# EDGAR Filing Document

**Accession Number:** 0000778206
**File Stem:** 0001999371-26-010763
**Filing Date:** 2026-5
**Character Count:** 667105
**Document Hash:** 85bcf600f35d876e0bc5f5ecfbe96d28
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-010763.hdr.sgml**: 20260515

**ACCESSION NUMBER**: 0001999371-26-010763

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 44

**FILED AS OF DATE**: 20260515

**DATE AS OF CHANGE**: 20260514

**EFFECTIVENESS DATE**: 20260515

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHELTON FUNDS
- **CENTRAL INDEX KEY:** 0000778206

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04417
- **FILM NUMBER:** 26981731

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 4153982727

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST I
- **DATE OF NAME CHANGE:** 19870115
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SHELTON FUNDS
- **CENTRAL INDEX KEY:** 0000778206

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-00499
- **FILM NUMBER:** 26981730

**BUSINESS ADDRESS:**
- **STREET 1:** 1875 LAWRENCE STREET
- **STREET 2:** SUITE 300
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202-1805
- **BUSINESS PHONE:** 4153982727

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CALIFORNIA INVESTMENT TRUST I
- **DATE OF NAME CHANGE:** 19870115

## Series and Classes Contracts Data

### Shelton Tactical Growth and Income ETF (Series ID: S000104026)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000274624 | Shelton Tactical Growth and Income ETF |  |

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

As filed with the Securities and Exchange Commission on May 15, 2026

File Nos. 33-499 and 811-4417

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-1A**

**Registration Statement Under the Securities Act of 1933**

Post-Effective Amendment No. 80

and

**Registration Statement Under the Investment Company Act of 1940**

Amendment No. 81

**<u>SHELTON FUNDS</u>**

(Exact Name of Registrant as Specified in its Charter)

**<u>1401 Lawrence Street, Suite 1550, Denver, CO 80202</u>**

(Address of Principal Executive Office)

**<u>(303) 228-8985</u>**

Registrant's Telephone Number

**STEPHEN C. ROGERS**

**<u>1401 Lawrence Street, Suite 1550, Denver, CO 80202</u>**

(Name and Address of Agent for Service)

**<u>As soon as practicable after the effective date of this Amendment</u>**

Approximate Date of Proposed Public Offering:

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

☐ immediately upon filing pursuant to Rule 485(b)

☒ on May 15, 2026 pursuant to Rule 485(b)

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

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

☐ on _______ pursuant to Rule 485(a)

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

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

**Please Send Copy of Communications to**:

Peter H. Schwartz, Esq.

Davis Graham & Stubbs LLP

3400 Walnut Street, Suite 700

Denver, CO 80205

Telephone: (303) 892-7381

**PROSPECTUS**

May 15, 2026

Shelton Tactical Growth & Income ETF: [Nasdaq:____(pending)]

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

**Table of Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[**SHELTON TACTICAL GROWTH & INCOME ETF** Ticker Symbol: \[____\]](#tckr485bposa001) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Other Important Information About Fund Shares](#tckr485bposa002)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Investment Objectives and Principal Investment Strategies](#tckr485bposa003)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Additional Policies of the Fund](#tckr485bposa004)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Investment Risks](#tckr485bposa005)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Fund Organization and Management](#tckr485bposa006)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Distribution and Shareholder Service (12b-1) Fees](#tckr485bposa007)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[How to Buy Shares](#tckr485bposa008)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Other Policies](#tckr485bposa009)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Notice of Privacy Policy](#tckr485bposa010)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 |

---

**SHELTON TACTICAL GROWTH & INCOME ETF** Ticker Symbol: [____]

**Investment Objective**

The Shelton Tactical Growth & Income ETF (the "Fund") seeks long-term growth of capital and current income.

**Fees and Expenses of the Fund**

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

---

| | |
|:---|:---|
| **Annual Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment)<sup>1</sup> | <sup>1</sup> |
| Management fees | 0.65% |
| Distribution and/or Service (12b-1) Fees | 0.00% |
| Other Expenses | 0.00%<sup>2</sup> |
| **Total annual operating expenses** | 0.65% |

---

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

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

**Example of Expenses**

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

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

**1 Year:** $66 &nbsp;&nbsp;&nbsp;&nbsp; **3 Years:** $208&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**Portfolio Turnover**

The Fund expects to pay transaction costs, such as commissions, when it buys and sells securities, or "turns over" its portfolio. Portfolio turnover information for the Fund is not available because the Fund has not commenced operations as of the date of this Prospectus.

**Principal Investment Strategies**

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by allocating its investments among a combination of (i) U.S. equity securities of large-cap companies that are listed on The Nasdaq Stock Market or ETFs that seek to replicate the performance of an investment in such large-cap companies (the "Equity Allocation"), (ii) directly in, or in ETFs that hold, long-duration U.S. Treasury securities (the "Fixed Income Allocation"), and (iii) short-term U.S. Treasury bills, money market funds, and cash and/or cash equivalents (the "Cash Equivalents"). The Fund also may opportunistically employ an options spread strategy, as discussed in more detail below. The Fund considers a large-cap company to be one that has a market capitalization of $5 billion or more, measured at the time of purchase.

In making investment decisions for the Fund, Shelton Capital Management (the "Adviser"), the Fund's investment adviser, utilizes a proprietary, tactical unconstrained growth model (the "TUG Model"). The TUG Model combines both quantitative and qualitative analysis factors, but is primarily quantitative in nature. The quantitative factors underlying the TUG Model include, but are not limited to, asset class (i.e., equity and fixed income) and market volatility, as well as rates of change in both asset class price action (i.e., the price movement of securities in a particular asset class over time) and market volatility. The TUG Model is based on signals that are derived from a proprietary algorithm that tracks market price action across equities, fixed income, and commodities, to include rates of change in correlation and volatility. In response to shifts in price action, market volatility, and correlation of the two primary asset classes based on the TUG Model, the Adviser will adjust the Fund's portfolio allocations between the Equity Allocation and the Fixed Income Allocation and thereby seek to proactively adapt to current market conditions.

The TUG Model provides the opportunity to take advantage of both equity bull and bear markets through the use of strategic long equity positions in addition to long Treasury and money market positions. In seeking to capitalize on the non-correlative relationship between equities and fixed income securities, the TUG Model will assess which asset class provides the best opportunity for growth in light of prevailing market conditions. For example, when the equity markets become indecisive, the TUG Model seeks to both protect and benefit the Fund from the periodic reversals in equities by allocating assets to bond and/or Cash Equivalents.

The TUG Model monitors several moving averages of various lengths to measure underlying trends within the universe of large-cap companies listed on The Nasdaq Stock Market. Multiple buy and sell signals are incorporated into the TUG Model to take advantage of evolving market conditions. As a result, the TUG Model generates unique signals in both bullish and bearish markets, as the market tends to behave differently depending on the trend. A partial allocation to Treasury bonds may be made when the equity signal is not at full strength.

*Options Spread Strategy* 

The Adviser also may opportunistically invest in options to seek to enhance the Fund's return. The Fund's options spread strategy typically consists of two components: (i) selling call options on one or more indexes that comprise the equity securities held by the Fund on up to 100% of the value of the equity securities held by the Fund to generate premium from such options, while (ii) simultaneously reinvesting a portion of such premium to buy call options on the same index(es).

<u>Short Call Options</u>. A written (sold) call option gives the seller the obligation to sell shares of the reference asset at a specified price ("strike price") until a specified date ("expiration date"). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the reference asset appreciates above the strike price and the holder exercises the call option, the Fund will have to pay the difference between the value of the reference asset and the strike price or deliver the reference asset (which loss is offset by the premium initially received), and in the event the reference asset declines in value, the call option may end up worthless and the Fund retains the premium. The call options written by the Fund will be collateralized by the Fund's equity holdings at the time the Fund sells the options.

<u>Long Call Options</u>. When the Fund purchases a call option, the Fund pays an amount (premium) to acquire the right to buy shares of a reference asset at a strike price until the expiration date. In the event the reference asset appreciates in value above the strike price and the Fund exercises its call option, the Fund will be entitled to receive the difference between the value of the reference asset and the strike price (which gain is offset by the premium originally paid by the Fund), and in the event the reference asset closes below the strike price as of the expiration date, the call option may end up worthless and the Fund's loss is limited to the amount of premium it paid.

The options purchased or sold by the Fund will typically have an expiration date approximately one month from the time of purchase or sale. Call options written by the Fund will typically have a strike price that is at, near, or higher than the current price of the reference asset, and call options purchased by the Fund will typically have a strike price that is higher (in some cases, significantly higher) than the current price of the reference asset. The call options used by the Fund will be traded on a national securities exchange and be settled in cash.

The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies.

**Principal Risks**

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

**Cybersecurity Risk**. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information, or cause the Fund, the Adviser, and/or other service providers (including custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund, the Adviser, the Fund's other service providers, market makers, Authorized Participants ("APs"), the Fund's primary listing exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its shareholders.

**Derivatives Securities Risk**. The Fund invests in options that derive their performance from the performance of one or more indexes that comprise the equity securities held by the Fund. Derivatives, such as the options in which the Fund invests, can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Fund. The Fund could experience a loss if its derivatives do not perform as anticipated, or are not correlated with the performance of their underlying asset or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid, and unpredictable changes in the prices for derivatives.

● *Options Risk.* Selling (writing) and buying options are speculative activities and entail greater than ordinary investment risks. The Fund's use of put options can lead to losses because of adverse movements in the price or value of the underlying asset, which may be magnified by certain features of the options. When selling a put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is below the strike price by an amount equal to or greater than the premium. Purchasing of put options involves the payment of premiums, which may adversely affect the Fund's performance. Purchasing a put option gives the purchaser of the option the right to sell a specified quantity of an underlying asset at a fixed exercise price over a defined period of time. Purchased put options may expire worthless resulting in the Fund's loss of the premium it paid for the option.

The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option's underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset. The Fund's use of options may reduce the Fund's ability to profit from increases in the value of the underlying asset. If the price of the underlying asset of an option is above the strike price of a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. While the Fund will limit its leverage risk based on its value-at-risk test (or "VaR"), the Fund could still lose a significant amount or nearly all of its value if the price of an underlying asset changes significantly enough.

**Equity Market Risk**. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund's NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

**ETF Risks**. The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:

● *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk.* The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

● *Cash Redemption Risk*. The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., short positions and derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

● *Costs of Buying or Selling Shares Risk.* Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● *Shares May Trade at Prices Other Than NAV Risk.* As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

● *Trading Risk.* Although Shares will be listed for trading on The NASDAQ Stock Market LLC (the "Exchange") and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than the Shares.

**Fixed Income Risk**. Fixed income securities are debt obligations issued by corporations, municipalities and other borrowers and are subject to various risks, including call, credit, extension and interest rate risks.

● *Call Risk.* During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.

● *Credit Risk.* Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.

● *Extension Risk.* During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund's income and potentially in the value of the Fund's investments.

● *Interest Rate Risk.* An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. During periods when interest rates are at low levels, the Fund's yield can be low, and the Fund may have a negative yield (i.e., it may lose money on an operating basis).

**Implied Volatility Risk**. When the Fund sells an option, it gains the amount of the premium it receives, but also incurs a liability representing the value of the option it has sold until the option is either exercised and finishes "in the money," meaning it has value and can be sold, or the option expires worthless, or the expiration of the option is "rolled," or extended forward. The value of the options in which the Fund invests is based partly on the volatility used by market participants to price such options (i.e., implied volatility). Accordingly, increases in the implied volatility of such options will cause the value of such options to increase (even if the prices of the options' underlying stocks do not change), which will result in a corresponding increase in the liabilities of the Fund under such options and thus decrease the Fund's NAV.

**Limited Operating History Risk**. The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision.

**Management Risk**. The Fund is actively managed and its ability to achieve its investment objective is dependent on the Adviser's successful implementation of the Fund's investment strategies.

**Manufacturing Sector Risk**. Companies in the Manufacturing Sector can be significantly affected by supply and demand both for their specific product or service and for Manufacturing Sector products in general; a decline in demand for products due to rapid technological developments and frequent new product introduction; government regulation, world events and economic conditions; and the risks associated with potential environmental damage and product liability claims.

**Market Capitalization Risk *(Large-Capitalization Investing)***. The securities of large-capitalization companies may be relatively mature compared to smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization companies also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

**Market Risk**. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund's NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, including the impact of the COVID-19 pandemic and related public health issues, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions, and the threat of and/or actual imposition of tariffs by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia's invasion of Ukraine, acts of terrorism, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets.

**Models and Data Risk**. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data.

**Non-Diversification Risk**. Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more widely. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

**Other Investment Company Risk**. The risks of investment in other investment companies, including ETFs, typically reflect the risks of the types of instruments in which the investment companies invest. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. Investments in ETFs are also subject to the "ETF Risks" described above.

**Portfolio Turnover Risk**. Because the Fund may "turn over" some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

**Tax Risk**. The writing of options by the Fund may significantly reduce or eliminate its ability to make distributions eligible to be treated as qualified dividend income. Options entered into by the Fund may also be subject to the federal tax rules applicable to straddles under the Internal Revenue Code of 1986, as amended (the "Code"). If positions held by the Fund were treated as "straddles" for federal income tax purposes, or the Fund's risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment in the hands of non-corporate shareholders or eligible for the dividends received deduction for corporate shareholders. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund's recognition of gains and losses with respect to straddle positions.

**U.S. Treasury Obligations Risk**. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.

**Performance**

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

**Fund Management**

Shelton Capital Management serves as the investment adviser to the Fund. The Fund is managed by a team consisting of Jonathan Molchan and Stephen C. Rogers (the "Portfolio Managers), who are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Molchan has served as a Portfolio Manager of the Fund since its inception in 2026. Mr. Rogers has served as a Portfolio Manager of the Fund since inception.

**Other Important Information About Fund Shares**

**Purchase and Sale of Fund Shares**

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

Individual shares may only be purchased and sold in secondary market transactions through a broker or dealer at a market price. Shares of the Fund will be listed for trading on the Exchange under the ticker symbol [____].

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

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

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

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

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

**Investment Objectives and Principal Investment Strategies**

**Investment Objective.** The Fund seeks long-term growth of capital and current income.

**Principal Investment Strategies**.

The Fund is an actively-managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by allocating its investments among a combination of (i) U.S. equity securities of large-cap companies that are listed on The Nasdaq Stock Market or ETFs that seek to replicate the performance of an investment in such large-cap companies (the "Equity Allocation"), (ii) directly in, or in ETFs that hold, long-duration U.S. Treasury securities (the "Fixed Income Allocation"), and (iii) short-term U.S. Treasury bills, money market funds, and cash and/or cash equivalents (the "Cash Equivalents"). The Fund also may opportunistically employ an options spread strategy, as discussed in more detail below. The Fund considers a large-cap company to be one that has a market capitalization of $5 billion or more, measured at the time of purchase.

In making investment decisions for the Fund, Shelton Capital Management (the "Adviser"), the Fund's investment adviser, utilizes a proprietary, tactical unconstrained growth model (the "TUG Model"). The TUG Model combines both quantitative and qualitative analysis factors, but is primarily quantitative in nature. The quantitative factors underlying the TUG Model include, but are not limited to, asset class (i.e., equity and fixed income) and market volatility, as well as rates of change in both asset class price action (i.e., the price movement of securities in a particular asset class over time) and market volatility. The TUG Model is based on signals that are derived from a proprietary algorithm that tracks market price action across equities, fixed income, and commodities, to include rates of change in correlation and volatility. In response to shifts in price action, market volatility, and correlation of the two primary asset classes based on the TUG Model, the Adviser will adjust the Fund's portfolio allocations between the Equity Allocation and the Fixed Income Allocation and thereby seek to proactively adapt to current market conditions.

The TUG Model provides the opportunity to take advantage of both equity bull and bear markets through the use of strategic long equity positions in addition to long Treasury and money market positions. In seeking to capitalize on the non-correlative relationship between equities and fixed income securities, the TUG Model will assess which asset class provides the best opportunity for growth in light of prevailing market conditions. For example, when the equity markets become indecisive, the TUG Model seeks to both protect and benefit the Fund from the periodic reversals in equities by allocating assets to bond and/or Cash Equivalents.

The TUG Model monitors several moving averages of various lengths to measure underlying trends within the universe of large-cap companies listed on The Nasdaq Stock Market. Multiple buy and sell signals are incorporated into the TUG Model to take advantage of evolving market conditions. As a result, the TUG Model generates unique signals in both bullish and bearish markets, as the market tends to behave differently depending on the trend. A partial allocation to Treasury bonds may be made when the equity signal is not at full strength.

*Options Spread Strategy* 

The Adviser also may opportunistically invest in options to seek to enhance the Fund's return. The Fund's options spread strategy typically consists of two components: (i) selling call options on one or more indexes that comprise the equity securities held by the Fund on up to 100% of the value of the equity securities held by the Fund to generate premium from such options, while (ii) simultaneously reinvesting a portion of such premium to buy call options on the same index(es).

<u>Short Call Options</u>. A written (sold) call option gives the seller the obligation to sell shares of the reference asset at a specified price ("strike price") until a specified date ("expiration date"). The writer (seller) of the call option receives an amount (premium) for writing (selling) the option. In the event the reference asset appreciates above the strike price and the holder exercises the call option, the Fund will have to pay the difference between the value of the reference asset and the strike price or deliver the reference asset (which loss is offset by the premium initially received), and in the event the reference asset declines in value, the call option may end up worthless and the Fund retains the premium. The call options written by the Fund will be collateralized by the Fund's equity holdings at the time the Fund sells the options.

<u>Long Call Options</u>. When the Fund purchases a call option, the Fund pays an amount (premium) to acquire the right to buy shares of a reference asset at a strike price until the expiration date. In the event the reference asset appreciates in value above the strike price and the Fund exercises its call option, the Fund will be entitled to receive the difference between the value of the reference asset and the strike price (which gain is offset by the premium originally paid by the Fund), and in the event the reference asset closes below the strike price as of the expiration date, the call option may end up worthless and the Fund's loss is limited to the amount of premium it paid.

The options purchased or sold by the Fund will typically have an expiration date approximately one month from the time of purchase or sale. Call options written by the Fund will typically have a strike price that is at, near, or higher than the current price of the reference asset, and call options purchased by the Fund will typically have a strike price that is higher (in some cases, significantly higher) than the current price of the reference asset. The call options used by the Fund will be traded on a national securities exchange and be settled in cash.

The Fund may engage in active and frequent trading of portfolio securities in implementing its principal investment strategies.

**Additional Policies of the Fund**

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

**Investment Risks**

**Cybersecurity Risk**. Cybersecurity incidents may allow an unauthorized party to gain access to Fund assets or proprietary information, or cause the Fund, the Adviser, and/or other service providers (including custodians and financial intermediaries) to suffer data breaches or data corruption. Additionally, cybersecurity failures or breaches of the electronic systems of the Fund, the Adviser, or the Fund's other service providers, market makers, Authorized Participants ("APs"), the Fund's primary listing exchange, or the issuers of securities in which the Fund invests have the ability to disrupt and negatively affect the Fund's business operations, including the ability to purchase and sell Shares, potentially resulting in financial losses to the Fund and its shareholders.

**Derivatives Securities Risk**. The Fund invests in options that derive their performance from the performance of one or more indexes that comprise the equity securities held by the Fund. Derivatives, such as the options in which the Fund invests, can be volatile and involve various types and degrees of risks, depending upon the characteristics of a particular derivative. Derivatives may entail investment exposures that are greater than their cost would suggest, meaning that a small investment in a derivative could have a substantial impact on the performance of the Fund. The Fund could experience a loss if its derivatives do not perform as anticipated, or are not correlated with the performance of their underlying asset or if the Fund is unable to purchase or liquidate a position because of an illiquid secondary market. The market for many derivatives is, or suddenly can become, illiquid. Changes in liquidity may result in significant, rapid, and unpredictable changes in the prices for derivatives.

● Options Risk. Selling (writing) and buying options are speculative activities and entail greater than ordinary investment risks. The Fund's use of put options can lead to losses because of adverse movements in the price or value of the underlying asset, which may be magnified by certain features of the options. When selling a put option, the Fund will receive a premium; however, this premium may not be enough to offset a loss incurred by the Fund if the price of the underlying asset is below the strike price by an amount equal to or greater than the premium. Purchasing of put options involves the payment of premiums, which may adversely affect the Fund's performance. Purchasing a put option gives the purchaser of the option the right to sell a specified quantity of an underlying asset at a fixed exercise price over a defined period of time. Purchased put options may expire worthless resulting in the Fund's loss of the premium it paid for the option.

The value of an option may be adversely affected if the market for the option becomes less liquid or smaller, and will be affected by changes in the value or yield of the option's underlying asset, an increase in interest rates, a change in the actual or perceived volatility of the stock market or the underlying asset and the remaining time to expiration. Additionally, the value of an option does not increase or decrease at the same rate as the underlying asset. The Fund's use of options may reduce the Fund's ability to profit from increases in the value of the underlying asset. If the price of the underlying asset of an option is above the strike price of a written put option, the value of the option, and consequently of the Fund, may decline significantly more than if the Fund invested directly in the underlying asset instead of using options. While the Fund will segregate liquid assets at least equal in value to the maximum potential loss for the Fund, the Fund could still lose a significant amount or nearly all of its value if the price of an underlying asset changes significantly enough.

**Equity Market Risk**. The trading prices of equity securities and other instruments fluctuate in response to a variety of factors. The Fund's NAV and market price may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time.

**ETF Risks**. The Fund is an ETF and, as a result of its structure, it is exposed to the following risks:

● *Authorized Participants, Market Makers, and Liquidity Providers Concentration Risk*. The Fund has a limited number of financial institutions that may act as APs. In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. Shares may trade at a material discount to NAV and possibly face delisting if either: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

● *Cash Redemption Risk*. The Fund's investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. For example, the Fund may not be able to redeem in-kind certain securities held by the Fund (e.g., short positions and derivative instruments). In such a case, the Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

● *Costs of Buying or Selling Shares Risk*. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

● *Shares May Trade at Prices Other Than NAV Risk*. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund's NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant.

● *Trading Risk*. Although Shares will be listed for trading on The NASDAQ Stock Market LLC (the "Exchange") and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund's underlying portfolio holdings, which can be significantly less liquid than the Shares.

**Fixed Income Risk**. Current market conditions and the actions of governmental authorities and regulators in response to COVID-19 and its far-reaching effects present heightened risks to the fixed income market generally. Such risks could be further heightened if such market conditions become more volatile or the governmental and regulatory actions are unexpectedly or suddenly reversed or are ineffective in achieving their desired outcomes. In addition, the current environment is exposing fixed income and debt markets to significant volatility and reduced liquidity for Fund investments.

● *Call Risk*. During periods of falling interest rates, an issuer of a callable bond held by the Fund may "call" or repay the security before its stated maturity, and the Fund may have to reinvest the proceeds at lower interest rates, resulting in a decline in the Fund's income.

● *Credit Risk*. Debt issuers and other counterparties may not honor their obligations or may have their debt downgraded by ratings agencies.

● *Extension Risk*. During periods of rising interest rates, certain debt obligations will be paid off substantially more slowly than originally anticipated and the value of those securities may fall sharply, resulting in a decline in the Fund's income and potentially in the value of the Fund's investments.

● *Interest Rate Risk*. An increase in interest rates may cause the value of fixed-income securities held by the Fund to decline. The Fund may be subject to a greater risk of rising interest rates due to the recent historically low rates and the effect of potential government fiscal policy initiatives and resulting market reaction to those initiatives.

**Implied Volatility Risk**. When the Fund sells an option, it gains the amount of the premium it receives, but also incurs a liability representing the value of the option it has sold until the option is either exercised and finishes "in the money," meaning it has value and can be sold, or the option expires worthless, or the expiration of the option is "rolled," or extended forward. The value of the options in which the Fund invests is based partly on the volatility used by market participants to price such options (i.e., implied volatility). Accordingly, increases in the implied volatility of such options will cause the value of such options to increase (even if the prices of the options' underlying stocks do not change), which will result in a corresponding increase in the liabilities of the Fund under such options and thus decrease the Fund's NAV.

**Limited Operating History Risk**. The Fund is a recently organized investment company with a limited operating history. As a result, prospective investors have a limited track record or history on which to base their investment decision.

**Management Risk**. The Fund is actively managed and its ability to achieve its investment objective is dependent on the Adviser's successful implementation of the Fund's investment strategies.

**Manufacturing Sector Risk**. Companies in the Manufacturing Sector can be significantly affected by supply and demand both for their specific product or service and for Manufacturing Sector products in general; a decline in demand for products due to rapid technological developments and frequent new product introduction; government regulation, world events and economic conditions; and the risks associated with potential environmental damage and product liability claims.

