# EDGAR Filing Document

**Accession Number:** 0001558107
**File Stem:** 0001398344-23-005824
**Filing Date:** 2023-3
**Character Count:** 689419
**Document Hash:** c3d3fa60cf149d8188e0d1a359ebd193
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-23-005824.hdr.sgml**: 20230308

**ACCESSION NUMBER**: 0001398344-23-005824

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 28

**FILED AS OF DATE**: 20230308

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230308

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPS Series Trust
- **CENTRAL INDEX KEY:** 0001558107
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22747
- **FILM NUMBER:** 23717031

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203
- **BUSINESS PHONE:** 303.623.2577

**MAIL ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALPS Series Trust
- **CENTRAL INDEX KEY:** 0001558107
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-183945
- **FILM NUMBER:** 23717030

**BUSINESS ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203
- **BUSINESS PHONE:** 303.623.2577

**MAIL ADDRESS:**
- **STREET 1:** 1290 BROADWAY, SUITE 1000
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80203

## Series and Classes Contracts Data

### Brigade High Income Fund (Series ID: S000079888)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000241324 | Founders Class      |  |
| C000241325 | Institutional Class |  |

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

As filed with the Securities and Exchange Commission on March 8, 2023

File Nos. 333-183945 and 811-22747

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549**

**Form N-1A**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

**Post-Effective Amendment No. 113** 

**and**

**REGISTRATION STATEMENT**

***UNDER***

***THE INVESTMENT COMPANY ACT OF 1940***

**Amendment No. 114** 

**ALPS SERIES TRUST**

**(Exact name of Registrant as Specified in Charter)**

**1290 Broadway, Suite 1000**

**Denver, Colorado 80203**

**(Address of Principal Executive Offices) (Zip Code)**

**Registrant's Telephone Number: (303) 623-2577**

**Patrick Rogers, Secretary**

**ALPS Series Trust**

**1290 Broadway, Suite 1000**

**Denver, Colorado 80203**

**(Name and Address of Agent for Service)**

***With copies to:***

**Peter H. Schwartz, Esq.**

**Davis Graham & Stubbs LLP**

**1550 17th Street, Suite 500**

**Denver, CO 80202**

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

X immediately upon filing pursuant to paragraph (b)

[ ] on ________ pursuant to paragraph (b)

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

[ ] on (date) pursuant to paragraph (a)(1)

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

[ ] on (date) pursuant to paragraph (a)(2) of rule 485.

If appropriate, check the following box:

[ ] this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

**PROSPECTUS**

**DATED MARCH 8, 2023**

ALPS Series Trust

Brigade High Income Fund

Founders Class (BHIMX)

Institutional Class (BHIIX)

*As with all mutual funds, the Securities and Exchange Commission (the "SEC") has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.* 

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| Summary Section | 3 |
| Investment Objective and Principal Investment Strategies | 10 |
| More on the Fund's Investments and Related Risks | 11 |
| Disclosure of Portfolio Holdings | 17 |
| Management | 17 |
| The Portfolio Managers | 18 |
| Administrator, Distributor and Transfer Agent of the Fund | 19 |
| Buying and Redeeming Shares | 19 |
| Share Transactions | 23 |
| Dividends and Distributions | 25 |
| Federal Income Taxes | 26 |
| Financial Highlights | 28 |
| Additional Information About the Fund | Back Cover |

---

BRIGADE HIGH INCOME FUND

**Summary Section**

**BRIGADE HIGH INCOME Fund (the "Fund")**

**Investment Objective**

The Fund's investment objective is current income, with capital appreciation as a secondary objective.

**Fees and Expenses of the Fund**

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

---

| | | |
|:---|:---|:---|
| | **Founders** | **Institutional** |
| Shareholder Fees (*fees paid directly from your investment*) |  |  |
| Maximum sales charge (Load) imposed on purchases (as a percentage of offering price) |  |  |
| Maximum deferred sales charge (Load) |  |  |
| Redemption Fee (as a % of amount redeemed within 60 days of purchase) | 1.00% | 1.00% |

---

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** *(expenses that you pay each year as a percentage of the value of your investment)* | | |
| Management Fees | 0.50% | 0.50% |
| Total Other Expenses<sup>(1)</sup> | 0.28% | 0.28% |
| Acquired Fund Fees and Expenses | 0.01% | 0.01% |
| Total Annual Fund Operating Expenses | 0.79% | 0.79% |
| Fee Waiver and Expense Reimbursement | (0.26)<sup>(2)(4)</sup>% | (0.03)<sup>(3)(4)</sup>% |
| Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement | 0.53% | 0.76% |

---

<sup>(1)</sup> *Other expenses are based on estimated amounts.*

<sup>(2)</sup> *With respect to the Founders Class of the Fund, Brigade Capital Management, LP (the "Adviser") has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of 0.52% of the Fund's average daily net assets for such class. To the extent there are excess Annual Fund Operating Expenses such that the Fee Waiver and/or Expense Reimbursement needs to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset ("Post-Offset Excess"), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.*

<sup>(3)</sup> *With respect to the Institutional Class of the Fund, the Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of 0.75% of the Institutional Class of the Fund's average daily net assets for such class. To the extent there are excess Annual Fund Operating Expenses such that the Fee Waiver and/or Expense Reimbursement needs to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset ("Post-Offset Excess"), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.*

<sup>(4)</sup> *This agreement is in effect through at least March 7, 2024, and will automatically continue upon annual approval by the Board of Trustees for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne subsequent to the effective date of the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund's expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced.*

**Example**

This example is intended to help you compare the costs of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same. The example takes into consideration the agreement by the Adviser to waive fees and reimburse expenses for the contractual period only.

---

| | | |
|:---|:---|:---|
| **Although your actual costs may be higher**<br> **or lower, based on these assumptions**<br> **your costs would be:** | **1 Year** | **3 Years** |
| Founders Class | $154 | $325 |
| Institutional Class | $178 | $348 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. A higher turnover rate may also result in additional income taxes when Fund shares are held in a taxable account. Because the Fund was not in operation during the most recent fiscal year, no historical portfolio turnover information is available.

**Principal Investment Strategies of the Fund**

The Fund will seek to outperform its benchmark, before expenses, the ICE BofA US High Yield Constrained Index, while providing a similar level of volatility over the entire market cycle.

The Fund seeks to achieve its objective by investing in a diversified portfolio of high yield corporate bonds and loans, as well as through opportunistic investments amongst various sub-strategies within corporate credit. The Fund's strategy will be executed by employing a bottom-up, fundamental research-based process implemented to seek to balance risk and reward, utilizing portfolio rotation as the credit cycle evolves.

The Adviser will invest in corporate credit instruments throughout the entire credit cycle in an effort to create a balanced, diversified portfolio. Types of corporate credit investments in which the Fund invests include high yield bonds and leveraged loans (including debtor-in-possession ("DIP"), distressed debt, covenant-lite loans, secured and unsecured assignments of or participations in loans, accounts and notes payable, private claims, financial instruments, collateral on financial instruments and investments in companies involved in (or the target of) acquisition attempts or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions), investment grade corporate debt, convertibles and collateralized loan and bond obligations, foreign debt securities, and mezzanine securities.

The Fund also intends to primarily invest in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody's Investors Service, Standard and Poor's Rating Services and Fitch Ratings (including a significant portion of such assets in credit instruments in the lower tier of the high yield market that are rated B and below). Additionally, certain other high yield securities may be unrated by rating agencies but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade.

In addition, the Fund may also purchase equity securities or otherwise hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer and may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. The Fund does not have any maturity or duration requirements.

Furthermore, the Fund's exposure to any sector will not exceed 30% of the net assets of the Fund, calculated at the time of investment (with sector categorization as defined by Bloomberg).

The Adviser may elect to utilize leverage depending on market conditions and may also seek to hedge certain exposures through the use of indices and derivatives, including exchange traded funds ("ETFs") (or options on exchange-traded funds. Credit hedges can include buying protection via single name credit default swaps, buying protection on the CDS index, CDS index swaption or the high yield index total return swap. Interest rate hedges can include interest rate swaps, swaptions and treasury futures.

The Adviser may also seek to hedge risks by investing the Fund's assets in currencies, currency futures contracts and options on currency futures contracts, forward currency contracts, options, swaps, swaptions, or any combination thereof (whether or not exchange traded).

The Fund will sell a security for several reasons, including when: (i) the fundamentals of the company change, (ii) a holding reaches its price target, or (iii) a position takes on additional risk. The Fund may seek to sell all or part of a position in one or more trades depending on, among other things, the security and its trading market and profile.

**Principal Risks of the Fund**

*As with any mutual fund, there are risks to investing. There is no guarantee that the Fund will meet its investment objective. The following is a description of the principal risks of the Fund, which may adversely affect its net asset value and total return. There are other circumstances (including additional risks that are not described herein) which could prevent the Fund from achieving its investment objective.*

**Below-Investment Grade Risk.** The Fund will invest in high yield securities rated below BBB by S&P or Baa by Moody's. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk and are described as speculative by both S&P and Moody's. Securities rated below investment grade are commonly referred to as "junk bonds". The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.

**Bank Debt Risk.** The Fund's investment in secured and unsecured assignments of (or participations in) bank debt may create substantial risk. Bank debt includes interests in loans to companies or their affiliates undertaken to finance a capital restructuring or in connection with recapitalizations, acquisitions, leveraged buyouts, refinancings or other financially leveraged transactions and may include loans which are designed to provide temporary or bridge financing to a borrower pending the sale of identified assets, the arrangement of longer-term loans or the issuance and sale of debt obligations. The Fund may also invest in collateral on financial instruments, including interests on whole commercial, consumer and other loans and lease contracts. These loans, which may bear fixed or floating rates, have generally been arranged through private negotiations between a corporate borrower and one or more financial institutions, including banks. The Fund's investment may be in the form of participations or assignments.

**Credit Risk.** There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer's financial condition changes. High yield or junk bonds as well as other debt securities issued by below investment grade issuers are typically more susceptible to these risks than debt of higher quality issuers. Furthermore, a significant amount of the Fund's net asset value is expected to be invested in the lower-rated segment of the high yield market (rated B and below), which investments generally involve greater credit risk than high yield securities that are rated BB and above.

**Convertible Security Risk.** Convertible securities are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt security risks and equity risk. Convertible securities are subject to equity risk especially when their conversion value is greater than the interest and principal value of the security. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse impact on the Fund's ability to achieve its investment objective.

**Counterparty and Settlement Risk**. To the extent the Fund invests in participations, assignments, swaps, repurchase agreements, reverse-repurchase agreements, structured products, derivative or synthetic instruments, or other over-the-counter transactions or, in certain circumstances, in non-U.S. securities, the Fund may take a credit risk with regard to parties with whom it trades and may also bear the risk of settlement default. These risks may differ materially from those entailed in exchange-traded transactions which generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered directly between two counterparties generally do not benefit from such protections and expose the parties to the risk of counterparty default.

**Covenant-Lite Loan Risk**. The Fund may invest in loans that are "covenant lite." Covenant lite loans may lack financial maintenance covenants that in certain situations can allow lenders to claim a default on the loan to seek to protect the interests of the lenders. The absence of financial maintenance covenants in a covenant lite loan might result in a lower recovery in the event of a default by the borrower. The Fund may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.

**Currency Risk**. The Fund's investments that are denominated in a non-U.S. currency are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments.

**Debt Securities Risk.** Debt securities in which the Fund invests are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk, (i.e., the risk that certain debt securities with high interest rates will be prepaid or "called" by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). Fixed income markets have recently experienced a period of relatively high volatility. If the Federal Reserve continues to increase interest rates, fixed income markets (and the high yield market in particular) could experience continuing high volatility, which could negatively impact the Fund's performance.

**Distressed Investments Risk**. The Fund's investments in distressed companies may result in returns to the Fund, but which involve a substantial degree of risk. The Fund may lose its entire investment in a troubled company, may be required to accept cash or securities with a value less than the Fund's investment and may be prohibited from exercising certain rights with respect to such investment. Troubled company investments may not show any returns for a considerable period of time.

The Fund's investments in companies involved in (or the target of) acquisition attempts or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions come with the risk that the transaction either will be unsuccessful, take considerable time or result in a distribution of cash or a new security, the value of which will be less than the purchase price to the Fund of the security, or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Fund may be required to sell its investment at a loss.

**Derivatives Risk***.* The Fund may invest in derivative securities for bona fide hedging purposes. A derivative security is a financial contract whose value is based on (or "derived from") a traditional security (such as a bond) or a market index. The use of futures, options, repurchase agreements and other derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and include leverage, volatility, liquidity, credit and tracking risks. Long options positions may expire worthless.

**Exchange-Traded Funds Risk***.* The Fund may invest in ETFs. ETFs may be based on underlying equity or fixed income securities, as well as commodities or currencies. Because an ETF incurs its own fees and expenses, shareholders of the fund investing in an ETF will indirectly bear those costs. Such fund will also incur brokerage commissions and related charges when purchasing or selling shares of an ETF. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a securities exchange throughout the trading day at market prices that are generally close to the NAV of the ETF.

**Equity Securities Risk.** The Fund may invest in equity securities, including equities of stressed issuers or companies emerging from a financial restructuring or corporate reorganization. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased or otherwise acquired by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, supply-chain disruptions or an increase in production costs and competitive conditions within an industry.

**Interest Rate Risk.** Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates and are usually more volatile than securities with shorter durations. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations.

**Leveraged Loan Risk**. Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities." The settlement period for some leveraged loans may be more than seven days. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may sell investments or temporarily borrow from banks or other lenders.

**Leverage Risk***.* The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses. The Fund intends to generally use leverage, if any, to meet Fund redemptions.

**Liquidity Risk.** Low or lack of trading volume in the high yield market may make it difficult to sell securities held by the Fund at quoted market prices. In addition, with respect to certain fixed income investments (bank loans in particular), settlement occurs on an extended basis, further decreasing their liquidity profile.

**Management and Strategy Risk.** The Fund is an actively managed portfolio. Investment strategies employed by the Adviser on behalf of the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. In addition, the Fund's tactical asset allocation strategy may be unsuccessful and may cause the Fund to incur losses.

**Money Market Instruments/Securities.** In seeking to provide downside protection, during periods of high market volatility, the Fund may hold money market instruments, including commercial paper, banker's acceptances, certificates of deposit and other short-term debt securities.

**Market Risk.** The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages, supply-chain disruptions or increased production costs and competitive conditions within an industry.

**New Fund Risk**. The Fund has been newly formed and therefore has limited performance history for investors to evaluate.

**Non-U.S. Securities Risk**. Investing in securities of non-U.S. companies and governments which are generally denominated in non-U.S. currencies and utilization of currency forward contracts and options on currencies involve certain considerations comprising both risks and opportunities not typically associated with investing in securities of U.S. issuers. These considerations include changes in exchange rates and exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes, less liquid markets and less available information than are generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

**Prepayment and Extension Risk.** When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund's share price and yield and could hurt Fund performance. Prepayments could also create capital gains tax liability in some instances.

**Rule 144A Securities Risk.** The market for certain Rule 144A securities can be less active than the market for publicly-traded securities. Certain Rule 144A securities carry a heightened risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds at reasonable prices.

**Shareholder Concentration Risk.** When a small number of shareholders account for a disproportionate share of the Fund's assets, redemptions by large shareholders can harm remaining shareholders. If a large shareholder is an omnibus account that represents investments by multiple smaller accounts or if an adviser acts on behalf of multiple accounts, when the underlying accounts tend to act in tandem, shareholder concentration risk will be present. Risk is minimized when the underlying accounts tend to act independently of one another.

***It is possible to lose money on an investment in the Fund. Investments in the Fund are not deposits or obligations of any bank, are not endorsed or guaranteed by any bank and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.***

**Performance Information**

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 information is available on the Fund's website at www.brigadefunds.com or by calling the following toll-free number 844-903-0443.

**Investment Adviser AND SUB-ADVISER**

Brigade Capital Management, LP is the investment adviser to the Fund, and Brigade Capital UK LLP is the investment sub-adviser to the Fund.

**Portfolio Managers**

Donald E. Morgan III and Douglas Pardon have managed the Fund since March 2023.

**Purchase and Sale of Fund Shares**

The Fund offers investors two classes of shares: Founders Class and Institutional Class. The minimum initial investment in Founders Class shares is $5,000,000 with no minimum subsequent investment. The minimum initial investment in Institutional Class shares is $1,000, 0000 with no minimum subsequent investment.

Purchases and redemptions of Founders Class and Institutional Class shares may be made on any day the New York Stock Exchange is open for trading. Purchases and redemptions can generally be made directly with the Fund or through institutional channels. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Founders Class shares are only offered to investors who: (i) satisfy the minimum investment requirements described above, and (ii) are advisory clients of certain entities with whom the Adviser has a strategic relationship.

**Tax Information**

For U.S. federal income tax purposes, the Fund's distributions may be taxable as interest income or other 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 are subject to special tax rules.

**Payments to Broker-Dealers and Other Financial Intermediaries**

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

**Investment Objective and Principal Investment Strategies**

*This section describes the Fund's investment objective and principal investment strategies. See "**MORE ON THE FUND'S INVESTMENTS AND RELATED RISKS**" in this Prospectus and the Statement of Additional Information for more information about the Fund's investments and the risks of investing.*

**What is the Fund's Investment Objective?**

The Fund's investment objective is current income, with capital appreciation as a secondary objective.

While there is no assurance that the Fund will achieve its investment objective, the Fund endeavors to do so by following the strategies and policies described in this Prospectus.

**What are the Fund's Principal Investment Strategies?**

The Fund will seek to outperform its benchmark, before expenses, the ICE BofA US High Yield Constrained Index, while providing a similar level of volatility over the entire market cycle.

The Fund seeks to achieve its objective by investing in a diversified portfolio of high yield corporate bonds and loans, as well as through opportunistic investments amongst various sub-strategies within corporate credit. The Fund's strategy will be executed by employing a bottom-up, fundamental research-based process implemented to seek to balance risk and reward, utilizing portfolio rotation as the credit cycle evolves.

The Adviser will invest in corporate credit instruments throughout the entire credit cycle in an effort to create a balanced, diversified portfolio. Types of corporate credit investments in which the Fund invests include high yield bonds and leveraged loans (including debtor-in-possession ("DIP"), distressed debt, covenant-lite loans, secured and unsecured assignments of or participations in loans, accounts and notes payable, private claims, financial instruments, collateral on financial instruments and investments in companies involved in (or the target of) acquisition attempts or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions), investment grade corporate debt, convertibles and collateralized loan and bond obligations, foreign debt securities, and mezzanine securities.

