived on certain orders if the Fund's custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the adviser, has agreed to pay such fee.

Investors who use the services of a broker or other such intermediary may be charged a fee for such services. Investors are responsible for the fixed costs of transferring Fund Securities from the Trust to their account or on their order.

**Procedures for Redemption of Creation Units** 

Orders to redeem Creation Units must be submitted in proper form to the Transfer Agent prior to 4:00 p.m. Eastern Time. A redemption request is considered to be in "proper form" if (i) an Authorized Participant has transferred or caused to be transferred to the Trust's Transfer Agent the Creation Unit(s) being redeemed through the book-entry system of DTC so as to be effective by the time as set forth in the Participant Agreement and (ii) a request in form satisfactory to the Trust is received by the Transfer Agent from the Authorized Participant on behalf of itself or another redeeming investor within the time periods specified in the Participant Agreement. If the Transfer Agent does not receive the investor's shares through DTC's facilities by the times and pursuant to the other terms and conditions set forth in the Participant Agreement, the redemption request shall be rejected.

The Authorized Participant must transmit the request for redemption, in the form required by the Trust, to the Transfer Agent in accordance with procedures set forth in the Authorized Participant Agreement. Investors should be aware that their particular broker may not have executed an Authorized Participant Agreement, and that, therefore, requests to redeem Creation Units may have to be placed by the investor's broker through an Authorized Participant who has executed an Authorized Participant Agreement. Investors making a redemption request should be aware that such request must be in the form specified by such Authorized Participant. Investors making a request to redeem Creation Units should allow sufficient time to permit proper submission of the request by an Authorized Participant and transfer of the shares to the Trust's Transfer Agent; such investors should allow for the additional time that may be required to effect redemptions through their banks, brokers or other financial intermediaries if such intermediaries are not Authorized Participants.

**Additional Redemption Procedures**

In connection with taking delivery of shares of Fund Securities, if any, upon redemption of Creation Units, a redeeming shareholder or Authorized Participant acting on behalf of such shareholder must maintain appropriate custody arrangements with a qualified broker-dealer, bank or other custody providers in each jurisdiction in which any of Fund Securities are customarily traded, to which account such Fund Securities will be delivered. Deliveries of redemption proceeds generally will be made within one business day of the trade date.

The consideration for redemption of a Creation Unit of the Fund generally consists of cash. The investor will receive a cash payment equal to the NAV of its shares based on the NAV of shares next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of Fund Securities but does not differ in NAV.

Redemptions of shares for Fund Securities, if any, will be subject to compliance with applicable federal and state securities laws and the Fund (whether or not it otherwise permits cash redemptions) reserves the right to redeem Creation Units for cash to the extent that the Trust could not lawfully deliver specific Fund Securities upon redemptions or could not do so without first registering Fund Securities under such laws. An Authorized Participant or an investor for which it is acting subject to a legal restriction with respect to a particular security included in Fund Securities, if any, applicable to the redemption of Creation Units may be paid an equivalent amount of cash. The Authorized Participant may request the redeeming investor of shares to complete an order form or to enter into agreements with respect to such matters as compensating cash payment. Further, an Authorized Participant that is not a "qualified institutional buyer," ("QIB") as such term is defined under Rule 144A of the Securities Act, will not be able to receive Fund Securities that are restricted securities eligible for resale under Rule 144A. An Authorized Participant may be required by the Trust to provide a written confirmation with respect to QIB status to receive Fund Securities.

The right of redemption may be suspended or the date of payment postponed with respect to the Fund (1) for any period during which the Exchange is closed (other than customary weekend and holiday closings); (2) for any period during which trading on the Exchange is suspended or restricted; (3) for any period during which an emergency exists as a result of which disposal of shares or determination of the NAV of shares is not reasonably practicable; or (4) in such other circumstance as is permitted by the SEC.

For every occurrence of one or more intervening holidays in the applicable foreign market that are not holidays observed in the U.S. market, the redemption settlement cycle will be extended by the number of such intervening holidays. In addition to holidays, other unforeseeable closings in a foreign market due to emergencies may also prevent the Trust from delivering securities within normal settlement period.

The securities delivery cycles currently practicable for transferring portfolio securities, if any, to redeeming investors, coupled with foreign market holiday schedules, will require, in certain circumstances, a delivery process longer than seven calendar days for the Fund. The proclamation of new holidays, the treatment by market participants of certain days as "informal holidays" (e.g., days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in local securities delivery practices, could affect the information set forth herein at some time in the future.

**DETERMINATION OF NET ASSET VALUE (PRICING OF SHARES)**

NAV for the Fund is computed by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining net asset value. The net asset value of the Fund is calculated by the Custodian and determined at the close of the regular trading session on the NYSE (ordinarily 4:00 p.m. Eastern time) on each day that such exchange is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV, the Fund's investments are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published net asset value per share. The adviser may use various pricing services, or discontinue the use of any pricing service, as approved by the Board from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation. Any assets or liabilities denominated in currencies other than the U.S. dollar are converted into U.S. dollars at the current market rates on the date of valuation as quoted by one or more sources.

In the event that current market valuations are not readily available or such valuations do not reflect current market value, the Trust's pricing procedures require the Valuation Committee to determine a security's fair value. In determining such value the Valuation Committee may consider, among other things, (i) price comparisons among multiple sources, (ii) a review of corporate actions and news events, and (iii) a review of relevant financial indicators. In these cases, the Fund's net asset value may reflect certain portfolio securities' fair values rather than their market prices. Fair value pricing involves subjective judgments and it is possible that the fair value determination for a security is materially different than the value that could be realized upon the sale of the security. With respect to securities that are primarily listed on foreign exchanges, the value of the Fund's portfolio securities may change on days when you will not be able to purchase or sell your shares. The Board has designated the adviser as its valuation designee and it determines the population of the Valuation Committee.

**PORTFOLIO TURNOVER**

The Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Fund. A high rate of portfolio turnover (over 100%) may involve correspondingly greater transaction costs, which must be borne directly by the Fund and ultimately by its shareholders. High portfolio turnover may result in the realization of substantial net capital gains. To the extent short-term capital gains are realized, distributions attributable to such gains will be ordinary income for federal income tax purposes. The Fund's portfolio turnover rate may vary, and certain of the Fund's turnover rates may exceed 100%.

**OTHER SERVICE PROVIDERS**

**ADMINISTRATOR, CUSTODIAN, AND TRANSFER AGENT**

Paralel Technologies LLC ("PTL"), located at 1700 Broadway Suite 1850, Denver, Colorado 80290 serves as the Fund's administrator and fund accountant. PTL is the parent company of Paralel Distributors LLC, the Fund's Distributor.

Pursuant to an Administration Servicing Agreement and a Fund Accounting Servicing Agreement between the Trust and PTL, PTL provides the Trust with administrative and management services (other than investment advisory services) and accounting services, including portfolio accounting services, tax accounting services and furnishing financial reports. PTL shall not be liable in the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard on the PTL with respect to its duties. As compensation for the administration, accounting and management services, the adviser, pays PTL a fee based on the Fund's average daily net assets, subject to a minimum annual fee. PTL also is entitled to certain out-of-pocket expenses for the services mentioned above. During the Fund's initial partial fiscal year (December 19, 2024, through July 31, 2025) the Fund's prior fund administrator (Ranger Asset Management Company, LLC) earned $57,788.

Pursuant to a Custody Agreement, State Street Bank and Trust Company (the "Custodian" or "State Street"), serves as the Custodian of the Fund's assets. The Custodian holds and administers the assets in the Fund's portfolio. The Custodian shall not be liable in the absence of negligence, willful default, or fraud in the performance of its obligations. Pursuant to the Custody Agreement, the Custodian receives an annual fee from the adviser, based on the Fund's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

Pursuant to a Transfer Agency Agreement, State Street (in such capacity, the "Transfer Agent") serves as Transfer Agent for the Fund. Pursuant to the Transfer Agency Agreement, the Transfer Agent receives an annual fee from the adviser. The Transfer Agent shall not be liable in the absence of willful misfeasance, bad faith or gross negligence on the part of the Transfer Agent with respect to its duties.

**DESCRIPTION OF SHARES**

Each share of beneficial interest of the Trust has one vote in the election of Trustees. Cumulative voting is not authorized for the Trust. This means that the holders of more than 50% of the shares voting for the election of Trustees can elect 100% of the Trustees if they choose to do so, and, in that event, the holders of the remaining shares will be unable to elect any Trustees.

Shareholders of the Trust and any other future series of the Trust will vote in the aggregate and not by series except as otherwise required by law or when the Board determines that the matter to be voted upon affects only the interest of the shareholders of a particular series. Matters such as ratification of the independent registered public accounting firm and election of Trustees are not subject to separate voting requirements and may be acted upon by shareholders of the Trust voting without regard to series.

**ANTI-MONEY LAUNDERING PROGRAM**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program and an independent audit function to determine the effectiveness of the Program.

Procedures to implement the Program include, but are not limited to, determining that the Fund's Transfer Agent has established proper anti-money laundering procedures, reported suspicious and/or fraudulent activity and a complete and thorough review of all new opening account applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

As a result of the Program, the Trust may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorists or other suspicious persons, or the Trust may be required to transfer the account or proceeds of the account to a governmental agency.

**TAX STATUS**

The following discussion is general in nature and should not be regarded as an exhaustive presentation of all possible tax ramifications. All shareholders should consult a qualified tax advisor regarding their investment in the Fund.

The Fund has and intends to continue to qualify, and have elected to be treated as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), which requires compliance with certain requirements concerning the sources of its income, diversification of its assets, and the amount and timing of its distributions to shareholders. Such qualification does not involve supervision of management or investment practices or policies by any government agency or bureau. By so qualifying, the Fund should not be subject to federal income or excise tax on its net investment income or net capital gain, which are distributed to shareholders in accordance with the applicable timing requirements. Net investment income and net capital gain of the Fund will be computed in accordance with Section 852 of the Code.

Net investment income is made up of dividends and interest less expenses. Net capital gain for a fiscal year is computed by taking into account any capital loss carryforward of the Fund. Capital losses incurred after January 31, 2011 may now be carried forward indefinitely and retain the character of the original loss. Under pre-enacted laws, capital losses could be carried forward to offset any capital gains for eight years, and carried forward as short-term capital, irrespective of the character of the original loss. Capital loss carry forwards are available to offset future realized capital gains. To the extent that these carry forwards are used to offset future capital gains it is probable that the amount offset will not be distributed to shareholders.

The Fund intends to distribute all of its net investment income, any excess of net short-term capital gains over net long-term capital losses, and any excess of net long-term capital gains over net short-term capital losses in accordance with the timing requirements imposed by the Code and therefore should not be required to pay any federal income or excise taxes. Distributions of net investment income and net capital gain will be made after the end of each fiscal year, and no later than December 31 of each year. Both types of distributions will be in cash.

To be treated as a regulated investment company under Subchapter M of the Code, the Fund must also (a) derive at least 90% of gross income from dividends, interest, payments with respect to securities loans, net income from certain publicly traded partnerships and gains from the sale or other disposition of securities or foreign currencies, or other income (including, but not limited to, gains from options, futures or forward contracts) derived with respect to the business of investing in such securities or currencies, and (b) diversify its holding so that, at the end of each fiscal quarter, (i) at least 50% of the market value of the Fund's assets is represented by cash, U.S. government securities and securities of other regulated investment companies, and other securities (for purposes of this calculation, generally limited in respect of any one issuer, to an amount not greater than 5% of the market value of the Fund's assets and 10% of the outstanding voting securities of such issuer) and (ii) not more than 25% of the value of its assets is invested in the securities of (other than U.S. government securities or the securities of other regulated investment companies) any one issuer, two or more issuers which the Fund controls and which are determined to be engaged in the same or similar trades or businesses, or the securities of certain publicly traded partnerships.

If the Fund fails to qualify as a regulated investment company under Subchapter M in any fiscal year, it will be treated as a corporation for federal income tax purposes. As such the Fund would be required to pay income taxes on its net investment income and net realized capital gains, if any, at the rates generally applicable to corporations. Shareholders of the Fund generally would not be liable for income tax on the Fund's net investment income or net realized capital gains in their individual capacities. Distributions to shareholders, whether from the Fund's net investment income or net realized capital gains, would be treated as taxable dividends to the extent of current or accumulated earnings and profits of the Fund.

The Fund is subject to a 4% nondeductible excise tax on certain undistributed amounts of ordinary income and capital gain under a prescribed formula contained in Section 4982 of the Code. The formula requires payment to shareholders during a calendar year of distributions representing at least 98% of the Fund's ordinary income for the calendar year and at least 98.2% of its capital gain net income (i.e., the excess of its capital gains over capital losses) realized during the one-year period ending October 31 during such year plus 100% of any income that was neither distributed nor taxed to the Fund during the preceding calendar year. Under ordinary circumstances, the Fund expects to time its distributions so as to avoid liability for this tax.

The following discussion of tax consequences is for the general information of shareholders that are subject to tax. Shareholders that are IRAs or other qualified retirement plans are exempt from income taxation under the Code.

Distributions of taxable net investment income and the excess of net short-term capital gain over net long-term capital loss are taxable to shareholders as ordinary income. In most cases the Fund will hold shares in Underlying Funds for less than 12 months, such that its sales of such shares from time to time will not qualify as long-term capital gains for those investors who hold shares of the Fund in taxable accounts.

Distributions of net capital gain ("capital gain dividends") generally are taxable to shareholders as short-term capital gain; regardless of the length of time the shares of the Trust have been held by such shareholders.

Redemption of Fund shares by a shareholder will result in the recognition of taxable gain or loss in an amount equal to the difference between the amount realized and the shareholder's tax basis in his or her Fund shares. Such gain or loss is treated as a capital gain or loss if the shares are held as capital assets. However, any loss realized upon the redemption of shares within six months from the date of their purchase will be treated as a long-term capital loss to the extent of any amounts treated as capital gain dividends during such six-month period. All or a portion of any loss realized upon the redemption of shares may be disallowed to the extent shares are purchased (including shares acquired by means of reinvested dividends) within 30 days before or after such redemption.

Distributions of taxable net investment income and net capital gain will be taxable as described above, whether received in additional cash or shares. Shareholders electing to reinvest distributions in the form of additional shares will have a cost basis for federal income tax purposes in each share so received equal to the net asset value of a share on the reinvestment date.

All distributions of taxable net investment income and net capital gain, whether received in shares or in cash, must be reported by each taxable shareholder on his or her federal income tax return. Dividends or distributions declared in October, November or December as of a record date in such a month, if any, will be deemed to have been received by shareholders on December 31, if paid during January of the following year. Redemptions of shares may result in tax consequences (gain or loss) to the shareholder and are also subject to these reporting requirements.