**Market Capitalization Risk (Large-Capitalization Investing)**. The securities of large-capitalization companies may be relatively mature compared to smaller companies and, therefore, subject to slower growth during times of economic expansion. Large-capitalization companies also may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

**Market Risk**. The trading prices of securities and other instruments fluctuate in response to a variety of factors. These factors include events impacting the entire market or specific market segments, such as political, market and economic developments, as well as events that impact specific issuers. The Fund's NAV and market price, like security and commodity prices generally, may fluctuate significantly in response to these and other factors. As a result, an investor could lose money over short or long periods of time. U.S. and international markets have experienced significant periods of volatility in recent years due to a number of these factors, growth concerns in the U.S. and overseas, uncertainties regarding interest rates, trade tensions and the threat of tariffs imposed by the U.S. and other countries. In addition, local, regional or global events such as war, including Russia's invasion of Ukraine, acts of terrorism, spread of infectious diseases or other public health issues, recessions, rising inflation, or other events could have a significant negative impact on the Fund and its investments. These developments as well as other events could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets. It is unknown whether circumstances related to the COVID-19 or other pandemics will reoccur in the future, whether efforts to support the economy and financial markets will be successful, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect Fund performance.

**Models and Data Risk**. When models and data prove to be incorrect or incomplete, any decisions made in reliance thereon expose the Fund to potential risks. Because predictive models are usually constructed based on historical data supplied by third parties, the success of relying on such models may depend heavily on the accuracy and reliability of the supplied historical data.

**Non-Diversification Risk**. Because the Fund is "non-diversified," it may invest a greater percentage of its assets in the securities of a single issuer or a lesser number of issuers than if it was a diversified fund. As a result, the Fund may be more exposed to the risks associated with and developments affecting an individual issuer or a lesser number of issuers than a fund that invests more widely. This may increase the Fund's volatility and cause the performance of a relatively small number of issuers to have a greater impact on the Fund's performance.

**Other Investment Company Risk**. The risks of investment in other investment companies, including ETFs, typically reflect the risks of the types of instruments in which the investment companies invest. By investing in another investment company, the Fund becomes a shareholder of that investment company and bears its proportionate share of the fees and expenses of the other investment company. Investments in ETFs are also subject to the "ETF Risks" described above.

**Portfolio Turnover Risk**. Because the Fund may "turn over" some or all of its portfolio frequently, the Fund may incur high levels of transaction costs from commissions or mark-ups in the bid/offer spread. Higher portfolio turnover (e.g., in excess of 100% per year) may result in the Fund paying higher levels of transaction costs and generating greater tax liabilities for shareholders.

**Tax Risk**. The writing of options by the Fund may significantly reduce or eliminate its ability to make distributions eligible to be treated as qualified dividend income. Options entered into by the Fund may also be subject to the federal tax rules applicable to straddles under the Internal Revenue Code of 1986, as amended (the "Code"). If positions held by the Fund were treated as "straddles" for federal income tax purposes, or the Fund's risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment in the hands of non-corporate shareholders or eligible for the dividends received deduction for corporate shareholders. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund's recognition of gains and losses with respect to straddle positions.

**U.S. Treasury Obligations Risk**. U.S. Treasury obligations may differ from other fixed income securities in their interest rates, maturities, times of issuance and other characteristics. Similar to other issuers, changes to the financial condition or credit rating of the U.S. government may cause the value of the Fund's U.S. Treasury obligations to decline.

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

**Fund Organization and Management**

**Shelton Funds.** Shelton Funds, a Delaware statutory trust (the "Trust"), is a group of nine mutual funds, in addition to the Fund; the nine other funds of the Trust are described in another prospectus. The Board of Trustees (the "Board" or the "Trustees"), consisting of four individuals, has primary responsibility for the oversight of the management of the Fund for the benefit of its shareholders, not day-to-day management. The Board authorizes the Trust to enter into service agreements with Shelton Capital Management and other service providers to provide necessary or desirable services on behalf of the Trust and the Fund. Shareholders are not parties to or third-party beneficiaries of such service agreements.

Shelton Capital Management. The investment advisor for the Fund is Shelton Capital Management, 1401 Lawrence Street, Suite 1550, Denver, CO 80202. Shelton manages over $7.6 billion of assets as of May 1, 2026. Shelton has been managing mutual funds since 1985. Shelton is responsible for managing the Fund and handling the administrative requirements of the Fund. As compensation for managing the Fund, Shelton receives a management fee from the Fund of 0.65% of the Fund's average daily net assets.

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

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

**Portfolio Managers**

Shelton Capital Management serves as the investment adviser to the Fund. The Fund is managed by a team consisting of Jonathan Molchan and Stephen C. Rogers (the "Portfolio Managers), who are primarily responsible for the day-to-day management of the portfolio of the Fund and for developing and executing the Fund's investment program. Mr. Molchan has served as a Portfolio Manager of the Fund since its inception in 2026. Mr. Rogers has served as a Portfolio Manager of the Fund since inception.

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

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

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

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

**How to Buy Shares**

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

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

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

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

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

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

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

**Book Entry** 

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

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

**Share Trading Prices**

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

**Frequent Purchases and Redemptions of Fund Shares**

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

**Financial Intermediaries**

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

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

**Investments by Other Investment Companies**

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

**Determination of Net Asset Value**

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

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

**Premium/Discount Information**

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

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

**Dividends, Distributions and Taxes**

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

**Taxes**

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

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

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

**Taxation of the Fund**

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

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

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

**Taxation of U.S. Shareholders**

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

**Taxes on Distributions**

For U.S. federal income tax purposes, shareholders are subject to taxation based on the underlying character of the income and gain recognized by the Fund and distributed to the shareholders.

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

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

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

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

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

**Taxes on Exchange-Listed Share Sales**

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

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

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

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

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

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

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

**Medicare Surtax on Net Investment Income**

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

**Information Reporting; Backup Withholding**

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

**Taxation of Foreign Shareholders**

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

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

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

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

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

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

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

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

**Other Policies**

**Consolidated Mailings & Householding**

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

**Electronic Delivery of Documents**

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

**Financial Highlights**

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

**Learn More**

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

**Annual and Semi-Annual Reports**

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

**Statement of Additional Information**

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

**How to Obtain Additional Information** 

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

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

Investment Company Act File No. 811-4417

**Notice of Privacy Policy**

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

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

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**Use of Email Addresses:** 

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

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

● Paperless Statements- Receive an e-mail with a link to our Website informing you that our investor statements are available online to view, print or download.

● Tax Form Alerts- Receive an e-mail in early January informing you if you will receive tax forms for your taxable Shelton mutual Fund, including the approximate date they will be mailed.

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

**Shelton Funds**

**1401 Larence**

**Street, Suite 1550**

**Denver, CO 80202**

**(800) 955-9988**

**Statement of Additional Information – May 15, 2026**

**SHELTON TACTICAL GROWTH & INCOME ETF ([____**(pending)])**

**Primary Listing Exchange for the Fund: The NASDAQ Stock Market LLC**

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

This Statement of Additional Information ("SAI") is not the Prospectus of the Shelton Tactical Growth & Income ETF (the "Fund"), but provides additional information which should be read in conjunction with the Prospectus dated May 15, 2026 (as may be amended), which is incorporated by reference into this SAI. The Fund's Prospectus and most recent Annual Report may be obtained at no charge by visiting http://sheltoncap.com, or contacting the Fund at the address or telephone number shown above. This SAI contains additional and more detailed information about the Fund's operations and activities than the Prospectus.

**Table of Contents**

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| | |
|:---|:---|
| [**About Shelton Funds**](#tckr485bposb001) | 2 |
| [**Investment Restrictions**](#tckr485bposb002) | 9 |
| [**Board Leadership Structure and Standing Board Committees**](#tckr485bposb003) | 12 |
| [**Code of Ethics**](#tckr485bposb004) | 13 |
| [**Investment Management and Other Services**](#tckr485bposb005) | 14 |
| [**Portfolio Managers**](#tckr485bposb006) | 14 |
| [**Policies Regarding Broker-Dealers used for Portfolio Transactions**](#tckr485bposb007) | 16 |
| [**Sale or Redemption of Shares**](#tckr485bposb008) | 23 |
| [**Miscellaneous Information**](#tckr485bposb009) | 27 |
| [**Financial Statements**](#tckr485bposb010) | 28 |
| [**Appendix A**](#tckr485bposb011) | 29 |

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**About Shelton Funds**

Shelton Funds is an open-end management investment company organized as a Delaware statutory trust ("the "Trust"). The Trust issues its shares of beneficial interest with no par value in different series, each known as a "Fund". Shares of the Fund represent equal proportionate interest in the assets of that Fund only, and have identical voting, dividend, redemption, liquidation and other rights. Shareholders have no preemptive or other right to subscribe to any additional shares.

The Trust originally was organized as two separate Massachusetts business trusts formed by Declarations of Trust dated September 11, 1985, as subsequently amended, and was reorganized into a single Delaware statutory trust after the close of trading on December 29, 2006. The Trust was renamed Shelton Funds on November 22, 2011.

The Investment Company Act of 1940, as amended (the "1940 Act"), classifies mutual funds as either "diversified" or "non-diversified." The Shelton Tactical Growth & Income ETF is classified as "non-diversified."

Currently, the Trust has ten (10) Funds, each of which maintains an entirely separate investment portfolio. The other nine funds are described in a separate Statement of Additional Information.

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

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

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

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

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

**Investment Objectives and Policies of the Fund**

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

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

**Investment Techniques and Risks**

**General Risks**

The value of the Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor in the Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent, or if bid/ask spreads are wide.

**Cybersecurity Risk***.* Investment companies, such as the Funds, and their service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cybersecurity breaches. Cyber-attacks affecting the Fund or the Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause reputational damage. A Fund also may incur additional costs for cybersecurity risk management purposes. Similar types of cybersecurity risks also are present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund's investments in such portfolio companies to lose value.

**Recent Events***.* Beginning in the first quarter of 2020, financial markets in the United States and around the world experienced extreme and, in many cases, unprecedented volatility and severe losses due to the global pandemic caused by COVID-19, a novel coronavirus. The pandemic resulted in a wide range of social and economic disruptions, including closed borders, voluntary or compelled quarantines of large populations, stressed healthcare systems, reduced or prohibited domestic or international travel, and supply chain disruptions affecting the United States and many other countries. Some sectors of the economy and individual issuers experienced particularly large losses as a result of these disruptions. Although the immediate effects of the COVID-19 pandemic have dissipated, global markets and economies continue to contend with the ongoing and long-term impact of the COVID-19 pandemic and the resultant market volatility and economic disruptions. It is unknown how long events related to the pandemic will persist, whether they will reoccur in the future, whether efforts to support the economy and financial markets will be successful, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect Fund performance.

Geopolitical tensions introduce uncertainty into global markets. Russia's military invasion of Ukraine in February 2022, the resulting responses by the United States and other countries, and the potential for wider conflict could increase volatility and uncertainty in the financial markets and adversely affect regional and global economies. The United States and other countries have imposed broad-ranging economic sanctions on Russia, certain Russian individuals, banking entities and corporations, and Belarus as a response to Russia's invasion of Ukraine and may impose sanctions on other countries that provide military or economic support to Russia. The extent and duration of Russia's military actions and the repercussions of such actions (including any retaliatory actions or countermeasures that may be taken by those subject to sanctions, including cyber-attacks) are impossible to predict, but could result in significant market disruptions, including in certain industries or sectors, such as the oil and natural gas markets, and may negatively affect global supply chains, inflation and global growth.

Similarly, escalations beginning in October 2023 of the ongoing Israel-Hamas conflict present a potential risk for wider conflict that could negatively affect financial markets due to a myriad of interconnected factors. This conflict could disrupt regional trade and supply chains, potentially affecting U.S. businesses with exposure to the region. For example, the Red Sea crisis has led to disruption of international maritime trade and the global supply chain, which has had a direct impact on countries and regions that rely on such routes for the supply of energy and/or food and companies that typically ship goods or receive components by way of the Red Sea. Additionally, the Middle East plays a pivotal role in the global energy sector, and prolonged instability could impact oil prices, leading to increased costs for businesses and consumers. Furthermore, the U.S.'s diplomatic ties and commitments in the region mean that it might become more directly involved, either diplomatically or militarily, diverting attention and resources. These and any related events could significantly impact the Fund's performance and the value of an investment in the Fund, even if the Fund does not have direct exposure.

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

**Description Of Permitted Investments**

The following are descriptions of the Fund's permitted investments and investment practices and the associated risk factors. A Fund will only invest in any of the following instruments, or ETFs that invest in such instruments, or engage in any of the following investment practices if such investment or activity is consistent with that Fund's investment objective and permitted by the Fund's stated investment policies.

**Borrowing**. Each Fund may borrow money to the extent permitted under the 1940 Act, as such may be interpreted or modified by regulatory authorities having jurisdiction, from time to time. Borrowing for investment purposes is one form of leverage. Leveraging investments, by purchasing securities with borrowed money, is a speculative technique that increases investment risk, but also increases investment opportunity. Because substantially all of the Fund's assets will fluctuate in value, whereas the interest obligations on borrowings may be fixed, the NAV per share of the Fund will increase more when the Fund's portfolio assets increase in value and decrease more when the Fund's portfolio assets decrease in value than would otherwise be the case. Moreover, interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the returns on the borrowed funds. Under adverse conditions, the Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales.

Each Fund also may borrow money to facilitate management of the Fund's portfolio by enabling the Fund to meet redemption requests when the liquidation of portfolio instruments would be inconvenient or disadvantageous. Such borrowing is not for investment purposes and will be repaid by the Fund promptly. As required by the 1940 Act, the Fund must maintain continuous asset coverage (total assets, including assets acquired with borrowed funds, less liabilities exclusive of borrowings) of 300% of all amounts borrowed. If, at any time, the value of the Fund's assets should fail to meet this 300% coverage test, the Fund, within three days (not including Sundays and holidays), will reduce the amount of the Fund's borrowings to the extent necessary to meet this 300% coverage requirement. Maintenance of this percentage limitation may result in the sale of portfolio securities at a time when investment considerations otherwise indicate that it would be disadvantageous to do so.

Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the borrowing Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. A Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. In addition to the foregoing, the Fund is authorized to borrow money as a temporary measure for extraordinary or emergency purposes in amounts not in excess of 5% of the value of the Fund's total assets. Borrowings for extraordinary or emergency purposes are not subject to the foregoing 300% asset coverage requirement.

**Debt Securities.** In general, a debt security represents a loan of money to the issuer by the purchaser of the security. A debt security typically has a fixed payment schedule that obligates the issuer to pay interest to the lender and to return the lender's money over a certain time period. A company typically meets its payment obligations associated with its outstanding debt securities before it declares and pays any dividend to holders of its equity securities. Bonds, notes and commercial paper are examples of debt securities and differ in the length of the issuer's principal repayment schedule, with bonds carrying the longest repayment schedule and commercial paper the shortest.

Debt securities are all generally subject to interest rate, credit, income and prepayment risks and, like all investments, are subject to liquidity and market risks to varying degrees depending upon the specific terms and type of security. The Adviser attempts to reduce credit and market risk through diversification of the Fund's portfolio and ongoing credit analysis of each issuer, as well as by monitoring economic developments, but there can be no assurance that it will be successful at doing so.

A Fund's investments in debt securities may subject the Fund to the following risks:

*Credit Risk*. Debt securities are subject to the risk of an issuer's (or other party's) failure or inability to meet its obligations under the security. Multiple parties may have obligations under a debt security. An issuer or borrower may fail to pay principal and interest when due. A guarantor, insurer or credit support provider may fail to provide the agreed upon protection. A counterparty to a transaction may fail to perform its side of the bargain. An intermediary or agent interposed between the investor and other parties may fail to perform the terms of its service. Also, performance under a debt security may be linked to the obligations of other persons who may fail to meet their obligations. The credit risk associated with a debt security could increase to the extent that the Fund's ability to benefit fully from its investment in the security depends on the performance by multiple parties of their respective contractual or other obligations. The market value of a debt security is also affected by the market's perception of the creditworthiness of the issuer.

A Fund may incur substantial losses on debt securities that are inaccurately perceived to present a different amount of credit risk than they actually do by the market, the Adviser or the rating agencies. Credit risk is generally greater where less information is publicly available, where fewer covenants safeguard the investors' interests, where collateral may be impaired or inadequate, where little legal redress or regulatory protection is available, or where a party's ability to meet obligations is speculative. Additionally, any inaccuracy in the information used by the Fund to evaluate credit risk may affect the value of securities held by the Fund.

Obligations under debt securities held by the Fund may never be satisfied or, if satisfied, only satisfied in part.

Some securities are subject to risks as a result of a credit downgrade or default by a government, or its agencies or, instrumentalities. Credit risk is a greater concern for high-yield debt securities and debt securities of issuers whose ability to pay interest and principal may be considered speculative. Debt securities are typically classified as investment grade-quality (medium to highest credit quality) or below investment grade-quality (commonly referred to as high-yield or junk bonds). Many individual debt securities are rated by a third party source, such as Moody's Investors Service (Moody's) or Standard & Poor's Financial Services (S&P®), to help describe the creditworthiness of the issuer.

*Credit Ratings Risk.* Using credit ratings to evaluate debt securities can involve certain risks. For example, ratings assigned by the rating agencies are based upon an analysis completed at the time of the rating of the obligor's ability to pay interest and repay principal. Rating agencies typically rely to a large extent on historical data which may not accurately represent present or future circumstances. Ratings do not purport to reflect the risk of fluctuations in market value of the debt security and are not absolute standards of quality and only express the rating agency's current opinion of an obligor's overall financial capacity to pay its financial obligations. A credit rating is not a statement of fact or a recommendation to purchase, sell or hold a debt obligation. Also, credit quality can change suddenly and unexpectedly, and credit ratings may not reflect the issuer's current financial condition or events since the security was last rated. Rating agencies may have a financial interest in generating business, including from the arranger or issuer of the security that normally pays for that rating, and providing a low rating might affect the rating agency's prospects for future business. While rating agencies have policies and procedures to address this potential conflict of interest, there is a risk that these policies will fail to prevent a conflict of interest from impacting the rating.

*Extension Risk.* A Fund is subject to extension risk, which is the risk that the market value of some debt securities, particularly mortgage securities and certain asset-backed securities, may be adversely affected when bond calls or prepayments on underlying mortgages or other assets are less or slower than anticipated. Extension risk may result from, for example, rising interest rates or unexpected developments in the markets for the underlying assets or mortgages. As a consequence, the security's effective maturity will be extended, resulting in an increase in interest rate sensitivity to that of a longer-term instrument. Extension risk generally increases as interest rates rise. This is because, in a rising interest rate environment, the rate of prepayment and exercise of call or buy-back rights generally falls and the rate of default and delayed payment generally rises. When the maturity of an investment is extended in a rising interest rate environment, a below-market interest rate is usually locked-in and the value of the security reduced. This risk is greater for fixed-rate than variable-rate debt securities.

*Income Risk.* A Fund is subject to income risk, which is the risk that the Fund's income will decline during periods of falling interest rates or when the Fund experiences defaults on debt securities it holds. A Fund's income declines when interest rates fall because, as the Fund's higher-yielding debt securities mature or are prepaid, the Fund must re-invest the proceeds in debt securities that have lower, prevailing interest rates. The amount and rate of distributions that the Fund's shareholders receive are affected by the income that the Fund receives from its portfolio holdings. If the income is reduced, distributions by the Fund to shareholders may be less. Fluctuations in income paid to the Fund are generally greater for variable rate debt securities. A Fund will be deemed to receive taxable income on certain securities which pay no cash payments until maturity, such as zero-coupon securities. A Fund may be required to sell portfolio securities that it would otherwise continue to hold in order to obtain sufficient cash to make the distribution to shareholders required for U.S. tax purposes.

*Inflation Risk.* The market price of debt securities generally falls as inflation increases because the purchasing power of the future income and repaid principal is expected to be worth less when received by the Fund. Debt securities that pay a fixed rather than variable interest rates are especially vulnerable to inflation risk because variable-rate debt securities may be able to participate, over the long term, in rising interest rates which have historically corresponded with long-term inflationary trends.

*Interest Rate Risk.* The market value of debt securities generally varies in response to changes in prevailing interest rates. Interest rate changes can be sudden and unpredictable. In addition, short-term and long-term rates are not necessarily correlated to each other as short-term rates tend to be influenced by government monetary policy while long-term rates are market driven and may be influenced by macroeconomic events (such as economic expansion or contraction), inflation expectations, as well as supply and demand. During periods of declining interest rates, the market value of debt securities generally increases. Conversely, during periods of rising interest rates, the market value of debt securities generally declines. This occurs because new debt securities are likely to be issued with higher interest rates as interest rates increase, making the old or outstanding debt securities less attractive. In general, the market prices of long-term debt securities or securities that make little (or no) interest payments are more sensitive to interest rate fluctuations than shorter-term debt securities. The longer the Fund's average weighted portfolio duration, the greater the potential impact a change in interest rates will have on its share price. Also, certain segments of the fixed income markets, such as high quality bonds, tend to be more sensitive to interest rate changes than other segments, such as lower-quality bonds.

*Prepayment Risk.* Debt securities, especially bonds that are subject to "calls," such as asset-backed or mortgage-backed securities, are subject to prepayment risk if their terms allow the payment of principal and other amounts due before their stated maturity. Amounts invested in a debt security that has been "called" or "prepaid" will be returned to an investor holding that security before expected by the investor. In such circumstances, the investor, such as the Fund, may be required to re-invest the proceeds it receives from the called or prepaid security in a new security which, in periods of declining interest rates, will typically have a lower interest rate. Prepayment risk is especially prevalent in periods of declining interest rates and will result for other reasons, including unexpected developments in the markets for the underlying assets or mortgages. For example, a decline in mortgage interest rates typically initiates a period of mortgage refinancings. When homeowners refinance their mortgages, the investor in the underlying pool of mortgage-backed securities (such as the Fund) receives its principal back sooner than expected, and must reinvest at lower, prevailing rates.

Securities subject to prepayment risk are often called during a declining interest rate environment and generally offer less potential for gains and greater price volatility than other income-bearing securities of comparable maturity.

Call risk is similar to prepayment risk and results from the ability of an issuer to call, or prepay, a debt security early. If interest rates decline enough, the debt security's issuer can save money by repaying its callable debt securities and issuing new debt securities at lower interest rates.

**Equity Securities.** Equity securities, such as the common stock of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment or the financial condition of the issuers change. A decrease in value of the equity securities in the Fund's portfolio may also cause the value of such Fund's Shares to decline. An investment in the Funds should be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the Fund's portfolio securities and therefore a decrease in the value of Shares). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic or banking crises.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference, and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

<u>Types of Equity Securities:</u>

*Common Stocks* — Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors.

*Preferred Stocks* — Preferred stocks also are units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred stock.

Generally, the market values of preferred stock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived credit risk.

*Rights and Warrants* — A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

*Large-Capitalization Companies* — Investments in large-capitalization companies may go in and out of favor based on market and economic conditions and may underperform other market segments. Some large-capitalization companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes, and may not be able to attain the high growth rate of successful smaller companies, especially during extended periods of economic expansion. As such, returns on investments in stocks of large-capitalization companies could trail the returns on investments in stocks of small- and mid-capitalization companies.

*Small- and Mid-Capitalization Companies* — The securities of small- and mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small- and mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small- or mid-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning small- and mid-capitalization companies than for larger, more established companies. Small- and mid-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.

*Tracking Stocks* — A tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company, and which is designed to "track" the performance of such business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same rights as holders of the company's common stock.

**Exchange-Traded Funds.** The Funds may invest in shares of other exchange-traded funds ("ETFs"). As the shareholder of another ETF, the Fund would bear, along with other shareholders, its pro rata portion of the other ETF's expenses, including advisory fees. Such expenses are in addition to the expenses the Fund pays in connection with its own operations. A Fund's investments in other ETFs may be limited by applicable law.

Disruptions in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on investments in ETFs. ETFs also carry the risk that the price the Fund pays or receives may be higher or lower than the ETF's NAV. ETFs are also subject to certain additional risks, including the risks of illiquidity and of possible trading halts due to market conditions or other reasons, based on the policies of the relevant exchange. ETFs and other investment companies in which the Fund may invest may be leveraged, which would increase the volatility of the Fund's NAV. The Funds also may invest in ETFs and other investment companies that seek to return the inverse of the performance of an underlying index on a daily, monthly, or other basis, including inverse leveraged ETFs.

Inverse and leveraged ETFs are subject to additional risks not generally associated with traditional ETFs. To the extent that the Fund invests in inverse ETFs, the value of the Fund's investments will decrease when the index underlying the ETF's benchmark rises, a result that is the opposite from traditional equity or bond funds. The NAV and market price of leveraged or inverse ETFs are usually more volatile than the value of the tracked index or of other ETFs that do not use leverage. This is because inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. The use of these techniques may cause the inverse or leveraged ETFs to lose more money in market environments that are adverse to their investment strategies than other funds that do not use such techniques.

**Illiquid Investments.** A Fund may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments. An illiquid investment means any investment that the Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. If illiquid investments exceed 15% of the Fund's net assets, certain remedial actions will be taken as required by Rule 22e-4 under the 1940 Act and the Fund's policies and procedures.

A Fund may not be able to sell illiquid securities when the Adviser considers it desirable to do so or may have to sell such securities at a price that is lower than the price that could be obtained if the securities were more liquid. In addition, the sale of illiquid securities also may require more time and may result in higher dealer discounts and other selling expenses than does the sale of securities that are not illiquid. Illiquid securities also may be more difficult to value due to the unavailability of reliable market quotations for such securities, and investment in illiquid securities may have an adverse impact on NAV.

**Options.** Each Fund may purchase and write (sell) put and call options on indices and enter into related closing transactions. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

Put and call options on indices are similar to options on securities except options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally, rather than the price movements in individual securities.