The Fund also intends to primarily invest in credit instruments that are rated below investment grade by some or all relevant independent rating agencies, including Moody's Investors Service, Standard and Poor's Rating Services and Fitch Ratings (including a significant portion of such assets in credit instruments in the lower tier of the high yield market that are rated B and below). Additionally, certain other high yield securities may be unrated by rating agencies but determined by the Adviser to be of similar quality as other below investment grade bonds and credit instruments and accordingly purchased for investment by the Fund. The Fund does not have a percentage limitation on investing in securities that are rated below investment grade.

In addition, the Fund may also purchase equity securities or otherwise hold positions in equity or other assets that the Fund receives as part of a reorganization process of a high yield issuer and may hold those assets until such time as the Adviser believes that a disposition is most advantageous. From time to time, the Fund may make investments in distressed or defaulted securities or in issuers that are in bankruptcy. The Fund does not have any maturity or duration requirements.

Furthermore, the Fund's exposure to any sector will not exceed 30% of the net assets of the Fund, calculated at the time of investment (with sector categorization as defined by Bloomberg).

The Adviser may elect to utilize leverage depending on market conditions and may also seek to hedge certain exposures through the use of indices and derivatives, including exchange traded funds ("ETFs") (or options on exchange-traded funds. Credit hedges can include buying protection via single name credit default swaps, buying protection on the CDS index, CDS index swaption or the high yield index total return swap. Interest rate hedges can include interest rate swaps, swaptions and treasury futures.

The Adviser may also seek to hedge risks by investing the Fund's assets in currencies, currency futures contracts and options on currency futures contracts, forward currency contracts, options, swaps, swaptions, or any combination thereof (whether or not exchange traded).

The Fund will sell a security for several reasons, including when: (i) the fundamentals of the company change, (ii) a holding reaches its price target, or (iii) a position takes on additional risk. The Fund may seek to sell all or part of a position in one or more trades depending on, among other things, the security and its trading market and profile.

*Temporary Defensive Positions.* The Fund may also invest some or all of its assets in cash and/or cash equivalent securities when the Adviser believes that current market, economic, political or other conditions are unsuitable and would impair the pursuit of the Fund's investment objective. Cash equivalent securities include, but are not limited to, obligations of the U.S. Government, money market fund shares, commercial paper, certificates of deposit and/or bankers acceptances, as well as other interest bearing or discount obligations or debt instruments that carry an investment grade rating by a national rating agency. When the Fund's investments in cash or similar investments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested, and as a result the Fund may not achieve its investment objective.

The Board of Trustees (the "Board") may change the Fund's name, investment objective or its principal investment strategies without a shareholder vote. If there is a material change to the Fund's investment objective or principal investment strategies, you should consider whether the Fund remains an appropriate investment for you.

**More on the Fund's Investments and Related Risks**

*The Fund's investment objective and principal investment strategies are described above under "**INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGIES.**" This section provides additional information about the Fund's investment strategies and certain portfolio management techniques the Fund may use, as well as the principal and other risks that may affect the Fund's portfolio. Additional information about some of these investments and portfolio management techniques and their associated risks is included in the Fund's Statement of Additional Information ("SAI").*

**What are the Principal Risks of Investing in the Fund?**

There are inherent risks associated with the Fund's principal investment strategies. The factors that are most likely to have a material effect on the Fund's investment portfolio as a whole are called "principal risks." The principal risks of the Fund are summarized in the Fund's "Summary Section" above and further described below. The Fund may be subject to additional risks other than those described because, among other reasons, the types of investments made by the Fund may change over time. For additional information regarding risks of investing in the Fund, please see the Statement of Additional Information. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.

**Below-Investment Grade Risk.** The Fund will invest in high yield securities rated below BBB by S&P or Baa by Moody's. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk and are described as speculative by both S&P and Moody's. Securities rated below investment grade are commonly referred to as "junk bonds". The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell, particularly in times of negative sentiment toward high yield securities.

Many issuers of high yield securities and leveraged loans are highly leveraged, and their relatively high debt-to-equity ratios create increased risks that their operations might not generate sufficient cash flow to service their debt obligations. Overall declines in the below investment-grade bond and other markets may adversely affect such issuers by inhibiting their ability to refinance their debt at maturity. Further, bankruptcy and similar laws applicable to issuers of high yield securities and leveraged loans may limit the amount of any recovery in respect of those investments if the issuer is insolvent and may also adversely affect the timing of any such recovery to which the Fund may be entitled.

Companies often issue high yield securities and leveraged loans in connection with leveraged acquisitions or recapitalizations in which the issuers incur a substantially higher amount of indebtedness than the level at which they had previously operated. High yield securities and leveraged loans have historically experienced greater default rates than has been the case for investment-grade securities.

**Bank Debt Risk.** The Fund's investment in secured and unsecured assignments of (or participations in) bank debt may create substantial risk. Bank debt includes interests in loans to companies or their affiliates undertaken to finance a capital restructuring or in connection with recapitalizations, acquisitions, leveraged buyouts, refinancings or other financially leveraged transactions and may include loans which are designed to provide temporary or bridge financing to a borrower pending the sale of identified assets, the arrangement of longer-term loans or the issuance and sale of debt obligations. The Fund may also invest in collateral on financial instruments, including interests on whole commercial, consumer and other loans and lease contracts. These loans, which may bear fixed or floating rates, have generally been arranged through private negotiations between a corporate borrower and one or more financial institutions, including banks. The Fund's investment may be in the form of participations or assignments.

With respect to participations, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan in which it has purchased a participation, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. Thus, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. In addition, in connection with purchasing participations, the Fund generally will have no role in terms of negotiating or effecting amendments, waivers and consents with respect to the loans underlying the participations. In the event of the insolvency of the lender, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower.

Investments in Participations and Assignments involves additional risks, including the risk of nonpayment of principal and interest by the borrower, the risk that any loan collateral may become impaired and that the Fund may obtain less than the full value for the loan interests sold because they may be illiquid. Purchasers of loans depend primarily upon the creditworthiness of the borrower for payment of interest and repayment of principal. If scheduled interest or principal payments are not made, the value of the instrument may be adversely affected.

Interests in loans are also subject to additional liquidity risks. Loans are generally subject to legal or contractual restrictions on resale. Loans are not currently listed on any securities exchange or automatic quotation system but are traded by banks and other institutional investors engaged in loan syndication. As a result, no active market may exist for some loans, and to the extent a secondary market exists for other loans, such market may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. Consequently, the Fund may have difficulty disposing of assignments or participations in response to a specific economic event such as deterioration in the creditworthiness of the borrower, which can result in a loss. In such market situations, it may be more difficult for the Fund to assign a value to assignments or participations when valuing the Fund's securities and calculating its net asset value.

In addition, bank loans and other similar instruments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

**Convertible Security Risk.** Convertible securities are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt security risks and equity risk. Convertible securities are subject to equity risk especially when their conversion value is greater than the interest and principal value of the security. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument. If a convertible security held by the Fund is called for redemption, the Fund will be required to permit the issuer to redeem the security, convert it into the underlying common stock or sell it to a third party. Any of these actions could have an adverse impact on the Fund's ability to achieve its investment objective.

**Counterparty and Settlement Risk**. To the extent the Fund invests in participations, assignments, swaps, repurchase agreements, reverse-repurchase agreements, structured products, derivative or synthetic instruments, or other over-the-counter transactions or, in certain circumstances, in non-U.S. securities, the Fund may take a credit risk with regard to parties with whom it trades and may also bear the risk of settlement default. These risks may differ materially from those entailed in exchange-traded transactions which generally are backed by clearing organization guarantees, daily marking-to-market and settlement, and segregation and minimum capital requirements applicable to intermediaries. Transactions entered directly between two counterparties generally do not benefit from such protections and expose the parties to the risk of counterparty default.

**Covenant-Lite Loan Risk**. The Fund may invest in loans that are "covenant lite." Covenants contained in loan documentation are intended to protect lenders by imposing certain restrictions and other limitations on a borrower's operations or assets and by providing certain information and consent rights to lenders. Covenant lite loans may lack financial maintenance covenants that in certain situations can allow lenders to claim a default on the loan to seek to protect the interests of the lenders. The absence of financial maintenance covenants in a covenant lite loan might result in a lower recovery in the event of a default by the borrower. The Funds may experience losses or delays in enforcing its rights on its holdings of covenant lite loans.

**Credit Risk.** There is a risk that issuers and counterparties will not make payments on securities and other investments held by the Fund, resulting in losses to the Fund. In addition, the credit quality of fixed income securities held by the Fund may be lowered if an issuer's financial condition changes. High yield or junk bonds as well as other debt securities issued by below investment grade issuers are typically more susceptible to these risks than debt of higher quality issuers. Furthermore, a significant amount of the Fund's net asset value is expected to be invested in the lower-rated segment of the high yield market (rated B and below), which investments generally involve greater credit risk than high yield securities that are rated BB and above.

**Currency Risk**. The Fund's investments that are denominated in a non-U.S. currency are subject to the risk that the value of a particular currency will change in relation to one or more other currencies. Among the factors that may affect currency values are trade balances, the level of short-term interest rates, differences in relative values of similar assets in different currencies, long-term opportunities for investment and capital appreciation and political developments.

**Debt Securities Risk.** Debt securities in which the Fund invests are subject to several types of investment risk, including market or interest rate risk (i.e., the risk that their value will be inversely affected by fluctuations in the prevailing interest rates), credit risk (i.e., the risk that the issuer may be unable to make timely interest payments and repay the principal upon maturity), call or income risk, (i.e., the risk that certain debt securities with high interest rates will be prepaid or "called" by the issuer before they mature), and event risk (i.e., the risk that certain debt securities may suffer a substantial decline in credit quality and market value if the issuer restructures). Fixed income markets have recently experienced a period of relatively high volatility. If the Federal Reserve continues to increase interest rates, fixed income markets (and the high yield market in particular) could experience continuing high volatility, which could negatively impact the Fund's performance.

**Distressed Investments Risk**. The Fund's investments in distressed companies may result in returns to the Fund, but which involve a substantial degree of risk. The Fund may lose its entire investment in a troubled company, may be required to accept cash or securities with a value less than the Fund's investment and may be prohibited from exercising certain rights with respect to such investment. Troubled company investments may not show any returns for a considerable period of time. Funding a plan of reorganization involves additional risks, including risks associated with equity ownership in the reorganized entity. Troubled company investments may be adversely affected by state and federal laws relating to, among other things, fraudulent conveyances, voidable preferences, lender liability and the Bankruptcy Court's discretionary power to disallow, subordinate or disenfranchise particular claims. Investments in securities and private claims of troubled companies made in connection with an attempt to influence a restructuring proposal or plan of reorganization in a bankruptcy case may also involve substantial litigation.

The Fund's investments in companies involved in (or the target of) acquisition attempts or tender offers or companies involved in work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions come with the risk that the transaction either will be unsuccessful, take considerable time or result in a distribution of cash or a new security, the value of which will be less than the purchase price to the Fund of the security, or other financial instrument in respect of which such distribution is received. Similarly, if an anticipated transaction does not in fact occur, the Fund may be required to sell its investment at a loss. Due to the substantial uncertainty concerning the outcome of transactions involving financially troubled companies in which the Fund may invest, there is a potential risk of loss by the Fund of its entire investment in such companies.

**Derivatives Risk***.* The Fund may invest in derivative securities for bona fide hedging purposes. A derivative security is a financial contract whose value is based on (or "derived from") a traditional security (such as a bond) or a market index. The use of futures, options, repurchase agreements and other derivatives involves risks different from, or possibly greater than, the risks associated with investing directly in securities and other traditional investments, and include leverage, volatility, liquidity, credit and tracking risks. Long options positions may expire worthless.

**Exchange Traded Fund Risk***.* The Fund may also invest in ETFs. ETFs are funds whose shares are traded on a national exchange. ETFs may be based on underlying equity or fixed income securities, as well as commodities or currencies. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation units." The investor purchasing a creation unit then sells the individual shares on a secondary market. Although similar diversification benefits may be achieved through an investment in another investment company, ETFs generally offer greater liquidity and lower expenses. Because an ETF incurs its own fees and expenses, shareholders of the Fund investing in an ETF will indirectly bear those costs. Such Fund will also incur brokerage commissions and related charges when purchasing or selling shares of an ETF. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a securities exchange throughout the trading day at market prices that are generally close to the NAV of the ETF.

Absent an available exemption or rule, the Fund may not: (i) acquire more than 3% of the voting securities of any other investment company; (ii) invest more than 5% of its total assets in securities of any one investment company; or (iii) invest more than 10% of its total assets in securities of all investment companies.

**Equity Securities Risk.** The Fund may invest in equity securities, including equities of stressed issuers or companies emerging from a financial restructuring or corporate reorganization. Equity securities represent ownership in a company. Stock markets are volatile. The price of equity securities will fluctuate and can decline and reduce the value of a portfolio investing in equity securities. The value of equity securities purchased or otherwise acquired by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate. The value of equity securities may also decline due to factors that affect a particular industry or industries, such as labor shortages, supply-chain disruptions or an increase in production costs and competitive conditions within an industry.

In addition, the value may decline due to general market conditions that are not specifically related to a company or industry, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or generally adverse investor sentiment.

**Interest Rate Risk.** Interest rate risk is the risk that fixed income securities will decline in value because of changes in interest rates. As nominal interest rates rise, the value of fixed income securities held by the Fund are likely to decrease. Securities with longer durations tend to be more sensitive to changes in interest rates and are usually more volatile than securities with shorter durations. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed securities may experience greater losses than other fixed income securities with similar durations.

**Leveraged Loan Risk**. Leveraged loans (also known as bank loans) are subject to the risks typically associated with debt securities. In addition, leveraged loans, which typically hold a senior position in the capital structure of a borrower, are subject to the risk that a court could subordinate such loans to presently existing or future indebtedness or take other action detrimental to the holders of leveraged loans. Leveraged loans are also subject to the risk that the value of the collateral, if any, securing a loan may decline, be insufficient to meet the obligations of the borrower, or be difficult to liquidate. Some leveraged loans are not as easily purchased or sold as publicly-traded securities and others are illiquid, which may make it more difficult for the Fund to value them or dispose of them at an acceptable price. Below investment-grade leveraged loans are typically more credit sensitive. In the event of fraud or misrepresentation, the Fund may not be protected under federal securities laws with respect to leveraged loans that may not be in the form of "securities." The settlement period for some leveraged loans may be more than seven days. To the extent the extended loan settlement process gives rise to short-term liquidity needs, such as the need to satisfy redemption requests, the Fund may sell investments or temporarily borrow from banks or other lenders.

**Leverage Risk***.* The use of leverage by the Fund, such as borrowing money to purchase securities or the use of options, will cause the Fund to incur additional expenses and magnify the Fund's gains or losses. The Fund intends to generally use leverage, if any, to meet Fund redemptions.

**Liquidity Risk.** Liquidity risk exists when particular investments are difficult to sell. The Fund may not be able to sell these investments at the best prices or at the value the Fund places on them. In such a market, the value of such investments and the Fund's share price may fall dramatically. Investments that are illiquid or that trade in lower volumes may be more difficult to value. The market for high yield securities (and in particular those securities in which the Fund, together with the Adviser's other managed funds and accounts, hold a significant percentage of the outstanding class) may be less liquid and therefore these securities may be harder to value or sell at the value that the Fund places on them or otherwise at an acceptable price, especially during times of market volatility or decline.

**Management and Strategy Risk.** The Fund is an actively managed portfolio. Investment strategies employed by the Adviser on behalf of the Fund may not result in an increase in the value of your investment or in overall performance equal to other investments. In addition, the Fund's tactical asset allocation strategy may be unsuccessful and may cause the Fund to incur losses. Furthermore, the Adviser will invest and trade without regard to portfolio turnover considerations, and the Fund's annual portfolio turnover rate and investment costs and charges may, therefore, be greater than the turnover rates and costs of other types of investment vehicles.

**Money Market Instruments/Securities.** In seeking to provide downside protection, during periods of high market volatility, the Fund may hold money market instruments, including commercial paper, banker's acceptances, certificates of deposit and other short-term debt securities.

**Market Risk.** The market price of a security or instrument may decline, sometimes rapidly or unpredictably, due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic or political conditions throughout the world, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The market value of a security or instrument also may decline because of factors that affect a particular industry or industries, such as labor shortages, supply-chain disruptions or increased production costs and competitive conditions within an industry.

**New Fund Risk**. The Fund has been newly formed and therefore has limited performance history for investors to evaluate.

**Non-U.S. Securities Risk**. Investing in securities of non-U.S. companies and governments which are generally denominated in non-U.S. currencies and utilization of currency forward contracts and options on currencies involve certain considerations comprising both risks and opportunities not typically associated with investing in securities of U.S. issuers. These considerations include changes in exchange rates and exchange control regulations, political and social instability, expropriation, imposition of non-U.S. taxes, less liquid markets and less available information than are generally the case in the U.S., higher transaction costs, less government supervision of exchanges, brokers and issuers, difficulty in enforcing contractual obligations, lack of uniform accounting and auditing standards and greater price volatility.

**Prepayment and Extension Risk.** When interest rates fall, issuers of high interest debt obligations may pay off the debts earlier than expected (prepayment risk), and the Fund may have to reinvest the proceeds at lower yields. When interest rates rise, issuers of lower interest debt obligations may pay off the debts later than expected (extension risk), thus keeping the Fund's assets tied up in lower interest debt obligations. Ultimately, any unexpected behavior in interest rates could increase the volatility of the Fund's share price and yield and could hurt Fund performance. Prepayments could also create capital gains tax liability in some instances.

**Rule 144A Securities Risk.** The market for certain Rule 144A securities can be less active than the market for publicly-traded securities. Certain Rule 144A securities carry a heightened risk that the liquidity of these securities may become impaired, making it more difficult for the Fund to sell these bonds at reasonable prices.

**Shareholder Concentration Risk.** When a small number of shareholders account for a disproportionate share of the Fund's assets, redemptions by large shareholders can harm remaining shareholders. If a large shareholder is an omnibus account that represents investments by multiple smaller accounts or if an adviser acts on behalf of multiple accounts, when the underlying accounts tend to act in tandem, shareholder concentration risk will be present. Risk is minimized when the underlying accounts tend to act independently of one another.

**What are the Non-Principal Risks of Investing in the Fund?**

Other inherent risks associated with the Fund that are less likely to have a material effect on the Fund's investment portfolio as a whole are called "non-principal risks." The non-principal risks of the Fund are further described below and in the Statement of Additional Information. It is important to read all the disclosure information provided and to understand that you may lose money by investing in the Fund.