Under the Code, the Fund will be required to report to the Internal Revenue Service all distributions of taxable income and capital gains as well as gross proceeds from the redemption or exchange of Fund shares, except in the case of certain exempt shareholders. Under the backup withholding provisions of Section 3406 of the Code, distributions of taxable net investment income and net capital gain and proceeds from the redemption or exchange of the shares of a regulated investment company may be subject to withholding of federal income tax in the case of non-exempt shareholders who fail to furnish the investment company with their taxpayer identification numbers and with required certifications regarding their status under the federal income tax law, or if the Fund is notified by the IRS or a broker that withholding is required due to an incorrect TIN or a previous failure to report taxable interest or dividends. If the withholding provisions are applicable, any such distributions and proceeds, whether taken in cash or reinvested in additional shares, will be reduced by the amounts required to be withheld.

Payments to a shareholder that is either a foreign financial institution ("FFI") or a non-financial foreign entity ("NFFE") within the meaning of the Foreign Account Tax Compliance Act ("FATCA") may be subject to a generally nonrefundable 30% withholding tax on: (a) income dividends paid by the Fund after June 30, 2014 and (b) certain capital gain distributions and the proceeds arising from the sale of Fund shares paid by the Fund after December 31, 2017. FATCA withholding tax generally can be avoided: (a) by an FFI, subject to any applicable intergovernmental agreement or other exemption, if it enters into a valid agreement with the IRS to, among other requirements, report required information about certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI and (b) by an NFFE, if it: (i) certifies that it has no substantial U.S. persons as owners or (ii) if it does have such owners, reports information relating to them. The Fund may disclose the information that it receives from its shareholders to the IRS, non-U.S. taxing authorities or other parties as necessary to comply with FATCA. Withholding also may be required if a foreign entity that is a shareholder of the Fund fails to provide the Fund with appropriate certifications or other documentation concerning its status under FATCA.

Options, Futures, Forward Contracts and Swap Agreements

To the extent such investments are permissible for the Fund, the Fund's transactions in options, futures contracts, hedging transactions, forward contracts, straddles and foreign currencies will be subject to special tax rules (including mark-to-market, constructive sale, straddle, wash sale and short sale rules), the effect of which may be to accelerate income to the Fund, defer losses to the Fund, cause adjustments in the holding periods of the Fund's securities, convert long-term capital gains into short-term capital gains and convert short-term capital losses into long-term capital losses. These rules could therefore affect the amount, timing and character of distributions to shareholders.

To the extent such investments are permissible, certain of the Fund's hedging activities (including its transactions, if any, in foreign currencies or foreign currency-denominated instruments) are likely to produce a difference between its book income and its taxable income. If the Fund's book income exceeds its taxable income, the distribution (if any) of such excess book income will be treated as (i) a dividend to the extent of the Fund's remaining earnings and profits (including earnings and profits arising from tax-exempt income), (ii) thereafter, as a return of capital to the extent of the recipient's basis in the shares, and (iii) thereafter, as gain from the sale or exchange of a capital asset. If the Fund's book income is less than taxable income, the Fund could be required to make distributions exceeding book income to qualify as a regulated investment company that is accorded special tax treatment.

Passive Foreign Investment Companies

Investment by the Fund in certain "passive foreign investment companies" ("PFICs") could subject the Fund to a U.S. federal income tax (including interest charges) on distributions received from the company or on proceeds received from the disposition of shares in the company, which tax cannot be eliminated by making distributions to Fund shareholders. However, the Fund may elect to treat a PFIC as a "qualified electing fund" ("QEF"), in which case the Fund will be required to include its share of the company's income and net capital gains annually, regardless of whether it receives any distribution from the company.

The Fund also may make an election to mark the gains (and to a limited extent losses) in such holdings "to the market" as though it had sold and repurchased holdings in those PFICs on the last day of the Fund's taxable year. Such gains and losses are treated as ordinary income and loss. The QEF and mark-to-market elections may accelerate the recognition of income (without the receipt of cash) and increase the amount required to be distributed for the Fund to avoid taxation. Making either of these elections therefore may require the Fund to liquidate other investments (including when it is not advantageous to do so) to meet its distribution requirement, which also may accelerate the recognition of gain and affect the Fund's total return.

Foreign Currency Transactions

The Fund may enter into foreign currency futures contracts and forward currency contracts to hedge or seek returns. A foreign currency futures contract is a standardized contract for the future delivery of a specified amount of a foreign currency, at a future date at a price set at the time of the contract. A forward currency contract is an obligation to purchase or sell a currency against another currency at a future date at a price agreed upon by the parties. The Fund may either accept or make delivery of the currency at the maturity of the contract or, prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. The Fund will engage in foreign currency futures contracts and forward currency transactions in anticipation of or to protect itself against fluctuations in currency exchange rates or as an investment strategy. Forward currency contracts are not traded on regulated commodities exchanges. Any Fund entering into a forward currency contract incurs the risk of default by the counter party to the transaction.

There can be no assurance that a liquid market will exist when the Fund seeks to close out a foreign currency futures or forward currency position, in which case the Fund might not be able to effect a closing purchase transaction at any particular time. While these contracts tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time, they tend to limit any potential gain which might result should the value of such currency increase.

Although the Fund values assets daily in U.S. dollars, it does not intend to physically convert its holdings of foreign currencies into U.S. dollars on a daily basis. The Fund will do so from time to time and investors should be aware of the costs of currency conversion. Although foreign exchange dealers do not charge a fee for conversion, they do realize a profit based on the difference (the "spread") between the prices at which they are buying and selling various currencies. Thus, a dealer may offer to sell a foreign currency to the Fund at one rate, while offering a lesser rate of exchange should the Fund desire to resell that currency to the dealer.

Options on Foreign Currencies

The Fund may invest in call and put options on domestic and foreign securities and foreign currencies. The Fund may purchase and write call and put options on foreign currencies as a hedge against changes in the value of the U.S. dollar (or another currency) in relation to a foreign currency in which portfolio securities of the Fund may be denominated, or as an investment strategy. A call option on a foreign currency gives the purchaser the right to buy, and a put option the right to sell, a certain amount of foreign currency at a specified price during a fixed period of time. The Fund may enter into closing sale transactions with respect to such options, exercise them, or permit them to expire.

The Fund may employ hedging strategies with options on currencies before the Fund purchases a foreign security denominated in the hedged currency, during the period the Fund holds the foreign security, or between the day the foreign security is purchased or sold and the date on which payment therefore is made or received. Hedging against a change in the value of a foreign currency in the foregoing manner does not eliminate fluctuations in the prices of portfolio securities or prevent losses if the prices of such securities decline. Furthermore, such hedging transactions reduce or preclude the opportunity for gain if the value of the hedged currency should increase relative to the U.S. dollar. The Fund will purchase options on foreign currencies for hedging purposes and may also speculate in options on foreign currencies. The Fund may invest in options on foreign currencies which are either listed on a domestic securities exchange or traded on a recognized foreign exchange.

An option position on a foreign currency may be closed out only on an exchange which provides a secondary market for an option of the same series. Although the Fund will typically purchase exchange-traded options, there is no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time. In the event no liquid secondary market exists, it might not be possible to effect closing transactions in particular options. If the Fund cannot close out an exchange-traded option which it holds, it would have to exercise its option in order to realize any profit and would incur transactional costs on the sale of the underlying assets.

Foreign Taxation

Income received by the Fund from sources within foreign countries may be subject to withholding and other taxes imposed by such countries. Tax treaties and conventions between certain countries and the U.S. may reduce or eliminate such taxes. If more than 50% of the value of the Fund's total assets at the close of its taxable year consists of securities of foreign corporations, the Fund may be able to elect to "pass through" to its shareholders the amount of eligible foreign income and similar taxes paid by the Fund. If this election is made, a shareholder generally subject to tax will be required to include in gross income (in addition to taxable dividends actually received) his or her pro rata share of the foreign taxes paid by the Fund, and may be entitled either to deduct (as an itemized deduction) his or her pro rata share of foreign taxes in computing his or her taxable income or to use it as a foreign tax credit against his or her U.S. federal income tax liability, subject to certain limitations. In particular, a shareholder must hold his or her shares (without protection from risk of loss) on the ex-dividend date and for at least 15 more days during the 30-day period surrounding the ex-dividend date to be eligible to claim a foreign tax credit with respect to a gain dividend. No deduction for foreign taxes may be claimed by a shareholder who does not itemize deductions. Each shareholder will be notified within 60 days after the close of the Fund's taxable year whether the foreign taxes paid by the Fund will "pass through" for that year.

Generally, a credit for foreign taxes is subject to the limitation that it may not exceed the shareholder's U.S. tax attributable to his or her total foreign source taxable income. For this purpose, if the pass-through election is made, the source of the Fund's income will flow through to shareholders of the Fund. With respect to the Fund, gains from the sale of securities will be treated as derived from U.S. sources and certain currency fluctuation gains, including fluctuation gains from foreign currency-denominated debt securities, receivables and payables will be treated as ordinary income derived from U.S. sources. The limitation on the foreign tax credit is applied separately to foreign source passive income, and to certain other types of income. A shareholder may be unable to claim a credit for the full amount of his or her proportionate share of the foreign taxes paid by the Fund. The foreign tax credit can be used to offset only 90% of the revised alternative minimum tax imposed on corporations and individuals and foreign taxes generally are not deductible in computing alternative minimum taxable income.

Original Issue Discount and Pay-In-Kind Securities

Current federal tax law requires the holder of a U.S. Treasury or other fixed income zero coupon security to accrue as income each year a portion of the discount at which the security was purchased, even though the holder receives no interest payment in cash on the security during the year. In addition, pay-in-kind securities will give rise to income, which is required to be distributed and is taxable even though the Fund holding the security receives no interest payment in cash on the security during the year.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund may be treated as debt securities that are issued originally at a discount. Generally, the amount of the original issue discount ("OID") is treated as interest income and is included in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. A portion of the OID includable in income with respect to certain high-yield corporate debt securities (including certain pay-in-kind securities) may be treated as a dividend for U.S. federal income tax purposes.

Some of the debt securities (with a fixed maturity date of more than one year from the date of issuance) that may be acquired by the Fund in the secondary market may be treated as having market discount. Generally, any gain recognized on the disposition of, and any partial payment of principal on, a debt security having market discount is treated as ordinary income to the extent the gain, or principal payment, does not exceed the "accrued market discount" on such debt security. Market discount generally accrues in equal daily installments. The Fund may make one or more of the elections applicable to debt securities having market discount, which could affect the character and timing of recognition of income.

Some debt securities (with a fixed maturity date of one year or less from the date of issuance) that may be acquired by the Fund may be treated as having acquisition discount, or OID in the case of certain types of debt securities. Generally, the Fund will be required to include the acquisition discount, or OID, in income over the term of the debt security, even though payment of that amount is not received until a later time, usually when the debt security matures. The Fund may make one or more of the elections applicable to debt securities having acquisition discount, or OID, which could affect the character and timing of recognition of income.

If the Fund holds the foregoing kinds of securities, it may be required to pay out as an income distribution each year an amount that is greater than the total amount of cash interest the Fund actually received. Such distributions may be made from the cash assets of the Fund or by liquidation of portfolio securities, if necessary (including when it is not advantageous to do so). The Fund may realize gains or losses from such liquidations. In the event the Fund realizes net capital gains from such transactions, its shareholders may receive a larger capital gain distribution, if any, than they would in the absence of such transactions.

Shareholders of the Fund may be subject to state and local taxes on distributions received from the Fund and on redemptions of the Fund's shares. A brief explanation of the form and character of the distribution accompany each distribution. In January of each year, the Fund issues to each shareholder a statement of the federal income tax status of all distributions. Shareholders should consult their tax advisors about the application of federal, state and local and foreign tax law in light of their particular situation.

Commodity-Related Investments and Risk Considerations

The Fund may engage in commodity-related investment strategies through commodity futures, options on commodity futures, options on commodities, commodity-linked swaps, commodity-linked structured notes, commodity-linked ETFs and ETNs. Market prices of commodities tend to be highly volatile and may fluctuate rapidly based on numerous factors, including: changes in supply and demand relationships, governmental programs and policies, national and international monetary, trade, political and economic events, wars and acts of terror, changes in interest and exchange rates, speculation and trading activities in commodities and related contracts, weather, and agricultural, trade, fiscal and exchange control policies. The price volatility of each commodity also affects the value of the futures and forward contracts related to that commodity and therefore its price at any such time. The price of any one commodity may be correlated to a greater or lesser degree with any other commodity and factors affecting the general supply and demand as well as the prices of other commodities may affect the particular commodity in question. The commodities markets are subject to temporary distortions or other disruptions due to various factors, including the lack of liquidity in the markets, the participation of speculators and government regulation and intervention. Many commodities are also highly cyclical. These factors, some of which are specific to the nature of each such commodity, may affect the value of an underlying commodity in varying ways, and different factors may cause the values of different commodities or commodity futures contracts referenced by one or more underlying commodity to move in inconsistent directions at inconsistent rates. It is not possible to predict the aggregate effect of all or any combination of these factors.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., located at 342 N. Water St., Suite 830, Milwaukee, WI 53202, serves as the Fund's Independent Registered Public Accounting Firm providing services including audit of annual financial statements and financial highlights.

**LEGAL COUNSEL**

Thompson Hine LLP, 41 South High Street, Suite 1700, Columbus, Ohio 43215 serves as the Trust's legal counsel.

**FINANCIAL STATEMENTS**

The Fund's audited financial statements contained in the Fund's Annual Report in Form N-CSR are incorporated by reference. You can obtain a copy of the financial statements contained in the Fund's Annual or Semi-Annual Report in Form N-CSR without charge at www.thewisdomfunds.com, or by calling the Fund at 1-866-969-5885.

**DISCLAIMER**

Shares of the Fund are not sponsored, endorsed, or promoted by NYSE Arca, Inc. NYSE Arca, Inc. makes no representation or warranty, express or implied, to the owners of the shares of the Fund. NYSE Arca, Inc. is not responsible for, nor has it participated in, the determination of the timing of, prices of, or quantities of the shares of the Fund to be issued, or in the determination or calculation of the equation by which the shares are redeemable. NYSE Arca, Inc. has no obligation or liability to owners of the shares of the Fund in connection with the administration, marketing, or trading of the shares of the Fund. Without limiting any of the foregoing, in no event shall NYSE Arca, Inc. have any liability for any lost profits or indirect, punitive, special, or consequential damages even if notified of the possibility thereof.

**<u>PROXY VOTING GUIDELINES</u>**

For Wisdom Fixed Income Management, LLC.

*Issue*

Rule 206(4)-6 of the Adviser's Act requires every registered investment adviser to adopt and implement written policies and procedures that are reasonably designed to ensure that client securities are voted in the best interest of clients, which procedures must include how material conflicts of interest that may arise are addressed. The rule further requires the Firm to disclose to its clients how they may obtain information from the Firm about how the Firm voted with respect to securities. Lastly, the rule requires the Firm to describe to clients the Firm's proxy voting policies and procedures and, upon request, furnish a copy of the policies and procedures to requesting clients. The Firm votes proxies for many of its clients, and, therefore, must meet the requirements of Rule 206(4)-6 of the Adviser's Act.