If the call option is exercised by the purchaser during the option period, the seller is required to deliver the underlying security against payment of the exercise price or pay the difference. The seller's obligation terminates upon expiration of the option period or when the seller executes a closing purchase transaction with respect to such option.

A Fund may trade put and call options on securities, securities indices and currencies, as the Adviser determines is appropriate in seeking the Fund's investment objective, and except as restricted by the Fund's investment limitations.

The initial purchase (sale) of an option contract is an "opening transaction." To close out an option position, the Fund may enter into a "closing transaction," which is simply the purchase of an option contract on the same security with the same exercise price and expiration date as the option contract originally opened. If the Fund is unable to effect a closing purchase transaction with respect to an option it has written, it will not be able to sell the underlying security until the option expires or the Fund delivers the security upon exercise.

A Fund may purchase put and call options on securities to protect against a decline in the market value of the securities in its portfolio or to anticipate an increase in the market value of securities that the Fund may seek to purchase in the future. The Fund purchasing put and call options pays a premium; therefore, if price movements in the underlying securities are such that exercise of the options would not be profitable for the Fund, loss of the premium paid may be offset by an increase in the value of the Fund's securities or by a decrease in the cost of acquisition of securities by the Fund.

A Fund may write covered call options on securities as a means of increasing the yield on its assets and as a means of providing limited protection against decreases in its market value. When the Fund writes an option, if the underlying securities do not increase or decrease to a price level that would make the exercise of the option profitable to the holder thereof, the option generally will expire without being exercised and the Fund will realize as profit the premium received for such option. When a call option of which the Fund is the writer is exercised, the Fund will be required to sell the underlying securities to the option holder at the strike price, and will not participate in any increase in the price of such securities above the strike price. When a put option of which the Fund is the writer is exercised, the Fund will be required to purchase the underlying securities at a price in excess of the market value of such securities.

A Fund may purchase and write options on an exchange or over-the-counter. OTC options differ from exchange-traded options in several respects. They are transacted directly with dealers and not with a clearing corporation, and therefore entail the risk of non-performance by the dealer. OTC options are available for a greater variety of securities and for a wider range of expiration dates and exercise prices than are available for exchange-traded options. Because OTC options are not traded on an exchange, pricing is done normally by reference to information from a market maker. It is the SEC's position that OTC options are generally illiquid.

The market value of an option generally reflects the market price of an underlying security. Other principal factors affecting market value include supply and demand, interest rates, the pricing volatility of the underlying security and the time remaining until the expiration date.

Risks associated with options transactions include (1) the success of a hedging strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates, (2) there may be an imperfect correlation between the movement in prices of options and the securities underlying them, (3) there may not be a liquid secondary market for options, and (4) while the Fund will receive a premium when it writes covered call options, it may not participate fully in a rise in the market value of the underlying security.

The writing of options by the Fund may significantly reduce or eliminate its ability to make distributions eligible to be treated as qualified dividend income. Options entered into by the Fund may also be subject to the federal tax rules applicable to straddles under the Code. If positions held by the Fund were treated as "straddles" for federal income tax purposes, or the Fund's risk of loss with respect to a position was otherwise diminished as set forth in Treasury regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to such favorable income tax treatment. In addition, generally, straddles are subject to certain rules that may affect the amount, character and timing of the Fund's gains and losses with respect to straddle positions.

New rules and regulations could, among other things, restrict the Fund's ability to engage in, or increase the cost to the Fund of, derivatives transactions, for example, by making some types of derivatives no longer available to the Fund, increasing margin or capital requirements, or otherwise limiting liquidity or increasing transaction costs. The costs of derivatives transactions also may increase due to regulatory requirements imposed on clearing members, which may cause clearing members to raise their fees to cover the costs of additional capital requirements and other regulatory changes applicable to the clearing members. Certain aspects of these regulations are still being implemented, so their potential impact on the Fund and the financial system are not yet known. While the regulations and central clearing of some derivatives transactions are designed to reduce systemic risk (i.e., the risk that the interdependence of large derivatives dealers could cause them to suffer liquidity, solvency or other challenges simultaneously), there is no assurance that the mechanisms imposed under the regulations will achieve that result, and in the meantime, as noted above, central clearing, minimum margin requirements and related requirements expose the Fund to new kinds of risks and costs.

Rule 18f-4 under the 1940 Act ("Rule 18f-4") imposes limits on the amount of leverage risk to which a fund may be exposed through the use of such derivatives and requires the adoption of certain derivatives risk management measures. Under Rule 18f-4, a fund's investment in such derivatives is limited through value-at-risk ("VaR") testing. Specifically, the VaR of the fund's portfolio may not exceed 200% of the VaR of a specific unleveraged designated reference portfolio using relative VaR testing (or 20% of the value of the fund's net assets using absolute VaR testing). Generally, a fund whose derivatives exposure exceeds 10% of its net assets is required to establish and maintain a comprehensive derivatives risk management program, subject to oversight by a fund's board of trustees, and appoint a derivatives risk manager. Funds whose derivatives exposure does not exceed 10% of their net assets may be considered limited derivatives users and are not required to comply with all of the conditions of Rule 18f-4, including the adoption of a derivatives risk management program and appointment of a derivatives risk manager, though they are required to adopt policies and procedures designed to manage derivatives risk. Compliance with Rule 18f-4 may adversely affect the Fund's performance and/or increase costs related to the Fund's use of derivatives.

**Other Short-Term Instruments.** In addition to repurchase agreements (described below), the Funds may invest in other short-term instruments, including money market instruments, on an ongoing basis to provide liquidity or for other reasons. Money market instruments are generally short-term investments that may include but are not limited to: (i) shares of money market funds; (ii) obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities (including government-sponsored enterprises); (iii) negotiable certificates of deposit ("CDs"), bankers' acceptances, fixed time deposits and other obligations of U.S. and foreign banks (including foreign branches) and similar institutions; (iv) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1" by S&P or, if unrated, of comparable quality as determined by the Adviser; (v) non-convertible corporate debt securities (e.g., bonds and debentures) with remaining maturities at the date of purchase of not more than 397 days and that satisfy the rating requirements set forth in Rule 2a-7 under the 1940 Act; and (vi) short-term U.S. dollar-denominated obligations of foreign banks (including U.S. branches) that, in the opinion of the Adviser, are of comparable quality to obligations of U.S. banks which may be purchased by the Fund. Any of these instruments may be purchased on a current or a forward-settled basis. Money market instruments also include shares of money market funds. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Bankers' acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Repurchase Agreements.** Each Fund may invest in repurchase agreements with commercial banks, brokers, or dealers to generate income from its excess cash balances and to invest in securities lending cash collateral. A repurchase agreement is an agreement under which the Fund acquires a financial instrument (e.g., a security issued by the U.S. government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day). A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the applicable Fund and is unrelated to the interest rate on the underlying instrument.

In these repurchase agreement transactions, the securities acquired by the Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and are held by the Custodian until repurchased. No more than an aggregate of 15% of the Fund's net assets will be invested in illiquid investments, including repurchase agreements having maturities longer than seven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market quotations.

The use of repurchase agreements involves certain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Fund may incur a loss upon disposition of the security. If the other party to the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a court may determine that the underlying security is collateral for a loan by the Fund not within the control of the Fund and, therefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor of the other party to the agreement.

**Reverse Repurchase Agreements**

A Fund may enter into reverse repurchase agreements, which involve the sale of securities held by the Fund subject to its agreement to repurchase the securities at an agreed-upon date or upon demand and at a price reflecting a market rate of interest. Reverse repurchase agreements may be entered into only with banks or securities dealers or their affiliates. While a reverse repurchase agreement is outstanding, the Fund will, for all of its reverse repurchase agreements, either (i) consistent with Section 18 of the 1940 Act, maintain asset coverage of at least 300% of the value of the repurchase agreement or (ii) treat the reverse repurchase agreement as a derivatives transaction for purposes of Rule 18f-4, including, as applicable, the VaR-based limit on leverage risk.

Reverse repurchase agreements involve the risk that the buyer of the securities sold by the Fund might be unable to deliver them when the Fund seeks to repurchase. If the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer or trustee or receiver may receive an extension of time to determine whether to enforce the Fund's obligation to repurchase the securities, and the Fund's use of the proceeds of the reverse repurchase agreement may effectively be restricted pending such decision.

**Securities Lending**

Each Fund may lend portfolio securities in an amount up to one-third of its total assets to brokers, dealers and other financial institutions. In a portfolio securities lending transaction, the Fund receives from the borrower an amount equal to the interest paid or the dividends declared on the loaned securities during the term of the loan as well as the interest on the collateral securities, less any fees (such as finders or administrative fees) the Fund pays in arranging the loan. A Fund may share the interest it receives on the collateral securities with the borrower. The terms of the Fund's loans permit it to reacquire loaned securities on five business days' notice or in time to vote on any important matter. Loans are subject to termination at the option of the applicable Fund or borrower at any time, and the borrowed securities must be returned when the loan is terminated. The Funds may pay fees to arrange for securities loans.

The SEC currently requires that the following conditions must be met whenever the Fund's portfolio securities are loaned: (1) the Fund must receive at least 100% cash collateral from the borrower; (2) the borrower must increase such collateral whenever the market value of the securities rises above the level of such collateral; (3) the Fund must be able to terminate the loan at any time; (4) the Fund must receive reasonable interest on the loan, as well as any dividends, interest or other distributions on the loaned securities, and any increase in market value; (5) the Fund may pay only reasonable custodian fees approved by the Board in connection with the loan; (6) while voting rights on the loaned securities may pass to the borrower, the Board must terminate the loan and regain the right to vote the securities if a material event adversely affecting the investment occurs; and (7) the Fund may not loan its portfolio securities so that the value of the loaned securities is more than one-third of its total asset value, including collateral received from such loans. These conditions may be subject to future modification. Such loans will be terminable at any time upon specified notice. A Fund might experience the risk of loss if the institution with which it has engaged in a portfolio loan transaction breaches its agreement with the Fund. In addition, the Funds will not enter into any portfolio security lending arrangement having a duration of longer than one year. The principal risk of portfolio lending is potential default or insolvency of the borrower. In either of these cases, the Fund could experience delays in recovering securities or collateral or could lose all or part of the value of the loaned securities. As part of participating in a lending program, the applicable Fund may be required to invest in collateralized debt or other securities that bear the risk of loss of principal. In addition, all investments made with the collateral received are subject to the risks associated with such investments. If such investments lose value, the Fund will have to cover the loss when repaying the collateral.

Any loans of portfolio securities are fully collateralized based on values that are marked-to-market daily. Any securities that the Fund may receive as collateral will not become part of the Fund's investment portfolio at the time of the loan and, in the event of a default by the borrower, the Fund will, if permitted by law, dispose of such collateral except for such part thereof that is a security in which the Fund is permitted to invest. During the time securities are on loan, the borrower will pay the Fund any accrued income on those securities, and the Fund may invest the cash collateral and earn income or receive an agreed-upon fee from a borrower that has delivered cash-equivalent collateral.

**U.S. Government Securities.** Each Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government, or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury, and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass- through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi- annually and repay the principal at maturity.

On September 7, 2008, the U.S. Treasury announced a federal takeover of Fannie Mae and the Federal Home Loan Mortgage Corporation ("Freddie Mac"), placing the two federal instrumentalities in conservatorship. Under the takeover, the U.S. Treasury agreed to acquire $1 billion of senior preferred stock of each instrumentality and obtained warrants for the purchase of common stock of each instrumentality (the "Senior Preferred Stock Purchase Agreement" or "Agreement"). Under the Agreement, the U.S. Treasury pledged to provide up to $200 billion per instrumentality as needed, including the contribution of cash capital to the instrumentalities in the event their liabilities exceed their assets. This was intended to ensure that the instrumentalities maintain a positive net worth and meet their financial obligations, preventing mandatory triggering of receivership. On December 24, 2009, the U.S. Treasury announced that it was amending the Agreement to allow the $200 billion cap on the U.S. Treasury's funding commitment to increase as necessary to accommodate any cumulative reduction in net worth over the next three years. As a result of this Agreement, the investments of holders, including the Fund, of mortgage-backed securities and other obligations issued by Fannie Mae and Freddie Mac are protected.

The total public debt of the United States as a percentage of gross domestic product has grown rapidly since the beginning of the 2008-2009 financial downturn. Although high debt levels do not necessarily indicate or cause economic problems, they may create certain systemic risks if sound debt management practices are not implemented. A high national debt can raise concerns that the U.S. government will not be able to make principal or interest payments when they are due. In August 2011, S&P lowered its long-term sovereign credit rating on the U.S. In explaining the downgrade at that time, S&P cited, among other reasons, controversy over raising the statutory debt limit and growth in public spending. In August 2023, Fitch Ratings also downgraded its U.S. debt rating from AAA to AA+, citing expected fiscal deterioration over the next three years and repeated down-to-the-wire debt ceiling negotiations. While Moody's sovereign credit rating for the U.S. remains AAA, the agency changed the outlook from stable to negative in November 2023, signaling an increased risk of the potential for a downgrade.

An increase in national debt levels also may necessitate the need for the U.S. Congress to negotiate adjustments to the statutory debt ceiling to increase the cap on the amount the U.S. government is permitted to borrow to meet its existing obligations and finance current budget deficits. Future downgrades could increase volatility in domestic and foreign financial markets, result in higher interest rates, lower prices of U.S. Treasury securities and increase the costs of different kinds of debt. Any controversy or ongoing uncertainty regarding the statutory debt ceiling negotiations may impact the U.S. long-term sovereign credit rating and may cause market uncertainty. As a result, market prices and yields of securities supported by the full faith and credit of the U.S. government may be adversely affected.

**When-Issued Securities.** A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. When the Fund engages in when-issued transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

Decisions to enter into "when-issued" transactions will be considered on a case-by-case basis when necessary to maintain continuity in a company's index membership.

**Investment Restrictions**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Funds. These restrictions cannot be changed with respect to the Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, the Fund may not:

1. Concentrate its investments (i.e., hold more than 25%
of its total assets) in any industry or group of related industries. For purposes of this limitation, securities of the U.S. government
(including its agencies and instrumentalities), repurchase agreements collateralized by U.S. government securities, investment
companies and tax-exempt securities of state or municipal governments and their political subdivisions are not considered to be
issued by members of any industry.

2. Borrow money or issue senior securities (as defined under
the 1940 Act), except to the extent permitted under the 1940 Act.

3. Make loans, except to the extent permitted under the
1940 Act.

4. Purchase or sell real estate unless acquired as a result
of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not prevent the
Fund from investing in securities or other instruments backed by real estate, real estate investment trusts or securities of companies
engaged in the real estate business.

5. Purchase or sell physical commodities unless acquired
as a result of ownership of securities or other instruments, except to the extent permitted under the 1940 Act. This shall not
prevent the Fund from purchasing or selling options and futures contracts or from investing in securities or other instruments
backed by physical commodities.

6. Underwrite securities issued by other persons, except
to the extent permitted under the 1940 Act.

The following descriptions of certain provisions of the 1940 Act may assist investors in understanding the above policies and restrictions:

<u>Borrowing</u>. The 1940 Act presently allows a fund to borrow from any bank (including pledging, mortgaging or hypothecating assets) in an amount up to 33 1/3% of its total assets (not including temporary borrowings not in excess of 5% of its total assets).

<u>Senior Securities</u>. For purposes of fundamental policy no. 2 above, senior securities may include any obligation or instrument constituting a security issued by the Fund and evidencing indebtedness or a future payment obligation. The 1940 Act generally prohibits funds from issuing senior securities other than borrowing from a bank subject to specific asset coverage requirements. The 1940 Act prohibitions and restrictions on the issuance of senior securities are designed to protect shareholders from the potentially adverse effects of a fund's issuance of senior securities, including, in particular, the risks associated with excessive leverage of a fund's assets. Certain types of derivatives give rise to future payment obligations and therefore also may be considered to be senior securities. Rule 18f-4 under the 1940 Act permits funds that comply with the conditions therein to enter into certain types of derivatives transactions notwithstanding the prohibitions and restrictions on the issuance of senior securities under the 1940 Act. To the extent consistent with its investment strategies, the Fund may invest in derivatives in compliance with the conditions set forth in Rule 18f-4 under the 1940 Act.

<u>Lending</u>. Under the 1940 Act, a fund may only make loans if expressly permitted by its investment policies.

<u>Real Estate and Commodities</u>. The 1940 Act does not directly restrict an investment company's ability to invest in real estate or commodities but does require that every investment company have a fundamental investment policy governing such investments.

<u>Underwriting</u>. Under the 1940 Act, underwriting securities involves a fund purchasing securities directly from an issuer for the purpose of selling (distributing) them or participating in any such activity either directly or indirectly.

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitation with respect to the borrowing of money will be observed continuously.

**Exchange Listing And Trading**

Shares are listed for trading and trade throughout the day on the Exchange.

There can be no assurance that the Fund will continue to meet the requirements of the Exchange necessary to maintain the listing of Shares. The Exchange will consider the suspension of trading in, and will initiate delisting proceedings of, the Shares under any of the following circumstances: (i) if any of the requirements set forth in the Exchange rules are not continuously maintained, including compliance with Rule 6c-11(c) under the 1940 Act; (ii) if, following the initial 12-month period beginning at the commencement of trading of the Fund, there are fewer than 50 beneficial owners of the Shares of such Fund; or (iii) if such other event shall occur or condition shall exist that, in the opinion of the Exchange, makes further dealings on the Exchange inadvisable. The Exchange will remove the Shares of the Fund from listing and trading upon termination of such Fund.

The Trust reserves the right to adjust the price levels of Shares in the future to help maintain convenient trading ranges for investors. Any adjustments would be accomplished through stock splits or reverse stock splits, which would have no effect on the net assets of the applicable Fund.

**Portfolio Turnover**

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

**Temporary Defensive Positions**

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

**Disclosure of Portfolio Holdings**

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

**Management of the Trust**

**Trustees and Officers**

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

**Qualifications of Independent Trustees**

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

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

● No conflicts which would interfere with qualifying as independent.

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

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

● Diversity of background.

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|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**TRUSTEES**  | &nbsp;&nbsp;**TRUSTEES**  | &nbsp;&nbsp;**TRUSTEES**  | &nbsp;&nbsp;**TRUSTEES**  | &nbsp;&nbsp;**TRUSTEES**  | &nbsp;&nbsp;**TRUSTEES**  | &nbsp;&nbsp;**TRUSTEES**  |
| &nbsp;&nbsp;**Name, Address, and Year of Birth** | &nbsp;&nbsp;**Positions Held with Fund** | &nbsp;&nbsp;**Term of Office\*\* and Length of Time Served** | &nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** | &nbsp;&nbsp;**Number of Portfolios in Fund Complex Overseen by Trustee** | &nbsp;&nbsp;**Other Trusteeships Held by Director During Past 5 Years** | &nbsp;&nbsp;**Experience** |
| &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** | &nbsp;&nbsp;***Independent Trustees*** |
| &nbsp;&nbsp;**Kevin T. Kogler**\*,<br> 1966 | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2006 | &nbsp;&nbsp;Director MicroBiz AM LLC, (June 2015 to present); President & Founder of MicroBiz, LLC (2012 to present); Principal, Robertson Piper Software Group, (2006 to 2012); Senior Vice President, Investment Banking, FBR Capital Markets (2003 to 2006). | &nbsp;&nbsp;21 | &nbsp;&nbsp;SCM Trust | &nbsp;&nbsp;Experience in investment banking and technology industry. M.B.A. |
| &nbsp;&nbsp;**Stephen H. Sutro\*,** <br> **1969** | &nbsp;&nbsp;Trustee<br>| &nbsp;&nbsp;Since 2006 | &nbsp;&nbsp;Managing Partner, San Francisco, Duane Morris LLP (law firm), (2014 to present); Partner, Duane Morris LLP (2003 to 2014). | &nbsp;&nbsp;21 | &nbsp;&nbsp;SCM Trust | &nbsp;&nbsp;Service on Boards for nonprofit organizations, J.D. |
| &nbsp;&nbsp;**Marco L. Quazzo\*,** <br> **1962** | &nbsp;&nbsp;Trustee | &nbsp;&nbsp;Since 2014 | &nbsp;&nbsp;Principal, Bartko Zankel Bunzel & Miller, (March 2015 to present); Partner, Barg Coffin Lewis & Trapp LLP (law firm), (2008 to March 2015). | &nbsp;&nbsp;21 | &nbsp;&nbsp;SCM Trust | &nbsp;&nbsp;Experience with risk management for mortgage banks, investment banks, and real estate investment trusts, J.D. |
| &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** | &nbsp;&nbsp;***Interested Trustee*<sup>1</sup>** |
| &nbsp;&nbsp;**Stephen C. Rogers**\*, <br> 1966 | &nbsp;&nbsp;President, Trustee, and Chairman of the Board | &nbsp;&nbsp;Since 1999 | &nbsp;&nbsp;Portfolio Manager, Shelton Capital Management ("Shelton"), (2003 to present); Chief Executive Officer, Shelton, (1999 to present) Secretary (1999 to November <u>2012)</u> | &nbsp;&nbsp;21 | &nbsp;&nbsp;SCM Trust | &nbsp;&nbsp;Portfolio management and operations experience, MBA. |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** | &nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;**Name, Address\* and Year of Birth** | &nbsp;&nbsp;**Position(s) Held with Trust** | &nbsp;&nbsp;**Term of Office\*\* and Length of Time Served** | &nbsp;&nbsp;**Principal Occupation During Past 5 Years** |
| &nbsp;&nbsp;**Gregory T. Pusch**\*, <br> 1966 | &nbsp;&nbsp;Chief Compliance Officer and Secretary | &nbsp;&nbsp;Since 2017 | &nbsp;&nbsp;Global Head of Risk & Compliance, Matthews Asia 2015-2016; Head of Legal & Regulatory Compliance/CCO HarbourVest Partners, 2012-2015; SVP, CCO, Pyramis Global Advisors, 2007-2011 |
| &nbsp;&nbsp;**Derek Izuel\***, <br> 1968 | &nbsp;&nbsp;Treasurer | &nbsp;&nbsp;Since 2026 | &nbsp;&nbsp;CIO and Portfolio Manager, Shelton Capital Management 2022 to present; Managing Partner, Vitruvian Capital Management 2018-2022. |

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| | |
|:---|:---|
| <sup>1</sup> | Basis of Interestedness. Stephen C. Rogers is affiliated with Shelton Capital Management, which is the investment advisor of Funds. |
| <sup>\*</sup> | The address of each Trustee and Officer is: 1401 Lawrence Street, Suite 1550, Denver, Colorado 80202. |
| <sup>\*\*</sup> | Each Trustee serves an indefinite term, until such Trustees' successor is elected and appointed, or such Trustee resigns or is deceased. The officers of the Trust are appointed by the Board of Trustees and shall serve until such officer's resignation or removal. |

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

**Board Leadership Structure and Standing Board Committees**

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

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

**Risk Oversight by the Board**

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

**Compensation Table**

As shown in the following table, the total annual Trustee fees allocated to the Trust are equally divided between each series within the Trust and paid to the Trustees who are not affiliated with Shelton Capital Management. The table provides information regarding the Funds as of December 31, 2025.

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

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\* The Fund Complex includes all series of the Trust, currently 10, and any other investment companies for which any Trustee serves as trustee for and for which Shelton Capital Management provides investment advisory services (currently 21 funds, and 0 funds, respectively).

Dollar Range of Fund shares beneficially owned in the Fund as of December 31, 2025:

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

---

Aggregate Dollar Range of Equity Securities in all Registered Investment Companies Overseen by Director in Family of Investment Companies as of December 31, 2025:

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

---

**Code of Ethics**

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

**Proxy Voting Policies and Procedures**

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

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

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

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

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

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

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

**Shareholder Beneficial Ownership**

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

**Investment Management and Other Services**

**Management Services.** CCM Partners, a California Limited Partnership d/b/a Shelton Capital Management, 1401 Lawrence Street, Suite 1550, Denver, CO 80202, is the investment advisor to the Funds pursuant to the Investment Advisory Agreement between the Trust on behalf of the Fund and Shelton Capital Management dated October 11, 2016 (the "Agreement"). Shelton manages over $7.6 billion of assets as of May 1, 2026. Shelton has been managing mutual funds since 1985. Shelton Capital Management is responsible for managing the Funds and handling the administrative requirements of the Funds. Shelton Capital Management is controlled by a privately held partnership, RFS Partners, LP, which in turn is controlled by a family trust of which Mr. Stephen C. Rogers is a co-trustee.

As compensation for managing the Fund, Shelton receives a management fee from the Fund of 0.65% of the Fund's average daily net assets. The Fund's management agreement provides that Shelton Capital Management will pay substantially all expenses of the Fund (including expenses of the Trust relating to the Fund), except for the management fees, interest expenses, dividend and interest expenses related to short sales, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, certain compliance costs, costs of holding shareholder meetings, litigation and potential litigation and other extraordinary expenses such as merger and reorganization expenses, for example, not incurred in the ordinary course of the Fund's business. Additionally, the Fund shall be responsible for its non-operating expenses, including brokerage expenses relating to investment strategies (including commissions, mark-ups and mark-downs), leverage interest, other transactional expenses, annual account fees for margin accounts, and commissions and fees and expenses associated with the Fund's securities lending program, if applicable.