*Cyber Security Risk.* In connection with the increased use of technologies, coupled with the dependence on computer systems to perform necessary business functions, the Fund may be susceptible to operational, information security and related risks due to the possibility of cyber-attacks or other similar incidents. Cyber incidents may result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, infection by computer viruses or other malicious software code, gaining unauthorized access to systems, networks or devices that are used to service the Fund's operations through hacking or other means for the purpose of misappropriating assets or sensitive information, corrupting data or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks that can make the Fund's website unavailable. In addition, authorized persons could inadvertently or intentionally release confidential or proprietary information stored on the Fund's systems.

Cyber security failures or breaches by the Fund's third-party service providers (including, but not limited to, the Adviser, administrator, distributor, custodian, transfer agent and financial intermediaries) may cause disruptions and impact the business operations of both the Fund and its service providers, potentially resulting in financial losses, the inability of Fund shareholders to transact business, the inability of the administrator to process transactions or calculate the Fund's net asset value, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs and/or additional compliance costs. The Fund and its shareholders could be negatively impacted as a result of successful cyber-attacks against, or security breakdowns of, the Fund or its third-party service providers.

The Fund may incur substantial costs to prevent or address cyber incidents in the future. In addition, there is a possibility that certain risks have not been adequately identified or prepared for. Furthermore, the Fund cannot directly control any cyber security plans and systems put in place by third party service providers. Cyber security risks are also 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 investment in such securities to lose value.

*LIBOR Replacement and Transition Risk.* Certain of the Fund's investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a "Reference Rate"). In July of 2017, the head of the UK Financial Conduct Authority ("FCA") announced a desire to phase out the use of LIBOR by the end of 2021. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. It is possible that a subset of LIBOR settings will be published after these dates on a "synthetic" basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing Secured Overnight Financial Rate Data ("SOFR") that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates.

**Disclosure of Portfolio Holdings**

The Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities are described in the Fund's Statement of Additional Information.

**Management**

Brigade Capital Management, LP (the "Adviser"), subject to the authority of the Board of Trustees, is responsible for the overall management and administration of the Fund's business affairs. The Adviser manages a global credit platform of below investment grade credit strategies, and employs a bottom-up, fundamental research-based process focused on free-cash flow generation, asset coverage and relative value analysis. The Adviser was founded in 2006 and is led by Donald E. Morgan, Chief Investment Officer and Managing Partner. The Adviser has an investment team with deep sector experience and expertise across multiple credit cycles in the leveraged finance market. As of March 1, 2023, the Adviser managed approximately $26 billion in assets. The Adviser's address is 399 Park Avenue, 16th Floor, New York, NY 10022.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") with the Adviser, the Fund pays the Adviser an annual management fee of 0.50% based on the Fund's average daily net assets. The management fee is paid on a monthly basis. The Board and shareholders of the Fund may terminate the Advisory Agreement upon thirty (30) days' written notice. The Adviser may terminate the Advisory Agreement upon one hundred and twenty (120) days' notice. Under the terms of the Advisory Agreement, the Fund is responsible for payment of all costs, fees, expenses or charges in connection with their assets, investments and operations, including but not limited to all investment expenses, including, without limitation, reasonable fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal" costs (e.g., fees, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities with respect to unconsummated investments reasonably intended by the Adviser for purchase by the Fund).

Pursuant to a Co-Administration Agreement between the Adviser and the Trust, on behalf of the Fund, the Adviser provides certain administrative services to the Fund, including but not limited to: (i), causing an officer or officers of the Adviser to serve as the "derivatives risk manager" for the Fund pursuant to Rule 18f-4 under the 1940 Act; and (ii) serving as the "valuation designee" for the Fund pursuant to Rule 2a-5 under the 1940 Act. As compensation for such services, the Fund pays the Adviser an annual administration fee of 0.05% based on the Fund's average daily net assets. The administration fee is paid on a monthly basis.

With respect to the Founders Class of the Fund, the Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of 0.52% of the Fund's average daily net assets for such class. To the extent there are excess Annual Fund Operating Expenses such that the Fee Waiver and/or Expense Reimbursement needs to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset ("Post-Offset Excess"), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.

With respect to the Institutional Class of the Fund, the Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of 0.75% of the Institutional Class of the Fund's average daily net assets for such class. To the extent there are excess Annual Fund Operating Expenses such that the Fee Waiver and/or Expense Reimbursement needs to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset ("Post-Offset Excess"), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.

This agreement is in effect through at least March 7, 2024, and will automatically continue upon annual approval by the Board of Trustees for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term.

The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne subsequent to the effective date of the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund's expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced. Information regarding aggregate fees paid to the Adviser will be available once the Fund has operated for a full fiscal year.

The Adviser has delegated certain investment advisory services to Brigade Capital UK, LLP, a wholly controlled affiliate of the Adviser (the "Sub-Adviser"). The Sub-Adviser is paid by the Adviser and not the Fund. The Sub-Adviser will help coordinate the investment and reinvestment of Fund assets, recommend the allocation of Fund assets to the Adviser for execution of trades and place orders for the purchase and sale of securities for the Fund. The Sub-Adviser is an SEC-registered investment adviser and is authorized and regulated by the Financial Conduct Authority as an investment firm. The Sub-Adviser is located at Southwest House, Third Floor, 11A Regent Street, London, SW1Y 4LR.

A discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement and Sub-Advisory Agreement, when available, will be included in the Fund's annual report to shareholders for the period ended September 30, 2023.

**The Portfolio Managers**

The portfolio managers are primarily responsible for the day-to-day operation of the Fund. The portfolio managers listed below have jointly comprised the Fund's portfolio management team since March 2023.

Information about the portfolio managers, including information about the portfolio managers' business experience, appears below. More information about the portfolio managers' compensation, other accounts managed by the portfolio managers, and the portfolio managers' ownership of securities in the Fund is included in the SAI.

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| | |
|:---|:---|
| **PORTFOLIO MANAGERS** | **PAST 5 YEARS' BUSINESS EXPERIENCE** |
| Donald E. Morgan III | Mr. Morgan is the Adviser's Chief Investment Officer, Managing Partner and Portfolio Manager and a member of both the Investment and Risk Committees. Mr. Morgan founded Brigade in 2006. |
| Douglas Pardon | Mr. Pardon is the Co-Chief Investment Officer and Portfolio Manager for the High Yield, Bank Loans and Opportunistic Credit strategies. Mr. Pardon is a member of Brigade's Investment Committee and chairs the Firm's ESG Committee. Mr. Pardon joined Brigade in early 2007 as a senior analyst covering the retail, gaming and leisure sectors and was promoted to head the High Yield Research Team in 2012 and then Corporate Credit in 2021. |

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**Administrator, Distributor and Transfer Agent of the Fund**

ALPS Fund Services, Inc. (the "Administrator" or the "Transfer Agent") serves as the Fund's administrator, fund accountant and transfer agent. ALPS Distributors, Inc. ("ADI" or the "Distributor") serves as the Fund's distributor.

**Buying and Redeeming Shares**

The Fund currently offers Founders Class shares and Institutional Class shares. Each share class of the Fund represents an investment in the same portfolio of securities, but each share class has its own expense structure, allowing you to choose the class that best meets your situation. When you purchase shares of the Fund, you must choose a share class.

Factors you should consider in choosing a class of shares include:

● how long you expect to own the shares;

● how much you intend to invest; and

● total expenses associated with owning shares of each class.

No sales charges will be applied to your share purchases.

Founders Class shares are only offered to investors who: (i) satisfy the minimum investment requirements described in the "**Investment Minimums**" section of this Prospectus, and (ii) are advisory clients of certain entities with whom the Adviser has a strategic relationship. Institutional Class shares are typically offered only through certain types of financial intermediaries and to certain institutional investors.

Institutional Class shares and Founders Class shares are offered directly, via the Fund's transfer agent, and/or through financial intermediaries. Such financial intermediaries may seek payment from the Fund or its service providers for the provision of distribution, administrative and/or shareholder retention services. Institutional investors may include, but are not limited to, corporations, retirement plans, public plans and foundations/endowments.

Each investor's financial considerations are different. You should speak with your financial advisor to help you decide which share class is best for you. If your financial intermediary offers more than one class of shares, you should carefully consider which class of shares to purchase. Certain classes have higher expenses than other classes, which may lower the return on your investment.

You may exchange classes of the Fund if you meet the minimum investment requirements for the class into which you would like to exchange. Exchanges between classes of the same Fund are generally not considered a taxable transaction. Certain significant holders of Fund shares are required to provide information concerning such a nontaxable exchange on their federal income tax returns for the year of the exchange. See the SAI under "**FEDERAL INCOME TAXES**-Special Tax Considerations."

To open your account directly with the Fund, complete the Account application and mail or fax to the transfer agent at the appropriate address below. Please make your purchase check payable to the Brigade High Income Fund. You should include any required organizational documents.

via US Postal Service <br> Brigade Capital Management<br> c/o ALPS Funds <br> P.O. Box 219695 <br> Kansas City, MO 64121-9695

Please call an investor services representative at 844-903-0443 to obtain the overnight mailing address, fax number and wiring instructions.

The Fund does not consider the US Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at the Brigade Fund's post office box, of purchase orders or redemption requests does not constitute receipt by the Fund.

**Payments to Financial Intermediaries and Other Arrangements**

The Adviser and/or its affiliates may enter into arrangements to make payments for additional activities to select financial intermediaries intended to result in the sale of Fund shares and/or other shareholder servicing activities out of the Adviser's own resources (which may include profits from providing advisory services to the Fund). These payments are often referred to as "revenue sharing payments" and the revenue sharing payment amount generally vary by financial intermediary. The aggregate amount of the revenue sharing payments is determined by the Adviser and may be substantial. Revenue sharing payments create no additional cost to the Fund or its shareholders.

Revenue sharing payments may create an incentive for a financial intermediary or its employees or associated persons to recommend or sell shares of the Fund to you, rather than shares of another mutual fund. Please contact your financial intermediary's investment professional for details about revenue sharing payments it may be receiving.

**Investment Minimums**

The Fund offers investors two classes of shares: Founders Class and Institutional Class. The minimum initial investment in Founders Class shares is $5,000,000 with no minimum subsequent investment. The minimum initial investment in Institutional Class shares is $1,000,000 with no minimum subsequent investment. The Fund may waive minimum investment amounts in Institutional Class shares with respect to investments by the Trust's officers or its Trustees.

The Fund reserves the right to waive or change investment minimums. For accounts sold through financial intermediaries, it is the primary responsibility of the financial intermediary to ensure compliance with investment minimums.

**Buying Shares**

In order to buy, exchange or redeem shares at that day's net asset value, you must place your order with the Fund or its agent before the New York Stock Exchange ("NYSE") closes (normally, 4:00 p.m. Eastern time). If the NYSE closes early, you must place your order prior to the actual closing time. Orders received by financial intermediaries prior to the close of trading on the NYSE will be confirmed at the offering price computed as of the close of the trading on the NYSE. It is the responsibility of the financial intermediary to ensure that all orders are transmitted in a timely manner to the Fund. Otherwise, you will receive the next business day's net asset value.

Investors may purchase, exchange or redeem Founders Class and Institutional Class shares of the Fund directly or through retirement plans, broker-dealers, bank trust departments, financial advisors or other financial intermediaries. Shares made available through full service broker-dealers may be available through wrap accounts under which such broker-dealers impose additional fees for services connected to the wrap account. Contact your financial intermediary or refer to your plan documents for instructions on how to purchase or redeem shares.

Investors may be charged a fee if they effect transactions through a broker or agent. The Fund has authorized one or more brokers to receive on its behalf purchase and redemption orders. Such brokers are authorized to designate other intermediaries to receive purchase and redemption orders on the Fund's behalf. The Fund will be deemed to have received a purchase or redemption order when an authorized broker or, if applicable, a broker's authorized designee, receives the order. Customer orders will be priced at the Fund's net asset value next computed after they are received by an authorized broker or the broker's authorized designee.

With certain limited exceptions, the Fund is available only to U.S. citizens or residents.

The Fund will generally accept purchases only in U.S. dollars drawn from U.S. financial institutions. Cashier's checks, third party checks, money orders, credit card convenience checks, cash or equivalents or payments in foreign currencies are not acceptable forms of payment. You may also contact the Fund to request a purchase of Fund shares using securities you own. The Fund reserves the right to refuse or accept such requests in whole or in part.

**Redeeming Shares** 

Redemptions, like purchases, may generally be effected only through retirement plans, broker-dealers, financial intermediaries and directly through the Fund. Please contact the Fund, your financial intermediary or refer to the appropriate plan documents for details. Your financial intermediary may charge a processing or service fee in connection with the redemption of shares.

**Redemption Payments**

In all cases, your redemption price is the net asset value per share next determined after your request is received in good order less any applicable redemption fees. "Good order" means that your redemption request includes: (i) the Fund name and account number; (ii) the amount of the transaction in dollars or shares; (iii) signatures of you and any other person listed on the account, exactly as the shares are registered; (iv) any certificates you are holding for the account; and (v) any supporting legal documentation that may be required.

Redemption proceeds days will typically be sent within one to two business days but may take up to seven days. However, if you recently purchased your shares by check, your redemption proceeds will not be sent to you until your original check clears, which may take up to 10 days. The Fund typically pays redemptions from cash, cash equivalents, proceeds from the sale of Fund shares or from the sale of portfolio securities. These redemption payment methods are expected to be used in regular and stressed market conditions.

Your redemption proceeds can be sent by check to your address of record or by wire transfer to a bank account designated on your application. Your bank may charge you a fee for wire transfers. Any request that your redemption proceeds be sent to a destination other than your bank account or address of record must be in writing and must include a Medallion signature guarantee.

The Fund is not responsible for losses or fees resulting from posting delays or non-receipt of redemption payments at your bank, when shareholder payment instructions are followed.

**Redemptions In-Kind**

The Fund reserves the right to make a payment in securities rather than cash. If the Fund deems it advisable for the benefit of all shareholders that a redemption payment wholly or partly in-kind would be in the best interests of the Fund's remaining shareholders, the Fund may pay redemption proceeds to you in whole or in part with securities held by the Fund. If the Fund decides to redeem in-kind, the redeeming shareholder will generally receive pro-rata shares of the Fund's portfolio. These pro-rata shares would have similar characteristics to the Fund and will consist of any other pro-rata share of the securities held in the Fund. A redemption in-kind could occur under extraordinary circumstances, such as a very large redemption that could affect the Fund's operations (for example, more than 1% of the Fund's net assets). However, the Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the net asset value of the Fund during any 90-calendar day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. Securities used to redeem Fund shares will be valued as described in "How Fund Shares are Priced" below. A shareholder may pay brokerage charges on the sale of any securities received as a result of a redemption in-kind. Redemptions in-kind are taxed to a redeeming shareholder for federal income tax purposes in the same manner as cash redemptions. Securities received in a redemption in-kind are subject to market risk until sold.

**Medallion Signature Guarantee**

The Fund may require additional documentation or a Medallion signature guarantee on any redemption request to help protect against fraud or for certain types of transfer requests or account registration changes. The Transfer Agent will require that a shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account (i.e., wiring instructions, telephone privileges, etc.).

**Redemption Fees**

If you sell or exchange your shares of the Fund after holding them 60 calendar days or less, a 1.00% redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last.

The Fund permits waivers of the redemption fee for the following transactions:

● Redemptions related to a disability as defined by Internal Revenue Service requirements;

● Redemptions due to death for shares transferred from a decedent's account to a beneficiary's account;

● Redemptions due to divorce for shares transferred pursuant to a divorce decree;

● Redemptions of shares through a systematic withdrawal plan;

● Broker-dealer sponsored wrap program accounts and/or fee-based accounts maintained for clients of certain financial intermediaries who have entered into selling agreements with the Distributor;

● Redemptions through an automatic, non-discretionary rebalancing or asset allocation program;

● Rollovers, transfers and changes of account registration within the Fund as long as the money never leaves the Fund;

● Redemptions due to reinvestment of dividends and/or capital gains;

● Any involuntary redemption and/or exchange transactions, including, for example, those required by law or regulation, a regulatory agency, a court order or as a result of a liquidation of the Fund by the Board of Trustees;

● Certain types of employer-sponsored and 403(b) retirement plan transactions, including loans or hardship withdrawals, minimum required distributions, redemptions pursuant to systematic withdrawal programs, forfeiture of assets, return of excess contribution amounts, redemptions related to payment of plan fees, and redemptions related to death, disability or qualified domestic relations order; and

● Certain other transactions as deemed appropriate by the Adviser.

The application of redemption fees and waivers may vary among intermediaries and certain intermediaries may not apply the waivers listed above. If you purchase, exchange or sell shares of the Fund through an intermediary, you should contact your intermediary for more information on whether the redemption fee will be applied to redemptions of your shares.

The Fund reserves the right to modify or eliminate the redemption fee or waivers at any time. Investment advisers or their affiliates may pay redemption fees on behalf of investors in managed accounts. Unitized group accounts consisting of qualified plan assets may be treated as a single account for redemption fee purposes.

**Redemptions Based on Minimum Requirements**

Due to the relatively high cost of handling small investments, the Fund reserves the right, upon 60 days' written notice, to redeem, at NAV, the shares of any shareholder whose account in the Fund has a value of less than $500,000, other than as a result of a decline in the NAV per share. This policy will not be implemented where the Fund has previously waived the minimum investment requirement for that shareholder. Before the Fund redeems such shares and sends the proceeds to the shareholder, it will notify the shareholder that the value of the shares in the account is less than the minimum amount and will allow the shareholder 60 days to make an additional investment in an amount that will increase the value of the account to at least $500,000, before the redemption is processed. As a sale of your Fund shares, this redemption will generally be taxable for shareholders who hold their shares through taxable accounts.

*Note: The Fund has the right to suspend or postpone redemptions of shares for any period (i) during which the NYSE or exchange is closed, other than customary weekend and holiday closings; (ii) during which trading on the NYSE or exchange is restricted; or (iii) during which (as determined by the SEC or other regulatory authority by rule or regulation) an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably practicable, or as otherwise permitted by the SEC or other regulatory authority.*

**Exchange of Shares**

If you are an existing shareholder of the Fund, you may exchange into a new account copying your existing account registration and options. Exchanges between accounts will be accepted only if registrations are identical.

You may transfer between share classes of the Fund if you meet the minimum investment requirements for the class into which you would like to transfer. Transfer requests must be made in writing to the Fund's transfer agent, or placed through your authorized agent. Exchanges between share classes of the Fund are generally non-taxable exchanges but tax reporting requirements may apply as described in the Statement of Additional Information under "**FEDERAL INCOME TAXES** - Special Tax Considerations - Transfers between Classes of a Single Fund."

The exchange privilege may be modified or terminated upon sixty (60) days' written notice to shareholders. Although initially there will be no limit on the number of times you may exercise the exchange privilege, the Fund reserves the right to impose such a limitation. Call or write the Fund for further details.