*Policy*

The Firm reviews each proxy statement and votes in a way that it believes is consistent with its fiduciary duty. The Firm bases its voting decisions on client securities exclusively on its judgment of what will best serve the financial interests of such clients. The Firm gives consideration to both the shot- and long-term implication of each proposal in which it votes.

To further such efforts, the Firm engages the services of a third-party proxy voting service (the "Proxy Service") to assist it with administration of the proxy voting process and help further reduce any potential conflicts of interest. In addition to general administrative assistance, the Proxy Service may also include proxy voting recommendation based upon research and guidelines posted by such. The Firm may take into consider those recommendations and any research provided; however, the Firm's proxy voting evaluation may result in proxy votes on certain issues that differ from the Proxy Service recommendations. The Firm will not deviate form its own proxy voting guidelines unless it is in the best financial interests of its clients.

*Procedures*

Proxy Voting Reporting

This Proxy Voting Policy serves as notice to Firm clients regarding the proxy voting policies and procedures and the manner in which the proxy votes are cast by the Firm. The Firm will provide, upon request, a list of how each proxy was voted for a client. Furthermore, the Firm describes its proxy voting policies and procedures in its Form ADV Part 2A, which is provided to each of its clients.

Proxy Voting Guidelines

● Election of Directors and Appointment of Accountants

The Firm will vote for management's proposed directors in uncontested elections. For contested elections, the Firm votes for candidates it believes best serve shareholders' interests. The Firm votes to ratify management's appointment of independent auditors.

● Increase Authorized Capital

The Firm generally votes for these proposals but will scrutinize any proposals with unusual circumstances, which may include, without limitation, capital increases are greatly in excess of share usage, benefits a class with superior voting rights, and the presence of a poison pill. The Firm recognizes that there are many business reasons for companies to increase their authorized capital. The additional shares often are intended to be used for general corporate purposes, to raise new investment capital for acquisitions, stock splits, recapitalizations or debt restructurings.

● Preference Shares

The Firm will carefully review proposals to authorize new issues of preference shares or increase the shares authorized for existing issues. The Firm recognizes that new issues of authorized preference shares can provide flexibility to corporate issuers as the shares can be issued quickly without further shareholder approval in connection with financings or acquisitions. Therefore, generally the Firm will not oppose proposals to authorize the issuance of preferred shares. The Firm will, however, scrutinize any such proposals which give the Board the authority to assign disproportionate voting rights at the time the shares are issued.

● Dual Capitalization, Other Preferential Voting Rights

The Firm will generally vote against proposals to divide share capital into two or more classes or to otherwise create classes of shares with unequal voting and dividend rights. The Firm is concerned that the effect of these proposals, over time, is to consolidate voting power in the hands of relatively few insiders, disproportionate to their percentage ownership of the company's share capital as a whole. This concentration of voting power can effectively block any takeover which management opposes and dilute accountability to shareholders.

● Merger/Acquisition

All proposals are reviewed on a case by case basis by taking the following into consideration:

● whether the proposed acquisition price represents fair value;

● whether shareholders could realize greater value through other means; and

● whether all shareholders receive equal/fair treatment under the merger acquisition terms.

● Restructuring/Recapitalization

All proposals are reviewed on a case by case basis taking the following into consideration:

● whether the proposed restructuring/recapitalization is the best means of enhancing shareholder value;

● whether the company's longer term prospects will be positively affected by the proposal.

● Provide Director Indemnification

The Firm will vote for proposals to provide corporate indemnification for directors if consistent with all relevant laws. Corporations face great obstacles in attracting and retaining capable directors. The Firm believes such proposals will contribute to corporations' ability to attract qualified individuals and will enhance the stability of corporate management. Notwithstanding the foregoing, the Firm shall scrutinize any such proposals that would eliminate or material affect a director's liability with respect to a breach of fiduciary duties.

● Share Option Plans

The Firm will generally vote against proposals which authorize:

● more than 10% of the company's outstanding shares to be reserved for the award of share options; or

● the award of share options to Employees and/or non Employees of the company (for instance, outside directors and consultants) if the exercise price is materially less than the share's fair market value at the date of the grant of the options and does not carry relevant performance hurdles for exercise; or

● the exchange of outstanding options for new ones at lower exercise prices.

● Majority Independent Board

The Firm will generally vote for proposals calling for a majority outside board. The Firm believes that a majority of independent directors can be an important factor in facilitating objective decision making and enhancing accountability to shareholders.

● Executive Compensation

The Firm will generally vote against proposals to restrict Employee compensation, but will scrutinize any proposals that the Firm believes misalign compensation and company performance. The Firm feels that the specific amounts and types of Employee compensation are within the ordinary business responsibilities of the Board of Directors and company management; provided, however, that share option plans meet our guidelines for such plans as set forth herein. On a case by case basis, the Firm will vote for proposals requesting more detailed disclosure of Employee compensation, especially if the company does not have a majority outside board.

Conflicts of Interest

In connection with any security which is the subject of a proxy vote, the Firm will determine whether any conflict of interest exists between the Firm or its Affiliates, on the one hand, and the beneficial owners of the securities, on the other hand. If a conflict of interest is identified, the Firm's portfolio managers, Chief Compliance Officer, and internal or external legal counsel will consult with each other relating to the best method to resolve any actual or apparent conflict between the interest of the Firm and its Clients, in a manner that seeks to vote the best interest of the Client without regard to the conflict. As such, the Firm will determine whether it is appropriate to disclose the conflict to the affected Clients, to give the Clients an opportunity to vote the proxies themselves, or to address the voting issue through other objective means such as voting in a manner consistent with the voting guidelines set forth by the Proxy Service or receiving another independent third-party recommendation. The Firm will maintain a record of the voting resolution of any conflict of interest.

Form N-PX

For such time that the Firm is required to file the Form 13F, the Firm is required to file the Form N-PX. The Form N-PX requires reporting on proxy voting records, specifically focusing on "say-on-pay" votes. The Form N-PX is due annually by August 31<sup>st</sup>, and covers the period from July 1<sup>st</sup> of the previous year to June 30 of the current year.

*Responsibilities*

<u>The Portfolio Managers</u> are responsible for identifying the proxies upon which the Firm will vote, voting the proxies in the best interest of Firm clients, and submitting the proxies promptly and properly. The Portfolio Managers shall further confirm on a quarterly basis that all proxies were voted as they instructed and in a timely manner.

<u>Compliance</u> is responsible for reviewing quarterly proxy reports, confirming all proxies were voted timely, and filing the Form N-PX.

<u>Client Relations</u> is responsible for providing each requesting client a record of how all votes on securities were made during the applicable period.

PART C

OTHER INFORMATION

Item 28. Exhibits.

(a) &nbsp;&nbsp;&nbsp;&nbsp;(i) Articles
 of Incorporation. Registrant's [Agreement and Declaration of Trust](https://www.sec.gov/Archives/edgar/data/1524348/000116204411000582/rangern1aexa201107.htm) is incorporated by reference to Registrant's Registration
 Statement filed July 1, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Certificate of Amendment to Certificate of Trust](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001333/exhibita.htm) is incorporated by reference to the Post-Effective
 Amendment No. 50 to the Registrant's Registration Statement filed November 27, 2024.

(b) By-Laws.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Registrant's [By-Laws](https://www.sec.gov/Archives/edgar/data/1524348/000116204411000582/rangern1aexb201107.htm) are incorporated by reference to Registrant's Registration Statement filed July 1, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amended and Restated By-Laws](https://www.sec.gov/Archives/edgar/data/1524348/000116204421001515/bylaws.htm) are incorporated by reference to Post-Effective Amendment No.
 32 to the Registrant's Registration Statement filed November 30, 2021.

(c) Instruments Defining Rights of Security Holder. None other than in the Declaration of Trust and By-Laws of the Registrant.

(d) Investment Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Management Agreement with Ranger Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1524348/000116204421001515/managementagrmnt.htm) is incorporated by reference to
 Post-Effective Amendment No. 32 to the Registrant's Registration Statement filed November
 30, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amended and Restated Expense Limitation Agreement with Ranger Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1524348/000116204420001495/ranger485bposexd7202011.htm) is incorporated by reference to the Post-Effective Amendment No. 32 to the Registrant's
 Registration Statement filed November 30, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. [First Amendment to the Operating Expense Limitation Agreement with Ranger Investment Management, L.P.](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001333/exhibitd.htm) is incorporated by reference to the Post-Effective Amendment No. 50 to the Registrant's
 Registration Statement filed November 27, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Management Agreement with Wisdom Fixed Income Management, LLC](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001358/managementagreement.htm) is incorporated by reference to
 the Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed
 December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Operating Expenses Limitation Agreement with Wisdom Fixed Income Management, LLC](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001358/expenselimitationagrmt.htm) is incorporated
 by reference to the Post-Effective Amendment No. 54 to the Registrant's Registration
 Statement filed December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(v) [Amended Management Agreement with Wisdom Fixed Income Management, LLC](ex99-dv.htm) with respect to Wisdom
 Short Duration Income ETF, filed herewith.

(e) Underwriting Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Tri-Party Agreement for Distribution Services with respect to Ranger Small Cap Fund and Ranger Micro Cap Fund](https://www.sec.gov/Archives/edgar/data/1524348/000116204419000711/tripartyquestandintl.htm) is incorporated by reference to the Post-Effective Amendment No. 24
 to the Registrant's Registration Statement filed November 29, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Tri-Party Agreement for Distribution Services with respect to Wisdom Short Duration Income Fund and Wisdom Short Term Government Fund](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001358/tripartydistsvcsagrmnt.htm) is incorporated by reference to the Post-Effective
 Amendment No. 54 to the Registrant's Registration Statement filed December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Distribution Agreement with Paralel Distributors LLC](ex99-eiii.htm) with respect to Wisdom Short Duration Income
 ETF filed herewith.

(f) Bonus or Profit Sharing Contracts. None.

(g) Custodial Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [Custody Agreement with U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/1524348/000116204411000921/rangern1aaexg201109.htm) is incorporated by reference to the
 Pre-Effective Amendment No. 2 to Registrant's Registration Statement filed September
 28, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amended Custody Agreement with U.S. Bank National Association](https://www.sec.gov/Archives/edgar/data/1524348/000116204419000417/thirdamendmentcustagrmnt.htm) is incorporated by reference
 to the Post-Effective Amendment No. 22 to the Registrant's Registration Statement filed
 June 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Custody Agreement with Fifth Third Bank, National Association](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001358/custodyagreement.htm) is incorporated by reference
 to the Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed
 December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Custody Agreement with State Street Bank and Trust Company](ex99-giv.htm) with respect to Wisdom Short Duration
 Income ETF filed herewith.

(h) Other Material Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Fund Accounting Agreement with Mutual Shareholder Services](https://www.sec.gov/Archives/edgar/data/1524348/000116204411000921/rangern1aaexh1201109.htm) is incorporated by reference
 to the Pre-Effective Amendment No. 2 to Registrant's Registration Statement filed September
 28, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Transfer Agent Agreement with Mutual Shareholder Services](https://www.sec.gov/Archives/edgar/data/1524348/000116204411000921/rangern1aaexh2201109.htm) is incorporated by reference to
 the Pre-Effective Amendment No. 2 to Registrant's Registration Statement filed September
 28, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Management Services Agreement with Ranger Asset Management Company, LLC](https://www.sec.gov/Archives/edgar/data/1524348/000116204423001242/exhibithmgmntsvcagrmt.htm) Association is incorporated
 by reference to the Post-Effective Amendment No. 35 to the Registrant's Registration
 Statement filed November 28, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Transfer Agent Agreement with State Street Bank and Trust Company](ex99-hiv.htm) with respect to Wisdom Short
 Duration Income ETF filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;(v) [Fund Administration and Accounting Agreement](ex99-hv.htm) with Paralel Technologies LLC with respect to
 Wisdom Short Duration Income ETF filed herewith.

Legal Opinion.

(i) [Legal Opinion and Consent of Thompson Hine LLP](ex99-i.htm) filed herewith.

(j) Other Opinions. Consent of Independent Registered Public Accounting Firm filed herewith.

(k) Omitted Financial Statements. None.

(l) Initial Capital Agreements. [Subscription Agreement between the Trust and the Initial Investor](https://www.sec.gov/Archives/edgar/data/1524348/000116204411000921/rangern1aaexl201109.htm) is incorporated by reference to the Pre-Effective Amendment No. 2 to Registrant's Registration Statement filed September 28, 2011.

(m) Rule 12b-1 Plans.

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Rule 12b-1 Plan](https://www.sec.gov/Archives/edgar/data/1524348/000116204411001060/ranger485bposexm201111.htm) is incorporated by reference to the Post-Effective Amendment No. 2 to
 Registrant's Registration Statement filed November 4, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amended Rule 12b-1 Plan](https://www.sec.gov/Archives/edgar/data/1524348/000116204419000417/rule12b1plan.htm) is incorporated by reference to the Post-Effective Amendment No.
 22 to the Registrant's Registration Statement filed June 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Amended Rule 12b-1 Plan](ex99-miii.htm) filed herewith.

(n) Rule 18f-3 Plan.

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Rule 18f-3 Plan](https://www.sec.gov/Archives/edgar/data/1524348/000116204411000921/rangern1aaexn201109.htm) is incorporated by reference to the Pre-Effective Amendment No. 2 to Registrant's
 Registration Statement filed September 28, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Amended Rule 18f-3 Plan](https://www.sec.gov/Archives/edgar/data/1524348/000116204419000417/rule18f3plan.htm) is incorporated by reference to the Post-Effective Amendment No.
 22 to the Registrant's Registration Statement filed June 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Amended Rule 18f-3 Plan](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001358/ranger18f3plan.htm) is incorporated by reference to the Post-Effective Amendment No.
 54 to the Registrant's Registration Statement filed December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(v) [Amended Rule 18f-3 Plan](ex99-nv.htm) filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Reserved.

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

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Joint Code of Ethics for Spend Life Wisely Funds Investment Trust and Ranger Investment Management, L.P](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001358/rfitcodeofethics.htm) is incorporated by reference to the Post-Effective Amendment No. 54 to the Registrant's
 Registration Statement filed December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Code of Ethics for Ranger Investment Management, LP](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001358/rimcodeofethics.htm) is incorporated by reference to the
 Post-Effective Amendment No. 54 to the Registrant's Registration Statement filed December
 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Code of Ethics for Wisdom Fixed Income Management, LLC](https://www.sec.gov/Archives/edgar/data/1524348/000116204424001358/wisdomcodeofethics.htm) is
 incorporated by reference to the Post-Effective Amendment No. 54 to the Registrant's
 Registration Statement filed December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) [Code of Ethics for Paralel Distributors LLC](ex99-piv.htm) filed herewith.

(q) Powers of Attorney.