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

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

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

**Administrative Services**

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

**Distribution and Services Plan**

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

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

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

**Portfolio Managers**

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

---

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

---

---

| | | |
|:---|:---|:---|
| **<u>Jonathan Molchan</u>** | **<u>Jonathan Molchan</u>** | **<u>Jonathan Molchan</u>** |
| Type of Account | Number of<br> Accounts<br> Managed | Assets<br> Managed for<br> which<br> Investment<br> Advisory Fee<br> is<br> Performance-<br> Based |
| Registered Investment Companies |  | $|
| Other Pooled Investment Vehicles |  |  |
| Other Accounts |  |  |

---

**Potential Conflicts of Interest**

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

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

**Compensation**

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

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

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

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

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

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

**Other Service Providers**

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

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

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

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

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

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

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

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

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

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

**Voting Rights**

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

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

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

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

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

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

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

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

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

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

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

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

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

**Purchasing Creation Units**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**Redeeming a Creation Unit**

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

**FEDERAL INCOME TAXES**

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

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

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

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

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

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

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

**Taxation of the Funds**

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

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

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

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

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

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

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

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

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

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

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

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

**Equalization Accounting**

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

**Personal Holding Company**

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

**Taxation of Fund Distributions**

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

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

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

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

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

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

**Sale or Redemption of Shares**

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

**Special Tax Considerations**

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

*Passive Foreign Investment Companies*

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

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

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

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

*Controlled Foreign Corporations*

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

*Non-U.S. Taxes*

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

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

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

*Non-U.S. Currency Transactions*

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

*Financial Products*

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

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

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

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

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

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

*Securities Issued or Purchased at a Discount*

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

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

*High-Risk Securities*

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

*Transfers between Classes of a Single Fund*

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

*Real Estate Investment Trusts*

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

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

**Backup Withholding**

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

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

**Cost Basis Reporting**

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

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

**Surtax on Net Investment Income**

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

**Other Tax Matters**

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

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

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

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

*Yield Disclosure and Performance Information*

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

*Average Annual Total Return*

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

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

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

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Average Annual Total Return (after taxes on distributions):

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

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

where:

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| | |
|:---|:---|
| P | &nbsp;&nbsp;&nbsp;= a hypothetical initial payment of $1,000. |
| T | &nbsp;&nbsp;&nbsp;= average annual total return (after taxes on distributions). |
| n | &nbsp;&nbsp;&nbsp;= number of years |
| ATVD | &nbsp;&nbsp;&nbsp;= ending value of a hypothetical $1,000 payment made at the beginning of the 1-, 5-, or 10-year periods at the end of such periods, after taxes on fund distributions but not after taxes on redemptions. |

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

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

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

where

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

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After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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

Distribution Rate

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

Comparisons

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

**Miscellaneous Information** 

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

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

**Financial Statements**

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

**Appendix A**

**Description Securities Ratings**

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

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

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

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

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

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

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

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

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

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

Long-Term Ratings Scales – Issuer Credit Rating Scales.

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

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

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

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

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

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

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

---

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

---

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

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

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

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

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

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

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

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

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

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

---

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

---

---

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

---

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

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

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

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

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

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

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

Long-Term Issue Credit Ratings

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

---

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

---

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

---

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

---

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

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

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

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

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

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

**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits**

(a) Articles of
 Incorporation

(1) [Agreement and Declaration of Trust dated August 8, 2006 is incorporated by reference to Post-Effective Amendment No. 33 to the Registration Statement, as filed on October 31, 2006 (Accession No. 0001144204-06-044588)](http://www.sec.gov/Archives/edgar/data/778206/000114420406044588/v055877_ex99a1.txt) .

(2) [Certificate of Trust dated August 8, 2006 is incorporated by reference to Post-Effective Amendment No. 33 to the Registration Statement, as filed on October 31, 2006 (Accession No. 0001144204-06-044588)](http://www.sec.gov/Archives/edgar/data/778206/000114420406044588/v055877_ex-99a2.txt) .

(3) [Amendment dated November 17, 2011 to the Certificate of Trust dated August 8, 2006 –is incorporated by reference to Post-Effective Amendment No. 58, as filed on December 31, 2019 (Accession No: 0001398344-18-018815).](http://www.sec.gov/Archives/edgar/data/778206/000139834418018815/fp0038040_ex9928a3.htm)

(4) [Amendment dated July 24, 2025 to the Agreement and Declaration of Trust dated August 8, 2006, is incorporated by reference to Post-Effective Amendment No. 76, as filed on December 29, 2025 (Accession No. 0001999371-25-021287)](https://www.sec.gov/Archives/edgar/data/778206/000199937125021287/ex99-a4.htm) .

(b) (1) [By-Laws dated August 8, 2006 is incorporated by reference to Post-Effective Amendment No. 34 to the Registration Statement, as filed on December 29, 2006 (Accession No. 0001144204-06-054892)](http://www.sec.gov/Archives/edgar/data/778206/000114420406054892/v061347_ex99-23b.txt) .

(2) [Amendment dated May 7, 2020 to Bylaws dated August 8, 2006 is incorporated by reference to Post-Effective Amendment No. 62 to the Registration Statement, as filed on December 29, 2020 (Accession No. 0001398344-20-025205)](http://www.sec.gov/Archives/edgar/data/0000778206/000139834420025205/fp0060389_ex9928b2.htm) .

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| | | |
|:---|:---|:---|
| (c) | Provisions defining the rights of securities holders are contained in Article III and Article V of the Registrant's Declaration of Trust (incorporated herein by reference to [Exhibit (a)(1)](http://www.sec.gov/Archives/edgar/data/778206/000114420406044588/v055877_ex99a1.txt) of this filing) and Article II of the Registrant's By-Laws (incorporated herein by reference to [Exhibit (b)(1)](http://www.sec.gov/Archives/edgar/data/778206/000114420406054892/v061347_ex99-23b.txt) of this filing). | Provisions defining the rights of securities holders are contained in Article III and Article V of the Registrant's Declaration of Trust (incorporated herein by reference to [Exhibit (a)(1)](http://www.sec.gov/Archives/edgar/data/778206/000114420406044588/v055877_ex99a1.txt) of this filing) and Article II of the Registrant's By-Laws (incorporated herein by reference to [Exhibit (b)(1)](http://www.sec.gov/Archives/edgar/data/778206/000114420406054892/v061347_ex99-23b.txt) of this filing). |
| (d) | Investment Advisory Contracts | Investment Advisory Contracts |
|  | (1) | [Amended and Restated Investment Advisory Agreement dated March 4, 2022, between Shelton Funds and CCM Partners, is incorporated by reference to Post-Effective Amendment No. 71 to the Registration Statement, as filed on January 11, 2023 (Accession No. 0001387131-23-000259).](http://www.sec.gov/Archives/edgar/data/778206/000138713123000259/ex-d1.htm) |
|  | (2) | [Investment Advisory Agreement dated February 14, 2013 between Shelton Funds, on behalf of the Shelton Sustainable Equity Fund (*formerly known as the Shelton Green Alpha Fund*) and CCM Partners is incorporated by reference to Post-Effective Amendment No. 56 to the Registration Statement, as filed on December 28, 2017. (Accession No. 0001398344-17-016363)](http://www.sec.gov/Archives/edgar/data/778206/000139834417016363/fp0029706_ex9928d2.htm). |

---

(3) [Amendment No. 1 to the Investment Advisory Agreement dated February 14, 2013, between Shelton Funds, on behalf of the Shelton Sustainable Equity Fund (*formerly known as the Shelton Green Alpha Fund*), is incorporated by reference to Post-Effective Amendment No. 71 to the Registration Statement, as filed on January 11, 2023 (Accession No. 0001387131-23-000259).](http://www.sec.gov/Archives/edgar/data/778206/000138713123000259/ex-d3.htm)

(4) [Investment Advisory Agreement dated March 27, 2026, between Shelton Funds and CCM Partners, with respect to the Shelton Tactical Growth & Income ETF.](ex99-d4.htm) (filed herewith).

(e) Underwriting
 Contracts

(1) [Distribution Agreement dated February 8, 2018 between Shelton Funds and RFS Partners, LP is incorporated by reference to Post-Effective Amendment No. 62 to the Registration Statement, as filed on December 29, 2020 (Accession No. 0001398344-20-025205)](http://www.sec.gov/Archives/edgar/data/0000778206/000139834420025205/fp0060389_ex9928e1.htm) .

(2) [Amended and Restated Appendix A dated February 6, 2020 to Amended & Restated Underwriting Agreement dated February 8, 2018 is incorporated by reference to Post-Effective Amendment No. 62 to the Registration Statement, as filed on December 29, 2020 (Accession No. 0001398344-20-025205)](http://www.sec.gov/Archives/edgar/data/0000778206/000139834420025205/fp0060389_ex9928e2.htm) .

(3) [Amendment No. 1 dated November 12, 2020 to the Distribution Agreement dated February 8, 2018 is incorporated by reference to Post-Effective Amendment No. 62 to the Registration Statement, as filed on December 29, 2020 (Accession No. 0001398344-20-025205)](http://www.sec.gov/Archives/edgar/data/0000778206/000139834420025205/fp0060389_ex9928e3.htm) .

(4) [Amendment No. 2 dated March 27, 2026 to the Distribution Agreement dated February 18, 2018, between Shelton Funds, on behalf of the Shelton Tactical Growth & Income ETF, and RFS Partners, LP.](ex99-e4.htm) (filed herewith).

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| | | |
|:---|:---|:---|
| (f) | Bonus or Profit Sharing Contracts - Not applicable. | Bonus or Profit Sharing Contracts - Not applicable. |
| (g) | (1) | [Custodian Agreement among Shelton Funds, SCM Trust, and State Street Bank & Trust Company dated September 1, 2025 (filed herewith).](http://www.sec.gov/Archives/edgar/data/778206/000139834417016363/fp0029706_ex9928g.htm). |
|  | (2) | Amendment No. 1 dated December 8, 2025 to the Custody Agreement among Shelton Funds, SCM Trust, and State Street Bank & Trust Company dated September 1, 2025 (filed herewith). |
|  | (3) | Form of Amendment No. 2 to the Custody Agreement among Shelton Funds, SCM Trust, and State Street Bank and Trust Company (filed herewith). |

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---

| | | |
|:---|:---|:---|
| (h) | Other Material Contracts | Other Material Contracts |
|  | (1) | [Restated Administration Services Agreement dated January 1, 2007 between Shelton Funds (f/k/a California Investment Trust) and CCM Partners, LP is incorporated by reference to Post-Effective Amendment No. 34 to the Registration Statement, as filed on December 29, 2006 (Accession No. 0001144204-06-054892)](http://www.sec.gov/Archives/edgar/data/778206/000114420406054892/v061347_ex99-23h1.txt). |
|  | (2) | [Amendment No. 1 dated effective as of January 1, 2011, to the Restated Administration Agreement dated January 1, 2007 between Shelton Funds and CCM Partners, LP is incorporated by reference to Post-Effective Amendment No. 62 to the Registration Statement, as filed on December 29, 2020 (Accession No. 0001398344-20-025205)](http://www.sec.gov/Archives/edgar/data/0000778206/000139834420025205/fp0060389_ex9928h2.htm). |
|  | (3) | Transfer Agency Agreement between SCM Trust and State Street Bank & Trust Company dated September 1, 2025 (filed herewith). |
|  | (4) | [Form of Joinder and Amendment to Transfer Agency Agreement between Shelton Funds, SCM Trust, and State Street Bank & Trust.](ex99-h4.htm) (filed herewith). |
|  | (5) | [Trust Accounting Agreement dated August 14, 2025 between Shelton Funds, SCM Trust, and Paralel Technologies LLC](ex99-h5.htm) (filed herewith). |
|  | (6) | Amendment No. 1 dated December 8, 2025 and Joinder Agreement to Trust Accounting Agreement dated August 14, 2025 (filed herewith). |
|  | (7) | Form of Amendment No. 2 to Trust Accounting Agreement dated August 14, 2025 (filed herewith). |
|  | (8) | Compliance Program Staffing and Funding Memorandum dated August 16, 2021 (filed herewith). |
|  | (9) | [Amended & Restated Shareholder Services Plan dated March 8, 2024 is incorporated by reference to Post-Effective Amendment No. 74 to the Registration Statement, as filed on December 30, 2024 (Accession No. 0001999371-24-015924).](http://www.sec.gov/Archives/edgar/data/778206/000199937124015924/ex99-h4.htm) |
|  | (10) | [Expense Limitation Letter dated August 14, 2025, is incorporated by reference to Post-Effective Amendment No. 76, as filed on December 29, 2025 (Accession No. 0001999371-25-021287)](https://www.sec.gov/Archives/edgar/data/778206/000199937125021287/ex99-h6.htm). |
|  | (11) | [Expense Limitation Letter dated November 14, 2025, is incorporated by reference to Post-Effective Amendment No. 76, as filed on December 29, 2025 (Accession No. 0001999371-25-021287).](https://www.sec.gov/Archives/edgar/data/778206/000199937125021287/ex99-h7.htm) |
| (i) | Legal Opinion and Consent of Counsel as to legality of shares. | Legal Opinion and Consent of Counsel as to legality of shares. |
|  | (1) | [Opinion of Paul, Hastings, Janofsky & Walker LLP is incorporated by reference to Post-Effective Amendment No. 34 to the Registration Statement, as filed on December 29, 2006 (Accession No. 0001144204-06-054892).](http://www.sec.gov/Archives/edgar/data/778206/000114420406054892/v061347_ex99-23i.txt) |
|  | (2) | [Opinion of Davis Graham & Stubbs LLP with respect to the Institutional Class of the Nasdaq-100 Index Fund is incorporated by reference to Post-Effective Amendment No. 65 to the Registration Statement, as filed on March 4, 2022 (Accession No. 0001387131-22-003192).](http://www.sec.gov/Archives/edgar/data/778206/000138713122003192/ex99-i2.htm) |
|  | (3) | [Opinion of Davis Graham & Stubbs LLP with respect to the Institutional Class of the Shelton Sustainable Equity Fund (*formerly known as the Shelton Green Alpha Fund*) is incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, as filed on October 7, 2022 (Accession No. 0001387131-22-010344).](http://www.sec.gov/Archives/edgar/data/778206/000138713122010344/ex99i3.htm) |
|  | (4) | [Opinion of Davis Graham & Stubbs LLP with respect to the Shelton Tactical Growth & Income ETF, is incorporated by reference to the Trust's registration statement on Form N-14, as filed on March 31, 2026 (Accession No. 0001999371-26-007233)](https://www.sec.gov/Archives/edgar/data/778206/000199937126007233/ex12.htm) |
| (j) | Other Opinions | Other Opinions |

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---

| | | |
|:---|:---|:---|
|  | (1) | [Consent of Cohen & Company, Ltd., is incorporated by reference to Post-Effective Amendment No. 76, as filed on December 29, 2025 (Accession No. 0001999371-25-021287)](https://www.sec.gov/Archives/edgar/data/778206/000199937125021287/ex99-j1.htm). |
| (k) | Omitted Financial Statements - Not applicable. | Omitted Financial Statements - Not applicable. |
| (l) | Initial Capital Agreement - Not applicable. | Initial Capital Agreement - Not applicable. |
| (m) |  |  |

---

(1) [Amended and Restated Distribution and Services Plan dated February 8, 2018 is incorporated by reference to Post-Effective Amendment No. 62 to the Registration Statement, as filed on December 29, 2020 (Accession No. 0001398344-20-025205)](http://www.sec.gov/Archives/edgar/data/0000778206/000139834420025205/fp0060389_ex9928m.htm).

(2) [Amended and Restated Distribution and Services Plan dated February 8, 2018, as revised August 23, 2023, is incorporated by reference to Post-Effective Amendment No. 72, as filed on December 29, 2023 (Accession No. 0001999371-23-001333).](http://www.sec.gov/Archives/edgar/data/778206/000199937123001333/ex99-m2.htm)

(3) [Distribution and Services Plan with respect to the Shelton Tactical Growth & Income ETF](ex99-m3.htm) (filed herewith).

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| | | |
|:---|:---|:---|
| (n) | [Amended and Restated Rule 18f-3 Plan is incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, as filed on October 7, 2022 (Accession No. 0001387131-22-010344).](http://www.sec.gov/Archives/edgar/data/778206/000138713122010344/ex99n.htm) | [Amended and Restated Rule 18f-3 Plan is incorporated by reference to Post-Effective Amendment No. 69 to the Registration Statement, as filed on October 7, 2022 (Accession No. 0001387131-22-010344).](http://www.sec.gov/Archives/edgar/data/778206/000138713122010344/ex99n.htm) |
| (o) | Reserved. | Reserved. |
| (p) | Code of Ethics | Code of Ethics |
|  | (1) | [Joint Code of Ethics of Shelton Funds, SCM Trust, Shelton Capital Management and RFS Partners, LP, is incorporated by reference to Post-Effective Amendment No. 56 to the Registration Statement, as filed on December 28, 2017 (Accession No. 0001398344-17-016363)](http://www.sec.gov/Archives/edgar/data/778206/000139834417016363/fp0029706_ex9928p.htm). |
| (q) | Other. | Other. |
|  | (1) | [Powers of Attorney is incorporated by reference to Post-Effective Amendment No. 56 to the Registration Statement, as filed on December 28, 2017 (Accession No. 0001398344-17-016363)](http://www.sec.gov/Archives/edgar/data/778206/000139834417016363/fp0029706_ex9928j2.htm). |

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(2) [Secretary's Certificate pursuant to Rule 483(b) – is incorporated by reference to Post-Effective Amendment No. 58, as filed on December 31, 2018 (Accession No: 0001398344-18-018815).](http://www.sec.gov/Archives/edgar/data/778206/000139834418018815/fp0038040_ex9928q2.htm)

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

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

**Item 30. Indemnification**

Article VII of the Registrant's Declaration of Trust provides that a trustee or officer of the Trust who is or was serving at the request of the Trust as a trustee or officer shall not be liable to the Trust or to any Shareholder in his capacity as a trustee or officer except in the case of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of such trustee or officer. A trustee also shall not be liable for errors of judgment or mistakes of fact or law. Subject to the foregoing, and to the fullest extent that limitations on the liability of trustees and officers are permitted by the Delaware Statutory Trust Act or other applicable law, a trustee or officer shall not be responsible or liable in any event for any act, omission, neglect or wrongdoing of any other agent of the Trust, and/or of any officer, employee, consultant, investment adviser, principal underwriter, administrator, fund accountant or accounting agent, custodian, transfer agent, dividend disbursing agent and/or shareholder servicing agent of the Trust.

Article VII also provides that the Trust shall indemnify, out of Trust property, to the fullest extent permitted under applicable law, any trustee or officer of the Trust who was or is a party or is threatened to be made a party to any legal proceeding by reason of the fact that such person is or was a trustee or officer of the Trust, against all expenses, judgments, fines, settlements and other amounts actually and reasonably incurred in connection with such proceeding if the person acted in good faith or in the case of a criminal proceeding, had no reasonable cause to believe the conduct was unlawful. Further, the termination of any proceeding by judgment, order or settlement does not of itself create a presumption that such person did not act in good faith or that such person had reasonable cause to believe that such person's conduct was unlawful. Notwithstanding the foregoing, the Trust is not permitted to indemnify trustees or officers against such person's willful misfeasance, bad faith, gross negligence or reckless disregard of their duties as an officer or trustee. The Declaration of Trust also provides that a trustee or officer may receive advancement of expenses in defending any proceeding or action involving such person's conduct as a trustee or officer of the Trust. The Declaration of Trust provides that any indemnification under Article VII shall be made by the Trust if authorized in the specific case on a determination that indemnification of the Trustee or officer is proper in the circumstances by a majority vote of independent trustees or by independent legal counsel in a written opinion.

Additionally, with respect to indemnification against liability incurred by Registrant's underwriter, reference is made to Section 7 of the Amended and Restated Distribution Agreement dated February 8, 2018 between Registrant and RFS Partners. With respect to indemnification against liability incurred by Registrant's investment adviser, reference is made to Section 11 of each of the Investment Advisory Agreements dated (i) January 1, 2007; and (ii) February 14, 2013 and effective as of March 8, 2013; respectively, between the Registrant and Shelton Capital Management.

**Item 31. Business and Other Connections of Investment Adviser**

Shelton Capital Management, a California Limited Partnership, is the Registrant's investment adviser with respect to these Funds. Shelton Capital Management is also the investment adviser to SCM Trust, a diversified, open-end management investment company with 9 series funds. The principal business address of Shelton Capital Management is 1401 Lawrence Street, Suite 1550, Denver, CO 80202.

---

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

---

\* The principal place of business of RFS Partners is 1401 Lawrence Street, Suite 1550, Denver, CO 80202.

For additional information, please see Part A of this Registration Statement.

**Item 32. Principal Underwriters**

RFS Partners, LP ("RFS Partners") is the principal underwriter of the Funds, and in that capacity distributes the shares of the Funds. RFS Partners also serves as the principal underwriter of Shelton Funds. Certain limited partners of RFS Partners also serve as officers and/or trustees of the Registrant.

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

---

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

---

\* The Principal Business Address of each Director and Officer of RFS Partners is 1401 Lawrence Street, Suite 1550, Denver, Colorado, 80202.

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

Accounts, books or other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940 and the rules thereunder are kept at the following offices: (1) Shelton Capital Management, 1401 Lawrence Street, Suite 1550, Denver, CO 80202 and (2) Paralel Technologies LLC, 1700 Broadway, Suite 2100, Denver, Colorado 80290.

**Item 34. Management Services**

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

**Item 35. Undertakings.**

Not applicable.

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

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for effectiveness of this registration statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Denver, the State of Colorado, on the 15th day of May, 2026.

SHELTON FUNDS

(Registrant)

---

| | |
|:---|:---|
| By | /s/ Stephen C. Rogers\* |
|  | Stephen C. Rogers, Principal Executive Officer |

---

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

---

| | | |
|:---|:---|:---|
| /s/ Stephen C. Rogers\*\* | Principal Executive Officer and Trustee | May 15, 2026 |
| Stephen C. Rogers |  |  |
| /s/ Kevin T. Kogler\*\* | Trustee | May 15, 2026 |
| Kevin T. Kogler |  |  |
| /s/ Stephen H. Sutro\*\* | Trustee | May 15, 2026 |
| Stephen H. Sutro |  |  |
| /s/ Marco L. Quazzo\*\*\* | Trustee | May 15, 2026 |
| March L. Quazzo |  |  |
| /s/ Derek Izuel | Principal Financial and Accounting Officer | May 15, 2026 |
| Derek Izuel |  |  |

---

\* Signed by Gregory T. Pusch pursuant to Secretary's Certificate pursuant to Rule 483(b), filed with Post-Effective Amendment to the Registration Statement filed on December 31, 2018.

\*\* Signed by Gregory T. Pusch pursuant to Powers of Attorney dated May 19, 2017.

\*\*\* Signed by Gregory T. Pusch pursuant to Powers of Attorney dated May 22, 2017.

**<u>EXHIBIT INDEX</u>**

---

| | |
|:---|:---|
| &nbsp;&nbsp;Exhibit No. | &nbsp;&nbsp;Name |
| &nbsp;&nbsp;[(d)(4)](ex99-d4.htm) | &nbsp;&nbsp;Investment Advisory Agreement dated March 27, 2026, between Shelton Funds and CCM Partners, with respect to the Shelton Tactical Growth & Income ETF. |
| &nbsp;&nbsp;[(e)(4)](ex99-e4.htm) | &nbsp;&nbsp;Amendment No. 2 dated March 27, 2026 to the Distribution Agreement dated February 18, 2018, between Shelton Funds, on behalf of the Shelton Tactical Growth & Income ETF, and RFS Partners, LP. |
| &nbsp;&nbsp;[(g)(1)](ex99-g1.htm) | &nbsp;&nbsp;Custodian Agreement among Shelton Funds, SCM Trust, and State Street Bank & Trust Company dated September 1, 2025. |
| &nbsp;&nbsp;[(g)(2)](ex99-g2.htm) | &nbsp;&nbsp;Amendment No. 1 dated December 8, 2025 to the Custody Agreement among Shelton Funds, SCM Trust, and State Street Bank & Trust Company dated September 1, 2025. |
| &nbsp;&nbsp;[(g)(3)](ex99-h3.htm) | &nbsp;&nbsp;Form of Amendment No. 2 to the Custody Agreement among Shelton Funds, SCM Trust, and State Street Bank and Trust Company. |
| &nbsp;&nbsp;[(h)(3)](ex99-h3.htm) | &nbsp;&nbsp;Transfer Agency Agreement between SCM Trust and State Street Bank & Trust Company dated September 1, 2025. |
| &nbsp;&nbsp;[(h)(4)](ex99-h4.htm) | &nbsp;&nbsp;Form of Joinder and Amendment to Transfer Agency Agreement between Shelton Funds, SCM Trust, and State Street Bank & Trust. |
| &nbsp;&nbsp;[(h)(5)](ex99-h5.htm) | &nbsp;&nbsp;Trust Accounting Agreement dated August 14, 2025 between Shelton Funds, SCM Trust, and Paralel Technologies LLC |
| &nbsp;&nbsp;[(h)(6)](ex99-h6.htm) | &nbsp;&nbsp;Amendment No. 1 dated December 8, 2025 and Joinder Agreement to Trust Accounting Agreement dated August 14, 2025. |
| &nbsp;&nbsp;[(h)(7)](ex99-h7.htm) | &nbsp;&nbsp;Form of Amendment No. 2 to Trust Accounting Agreement dated August 14, 2025. |
| &nbsp;&nbsp;[(h)(8)](ex99-h8.htm) | &nbsp;&nbsp;Compliance Program Staffing and Funding Memorandum dated August 16, 2021. |
| &nbsp;&nbsp;[(m)(3)](ex99-m3.htm) | &nbsp;&nbsp;Distribution and Services Plan with respect to the Shelton Tactical Growth & Income ETF. |

---

## Ex-99.(D)(4)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99.(d)(4)**

**SHELTON FUNDS**

**INVESTMENT ADVISORY AGREEMENT**

This Investment Advisory Agreement (the "Agreement") is made and entered into as of this 27th day of March, 2026, by and between CCM Partners, LP, a California limited partnership d/b/a Shelton Capital Management (the "Adviser"), and Shelton Funds, a Delaware statutory trust (the "Trust"), regarding the Funds listed in <u>Appendix A</u> (each, a "Fund" or together, the "Funds")).