**Share Transactions**

**Share Certificates**

The Fund does not issue share certificates.

**Frequent Purchases and Sales of Fund Shares**

The Fund does not permit market timing or other abusive trading practices. The Fund reserves the right, but does not have the obligation, to reject any purchase transaction at any time. In addition, the Fund reserves the right to suspend its offering of shares or to impose restrictions on purchases at any time that are more restrictive than those that are otherwise stated in this Prospectus with respect to disruptive, excessive or short-term trading.

Excessive short-term trading or other abusive trading practices may disrupt portfolio management strategies, increase brokerage and administrative costs and hurt Fund performance. The Board has adopted policies and procedures with respect to frequent purchases and redemptions and to seek to prevent market timing. To minimize harm to the Fund and its shareholders, the Fund reserves the right to reject, in its sole discretion, any purchase order from any investor it believes has a history of abusive trading or whose trading, in its judgment, has been or may be disruptive to the Fund. Such disruption may include trading that may interfere with the efficient management of the Fund, may materially increase the Fund's transaction costs, administrative costs or taxes, or may otherwise be detrimental to the interests of the Fund and its shareholders. The Fund may also refuse purchase transactions from Fund intermediaries it believes may be facilitating or have facilitated abusive trading practices. In making this judgment, the Fund may consider trading done in multiple accounts under common ownership or control.

On a periodic basis, the Fund or its agents may review transaction history reports to identify redemptions that are within a specific time period from a previous purchase in the same account(s) in the Fund, or in multiple accounts that are known to be under common control. Redemptions meeting the criteria will be investigated for possible inappropriate trading.

Certain accounts, in particular omnibus accounts, include multiple investors and such accounts typically provide the Fund with a net purchase or redemption request on any given day. In these cases, purchases and redemptions of Fund shares are netted against one another and the identity of individual purchasers and redeemers whose orders are aggregated may not be known by the Fund. Therefore, it becomes more difficult for the Fund to identify market timing or other abusive trading activities in these accounts, and the Fund may be unable to eliminate abusive traders in these accounts from the Fund. Further, identification of abusive traders may also be limited by operational systems and technical limitations. To the extent abusive or disruptive trading is identified, the Fund will encourage omnibus account intermediaries to address such trading activity in a manner consistent with how the Fund would address such activity directly, if it were able to do so.

Due to the complexity and subjectivity involved in identifying market timing and other abusive trading practices, there can be no assurance that the Fund's efforts will identify all market timing or abusive trading activities. Therefore, investors should not assume that the Fund will be able to detect or prevent all practices that may disadvantage the Fund.

**Verification of Shareholder Transaction Statements**

You must contact the Fund in writing regarding any errors or discrepancies within 60 days after the date of the statement confirming a transaction. The Fund may deny your ability to refute a transaction if it does not hear from you within 60 days after the confirmation statement date.

**Non-receipt of Purchase Wire/Insufficient Funds Policy**

The Fund reserves the right to cancel a purchase if payment of the check or electronic funds transfer does not clear your bank, or if a wire is not received by settlement date. You will be responsible for any fees charged to the Fund for insufficient funds (failed payment) and you may be responsible for any fees imposed by your bank as well as any losses that the Fund may incur as a result of the canceled purchase.

**How Fund Shares are Priced**

The Board of Trustees has approved procedures to be used to value the Fund's assets for the purposes of determining the Fund's net asset value. The valuation of the assets of the Fund is determined in good faith by or under the direction of the Adviser as the valuation designee as selected by the Board.

The Fund generally values its securities based on market prices determined at the close of regular trading on the NYSE (normally, 4:00 p.m. Eastern time) on each business day (Monday through Friday). The Fund will not value its securities on any day that the NYSE is closed, including the following observed holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The Fund's currency valuations, if any, are done as of the close of regular trading on the NYSE (normally, 4:00 p.m. Eastern time). For equity securities that are traded on an exchange, the market price is usually the closing sale or official closing price on that exchange. In the case of securities not traded on an exchange, or if such closing prices are not otherwise available, the market price is typically determined by independent third-party pricing vendors using a variety of pricing techniques and methodologies. The market price for debt obligations is generally the price supplied by an independent third-party pricing service, which may use a matrix, formula or other objective method that takes into consideration market indices, yield curves and other specific adjustments. Short-term debt obligations that will mature in 60 days or less are valued at amortized cost, unless it is determined by the valuation designee that using this method would not reflect an investment's fair value. If vendors are unable to supply a price, or if the price supplied is deemed to be unreliable, the market price may be determined using quotations received from one or more brokers-dealers that make a market in the security.

When such prices or quotations are not available, or when the Adviser believes that they are unreliable, securities may be priced using fair value procedures approved by the Board. The Fund may determine the fair value of investments based on information provided by pricing services and other third-party vendors, which may recommend fair value prices or adjustments with reference to other securities, indices or assets. In considering whether fair value pricing is required and in determining fair values, the Fund may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indices) that occur after the close of the relevant market and before the Fund values its securities.

Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations. A fund that uses fair value to price securities may value those securities higher or lower than another fund using market quotations or its own fair value methodologies to price the same securities. There can be no assurance that the Fund could obtain the fair value assigned to a security if it were to sell the security at approximately the time at which the Fund determines its net asset value.

**Customer Identification Program**

To help the government fight the funding of terrorism and money laundering activities, federal law requires the Fund or its agents to obtain certain personal information from you (or persons acting on your behalf) in order to verify your (or such person's) identity when you open an account, including name, address, date of birth and other information (which may include certain documents) that will allow the Transfer Agent to verify your identity. If this information is not provided, the Transfer Agent may not be able to open your account. If the Transfer Agent is unable to verify your identity (or that of another person authorized to act on your behalf) shortly after your account is opened, or believes it has identified potential criminal activity, the Fund, the Distributor and the Transfer Agent each reserve the right to reject further purchase orders from you or to take such other action as they deem reasonable or required by law, including closing your account and redeeming your shares at their net asset value at the time of redemption.

If you are opening an account in the name of a legal entity (e.g., a partnership, business trust, limited liability company, corporation, etc.), you may be required to supply the identity of the beneficial owner or controlling person(s) of the legal entity prior to the opening of your account. The Fund may request additional information about you (which may include certain documents, such as articles of incorporation for companies) to help the Transfer Agent verify your identity.

**Dividends and Distributions**

**Income Dividends.** Income dividends are derived from net investment income (i.e., interest and other income, less any related expenses) the Fund earns from its portfolio securities and other investments. The Fund intends to distribute any net income to shareholders monthly.

**Capital Gain Distributions.** Capital gain distributions are derived from gains realized when the Fund sells a portfolio security. Long-term capital gains are derived from gains realized when the Fund sells a portfolio security it has owned for more than one year, and short-term capital gains are derived from gains realized when a portfolio security was owned for one year or less. The Fund intends to distribute amounts derived from capital gains to shareholders annually.

**Reinvested in Shares or Paid in Cash.** Dividends and distributions are reinvested in additional Fund shares unless you instruct the Transfer Agent to have your dividends and/or distributions paid by check mailed to the address of record or transferred through an Automated Clearing House to the bank of your choice. You can change your choice at any time to be effective as of the next dividend or distribution, except that any change given to the Transfer Agent less than five days before the payment date will not be effective until the next dividend or distribution is made.

**Federal Income Taxes**

The following information is a general summary of U.S. federal income tax consequences of investments in the Fund for U.S. person only, which include (i) U.S. citizens or residents, (ii) U.S. corporations 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 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. Shareholders that are partnerships or nonresident aliens, foreign trusts or estates, or foreign corporations may be subject to different U.S. federal income tax treatment.

This discussion does not address issues of significance to U.S. persons in special situations such as (i) certain types of tax-exempt organizations, (ii) shareholders holding shares through tax-advantaged accounts (such as 401(k) plan accounts or individual retirement accounts), (iii) shareholders holding investments through foreign institutions (financial and non-financial), (iv) financial institutions, (v) broker-dealers, (vi) entities not organized under the laws of the United States or a political subdivision thereof, (vii) shareholders holding shares as part of a hedge, straddle or conversion transaction, (viii) shareholders who are subject to the U.S. federal alternative minimum tax, and (ix) insurance companies. If an entity treated as a partnership for U.S. federal income tax purposes is a beneficial owner of Fund shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. You should rely on your own tax adviser for advice about the particular federal, state and local tax consequences regarding your investment in the Fund.

This discussion assumes that the Fund will qualify under Subchapter M of the Internal Revenue Code of 1986, as amended as a regulated investment company and will satisfy certain distribution requirements so that it is not generally subject to federal income tax. There can be no guarantee that these assumptions will be correct.

The Fund expects to distribute substantially all of its ordinary income and net capital gains in excess of any loss carryovers to its shareholders every year. In turn, shareholders will be taxed on distributions they receive, unless the shares are held by certain types of tax-exempt organizations or through tax-advantaged accounts (such as 401(k) plan accounts or individual retirement accounts). Such arrangements are subject to special tax rules.

**Income Dividends and Capital Gains**

For U.S. federal income tax purposes, shareholders of the Fund are generally subject to taxation based on the underlying character of the income and gain recognized by the Fund and distributed to the shareholders. Distributions properly reported as net capital gain of the Fund will be taxable to Fund shareholders as long-term capital gain, regardless of how long shares of the Fund are held. The Fund may realize long-term capital gains when it sells or redeems a security that it has owned for more than one year and when it receives capital gain distributions from ETFS in which the Fund owns investments.

Generally, distributions of earnings derived from ordinary income and short-term capital gains will be taxable as ordinary income. Certain Fund distributions will generally be taxable as "qualified dividend income" taxable to individual shareholders at the same maximum rates applicable to long-term capital gains, provided that the individual receiving the dividend satisfies certain holding period requirements for his or her Fund shares, the Fund satisfies certain holding period requirements for its investments in the stock producing such dividends and certain other requirements are satisfied. The amount of distributions from the Fund that will be eligible for the "qualified dividend income" lower maximum rate, however, cannot exceed the amount of dividends received by the Fund that are qualified dividends (i.e., dividends from U.S. corporations or certain qualifying foreign corporations). Thus, to the extent that dividends from the Fund are attributable to other sources, such as taxable interest, fees from securities lending transactions, certain distributions from real estate investment trusts, income from foreign-currency transactions or short-term capital gains, such dividends will be taxed as ordinary income and will not be eligible for the lower rate. The Fund may realize short-term capital gains from the sale of investments that the Fund owned for one year or less.

Some of the Fund's investments, such as certain option transactions and regulated futures contracts, 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.

Fund distributions of earnings and gains are taxable regardless of whether they are paid in cash or reinvested in additional shares, and even if they are paid from income or gains earned by the Fund prior to the shareholder's investment and thus were included in the price paid for the shares. Thus, a shareholder who purchases shares on or just before the record date of a Fund distribution will pay full price for the shares and may receive a portion of his or her investment back as a taxable distribution. While in effect a return of capital to the shareholder, the distribution is still taxable even though the shareholder did not participate in these gains. An investor can avoid this by investing soon after the Fund has made a distribution.

Fund dividends paid to shareholders that are C corporations may be eligible for a 50% corporate dividends-received deduction to the extent such dividends are attributable to qualifying dividends received from U.S. domestic corporations, subject to certain holding period requirements and debt financing limitations.

Any distributions on, sales, exchanges or redemptions of, shares held in an IRA (or other tax-advantaged plan) are generally not currently taxable. Withdrawals from such plans are subject to special tax rules.

**Sale or Redemption of Fund Shares**

Shareholders of the Fund will recognize taxable gain or loss on a sale, exchange or redemption of shares of the Fund based on the difference between the shareholder's adjusted tax basis in the shares disposed of and the amount received for them. Generally, this gain or loss will be long-term if the shareholder's holding period for the shares disposed of exceeds 12 months, 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 deductibility of capital losses is subject to limitations.

Any loss realized on a disposition of shares of the Fund may be disallowed under "wash sale" rules to the extent that the shares disposed of are replaced with other substantially identical shares of the same Fund within a period of 61 days beginning 30 days before the shares are disposed of, such as pursuant to a dividend reinvestment in shares of the Fund. If disallowed, the loss will be reflected in an adjustment to the basis of the shares acquired.

**Cost Basis Reporting.** The Fund (or its administrative agent) generally must report to the IRS the gross proceeds from the sale of Fund shares. The Fund also must report to the IRS and furnish to Fund shareholders the cost basis information for Fund shares purchased on or after January 1, 2012, when subsequently sold or redeemed, and indicate whether such shares had a short-term or long-term holding period. These requirements do not apply to investments through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement plan. If a shareholder does not make an election among the available IRS-accepted cost basis methods, the Fund will use a default cost basis method for the shareholder. The cost basis method elected or applied may not be changed after the settlement date of a sale of Fund shares. Fund shareholders should consult with their tax advisers concerning the most desirable IRS-accepted cost basis method for their tax situation.

**Medicare Surtax.** A Medicare surtax of 3.8% will be imposed on net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and certain trusts to the extent that such person's gross income, as adjusted, exceeds a certain amount. Any liability for this additional tax will be reported on, and paid with, the shareholder's federal income tax return.

**Backup Withholding.** A shareholder of the Fund may be subject to backup withholding on any distributions of income, capital gains, or proceeds from the sale or exchange of Fund shares 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. The backup withholding rate is 24% for tax years beginning before 2026.

**Foreign Taxes.** The Fund may be subject to foreign taxes or foreign tax withholding on dividends, interest and certain capital gains earned from its foreign security investments. A shareholder may be ineligible for any offsetting tax credit or tax deduction under U.S. tax laws for shareholder's portion of the Fund's foreign tax obligations.

**Non-U.S. Persons.** Non-U.S. persons that are considering the purchase of Fund shares should consult with their own tax advisers regarding the U.S. federal, foreign, state and local tax consequences of the purchase, ownership and disposition of the shares.

**Annual Notifications.** Each year, the Fund will notify shareholders of the tax status of dividends and distributions.

**State and Local Income Taxes.** Shareholders may also be subject to state and local income taxes on distributions and redemptions.

For more information, see the SAI under "**FEDERAL INCOME TAXES**." Investors should consult with their tax advisers regarding the U.S. federal, foreign, state and local tax consequences of an investment in the Fund.

**Financial Highlights**

The Fund has not yet commenced operations and therefore does not have a financial history.

**Additional Information About the Fund**

**Shareholder Reports**

Annual and semi-annual reports to shareholders provide additional information about the Fund's investments. These reports, when available, will discuss 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 provides more detailed information about the Fund. It is incorporated by reference into (and is legally a part of) this Prospectus.

**Householding Relationships**

The Fund sends only one report to a household if more than one account has the same address. Contact the Transfer Agent if you do not want this policy to apply to you.

**How to Obtain Additional Information**

You can obtain shareholder reports or the statement of additional information (without charge), make inquiries or request other information about the Fund by contacting the Transfer Agent at 844-903-0443, by writing the Fund at Brigade Capital Management, P.O. Box 219695, Kansas City, MO 64121-9695, or by calling your financial consultant. This information is also available free of charge on the Fund's website at www.brigadefunds.com.

The Fund's shareholder reports, prospectus and statement of additional information and other information about the Fund are available on the EDGAR Database on the Commission's Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

 *If someone makes a statement about the Fund that is not in this Prospectus, you should not rely upon that information. Neither the Fund nor the Distributor is offering to sell shares of the Fund to any person to whom the Fund may not lawfully sell its shares.*

*(Investment Company Act file no. 811-22747)*

**STATEMENT OF ADDITIONAL INFORMATION**

**DATED MARCH 8, 2023**

**BRIGADE HIGH INCOME FUND**

<u>Classes</u> <u>Tickers</u> <br> Founders Class BHIMX <br> Institutional Class BHIIX

ALPS Series Trust

1290 Broadway, Suite 1000

Denver, CO 80203

This Statement of Additional Information ("SAI") expands upon and supplements the information contained in the current Prospectus for Founders Class and Institutional Class shares of the Fund listed above, which is a separate series of ALPS Series Trust, a Delaware statutory trust (the "Trust"). Each series of the Trust represents shares of beneficial interest in a separate portfolio of securities and other assets with its own objective and policies. Brigade Capital Management, LP (the "Adviser") is the investment adviser of the Fund.

This SAI is not a prospectus and is only authorized for distribution when preceded or accompanied by the Fund's current prospectus dated March 8, 2023, as supplemented from time to time (the "Prospectus"). This SAI supplements and should be read in conjunction with the Prospectus, a copy of which may be obtained without charge by writing the Brigade High Income Fund at the address listed above, or by calling the Fund's transfer agent at 844-903-0443. The Fund's most recent Annual Report, if any, is incorporated by reference into this SAI and can be obtained free of charge, by calling the toll-free number printed above.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
|  | Page |
| Organization and Classification | 3 |
| Additional Investment Activities and Risks | 3 |
| Investment Limitations | 6 |
| Portfolio Turnover | 8 |
| Disclosure of Portfolio Holdings | 8 |
| Portfolio Transactions and Brokerage | 11 |
| Purchase, Exchange and Redemption of Shares | 12 |
| Trustees and Officers | 15 |
| Investment Manager | 21 |
| Distributor | 22 |
| Code of Ethics | 22 |
| Administrator | 23 |
| Proxy Voting Policies and Procedures | 23 |
| Principal Shareholders | 23 |
| Expenses | 23 |
| Portfolio Managers | 23 |
| Net Asset Value | 26 |
| Federal Income Taxes | 27 |
| Description of the Trust | 37 |
| Other Information about the Fund | 38 |
| Performance Information | 39 |
| Financial Statements | 39 |
| Appendix A - Description of Securities Ratings | A-1 |
| Appendix B - Proxy Voting Policies and Procedures | B-1 |

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**ORGANIZATION AND CLASSIFICATION**

**ALPS Series Trust**

This SAI includes information about the Brigade High Income Fund (the "Fund"). The Fund is a series of the ALPS Series Trust (the "Trust"), an open-end, management investment company organized as a Delaware statutory trust on January 12, 2012.

**Classification**

The Investment Company Act of 1940, as amended (the "1940 Act"), classifies mutual funds as either diversified or non-diversified. The Fund is considered a diversified fund under this classification.

**ADDITIONAL INVESTMENT ACTIVITIES AND RISKS**

The Fund's principal investment objectives and strategies are discussed in the Prospectus under the "**SUMMARY SECTION**" for the Fund and under "**INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGIES**." In order to achieve its investment objective, the Fund generally makes investments of the sort described in the Prospectus.

The Fund may also invest in certain types of securities, or engage in certain investment activities, as generally discussed below. In addition, the Fund may be subject to additional risks in connection with its investments in such securities or as a result of the Fund's investment strategies or activities.