&nbsp;&nbsp;&nbsp;&nbsp;(i) [Powers of Attorney for the Trust, and a certificate with respect thereto, Curtis A. Hite and Jason C. Elliot and each executive officer](https://www.sec.gov/Archives/edgar/data/1524348/000116204411000921/rangern1aaexq201109.htm) , are incorporated by reference to the
 Pre-Effective Amendment No. 2 to Registrant's Registration Statement filed September
 28, 2011.

&nbsp;&nbsp;&nbsp;&nbsp;(ii) [Power of Attorney for Benjamin C. Bell](https://www.sec.gov/Archives/edgar/data/1524348/000116204419000206/ranger485aposexq201904.htm) is incorporated by reference to the Post-Effective
 Amendment No. 20 to Registrant's Registration Statement filed April 10, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) [Powers of Attorney for Larrie Weil and Peter Carlsen](https://www.sec.gov/Archives/edgar/data/1524348/000116204421001515/powerofattorneylw.htm) are incorporated by reference to Post-Effective
 Amendment No. 32 to the Registrant's Registration Statement filed November 30, 2021.

Item 29. Control Persons. The Wisdom Short Duration Income ETF, Wisdom Short Term Government Fund, and Wisdom Fixed Income Management, LLC are deemed to be under the indirect common control of Greg Massey.

Item 30. Indemnification.

Reference is made to Article VI of the Registrant's Agreement and Declaration of Trust which is included. The Registrant maintains a standard mutual fund and investment advisory professional and directors and officers liability policy. The policy, if maintained, would provide coverage to the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage under the policy could include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty. Reference is made to Section six of the Distribution Agreement with Paralel Distributors LLC; Section 20 of the Custody Agreement with State Street Bank & Trust Company; Section four of the Administration and Fund Accounting Agreement with Paralel Technologies LLC; Section ten of the Tri-Party Agreement for Distribution Services with Arbor Court Capital LLC; Article ten of the Custody Agreement with U.S. Bank, N.A.; and Section five of the Transfer Agent Agreement with Mutual Shareholder Services LLC. The application of these provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

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

Item 31. Business and Other Connections of the Investment Advisers. Additional information regarding Ranger Investment Management, L.P., 8115 Preston Road, Suite 590, Dallas, Texas 75225, its officers and partners is incorporated by reference to the Statement of Additional Information filed herewith, and its Form ADV, file number 801-62397. Additional information regarding Wisdom Fixed Income Management, LLC, 1845 Woodall Rodgers Fwy, Suite 1000, Dallas, Texas 75201, its officers and partners is incorporated by reference to the Statement of Additional Information filed herewith, and its Form ADV, file number 801-130867.

Item 32. Principal Underwriters.

(a)(i) Arbor Court Capital, LLC ("ACC"), is the principal underwriter for certain series of the Spend Life Wisely Funds Investment Trust. ACC also acts as principal underwriter for the following:

Ancora Trust, Archer Investment Series Trust, Berkshire Focus Fund, Clark Fork Trust, Collaborative Investment Series Trust, Footprints Discover Value Fund, Frank Funds, Monteagle Funds, MP63 Fund, Inc., Neiman Funds, Parvin Hedged Equity Solari World Fund, PFS Fund Trust, WP Trust. ACC is registered with Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority, Inc. The principal business address of ACC is 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio 44147.

(b)(i) To the best of Registrant's knowledge, the following are the directors and officers of ACC:

---

| | | |
|:---|:---|:---|
| **Name and Principal Business** <br> **Address**  | **Positions and Offices with Underwriter** | **Positions and Offices with the Trust** |
| Gregory B. Getts <br> 8000 Town Centre Drive, Suite 400 <br> Broadview Heights, Ohio 44147  | President, Financial Principal and CFO |  |
| Steven A. Milcinovic <br> 8000 Town Centre Drive, Suite 400 <br> Broadview Heights, Ohio 44147  | Chief Compliance Officer, Chief Operating Officer |  |

---

(c)(i) None

(a)(ii) Paralel Distributors LLC ("PD"), is the principal underwriter to two series of the Spend Life Wisely Funds Investment Trust. As of the date of this Registration Statement, PD also acts as the underwriter for:

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

(b)(ii) To the best of Registrant's knowledge, the directors and officers of PD are as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name and Principal Business Address** | &nbsp;&nbsp;**Positions and Offices with Underwriter** | &nbsp;&nbsp;**Positions and Offices with Trust** |
| &nbsp;&nbsp;Brad Swenson<br> 1700 Broadway, Suite 1850<br> Denver, CO 80290 | &nbsp;&nbsp;President, Chief Compliance Officer and FINOP |  |
| &nbsp;&nbsp;Jeremy May <br> 1700 Broadway, Suite 1850<br> Denver, CO 80290  | &nbsp;&nbsp;Chief Executive Officer |  |
| &nbsp;&nbsp;Christopher Moore <br> 1700 Broadway, Suite 1850<br> Denver, CO 80290  | &nbsp;&nbsp;General Counsel |  |

---

(c)(ii) None

Item 33. Location of Accounts and Records.

All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and Rules 31a-1 through 31a-4 thereunder are maintained at the offices of the Registrant, Underwriters, Transfer Agents, Custodians, and Investment Advisers. The address of underwriter Arbor Court Capital LLC is 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio 44147. The address of underwriter Paralel Distributors LLC and administrator Paralel Technologies LLC is 1700 Broadway, Suite 1850, Denver, CO 80290. The address of transfer agent Mutual Shareholder Services LLC is 8000 Town Centre Drive, Suite 400, Broadview Heights, Ohio 44147. The address of transfer agent State Street Bank & Trust Company is 1 Congress Street, Suite 1, Boston, Massachusetts 02114. The address of custodian U.S. Bank National Association is 425 Walnut Street, 6th Floor, Cincinnati, OH 45202. The address of custodian Fifth Third Bank, National Association is 38 Fountain Square Plaza, MD 1090X9, Cincinnati, OH 45202. The address of custodian State Street Bank & Trust Company is 1 Congress Street, Suite 1, Boston, Massachusetts 02114. The address of investment adviser Ranger Investment Management, L.P. is 8115 Preston Road, Suite 590, Dallas, Texas 75225. The address of investment adviser Wisdom Fixed Income Management, LLC, is 1845 Woodall Rodgers Fwy, Suite 1000, Dallas, Texas 75201.

Item 34. Management Services. Not applicable.

Item 35. Undertakings. Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and Investment Company Act of 1940, the Registrant certifies it meets all of the requirements for effectiveness of this registration statement under rule 485(b) under the Securities Act and the Registrant has duly caused this registration statement to be signed on its behalf by the undersigned, duly authorized in the City of Columbus, State of Ohio on the 30th day of October 2025.

---

| | |
|:---|:---|
| **Spend Life Wisely Funds Investment Trust** | **Spend Life Wisely Funds Investment Trust** |
| By: | Kenneth Scott Canon\* |
| Kenneth Scott Canon | Kenneth Scott Canon |
| President and Principal Executive Officer | President and Principal Executive Officer |

---

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

---

| | | |
|:---|:---|:---|
| Name | Title | Date |
| Curtis A. Hite\* | Trustee | October 30, 2025 |
| Jason Christopher Elliot\* | Trustee | October 30, 2025 |
| Larrie A. Weil\* | Trustee | October 30, 2025 |
| Kenneth Scott Canon\* | President, Principal Executive Officer | October 30, 2025 |
| Joseph W. Thompson\* | Treasurer, Chief Financial Officer, | October 30, 2025 |
|  | Principal Financial Officer |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Michael V. Wible |
|  | &nbsp;&nbsp;&nbsp;Michael V. Wible |
|  | &nbsp;&nbsp;&nbsp;Attorney-in-Fact |

---

Exhibit Index

---

| | | |
|:---|:---|:---|
| [1](ex99-dv.htm) | [Amended Management Agreement with Wisdom Fixed Income Management, LLC with respect to Wisdom Short Duration Income ETF](ex99-dv.htm) | [Ex-99.28(d)(v)](ex99-dv.htm) |
| [2](ex99-eiii.htm) | [Distribution Agreement with Paralel Distributors LLC with respect to Wisdom Short Duration Income ETF](ex99-eiii.htm) | [Ex-99.28(e)(iii)](ex99-eiii.htm) |
| [3](ex99-giv.htm) | [Custody Agreement with State Street Bank and Trust Company with respect to Wisdom Short Duration Income ETF](ex99-giv.htm) | [Ex-99.28(g)(iv)](ex99-giv.htm) |
| [4](ex99-hiv.htm) | [Transfer Agent Agreement with State Street Bank and Trust Company with respect to Wisdom Short Duration Income ETF](ex99-hiv.htm) | [Ex-99.28(h)(iv)](ex99-hiv.htm) |
| [5](ex99-hv.htm) | [Fund Administration and Accounting Agreement with Paralel Technologies LLC with respect to Wisdom Short Duration Income ETF](ex99-hv.htm) | [Ex-99.28(h)(v)](ex99-hv.htm) |
| [6](ex99-i.htm) | [Legal Opinion and Consent of Thompson Hine LLP](ex99-i.htm) | [Ex-99.28(i)](ex99-i.htm) |
| 7 | Consent of Independent Registered Public Accounting Firm | Ex-99.28(j) |
| [8](ex99-miii.htm) | [Amended Rule 12b-1 Plan](ex99-miii.htm) | [Ex-99.28(m)(iii)](ex99-miii.htm) |
| [9](ex99-nv.htm) | [Amended Rule 18f-3 Plan](ex99-nv.htm) | [Ex-99.28(n)(v)](ex99-nv.htm) |
| [10](ex99-piv.htm) | [Code of Ethics for Paralel Distributors LLC](ex99-piv.htm) | [Ex-99.28(p)(iv)](ex99-piv.htm) |

---

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(d)(v)**

**AMENDMENT TO MANAGEMENT AGREEMENT**

To: Wisdom Fixed Income Management, LLC ("adviser")

1 845 Woodall Rodgers Fwy, Ste 1000

Dallas, Texas 75201

Dear Sirs:

SPEND LIFE WISELY FUNDS INVESTMENT TRUST (the "Trust") herewith confirms amendments to our agreement with you with respect to the Wisdom Short Duration Income Fund, to be known as the Wisdom Short Duration Income ETF (the "Fund").

Effective on the commencement of operations as an exchange-traded fund (ETF), the section of the Management Agreement entitled "Allocation of Charges and Expenses" is restated as follows, solely with respect to the Fund.

"You will pay all operating expenses of the Fund, including the compensation and expenses of any employees of the Fund and of any other persons rendering any services to the Fund; clerical and shareholder service staff salaries; office space and other office expenses; fees and expenses incurred by the Fund in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws, including expenses incurred by the Fund in connection with the registration of shares of a Fund; insurance expenses; fees and expenses of the custodian, transfer agent, dividend disbursing agent, shareholder service agent, plan agent, administrator, accounting and pricing services agent and underwriter of the Fund and exchange listing fees; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Fund (except as borne by authorized participants); the cost of preparing and distributing reports and notices to shareholders, the cost of printing or preparing prospectuses and statements of additional information for delivery to shareholders; the cost of printing or preparing stock certificates or any other documents, statements or reports to shareholders; expenses of shareholders' meetings and proxy solicitations; advertising, promotion and other expenses incurred directly or indirectly in connection with the sale or distribution of the Fund's shares, excluding the management fee, expenses which the Fund is authorized to pay pursuant to Rule 12b-1 under Investment Company Act of 1940, as amended; borrowing costs, taxes, brokerage expenses, acquired fund fees and expenses, and extraordinary expenses."

Effective on the commencement of operations as an exchange-traded fund (ETF), the section of the Management Agreement entitled "Compensation of the Manager" and "Exhibit to the Agreement" is restated as follows, solely with respect to the Fund, in relevant part.

"Pursuant to this Management Agreement the adviser is entitled to receive a monthly unitary management fee at an annual rate of 0.40% of the Fund's average daily net assets. However, the management fee is subject to breakpoints such that fees are 0.40% on the first $500 million, 0.35% on the next $500 million, and 0.30% on amounts over $1 billion."

*Signature Page Follows*

Yours very truly,

**SPEND LIFE WISELY FUNDS INVESTMENT TRUST**

Dated: with effect as of November 3, 2025

By: <u>/s/</u> 

Name: Scott Canon

Title: President

**ACCEPTANCE:**

The foregoing Agreement is hereby accepted.

**WISDOM FIXED INCOME MANAGEMENT, LLC**

Dated: with effect as of November 3, 2025

By: <u>/s/</u> 

Name: Wesley McDowell

Title: General Counsel and Authorized Signatory

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(e)(iii)**

**DISTRIBUTION AGREEMENT**

This Distribution Agreement (the "Agreement") is made effective this October, 2025, by and between the Spend Life Wisely Funds Investment Trust, a Delaware statutory 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 expenses from the Trust for the services provided by the Distributor pursuant to this Agreement. The Distributor may receive compensation from the 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 or gross negligence; (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 or gross negligence of 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(h)) 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 or gross negligence 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 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. 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. 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, 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;(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 Delaware statutory 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 Paralel:** | &nbsp;&nbsp;(ii) **If to the Trust:** |
| &nbsp;&nbsp;Paralel Distributors LLC <br> 1700 Broadway Suite 1230 <br> Denver, Colorado 80290 <br> Attn: General Counsel <br> Email: legalnotice@paralel.com; chris@paralel.com<br>| &nbsp;&nbsp;Spend Life Wisely Funds Investment Trust <br> 1845 Woodall Rodgers Fwy, Ste 1000 <br> Dallas, Texas 75201 <br> Attn: Secretary <br> Email: wmcdowell@rangercap.com; <br> jwthompson@rangercap.com<br>With Copy to: <br>Thompson Hine LLP <br> 41 South High Street #1700 <br> Columbus, Ohio 43215 <br> Attn: Fund Counsel <br> Email: parker.bridgeport@thompsonhine.com; <br> joann.strasser@thompsonhine.com<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.

---

| | |
|:---|:---|
| **SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | **SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| A Delaware statutory trust | A Delaware statutory trust |
| By: | /s/ |
| Name: | Jay Thompson |
| Title: | Treasurer |

---

---

| | |
|:---|:---|
| **PARALEL DISTRIBUTORS LLC** | **PARALEL DISTRIBUTORS LLC** |
| A Delaware limited liability company | A Delaware limited liability company |
| By: | /s/ |
| Name: | Bradley Swenson |
| Title: | President |

---

**EXHIBIT A**

**Funds**

&nbsp;&nbsp;&nbsp;&nbsp;1. Wisdom
 Short Duration Income ETF

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(g)(iv)**

**CUSTODY AGREEMENT**

**This Agreement** (the "Agreement") is made as of October 6, 2025 (the "Effective Date") **between**:

**(1)** Each
 management investment company identified on Appendix A, including, if applicable, the
 management investment company on behalf of each of its series identified on Appendix
 A (each, a "Client")

**(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").

1 Definitions and Interpretation

Defined terms and the general rules of interpretation agreed by the Parties are set forth in Schedule 1.