WHEREAS, the Trust is registered as an open-end, management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and WHEREAS, the Board of Trustees of the Trust (the "Board") has approved this Agreement, and the Adviser is willing to furnish certain investment advisory services upon the terms and conditions herein set forth.

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

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

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *<u>Sub-Advisers</u>.* The Adviser may delegate certain of its responsibilities hereunder with respect to provision of the investment advisory services set forth in Section 3 above to one or more other parties (each such party, a "Sub-Adviser"), pursuant in each case to a written agreement with such Sub-Adviser that meets the requirements of Section 15 of the 1940 Act and rules thereunder applicable to contracts for service as investment adviser of a registered investment company (including without limitation the requirements for approval by the Board and the shareholders of the Fund), subject, however, to such exemptions as may be granted by the U.S. Securities and Exchange Commission (the "SEC") upon application or by rule.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

To the Adviser at:

Shelton Capital Management

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

Denver, Colorado 80202

Attn: Legal Department

To the Trust or the Funds at:

Shelton Funds

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

Denver, Colorado 80202

Attn: President

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

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

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

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

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

*[Signature Page Follows]*

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

---

| | | | |
|:---|:---|:---|:---|
| **SHELTON CAPITAL MANAGEMENT** | **SHELTON CAPITAL MANAGEMENT** | **SHELTON FUNDS** | **SHELTON FUNDS** |
| By : | ![](ex99d4001.jpg) | By : | ![](ex99d4001.jpg) |
| Name : | Steve Rogers | Name : | Steve Rogers |
| Title: | CEO | Title: | President & Chairman |

---

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Fund Name** | &nbsp;&nbsp;**Compensation**  |
| &nbsp;&nbsp;Shelton Tactical Growth & Income ETF<br>| &nbsp;&nbsp;0.65% |

---

## Ex-99.(E)(4)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99.(e)(4)**

**SHELTON FUNDS**

**AMENDMENT NO. 2**

**TO** 

**AMENDED AND RESTATED DISTRIBUTION AGREEMENT**

**THIS AMENDMENT** dated as of <u>March 27,</u> 2026 (this "Amendment") to the Amended and Restated Distribution Agreement dated as of February 8, 2018, as amended (the "Agreement"), is entered into by and between **SHELTON FUNDS**, a Delaware statutory trust, (the "Trust") and **RFS PARTNERS, LP**, a California limited partnership (the "Distributor").

**WHEREAS,** the Trust and the Distributor wish to amend the Agreement to reflect the current series of the Trust and to add services to be provided by the Distributor to certain exchange-traded funds organized as series of the Trust.

**NOW, THEREFORE,** in consideration of the mutual covenants herein contained and for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Appendix A</u> to the Agreement is hereby deleted in its entirety and replaced with a new <u>Appendix A</u> attached hereto;

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Appendix B</u> to the Agreement is hereby deleted in its entirety and replaced with a new <u>Appendix B</u> attached hereto; and

&nbsp;&nbsp;&nbsp;&nbsp;3. Except
 to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Amendment as of the date first written above.

---

| | | | |
|:---|:---|:---|:---|
| SHELTON FUNDS | SHELTON FUNDS | RFS PARTNERS, LP | RFS PARTNERS, LP |
| By: | ![](ex99e4001.jpg) | By: | ![](ex99e4001.jpg) |
| Name: | Stephen C. Rogers | Name: | Stephen C. Rogers |
| Title: | Chairman & President | Title: | President |

---

**<u>APPENDIX A</u>**

**<u>LIST OF SERIES</u>**

Green California Tax-Free Income Fund

S&P 500 Index Fund

S&P MidCap Index Fund

S&P SmallCap Index Fund

Shelton Equity Income Fund

Nasdaq-100 Index Fund

U.S. Government Securities Fund

The United States Treasury Trust

Shelton Sustainable Equity Fund

Shelton Tactical Growth & Income ETF

**<u>APPENDIX B</u>**

**<u>SERVICES</u>**

For each series of the Trust not organized as an exchange-traded fund, the Distributor shall provide the following services:

Act as legal underwriter/distributor

Maintain and supervise FINRA registrations for licensed individuals

Provide investment company advertising and sales literature review, approval, FINRA filings and record maintenance

Prepare, update, execute and maintain financial intermediary agreements

Administer intermediary due diligence program

Perform financial intermediary payments and reporting

Support financial intermediary relations

**<u>ETF SERVICES</u>**

With respect to each series of the Trust organized as an exchange-traded fund (each, an "ETF" and collectively, the "ETFs"), the Distributor shall provide the following services:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Sale of Creation Units; Services</u>: The Trust grants to the Distributor the exclusive right
 to sell Creation Units of each ETF listed on <u>Appendix A</u> hereto, on the terms and
 during the term of this Agreement and subject to the registration requirements of the
 1933 Act and the rules and regulations of the SEC, and the Distributor hereby accepts
 such appointment and agrees to act in such capacity hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Duties of the Distributor</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 Distributor agrees that at the request of the Trust, the Distributor shall enter into
 certain agreements ("Participant Agreements") between and among DTC Participants
 or participants in the Continuous Net Settlement System of the National Securities Clearing
 Corporation ("Authorized Participants"), the Distributor and the transfer
 agent (as applicable), for the purchase of Creation Units of an ETF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Distributor shall consult with the Trust or its agent with respect to the production
 and printing of prospectuses to be used in connection with creations by Authorized Participants
 of Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Distributor shall review and approve all sales and marketing materials for compliance
 with applicable laws and conditions of any applicable exemptive order, and file such
 materials with FINRA as necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If
 the Trust, on behalf of any ETF, adopts a distribution and/or shareholder servicing plan(s)
 pursuant to Rule 12b-1 under the 1940 Act (the "Plan"), the Distributor shall
 enter into selling and/or investor servicing agreements or similar ("Sales and
 Investor Services Agreements"), consistent with applicable law and the registration
 statement and prospectus, with various broker-dealers, to sell Shares and provide services
 to shareholders. and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. it
 shall pay, from the fees received from the Trust pursuant to any such Plan(s), all fees
 and make reimbursement of all expenses, pursuant to and in accordance with such Plan(s)
 and any and all Sales and Investor Services Agreements. In no event shall Distributor
 pay any fees pursuant to any such Plan(s) until it has received payment of such fees
 from the Trust or the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Solicitation of Sales</u>: In consideration of these rights granted to the Distributor, the Distributor
 agrees to use reasonable efforts in connection with the distribution of Creations Units
 of an ETF; provided, however, that the Distributor shall not be prevented from entering
 into like arrangements with other issuers. The Trust reserves the right to suspend sales
 upon due notice to Distributor if in the judgment of the Trust it is in the best interests
 of the Trust to do so.

## Ex-99.(G)(1)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99(g)(1)**

**EXECUTION VERSION**

**CUSTODY AGREEMENT**

**This Agreement** (the "Agreement") is made as of September 1, 2025 (the "Effective Date") **between:**

&nbsp;&nbsp;&nbsp;&nbsp;**(1)** Each entity identified on Appendix A, whose jurisdiction of formation is identified
opposite its name (the "Client"); and

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

Information Classification: Limited Access

**EXECUTION VERSION**

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

**4 Cash**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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

**EXECUTION VERSION**

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

5 Transaction Settlement

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

Information Classification: Limited Access

**EXECUTION VERSION**

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

6 Corporate Actions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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

**EXECUTION VERSION**

7 Proxy Servicing

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

8 Income Collection

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

9 Statements and Reports

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

10 Tax Withholding and Tax Relief

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

Information Classification: Limited Access

**EXECUTION VERSION**

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

11 Physical Safekeeping of Investment Documents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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

**EXECUTION VERSION**

12 Alternative Asset Servicing

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

Information Classification: Limited Access

**EXECUTION VERSION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.2** **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;&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;&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;&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;&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

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.4.7.** **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;&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 (A) Central Securities Depositories

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|:---|:---|
| **15.1(A)** | **Use of Central Securities Depositories.** The Custodian and its Subcustodians will use CSDs in connection with the performance of the Services, and will notify the Client of the CSDs so employed from time to time through the Client Publications**.** |

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|:---|:---|
| **15.2(A)** | **Rules of Central Securities Depositories.** Where the Custodian or its Subcustodians use CSDs, the Client acknowledges that they will do so in accordance with the terms and conditions of participation or membership in such CSDs and the rules and procedures governing the operation thereof. |

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|:---|:---|
| **15.3(A)** | **Provisions Relating to Rule 17f-4**. The Custodian may deposit and maintain securities or other financial assets of the Client in a U.S. CSD in compliance with the conditions of Rule 17f-4. |

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|:---|:---|
| **15.4(A)** | **Provisions Relating to Rule 17f-7.** The Custodian will (i) provide the Client or its Investment Manager with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set out on Schedule B in accordance with Section (a)(1)(i)(A) of Rule 17f-7, (ii) monitor such risks on a continuing basis and promptly notify the Client or its Investment Manager of any material change in such risks, in accordance with Section (a)(1)(i)(B) of Rule 17f-7, and (iii) exercise reasonable care, prudence and diligence in performing the requirements in subsections (i) and (ii) above. |

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15 (B) Provision of ETF Services

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|:---|:---|
| **15.1(B)** | Each Client identified on <u>Appendix A</u> as an "ETF Client" is an exchange-traded fund that will issue and redeem shares only in aggregations of a specified number of shares, each called a "Creation Unit," generally in exchange for a basket of securities and/or instruments and a specified cash payment, as more fully described in the Client's currently effective prospectus and statement of additional information (collectively, the "Prospectus"). Capitalized terms used in this Section 15B without definition shall have the meanings given to them in the Prospectus. For the avoidance of doubt, this Section 15B will only apply with respect to the ETF Clients identified on <u>Appendix A</u> hereto. |

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Information Classification: Limited Access

**EXECUTION VERSION**

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|:---|:---|
| **15.2(B)** | **Determination of Fund Deposit, etc**. Subject to and in accordance with the directions of the Investment Manager, the Custodian shall determine for each Client after the end of each trading day on the New York Stock Exchange (the "Exchange"), in accordance with Board policies and the procedures set forth in the Prospectus, (i) the identity and weighting of the securities in the Deposit Securities and the Fund Securities, (ii) the cash component, and (iii) the amount of cash redemption proceeds (all as described in the Prospectus) required for the issuance or redemption, as the case may be, of Creation Units on such date. The Custodian shall provide or cause to be provided this information to the Client's distributor and other persons as instructed according to Board policies and shall disseminate such information on each day that the Exchange is open, including through the facilities of the National Securities Clearing Corporation (the "NSCC"), prior to the opening of trading on the Exchange. |

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|:---|:---|
| **15.3(B)** | **Allocation of Deposit Security Shortfalls.** Each Client acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange traded funds for which the Custodian serves as custodian, including the Client (collectively, the "ETF Custody Clients"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client's required amount (a "Common Deposit Security Shortfall"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall. |

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|:---|:---|
| **15.4(B)** | **Creation and Redemption of Creation Units.** |

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|:---|:---|
| **15.4(B).1** | **Creation**. The Custodian shall receive and deposit into the Client's account such payments as are received for Client shares issued or sold in Creation Units. The Custodian will provide timely notification to the Client and the Transfer Agent of any receipt of such payments by the Custodian. |

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|:---|:---|
| **15.4(B).2** | **Redemption**. Upon receipt of instructions from the Client's Transfer Agent, the Custodian shall set aside funds and securities of the Client to the extent available for payment to, or in accordance with the instructions of, Authorized Participants who have delivered to the Transfer Agent a request for redemption of their shares, in Creation Units, which shall have been accepted by the Transfer Agent, the applicable Fund Securities (or such securities in lieu thereof as may be designated by the Investment Advisor in accordance with the Prospectus) for such Client and the Cash Redemption Amount, if applicable, less any applicable Redemption Transaction Fee. The Custodian will transfer the applicable Fund Securities to or on the order of the Authorized Participant. Any cash redemption payment (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through the DTC system or through wire transfer in the case of redemptions effected outside of the DTC system. |

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Information Classification: Limited Access

**EXECUTION VERSION**

16 Delegation

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

Information Classification: Limited Access

**EXECUTION VERSION**

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

18 Error Correction

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

**EXECUTION VERSION**

19 Limits on the Scope of the Services

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

Information Classification: Limited Access

**EXECUTION VERSION**

20 Indemnity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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

**EXECUTION VERSION**

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

Information Classification: Limited Access

**EXECUTION VERSION**

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.7** **Cancellation and Amendment**. The Custodian will use reasonable efforts to act on Proper Instructions to cancel or amend previously
issued Proper Instructions if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

**EXECUTION VERSION**

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

23 Creditors Rights

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

Information Classification: Limited Access

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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

**EXECUTION VERSION**

&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;&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;&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;&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;&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

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.3.5** **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;&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;&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;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the Custodian terminates this Agreement pursuant to sub- sections 25.2.1 or 25.2.2, the Custodian will continue to provide the Services for a period of up to 270 days subject to payment in full of any overdue undisputed Fees and prepayment of the Fees reasonably expected to be incurred during such 270-day period, or such other financial assurance reasonably acceptable to the Custodian.

Information Classification: Limited Access

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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

**EXECUTION VERSION**

27 Record Retention and Audit Rights

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;**28.2** **Internal Controls Review and Report.** 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;&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;&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

**EXECUTION VERSION**

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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;&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;&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;**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;&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;&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;&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;&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;&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;&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;**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;&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;&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;&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;&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

**EXECUTION VERSION**

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;&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;&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;&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;&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;&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;&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

**EXECUTION VERSION**

&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;**29.13** **Reserved.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**29.14** **Reserved** 

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

**EXECUTION VERSION**

Signed by the Parties:

---

| | |
|:---|:---|
| SCM TRUST ON BEHALF OF | SCM TRUST ON BEHALF OF |
| EACH ENTITY IDENTIFIED ON APPENDIX A | EACH ENTITY IDENTIFIED ON APPENDIX A |
| By: | ![](ex99g1001.jpg) |
| Name: | Steve Rogers |
| Title: | President |
| Date: | <u>September 1, 2025</u> |
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | ![](ex99g1002.jpg) |
| Name: | Michael A. Foutes |
| Title: | Senior Vice President/Senior Managing Director |
| Date: | September 1, 2025 |

---

Information Classification: Limited Access

**Schedule 1**

**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 **Error! Reference source not found.**

"**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

**"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 **Error! Reference source not found.**

**"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

"**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

"**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

"**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

**Schedule 2**

**Notices**

**(Section 29)**

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| | |
|:---|:---|
| CUSTODIAN: | STATE STREET BANK AND TRUST COMPANY |
| Attention: | Senior Vice President – Custody |
| CC: | Legal Department |
| Address: | One Congress Street, Boston, Massachusetts 02114 |
| Telephone No: | [●] |
| Email: | [●] |
| CLIENT: | Shelton Capital Management |
| Attention: | President and Legal Department |
| Address: | 1125 17th Street, Suite 2550, Denver, Colorado 80202 |
| Telephone No: | (415) 625-4900; (303) 228-8983 |
| Email: | <u>srogers@sheltoncap.com</u>; <u>gpusch@sheltoncap.com</u> |

---

Information Classification: Limited Access

**Appendix A<br> List of Funds**

---

| | |
|:---|:---|
| **<u>Fund Name</u>** | **<u>Jurisdiction of Formation</u>** |
| Shelton Equity Premium Income ETF | Massachusetts |

---

Information Classification: Limited Access

## Ex-99.(G)(2)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99(g)(2)**

*Execution*

**AMENDMENT TO CUSTODY AGREEMENT**

This Amendment (the "Amendment") is entered into and effective as of the 8th day of December, 2025 (the "Effective Date") amending the Custody Agreement dated September 1, 2025 (as amended, modified and supplemented through the Effective Date, the "Agreement"), by and between each entity identified on Appendix A thereto (the "Client") and STATE STREET BANK AND TRUST COMPANY (the "Custodian").

<u>W I T N E S S E T H:</u>

WHEREAS, the Custodian provides certain custodial services to the Client pursuant to the terms of the Agreement; and

WHEREAS**,** the Client and the Custodian wish to amend the Agreement as set forth below.

NOW, THEREFORE, in further consideration of the promises and mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The
 preamble of the Agreement is hereby deleted in its entirety and replaced with the following:

"This Agreement (the "Agreement") is made as of September 1, 2025 (the "Effective Date") between:

1) Each trust entity identified on Appendix A hereto, whose jurisdiction of formation is identified opposite its name, on behalf of itself and its underlying funds identified on Appendix A hereto (each, the "Client" and collectively, the "Clients"); and

2) **S** **TATE STREET BANK AND TRUST COMPANY,** a bank and trust company organized under the laws of The Commonwealth of Massachusetts, U.S.A. (the "Custodian")."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In
 accordance with Section 29.15 of the Agreement, the following entities (each, a "New
 Client") are hereby added as "Clients" under the Agreement:

SCM Trust

Shelton Funds

Green California Tax-Free Income Fund

Shelton S&P 500 Index Fund

Shelton S&P MidCap Index Fund

S&P SmallCap Index Fund

Information Classification: Limited Access

Shelton Equity Income Fund

Nasdaq-100 Index Fund

U.S. Government Securities Fund

The United States Treasury Trust

Shelton Sustainable Equity Fund

ICON Consumer Select Fund

ICON Equity Fund

ICON Equity Income Fund

ICON Flexible Bond Fund

ICON Health and Information Technology Fund

ICON Natural Resources and Infrastructure Fund

ICON Utilities and Income Fund

Shelton Emerging Markets Fund

Shelton International Select Equity Fund

Shelton Tactical Credit Fund

By execution of this Amendment, each New Client hereby agrees (a) to become bound by all of the terms and conditions and provisions of the Agreement as a Client including, without limitation, the representations and warranties set forth therein and (b) adopts the Agreement with the same force and effect as if the New Client was originally a party thereto.

For purposes of clarity, <u>Appendix</u> A to the Agreement is hereby deleted in its entirety and replaced with the <u>Appendix A</u> attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Defined Terms.</u> Terms used in this Amendment but not defined herein shall have the meaning
 ascribed to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>One Agreement.</u> Except as amended herein, no other terms or provisions of the Agreement
 are amended or modified by this Amendment. Upon the execution of this Amendment, this
 Amendment and the Agreement shall form one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Counterparts.</u> This Amendment 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 Amendment. 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.

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Governing Law</u>. This Amendment shall be governed by, and construed in accordance with, the choice
 of law set forth in the Agreement (excluding the law thereof which requires the application
 of or reference to the law of any other jurisdiction).

Information Classification: Limited Access

IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the day and year first written above.

---

| | |
|:---|:---|
| **SCM TRUST** | **SCM TRUST** |
| **ON BEHALF OF ITSELF AND ITS FUNDS LISTED ON** | **ON BEHALF OF ITSELF AND ITS FUNDS LISTED ON** |
| **APPENDIX A** | **APPENDIX A** |
| By: | ![](ex99g2001.jpg) |
| Name: | Steve Rogers |
| Title: | President and Chairman |
| **SHELTON FUNDS** | **SHELTON FUNDS** |
| **ON BEHALF OF ITSELF AND ITS FUNDS LISTED ON** | **ON BEHALF OF ITSELF AND ITS FUNDS LISTED ON** |
| **APPENDIX A** | **APPENDIX A** |
| By: | ![](ex99g2001.jpg) |
| Name: | Steve Rogers |
| Title: | President and Chairman |
| **STATE STREET BANK AND TRUST COMPANY** | **STATE STREET BANK AND TRUST COMPANY** |
| By: | ![](ex99g2002.jpg) |
| Name: | Andrea E. Sharp |
| Title: | Managing Director |

---

Information Classification: Limited Access

**Appendix A**

**List of Client Entities**

---

| | |
|:---|:---|
| **<u>Trust Name</u>** | **<u>Jurisdiction of Formation</u>** |
| SCM Trust | Massachusetts |
| Shelton | Funds Delaware |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**TRUST COMPLEX** |
| &nbsp;&nbsp;Shelton Equity Premium Income ETF | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Consumer Select Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Equity Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Equity Income Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Flexible Bond Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Health and Information Technology Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Natural Resources and Infrastructure Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Utilities and Income Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;Shelton Emerging Markets Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;Shelton International Select Equity Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;Shelton Tactical Credit Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;Green California Tax-Free Income Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton S&P 500 Index Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton S&P MidCap Index Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;S&P SmallCap Index Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton Equity Income Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Nasdaq-100 Index Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;U.S. Government Securities Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;The United States Treasury Trust | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton Sustainable Equity Fund | &nbsp;&nbsp;Shelton Funds |

---

Information Classification: Limited Access

## Ex-99.(G)(3)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99(g)(3)**

 

**FORM OF AMENDMENT TO CUSTODY AGREEMENT**

This Amendment (the "Amendment") is entered into and effective as of the ___ day of ___, 2026 (the "Effective Date") amending the Custody Agreement dated September 1, 2025 (as amended, modified and supplemented through the Effective Date, the "Agreement"), by and between each entity identified on Appendix A thereto (the "Client") and STATE STREET BANK AND TRUST COMPANY (the "Custodian").

<u>W I T N E S S E T H:</u>

WHEREAS, the Custodian provides certain custodial services to the Client pursuant to the terms of the Agreement; and

WHEREAS**,** the Client and the Custodian wish to amend the Agreement as set forth below.

NOW, THEREFORE, in further consideration of the promises and mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Effective
 as of the Effective Date, the parties agree to amend the Agreement as follows:

1) Appendix A of the Agreement is hereby deleted in its entirety and replaced with Appendix A attached to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Miscellaneous</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Defined Terms.</u> Terms used in this Amendment but not defined herein shall have the meaning ascribed to them in the
 Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>One Agreement.</u> Except as amended herein, no other terms or provisions of the Agreement are amended or modified by this
 Amendment. Upon the execution of this Amendment, this Amendment and the Agreement shall form one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Counterparts.</u> This Amendment 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 Amendment. 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.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Governing Law</u>. This Amendment shall be governed by, and construed in accordance with, the choice
 of law set forth in the Agreement (excluding the law thereof which requires the application
 of or reference to the law of any other jurisdiction).

[*Signature Page Follows*]

Information Classification: Limited Access

IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the day and year first written above.

**SCM TRUST** 

**ON BEHALF OF ITSELF AND ITS FUNDS LISTED ON** 

**APPENDIXA** 

**SHELTONFUNDS** 

**ON BEHALF OF ITSELF AND ITS FUNDS LISTED ON** 

**APPENDIXA** 

**STATE STREET BANK AND TRUST COMPANY** 

Information Classification: Limited Access

**Appendix A**

**List of Client Entities**

---

| | |
|:---|:---|
| **<u>Trust Name</u>** | **<u>Jurisdiction of Formation</u>** |
| SCM Trust | Massachusetts |
| Shelton Funds | Delaware |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**TRUST COMPLEX** |
| &nbsp;&nbsp;Shelton Equity Premium Income ETF | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Consumer Select Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Equity Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Equity Income Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Flexible Bond Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Health and Information Technology Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Natural Resources and Infrastructure Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;ICON Utilities and Income Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;Shelton Emerging Markets Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;Shelton International Select Equity Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;Shelton Tactical Credit Fund | &nbsp;&nbsp;SCM Trust |
| &nbsp;&nbsp;Green California Tax-Free Income Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton S&P 500 Index Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton S&P MidCap Index Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;S&P SmallCap Index Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton Equity Income Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Nasdaq-100 Index Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;U.S. Government Securities Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;The United States Treasury Trust | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton Sustainable Equity Fund | &nbsp;&nbsp;Shelton Funds |
| &nbsp;&nbsp;Shelton Tactical Growth & Income ETF | &nbsp;&nbsp;Shelton Funds |

---

Information Classification: Limited Access

## Ex-99.(H)(3)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99(h)(3)**

**<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>**

THIS AGREEMENT is made as of the 1st day of September, 2025, by and between **S** **TATE STREET BANK AND TRUST COMPANY,** Massachusetts trust company having its principal office and place of business at One Congress Street, Boston, Massachusetts 02114 ("State Street" or the "Transfer Agent"), and **SCM T** **RUST**, a statutory trust formed under the laws of Massachusetts having its principal office and place of business at 1125 17th Street, Suite 2550 Denver, Colorado 80202 (the "Trust").