***Bank Loan Risk***. The Fund may (and typically does) invest a significant amount of its net asset value in bank loans. Such loans may not be rated by a national ratings agency at the time of investment, will not be registered with the Securities and Exchange Commission, and typically will not be listed on a securities exchange. In addition, the amount of public information available with respect to loans generally will be less extensive than that available for more widely traded, registered and exchange-listed securities. Because the interest rates of loans reset frequently, if market interest rates fall, the loans' interest rates may be reset to lower levels, potentially reducing the Fund's income.

The size of the trading market for loans is generally smaller than that for registered equities and investment grade rated bond securities; as such, loans may be relatively illiquid compared to those types of securities. Liquidity relates to the ability of a portfolio to sell an investment in a timely manner at a price approximately equal to its value on the portfolio's books. The Fund's ability to realize the full value of its assets may be impaired in the event of a voluntary or involuntary liquidation of any illiquid assets. Furthermore, in the event of an economic downturn, a substantial increase or decrease in interest rates, or other type of market dislocation, the market for loans may be subject to irregular trading activity, wide bid/ask spreads and extended trade settlement periods. In those instances, loans may be difficult to value and prices provided by external pricing services may not reflect the true fair value of the assets.

Borrowers may default on their obligations to pay principal or interest owed under loans when due. This non-payment would result in a reduction of income to the Fund and a reduction in the value of a loan experiencing non-payment. Although some loans in which the Fund will invest will be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower's obligation in the event of non-payment of scheduled interest or principal or that such collateral could be readily liquidated. In the event of bankruptcy of a borrower, the Fund could experience delays or limitations in its ability to realize the benefits of any collateral securing a loan.

The Fund may purchase a participation interest in a loan and by doing so acquire some or all of the interest of the bank or other lending institution making the loan to a corporate borrower. A participation interest typically results in the Fund having a contractual relationship with the lender and not the borrower. In such circumstances, the Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the bank or other lending institution selling the participation and only upon receipt by the bank or other lending institution of the payments from the borrower. Since the Fund has only acquired a participation in the loan made by a third party (i.e., the banker or other lending institution), the Fund may not be able to control the exercise of any remedies that such third party would have under the loan. Although the participation interest is in a loan, there can be no assurance that the principal and interest owed on the loan to the Fund will be repaid in full.

The Fund may experience delays in the settlement of certain loan transactions, which are more complicated, are paperwork intensive, and require greater internal resources to settle compared with bonds or exchange-traded equity securities, particularly in the case of loans that are or become distressed. Unlike the securities markets, there is no central clearinghouse for loan trades, and the loan market has not established enforceable settlement standards or remedies for failure to settle. Such delays may prevent the Fund from obtaining liquidity of certain assets within a desired timeframe. Furthermore, pursuant to certain insolvency laws, a counterparty may have the ability to reject or terminate an unsettled loan transaction. If a counterparty rejects an unsettled transaction, the Fund might lose any increase in value with respect to such loan that accrued while the transaction remained unsettled. In addition, bank loans and other similar instruments may not be considered "securities" and, as a result, the Fund may not be entitled to rely on the anti-fraud protections under the federal securities laws and instead may have to resort to state law and direct claims.

***Bankruptcy and Restructuring Risk***. The Fund may target securities and other obligations of issuers that are in financial difficulty, and/or may be in, entering, or emerging from, bankruptcy proceedings. Bankruptcy or other insolvency proceedings are highly complex and may result in unpredictable outcomes. In any investment opportunity involving work-outs, liquidations, spin-offs, reorganizations, bankruptcies and similar transactions, there exists the risk that the contemplated transaction may be unsuccessful. Similarly, if an anticipated transaction does not in fact occur, the Fund may be required to sell the investment at a loss. The level of analytical sophistication, both financial and legal, necessary for successful investment in companies experiencing significant business and financial difficulties is unusually high. Because there is a substantial uncertainty concerning the outcome of transactions involving financially troubled companies in which the Fund may invest, there is a potential risk of loss of the entire investment in such companies, as well as the risk that the Fund may be required to accept cash or new securities with a value less than the Fund's original investment and/or may be required to accept payment over an extended period of time. Under such circumstances, the returns generated from the Fund's investments may not compensate it adequately for the risks assumed.

**Cash Positions.** The Fund may not always stay fully invested. For example, when the Adviser believes that market conditions are unfavorable for profitable investing, or when it is otherwise unable to locate attractive investment opportunities, the Fund's cash or similar investments may increase. In other words, cash or similar investments generally are a residual - they represent the assets that remain after the Fund has committed available assets to desirable investment opportunities. When the Fund's investments in cash or similar investments increase, it may not participate in market advances to the same extent that it would if the Fund remained more fully invested, and the Fund's ability to achieve its investment objective may be affected.

***Convertible Bond Risk****.* Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are therefore subject to both debt security risks and equity risk. Convertible bonds are subject to equity risk especially when their conversion value is greater than the interest and principal value of the bond. The prices of equity securities may rise or fall because of economic or political changes and may decline over short or extended periods of time.

***Equity Securities Risk***. The Fund may invest in equity securities, including equities of stressed issuers or companies emerging from a financial restructuring or corporate reorganization. Equity securities (which generally include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and similar securities) are generally volatile and riskier than some other forms of investment. Equity securities of companies with relatively small market capitalizations may be more volatile than the securities of larger, more established companies as well as the broad equity market indices generally. This risk of loss is further elevated because the Fund may target businesses that may be experiencing or recently experienced financial distress, or may be in, entering, or emerging from, bankruptcy proceedings. The Fund may also receive equity securities in connection with an issuer's corporate reorganization and the corresponding exchange of a fixed income investment previously held by the Fund. Common stock and other equity securities may take the form of stock in corporations, partnership interests, interests in limited liability companies and other direct or indirect interests in business organizations.

***ETF and Other Investment Company Risk***. The Fund may also invest in exchange-traded funds ("ETFs"). ETFs are funds whose shares are traded on a national exchange. ETFs may be based on underlying equity or fixed income securities, as well as commodities or currencies. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as "creation units." The investor purchasing a creation unit then sells the individual shares on a secondary market. Although similar diversification benefits may be achieved through an investment in another investment company, ETFs generally offer greater liquidity and lower expenses. Because an ETF incurs its own fees and expenses, shareholders of the Fund investing in an ETF will indirectly bear those costs. Such Fund will also incur brokerage commissions and related charges when purchasing or selling shares of an ETF. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a securities exchange throughout the trading day at market prices that are generally close to the net asset value ("NAV") of the ETF.

The Fund may also invest in investment companies that are corporations, trusts, or partnerships that invest pooled shareholder dollars in securities appropriate to the organization's objective. Mutual funds, closed-end funds, unit investment trusts and ETFs are examples of investment companies. By investing in another investment company, the Fund will indirectly bear any asset-based fees and expenses charged by the underlying investment company in which the Fund invests. Investments in securities of other investment companies are subject to statutory limitations prescribed by the 1940 Act. Absent an available exemption or rule, the Fund may not: (i) acquire more than 3% of the voting securities of any other investment company; (ii) invest more than 5% of its total assets in securities of any one investment company; or (iii) invest more than 10% of its total assets in securities of all investment companies.

***Municipal Securities Risk.*** Municipal bonds are subject to the risk that litigation, legislation or other political events, local business or economic conditions or the bankruptcy of the issuer could have a significant effect on an issuer's ability to make payments of principal and/or interest. Municipal bonds can be significantly affected by political changes as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Because many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. In addition, changes in the financial condition of an individual municipal insurer can affect the overall municipal market. Municipal bonds may include revenue bonds, which are generally backed by revenue from a specific project or tax. The issuer of a revenue bond makes interest and principal payments from revenues generated from a particular source or facility, such as a tax on particular property or revenues generated from municipal water or sewer utility or an airport. Revenue bonds generally are not backed by the full faith and credit and general taxing power of the issuer. The market for municipal bonds may be less liquid than for taxable bonds. There may be less information available on the financial condition of issuers of municipal securities than for public corporations.

***Portfolio Turnover Risk***. The Fund may engage in short-term trading to try and achieve its investment objective, and accordingly may have portfolio turnover rates in excess of 100%. A portfolio turnover rate of 100% is equivalent to a fund buying and selling all of the securities in its portfolio once during the course of a year. How long the Fund holds a security in its portfolio is generally not a factor in making buy and sell decisions. Increased portfolio turnover may cause the Fund to incur higher brokerage costs, which may adversely affect the Fund's performance, and may produce increased taxable distributions. Distributions resulting from short-term trading may be taxed at less favorable rates.

***Preferred Stock Risk*.** Preferred stocks may be more volatile than fixed income securities and may be more correlated with the issuer's underlying common stock than fixed income securities. Additionally, the dividend on a preferred stock may be changed or omitted by the issuer. While most preferred stocks pay a dividend, the Fund may purchase preferred stock where the issuer has omitted, or is in danger of omitting, payment of its dividend.

***Small- and Mid-cap Risk***. The Fund's investment approach is focused on identifying attractive securities issued by "middle market" companies. However, the securities of smaller and mid-size companies tend to be more volatile and less liquid than securities of larger companies. This can adversely affect the prices at which the Fund can purchase and sell these securities, and thus the value of the Fund's shares.

***Valuation Risk***. Unlike publicly traded common stock, which trades on national exchanges, there is no central exchange for fixed-income securities, including bank loans, to trade. Such fixed-income securities generally trade on an "over-the-counter" market, where the buyer and seller can settle on a price. Due to the lack of centralized information and trading, the valuation of fixed-income securities may carry more risk than that of publicly-traded common stock. Uncertainties in the conditions of the financial market, unreliable reference data, lack of transparency and inconsistency of valuation models and processes may lead to inaccurate asset pricing by third party pricing vendors upon which the Fund relies. Moreover, to the extent that prices or quotations are not available from such third party pricing vendors, or when the Adviser believes that they are unreliable, securities may be priced by the Fund using fair value procedures approved by the Board. In addition, other market participants may value securities differently than the Fund. As a result, the Fund may be subject to the risk that when a fixed-income security is sold in the market, the amount received by the Fund is less than the value of such fixed-income security carried on the Fund's books.

***Zero Coupon Securities Risk***. While interest payments are not made on such securities, holders of such securities are deemed to have received income ("phantom income") annually, notwithstanding that cash may not be received currently. See "**FEDERAL INCOME TAXES**." The effect of owning instruments that do not make current interest payments is that a fixed yield is earned not only on the original investment but also, in effect, on all discount accretion during the life of the obligations. This implicit reinvestment of earnings at a fixed rate eliminates the risk of being unable to invest distributions at a rate as high as the implicit yield on the zero coupon bond, but at the same time eliminates the holder's ability to reinvest at higher rates in the future. For this reason, some of these securities may be subject to substantially greater price fluctuations during periods of changing market interest rates than are comparable securities that pay interest currently. Zero coupon securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities that pay cash interest at regular intervals. Further, the Fund is required to distribute income to its shareholders and, consequently, may have to dispose of other, more liquid portfolio securities under disadvantageous circumstances or may have to leverage itself by borrowing in order to generate the cash to satisfy these distributions. The required distributions may result in an increase in the Fund's exposure to zero coupon securities. During a period of severe market conditions, the market for such securities may become even less liquid.

**INVESTMENT LIMITATIONS**

**Fundamental and Non-Fundamental Investment Restrictions**

*Fundamental Investment Restrictions*

The following is a description of fundamental policies of the Fund that may not be changed without the vote of a majority of the Fund's outstanding voting securities. Under the 1940 Act, the vote of a majority of the outstanding securities of a company means the vote, at the annual or a special meeting of the security holders of such company duly called: (A) of 67 per centum or more of the voting securities present at such meeting, if the holders of more than 50 per centum of the outstanding voting securities of such company are present or represented by proxy; or (B) of more than 50 per centum of the outstanding voting securities of such company, whichever is less. The other restrictions set forth below, as well as the Fund's investment objective and each of the other investment restrictions set forth in the Prospectus or this SAI and not designated as fundamental, are not fundamental policies and may be changed by the Board of Trustees. The percentages set forth below and the percentages set forth in the Prospectus apply at the time of the purchase of a security, except (i) with respect to fundamental investment restriction (2) and (7), for which any such required percentages apply at all times and (ii) as otherwise required by applicable law.

The Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchase securities
 which would cause 25% or more of the value of its total assets at the time of the purchase to be directly invested in the
 securities of one or more issuers conducting their principal business activities in the same industry or group of industries
 (excluding obligations issued or guaranteed by the U.S. Government or any state or territory of the United States or any of
 their agencies, instrumentalities or political subdivisions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Borrow money, except
 to the extent permitted under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Make loans, except
 that the Fund may purchase or hold debt instruments in accordance with its investment objectives and policies; provided however,
 this restriction does not apply to repurchase agreements or loans of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Act as an underwriter
 of securities of other issuers except that, in the disposition of portfolio securities, it may be deemed to be an underwriter
 under the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Purchase or sell
 real estate, although the Fund may purchase securities of issuers which deal in real estate, securities which are secured
 by interests in real estate, and securities which represent interests in real estate, and they may acquire and dispose of
 real estate or interests in real estate acquired through the exercise of their rights as a holder of debt obligations secured
 by real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Purchase or sell
 commodities, unless acquired as a result of ownership of securities or other instruments; however, this restriction shall
 not prevent the fund from engaging in transactions involving swaps, futures contracts, forward contracts, options or other
 derivative instruments, investing in securities that are secured by commodities or investing in companies or other entities
 that are engaged in a commodities or commodities trading business or that have a significant portion of their assets in commodities-related
 investments, subject to restrictions described in the Fund's Prospectus and elsewhere in this SAI; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Issue senior securities,
 except for permitted borrowings or as otherwise permitted under the 1940 Act.

For the purposes of restriction (1) above, industry classifications are determined for the Fund in accordance with the industry or sub-industry classifications as defined by level 4 of the Bank of America Merrill Lynch industry classification system. The Fund may use other classification titles, standards and systems from time to time, as it determines to be in the best interests of shareholders. The use of any particular classification system is not a fundamental policy.

Restrictions (2) and (7) above shall be interpreted based upon no-action letters and other pronouncements of the staff of the U.S. Securities and Exchange Commission ("SEC"). Under current pronouncements, certain Fund positions may be excluded from the definition of "senior security" so long as the Fund complies with applicable regulatory requirements.

*Non-Fundamental Investment Restrictions*

The Board of Trustees may change the Fund's name, investment objective or its principal investment strategies without a shareholder vote. The Fund will notify you in writing at least sixty (60) days before making any such change. In addition, it is contrary to the Fund's present policies, which may be changed without shareholder vote, to purchase any illiquid security, including any securities whose disposition is restricted under federal securities laws and securities that are not readily marketable, if, as a result, more than 15% of the Fund's net assets (based on then-current value) would then be invested in such securities. For purposes of this restriction, Rule 18f-4 under the 1940 Act allows a fund to enter into reverse repurchase agreements or similar financing transactions, notwithstanding the requirements of Sections 18(c) and 18(f)(1) of the 1940 Act, if the fund: (i) complies with the asset coverage requirements of Section 18, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratio; or (ii) treats all reverse repurchase agreements or similar financing transactions as derivatives transactions. Funds are also required to comply with certain recordkeeping requirements under Rule 18f-4 related to reverse repurchase agreements held by the fund. This limitation on investment in illiquid securities does not apply to certain restricted securities, including securities pursuant to Rule 144A under the Securities Act of 1933, as amended, and certain commercial paper that the Adviser has determined to be liquid under procedures approved by the Board of Trustees.

**PORTFOLIO TURNOVER**

Purchases and sales of portfolio securities may be made as considered advisable by the Adviser in the best interests of the shareholders. The Fund's portfolio turnover rate may vary from year to year, as well as within a year. The Fund's distributions of any net short-term capital gains realized from portfolio transactions are taxable to shareholders as ordinary income. See "**FEDERAL INCOME TAXES**." In addition, higher portfolio turnover rates can result in corresponding increases in portfolio transaction costs for the Fund. See "**PORTFOLIO TRANSACTIONS AND BROKERAGE**" in this SAI.

For reporting purposes, the Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. In determining such portfolio turnover, all securities whose maturities at the time of acquisition were one year or less are excluded. A 100% portfolio turnover rate would occur, for example, if all of the securities in the Fund's investment portfolio (other than short-term money market securities) were replaced once during the fiscal year. Portfolio turnover will not be a limiting factor should the Adviser deem it advisable to purchase or sell securities.

**DISCLOSURE OF PORTFOLIO HOLDINGS**

This Policy sets forth the conditions under which Portfolio Holdings (defined below) data for the Trust on behalf of the Fund may be disclosed to Third Parties (defined below) (which may include the public) and Service Providers (defined below). No data about the Fund's portfolio holdings may be disclosed except in accordance with this Policy.

Portfolio Holdings data includes, but is not limited to, the following information about the Fund: (i) specific securities held; (ii) industry sector breakdowns as a percentage of portfolio net assets; (iii) asset composition (*e.g.*, equities versus bonds); (iv) U.S. versus foreign holdings percentage breakdowns and regional breakdowns (*e.g.*, Asia, North America); and (v) top 10 portfolio holdings in order of position size, including percentage of portfolio.

"Third Parties" or a "Third Party" means a person other than a Service Provider, an employee of a Service Provider, a Trustee of the Board of Trustees of the Trust, or an officer of the Trust.

"Service Providers" or a "Service Provider" includes, but is not limited to, the investment adviser, administrator, custodian, transfer agent, fund accountant, principal underwriter, software or technology service providers, pricing and proxy voting service providers, research and trading service providers, auditors, accountants, and legal counsel, or any other entity that has a need to know such information in order to fulfill their contractual obligations to provide services to the Fund.

**Policy Overview**

The Board has adopted, on behalf of the Fund, policies and procedures relating to disclosure of the Portfolio Holdings. These policies and procedures are designed to protect the confidentiality of the Portfolio Holdings' information and to prevent the selective disclosure of such information. These policies and procedures may be modified at any time with the approval of the Board.

In order to protect the Fund from any trading practices or other use by a Third Party that could harm the Fund, Portfolio Holdings' and other Fund-specific information must not be selectively released or disclosed except under the circumstances described below.

Only officers of the Trust and their authorized agents, including, but not limited to, the Chief Compliance Officer of the Adviser, may approve the disclosure of the Fund's Portfolio Holdings. Except as set forth under "**Policy Exceptions**" below, exceptions to this Policy may only be made if an officer of the Trust and its authorized agents, including, but not limited to, the Chief Compliance Officer of the Adviser, determines that the disclosure is being made for a legitimate business purpose and such disclosures must be documented and reported to the Board on a quarterly basis. In all cases, Third Parties and Service Providers are required to execute a non-disclosure agreement requiring the recipient to keep confidential any Portfolio Holdings data received and not to trade on the Confidential Portfolio Information (defined below) received. Neither the Trust nor its Service Providers (nor any persons affiliated with either) can receive any compensation or other consideration in connection with the sharing of the Fund's Portfolio Holdings.