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.

3 Safekeeping Securities

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 |

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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| **5** | **Transaction Settlement** |

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**6.4** **Fractional Positions.** Fractional positions resulting from Corporate Actions will be dealt with
 in accordance with the Client Publications.

Information Classification: Limited Access

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| **7** | **Proxy Servicing** |

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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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&nbsp;&nbsp;&nbsp;&nbsp;**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.

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**11.2** **No Other Services.** The Custodian will not otherwise perform any other Services in relation
 to such Investment Documents.

Information Classification: Limited Access

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| **12** | **Alternative Asset Servicing** |

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

13 Foreign Exchange

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

14 Subcustodians

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.** **Provisions Relating to Rule 17f-5** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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."

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

15 Central Securities Depositories

&nbsp;&nbsp;&nbsp;&nbsp;**15.1** **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 **.** 

&nbsp;&nbsp;&nbsp;&nbsp;**15.2** **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.

&nbsp;&nbsp;&nbsp;&nbsp;**15.3** **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.

&nbsp;&nbsp;&nbsp;&nbsp;**15.4** **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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|:---|:---|
| **15A.** | **Provision of Fund Accounting Services** |

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**15A.1** With effect from the Effective Date, the Custodian agrees to provide to the Client the fund accounting services described in <u>Appendix 1</u> (the "**Fund Accounting Services**"), subject to and in accordance with the terms of the Agreement, which Fund Accounting Services shall be "Services" under this Agreement.

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|:---|:---|
| **15B.** | **Provision of ETF Services** |

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|:---|:---|
| **15B.1** | 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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9 GCA.US40ACT.20240823

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|:---|:---|
| **15B.2** | **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 NYSE Arca (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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|:---|:---|
| **15B.3** | **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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| | |
|:---|:---|
| **15B.4** | **Creation and Redemption of Creation Units.** |

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| | |
|:---|:---|
| **15B.4.1** | **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. |

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|:---|:---|
| **15B.4.2** | **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

16 Delegation

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

17 Standard of Care and Liability

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

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11 GCA.US40ACT.20240823

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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

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| | |
|:---|:---|
| **19** | **Limits on the Scope of the Services** |

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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13 GCA.US40ACT.20240823

20 Indemnity

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.1** involves
 only the payment of money;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.2** fully
 and unconditionally releases the Indemnified Party from any liability in exchange for
 the amount paid in settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.6.3** does
 not include any admission of fault or liability in relation to the Indemnified Party.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;**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.

21 Obligations of the Client

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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15 GCA.US40ACT.20240823

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|:---|:---|
| 22 | Proper Instructions |

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&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.1** the
 Custodian, in good faith, determines that the instruction may not have been properly
 authorized;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.6.2** the
 instruction is inaccurate, incomplete or unclear;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7.1** the
 Custodian has not already acted on the previously issued Proper Instructions; and

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**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").

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

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17 GCA.US40ACT.20240823

&nbsp;&nbsp;&nbsp;&nbsp;**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.

24 Confidentiality and Use of Data

&nbsp;&nbsp;&nbsp;&nbsp;**24.1** **Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3** **Disclosure of Confidential Information and Data** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 GCA.US40ACT.20240823

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

25 Term and Termination

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.1** **Term.** This Agreement will commence on the Effective Date and will continue until terminated
 in accordance with this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2** **Termination Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.2.1** **Prior Notice.** The Parties agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1.1 the
 Client may terminate this Agreement by giving not less than 30 days' prior written
 notice to the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.1.2 the
 Custodian may terminate this Agreement by giving not less than 270 days' prior
 written notice to the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.1 an
 Insolvency Event occurs in relation to 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.2.2.3 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.3** **Actions on Termination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

26 Representations and Warranties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 GCA.US40ACT.20240823

27 Record Retention and Audit Rights

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

28 Business Continuity, Internal Controls and Information Security

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

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| | |
|:---|:---|
| 29 | General |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.1.1** provide
 a wide range of financial services to many clients of different kinds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2** **Disclosure of Conflicts.** In connection with the matters outlined in Section 29.1.1, the Custodian,
 its Subcustodians and their Affiliates:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.1** may
 do business with each client on different contractual or financial terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.3** may
 act as principal in its own interests, or as agent for its other clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.2.4** may
 act or refrain from acting based upon information derived from such activities that is
 not available to the Client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.1** when
 delivered by hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.3** on
 the next Business Day after being sent by overnight courier service for next Business
 Day delivery; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.3.4** on
 the third Business Day after being sent by certified or registered mail, return receipt
 requested;

Information Classification: Limited Access

23 GCA.US40ACT.20240823

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.13 Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.14** **Qualified Financial Contracts**. In the event that the Client is domiciled and organized outside
 of the United States, such Client and the Custodian hereby agree to be bound by the terms
 of the QFC addendum attached hereto as <u>Appendix B</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.15 The
 Parties; Additional Clients

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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 GCA.US40ACT.20240823

Signed by the Parties:

SPEND LIFE WISELY FUNDS INVESTMENT TRUST

On behalf of its series listed on Appendix A attached hereto

---

| | |
|:---|:---|
| By:<u> </u> | /s/ |

---

Name: <u>Jay Thompson </u>

Title: <u>Treasurer </u>

Date: <u>September 22, 2025 </u>

STATE STREET BANK AND TRUST COMPANY

---

| | |
|:---|:---|
| By: | /s/ |

---

Name: <u>Andrea E. Sharp</u>

Title: <u>Managing Director</u>

Date: <u>September 24, 2025</u>

Information Classification: Limited Access

**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 <br> 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.

Information Classification: Limited Access <br> 28

"**Eligible Securities Depository**" has the meaning set out in section (b)(1) of Rule 17f-7.

"**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 <br> 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.

Information Classification: Limited Access <br> 30

"**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.

"**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 <br> 31

**Schedule 2<br> Notices**

**(Section 29)**

CUSTODIAN: STATE STREET BANK AND TRUST COMPANY

Attention: Senior Vice President – Custody Operations

CC: Legal Department

Address: One Congress Street, Suite 1 <br> Boston, MA 02114

Telephone No:

Email: *[TBD]*

CLIENT: SPEND LIFE WISELY FUNDS INVESTMENT TRUST

Attention: Attn: Chief Compliance Officer

Address: 1845 Woodall Rodgers Fwy, Ste 1000, Dallas, TX 75201

Telephone No: (214)871-5200

---

| | |
|:---|:---|
| Email: | wmcdowell@rangercap.com; jwthompson@rangercap.com |
| With a copy to: |  |
|  | Thompson Hine LLP |
|  | 41 South High Street #1700 |
|  | Columbus, Ohio 43215 |
|  | Attn: Fund Counsel |
|  | Email: parker.bridgeport@thompsonhine.com; |
|  | joann.strasser@thompsonhine.com |

---

Information Classification: Limited Access <br> 32

**Appendix A**

**List of Funds Client Entities**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Fund Name</u>** | &nbsp;&nbsp;**<u>Jurisdiction of Formation</u>** |
| &nbsp;&nbsp;**ETF Clients:** <br> [Trust Name] Spend Life Wisely Funds Investment Trust  | &nbsp;&nbsp;Delaware<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisdom Short Duration Income ETF |  |
| &nbsp;&nbsp;**Mutual Fund Clients:** |  |
| &nbsp;&nbsp;&nbsp;[Trust Name] Spend Life Wisely Funds Investment Trust | &nbsp;&nbsp;Delaware |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wisdom Short Term Government Fund |  |

---

Information Classification: Limited Access <br> 33

**Appendix 1**

**Fund Accounting Services**

---

| |
|:---|
| &nbsp;&nbsp;**Core Services** |
| &nbsp;&nbsp;● Maintain market value of assets in each [Portfolio/Vehicle] at the frequency agreed with the Client, using the Authorized Data Sources and in accordance with the methodologies and tolerance checks agreed with the Client.<br>|
| &nbsp;&nbsp;● Calculate market value of assets in each [Portfolio/Vehicle] at the frequency agreed with the Client, using the Authorized Data Sources and in accordance with the methodologies and tolerance checks agreed with the Client. <br> ● Notify the Client of any securities that cannot be priced in accordance with the agreed methodology and Authorized Price Sources and provide stale price report whenever any security cannot be priced for the period agreed with the Client (e.g. 5 consecutive days).<br>|
| &nbsp;&nbsp;● Record the accrual of income to be received by each [Portfolio/Vehicle] and the receipt of all income by each [Portfolio/Vehicle]. <br> ● Amortize the fixed income assets for each [Portfolio/Vehicle] in accordance with the amortization methodology agreed with the Client. <br> ● Accrue expenses for each [Portfolio/Vehicle] in accordance with methodology agreed with the Client, including accruals for tax provisions and management / performance fees and fees for all other service providers (as relevant). <br> ● Review any significant differences between accruals and payments.<br>|
| &nbsp;&nbsp;● Record investment transactions (e.g. purchases, sales and transfers) for each [Portfolio/Vehicle] as notified by the Client or its investment manager/other agents (including transactions in derivatives, foreign currencies and unlisted pooled funds, as relevant). <br> ● Record capital activity as required for each [Portfolio/Vehicle/Class]. <br> ● Record the impact of corporate actions on the securities in each [Portfolio/Vehicle], using information received from Client, its custodian/broker and/or standard commercial services.<br>|
| &nbsp;&nbsp;● Calculate the net asset value of each [Portfolio/Vehicle] and net asset value per share or unit of ownership (as applicable) of each [Portfolio/Vehicle] in accordance with the valuation methodology [agreed with the Client / in the Governing Documents] and at the frequency agreed with the Client. <br> ● Perform book basis profit and loss allocations for partnership structures. <br> ● Publish/distribute NAV information as agreed with the Client.<br>|
| &nbsp;&nbsp;● Perform agreed reconciliations of the accounting books and records to the records maintained by the investment manager or Client's other service providers and counterparties (e.g., custodians, prime brokers, investment managers, banks etc.) at the frequency agreed with the Client. <br> ● Work with relevant third party and/or Client to resolve any identified exceptions.<br>|
| &nbsp;&nbsp;● Record value of derivatives for each [Portfolio/Vehicle] in the accounting books and records from Authorized Data Sources and reconcile the derivatives so recorded to the positions reported by brokers/counterparties <br> ● If applicable, calculate and record [initial margin and] variation margin in the accounting books and records and reconcile to [initial margin and] variation margin reported by brokers/counterparties.  |

---

Information Classification: Limited Access <br> 34

**Appendix B**

**QFC Addendum**

**Opt-In to U.S. Special Resolution Regime**. Notwithstanding anything to the contrary in this Agreement or any other agreement, the parties hereto expressly acknowledge and agree that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer or assignment of this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) by the Custodian will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the event the Custodian or an Affiliate of the Custodian becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights with respect to this Agreement that may be exercised against the Custodian are permitted to be exercised to no greater extent than the Default Rights could be exercised under the U.S. Special Resolution Regime if this Agreement (and any interest and obligation in or under, and any property securing, this Agreement) were governed by the laws of the United States or a state of the United States.

**Adherence to the ISDA Protocol.** At such times as the parties to this Agreement have adhered to the ISDA Protocol and this Agreement is or is deemed modified or amended by the ISDA Protocol, the terms of the ISDA Protocol will supersede the terms of this QFC Addendum as included as part of this Agreement, and in the event of any inconsistency between this QFC Addendum and the ISDA Protocol, the ISDA Protocol will prevail.

**Definitions**. As used in this QFC Addendum:

"Affiliate" has the meaning given in section 2(k) of the Bank Holding Company Act (12 U.S.C. §1841(k)) and section 225.2(a) of the Federal Reserve Board's Regulation Y (12 CFR § 225.2(a)).

"Default Right" means any:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) right of a party, whether contractual or otherwise (including, without limitation, rights incorporated by reference to any other contract, agreement, or document, and rights afforded by statute, civil code, regulation, and common law), to liquidate, terminate, cancel, rescind, or accelerate such agreement or transactions thereunder, set off or net amounts owing in respect thereto (except rights related to same-day payment netting), exercise remedies in respect of collateral or other credit support or property related thereto (including the purchase and sale of property), demand payment or delivery thereunder or in respect thereof (other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure), suspend, delay, or defer payment or performance thereunder, or modify the obligations of a party thereunder, or any similar rights; and

Information Classification: Limited Access <br> 35

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) right or contractual provision that alters the amount of collateral or margin that must be provided with respect to an exposure thereunder, including by altering any initial amount, threshold amount, variation margin, minimum transfer amount, the margin value of collateral, or any similar amount, that entitles a party to demand the return of any collateral or margin transferred by it to the other party or a custodian or that modifies a transferee's right to reuse collateral or margin (if such right previously existed), or any similar rights, in each case, other than a right or operation of a contractual provision arising solely from a change in the value of collateral or margin or a change in the amount of an economic exposure.

"ISDA" refers to the International Swaps and Derivatives Association, Inc.

"ISDA Protocol" means the ISDA 2018 U.S. Resolution Stay Protocol as published by ISDA as of July 31, 2018.

"U.S. Special Resolution Regime" means the Federal Deposit Insurance Act (12 U.S.C. §1811–1835a) and regulations promulgated thereunder and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. § 5381–5394) and regulations promulgated thereunder.

Information Classification: Limited Access <br> 36

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(h)(iv)**

<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>

THIS AGREEMENT is made as of the 6th day of October, 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 SPEND LIFE WISELY FUNDS INVESTMENT TRUST, a Delaware statutory trust having its principal office and place of business at 1845 Woodall Rodgers Fwy, Ste 1000, Dallas, Texas 75201 (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 (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:

1. <u>TERMS OF APPOINTMENT</u> 

&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.

Information Classification: Limited Access

&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;

Information Classification: Limited Access

&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;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;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.

Information Classification: Limited Access

&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;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;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;1.8 The
 Transfer Agent shall provide the office facilities and the personnel determined by it
 to perform the services contemplated herein.

Information Classification: Limited Access

2. <u>FEES AND EXPENSES</u> 

&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.

3. <u>REPRESENTATIONS AND WARRANTIES OF THE TRANSFER AGENT</u> 

The Transfer Agent represents and warrants to the Trust that:

&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;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;3.3 It
 is duly qualified to carry on its business in the Commonwealth of Massachusetts.

&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;3.5 All
 requisite organizational proceedings have been taken to authorize it to enter into and
 perform this Agreement.

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;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;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;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;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;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.

Information Classification: Limited Access

&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.

5. <u>DATA ACCESS AND PROPRIETARY INFORMATION</u> 

&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;

Information Classification: Limited Access

&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;5.2 Proprietary
 Information shall not include all or any portion of any of the foregoing items that (1)
 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;5.3 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;5.4 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;5.5 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.