WHEREAS, the Trust is authorized to issue shares of beneficial interest ("Shares") in separate series, with each such series representing interests in a separate portfolio of securities and other assets;

WHEREAS, the Trust intends to initially offer Shares in one or more series, each as named in the attached <u>Schedule A,</u> which may be amended by the parties from time to time (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with Section 11 of this Agreement, being herein referred to as a "Portfolio," and collectively as the "Portfolios");

WHEREAS, each Portfolio will issue and redeem Shares only in aggregations of Shares known as "Creation Units" as described in the currently effective prospectus and statement of additional information of the Trust (collectively, the "Prospectus");

WHEREAS, only those entities ("Authorized Participants") that have entered into an Authorized Participant Agreement with the distributor of the Trust, currently Paralel Distributors LLC, a Delaware limited liability company (the "Distributor"), are eligible to place orders for Creation Units with the Distributor;

WHEREAS, the Depository Trust Company, a limited purpose trust company organized under the laws of the State of New York ("DTC") or its nominee will be the record or registered owner of all outstanding Shares;

WHEREAS, Trust desires to appoint Transfer Agent to act as its transfer agent, dividend disbursing agent and agent in connection with certain other activities; and Transfer Agent is willing to accept such appointment.

NOW, THEREFORE, in consideration of the mutual covenants herein contained, the parties hereto, agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.**  **<u>TERMS OF APPOINTMENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 *Transfer Agency Services.* In accordance with procedures established from time to time by agreement between the Trust and each Portfolio,
as applicable, and the Transfer Agent (the "Procedures"), the Transfer Agent shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) record
 the issuance of Shares of the applicable Portfolio and maintain a record of the total
 number of Shares of each Portfolio which are issued and outstanding; and provide the
 Trust on a regular basis with the total number of Shares of each Portfolio which are
 issued and outstanding but Transfer Agent shall have no obligation, when recording the
 issuance of Shares, to monitor the issuance of such Shares to determine if there are
 authorized Shares available for issuance or to take cognizance of any laws relating to,
 or corporate actions required for, the issue or sale of such Shares, which functions
 shall be the sole responsibility of the Trust and each Portfolio; and, excluding DTC
 or its nominee as the record or registered owner, the Transfer Agent shall have no obligations
 or responsibilities to account for, keep records of, or otherwise related to, the beneficial
 owners of the Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;

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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) except
 as otherwise instructed by the Trust, the Transfer Agent shall process all transactions
 in each Portfolio in accordance with the procedures mutually agreed upon by the Trust
 and the Transfer Agent with respect to the proper net asset value to be applied to purchase
 orders received in good order by the Transfer Agent or by the Trust or any other person
 or firm on behalf of such Portfolio or from an Authorized Participant before cut-offs
 established by the Trust. The Transfer Agent shall report to the Trust any known exceptions
 to the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>DTC and NSCC.</u> The Transfer Agent shall: (a) accept and effectuate the registration and maintenance of accounts, and the
 purchase and redemption of Creation Units in such accounts, in accordance with instructions transmitted to and received by
 the Transfer Agent by transmission from DTC or NSCC on behalf of Authorized Participants; and (b) issue instructions to a
 Portfolio's banks for the settlement of transactions between the Portfolio and DTC or NSCC (acting on behalf of the
 applicable Authorized Participant).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.5 *Anti-Money Laundering and Client Screening.* With respect to the Trust's or any Portfolio's offering
 and sale of Creation Units at any time, and for all subsequent transfers of such interests,
 the Trust or its delegate shall, to the extent applicable, directly or indirectly and
 to the extent required by law: (i) conduct know your customer/client identity due diligence
 with respect to potential investors and transferees in the Shares and Creation Units
 and shall obtain and retain due diligence records for each investor and transferee; (ii)
 use its best efforts to ensure that each investor's and any transferee's funds used to
 purchase Creation Units or Shares shall not be derived from, nor the product of, any
 criminal activity; (iii) if requested, provide periodic written verifications that such
 investors/transferees have been checked against the United States Department of the Treasury
 Office of Foreign Assets Control database for any non-compliance or exceptions; and (iv)
 perform its obligations under this Section in accordance with all applicable anti money
 laundering laws and regulations. In the event that the Transfer Agent has received advice
 from counsel that access to underlying due diligence records pertaining to the investors/transferees
 is necessary to ensure compliance by the Transfer Agent with relevant anti-money laundering
 (or other applicable) laws or regulations, the Trust shall, upon receipt of written request
 from the Transfer Agent, provide the Transfer Agent copies of such due diligence records.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.6 *State Transaction (''Blue Sky") Reporting.* If applicable, the Trust shall be solely
 responsible for its "blue sky" compliance and state registration requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 *Tax Law.* The Transfer Agent shall have no responsibility or liability for any obligations
 now or hereafter imposed on the Trust, a Portfolio, any Creation Units, any Shares, a
 beneficial owner thereof, an Authorized Participant or the Transfer Agent in connection
 with the services provided by the Transfer Agent hereunder by the tax laws of any country
 or of any state or political subdivision thereof. It shall be the responsibility of the
 Trust to notify the Transfer Agent of the obligations imposed on the Trust, a Portfolio,
 the Creation Units, the Shares, or the Transfer Agent in connection with the services
 provided by the Transfer Agent hereunder by the tax law of countries, states and political
 subdivisions thereof, including responsibility for withholding and other taxes, assessments
 or other governmental charges, certifications and governmental reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.8 The
 Transfer Agent shall provide the office facilities and the personnel determined by it
 to perform the services contemplated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.**  **<u>FEES AND EXPENSES</u>** 

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

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 It
 is a trust company duly organized and existing under the laws of the Commonwealth of
 Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 It
 is duly registered as a transfer agent under Section 17A(c)(2) of the Securities Exchange
 Act of 1934, as amended (the "1934 Act"), it will remain so registered for
 the duration of this Agreement, and it will promptly notify the Trust in the event of
 any material change in its status as a registered transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 It
 is duly qualified to carry on its business in the Commonwealth of Massachusetts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 It
 is empowered under applicable laws and by its organizational documents to enter into
 and perform the services contemplated in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 All
 requisite organizational proceedings have been taken to authorize it to enter into and
 perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.**  **<u>REPRESENTATIONS AND WARRANTIES OF THE TRUST AND THE PORTFOLIOS</u>** 

The Trust and each Portfolio represents and warrants to the Transfer Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The
 Trust is a business trust duly organized, existing and in good standing under the laws
 of the state of its formation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 The
 Trust is empowered under applicable laws and by its organizational documents to enter
 into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 All
 requisite proceedings have been taken to authorize the Trust to enter into, perform and
 receive services pursuant to this Agreement and to appoint the Transfer Agent as transfer
 agent of the Trust and the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 The
 Trust is registered under the Investment Company Act of 1940, as amended (the "1940
 Act"), as an open-end management investment company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 A
 registration statement under the Securities Act of 1933, as amended (the "Securities
 Act"), is currently effective and will remain effective, and all appropriate state
 securities law filings have been made and will continue to be made, with respect to all
 Shares of the Trust being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 u se 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.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.**  **<u>DATA ACCESS AND PROPRIETARY INFORMATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) refrain
 from obtaining unauthorized access to any portion of the Proprietary Information, and
 if such access is inadvertently obtained, to inform the Transfer Agent in a timely manner
 of such fact and dispose of such information in accordance with the Transfer Agent's
 instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) honor
 all reasonable written requests made by the Transfer Agent to protect at the Transfer
 Agent's expense the rights of the Transfer Agent in Proprietary Information at common
 law, under federal copyright law and under other federal or state law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Proprietary
 Information shall not include all or any portion of any of the foregoing items that (i)
 are or become publicly available without breach of this Agreement; (ii) that are released
 for general disclosure by a written release by the Transfer Agent; or (iii) that are
 already in the possession of the receiving party at the time of receipt without obligation
 of confidentiality or breach of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 If
 the Trust notifies the Transfer Agent that any of the Data Access Services do not operate
 in material compliance with the most recently issued user documentation for such services,
 the Transfer Agent shall use commercially reasonable efforts to correct such failure.
 Organizations from which the Transfer Agent may obtain certain data included in the Data
 Access Services are solely responsible for the contents of such data, and the Trust agrees
 to make no claim against the Transfer Agent arising out of the contents of such third-party
 data, including, but not limited to, the accuracy thereof. DATA ACCESS SERVICES AND ALL
 COMPUTER PROGRAMS AND SOFTWARE SPECIFICATIONS USED IN CONNECTION THEREWITH ARE PROVIDED
 ON AN "AS IS, AS AVAILABLE" BASIS. THE TRANSFER AGENT EXPRESSLY DISCLAIMS ALL
 WARRANTIES EXCEPT THOSE EXPRESSLY STATED HEREIN INCLUDING, BUT NOT LIMITED TO, THE IMPLIED
 WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 If
 the transactions available to the Trust include the ability to originate electronic instructions
 to the Transfer Agent in order to (i) effect the transfer or movement of cash or Creation
 Units, or (ii) transmit Authorized Participant information or other information, then
 in such event the Transfer Agent shall be entitled to rely on the validity and authenticity
 of such instruction without undertaking any further inquiry as long as such instruction
 is undertaken in conformity with security procedures established by the Transfer Agent
 from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 Each
 party shall take reasonable efforts to advise its employees of their obligations pursuant
 to this Section. The obligations of this Section shall survive any earlier termination
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.**  **<u>STANDARD OF CARE/ LIMITATION OF LIABILITY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 The
 Transfer Agent shall at all times act in good faith in its performance of all services
 performed under this Agreement, but assumes no responsibility and shall not be liable
 for loss or damage due to errors, including encoding and payment processing errors, unless
 said errors are caused by its gross negligence, bad faith, or willful misconduct or that
 of its employees or agents.

Information Classification: Limited Access

The parties agree that any encoding or payment processing errors shall be governed by this standard of care, and that Section 4-209 of the Uniform Commercial Code is superseded by this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 In
 any event, the Transfer Agent's cumulative liability for each calendar year (a "Liability
 Period") with respect to the services provided pursuant to this Agreement regardless
 of the form of action or legal theory shall be limited to the total fees payable hereunder
 during the preceding 12-month period, for any liability or loss suffered by the Trust
 or the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 In
 no event shall the Transfer Agent be liable for any special, incidental, indirect, punitive
 or consequential damages, regardless of the form of action and even if the same were
 foreseeable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.**  **<u>INDEMNIFICATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 The
 Transfer Agent and its affiliates, including their respective officers, directors, employees
 and agents (the "Indemnitees"), shall not be responsible for, and the Trust
 and each Portfolio shall indemnify and hold the Indemnitees harmless from and against,
 any and all losses, damages, costs, charges, reasonable counsel fees (including the defense
 of any lawsuit in which one of the Indemnitees is a named party), payments, expenses
 and liability arising out of or attributable to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) any
 tax obligations under the tax laws of any country or of any state or political subdivision
 thereof, including taxes, withholding and reporting requirements, claims for exemption
 and refund, additions for late payment, interest, penalties and other expenses (including
 legal expenses) that may be assessed, imposed or charged against the Transfer Agent as
 transfer agent hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 At
 any time the Transfer Agent may apply to any officer of the Trust for instructions, and
 may consult with legal counsel (which may be Trust counsel) with respect to any matter
 arising in connection with the services to be performed by the Transfer Agent under this
 Agreement, and the Transfer Agent and its agents or subcontractors shall not be liable
 and shall be indemnified by the Trust and the applicable Portfolio for any action taken
 or omitted by it in reliance upon such instructions or upon the opinion of such counsel.
 The Transfer Agent, its agents and subcontractors shall be protected and indemnified
 in acting upon any paper or document furnished by or on behalf of the Trust or the applicable
 Portfolio, reasonably believed to be genuine and to have been signed by the proper person
 or persons, or upon any instruction, information, data, records or documents provided
 the Transfer Agent or its agents or subcontractors by machine readable input, electronic
 data entry or other similar means authorized by the Trust and the Portfolios, and shall
 not be held to have notice of any change of authority of any person, until receipt of
 written notice thereof from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.**  **<u>ADDITIONAL COVENANTS OF THE TRUST AND THE TRANSFER AGENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 *Delivery of Documents.* The Trust shall promptly furnish to the Transfer Agent the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A
 copy of the Declaration of Trust and By-Laws of the Trust and all amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 *Certificates, Checks, Facsimile Signature Devices.* The Transfer Agent hereby agrees to establish and maintain facilities and procedures
for safekeeping of any stock certificates, check forms and facsimile signature imprinting devices; and for the preparation or
use, and for keeping account of, such certificates, forms and devices.

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;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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 (a) In connection with the provision of the services and the discharge of its other obligations
 under this Agreement, the Transfer Agent (which term for purposes of this Section 9.2
 includes each of its parent company, branches and affiliates ("Affiliates"))
 may collect and store information regarding the Trust or Fund and share such information
 with its Affiliates, agents and service providers in order and to the extent reasonably
 necessary (i) to carry out the provision of services contemplated under this Agreement
 and other agreements between the Trust and the Transfer Agent or any of its Affiliates
 and (ii) to carry out management of its businesses, including, but not limited to, financial
 and operational management and reporting, risk management, legal and regulatory compliance
 and client service management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to paragraph (d) below, the Transfer Agent and/or its Affiliates may use any Confidential Information of the Trust or Portfolios ("Data") obtained by such entities in the performance of their services under this Agreement or any other agreement between the Trust and the Transfer Agent or one of its Affiliates, including Data regarding transactions and portfolio holdings relating to the Trust to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "Indicators"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Transfer Agent and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with the Trust, (ii) the Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Transfer Agent publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust acknowledges that the Transfer Agent may seek to realize economic benefit from the publication or distribution of the Indicators.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Except as expressly contemplated by this Agreement, nothing in this Section 9.2 shall limit the confidentiality and data-protection obligations of the Transfer Agent and its Affiliates under this Agreement and applicable law. The Transfer Agent shall cause any Affiliate, agent or service provider to which it has disclosed Data pursuant to this Section 9.2 to comply at all times with confidentiality and data-protection obligations as if it were a party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 The
 Transfer Agent affirms that it has, and will continue to have throughout the term of
 this Agreement, procedures in place that are reasonably designed to protect the privacy
 of non-public personal consumer/customer financial information to the extent required
 by applicable laws, rules and regulations.

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.**  **<u>EFFECTIVE PERIOD AND TERMINATION</u>** 

This Agreement shall remain in full force and effect for an initial two year term ending September 1, 2027 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall automatically renew for successive one-year terms (each, a "Renewal Term") unless a written notice of non-renewal is delivered by the non-renewing party no later than ninety (90) days prior to the expiration of the Initial Term or any Renewal Term, as the case may be. During the Initial Term and thereafter, the Trust may terminate this Agreement by giving not less than 30 days' prior written notice to the Transfer Agent. The Transfer Agent may terminate this Agreement by giving not less than 270 days' prior written notice to the Trust. Either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 30 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction.

Upon termination of this Agreement, the Trust or applicable Portfolio shall pay the Transfer Agent its compensation due and payable for the period to the date of such termination and shall reimburse the Transfer Agent for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Transfer Agent will deliver the Trust's or such Portfolio's records as set forth herein. For the avoidance of doubt, no payment will be required pursuant to this paragraph in the event of any transaction such as (a) the liquidation or dissolution of the Trust or a Portfolio and distribution of the Trust's or Portfolio's assets as a result of the Board's determination in its reasonable business judgment that the Trust or such Portfolio is no longer viable, (b) a merger of the Trust or a Portfolio into, or the consolidation of the Trust of a Portfolio with, another entity, or (c) the sale by the Trust or a Portfolio of all, or substantially all, of its assets to another entity, in each of (b) and (c) where the Transfer Agent is retained to continue providing services to the Trust or such Portfolio (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Portfolio shall in no way affect the rights and duties under this Agreement with respect to the Trust or any other Portfolio.

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

Information Classification: Limited Access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.**  **<u>ASSIGNMENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Except
 as provided in Section 13 below, neither this Agreement nor any rights or obligations
 hereunder may be delegated or assigned by either party without the written consent of
 the other party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Except
 as explicitly stated elsewhere in this Agreement, nothing under this Agreement shall
 be construed to give any rights or benefits in this Agreement to anyone other than the
 Transfer Agent and the Trust and the Portfolios, and the duties and responsibilities
 undertaken pursuant to this Agreement shall be for the sole and exclusive benefit of
 the Transfer Agent and the Trust and the Portfolios. This Agreement shall inure to the
 benefit of, and be binding upon, the parties and their respective permitted successors
 and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 This
 Agreement does not constitute an agreement for a partnership or joint venture between
 the Transfer Agent and the Trust. Neither party shall make any commitments with third
 parties that are binding on the other party without the other party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.**  **<u>DELEGATION; SUBCONTRACTORS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 The
 Transfer Agent shall have the right, without the consent or approval of the Trust, to
 employ agents, subcontractors, consultants and other third parties, whether affiliated
 or unaffiliated, to provide or assist it in the provision of any part of the services
 stated herein (each, a "Delegate" and collectively, the "Delegates"),
 without the consent or approval of the Trust. The Transfer Agent shall be responsible
 for the services delivered by, and the acts and omissions of, any such Delegate as if
 the Transfer Agent had provided such services and committed such acts and omissions itself.
 Where required, such Delegate shall be a duly registered transfer agent pursuant to Section
 17A(c)(2) of the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 The
 Transfer Agent will provide the Trust with information regarding its global operating
 model for the delivery of the services on a quarterly or other periodic basis, which
 information shall include the identities of Delegates affiliated with the Transfer Agent
 that perform or may perform parts of the services, and the locations from which such
 Delegates perform services, as well as such other information about its Delegates as
 the Trust may reasonably request from time to time. Nothing in this Section 13 shall
 limit or restrict the Transfer Agent's right to use affiliates or third parties to perform
 or discharge, or assist it in the performance or discharge, of any obligations or duties
 under this Agreement other than the provision of the services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.**  **<u>MISCELLANEOUS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.1 *Amendment.* This Agreement may be amended by a written agreement executed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.2 *Massachusetts Law to Apply.* This Agreement shall be construed and the provisions thereof interpreted under and in accordance with the laws
of The Commonwealth of Massachusetts without giving effect to any conflicts of law rules thereof.

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;14.3 *Force Majeure.* The Transfer Agent shall not be responsible or liable for any failure or
 delay in performance of its obligations under this Agreement arising out of or caused,
 directly or indirectly, by circumstances beyond its control, including without limitation,
 work stoppage, power or other mechanical failure, computer virus, natural disaster, acts
 of war or terrorism, pandemics, governmental actions or communication disruption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.4 *Data Protection.* The Transfer Agent will implement and maintain a comprehensive written
 information security program that contains appropriate security measures to safeguard
 the personal information of the Trust's shareholders, employees, directors and/or officers
 that the Transfer Agent receives, stores, maintains, processes or otherwise accesses
 in connection with the provision of services hereunder. For these purposes, "personal
 information" shall mean (i) an individual's name (first initial and last name or
 first name and last name), address or telephone number <u>plus</u> (a) social security
 number, (b) driver's license number, (c) state identification card number, (d) debit
 or credit card number, (e) financial account number or (f) personal identification number
 or password that would permit access to a person's account or (ii) any combination of
 the foregoing that would allow a person to log onto or access an individual's account.
 Notwithstanding the foregoing "personal information" shall not include information
 that is lawfully obtained from publicly available information, or from federal, state
 or local government records lawfully made available to the general public.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.5 *Survival.* All provisions regarding indemnification, warranty, liability, and limits thereon,
 and confidentiality and/or protections of proprietary rights and trade secrets shall
 survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.6 *Severability.* If any provision or provisions of this Agreement shall be held invalid, unlawful,
 or unenforceable, the validity, legality, and enforceability of the remaining provisions
 shall not in any way be affected or impaired.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.7 *Priorities Clause.* In the event of any conflict, discrepancy or ambiguity between the terms
 and conditions contained in this Agreement and any schedules or attachments hereto, the
 terms and conditions contained in this Agreement shall take precedence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.8 *Waiver.* The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered
a waiver nor shall it deprive such party of the right thereafter to insist upon strict adherence to that term or any term of this
Agreement. The failure of a party hereto to exercise or any delay in exercising any right or remedy under this Agreement shall
not constitute a waiver of any such term, right or remedy or a waiver of any other rights or remedies. No single or partial exercise
of any right or remedy under this Agreement shall prevent any further exercise of the right or remedy or the exercise of any other
right or remedy. Any waiver must be in writing signed by the waiving party.

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;14.9 *Entire Agreement.* This Agreement and any schedules, exhibits, attachments or amendments
 hereto constitute the entire agreement between the parties hereto and supersedes any
 prior agreement with respect to the subject matter hereof whether oral or written.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.10 *Counterparts.* This Agreement may be executed in several counterparts, each of which shall be deemed
 to be an original, and all such counterparts taken together shall constitute one and
 the same Agreement. Counterparts may be executed in either original or electronically
 transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the
 parties hereby adopt as original any signatures received via electronically transmitted
 form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.11 *Reproduction of Documents.* This Agreement and all schedules, exhibits, attachments and amendments
 hereto may be reproduced by any photographic, photostatic, digital or other similar process.
 The parties hereto all/each agree that any such reproduction shall be admissible in evidence
 as the original itself in any judicial or administrative proceeding, whether or not the
 original is in existence and whether or not such reproduction was made by a party in
 the regular course of business, and that any enlargement, facsimile or further reproduction
 of such reproduction shall likewise be admissible in evidence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 *Notices.* Any notice instruction or other instrument required to be given hereunder will be
 in writing and may be sent by hand, or by facsimile transmission, or overnight delivery
 by any recognized delivery service, to the parties at the following address or such other
 address as may be notified by any party from time to time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If
 to Transfer Agent, to:

State Street Bank and Trust <br> Transfer Agency <br> Attention: Compliance <br> 1776 Heritage Drive <br> Quincy, MA 02171

With a copy to:

State Street Bank and Trust Company

Legal Division – Institutional Services Americas <br> 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;&nbsp;&nbsp;&nbsp;&nbsp;(b) If
 to the Trust, to:

SCM Trust

Attention: President and Legal Department

1125 17th Street, Suite 2550

Denver, Colorado 80202

Telephone No: (415) 625-4900; (303) 228-8983

Email: srogers@sheltoncap.com; gpusch@sheltoncap.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.13 *Interpretive and Other Provisions.* In connection with the operation of this Agreement, the Transfer
 Agent and the Trust on behalf of each of the Funds, may from time to time agree on such
 provisions interpretive of or in addition to the provisions of this Agreement as may
 in their joint opinion be consistent with the general tenor of this Agreement. Any such
 interpretive or additional provisions shall be in a writing signed by all parties, provided
 that no such interpretive or additional provisions shall contravene any applicable laws
 or regulations or any provision of the Trust's governing documents. No interpretive or
 additional provisions made as provided in the preceding sentence shall be deemed to be
 an amendment of this Agreement.

*[Remainder of Page Intentionally Left Blank}*

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.

---

| | |
|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: | ![](ex99h3001.jpg) |

---

Name <u>Michael A. Foutes </u> <br>Title: <u>Senior Vice President/Senior Managing Director</u>

---

| | |
|:---|:---|
| SCM TRUST | SCM TRUST |
| By: | ![](ex99h3002.jpg) |

---

Name: <u>Steve Rogers </u> <br>Title: <u>President </u>

Information Classification: Limited Access

**<u>Schedule A</u>**

LIST OF PORTFOLIOS

Shelton Equity Premium Income ETF

Information Classification: Limited Access

## Ex-99.(H)(4)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99(h)(4)**

**<u>FORM OF AMENDMENT AND JOINDER AGREEMENT</u>**

**<u>TO</u>**

**<u>TRANSFER AGENCY AND SERVICE AGREEMENT</u>**

THIS AMENDMENT (the "Amendment") is made as of [●], 2026 (the "Effective Date"), by and among **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 **Shelton Funds**, a statutory trust formed under the laws of Delaware having its principal office and place of business at 1401 Lawrence Street, Suite 1550 Denver, Colorado 80202 (the "Trust"). Capitalized terms used but not defined in this Amendment have the meanings ascribed to such terms in the Agreement (defined below).

WHEREAS, SCM Trust and State Street are parties to that certain Transfer Agency and Services Agreement dated as of September 1, 2025 (as may be amended, the "Agreement"), pursuant to which State Street provides certain Services to SCM Trust on behalf of its series listed on <u>Schedule A</u> thereto (collectively, the "Funds");

WHEREAS, Shelton Funds desires that State Street provide the transfer agency services to certain of its series on the same terms and conditions as set forth in the Agreement;

WHEREAS, the parties hereto desire to (i) admit Shelton Funds as an additional party to the Agreement, and (ii) add the series of Shelton Funds listed on <u>Schedule A</u> hereto as Funds under the Agreement and to adjust the fees applicable to the transfer agency services accordingly.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and in the Agreement, and for other good and valuable consideration, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Joinder of Shelton Funds; Amendments to Agreement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective
 as of the Effective Date, Shelton Funds, on behalf of each of its Funds listed on <u>Schedule A</u>, joins and becomes a party to the Agreement, agreeing to be bound by and to comply
 with the terms of the Agreement in the same manner as if it had been an original signatory
 to the Agreement. State Street accepts the appointment and agrees to provide the transfer
 agency services to each Fund, pursuant to the terms and conditions set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective
 as of the Effective Date, the parties agree to amend the Agreement as follows:

<u>Schedule A</u> of the Agreement is hereby deleted in its entirety and replaced with <u>Appendix A</u> attached to this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Genera</u> l

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as expressly amended, supplemented or otherwise modified by this Amendment, the Agreement
 remains in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Amendment shall be governed by, and construed in accordance with, the laws of the State
 of Massachusetts, and the Investment Company Act of 1940, as amended, and the rules and
 regulations thereunder, in each case to the same extent and manner as provided in the
 Agreement with respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Amendment may be executed in any number of counterparts, each of which shall be deemed
 an original, but all of which together constitute one and the same instrument. Signatures
 delivered by electronic transmission (including in portable document format (PDF) or
 via electronic signature platform) shall be deemed original signatures for all purposes.