Disclosure of the Portfolio Holdings' information that is not publicly available ("Confidential Portfolio Information") may be made to Service Providers. In addition, to the extent permitted under applicable law, the Adviser may distribute (or authorize the custodian or principal underwriter to distribute) Confidential Portfolio Information to the Fund's relevant Service Providers and to facilitate the review of the Fund by certain mutual fund analysts and ratings agencies (such as Morningstar and Lipper Analytical Services) ("Rating Agencies"); provided that such disclosure is limited to the information that the Adviser believes is reasonably necessary in connection with the services to be provided. As noted above, except to the extent permitted under this Policy, Confidential Portfolio Information may not be disseminated for compensation or other consideration.

Before any disclosure of Confidential Portfolio Information to Service Providers or Rating Agencies is permitted, the Chief Compliance Officer for the Adviser (or persons designated by such Chief Compliance Officer) must determine in writing that, under the circumstances, the disclosure is being made for a legitimate business purpose. Furthermore, the recipient of Confidential Portfolio Information by a Service Provider or Rating Agency must be either subject to a written confidentiality agreement that prohibits any trading upon the Confidential Portfolio Information or subject to professional or ethical obligations not to disclose or otherwise improperly use the information, such as would apply to independent registered public accounting firms or legal counsel.

The identity of such entities is provided below:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name of Recipient** | **Frequency of Holdings Disclosure** | **Information Lag** | **Date of Information** | **Date Provided to Recipients** |
| Brigade Capital Management, LP (Adviser) | Daily |  | Daily | Daily |
| Brigade Capital UK LLP (Sub-Adviser) | Daily |  | Daily | Daily |
| ALPS Fund Services, Inc. (Administrator) | Daily |  | Daily | Daily |
| State Street (Custodian) | Daily |  | Daily | Daily |
| Cohen & Company, Ltd. (Independent Registered Public Accounting Firm) | As needed |  | As needed | As needed |
| Davis Graham & Stubbs LLP (Trust Counsel) | As needed |  | As needed | As needed |
| Thompson Hine LLP (Independent Counsel) | As needed |  | As needed | As needed |
| Kirkland & Ellis LLP (Adviser Counsel) | As needed |  | As needed | As needed |
| Bloomberg L.P. | Daily |  | Daily | Daily |
| Thomson Reuters Lipper | Monthly | 30 days | Monthly | Monthly |
| Morningstar, Inc. | Monthly | 30 days | Monthly | Monthly |
| Allvue Systems | Daily |  | Daily | Daily |
| SS&C Technologies, Inc. | Daily |  | Daily | Daily |
| FactSet Research Systems Inc. | Monthly | 30 days | Monthly | Monthly |
| PricingDirect Inc | Daily |  | Daily | Daily |
| IHS Markit | Daily |  | Daily | Daily |

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The Adviser shall have primary responsibility for ensuring that the Portfolio Holdings' information is disclosed only in accordance with this Policy. As part of this responsibility, the Adviser will maintain such internal policies and procedures as it believes are reasonably necessary for preventing the unauthorized disclosure of Confidential Portfolio Information.

**Full Portfolio Holdings**

The disclosure policy currently authorizes the quarterly dissemination of full portfolio holdings of the Fund with a thirty (30) calendar day lag. Except as set forth in this Policy, the full holdings of the Fund will also be disclosed on a quarterly basis on forms required to be filed with the SEC as follows: (i) Portfolio Holdings as of the end of each fiscal year will be filed as part of the annual report filed on Form N-CSR; (ii) Portfolio Holdings as of the end of the first and third fiscal quarters will be filed in Form N-PORT; and (iii) Portfolio Holdings as of the end of the second fiscal quarter will be filed as part of the semi-annual report filed on Form N-CSR. The Trust's Form N-CSRs and Form N-PORTs are available free of charge on the SEC's website at <u>www.sec.gov</u>. Portfolio holdings information may be separately provided to any person, including rating and ranking organizations such as Morningstar and Lipper, at the same time that it is filed with the SEC.

**Partial Portfolio Holdings**

Except as set forth in this Policy, partial Portfolio Holdings information will only be provided to Third Parties for the most recent month-end period and only after a thirty (30) calendar day delay from the end of the month being provided. These holdings may include any combination of the Portfolio Holdings information, except for full Portfolio Holdings.

**Policy Exceptions**

The following disclosures of Portfolio Holdings are not prohibited by this Policy:

§ Disclosures that are required by law;

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| | |
|:---|:---|
| § | Disclosures necessary for Service Providers to perform services to the Fund, provided that they are made pursuant to a written agreement between the Service Provider and the receiving party that restricts such receiving party's use of the information; |

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§ Disclosure necessary for Rating Agencies to assess applicable fund ratings;

§ Disclosures necessary to broker-dealers or banks as a part of the normal buying, selling, shorting or other transactions in portfolio securities;

§ Disclosures to the applicable Fund's or Service Providers' regulatory authorities, accountants or counsel; and

§ Disclosures to the Adviser of compiled data concerning accounts managed by the Adviser.

 **PORTFOLIO TRANSACTIONS AND BROKERAGE**

**Investment Decisions and Portfolio Transactions**

Investment decisions for the Fund are made with a view to achieving its investment objectives. Investment decisions are the product of many factors in addition to basic suitability for the Fund. Some securities considered for investment by the Fund may also be appropriate for other clients served by the Adviser. Thus, a particular security may be bought or sold for certain clients of the Adviser (including the Fund) even though it could have been bought or sold for other clients at the same time. If a purchase or sale of securities consistent with the investment policies of the Fund and one or more of these clients is considered at or about the same time, transactions in such securities will be allocated among the Fund and clients in a manner deemed fair and reasonable by the Adviser pursuant to its allocation guidelines. Particularly when investing in less liquid or illiquid securities of smaller capitalization companies, such allocation may take into account the asset size of the Fund as well as applicable regulatory considerations in determining whether the allocation of an investment is suitable. The Adviser may aggregate orders for the Fund with simultaneous transactions entered into on behalf of its other clients so long as price and transaction expenses are averaged either for the portfolio transaction or for that day. Likewise, a particular security may be bought for one or more clients when one or more clients are selling the security. In some instances, one client may sell a particular security to another client (in all cases, in compliance with applicable law). There may be circumstances when purchases or sales of portfolio securities for one or more clients will have an adverse effect on other clients, including the Fund.

**Brokerage and Research Services**

The Adviser places orders for the purchase and sale of portfolio securities for the Fund through several brokers or dealers. The Adviser conducts a thorough analysis, based on its policies and procedures, to determine the broker or dealer to be used and the commission rates to be paid. The factors involved in the broker or dealer selection include transaction costs, broker research capabilities and service level.

The commissions paid by the Fund (which, in the case of fixed income transactions, are reflected in the bid-ask spread) comply with the Adviser's duty to seek "best execution." The Fund may pay commissions that are higher than that which they could obtain at another financial institution to effect the same transaction. The Adviser conducts an analysis and makes a determination as to the reasonableness of commissions in relation to the value of the brokerage and research services received. In seeking best execution, the determinative factor is not the lowest possible cost, but whether the transaction represents the best qualitative execution, taking into consideration the full range of services, including without limitation, the value of research provided, execution capability, commission rates, and responsiveness. The Adviser seeks competitive rates but may not obtain the lowest possible commission rates for transactions executed by the Fund. Although the Fund may use a broker-dealer that sells Fund shares to effect transactions for the Fund's portfolio, the Fund will not consider the sale of Fund shares as a factor when selecting broker-dealers to execute those transactions.

Subject to the Adviser's policy of seeking best execution for transactions, and subject to the criteria of Section 28(e) of the Securities and Exchange Act of 1934, as amended (the "1934 Act"), the Adviser may place trades with a broker-dealer that provides brokerage and research services. The Adviser may have an incentive to select or recommend a broker based on its interest in receiving research or other products or services, rather than its interest in receiving the most favorable execution for the Fund. However, in selecting a broker for research, the Adviser makes a good faith determination that the amount of commission charged is reasonable in relation to the value of the brokerage, research received. The determination may be viewed in terms of a particular transaction or the Adviser's overall responsibilities with respect to the accounts over which it exercises investment discretion. Research and brokerage services provided by broker-dealers chosen by the Adviser to place the Fund's portfolio transactions may be useful to the Adviser in providing services to the Adviser's other clients, although not all of these services may be necessarily useful and of value to the Adviser in managing the Fund. Conversely, brokerage and research products and services provided to the Adviser by broker-dealers in connection with trades executed on behalf of other clients of the Adviser may be useful to the Adviser in managing the Fund, although not all of these brokerage and research products and services may be necessarily useful and of value to the Adviser in managing such other clients. Subject to Section 28(e) of the 1934 Act, the Adviser may pay a broker additional commission in recognition of the value of the brokerage and/or research services provided by that broker. When the Adviser uses Fund brokerage commissions to obtain research or other products or services, the Adviser receives a benefit because it does not have to produce or pay for the research, products or services. The advisory fees paid by the Fund are not reduced because the Adviser receives such services even though the receipt of such services relieves the Adviser from expenses it might otherwise bear. However, because the Adviser pursues an investment strategy on behalf of the Fund that is primarily fixed income, rather than equity, oriented, the amount of "soft" dollars that may be generated by trading in the Fund and accordingly utilized to pay for research or other products or services provided by brokers, dealers or other third parties historically has not been meaningful.

The Adviser may place orders for the purchase and sale of exchange-listed portfolio securities with a broker-dealer that is an affiliate of the Adviser where, in the judgment of the Adviser, such firm will be able to obtain a price and execution at least as favorable as other qualified broker-dealers. Pursuant to rules of the SEC, a broker-dealer that is an affiliate of the Adviser may receive and retain compensation for effecting portfolio transactions for the Fund on a securities exchange if the commissions paid to such an affiliated broker-dealer by the Fund on exchange transactions do not exceed "usual and customary brokerage commissions." The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." As required by applicable SEC rules, the Board has adopted procedures which are reasonably designed to provide that any commissions, fees or other remuneration paid to an affiliated broker are consistent with the foregoing standards. As of the date hereof, the Adviser does not have any affiliated broker-dealer.

The Fund's brokerage commission information will be available after the Fund has completed its first fiscal year. Because the Fund is newly formed, the Fund has not paid any brokerage commissions to any affiliated brokers during the prior three fiscal years.

**PURCHASE, EXCHANGE AND REDEMPTION OF SHARES**

ALPS Fund Services, Inc. (the "Transfer Agent") will maintain an account for each shareholder upon which the registration and transfer of shares are recorded, and any transfers shall be reflected by bookkeeping entry, without physical delivery. Confirmations of each purchase or redemption are sent to each shareholder. Monthly statements of account are sent which include shares purchased as a result of a reinvestment of Fund distributions. The Transfer Agent will require that a shareholder provide requests in writing, accompanied by a valid signature guarantee form, when changing certain information in an account (*i.e.*, wiring instructions, telephone privileges, etc.).

**Share Classes**

Shares of the Fund are currently divided into two share classes: Founders Class and Institutional Class shares.

The assets received by each class of the Fund for the issue or sale of its shares and all income, earnings, profits, losses and proceeds therefrom, subject only to the rights of creditors, are allocated to, and constitute the underlying assets of, that class of the Fund. The underlying assets of each class of the Fund are segregated and are charged with the expenses with respect to that class of the Fund along with a share of the general expenses of the Fund and the Trust. Any general expenses of the Fund that are not readily identifiable as belonging to a particular class of the Fund are allocated by or under the direction of the Board of Trustees in such manner as they determine to be fair and reasonable.

**Purchase of Shares**

No sales charges will be applied to your share purchases.

Founders Class shares are only offered to investors who: (i) satisfy the minimum investment requirements described in the Prospectus, and (ii) are advisory clients of certain entities with whom the Adviser has a strategic relationship.

Institutional Class shares are typically offered only through certain types of financial intermediaries and to certain institutional investors. Institutional Class shares and Founders Class shares are offered directly, via the Fund's transfer agent, and through financial intermediaries (including, but not limited to, broker-dealers, retirement plans, bank trust departments, and financial advisors). Such intermediaries may require payment from the Fund or its service providers for the provision of distribution, administrative or shareholder retention services, except for networking and/or omnibus account fees. Institutional investors may include, but are not limited to, corporations, retirement plans, public plans and foundations/endowments.

You should speak with your financial advisor to help you decide which share class is best for you. If your financial intermediary offers more than one class of shares, you should carefully consider which class of shares to purchase. Certain classes have higher expenses than other classes, which may lower the return on your investment.

The minimum investments in the Fund are set forth in the Prospectus. The Fund reserves the right to waive or change investment minimums.

Subsequent investments may be made at any time by mailing a check or by phone. If the shareholder is mailing in the purchase, this should be mailed to the Transfer Agent, along with purchase instructions including the fund account number. Shareholders should be sure to write the Fund's account number on the check. If the shareholder has a bank account established on their account, the shareholder can call the toll free to initiate electronic purchase via the phone. Purchases of Fund shares (initial or subsequent) may not be made by third-party check.

Share purchase orders are effective at the next determined net asset value after the Fund or its authorized agents receive your purchase instructions in good order and, if applicable, a new Account Application. The Fund will accept purchases only in U.S. dollars drawn from U.S. financial institutions. Cashier's checks, money orders, credit card convenience checks, cash or equivalents or payments foreign currencies are not acceptable forms of payment. Share certificates will not be issued.

Initial and subsequent investments may also be made by wire transfer. Shareholders should note that their bank may charge a fee in connection with transferring money by bank wire. Shareholders utilizing wire transfer are required to notify the Transfer Agent and provide investment instructions, including the fund account number, prior to the wire being received.

Shareholders utilizing wire transfer are required to notify the Transfer Agent and provide investment instructions, including the fund account number, prior to the wire being received.

Transactions are processed at the next determined net asset value after your instructions are received in good order. Transactions received prior to the close of the New York Stock Exchange, "market close" (typically 4:00 PM EST), will be processed with the current trade date. Transactions received after market close will be processed on the next business day.

The price of the Fund's shares and the valuation of Fund assets are discussed below in "**NET ASSET VALUE**."

**Exchange of Shares**

If you are an existing shareholder of the Fund, you may exchange into a new account copying your existing account registration and options. Exchanges between accounts will be accepted only if registrations are identical.

Exchanges must meet the minimum investment requirements described in the Prospectus. Before affecting an exchange, you should read the Prospectus.

You may transfer between share classes of the Fund if you meet the minimum investment requirements for the class into which you would like to transfer. Transfer requests must be made in writing to the Fund's transfer agent, or placed through your authorized agent. Exchanges between share classes of the Fund are generally non-taxable exchanges but tax reporting requirements may apply as described in "**FEDERAL INCOME TAXES** - Special Tax Considerations - Transfers between Classes of a Single Fund.

The exchange privilege may be modified or terminated upon sixty (60) days' written notice to shareholders. Although initially there will be no limit on the number of times you may exercise the exchange privilege, the Fund reserves the right to impose such a limitation. Call or write the Fund for further details.

**Redemption of Shares**

If the Board of Trustees determines that it is in the best interests of the remaining shareholders of the Fund, the Fund may pay the redemption price in whole, or in part, by a distribution in kind from the Fund, in lieu of cash, taking such securities at their value employed for determining such redemption price, and selecting the securities in such manner as such Board may deem fair and equitable. A shareholder who receives a distribution in kind may incur a brokerage commission upon a later disposition of such securities and may receive less than the redemption value of such securities or property upon sale, particularly where such securities are sold prior to maturity. However, the Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of the Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, the Fund will have the option of redeeming the excess in cash or in-kind. Redemption in kind is not as liquid as a cash redemption.

Under the 1940 Act, the Fund may suspend the right of redemption or postpone the date of payment upon redemption for any period: (i) during which the NYSE is closed, other than customary weekend and holiday closings; (ii) during which trading on the NYSE is restricted; or (iii) during which (as determined by the SEC by rule or regulation) an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably practicable, or for such other periods as the SEC may permit. The Fund may also suspend or postpone the recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.

*Redemption Procedures.* The Fund will redeem all full and fractional shares of the Fund upon request on any business day at the applicable net asset value determined after the receipt of proper redemption instructions, less any applicable redemption fees. Shareholders liquidating their holdings will receive upon redemption all dividends reinvested through the date of redemption. If notice of redemption is received on any business day, the redemption will be effective on the date of receipt. Payment will ordinarily be made the next business day, but, in any case, within no more than seven business days from the date of receipt. If the notice is received on a day that is not a business day or after the close of regularly scheduled trading on the NYSE, the redemption notice will be deemed received as of the next business day. The value of shares at the time of redemption may be more or less than the shareholder's cost.

*Redemption Fees.* If you sell or exchange your shares of the Fund after holding them 60 calendar days or less, a 1.00% redemption fee may be deducted from the redemption amount. For this purpose, shares held longest will be treated as being redeemed first and shares held shortest as being redeemed last.

No redemption requests will be processed until the Fund has received a completed Purchase Application, and no redemption of shares purchased by check will be made until all checks received for such shares have been collected, which may take up to 10 days or more.

*Note: Under the 1940 Act, the Fund has the right to suspend or postpone redemptions of shares for any period (i) during which the NYSE or exchange is closed, other than customary weekend and holiday closings; (ii) during which trading on the NYSE or exchange is restricted; (iii) during which (as determined by the SEC or other regulatory authority by rule or regulation) an emergency exists as a result of which disposal or valuation of portfolio securities is not reasonably practicable, or (iv) as otherwise permitted by the SEC or other regulatory authority. The Fund may also suspend or postpone the recordation of the transfer of its shares upon the occurrence of any of the foregoing conditions.*

**TRUSTEES AND OFFICERS**

The business and affairs of the Fund are managed under the direction of the Trust's Board of Trustees. The Board approves all significant agreements between/among the Fund and the persons or companies that furnish services to the Fund, including agreements with the Fund's distributor, Adviser, administrator, custodian and transfer agent. The day-to-day operations of the Fund are delegated to the Adviser and the Fund's administrator.

The name, address, year of birth, and principal occupations for the past five years of the Trustees and officers of the Trust are listed below, along with the number of portfolios in the Fund Complex overseen by and the other directorships held by the Trustee.