Information Classification: Limited Access

6. <u>STANDARD OF CARE / LIMITATION OF LIABILITY</u> 

&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;6.2 In
 any event, the Transfer Agent's cumulative liability for the term of the Agreement
 for all liability or losses, regardless of the form of action or legal theory, shall
 be limited to the fees (excluding expenses) received by the Transfer Agent under this
 Agreement during the preceding 12-month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 In
 no event shall the Transfer Agent be liable for 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;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;

Information Classification: Limited Access

&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;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.

Information Classification: Limited Access

8. <u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</u> 

&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;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;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>CONFIDENTIALITY AND USE OF DATA</u> 

&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 *.* 

Information Classification: Limited Access

&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;(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;(c) The Trust acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators.

Information Classification: Limited Access

&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;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. **Effective Period and Termination** 

This Agreement shall remain in full force and effect for an initial term ending October ____, 20___ (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive 1-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than one-hundred and twenty (120) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, 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 60 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 pursuant to this paragraph with respect to the Trust or any Portfolio, the Trust or applicable Portfolio shall pay Transfer Agent its compensation due and shall reimburse Transfer Agent for its costs, expenses and disbursements.

In the event of: (i) the Trust's termination of this Agreement with respect to the Trust or its Portfolio(s) for any reason other than as set forth in the immediately preceding paragraph, or (ii) a transaction not in the ordinary course of business pursuant to which the Transfer Agent is not retained to continue providing services hereunder to the Trust or a Portfolio (or its respective successor), the Trust or applicable Portfolio shall pay the Transfer Agent its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Transfer Agent with respect to the Trust or such Portfolio) 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 clause (ii) of 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.

Information Classification: Limited Access

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;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;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;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;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;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.

Information Classification: Limited Access

14. <u>miscellaneous</u> 

&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;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;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;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;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;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;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.

Information Classification: Limited Access

&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;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;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;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;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 Company

Transfer Agency

Attention: Compliance

One Heritage Drive Building

1 Heritage Drive

Mail Stop OHD0100

North Quincy, MA 02171

With a copy to:

STATE STREET BANK AND TRUST COMPANY

Legal Division – Institutional Services Americas

One Congress Street

Boston, MA 02114

Information Classification: Limited Access

&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:

SPEND LIFE WISELY FUNDS INVESTMENT TRUST

Attention: Compliance

1845 Woodall Rodgers Fwy, Ste 1000

Dallas, Texas 75201

wmcdowell@rangercap.com; jwthompson@rangercap.com

With a copy to:

Thompson Hine LLP

41 South High Street #1700

Columbus, Ohio 43215

Attn: Fund Counsel

Email: parker.bridgeport@thompsonhine.com; joann.strasser@thompsonhine.com

&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]*

Information Classification: Limited Access

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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;State Street Bank and Trust Company | &nbsp;&nbsp;State Street Bank and Trust Company |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ | &nbsp;&nbsp;/s/ |
|  | &nbsp;&nbsp;Name:  | &nbsp;&nbsp;Andrea E. Sharp |
|  | &nbsp;&nbsp;Title:<br>| &nbsp;&nbsp;Managing Director |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;SPEND LIFE WISELY FUNDS INVESTMENT TRUST  | &nbsp;&nbsp;SPEND LIFE WISELY FUNDS INVESTMENT TRUST  | &nbsp;&nbsp;SPEND LIFE WISELY FUNDS INVESTMENT TRUST  |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ | &nbsp;&nbsp;/s/ |
|  | &nbsp;&nbsp;Name:  | &nbsp;&nbsp;Jay Thompson |
|  | &nbsp;&nbsp;Title:  | &nbsp;&nbsp;Treasurer |

---

Information Classification: Limited Access

<u>Schedule A</u>

LIST OF PORTFOLIOS

Wisdom Short Duration Income ETF

Information Classification: Limited Access

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(h)(v)**

**FUND SERVICES AGREEMENT**

This FUND SERVICES AGREEMENT ("Agreement") is made as of October 6, 2025, between the Spend Life Wisely Funds Investment Trust, a Delaware statutory trust, (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", and collectively, the "Funds"); 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, 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 <u>Appendix 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. Fees paid
 to Paralel will be calculated and accrued daily and payable monthly by the Trust, including
 for any partial months in which this Agreement begins or terminates. On each January
 1, (pro-rated for a previous partial year), all fees set forth in <u>Appendix C</u> or
 otherwise in this Agreement 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") plus 1.5%, whichever is greater. Paralel will provide
 notice to the Trust of the amount of such any such CPI adjustment at, prior to, or reasonably
 promptly following its implementation. Any CPI adjustment not charged in any given year
 may be included in prospective CPI fee adjustments in future years.

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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) 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> Paralel will not bear any of the costs of Trust personnel. Trust expenses related to the operations of
a Fund (even if completed by Paralel) shall be borne by the Trust or a Fund's investment adviser (or sub-adviser), including,
but not limited to: initial organization and offering expenses; any secondary offering expenses; litigation expenses; expenses
related to any requests from, or as otherwise required by, any regulatory body concerning the Trust or a Fund's investment
adviser (or sub-adviser); taxes; expenses relating to listing of any Fund's securities on an exchange; expenses related
to any tender offers or repurchase offers' transfer agency and custodial expenses; interest; directors' fees; brokerage
fees and commissions; state and federal registration fees; advisory fees; insurance premiums; fidelity bond premiums; Trust and
investment advisory related legal expenses; costs of maintenance of the Trust's existence; any printing, distribution, or
delivery expenses related to materials in connection with meetings of the Trust's trustees (including the cost of any third
party board portal utilized for those purpose by Paralel); filing, printing and mailing of shareholder reports, prospectuses,
statements of additional information, other offering documents, supplements, proxy materials and any other communications to shareholders
or other third parties; securities pricing data; expenses incurred connection with electronic filings with the U.S. Securities
and Exchange Commission (the "SEC"), including costs of preparation, typesetting, XBRL-tagging, page changes and all
other print vendor, document management, EDGAR conversion or other related charges, and any fees and expenses upon termination
as provided in this Agreement, among others.

&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 pay all amounts due hereunder within thirty (30) days of receipt of each
 invoice. Except as provided in <u>Appendix C</u>, Paralel shall bill fees monthly, and
 out-of-pocket expenses as incurred (unless prepayment is requested by Paralel). Any invoices
 not paid within thirty (30) days of the invoice date are subject to a one percent (1%)
 per month financing charge on any unpaid balance to the extent permitted by law.

&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 pertaining to any action
 it should or should not take, Paralel may request advice from counsel of its own choosing
 (who may be counsel for the Trust, the Trust's independent board members, a Fund's
 investment adviser, sub-adviser, or Paralel, at the option of Paralel).

&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 the advice Paralel receives from
 counsel, Paralel may in its sole discretion rely upon and follow the advice of counsel.
 Paralel will provide the Trust with prior written notice of its intent to follow advice
 of counsel that is materially inconsistent with directions, advice or instructions from
 the Trust. Upon request, Paralel will provide the Trust with a copy of such advice of
 counsel.

2 of 12

&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 be obligated to act in good faith and to exercise commercially reasonable care
 and diligence 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;(b) Notwithstanding
 anything in this Agreement to the contrary, Paralel, its affiliates and each of their
 respective directors, officers, control persons, employees and agents (any of Paralel,
 its affiliates, their respective officers, employees, agents and directors or such control
 persons, a "Admin Associate") shall have no liability to the Trust, or a
 Fund or its shareholders for any action or inaction of a Admin Associate except to the
 extent such liability results directly from the bad faith, reckless disregard, gross
 negligence or willful misfeasance of the Admin Associate taken with respect to 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 the Admin Associates 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) of any Admin Associate directly or indirectly related to, arising
 out of or based upon (i) this Agreement or any activity related to or taken under this
 Agreement, or (ii) the breach of any obligation, representation or warranty under this
 Agreement by the Trust, except that, in no case is the indemnity of an Admin Associate
 described in this section to be deemed to protect any Admin Associate against any liability
 to which such Admin Associate would otherwise be subject to due to such Admin Associate's
 reckless disregard, willful misfeasance, bad faith or gross negligence in the performance
 of its duties.

&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 each of its trustees
 and officers (for purposes of this Section, the Trust, the Fund(s) and each of its directors
 and trustees and its controlling persons are collectively referred to as the "Trust
 Associate") 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) arising directly
 out of an Admin Associate's reckless disregard, willful misfeasance, bad faith
 or gross negligence taken in connection to this Agreement. In no case is the indemnity
 of Paralel in favor of any Trust Associate to be deemed to protect any Trust Associate
 against any liability to which such Trust Associate would otherwise be subject by reason
 of reckless disregard, willful misfeasance, bad faith or negligence in the performance
 of its duties or by reason of its reckless disregard of its obligations and 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 on information and data provided by third-party service provider(s),
 including among others, pricing vendors, (whether or not selected by Paralel, Trust or
 the adviser), adviser, sub-adviser, custodian or other service provider to the Trust,
 as well as other authorized representatives of such parties, without further investigation
 or verification. Paralel may rely on any instruction, direction, notice, instrument or
 other information that Paralel reasonably believes to be genuine. Further, Paralel may
 rely on the advice of Trust counsel or its own counsel as it deems appropriate. In all
 such cases described herein, Paralel shall have no liability to and shall be fully indemnified
 by the Trust for any losses or claims occurring related to or otherwise arising from
 such reliance.

&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, lost profits, whether or not such damages were foreseeable or
 Paralel was advised of the possibility 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 12 months immediately preceding the
 date of the event giving rise to the claim.

3 of 12

&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) 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. The Indemnified Party will not confess 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.

&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. In any such event, the non-performing party shall be excused from any
 further performance and observance of obligations so affected only for so long as such
 circumstances prevail and such party continues to use commercially reasonable efforts
 to recommence performance or observance as soon as practicable.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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; Paralel will endeavor to notify Trust
 as soon as reasonably practicable of such action if it occurs. 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 information
 or services 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 the web portal and/or any information or service provided therein.

4 of 12

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

&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 performance of its
 duties hereunder, 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, when requested to divulge such information 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 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.

&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 and
 shall provide at its own expense summaries and other relevant materials relating to such
 program as reasonably requested by the Trust.

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&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 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 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 or (b) any law applicable to Paralel.

&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.

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&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 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 final copies of any amended or supplemented registration statement
 (including exhibits) under the Securities Act of 1933, as amended (if applicable), and
 the 1940 Act; 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>Accountants</u>.
 Administrator shall act as a liaison with the Trust's independent public accountants
 and shall provide account analyses, fiscal year summaries, and such other audit related
 schedules as may be requested by the Trust's independent public accountants or
 the Trust with respect to the Services provided by Administrator hereunder. Administrator
 shall take all reasonable action in the performance of its duties under this Agreement
 to assure that the necessary information is made available to such accountants as reasonably
 requested or required by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <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, (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").

7 of 12

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <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;(d) <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 reserves the right to charge a reasonable
 fee for such services at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Business Continuity Plan</u>. Paralel shall maintain in effect a business continuity plan and
 enter into any agreements necessary with appropriate parties making reasonable provisions
 for emergency use of electronic data processing equipment customary in the industry.
 In the event of equipment failures, Paralel shall, at no additional expense to the Trust,
 take commercially reasonable steps to minimize service interruptions.

8 of 12

&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
 three (3) 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 ninety (90) 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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
other party (i) terminates or suspends its business, (ii) 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 direct control of a trustee, receiver
or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding, or (iv) where the other party
is the Trust, and Trust becomes subject to a material Action (as defined below) or an Action that Paralel reasonably determines
could cause Paralel reputational harm (including any Action against an investment adviser, or other service provider of 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. "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 government 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 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 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.

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&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 (except for assignment by Paralel to an
 affiliate under common control).

&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.

&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;

10 of 12

To Paralel:

Paralel Technologies LLC

1700 Broadway Suite 1850

Denver, Colorado 80290

Attn: General Counsel

Email: legalnotice@paralel.com; chris@paralel.com

To the Trust:

Spend Life Wisely Funds Investment Trust

1845 Woodall Rodgers Fwy, Ste 1000

Dallas, Texas 75201

Attn: Secretary

Email: wmcdowell@rangercap.com; jwthompson@rangercap.com

With copy to:

Thompson Hine LLP

41 South High Street #1700

Columbus, Ohio 43215

Attn: Fund Counsel

Email: parker.bridgeport@thompsonhine.com; joann.strasser@thompsonhine.com

&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.

---

| | |
|:---|:---|
| **SPEND LIFE WISELY FUNDS INVESTMENT TRUST** | **SPEND LIFE WISELY FUNDS INVESTMENT TRUST** |
| a Delaware statutory trust <br> on behalf of each of its Funds listed on Appendix A | a Delaware statutory trust <br> on behalf of each of its Funds listed on Appendix A |
| By: | /s/ |
| Name: | Jay Thompson |
| Title: | Treasurer |

---

---

| | |
|:---|:---|
| **PARALEL TECHNOLOGIES LLC,** | **PARALEL TECHNOLOGIES LLC,** |
| A Delaware limited liability company | A Delaware limited liability company |
| By: | /s/ |
| Name: | Jeremy May |
| Title: | Chief Executive Officer |

---

12 of 12

**<u>APPENDIX A</u>**

**LIST OF FUNDS**

Wisdom Short Duration Income ETF^

Wisdom Short Term Government Fund

*^ Name subject to change in connection with the Fund's conversion to an 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>.

**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;▪ Apply
 security valuations provided by the Fund's adviser, consistent with pricing and
 valuation policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transmit
 NAVs to the adviser, NASDAQ, transfer agent, custodian and other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reconcile
 cash & positions with the custodian, as applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 data and reports to support preparation of financial statements and regulatory filings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintain
 required accounting records in accordance with the 1940 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 SEC standardized total return performance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinate
 reporting to outside agencies including Morningstar, etc.

**Fund Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prepare
 annual and semi-annual financial statements utilizing templates for standard layout and
 printing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Host
 annual audit of financial statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prepare
 and file Forms N-PORT, N-CEN and 24f-2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 monthly SEC standardized total return performance figures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prepare
 required reports for quarterly Board meetings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Monitor
 expense ratios

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Maintain
 budget vs. actual expenses

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Manage
 fund invoice approval and bill payment process

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Assist
 with placement of Fidelity Bond and E&O/D&O insurance

**Legal Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinate
 and file annual update to Fund(s)' registration statement, including prospectus
 and statement of additional information

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordinate
 EDGARization of and file Forms N-1A, N-CSR, N-PX, and other SEC filings as applicable
 to the Fund(s)

- Trust to provide proxy voting information for N-PX for applicable Funds in requested form

**Tax Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 dividend and capital gain distribution rates

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prepare
 ROCSOP and required tax designations for Annual Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prepare
 and coordinate filing of income and excise tax returns

- Audit firm to sign all returns as paid preparer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate/monitor
 book-to-tax differences

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 quarterly Subchapter M compliance monitoring and reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 tax re-allocation data for shareholder 1099 reporting

Exhibit B-1

**Compliance Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Monitor
 monthly post-trade prospectus & SAI, SEC investment restrictions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 quarterly compliance testing certification to Board of Trustees

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.