[*Signature page follows*]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in their names and on their behalf by and through their duly authorized officers, as of the day and year first above written.

---

| | |
|:---|:---|
| STATE STREET BANK AND TRUST COMPANY | STATE STREET BANK AND TRUST COMPANY |
| By: |  |
| Name | [●] |
| Title: | [●] |
| SHELTON FUNDS | SHELTON FUNDS |
| By: |  |
| Name: | Steve Rogers |
| Title: | President |
| SCM TRUST | SCM TRUST |
| By: |  |
| Name: | Steve Rogers |
| Title: | President |

---

**<u>Schedule A</u>**

LIST OF PORTFOLIOS

**<u>SCM Trust</u>**

Shelton Equity Premium Income ETF

**<u>Shelton Funds</u>**

Shelton Tactical Growth & Income ETF

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

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99.(h)(5)**

**TRUST ACCOUNTING AGREEMENT**

This TRUST ACCOUNTING AGREEMENT ("Agreement") is made as of August 14, 2025, between the SCM Trust, a Massachusetts business trust, ("SCM" or the "Trust") on behalf of its series listed in <u>Appendix A</u>, and Paralel Technologies LLC, a Delaware Limited Liability Company, its successors and assigns ("Paralel").

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

WHEREAS, the Trust and Paralel desire to enter into an agreement pursuant to which Paralel shall provide the Services (as defined below) to each series of the Trust listed on Appendix A (each a "Fund", or collectively, the "Fund(s)"); and

NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Paralel Appointment and Duties; Interpretation.</u> 

&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;(b) Paralel
 may employ or associate itself with such person(s) or organization(s) as Paralel believes
 to be desirable in the performance of its duties hereunder; provided *,* that Paralel
 shall not engage any such person(s) or organization(s) without the prior written notice
 provided to the Trust; and provided further that, in such event, the compensation of
 such person(s) or organization(s) shall be paid by and be the sole responsibility of
 Paralel, and the Trust shall bear no cost or obligation with respect thereto; and provided
 further that Paralel shall not be relieved of any of its obligations under this Agreement
 in such event and shall be responsible for all acts of any such person(s) or organization(s)
 taken in furtherance of this Agreement to the same extent it would be for its own acts.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Paralel Compensation; Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 consideration for the Services to be performed hereunder by Paralel, the Trust shall
 pay Paralel the fees listed in Appendi <u>x C</u>. Notwithstanding anything to the contrary
 in this Agreement, fees billed for the Services to be performed by Paralel under this
 Agreement are based on information provided by the Trust and such fees are subject to
 renegotiation between the parties to the extent such information is determined by Paralel
 to be materially different from what the Trust originally provided to Paralel. Any such
 adjustment to such fees shall be subject to the mutual written agreement of the parties,
 and no increase in fees shall take effect without the Trust's prior written consent.
 Fees paid to Paralel will be calculated and accrued daily and paid monthly in arrears,
 including for any partial months during which this Agreement begins or terminates. The
 fees set forth in Appendix C shall constitute full and complete compensation for all
 Services provided by Paralel under this Agreement, and Paralel shall not be entitled
 to any additional compensation or reimbursement from the Trust except as expressly provided
 herein.

1 of 13

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) On
 each January 1, (pro-rated for a previous partial year), the minimum fees set forth in <u>Appendix C</u> shall automatically be increased by a cost of living adjustment equal
 to: 3% or the percentage increase in the Consumer Price Index published by the Bureau
 of Labor and Statistics of the United States Department of Labor, for the Denver-Aurora-Lakewood,
 CO region for the twelve-month period ending with the latest published month preceding
 January 1st (the "CPI") whichever is greater. Paralel will provide notice
 to the Trust of the amount of such any such CPI adjustment at, prior to, promptly following
 its implementation. With the Trust's prior written approval, any CPI adjustment
 not charged in any given year may be included in prospective CPI fee adjustments in future
 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Paralel
 will bear all expenses in connection with its provisions of Services under this Agreement,
 except as otherwise provided herein and in <u>Appendix C.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 Trust agrees to pay all amounts due hereunder within thirty (30) days following receipt
 of a properly documented invoice. Except as otherwise provided in <u>Appendix C</u>,
 Paralel shall submit invoices for fees on a monthly basis in arrears and for out-of-pocket
 expenses as incurred, unless the Trust has agreed in writing to a reasonable prepayment
 request. Except as approved in writing by the Trust, with respect to any out of pocket
 expenses, Paralel agrees to such costs shall be invoiced without any mark-up, handling
 fee, or other adjustment by Paralel, other than related to a reasonable pro-rata allocation
 between Paralel clients,. Any disputed amounts shall be promptly identified and discussed
 in good faith by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Right to Receive Advice</u>.

&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;(b) <u>Advice of Counsel</u>. If Paralel is in doubt as to any question of law regarding actions it
 should or should not take in connection with its obligations under this Agreement, it
 may seek advice from legal counsel of its own choosing. Such counsel may include, at
 Paralel's option, counsel for the Trust, the Trust's independent trustees,
 a Fund's investment adviser or sub-adviser, or Paralel itself. Paralel shall promptly
 notify the Trust of its intent to seek such advice and shall provide the Trust with a
 summary of the issue and the identity of the selected counsel. Any legal fees and expenses
 incurred in connection with such advice shall be borne by Paralel, unless otherwise agreed
 to in writing by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conflicting Advice</u>. In the event of a conflict between directions, advice, or instructions Paralel
 receives from the Trust or any service provider, and legal advice Paralel receives from
 counsel, Paralel may rely on such legal advice with respect to its obligations under
 this Agreement; provided, however, that Paralel shall provide the Trust with prior written
 notice of its intent to follow legal advice that is materially inconsistent with any
 directions, advice, or instructions received from the Trust. Paralel shall include in
 such notice a description of the nature of the conflict and the basis for relying on
 the legal advice. Upon reasonable request, and subject to applicable privilege protections,
 Paralel shall provide the Trust with a copy or summary of such legal advice. Paralel
 shall act in good faith and use commercially reasonable efforts to resolve such conflicts
 in a manner consistent with the Trust's instructions, legal advice received, and
 applicable law.

2 of 13

&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;(a) Paralel
shall perform its duties under this Agreement honestly, in good faith, and with commercially reasonable care, skill, and diligence,
consistent with industry standards applicable to similarly situated service providers. Paralel shall be responsible for the accuracy
and timeliness of its work and shall use reasonable efforts to prevent, identify, and correct errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding
 anything in this Agreement to the contrary, Paralel, its affiliates, and each of their
 respective directors, officers, control persons, employees, and agents (each, an "Admin
 Associate") shall not be liable to the Trust, any Fund, or any Fund shareholder
 for any loss, damage, claim, or expense arising out of any act or omission by an Admin
 Associate in connection with this Agreement, except to the extent such loss, damage,
 claim, or expense results from the bad faith, willful misfeasance, gross negligence,
 or reckless disregard of duties by such Admin Associate in the performance of services
 under this Agreement. Nothing in this Section shall be construed to limit the Trust's
 rights to seek equitable relief, require correction of errors, or enforce any other express
 provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Trust agrees to indemnify and hold harmless each Admin Associate (as defined in Section
 (b)) from and against any loss, liability, claim, damage, or expense (including the reasonable
 cost of investigating or defending any alleged loss, liability, claim, damage, or expense,
 and reasonable attorneys' fees incurred in connection therewith) arising out of
 or in connection with: (i) this Agreement or any activity related to or taken under this
 Agreement, or (ii) any breach by the Trust of its obligations, representations, or warranties
 under this Agreement; except to the extent such loss, liability, claim, damage, or expense
 results from the bad faith, willful misfeasance, gross negligence, or reckless disregard
 of duties by the Admin Associate in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paralel
 agrees to indemnify and hold harmless the Trust, each Fund, and the Trust's trustees,
 officers, and controlling persons (each, a "Trust Associate") from and against
 any loss, liability, claim, damage, or expense (including the reasonable cost of investigating
 or defending any alleged loss, liability, claim, damage, or expense, and reasonable attorneys'
 fees incurred in connection therewith) arising directly or primarily out of an Admin
 Associate's reckless disregard, willful misfeasance, bad faith or gross negligence
 taken in connection to this Agreement; except to the extent such loss, liability, claim,
 damage, or expense results from the bad faith, willful misfeasance, gross negligence,
 or reckless disregard of duties by the Trust Associate in the performance of its duties
 under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paralel
 shall be entitled to rely in good faith on information and data provided by third-party
 service providers (whether selected by Paralel, the Trust, or a Fund's investment
 adviser or sub-adviser), including, without limitation, pricing vendors, custodians,
 advisers, sub-advisers, and other authorized representatives of such parties, provided
 such reliance is reasonable under the circumstances. Paralel may also rely on any instruction,
 direction, notice, instrument, or other communication that it reasonably and in good
 faith believes to be genuine. Paralel may consult and rely on the advice of counsel to
 the Trust or of its own counsel, as it deems appropriate in the context of its duties
 under this Agreement. In each case described herein, Paralel shall not be liable for
 any loss or claim arising from such reliance, provided such reliance was not the result
 of Paralel's own bad faith, willful misfeasance, gross negligence, or reckless
 disregard of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding
anything in this Agreement to the contrary: (i) neither party shall be liable under this Agreement to the other party hereto,
or to any other party, for any punitive, consequential, special, or indirect losses or damages; ; (ii) Paralel will not be liable
for any trading losses, lost revenues, or lost profits, whether or not such damages were foreseeable or Paralel was advised of
the possibility thereof, ; and (iii) the maximum cumulative amount of liability of Paralel to the Trust arising out of the subject
matter of, or in any way related to, this Agreement shall not exceed the aggregate fees paid by the Trust to Paralel under this
Agreement for the most recent 18 months immediately preceding the date of the event giving rise to the claim.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In
 any case in which either party (the "Indemnifying Party") may be asked to
 indemnify or hold the other party (the "Indemnified Party") harmless, the
 Indemnified Party will notify the Indemnifying Party promptly after identifying any situation
 which it believes presents or appears likely to present a claim for indemnification against
 the Indemnifying Party (although the failure to do so shall not prevent recovery by the
 Indemnified Party s hall
 not relieve the Indemnifying Party of its obligations except to the extent that it is
 materially prejudiced thereby) and shall keep the Indemnifying Party advised with respect
 to all developments concerning such situation. The Indemnifying Party shall have the
 option to defend the Indemnified Party against any claim which may be the subject of
 this indemnification, and, in the event that the Indemnifying Party so elects, such defense
 shall be conducted by counsel chosen by the Indemnifying Party and reasonably satisfactory
 to the Indemnified Party, and thereupon the Indemnifying Party shall take over complete
 defense of the claim and the Indemnified Party shall sustain no further legal or other
 expenses in respect of such claim except as otherwise agreed in writing or in the case
 of a conflict of interest. The Indemnified Party will not settle or compromise any claim
 or make any compromise in any case in which the Indemnifying Party will be asked to provide
 indemnification, except with the Indemnifying Party's prior written consent, which
 shall not be unreasonably withheld, conditioned, or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Force Majeure</u>. Other than as to payment obligations of the Trust, no party shall be liable for losses, delays, failures, errors,
interruptions or losses of data in its performance of its obligations under this Agreement if and to the extent it is caused,
directly or indirectly, by reason of circumstances beyond their reasonable control, including without limitation, acts of God,
action or inaction of civil or military authority, war, terrorism, riot, fire, flood, sabotage, labor disputes, elements of nature
or non-performance by a third party not engaged by the non-performing party. In any such event, the non-performing party shall
be excused from any further performance and observance of obligations so affected only for the duration of such circumstances,
provided that such party (i) promptly notifies the other party of the occurrence and expected duration of the force majeure event,
and (ii) continues to use commercially reasonable efforts to mitigate the effects of the event and to recommence performance or
observance as soon as practicable. Obligations not affected by the force majeure event shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Activities of Paralel; Web Portal</u>.

&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. Notwithstanding
 the foregoing, Paralel agrees that it shall perform the Services under this Agreement
 with the same priority and quality of care as it provides to any other client of similar
 size and complexity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Parties agree that any reports and information Paralel is required to provide to the
 Trust pursuant to the Services (the "Reports") will be provided via secure
 file transfer protocol (SFTP) without additional charge, or such other method as mutually
 agreed to by the Parties.

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Paralel may also, in its discretion, provide access to its web portal, through which it may deliver the Reports (if agreed to by the Trust) and may make available certain other supplemental information, data, or tools for the convenience of the Trust ("Supplemental Portal Information"). Paralel may require the Trust or its adviser to enter into an additional agreement or agree to certain terms of use relating to the creation of, or to obtain access to Paralel's web portal. Paralel is not obligated to provide access to such web portal (and this Agreement does not create any such obligation). Paralel may discontinue or suspend the availability of any web portal at any time without prior notice; provided however, that Paralel will endeavor to notify Trust as soon as reasonably practicable of such action if it occurs, and if the Reports are provided through such web portal, it will provide prior written notice to the Trust to the extent practicable and will provide an alternative delivery method acceptable to the Trust. If access is provided to a web portal, with or without the parties entering into additional agreements or terms of use, the Trust acknowledges that Paralel does not guarantee the accuracy of any Supplemental Portal Information provided in or by the web portal. Further, the Trust acknowledges that Paralel and its affiliates, including their respective officers, directors, agents and employees, shall not be liable for, and the Trust agrees to indemnify, defend and hold harmless such persons from any claim, loss, or other damage (as otherwise described in Section 4(b)) arising directly or indirectly from the Trust's or service providers' use of any Supplemental Portal Information provided therein. For clarity, notwithstanding the foregoing, if the Reports are delivered through the web portal, such Reports shall remain subject to the liability and indemnification provisions otherwise applicable to the Services under this Agreement, and shall not be subject to the waiver of liability and indemnification set forth in this Section 6(c) applicable to the Supplemental Portal Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;(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;7. <u>Accounts and Records</u>. The accounts and records maintained by Paralel under this Agreement
 on behalf of the Trust shall be the property of the Trust. Paralel shall prepare, maintain
 and preserve such accounts and records as required by the 1940 Act and other applicable
 securities laws, rules and regulations. Paralel shall surrender such accounts and records
 to the Trust **,** in the form in which such accounts and records have been maintained
 or preserved **,** promptly upon receipt of instructions from the Trust. The Trust
 shall have access to such accounts and records at all times during Paralel's normal
 business hours. Upon the reasonable request of the Trust, copies of any such books and
 records shall be provided by Paralel to the Trust at the Trust's expense. Paralel
 shall assist the Trust, the Trust's independent auditors, or, upon approval of
 the Trust, any regulatory body, in any requested review of the Trust's accounts
 and records and reports by Paralel or its independent accountants concerning its accounting
 system and internal auditing controls will be open to such entities for audit or inspection
 upon reasonable request. The Trust agrees to cooperate with Paralel and take delivery
 of Trust records within 120 days of termination of this Agreement and to pay all reasonable
 costs associated with the return of Trust records to the Trust.

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&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Confidential and Proprietary Information</u>. Paralel agrees that it will, on behalf of itself and its officers and employees, treat all transactions
contemplated by this Agreement, and all records and information relative to the Trust and its current and former shareholders,
and other information germane thereto, as confidential and as proprietary information of the Trust. Paralel further agrees that
it will not use, sell, transfer, or divulge such information or records to any person for any purpose other than the performance
of its duties hereunder, and only to its personnel or agents who have a reasonable need to know such information in order to perform
those duties, except after prior notification to and approval in writing from the Trust, which approval shall not be unreasonably
withheld. Approval may not be withheld where Paralel may be exposed to civil, regulatory, or criminal proceedings for failure
to comply, pursuant to a valid subpoena, court order, or regulatory request issued by duly constituted authorities, or when requested
by the Trust. When requested to divulge such information by duly constituted authorities, Paralel shall use reasonable commercial
efforts to request confidential treatment of such information. Paralel shall provide prior written notice to the Trust of any
such compelled disclosure, unless prohibited by law or regulatory authority. Paralel shall have in place and maintain physical,
electronic, and procedural safeguards reasonably designed to protect the security, confidentiality, and integrity of, and to prevent
unauthorized access to or use of, records and information relating to the Trust and its current and former shareholders. Paralel
shall notify the Trust promptly upon becoming aware of any actual unauthorized use, disclosure, or misuse of confidential Trust
information in material breach of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Compliance with Rules and Regulations</u>. Paralel shall comply (and to the extent Paralel takes
 or is required to take action on behalf of the Trust hereunder shall cause the Trust
 to comply) with all applicable requirements of the 1940 Act and other applicable laws,
 rules, regulations, orders and codes of ethics, as well as all investment restrictions,
 policies and procedures adopted by the Trust of which Paralel has knowledge (it being
 understood that Paralel is deemed to have knowledge of all investment restrictions, policies
 or procedures set out in the Trust's public filings or otherwise provided to Paralel).
 Except as set out in this Agreement, Paralel assumes no responsibility for such compliance
 by the Trust. Paralel shall maintain at all times a program reasonably designed to prevent
 violations of the federal securities laws (as defined in Rule 38a-1 under the 1940 Act)
 with respect to the Services. Paralel shall make available its compliance personnel for
 consultation with the Trust, its Chief Compliance Officer, or regulatory authorities,
 and shall provide, at its own expense, summaries, certifications, and other relevant
 documentation reasonably requested by the Trust in connection with the Trust's
 oversight responsibilities. Paralel shall promptly notify the Trust of any material compliance
 violations or regulatory inquiries related to its Services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;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;(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;(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;(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;(d) It
 has and will continue to have access to the necessary facilities, equipment and personnel
 to perform its duties and obligations in a timely and professional manner under this
 Agreement in accordance with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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,
(b) any law applicable to Paralel, or (c) any material agreement to which Paralel is a party or by which it is bound.

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&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;(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;(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;(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;(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;(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;(f) The
 officer position(s) filled by Paralel, to the extent applicable, shall be covered by
 the Trust's Directors & Officers/Errors & Omissions Policy (the "Policy"),
 and the Trust shall use reasonable efforts to ensure that such coverage be (i) reinstated
 should the Policy be cancelled; (ii) continued after such officer(s) cease to serve as
 officer(s) of the Trust on substantially the same terms as such coverage is provided
 for the other persons serving as officers of the Trust after such persons are no longer
 officers of the Trust; or (iii) continued in the event the Trust merges or terminates,
 on substantially the same terms as such coverage is continued for the other Trust officers
 (but, in any event, for a period of no less than six years). The Trust shall provide
 Paralel with proof of current coverage, including a copy of the Policy, and shall notify
 Paralel immediately should the Policy be cancelled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;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.

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&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Consultation Between the Parties</u>. Paralel and the Trust shall regularly consult with each other
 regarding Paralel's performance of its obligations under this Agreement. In connection
 therewith, the Trust shall submit to Paralel at a reasonable time in advance of filing
 with the SEC reasonably complete copies of any amended or supplemented registration statement
 (including exhibits) under the Securities Act of 1933, as amended (if applicable), and
 the 1940 Act which could materially affect the obligations of Paralel hereunder; provided,
 however, that nothing contained in this Agreement shall in any way limit the Trust's
 right to file at any time such amendments to any registration statement and/or supplements
 to any prospectus or statement of additional information, of whatever character, as the
 Trust may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Valuation, Custodians, and Pricing Services; Assistance with Regulatory Examinations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Valuation Responsibilities and Pricing Services</u>.

If set forth in the Services, Paralel may assist the Trust in calculating fair values and apply securities pricing information as required or authorized under the terms of the valuation policies and procedures of the Trust ("Valuation Procedures"). This may include utilizing (i) pricing information from third-party pricing services approved by the Trust, (ii) fair value pricing information from third-party pricing services to apply to prices pursuant to the Valuation Procedures, and (iii) such other prices or valuations obtained from the Trust, the Adviser, Sub-Adviser, Valuation Designee of the Trust, third-party pricing service, or other third party, as directed by the Trust (collectively, any party providing pricing or valuation information to Paralel related to the Services described above, including, but not limited to, the Trust, the Adviser, Sub-Adviser(s), Valuation Designee of the Fund(s), third-party pricing service, or other third party as directed by the Trust, referred to as the "Trust Valuation Providers").

The Trust acknowledges that, while Paralel may provide assistance with valuation calculations as provided in the Services and set forth in the Valuation Procedures, Paralel (i) does not provide valuations with respect to the Trust's securities (ii) does not and is not responsible for valuing a Fund's securities, except to apply such calculations as set forth in the Services, (iii) does not verify any valuations provided to it by the Trust or any Trust Valuation Provider, and does not verify the existence of any assets referenced, but instead relies exclusively on information about prices, valuations and the existence of assets provided to it by the Trust or the Trust Valuation Providers, and (iv) shall have no responsibility and shall be without liability for, and be fully indemnified by the Trust, any claim, loss or damage arising with respect to pricing, valuation, verification, and/or existence of such securities held by a Fund or the Trust. The Trust further acknowledges that (i) the valuation of its securities remains the sole responsibility of the Trust; (ii) it is the Trust's obligation to select and complete appropriate diligence on all pricing services, even if recommended or otherwise utilized by Paralel in its services, and (iii) Paralel is not the guarantor of the accuracy of the security prices received from any third-party pricing service or Trust Valuation Provider, and Paralel will not liable to the Trust for incorrect prices, errors, or other mistakes or issues (and shall be indemnified by Trust for any claims against or losses of Paralel related to such issues) occurring with respect to valuing the Trust's assets or calculating the net asset value of the Trust when calculations are based upon inaccurate prices provided by pricing services, the Trust, or any Trust Valuation Provider. Paralel may, but shall not be obligated to, conduct due diligence reviews of certain commonly used third-party pricing or valuation service providers. To the extent such reviews are conducted, Paralel shall prepare the reports in good faith and make them available to the Trust. The provision of such reports shall not be deemed to transfer, delegate, or otherwise diminish the Trust's sole responsibility to select and oversee the Trust Valuation Providers, and Paralel shall bear no liability for any reliance placed by the Trust on such reports.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Custodians and Verification</u>. The Trust acknowledges that Paralel may rely on and shall have
 no responsibility to validate the existence of assets reported by the Trust, a Fund's
 adviser, sub-adviser(s), Valuation Designee or a Fund's custodian, other than Paralel's
 completion of a reconciliation of the assets reported by such parties. The Trust acknowledges
 that it is the responsibility of the Trust to validate the existence of assets reported
 to Paralel. Paralel may rely, and has no duty to investigate the representations of,
 the adviser, sub-adviser, Trust, or the Trust's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Examinations</u>.
 Paralel shall provide reasonable assistance in connection with any examination of or
 inquiry related to the Trust or a Fund by a regulatory authority that includes a review
 of Trust records maintained by Paralel. Paralel shall cooperate in good faith and respond
 in a timely manner to such regulatory inquiries. Paralel reserves the right to charge
 a reasonable fee for such services only to the extent such assistance goes beyond routine
 cooperation and imposes a material burden on Paralel's resources, and only with
 the Trust's prior written consent. Any such fee shall be discussed in advance and
 shall be subject to mutual agreement between the parties.

&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Business Continuity Plan; Information and Cybersecurity Program</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paralel
 shall maintain in effect a business continuity and disaster recovery plan reasonably
 designed to ensure the continuity of its critical business functions and the Services
 under this Agreement. Paralel shall enter into any agreements necessary with appropriate
 parties to support such plan, making reasonable provisions for emergency use of electronic
 data processing systems, communications infrastructure, and other operational facilities,
 consistent with industry standards and regulatory expectations. In the event of equipment
 failures, system outages, natural disasters, or other disruptions affecting Paralel's
 ability to perform its obligations, Paralel shall, at no additional expense to the Trust,
 take prompt and commercially reasonable steps to minimize service interruptions and to
 restore full functionality as soon as practicable. Paralel shall promptly notify the
 Trust of any such disruption that materially impacts or is reasonably likely to materially
 impact the Services. Upon the Trust's reasonable request, Paralel shall provide
 a written summary of its current business continuity and disaster recovery plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paralel
shall implement and maintain an information security program and cybersecurity protocols reasonably designed to protect the confidentiality,
integrity, and availability of Trust data, including personally identifiable information of shareholders, against unauthorized
access, use, disclosure, alteration, or destruction. Such program shall be consistent with industry standards and shall include,
at a minimum: access controls and authentication measures; regular vulnerability assessments and patch management; data encryption
(in transit and at rest, where appropriate); monitoring and incident detection systems; employee training on cybersecurity practices;
and a written incident response plan. Paralel shall promptly notify the Trust of any actual or reasonably suspected cybersecurity
incident that (i) affects or is reasonably likely to affect Trust data or systems supporting the Services, or (ii) triggers any
notification obligations under applicable data protection laws. Such notice shall include a description of the incident, the nature
of the affected information, and steps being taken to investigate, mitigate, and remediate the incident. Paralel shall cooperate
fully with the Trust, its legal representatives, and regulatory authorities in connection with any investigation of a cybersecurity
incident. Upon the Trust's reasonable request, Paralel shall provide a summary of its current information security program,
including any third-party assessments or audits conducted within the past 24 months.