**<u>Independent Trustees</u>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name,** <br> **Birth Year** <br> **&** <br> **Address\*** | **Position(s)**<br> **Held with**<br> **Fund** | **Term of** <br> **Office and** <br> **Length of** <br> **Time** <br> **Served\*\*** | **Principal Occupation(s)** <br> **During Past 5 Years\*\*\*** | **Number of** <br> **Funds in** <br> **Fund** <br> **Complex** <br> **Overseen** <br> **by** <br> **Trustee\*\*\*\*** | **Other Directorships** <br> **Held by Trustee** <br> **During Past 5** <br> **Years\*\*\*** |
| **Ward D. Armstrong**,<br> **Birth year:**<br> **1954** | Trustee and Chairman | Mr. Armstrong was appointed to the Board on May 27, 2016 and elected to the Board by shareholders on April 12, 2021. Mr. Armstrong was appointed Chairman of the Board at the August 24, 2017 meeting of the Board of Trustees. | Mr. Armstrong is currently retired. From February 2010 to July 2015, he was Co-Founder and Managing Partner of NorthRock Partners, a private wealth advisory firm providing comprehensive wealth management and family office services to the high net-worth marketplace. Previously, he was Senior Vice President, Ameriprise Financial (1984 to 2007); Chairman of Ameriprise Trust Company (1996 to 2007) and President, American Express Institutional Asset Management (2002 to 2004). He has also served on several investment related Boards including Kenwood Capital Management, RiverSource Investments, American Express Asset Management International and was Chair of the Ordway Theatre Endowment Committee. | 12 | Mr. Armstrong is a Director of the Heartland Group, Inc. (3 funds) (2008 to present). |
| **J. Wayne Hutchens,**<br> **Birth year:**<br> **1944** | Trustee | Mr. Hutchens was elected to the Board on October 30, 2012. | Mr. Hutchens is currently retired. From 2000 to January 2020, he served as Trustee of the Denver Museum of Nature and Science and from May 2012 to February 2020, he served as Trustee of Children's Hospital Colorado. From April 2006 to December 2012, he served as President and CEO of the University of Colorado (CU) Foundation and from April 2009 to December 2012, he was Executive Director of the CU Real Estate Foundation. Mr. Hutchens is also Director of AMG National Trust Bank (June 2012 to present). Prior to these positions, Mr. Hutchens spent 29 years in the banking industry, retiring as Chairman of Chase Bank Colorado. | 12 | Mr. Hutchens is a Director of RiverNorth Opportunities Fund, Inc. (2013 to present), RiverNorth Opportunistic Municipal Income Fund, Inc. (2018 to present), RiverNorth/Doubleline Strategic Opportunity Fund, Inc. (2018 to present), RiverNorth Specialty Finance Corporation (2018 to present), RiverNorth Managed Duration Municipal Income Fund, Inc. (2019 to present), RiverNorth Flexible Municipal Income Fund, Inc. (2020 to present) and RiverNorth Flexible Municipal Income II (2021 to present). He is a Board member of RiverNorth Funds (3 funds) (2020 to present). |

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|:---|:---|:---|:---|:---|:---|
| **Merrillyn J. Kosier,**<br> **Birth year:**<br> **1959** | Trustee | Ms. Kosier was elected to the Board on November 17, 2021. | Ms. Kosier retired from Ariel Investments as Executive Vice President in 2019. During her twenty year tenure at the firm, she served as Chief Marketing Officer, Ariel Mutual Funds (2007 - 2019); Trustee for Ariel Investment Trust (2003 - 2019) and President of Ariel Distributors, LLC (2002 - 2019). Prior to joining Ariel Investments, she was Senior Vice President at Wanger Asset Management, the investment adviser to Acorn Investment Trust (1993 - 1998); Vice President of Marketing Communications at Kemper Financial Services (1984 - 1993); and a Registered Sales Representative at R. J. O'Brien & Associates (1982 - 1984). | 12 | Ms. Kosier is a Trustee at the Harris Theater For Music and Dance (2006 - present) where she currently serves as Chair of the Board (2022 - present). She is also a Board Member at The Arts Club of Chicago (2021 - present). |
| **Patrick Seese,**<br> **Birth year:**<br> **1971** | Trustee | Mr. Seese was elected to the Board on October 30, 2012. | Mr. Seese is an owner and a Managing Director of Integris Partners, a middle-market investment banking firm serving closely-held companies, financial sponsors and public companies (February 2008 to present). Prior to this, Mr. Seese was a Managing Director of Headwaters MB, a middle-market investing banking firm (December 2003 to February 2008). Prior to that, Mr. Seese worked in Credit Suisse First Boston's Mergers and Acquisitions Group and served as Head of Corporation Development, Katy Industries, a publicly traded industrial and consumer products company and at Deloitte & Touche LLP, where he began his career in 1994. | 12 | Mr. Seese is a Director of The Mile High Five Foundation (2013 to present) and SJ Panthers Foundation (2016 to present). |

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**<u>Officers</u>**

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| | | | |
|:---|:---|:---|:---|
| **Name, Birth**<br> **Year &** <br> **Address\*** | **Position(s)** <br> **Held**<br> **with Fund** | **Term of Office** <br> **and**<br> **Length of Time** <br> **Served\*\*** | **Principal Occupation(s) During Past 5 Years\*\*\*** |
| **Lucas Foss,**<br> **Birth Year: 1977** | President | President Since August 2022<br> Chief Compliance Officer from January 2018 - August 2022 | Mr. Foss rejoined ALPS in November 2017 and is currently Senior Director and Fund Chief Compliance Officer at SS&C ALPS. Prior to his current role, Mr. Foss served as the Director of Compliance at Transamerica Asset Management (2015-2017) and Deputy Chief Compliance Officer at ALPS (2012-2015). Mr. Foss is also the President of Financial Investors Trust and Chief Compliance Officer of Clough Global Funds; Clough Funds Trust; MVP Private Markets Funds; Bluerock Total Income + Real Estate Fund; Bluerock High Income Institutional Credit Fund; SPDR® S&P 500® ETF Trust, SPDR® Dow Jones® Industrial Average ETF Trust, SPDR® S&P MIDCAP 400® ETF Trust. |
| **Jill McFate**<br> **Birth year: 1978** | Treasurer | Since December 2021 | Ms. McFate joined ALPS in 2021 and is currently Senior Director, Fund Administration of ALPS. Prior to joining SS&C ALPS, Jill managed financial reporting and N-PORT regulatory reporting services during her 14 years at The Northern Trust Company as Vice President, Financial Reporting Manager. |
| **Ivana Kovačić,**<br> **Birth Year: 1977** | Chief Compliance Officer | Since August 2022 | Deputy Chief Compliance Officer, ALPS Holdings, Inc., since October 2021. Ms. Kovačić joined ALPS in March 2020 as Assistant Vice President, Regulatory Compliance. Prior to joining ALPS, Ms. Kovačić served as Senior Compliance Analyst at Jennison Associates (August 2013 to January 2019). Ms. Kovačić is also the Fund CCO of 1WS Credit Income Fund, Goehring & Rozencwajg Investment Funds and X-Square Balanced Fund. |
| **Patrick Rogers,** <br> **Birth year: 1966** | **Secretary** | Since November 2021 | Mr. Rogers has served as Senior Legal Counsel of ALPS since September 2021 and previously served as Compliance Counsel for Mercer Advisors from 2018 to 2021 and Contract Attorney for CACI, Inc. from 2014 to 2018. |

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\* All communications to Trustees and Officers may be directed to ALPS Series Trust c/o 1290 Broadway, Suite 1000, Denver, CO 80203.

\*\* This is the period for which the Trustee or Officer began serving the Trust. Each Trustee serves an indefinite term, until such Trustee's successor is elected and appointed, or such Trustee resigns or is deceased. Each Officer is appointed on an annual basis, and serves until such Officer's successor is appointed, or such Officer resigns or is deceased.

\*\*\* Except as otherwise indicated, each individual has held the office shown or other offices in the same company for the last five years.

\*\*\*\* The Fund Complex currently consists of 12 series of the Trust.

**Ward D. Armstrong-** Through his experience as a senior officer of and board member of financial and other organizations, Mr. Armstrong contributes his management and oversight experience to the Board. The Board also benefits from his experience as a member of the board of other funds and operating companies. He was selected to serve as a Trustee of the Trust based on his business, financial services and investment management experience. Additional information regarding Mr. Armstrong's principal occupations and other directorships held is presented in the chart above. Mr. Armstrong received a B.S. in Business Administration (Finance Emphasis) from the University of Minnesota, Carlson School of Management.

**J. Wayne Hutchens-** Through his experience as a senior officer of and board member of financial and other organizations, Mr. Hutchens contributes his management and oversight experience to the Board. The Board also benefits from his experience as a member of the board of other funds. He was selected to serve as a Trustee of the Trust based on his business and financial services experience. Additional information regarding Mr. Hutchens' principal occupations and other directorships held is presented in the chart above. Mr. Hutchens is a graduate of the University of Colorado at Boulder's School of Business and has done graduate study at Syracuse University and the University of Colorado.

**Merrillyn J. Kosier**- Through her experience as a senior officer of and board member of financial and other organizations, Ms. Kosier contributes her management and oversight experience to the Board. The Board also benefits from her experience as a member of the board of other organizations. She was selected to serve as a Trustee of the Trust based on her business acumen, branding and distribution experience in the asset management industry. Additional information regarding Ms. Kosier's principal occupations and other directorships held is presented in the chart above. Ms. Kosier is a graduate of Andrews University and earned an MBA from Loyola University Chicago.

**Patrick Seese-** Through his experience as a senior officer of and board member of financial and other organizations, Mr. Seese contributes his management and oversight experience to the Board. The Board also benefits from his experience as a member of the board of other organizations. He was selected to serve as a Trustee of the Trust based on his business, financial services and accounting experience. Additional information regarding Mr. Seese's principal occupations and other directorships held is presented in the chart above. Mr. Seese is a graduate of the University of Colorado and earned an MBA from The University of Chicago Booth School of Business. He is one of the founders of The Mile High Five Foundation (MH5), a charity dedicated to fund youth/health-related organizations.

None of the Independent Trustees own securities in Brigade Capital Management LP, the Fund's investment adviser, Brigade Capital UK, LLP, the Fund's investment sub-adviser, or ALPS Distributors, Inc., the Funds' principal underwriter, nor do they own securities in any entity directly controlling, controlled by, or under common control with these entities.

*Leadership Structure and Oversight Responsibilities*

 

Overall responsibility for oversight of the Fund rests with the Trustees. The Trust has engaged the Adviser to manage the Fund on a day-to day basis. The Board is responsible for overseeing the Adviser and other service providers in the operations of the Fund in accordance with the provisions of the 1940 Act, applicable provisions of state and other laws and the Trust's Declaration of Trust. The Board is currently composed of four members, all of whom are Independent Trustees. The Board meets at regularly scheduled quarterly meetings each year. In addition, the Board may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. As described below, the Board has established a Nominating and Corporate Governance Committee and an Audit Committee, and may establish *ad hoc* committees or working groups from time to time, to assist the Board in fulfilling its oversight responsibilities. The Independent Trustees have also engaged independent legal counsel to assist them in performing their oversight responsibilities.

The Board has appointed Ward D. Armstrong, an Independent Trustee, to serve in the role of Chairman. The Chairman's role is to preside at all meetings of the Board and to act as a liaison with the Adviser, other service providers, counsel and other Trustees generally between meetings. The Chairman may also perform such other functions as may be delegated by the Board from time to time. The Board reviews matters related to its leadership structure annually. The Board has determined that the Board's leadership structure is appropriate given the Trust's characteristics and circumstances. These include the Trust's series of fund shares, each fund's single portfolio of assets, each fund's net assets and the services provided by the fund's service providers.

Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and Committee activities. As part of its regular oversight of the Fund, the Board, directly or through a Committee, interacts with and reviews reports from, among others, Fund management, the Adviser, the Trust's Chief Compliance Officer, the Trust's legal counsel and the independent registered public accounting firm for the Fund regarding risks faced by the Fund. The Board, with the assistance of Fund management and the Adviser, reviews investment policies and risks in connection with its review of the Fund's performance. The Board has appointed a Chief Compliance Officer to oversee the implementation and testing of the Fund's compliance program and reports to the Board regarding compliance matters for the Fund and its principal service providers. In addition, as part of the Board's periodic review of the Fund's advisory and other service provider agreements, the Board may consider risk management aspects of these service providers' operations and the functions for which they are responsible.

**<u>Audit Committee</u>**. The Board has an Audit Committee which considers such matters pertaining to the Trust's books of account, financial records, internal accounting controls and changes in accounting principles or practices as the Trustees may from time to time determine. The Audit Committee also considers the engagement and compensation of the independent registered public accounting firm ("Firm") and ensures receipt from the Firm of a formal written statement delineating relationships between the Firm and the Trust, consistent with Public Company Accounting Oversight Board Rule 3526. The Audit Committee also meets privately with the representatives of the Firm to review the scope and results of audits and other duties as set forth in the Audit Committee's Charter. The Audit Committee members, each of whom are Independent Trustees, are: Ward D. Armstrong, J. Wayne Hutchens, Merrillyn J. Kosier, and Patrick Seese. The Audit Committee met three times during the fiscal year ended September 30, 2022.

**<u>Nominating and Corporate Governance Committee</u>.** The Nominating and Corporate Governance Committee meets periodically to advise and assist the Board in selecting nominees to serve as trustees of the Trust. The Nominating and Corporate Governance Committee believes the Board generally benefits from diversity of background, experience and views among its members and considers this a factor in evaluating the composition of the Board, but has not adopted any specific policy in this regard. The Nominating and Corporate Governance Committee also advises and assists the Board in establishing, implementing and executing policies, procedures and practices that assure orderly and effective governance of the Trust and effective and efficient management of all business and financial affairs of the Trust. Members of the Nominating and Corporate Governance Committee are: Ward D. Armstrong, J. Wayne Hutchens, Merrillyn J. Kosier, and Patrick Seese. The Nominating and Corporate Governance Committee of the Board met one time during the fiscal year ended September 30, 2022.

**<u>Independent Trustee Retirement Policy</u>**. The Trustees do not serve a specified term of office. Each Trustee will hold office until the termination of the Trust or his or her earlier death, resignation, retirement, incapacity, or removal. Under the Fund's Independent Trustee Retirement Policy ("Retirement Policy"), upon reaching the age of 75, an Independent Trustee is deemed to tender an offer of retirement, which retirement, if accepted, shall become effective upon the September 30<sup>th</sup> immediately following the tender of a retirement. The Board may decline the offer upon the vote of a majority of the continuing Trustees. If the Board declines an Independent Trustee's offer, then the term of office of such Independent Trustee continues in accordance with the term under which such Independent Trustee was elected or appointed, provided that such Independent Trustee shall be deemed to tender another offer of retirement upon each subsequent birthday. The Trustees review the Fund's Retirement Policy from time to time and may make changes as deemed appropriate.

**<u>Shareholder Nominations</u>**. The Board will consider shareholder nominees for Trustees. All nominees must possess the appropriate characteristics, skills and experience for serving on the Board. In particular, the Board and its Independent Trustees will consider each nominee's integrity, educational and professional background, understanding of the Trust's business on a technical level and commitment to devote the time and attention necessary to fulfill a Trustee's duties. All shareholders who wish to recommend nominees for consideration as Trustees shall submit the names and qualifications of the candidates to the Secretary of the Trust by writing to: ALPS Series Trust, c/o Secretary, 1290 Broadway, Suite 1000, Denver, Colorado, 80203.

As of December 31, 2022, the dollar range of equity securities in the Fund beneficially owned by the Trustees were as follows:

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| | | |
|:---|:---|:---|
| **Trustees** | **Dollar Range of Equity Securities in** <br> **the Fund** | **Aggregate Dollar Range of Equity** <br> **Securities in All Registered** <br> **Investment Companies Overseen by** <br> **Trustee in Family of Investment** <br> **Companies\*** |
| Ward Armstrong |  |  |
| J. Wayne Hutchens |  | Over $100,000 |
| Merrillyn J. Kosier |  |  |
| Patrick Seese |  |  |

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\* The Fund Complex currently consists of 12 series of the Trust.

**<u>Remuneration of Trustees</u>**. Effective November 17, 2022 (the "Effective Date"), the Trustees of the Trust receive a quarterly retainer of $14,000, plus $5,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Prior to the Effective Date, the Trustees of the Trust received a quarterly retainer of $13,500, plus $4,000 for each regular Board or Committee meeting attended and $2,000 for each special telephonic or in-person Board or Committee meeting attended. Additionally, the Audit Committee Chair receives a quarterly retainer of $1,250 and the Independent Chair receives a quarterly retainer of $3,250. The Trustees are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings.

For the fiscal year ended September 30, 2022, the Trustees received the following compensation:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Trustees** | **Aggregate** <br> **Compensation** <br> **From the** <br> **Trust** | **Pension Or** <br> **Retirement** <br> **Benefits** <br> **Accrued As** <br> **Part of Fund** <br> **Expenses** | **Estimated** <br> **Annual** <br> **Benefits Upon** <br> **Retirement** | **Aggregate** <br> **Compensation** <br> **From The** <br> **Trust And** <br> **Fund Complex** <br> **Paid To** <br> **Trustees\*** |
| Ward D. Armstrong | $83000 | $0 | $0 | $83000 |
| J. Wayne Hutchens | $70000 | $0 | $0 | $70000 |
| Merrillyn J. Kosier\*\* | $70000 | $0 | $0 | $70000 |
| Patrick Seese | $75000 | $0 | $0 | $75000 |
| Bradley J. Swenson\*\*\* | $35000 | $0 | $0 | $35000 |

---

\* The Fund Complex currently consists of 12 series of the Trust.

\*\* Ms. Kosier became a Trustee during the 2022 fiscal year. <br>\*\*\* Mr. Swenson resigned from the Board in February 2022.

No officer, trustee, or employee of the Adviser or any of its affiliates receives any compensation from the Fund for serving as an officer or trustee of the Fund.

**INVESTMENT MANAGER**

Brigade Capital Management, LP (the "Adviser"), subject to the authority of the Trust's Board of Trustees, is responsible for the overall management and administration of the Fund's business affairs. As of March 1, 2023, the Adviser managed approximately $26 billion in assets. The Adviser's address is 399 Park Avenue, 16th Floor, New York, NY 10022.

Pursuant to the Investment Advisory Agreement (the "Advisory Agreement") between the Trust and the Adviser, the Fund pays the Adviser an annual management fee of 0.50% based on the Fund's average daily net assets. The management fee is paid on a monthly basis. The initial term of the Advisory Agreement is two years. The Board may extend the Advisory Agreement for additional one-year terms. The Board and shareholders of the Fund may terminate the Advisory Agreement upon thirty (30) days' written notice. The Adviser may terminate the Advisory Agreement upon one hundred and twenty (120) days' notice. The Fund's advisory fee information will be available after the Fund has completed its first fiscal year.