Exhibit B-2

**<u>APPENDIX C</u>**

**FEES AND EXPENSES**

The Trust will be charged the greater of the following, in each case calculated at the individual Fund level: (i) the Asset Based Fee, calculated based upon an application of the below basis point fee schedule applicable to the Fund, or (ii) the Fund's applicable Annual Minimum Fee listed below:

---

| | | | |
|:---|:---|:---|:---|
| | &nbsp;&nbsp;**<u>Annual Minimum</u>**<br> **<u>Fee</u>** | &nbsp;&nbsp;**<u>Asset Based Fee</u>** | &nbsp;&nbsp;**<u>Asset Based Fee</u>** |
| <br>&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**<u>Annual Minimum</u>**<br> **<u>Fee</u>** | &nbsp;&nbsp;**Average Daily Net Assets**<br> **of the Fund** | &nbsp;&nbsp;**Basis Point Fee** |
| &nbsp;&nbsp;Wisdom Short Duration Income ETF | &nbsp;&nbsp;$xxx\* | &nbsp;&nbsp;Up to $500 million | &nbsp;&nbsp;x bps |
| &nbsp;&nbsp;Wisdom Short Duration Income ETF | &nbsp;&nbsp;$xxx\* | &nbsp;&nbsp;$500 million - $1 billion | &nbsp;&nbsp;x bps |
| &nbsp;&nbsp;Wisdom Short Duration Income ETF | &nbsp;&nbsp;$xxx\* | &nbsp;&nbsp;Greater than $1 billion | &nbsp;&nbsp;x bps |
| &nbsp;&nbsp;Wisdom Short Term Government Fund | &nbsp;&nbsp;$xxx\*+ | &nbsp;&nbsp;Up to $500 million | &nbsp;&nbsp;x bps |
| &nbsp;&nbsp;Wisdom Short Term Government Fund | &nbsp;&nbsp;$xxx\*+ | &nbsp;&nbsp;$500 million - $1 billion | &nbsp;&nbsp;x bps |
| &nbsp;&nbsp;Wisdom Short Term Government Fund | &nbsp;&nbsp;$xxx\*+ | &nbsp;&nbsp;Greater than $1 billion | &nbsp;&nbsp;x bps |

---

Additional funds to those Funds as listed on <u>Appendix A</u> will result in additional or revised fees as agreed to by Paralel.

\**CPI -* All fees noted (and that are otherwise non-basis point fees referenced in this Agreement) are subject to the CPI increase as set forth in the Agreement.

+*Temporary Annual Minimum Fee Waiver:* For the Wisdom Short Term Government Fund, Paralel agrees to temporarily reduce the Annual Minimum Fee to $xxx for the first six months following the effective date of this Agreement. Notwithstanding the foregoing, if the Agreement is terminated prior to the end of the Initial Term, any amount of the Annual Minimum Fee waived will be retroactively reinstated and shall become immediately due and payable by the Trust on behalf of the Fund.

**Out-of-Pocket Expenses**

Without limiting any provision in this Agreement, the Trust shall be responsible and will reimburse Paralel for all out of pocket costs, including, among others that may be applicable: all security pricing and data fees (including but not limited to, ICE, Bloomberg, GICS, MSCI, CUSIP, SEDOL); any fees or expenses charged by software systems utilized in connection to the provision of the Services (including but not limited to those related to the setup, maintenance, or use of, or the performance calculations for, a benchmark, index, Trust, and/or share class); fees applicable to the use of third party indexes or benchmarks; third-party board portal expenses, Edgar filer service fees (including costs of preparation, typesetting, XBRL-tagging, page changes and all other print vendor, document management, EDGAR conversion or other related charges); cost of mailings, including typesetting, printing, postage and fulfillment costs of a third party printer, as well as any e\*delivery services; SSAE 18 control review reports; travel expenses of Paralel individuals to in-person Board meetings and on-site reviews; customized programming/enhancements and enhanced reporting activities; expenses or fees of third parties regarding the provision of ETF Basket Services (including but not limited to, DTCC, CNS, NSCC, the custodian, or any other third-party), and any other expenses incurred in connection with Paralel's performance of its duties under the Agreement. Paralel may provide certain services or data to the Trust that would otherwise be an out-of-pocket expense; these services will be billed to the Trust at Paralel's standard rates for such service.

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 endeavor, upon receipt of notice from the Trust, to correct
 a malfunction, error, or omission in any Data or related services.

Exhibit D-1

&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;(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;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;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;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 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-2

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(i)**

![](ex99i001.jpg)

October 31, 2025

Spend Life Wisely Funds Investment Trust<br> 1845 Woodall Rodgers Freeway, Suite 1000<br> Dallas, Texas 75201

Dear Board Members:

This letter is in response to your request for our opinion in connection with the filing of Post-Effective Amendment No. 64 to the Registration Statement, File Nos. 333-175328 and 811-22576 (the "Registration Statement"), of Spend Life Wisely Funds Investment Trust (*formerly Ranger Funds Investment Trust*) (the "Trust").

We have examined a copy of the Trust's Agreement and Declaration of Trust, the Trust's Amended and Restated By-laws, the Trust's record of the various actions by the Trustees thereof, and all such agreements, certificates of public officials, certificates of officers and representatives of the Trust and others, and such other documents, papers, statutes and authorities as we deem necessary to form the basis of the opinion hereinafter expressed. We have assumed the genuineness of the signatures and the conformity to original documents of the copies of such documents supplied to us as copies thereof.

Based upon the foregoing, we are of the opinion that, after the applicable Post-Effective Amendment is effective for purposes of applicable federal and state securities laws, the shares of each series listed on the attached Exhibit A (the "Funds"), if issued in accordance with the then current Prospectus and Statement of Additional Information of the applicable Fund, will be legally issued, fully paid and non-assessable.

The opinions expressed herein are limited to matters of Delaware statutory trust law and United States Federal law as such laws exist today; we express no opinion as to the effect of any applicable law of any other jurisdiction. We assume no obligation to update or supplement our opinion to reflect any facts or circumstances that may hereafter come to our attention, or changes in law that may hereafter occur.

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to Post-Effective Amendment No. 64 to the Registration Statement. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Trust and its shareholders, and may not be relied upon by any other person or organization without our prior written approval.

---

| |
|:---|
| Very truly yours, |
| /s/ Thompson Hine LLP |
| Thompson Hine LLP |

---

![](ex99i002.jpg)

![](ex99i003.jpg)

**EXHIBIT A**

1. Ranger
 Small Cap Fund

2. Ranger
 Micro Cap Fund

3. Wisdom
 Short Duration Income ETF

4. Wisdom
 Short Term Government Fund

PBS/MVW/PDB

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(m)(iii)**

**RANGER SMALL CAP FUND** 

 **RANGER MICRO CAP FUND** 

**WISDOM SHORT DURATION INCOME FUND**

(to become known as WISDOM SHORT DURATION INCOME ETF)

**PLAN OF DISTRIBUTION<br> PURSUANT TO RULE 12b-1**

(Adopted as of October 17, 2011, and Amended as of August 25, 2025)

WHEREAS, Spend Life Wisely Funds Investment Trust, a Delaware statutory trust (the "Trust"), engages in business as an open-end management investment company and is registered as such under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Trust is authorized to issue an unlimited number of shares of beneficial interest without par value (the "Shares"), which may be divided into one or more series of Shares ("Series"); and

WHEREAS, the Trust currently offers the Ranger Small Cap Fund, Ranger Micro Cap Fund, and Wisdom Short Duration Income Fund (collectively, the "Funds", each a "Fund") each as a Series; and

WHEREAS, the Trustees of the Trust as a whole, and the Trustees who are not interested persons of the Trust (as defined in the 1940 Act) and who have no direct or indirect financial interest in the operation of this Plan or in any agreement relating hereto (the "Independent Trustees"), having determined, in the exercise of reasonable business judgment and in light of their fiduciary duties under state law and under Section 36(a) and (b) of the 1940 Act, that there is a reasonable likelihood that this Plan will benefit each Fund and its shareholders, have approved this Plan, by votes cast in person at a meeting called for the purpose of voting hereon and on any agreements related hereto.

NOW THEREFORE, the Trust hereby adopts this Plan for each Fund, in accordance with Rule 12b-1 under the 1940 Act, on the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Distribution Activities.</u> Subject to the supervision of the Trustees of the Trust, each Fund may, directly or indirectly, engage in any activities related to the distribution of Shares of the Funds, which activities may include, but are not limited to, the following: (a) payments, including incentive compensation, to securities dealers or other financial intermediaries, financial institutions, investment advisers and others that are engaged in the sale of Shares, or that may be advising shareholders of the Fund regarding the purchase, sale or retention of Shares or that hold Shares for shareholders in omnibus accounts or as shareholders of record or provide shareholder support or administrative services to the Fund and its shareholders; (b) payments made to securities dealers or other financial intermediaries, financial institutions, investment advisers and others that render shareholder support services not otherwise provided by the Trust's transfer agent, including, but not limited to, allocated overhead, office space and equipment, telephone facilities and expenses, answering routine inquiries regarding the Trust, processing shareholder transactions, and providing such other shareholder services as the Trust may reasonably request; (c) expenses of maintaining personnel (including personnel of organizations with which the Trust has entered into agreements related to this Plan) who engage in or support distribution of Shares; (d) costs of preparing, printing and distributing prospectuses and statements of additional information and reports of the Fund for recipients other than existing shareholders of the Funds; (e) costs of formulating and implementing marketing and promotional activities, including, but not limited to, sales seminars, direct mail promotions and television, radio, newspaper, magazine and other mass media advertising; (f) costs of preparing, printing and distributing sales literature; (g) costs of obtaining such information, analyses and reports with respect to marketing and promotional activities as the Trust may, from time to time, deem advisable; and (h) costs of implementing and operating this Plan. The Trust is authorized to engage in the activities listed above, and in any other activities related to the distribution of Shares, either directly or through other persons with which the Trust has entered into agreements related to this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Annual Fee.</u> Each Fund will pay the Fund's distributor (the "Distributor") an annual fee for the Distributor's services in connection with the sales and promotion of the Fund, including its expenses in connection therewith (collectively, "Distribution Expenses"). The annual fee paid by each Fund to the Distributor under this Plan will be calculated daily and paid monthly by the Fund on the first day of each month at an annual rate not to exceed 0.25% of the average daily net assets of the Shares of the Fund. Payments received by the Distributor pursuant to this Plan will also compensate the Distributor for its services under the Distribution Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Term and Termination.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Plan shall become effective upon approval by majority votes of: (i) the Trust's Board of Trustees; and (ii) the Independent Trustees, cast in person at a meeting called for the purpose of voting on the Plan; and (iii) the shareholders of each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Plan shall remain in effect for the period of one year from the date determined pursuant to paragraph 3(a) above and may be continued thereafter if this Plan is approved at least annually by a majority of the Trust's Board of Trustees and a majority of the Independent Trustees, cast in person at a meeting called for the purpose of voting on such Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Plan may be terminated at any time by the vote of a majority of the Independent Trustees or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Shares of a Fund. If this Plan is terminated, the Fund will not be required to make any payments for expenses incurred after the date of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendments.</u> All material amendments to this Plan must be approved in the manner provided for annual renewal of this Plan in Section 3(b) hereof. In addition, this Plan may not be amended to increase the amount of expenditures provided for in Section 2 hereof unless such amendment is approved by a vote of the majority (as defined in the 1940 Act) of the outstanding voting securities of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Selection and Nomination of Trustees.</u> While this Plan is in effect, the selection and nomination of Trustees who are not interested persons (as defined in the 1940 Act) of the Trust shall be committed to the discretion of the Trustees who are not interested persons of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Quarterly Reports.</u> The Treasurer of the Trust shall provide to the Trustees and the Trustees shall review, at least quarterly, a written report of the amounts expended pursuant to this Plan and any related agreement and the purposes for which such expenditures were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Recordkeeping.</u> The Trust shall preserve copies of this Plan and any related agreement and all reports made pursuant to Section 6 hereof, for a period of not less than six years from the date of this Plan, the agreements or such reports, as the case may be, the first two years in an easily accessible place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Limitation of Liability.</u> A copy of the Agreement and Declaration of Trust of the Trust is on file with the Secretary of the State of Delaware and notice is given that this Plan is executed on behalf of the Trustees of the Trust as trustees and not individually and that the obligations of each Fund under this instrument are not binding upon the Trustees, the shareholders of the Trust individually, or the assets or property of any other series of the Trust, but are binding only upon the assets and property of the Fund.