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&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;(a) <u>Initial Term</u>. This Agreement shall become effective as of the date first written above (the
 "Start Date") and shall continue thereafter throughout the period that ends
 two (2) years after the Start Date (the "Initial Term").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;(c) <u>Termination:</u> Either party may terminate this Agreement, without payment of penalty, if upon at
 least sixty (60) days prior to the end of applicable Term it gives the other party a
 written notice of non-renewal and termination, with such termination coinciding at the
 end of the applicable Term or otherwise negotiated date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 terminates or suspends its business; becomes insolvent, admits in writing
 its inability to pay its debts as they mature, makes an assignment for the benefit of
 creditors, or becomes subject to the direct control of a trustee, receiver, or analogous
 authority; becomes subject to any bankruptcy, insolvency, or analogous proceeding; becomes
 subject to a material Action (as defined below), or an Action that the terminating party
 reasonably determines, in good faith, is reasonably likely to cause it material reputational
 harm (including, in the case of Paralel as the terminating party, any Action against
 a Fund's investment adviser, sub-adviser, or other key service provider of the
 Trust), or (v) where the other party is Trust, material changes in governing documents,
 bylaws, or registration statement, or other assumptions relied upon by Paralel or the
 assumptions set forth are determined by Paralel, in its reasonable discretion, to materially
 affect the Services provided by Paralel, and the parties, after negotiating in good faith
 in accordance with Section 2(a), are unable to come to an agreement regarding ongoing
 terms for the continued provision of Services following such change described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) "Action"
 means any civil, criminal, regulatory, or administrative lawsuit, allegation, demand,
 claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation,
 arbitration, or proceeding, in each case, made, asserted, commenced, or threatened by
 any person, including any governmental entity or authority.

If any such event occurs, the termination will become effective immediately, or on the date stated in the written notice of termination, or other such date as agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, except
that, for the Renewal Term, such fees payable shall be calculated based on six (6) months or the remaining portion of the Renewal
Term whichever is less. Termination of the Agreement by the Trust will not relieve the Trust of any other amount due under this
Agreement. The parties agree that any payment is a reasonable forecast of probable actual loss to Paralel and that this sum is
agreed to as liquidated damages and not as a penalty.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Deliveries Upon Termination</u>. Upon termination of this Agreement, Paralel agrees to cooperate
 in the orderly transfer of administrative duties and shall deliver to the Trust or as
 otherwise directed by the Trust (at the expense of the Trust) all records and other documents
 made or accumulated in the performance of its duties for the Trust hereunder. In the
 event Paralel gives notice of termination under this Agreement, it will continue to provide
 the Services contemplated hereunder after such termination at the contractual rate for
 up to 120 days, provided that the Trust uses all reasonable commercial efforts to appoint
 such replacement on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;17. <u>Assignment</u>.
 This Agreement shall extend to and shall be binding upon the parties hereto and their
 respective successors and permitted assigns; provided, however, that this Agreement shall
 not be assignable by the Trust without the prior written consent of Paralel, or by Paralel
 without the prior written consent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;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;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;20. <u>Amendments to this Agreement</u>. This Agreement may only be amended by the parties in writing.

11 of 13

&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Notices</u>.
Any notice, advice or report to be given pursuant to this Agreement shall be made in writing and deemed to have been given and
received (a) when personally delivered, or delivered by same-day courier; or (b) on the third business day after mailing by registered
or certified mail, postage prepaid, return receipt requested; or (c) upon delivery when sent by prepaid overnight express delivery
service (e.g., FedEx, UPS); or (d) when sent by email, upon the receipt by the sending party of confirmation of receipt by the
receiving party, which shall not be unduly withheld by the receiving party;

To Paralel:

Paralel Technologies LLC<br> 1700 Broadway Suite 1850

Denver, Colorado 80290 <br> Attn: General Counsel

Email: legalnotice@paralel.com; chris@paralel.com

To the Trust:

SCM Trust

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

Denver, Colorado 80202

Attn: CEO and General Counsel <br> <u>srogers@sheltoncap.com</u>; gpusch@sheltoncap.com

&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;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;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;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]*

12 of 13

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **SCM Trust** | **SCM Trust** |
| a Massachusetts business trust | a Massachusetts business trust |
| on behalf of each of its Funds listed on Appendix A | on behalf of each of its Funds listed on Appendix A |
| By: | ![](ex99h4001.jpg) |
| Name: | Steve Rogers |
| Title: | Chairman and President |

---

---

| | |
|:---|:---|
| **PARALEL TECHNOLOGIES LLC,** | **PARALEL TECHNOLOGIES LLC,** |
| A Delaware limited liability company | A Delaware limited liability company |
| By: | ![](ex99h4002.jpg) |
| Name: | Jeremy May |
| Title: | Chief Executive Officer |

---

13 of 13

**<u>APPENDIX A</u>**

**LIST OF FUNDS**

● Shelton Equity Premium Income ETF

Exhibit A-1

**<u>APPENDIX B</u>**

**SERVICES**

The below services to be performed by Paralel are included in the compensation noted on <u>Appendix C, in accordance with procedures established from time to time by agreement between the parties</u>.

**Fund Accounting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 daily net asset values (NAVs) in conformance with generally accepted accounting principles
 and SEC regulations

○ Provide a NAV-break analysis when as set forth in the Trust's policy and procedures

○ Provide daily notification upon pricing completion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Apply
 daily security valuations, consistent with pricing and valuation policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transmit
 NAVs to the advisor, NASDAQ, transfer agent, custodian and other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Communicate
 Fund distribution information to NASDAQ and other third parties

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reconcile
 cash & positions with the custodian

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 data and reports to support Trust preparation of financial statements and regulatory
 filings, including but not limited to: Semi-annual and annual financial statements; Form
 N-CEN; tax returns; annual registration statement updates; proxy statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Communicate
 as needed with third-party services providers, including but not limited to, maintaining
 the Fund's data feed with Gainskeeper

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Prepare,
 maintain and/or calculate, as the case may be:

○ Required accounting records in accordance with the Investment Company Act of 1940, as amended; Cash receipts journal; Cash disbursements journal; Dividend record;

○ Purchase and sales – portfolio securities journals; Subscription and redemption journals;

○ Security ledgers; Broker ledger; General ledger;

○ Securities and monies borrowed/loaned and collateral therefore;

○ Trial balances including daily/monthly/annually in Microsoft Excel and PDF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Make
 necessary adjustments to Fund accruals, including but not limited to:

○ Daily expense and income accruals

○ Expense waivers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Reconcile
 all appropriate data with each Fund's custodian including tax reclaims as needed
 and ability to write-off consistent with the Fund's policy

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 report of currently fair valued securities and securities priced by a pricing provider
 other than the primary pricing provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Calculate
 capital gains tracking and the ability to relieve specific tax-lot holdings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Provide
 adjusted trial balances to capture last day cap stock e.g. B-packages

**ETF Basket Services** - Provision of basket services in connection with ETF creation and redemption unit processing, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Creation
 of PCF (Portfolio Composition File) in NSCC Format

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Apply
 application corporate actions to PCF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Basket
 valuation and calculation of estimated and actual cash components

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Transmit
 PCF to each Fund and investment adviser as instructed

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Submit
 create/redeem file to NSCC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Distribute
 PCF (in NSCC file format) to custodian for dissemination to NSCC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Create
 and deliver to custodian the trade confirmation file

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Coordination
of collateral management process for failed in-kind trades for Fund(s) which do not participate in the custodian-managed NSCC's
Continuous Net Settlement ("CNS") system

Exhibit B-1

Any addition of new services, or revision to, the services listed above (including but not limited to new or revised services related to regulatory changes or special projects) shall be subject to additional fees as determined by Paralel. Paralel is not responsible for any services that are not specifically set forth above.

Paralel may require the Trust to enter into an additional agreement to obtain access to Paralel's web portal, or other service determined appropriate by Paralel. Paralel is not obligated to provide and may discontinue or suspend the availability of any web portal at any time without prior notice; Paralel will endeavor to notify Trust as soon as reasonably practicable of such action.

Exhibit B-1

**<u>APPENDIX C</u>**

**FEES AND EXPENSES**

[REDACTED]

Exhibit C-1

**<u>APPENDIX D</u>**

**<u>ADDITIONAL TERMS APPLICABLE TO DATA SERVICES</u>**

In addition to the terms and conditions otherwise contained in the Agreement, the following terms and conditions apply to any services requiring third-party valuation, pricing, or security level data, or any other reference or similar data (as defined generally below as "Data") (herein referred to as "Data Services").

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Provision of Services</u>.

&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;2. <u>Use of Data; No Warranty; Termination of Rights.</u> 

&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;(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;(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;(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;(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;(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;(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;(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;(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;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;&nbsp;&nbsp;&nbsp;&nbsp;i. Evaluated
 securities are typically complicated financial instruments. There are many methodologies
 (including computer-based analytical modeling and individual security evaluations) available
 to generate approximations of the market value of such securities, and there is significant
 professional disagreement about which is best. No evaluation method, including those
 used by Supplier, may consistently generate approximations that correspond to actual
 "traded" prices of the instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Supplier
 methodologies used to provide the pricing portion of certain Data may rely on evaluations;
 however, the Trust acknowledges that there may be errors or defects in Supplier's
 software, databases, or methodologies that may cause resultant evaluations to be inappropriate
 for use in certain applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 Trust assumes all responsibility for edit checking, external verification of evaluations,
 and ultimately the appropriateness of use of evaluations and other pricing data provided
 via the Service in Trust's applications, regardless of any efforts made by Supplier
 in this respect. The Trust 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

## Ex-99.(H)(6)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99.(h)(6)**

**AMENDMENT #1 AND JOINDER AGREEMENT TO TRUST ACCOUNTING AGREEMENT**

This AMENDMENT #1 AND JOINDER AGREEMENT (this "Amendment") is made as of December 8, 2025 (the "Effective Date"), by and among SCM Trust, a Massachusetts business trust ("SCM"), Shelton Funds, a Delaware statutory trust ("Shelton Funds" and with SCM, each a "Trust" and collectively, the "Trusts"), and Paralel Technologies LLC, a Delaware limited liability company ("Paralel"). Capitalized terms used but not defined in this Amendment have the meanings ascribed to such terms in the Agreement (defined below).

WHEREAS, SCM and Paralel are parties to that certain Trust Accounting Agreement dated as of August 14, 2025 (as may be amended, the "Agreement"), pursuant to which Paralel provides certain Services to SCM on behalf of its Funds listed on <u>Appendix A</u> thereto;

WHEREAS, SCM and Paralel wish to add additional Funds under the Agreement and for Paralel to provide the Services to such Funds;

WHEREAS, Shelton Funds desires that Paralel provide the Services to its series on the same terms and conditions as set forth in the Agreement;

WHEREAS, the parties hereto desire to (i) admit Shelton Funds as an additional Trust party to the Agreement, and (ii) add the series of SCM and Shelton Funds listed on <u>Appendix A</u> hereto as Funds under the Agreement and to adjust the fees applicable to the Services accordingly.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and in the Agreement, and for other good and valuable consideration, the parties agree as follows:

1. <u>Joinder of Shelton Funds; Amendments to Agreement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective
 as of the Effective Date, Shelton Funds, on behalf of each of its Funds listed on <u>Appendix A</u>, joins and becomes a party to the Agreement, agreeing to be bound by and to comply
 with the terms of the Agreement in the same manner as if it had been an original signatory
 to the Agreement. Paralel accepts the appointment and agrees to provide the Services
 to each Fund, pursuant to the terms and conditions set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective
 as of the Effective Date, the parties agree to amend the Agreement as follows:

&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. <u>Appendix A</u> of the Agreement is hereby deleted in its entirety and replaced with <u>Appendix A</u> attached to this Amendment.

&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. <u>Appendix C</u> of the Agreement is hereby deleted in its entirety and replaced with <u>Appendix C</u> attached to this Amendment.

&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. Section
 11(a) of the Agreement is hereby deleted in its entirety and replaced with the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With
 respect to SCM Trust, it is a Massachusetts business trust duly organized and existing
 and in good standing under the laws of the Commonwealth of Massachusetts and is registered
 with the SEC as an open-end management investment company under the 1940 Act. With respect
 to Shelton Funds, 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.

1 of 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Section
 17 of the Agreement is amended to add the notice address for Shelton Funds and to update
 the notice address for Paralel (effective as of January 1, 2026), as follows:

To Paralel:

Paralel Technologies LLC

1700 Broadway Suite 2100

Denver, Colorado 80290

Attn: General Counsel

Email: legalnotice@paralel.com; chris@paralel.com

To Shelton Funds:

Shelton Funds

1125 17th Street, Ste. 2550

Denver, Colorado 80202

Attn: CEO and General Counsel

Email: srogers@sheltoncap.com; gpusch@sheltoncap.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 term "Trust" as used herein and in the Agreement shall refer to each of the
 Trusts in its separate legal capacity with the effect that, except where otherwise noted
 in the Agreement or this Amendment, generally an obligation of a Trust will be the separate
 legal obligation of either the Shelton Funds or SCM, as context requires, and not their
 joint obligation.

2. <u>General</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as expressly amended, supplemented or otherwise modified by this Amendment, the Agreement
 remains in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Amendment shall be governed by, and construed in accordance with, the laws of the State
 of Colorado, and the Investment Company Act of 1940, as amended, and the rules and regulations
 thereunder, in each case to the same extent and manner as provided in the Agreement with
 respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Amendment may be executed in any number of counterparts, each of which shall be deemed
 an original, but all of which together constitute one and the same instrument. Signatures
 delivered by electronic transmission (including in portable document format (PDF) or
 via electronic signature platform) shall be deemed original signatures for all purposes.

*Signature page follows*

2 of 3

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the Effective Date.

---

| | |
|:---|:---|
| **SCM TRUST** | **SCM TRUST** |
| on behalf of each of its Funds listed on Appendix A hereto | on behalf of each of its Funds listed on Appendix A hereto |
| By: | ![](ex99h5001.jpg) |
| Name: | Steve Rogers |
| Title: | Chairman and President |
| **SHELTON FUNDS** | **SHELTON FUNDS** |
| on behalf of each of its Funds listed on Appendix A hereto | on behalf of each of its Funds listed on Appendix A hereto |
| By: | ![](ex99h5001.jpg) |
| Name: | Steve Rogers |
| Title: | Chairman and President |
| **PARALEL TECHNOLOGIES LLC** | **PARALEL TECHNOLOGIES LLC** |
| By: | ![](ex99h5002.jpg) |
| Name: | Jeremy May |
| Title: | Chief Executive Officer |

---

3 of 3

**Appendix A**

**<u>Funds</u>**

**Shelton Funds**

&nbsp;&nbsp;&nbsp;&nbsp;1. Green
 California Tax-Free Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;2. Nasdaq-100
 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;3. S&P
 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. S&P
 MidCap Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;5. S&P
 SmallCap Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;6. Shelton
 Equity Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;7. Shelton
 Sustainable Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;8. The
 United States Treasury Trust

9. U.S.
 Government Securities Fund

**SCM Trust**

&nbsp;&nbsp;&nbsp;&nbsp;1. Shelton
 International Select Equity Fund

2. Shelton
 Tactical Credit Fund

&nbsp;&nbsp;&nbsp;&nbsp;3. Shelton
 Emerging Markets Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. ICON
 Consumer Select Fund

&nbsp;&nbsp;&nbsp;&nbsp;5. ICON
 Equity Fund

6. ICON
 Equity Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;7. ICON
 Flexible Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;8. ICON
 Health and Information Technology Fund

&nbsp;&nbsp;&nbsp;&nbsp;9. ICON
 Natural Resources and Infrastructure Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. ICON
 Utilities and Income Fund

11. Shelton
 Equity Premium Income ETF #

All Fund(s) that are indicated with a # above are referred to herein collectively as the "Shelton ETF Complex." Fund(s) that are *<u>not</u>* indicated with a # above are referred to herein collectively as Funds in the "Shelton Mutual Fund Complex."

Fund(s) in the Shelton Mutual Fund Complex do not receive the services shown under the "ETF Basket Services" heading in Appendix B.

Exhibit C - 1

**<u>APPENDIX C</u>**

**FEES AND EXPENSES**

[REDACTED]

Exhibit C - 1

 **Out-of-Pocket Expenses**

[REDACTED]

Exhibit C - 2

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

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99(h)(7)**

**FORM OF AMENDMENT #2 TO TRUST ACCOUNTING AGREEMENT**

This AMENDMENT #2 (this "Amendment") is made as of [●], 2026 (the "Effective Date"), by and among SCM Trust, a Massachusetts business trust ("SCM"), Shelton Funds, a Delaware statutory trust ("Shelton Funds" and with SCM, each a "Trust" and collectively, the "Trusts"), and Paralel Technologies LLC, a Delaware limited liability company ("Paralel"). Capitalized terms used but not defined in this Amendment have the meanings ascribed to such terms in the Agreement (defined below).

WHEREAS, SCM and Paralel are parties to that certain Trust Accounting Agreement dated as of August 14, 2025 (as may be amended, the "Agreement"), pursuant to which Paralel provides certain Services to SCM on behalf of its Funds listed on <u>Appendix A</u> thereto;

WHEREAS, Shelton Fund was added as a party to the Agreement pursuant to an Amendment and Joinder Agreement to the Trust Accounting Agreement dated December 8, 2025;

WHEREAS, SCM, Shelton Funds, and Paralel wish to add an additional Fund under the Agreement and for Paralel to provide the Services to such Fund;

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and in the Agreement, and for other good and valuable consideration, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments to Agreement</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective
 as of the Effective Date, the parties agree to amend the Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Appendix A</u> of the Agreement is hereby deleted in its entirety and replaced with <u>Appendix A</u> attached to this Amendment.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as expressly amended, supplemented or otherwise modified by this Amendment, the Agreement
 remains in full force and effect and is hereby ratified and confirmed in all respects.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Amendment shall be governed by, and construed in accordance with, the laws of the State
 of Colorado, and the Investment Company Act of 1940, as amended, and the rules and regulations
 thereunder, in each case to the same extent and manner as provided in the Agreement with
 respect to such matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This
 Amendment may be executed in any number of counterparts, each of which shall be deemed
 an original, but all of which together constitute one and the same instrument. Signatures
 delivered by electronic transmission (including in portable document format (PDF) or
 via electronic signature platform) shall be deemed original signatures for all purposes.

*Signature page follows*

1 of 3

**IN WITNESS WHEREOF**, the parties hereto have caused this Amendment to be executed by their duly authorized officers as of the Effective Date.

**Shelton Funds** 

on behalf of each of its Funds listed on Appendix
 A hereto 

**SHELTON FUNDS** 

on behalf of each of its Funds listed on Appendix
 A hereto 

**PARALEL TECHNOLOGIES LLC** 

2 of 3

**Appendix A**

**<u>Funds</u>**

**Shelton Funds**

&nbsp;&nbsp;&nbsp;&nbsp;1. Green
 California Tax-Free Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;2. Nasdaq-100
 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;3. S&P
 500 Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;4. S&P
 MidCap Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;5. S&P
 SmallCap Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;6. Shelton
 Equity Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;7. Shelton
 Sustainable Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;8. The
 United States Treasury Trust

&nbsp;&nbsp;&nbsp;&nbsp;9. U.S.
 Government Securities Fund

&nbsp;&nbsp;&nbsp;&nbsp;10. Shelton
 Tactical Growth & Income ETF #

**SCM Trust**

&nbsp;&nbsp;&nbsp;&nbsp;1. Shelton
 International Select Equity Fund

2. Shelton Tactical Credit Fund

3. Shelton Emerging Markets Fund

4. ICON Consumer Select Fund

5. ICON Equity Fund

6. ICON Equity Income Fund

7. ICON Flexible Bond Fund

8. ICON Health and Information Technology
 Fund

9. ICON Natural Resources and Infrastructure
 Fund

&nbsp;&nbsp;&nbsp;&nbsp;10. ICON
 Utilities and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;11. Shelton
 Equity Premium Income ETF #

All Fund(s) that are indicated with a # above are referred to herein collectively as the "Shelton ETF Complex." Fund(s) that are *<u>not</u>* indicated with a # above are referred to herein collectively as Funds in the "Shelton Mutual Fund Complex."

Fund(s) in the Shelton Mutual Fund Complex do not receive the services shown under the "ETF Basket Services" heading in Appendix B.

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

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99(h)(8)**

August 16, 2021

To: Trustees of Shelton Funds and SCM Trust

From: Greg Pusch, CCO

Re: Joint Compliance Program Staffing and Funding

------

**Background**

[REDACTED]

**Recommendations**

[REDACTED]

If approved this would represent [REDACTED] $333,000. [REDACTED].

[REDACTED]

[REDACTED]

## Ex-99.(M)(3)

[SHELTON FUNDS 485BPOS](shelton_485bpos-051426.htm)

**Exhibit 99.(m)(3)**

**SHELTON FUNDS** <br> **DISTRIBUTION AND SERVICES PLAN**

**(Exchange-Traded Funds)**

This Plan (this "Plan") constitutes the Distribution and Services Plan with respect to the funds listed on Schedule A (together, the "Funds"), each Fund, a separate series of Shelton Funds, adopted pursuant to the provisions of Rule 12b-1 under the Investment Company Act of 1940, as amended (the "Act"). During the effective term of this Plan, the Funds may make payments to investment brokers or dealers (including any principal underwriter or distributor (the "Distributor") of the Funds), plan administrators and other persons providing services to the Funds upon the terms and conditions hereinafter set forth.

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

To the extent any such payments are made to the Distributor, the Distributor may in turn pay all or any portion of such payments to securities dealers, plan administrators and other persons (including, but not limited to, any affiliate of the Distributor, including in respect of salaries, benefits and incentive compensation of employees and agents of such affiliates attributable to Eligible Services) as commissions, asset-based sales charges, reimbursements or other compensation with respect to Eligible Services, and may retain all or any portion of such payments as compensation for the Distributor's services as principal underwriter of Fund shares. The amount of such payments and the purposes for which they are made shall be determined by the Qualified Trustees (as defined below). Payments under this Plan shall not exceed in any fiscal year the annual rate of up to 0.25% of the average daily net asset value of the Fund. Subject to the preceding sentence and Section 7 hereof, a majority of the Qualified Trustees may, at any time and from time to time, reduce or increase the amount of such payments covered by this Plan, or may suspend the operation of this Plan for such period or periods of time as they may determine.

Section 2. This Plan shall not take effect until it has been approved, together with any related agreements, by votes of a majority (or whatever greater percentage may, from time to time, be required by Section 12(b) of the Act or the rules and regulations thereunder) of both (a) the Trustees of the Trust, and (b) the Qualified Trustees of the Trust, cast in person at a meeting called for the purpose of voting on this Plan or such agreement.

Section 3. This Plan shall continue in effect with respect to each Fund from year to year, provided that such continuance is approved at least annually by a vote of a majority of the Trustees of the Trust, and of the Qualified Trustees, cast in person at a meeting called for the purpose of voting on such continuance (or in another manner permitted by the Act or pursuant to exemptive relief therefrom).

Section 4. The Trustees shall review, at least quarterly, a written report of the amounts covered by this Plan and the purposes for which such expenditures were made.

Section 5. This Plan may be terminated at any time by vote of a majority of the Qualified Trustees, or by vote of a majority of the Fund's outstanding voting securities.

Section 6. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) that such agreement may be terminated at any time, without payment of any penalty, by vote of a majority of the Qualified Trustees or by vote of a majority of the Fund's outstanding voting securities, on not more than 60 days' written notice to any other party to the agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) that such agreement shall terminate automatically in the event of its assignment.

Section 7. This Plan may not be amended to increase materially the amount to be spent for distribution without shareholder approval, and all material amendments to this Plan shall be approved in the manner provided for approval of this Plan in Section 2 above.

Section 8. As used in this Plan, (a) the term "Qualified Trustees" shall mean those Trustees of the Trust who are not interested persons of the Trust, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it, and (b) the terms "assignment," "interested person" and "vote of a majority of the outstanding voting securities" shall have the respective meaning specified in the Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission

Section 9. A copy of the Agreement and Declaration of Trust of the Trust is on file with the Secretary of State of the Commonwealth of Delaware and notice is hereby given that this instrument is made on behalf of the Trustees of the Trust as Trustees and not individually, and that the obligations of or arising out of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the Funds.

Adopted: March 27, 2026

**Schedule A**

**List of Funds Effective March 27, 2026**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Name of Fund** | &nbsp;&nbsp;**Approval Date** |
| &nbsp;&nbsp;Shelton Tactical Growth & Income ETF | &nbsp;&nbsp;March 27, 2026 |

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