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(n)(v)**

RANGER FUNDS INVESTMENT TRUST

MULTIPLE CLASS PLAN PURSUANT TO RULE 18F-3

(As Amended September 4, 2024)

This Multiple Class Plan (the "Plan") is adopted in accordance with Rule 18f-3 (the "Rule") under the Investment Company Act of 1940, as amended (the "1940 Act") by Ranger Funds Investment Trust (the "Trust") on behalf of those series listed on Schedule A attached hereto (collectively the "Funds" and individually a "Fund"). A majority of the Trustees, including a majority of the Trustees who are not "interested persons" of the Trust, as defined in the 1940 Act ("Independent Trustees"), having determined that the Plan is in the best interests of each class of each Fund individually and of the Trust as a whole, have approved the Plan and any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. GENERAL
 DESCRIPTION OF CLASSES. The Funds may each offer two classes of shares: Investor Class
 and Institutional Class. Each class of shares of a Fund shall represent interests in
 the same portfolio of investments of that Fund and shall have identical voting, dividend,
 liquidation, and other rights, preferences, powers, restrictions, limitations, qualifications
 and terms and conditions, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 class shall have a different designation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Each
 class shall bear any Class Expenses, as designated in Section 4 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Each
 class shall pay the distribution, account maintenance and shareholders servicing fees
 and expenses as provided for in the Trust's Rule 12b-1 Plan, if applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Each
 class will have exclusive voting rights with respect to matters that exclusively affect
 such class and separate voting rights on any matter submitted to shareholders in which
 the interests of one class differ from the interests of any other class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Each
 class shall have such differences relating to purchase minimums, eligible investors and
 exchange privileges as may be set forth in the prospectus(es) and statement(s) of additional
 information of the Funds, as the same may be amended or supplemented from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. SALES
 CHARGE STRUCTURE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Shares
 of the Funds are offered at net asset value, without an initial sales charge or contingent
 deferred sales charge ("CDSC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. DISTRIBUTION
 AND SERVICE FEES. The Trust has adopted a Rule 12b-1 Plan pursuant to Rule 12b-1 under
 the 1940 Act, containing the following terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Investor
 Class shares of the applicable Funds are subject to a maximum annual distribution fee
 of 0.25% of the average daily net assets of the shares of that Fund, all or a portion
 of which may be a "service fee", as that term is defined in rules and policy
 statements of the Financial Industry Regulatory Authority ("FINRA").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Institutional
 Class shares of the applicable Funds are not subject to distribution or service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. EXPENSE
 ALLOCATIONS TO EACH CLASS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In
 addition to the service and distribution fees described above, certain expenses may be
 attributable to a particular class of shares of a Fund ("Class Expenses").
 Class Expenses are charged directly to net assets of the class to which the expense is
 attributed and are borne on a pro rata basis by the outstanding shares of that class.
 Class Expenses may include;

&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) expenses
 incurred in connection with a meeting of shareholders;

&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) extraordinary
 non-recurring expenses, including litigation and other legal expenses relating to a specific
 class;

&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) printing
 and postage expenses of shareholders reports, prospectuses and proxies to current shareholders
 of a specific class;

&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) expenses
 of administrative personnel and services required to support the shareholders of a specific
 class;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) transfer
 agent fees and shareholder servicing expenses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) such
 other expenses incurred by or attributable to a specific class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. All
 other expenses of a Fund are allocated to each class on the basis of the net asset value
 of that class in relation to the net asset value of the Fund. Notwithstanding the foregoing,
 the distributor or adviser of a Fund may waive or reimburse the expenses of a specific
 class or classes to the extent permitted under the Rule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Expenses
 may be waived or reimbursed by a Fund's investment adviser, administrator, distributor
 or any other provider of services to the Fund or the Trust without the prior approval
 of the Board of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Investment
 advisory fees, custodial fees and other expenses related to the management of a Fund's
 assets shall not be allocated on a class-specific basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. INCOME
 ALLOCATIONS TO EACH CLASS. Gross income, realized and unrealized capital gains and losses
 shall be allocated to each class of a Fund on the basis of the net asset value of that
 class in relation to the net asset value of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. CLASS
 DESIGNATION. Subject to the approval by the Trustees of the Trust, a Fund may alter the
 nomenclature for the designations of one or more of its classes of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. ADDITIONAL
 INFORMATION. This plan is qualified by and subject to the terms of the then current Prospectus
 for the applicable class of shares; provided, however, that none of the terms set forth
 in any such Prospectus shall be inconsistent with the terms of this Plan. The Prospectus
 for each class contains additional information about the class and the Fund's multiple
 class structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. PERIODIC
 REVIEW. The Board of Trustees shall review reports of expense allocations and such other
 information as they request at such times, or pursuant to such schedule, as they may
 determine consistent with applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. EFFECTIVE
 DATE. This Plan was initially effective on September 14, 2011 and amended on May 23,
 2019 and September 4, 2024, provided that this Plan shall not become effective with respect
 to a Fund or a class of shares of a Fund unless first approved by a majority of the Trustees,
 including a majority of the Independent Trustees. This Plan may be terminated or amended
 at any time with respect to a Fund or a class of shares thereof by a majority of the
 Trustees, including a majority of the Trustees who are not interested persons of the
 Trust (as defined in the Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. AMENDMENT
 AND TERMINATION. This Plan may not be amended materially unless the Board of Trustees,
 including a majority of the Independent Trustees, has found that the proposed amendments,
 including any proposed change to the expense allocation, is in the best interest of each
 class and Fund and the Trust as a whole. Such finding shall be based on information requested
 by the Board and furnished to them which the Board deems reasonably necessary to evaluate
 the proposed amendment. This Plan may be terminated at any time with respect to the Trust
 or any Fund or class thereof by a majority of the Trustees, including
a majority of the Independent Trustees

SCHEDULE A

TO THE

MULTIPLE CLASS PLAN PURSUANT TO RULE 18f-3

As Amended September 4, 2024

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Classes** |
| &nbsp;&nbsp;Ranger Small Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class<br> Institutional Class |
| &nbsp;&nbsp;Ranger Micro Cap Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class<br> Institutional Class |
| &nbsp;&nbsp;Wisdom Short Term Government Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class<br> Institutional Class |

---

## Exhibit 99.28

[Spend Life Wisely Funds Investment Trust 485BPOS](sdur-485bpos_103125.htm)

**Exhibit 99.28(p)(iv)**

![](ex99piv001.jpg)

**Combined Code of Ethics**

Last updated: April 1, 2023

Contents

---

| | |
|:---|:---|
| **Code of Ethics** | **2** |
| &nbsp;&nbsp;&nbsp;***Background*** | 2 |
| &nbsp;&nbsp;&nbsp;***Risks*** | 3 |
| &nbsp;&nbsp;&nbsp;***Policies and Procedures*** | 4 |
| **Conflicts of Interest** | **13** |
| &nbsp;&nbsp;&nbsp;***Background*** | 13 |
| &nbsp;&nbsp;&nbsp;***Risks*** | 13 |
| &nbsp;&nbsp;&nbsp;***Policies and Procedures*** | 14 |
| **Insider Trading** | **16** |
| &nbsp;&nbsp;&nbsp;***Background*** | 16 |
| &nbsp;&nbsp;&nbsp;***Risks*** | 18 |
| &nbsp;&nbsp;&nbsp;***Policies and Procedures*** | 18 |
| **Gifts and Entertainment** | **20** |
| &nbsp;&nbsp;&nbsp;***Background*** | 20 |
| &nbsp;&nbsp;&nbsp;***Risks*** | 20 |
| &nbsp;&nbsp;&nbsp;***Policies and Procedures*** | 20 |
| **Appendix A - Definitions** | **24** |

---

**Code of Ethics**

Most Recently Revised: April 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:

● Paralel Technologies LLC ("PTL")

● Paralel Advisors LLC ("PAL")

● 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:

● Supervised Persons do not understand the fiduciary duty that they, and Paralel, owe to Client accounts;

● Supervised Persons and/or Paralel fail to identify and comply with all applicable Federal Securities Laws;

● Access Persons do not report personal Securities transactions;

● Access Persons trade personal accounts ahead of Client accounts;

● Access Persons allocate profitable trades to personal accounts or unprofitable trades to Client accounts;

● 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;

● Paralel does not provide its *Code of Ethics* and any amendments to all Supervised Persons; and

● Paralel does not retain Supervised Persons' acknowledgements that they received the *Code of Ethics* and any amendments.

***Policies and Procedures***

**<u>Code of Conduct, Fiduciary Standards, and Compliance with the Federal Securities Laws</u>**

At all times, Paralel and its employees, including its Access Persons or Supervised 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 an 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:

● employ any device, scheme, or artifice to defraud a Fund;

● 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;

● engage in any act, practice or course of business that operates or would operate as a fraud or deceit upon the Fund; or

● 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 this Manual, which contains 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>**:

● Direct obligations of the Government of the United States;

● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements;

● Shares issued by money market funds;

● 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;

● Interests in 529 college savings plans; and

● 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.

<sup>1</sup> 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.

*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.

*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.

<sup>2</sup> <u>https://www.sec.gov/files/dlt-framework.pdf</u>

*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 a 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, a Access Person is not required to submit:

● Quarterly reports for any transactions in Reportable Securities effected pursuant to an Automatic Investment Plan, including Dividend Reinvestment Plans; or

● Any reports with respect to Securities held in accounts over which the Access Person had no direct or indirect influence or control, as approved by the CCO.

Any investment plans or accounts that may be eligible for either of these exceptions should be brought to the attention of the CCO who will, on a case-by-case basis, determine whether the plan or account qualifies for an exception. In making this determination, the CCO or a designee may ask for supporting documentation, such as a copy of the Automatic Investment Plan, 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 trust or discretionary 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 and on an annual basis thereafter*.*

**Trading Restrictions for Access Persons**

● *IPO 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 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.

● *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.

● *Knowledge of Transaction* – Access Persons shall not purchase or sell a Reportable Security in an 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.

● *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:*

● <u>Managed Accounts</u>. Trades effected by the manager of a Managed Account shall not be subject to the pre-clearance procedures; however, all such Managed Accounts are subject to the reporting requirements. <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;○ "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 a 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.

● <u>Exchange Traded Funds ("ETF") and Exchange Traded Notes ("ETN")</u>. Pre-clearance is not required for ETFs or ETNs; however, ETFs and ETNs are subject to the reporting requirements.

● Purchases or sales that are non-volitional on the part of the Investment Person.

● Purchases that are part of an automatic dividend reinvestment plan.

● Purchases effected upon the exercise of rights issues by an issuer pro rata to all holders of a class of its securities.

● 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 Funds have purchased or sold the Reportable Security, or is considered purchasing or selling the Reportable Security.;

Investment Persons must use MCO to seek pre-clearance.

**Restrictions for Investment Persons**

In addition to those restrictions applicable to Access Persons, Investment Persons:

● may not purchase or sell any security that they have knowledge is being considered for purchase or sale by a Reportable Funds.

● 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.

● 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.

***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:

● Frequent and/or short-term trades in any Security, with particular attention paid to potential market-timing of mutual funds;

● Personal trading in Securities also held by a client fund advised, underwritten or administered by Paralel;

● Trading opposite of client trades;

● Trading ahead of clients; and

● 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:

● Supervised Persons do not understand what could constitute an actual or apparent conflict of interest;

● 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;

● 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

● 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:

● 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.

● 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:

● 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.

● 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:

● Trading by an insider while in possession of Material Nonpublic Information;

● 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;

● Trading by a non-insider who obtained Material Nonpublic Information through unlawful means such as computer hacking; and

● 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:

● Dividend or earnings announcements;

● Asset write-downs or write-offs;

● Additions to reserves for bad debts or contingent liabilities;

● Expansion or curtailment of company or major division operations;

● Merger, joint venture announcements;

● New product/service announcements;

● Discovery or research developments;

● Criminal, civil and government investigations and indictments;

● Pending labor disputes;

● Debt service or liquidity problems;

● Bankruptcy or insolvency;

● Tender offers and stock repurchase plans;

● Recapitalization plans; and

● 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:

● In person;

● In writing;

● By telephone;

● During a presentation;

● By email, instant messaging, or Bloomberg messaging;

● By text message or through Twitter; or

● 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:

● Supervised Persons place trades in personal and/or Client accounts while in possession of Material Nonpublic Information;

● Supervised Persons pass Material Nonpublic Information on to others;

● 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:

● Must not trade the securities of any company about which they may possess Material Nonpublic Information, or derivatives related to the issuer in question;

● 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

● 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 2023

***Background***

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. 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 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.

<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.

Supervised Persons may attend business meals, sporting events and other "entertainment events" (e.g., lunches, dinners, golf outings, cocktail parties and regular season sporting events) with organizations that are not primarily intended for the purpose of conducting adviser business). at the expense of a giver, provided that the entertainment 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 $50 that clearly display the giver's company logo also need not be reported. Examples of promotional gifts include mugs, hats 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*

All disclosures of applicable gifts or entertainment in MCO must be disclosed via the Gifts and Entertainment Form found on MCO or in Ramp expense reporting 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*

All approvals, unless otherwise indicated, must come from the CEO, appropriate 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 all employees. 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 other employees.

**<u>Paralel G&E Requirements</u>**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Type** | **Value** | **Approval Required\*** | **Disclosure Required** |
| **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.). |  |  |
| **Entertainment** | **Recipient** | More than de-minimis, but less than $500 per person per event<br>(<$250 for an <u>Investment Person</u>)<br>|  | Quarterly disclosure in MCO |
| **Entertainment** | **Recipient** | Greater than $500 per person per event<br>(>$250 for an <u>Investment Person</u>)<br>| Approval required | Quarterly disclosure in MCO |
| **Entertainment** | **Recipient** | <u>Any value</u> from a broker/dealer to an <u>Investment Person</u> | Pre-approval required; generally not allowed | Quarterly disclosure in MCO |
| **Entertainment** | **Giver** | Less than $500 per person per event |  | Indicate recipient and relationship in expense report |
| **Entertainment** | **Giver** | Greater than $500 per person per event | Approval required | Indicate recipient and relationship in expense report |
| **Entertainment** | **Giver** | <u>Any value</u> to a broker/dealer from an <u>Investment Person</u> | Pre-approval required; generally not allowed | Indicate recipient and relationship in expense report |
| **Gifts** | **Recipient** | Cash or equivalent | Not permitted |  |
| **Gifts** | **Recipient** | De-minimis (less than ~$50) promotional/logo items, gift baskets for department, etc. |  |  |
| **Gifts** | **Recipient** | Less than $100 in total from same Business Partner per year |  | Quarterly disclosure required in MCO |
| **Gifts** | **Recipient** | Greater than $100 in total from same Business Partner per year | Approval required, <u>strictly prohibited for FINRA Registered Reps+</u> | Quarterly disclosure required in MCO |
| **Gifts** | **Recipient** | <u>Any value</u> from a broker/dealer to an <u>Investment Person</u> | Pre-approval required; generally not allowed | Quarterly disclosure required in MCO |
| **Gifts** | **Giver** | Cash or equivalent | Not permitted |  |
| **Gifts** | **Giver** | De-minimis (less than ~$50) promotional/logo items, gift baskets for department, etc. |  |  |
| **Gifts** | **Giver** | On behalf of Paralel under $100 per Business Partner per year (from budget) |  | Indicate recipient and relationship in expense report |
| **Gifts** | **Giver** | On behalf of Paralel over $100 per Business Partner per year (from budget); must be reasonable in nature | Approval required; <u>strictly prohibited for FINRA Registered Reps+</u> | Indicate recipient and relationship in expense report |
| **Gifts** | **Giver** | <u>Any value</u> to a broker/dealer from an <u>Investment Person</u> | Pre-approval required; generally not allowed | Quarterly disclosure required in MCO |

---

\* 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>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 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.

● **1940 Act** – The Investment Company Act of 1940, as amended.

● **Access Person** – Any Supervised Persons of PAL, who:

&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;● 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;● 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;● 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;● 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.

● **Advisers Act** – The Investment Advisers Act of 1940, as amended.

● **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.

● **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.

● **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.

● **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.

● **CEO** – Paralel's Chief Executive Officer. References to the CEO completing activities discussed throughout the Manual are assumed to be delegable at the discretion of the CEO.

● **Employees** – Paralel's officers, directors, principals, and employees and, if designated by the CCO, contractors.

● **Exchange Act** – The Securities Exchange Act of 1934.

● **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.

● **FINRA** – The Financial Industry Regulatory Authority, a self-regulatory organization.

● **Front-Running** – Trading a favored account ahead of other accounts.

● **Insider Trading** – Trading personally or on behalf of others on the basis of Material Nonpublic Information, or improperly communicating Material Nonpublic Information to others.

● **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.

● **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.

● **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.

● **Outside Counsel** – Counsel retained by Paralel.

● **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.

● **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.

● **RIC** – An investment company registered under the 1940 Act, often referred to as a fund.

● **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.

● **SEC** – The Securities and Exchange Commission.

● **Securities Act** – The Securities Act of 1933.

● **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.