Under the terms of the Advisory Agreement, the Fund is responsible for payment of all costs, fees, expenses or charges in connection with their assets, investments and operations, including but not limited to all investment expenses, including, without limitation, reasonable fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal" costs (e.g., fees, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities with respect to unconsummated investments reasonably intended by the Adviser for purchase by the Fund).

Pursuant to a Co-Administration Agreement between the Adviser and the Trust, on behalf of the Fund, the Adviser provides certain administrative services to the Fund, including but not limited to: (i), causing an officer or officers of the Adviser to serve as the "derivatives risk manager" for the Fund pursuant to Rule 18f-4 under the 1940 Act; and (ii) serving as the "valuation designee" for the Fund pursuant to Rule 2a-5 under the 1940 Act. As compensation for such services, the Fund pays the Adviser an annual administration fee of 0.05% based on the Fund's average daily net assets. The administration fee is paid on a monthly basis.

With respect to the Founders Class of the Fund, the Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of 0.52% of the Fund's average daily net assets for such class. To the extent there are excess Annual Fund Operating Expenses such that the Fee Waiver and/or Expense Reimbursement needs to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset ("Post-Offset Excess"), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.

With respect to the Institutional Class of the Fund, the Adviser has contractually agreed to limit the Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) of the Fund to an annual rate of 0.75% of the Institutional Class of the Fund's average daily net assets for such class. To the extent there are excess Annual Fund Operating Expenses such that the Fee Waiver and/or Expense Reimbursement needs to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset ("Post-Offset Excess"), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.

This agreement is in effect through at least March 7, 2024, and will automatically continue upon annual approval by the Board of Trustees for successive twelve-month periods unless (i) it is terminated earlier by the Board of Trustees, or (ii) the Adviser provides at least 30 days written notice of its non-continuance prior to the end of the then effective term. The Adviser will be permitted to recover, on a class-by-class basis, expenses it has borne subsequent to the effective date of the agreement described above (whether through reduction of its management fee or otherwise) only to the extent that the Fund's expenses in later periods do not exceed the lesser of: (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses; or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses; provided, however, that the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced.

***Sub-Adviser***

 ****

The Adviser has engaged Brigade Capital UK LLP as sub-adviser to the Fund (the "Sub-Adviser"). The Sub-Adviser is located at Southwest House, Third Floor, 11A Regent Street, London, SW1Y 4LR.

The Adviser has delegated certain investment advisory services to the Sub-Adviser pursuant to a sub-advisory agreement (the "Sub-Advisory Agreement"). The Sub-Adviser is paid by the Adviser and not the Fund. The Sub-Adviser will help coordinate the investment and reinvestment of Fund assets, recommend the allocation of Fund assets to the Adviser for execution of trades and place orders for the purchase and sale of securities for the Fund.

The Sub-Advisory Agreement will continue in effect for a period beyond two years from the date of its execution so long as such continuance is approved annually (i) by the holders of a majority of the outstanding voting securities of the Trust or by the Board, and (ii) by a majority of the Trustees who are not parties to such Contract or "interested persons" (as defined in the 1940 Act) of any such party. The Sub-Advisory Agreement may be terminated without penalty by vote of the Trustees or the shareholders of the Trust, or by the Adviser, or the Sub-Adviser, on 60 days' written notice by either party and will terminate automatically if assigned. The Fund's sub-advisory fee information will be available after the Fund has completed its first fiscal year.

When available, a discussion regarding the basis for the Board's approval of the Fund's Advisory Agreement and Sub-Advisory Agreement will be provided in the Fund's annual report to shareholders for the period ended September 30, 2023.

**DISTRIBUTOR**

Shares of the Fund are offered on a continuous basis through ALPS Distributors, Inc. (an affiliate of ALPS Fund Services, Inc.) (the "Distributor"), located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, as distributor pursuant to a distribution agreement between the Distributor and the Trust on behalf of the Fund. The Distributor is not obligated to sell any specific amount of Fund shares.

**CODE OF ETHICS**

The Trust, the Adviser and the Distributor each have adopted a code of ethics consistent with the requirements of Rule 17j-1 of the 1940 Act. Subject to certain restrictions, these codes of ethics permit the personnel of these entities to invest in securities, including securities that the Fund may purchase or hold. The codes of ethics are on public file with, and are available from, the SEC.

**ADMINISTRATOR**

The Trust on behalf of the Fund currently employs ALPS Fund Services, Inc. (an affiliate of the Distributor) ("ALPS" or the "Administrator"), located at 1290 Broadway, Suite 1000, Denver, Colorado 80203, under an administration agreement to provide certain administrative services to the Fund. Information with respect to administrative fees paid to ALPS will be available once the Fund has completed a full fiscal year.

**PROXY VOTING POLICIES AND PROCEDURES**

Although individual Board members may not agree with particular policies or votes by the Adviser, the Board has approved delegating proxy voting discretion to the Adviser believing that the Adviser should be responsible for voting because it is a matter relating to the investment decision making process.

Attached as <u>Appendix B</u> are the Trust's Proxy Voting Policies and Procedures and a Summary of the Adviser's Proxy Voting Policies and Procedures that the Adviser uses to determine how to vote proxies relating to portfolio securities.

**PRINCIPAL SHAREHOLDERS**

A shareholder who owns beneficially 25% or more of the outstanding securities of the Fund is presumed to "control" that Fund as defined in the 1940 Act. Such control may affect the voting rights of other shareholders. As of the date of this SAI, no shareholder owns 5% or more of the outstanding shares of the Fund.

As of the date of this SAI, none of the Trustees or officers of the Trust owned any of the outstanding shares of the Fund.

**EXPENSES**

The Fund's expenses include taxes, interest, fees and salaries of the Trust's Trustees and officers who are not trustees, officers or employees of the Fund's service contractors, SEC fees, state securities qualification fees, costs of preparing and printing prospectuses for regulatory purposes and for distribution to existing shareholders, advisory and administration fees, charges of the custodian and of the transfer and dividend disbursing agent, certain insurance premiums, outside auditing and legal expenses, costs of shareholder reports and shareholder meetings and any extraordinary expenses. The Fund also pay for brokerage fees and commissions (if any) in connection with the purchase and sale of portfolio securities.

**PORTFOLIO MANAGERS**

The following sections set forth certain additional information with respect to the portfolio managers for the Fund. Unless noted otherwise, all information is provided as of February 1, 2023.

**Other Accounts Managed by Portfolio Managers**

The table below identifies as of February 1, 2023 , the number of accounts (other than the Fund with respect to which information is provided) for which the Fund's portfolio managers have day-to-day management responsibilities and the total assets in such accounts within each of the following categories: registered investment companies, other pooled investment vehicles, and other accounts.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Manager** | **Registered Investment <br> Companies** | **Registered Investment <br> Companies** | **Other Pooled <br> Investment Vehicles** | **Other Pooled <br> Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number** | **Total <br> Assets <br> (in millions)** | **Number** | **Total <br> Assets <br> (in millions)** | **Number** | **Total <br> Assets <br> (in millions)** |
| Donald E. Morgan III | 4 | $984.0 | 58 | $16612.2 | 48 | $8781.1 |
| Douglas Pardon | 4 | $984.0 | 10 | $3787.6 | 26 | $6200.2 |

---

**Portfolio Manager Compensation**

The compensation structure of Donald E. Morgan III and Douglas Pardon, co-portfolio managers of the Fund, is determined by the Adviser in accordance with its own internal remuneration policy. As a guiding principle, Brigade's compensation structure is designed to seek to attract and retain high-caliber investment professionals necessary to deliver high quality investment management services to its clients. As equity owners of the Adviser, Mr. Morgan and Mr. Pardon each receive a fixed guaranteed payment (akin to a base salary for non-equity owners) from the firm. Mr. Morgan and Mr. Pardon are highly compensated by virtue of their respective equity ownership in the Adviser, as well as potential bonuses. The compensation for Mr. Morgan and Mr. Pardon is not specifically dependent on the performance of the Fund, and they are not compensated based on the growth of the Fund's assets, or any other assets managed by the Adviser, except to the extent such growth contributes to the firm's overall asset and revenue growth, which in turn contributes to the firm's overall profitability (and may, accordingly, affect both the size of their annual performance bonus, as applicable, as well as the firm's ongoing distributions of its profits to its equity holders).

*Potential Conflicts of Interest with Other Accounts*

 

Potential conflicts of interest may arise when a fund's portfolio managers have day-to-day management responsibilities with respect to one or more other funds or other accounts, as is the case for the portfolio managers listed in the table above.

The Adviser has worked to establish a firm-wide culture of compliance, and accordingly has adopted compliance policies and procedures that are designed to address various conflicts of interest that may arise for the Adviser and the individuals that it employs. For example, the Adviser seeks to minimize the effects of competing interests for the time and attention of portfolio managers by assigning portfolio managers to manage funds and accounts that share a similar investment style. The Adviser has also adopted trade allocation procedures that are designed to facilitate the fair and equitable allocation of limited investment opportunities among multiple funds and accounts over time. There is no guarantee, however, that the policies and procedures adopted by the Adviser and the Fund will be able to detect and/or prevent every situation in which an actual or potential conflict may appear. These potential conflicts of interest include:

<u>Allocation of Limited Time and Attention</u>. A portfolio manager who is responsible for managing multiple funds and/or accounts may devote unequal time and attention to the management of those funds and/or accounts, including the Fund. As a result, the portfolio manager may not be able to formulate as complete a strategy or identify equally attractive investment opportunities for each of those accounts as might be the case if he were to devote substantially more attention to the management of a single fund. The effects of this potential conflict may be more pronounced where funds and/or accounts overseen by a particular portfolio manager have different investment strategies.

<u>Allocation of Investment Opportunities</u>. If a portfolio manager identifies an investment opportunity that may be suitable for multiple funds and/or accounts, the opportunity may (and typically will) be allocated among these several funds or accounts (or a subset of those funds or accounts), which may limit the Fund's ability to take full advantage of the investment opportunity. Moreover, a potential conflict of interest involving client allocations may become more acute in the case of a privately-negotiated transaction in which the Adviser and/or its affiliated persons (including its portfolio managers) may have a heightened pecuniary interest (*e.g.*, where the Adviser may be incentivized to overreach certain funds and/or accounts, including the Fund, either by including them in such transaction even though it would not be consistent with their investment objective, or by negotiating certain terms of the private transaction that inure to the benefit of certain funds and/or accounts at the expense of others, such as the Fund). The Adviser has developed compliance procedures designed to mitigate conflicts of interest associated with such transactions. While the Adviser believes that its compliance procedures, which provide that a Brigade legal professional shall review the proposed final allocation of any such transaction, adequately mitigate this risk, conflict resolution by the Adviser may result in certain clients (such as the Fund) receiving less consideration and/or less favorable treatment than they may have otherwise received in the absence of such a conflict of interest.

<u>Pursuit of Differing Investment Strategies</u>. At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and/or accounts for which he exercises investment responsibility, or may decide that certain of the funds and/or accounts should take differing positions with respect to a particular security. In these cases, a portfolio manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and/or accounts, including the Fund. Because of differences in client investment objectives and strategies, risk tolerances, tax status and other criteria, there may, however, be differences among clients in invested positions and securities held. Furthermore, a portfolio manager may purchase a security for one client account while appropriately selling that same security for another client account.

<u>Investments in Different Layers of the Capital Structure</u>. Client accounts managed by a portfolio manager may make an investment in a portfolio company in which another client of the Adviser holds an investment in a different class of such company's debt or equity. Similarly, from time to time, clients of the Adviser will hold multiple investments across the capital structure of an issuer of varying classes, types or seniorities, but will hold different proportions of each such investment. Although the Adviser generally will make such investments only when it believes that such investment is in the best interests of each account and the possibility of actual adversity between such client accounts is remote, there may be instances where the interests of such client accounts, such as the Fund, actually conflict with one another. For example, one of the Adviser's clients (such as the Fund) may hold unsecured debt of an issuer while another client holds secured debt of the same issuer, potentially resulting in one client holding an investment that is senior or junior to another client in the capital structure of such entity. In a restructuring, workout or other distressed scenario, the interests of such clients might be adverse to one another, and one such client might recover all or part of their investment while the other client does not. Decisions about what action should be taken in a troubled situation, including whether or not to enforce claims, whether or not to advocate or initiate a restructuring or liquidation inside or outside of bankruptcy, and the terms of any work-out or restructuring, raise conflicts of interest concerns. In such circumstances, it is possible that a certain client's interests may be subordinated or otherwise adversely affected by the Adviser by virtue of the other clients' involvement and actions relating to their investment in the issuer. The Adviser will endeavor to mitigate such conflicts by treating each of its clients in as fair and equitable a manner as possible in light of the particular facts and circumstances. The actions taken by the Adviser on behalf of a client, including the Fund, are expected to vary based on the particular facts and circumstances surrounding each investment by two or more clients in different classes, series or tranches of an issuer's capital structure, and, as such, investors should expect some degree of variation, and potential inconsistency, in the manner in which potential or actual conflicts are addressed. Accordingly, conflict resolution by the Adviser in such circumstances may result in one or more clients receiving less consideration and/or less favorable treatment than they may have otherwise received in the absence of such a conflict of interest. Furthermore, there can be assurance that the Adviser's own interests will not influence its conduct when attempting to mitigate such conflicts.

<u>Selection of Brokers/Dealers</u>. Portfolio managers may be able to select or influence the selection of the brokers and dealers that are used to execute securities transactions for the funds and/or account that they supervise. In addition to executing trades, some brokers and dealers provide portfolio managers with brokerage and research services (as those terms are defined in Section 28(e) of the Securities Exchange Act of 1934), which may result in the payment of higher brokerage fees (with respect to equity transactions in particular) than might have otherwise been available. These services may be more beneficial to certain funds or accounts than to others. Although the payment of brokerage commissions is subject to the requirement that the co-portfolio managers determine in good faith that the commissions are reasonable in relation to the value of the brokerage and research services provided to the fund, a co-portfolio manager's decision as to the selection of brokers and dealers could yield disproportionate costs and benefits among the funds and/or accounts that such individuals manage, including the Fund.

<u>Variation in Compensation; Personal Interests</u>. A conflict of interest may arise where the financial or other benefits available to the co-portfolio managers differ among the funds and/or accounts that such individuals manage. If the structure of the Adviser's management fee and/or a co-portfolio manager's compensation differs among funds and/or accounts (such as where certain funds or accounts pay higher management fees or performance-based management fees), a co-portfolio manager might be motivated to recommend more attractive investment opportunities for certain funds and/or accounts over others. Furthermore, the co-portfolio managers might be motivated to favor funds and/or accounts in which he has a personal interest or in which the Adviser and/or its affiliates have interests. Similarly, the desire to maintain or raise assets under management or to enhance a co-portfolio manager's performance record or to derive other rewards, financial or otherwise, could influence a co-portfolio manager to lend preferential treatment to those funds and/or accounts that could most significantly benefit such individual.

<u>Cross Transactions</u>. The Adviser may also execute transactions between or among client accounts (including rebalancing trades between client accounts, such as the Fund) by executing simultaneous purchase and sale orders for the same security. Even in situations where the Adviser believes there is no disadvantage to its clients, these "cross trade" transactions may nonetheless create an inherent conflict of interest. When engaging in cross transactions, the Adviser acts in good faith to ensure such transactions are fair and in the best interests of all participating client accounts and in all cases in accordance with applicable law (including, without limitation, Rule 17a-7 under the 1940 Act). Historically, however, the Adviser has not executed any cross trades involving the Fund.

**Ownership of Securities**

The table below identifies ownership of Fund securities by each portfolio manager as of the date of this SAI.

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| | |
|:---|:---|
| **Portfolio Manager** | **Dollar Range of Ownership of Securities** |
| Donald E. Morgan III | None |
| Douglas Pardon | None |

---

**NET ASSET VALUE**

The following is a description of the procedures used by the Fund in valuing its assets. For the purpose of pricing purchase and redemption orders, the net asset value per share of the Fund is determined once daily as of the close of regularly scheduled trading on the NYSE (normally, 4:00 p.m. Eastern time). The Fund's net asset value is calculated on each day that the NYSE is open for trading, *i.e.*, Monday through Friday, except for 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, and the preceding Friday or subsequent Monday when one of those holidays falls on a Saturday or Sunday, respectively.

In calculating net asset value, portfolio securities listed or traded on national securities exchanges for which market quotations are available are valued at the official closing price. If there is no official closing price, the securities are valued by the valuation designed at the mean of the last bid and ask price which represents the current value of the security.

Securities that are primarily traded on foreign exchanges generally are valued at the preceding closing values of such securities on their respective exchanges, except that when an occurrence subsequent to the time a value was so established is likely to have changed such value, then the fair value of those securities will be determined by consideration of other factors by the valuation designee. In valuing assets, prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate. Securities may be valued by independent pricing services which use prices provided by market-makers or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics. In certain circumstances, bid and ask prices may be obtained from (i) a broker/dealer specified and deemed reliable by the valuation designee, (ii) pink sheets, yellow sheets or the blue list, or (iii) a pricing agent that obtains quotations from broker/dealers or evaluates the value of the respective bid and ask prices. All other securities and other assets of the Fund will be valued at fair value as determined in good faith pursuant to procedures adopted by the valuation designee. Valuing securities at fair value involves greater reliance on judgment than valuation of securities based on readily available market quotations.

**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, possibly with retroactive effect. The following does not address any state, local or foreign or estate or gift tax matters.

A shareholder's U.S. federal income tax consequences from acquiring, holding and disposing of shares in the Fund may vary depending upon his or her particular situation. This discussion only applies to shareholders who are U.S. persons. For purposes of this discussion, U.S. persons are: (i) U.S. citizens or residents, (ii) U.S. corporations (i.e., entities 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 or if the trust has a valid election in effect under applicable Treasury Regulations to be treated as a U.S. person.

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

If a partnership (including for this purpose any entity treated as a partnership for U.S. federal income tax purposes) is a beneficial owner of shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. Partners of partnerships 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 Fund has not requested and will not request an advance ruling from the Internal Revenue Service (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 Fund. 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.

**General Policies**

In general, it is the Fund's policy to distribute annually to its shareholders as "ordinary income dividends" substantially all of its investment company taxable income (which includes, among other items, dividends, interest and the excess of any net short-term capital gains over net long-term capital losses). It is also the Fund's policy to distribute annually the excess of net long-term capital gains over net short-term capital losses, if any, after offsetting any capital loss carryovers, as "capital gains dividends."

Ordinary income dividends and capital gain distributions are payable as of the close of the Exchange on the record date for each dividend or distribution. Shareholders may elect to re-invest their ordinary income dividends or capital gain distributions, or both. The election may be made at any time by submitting a written request directly to the Fund. In order for a change to be in effect for any dividend or distribution, it must be received by the Fund on or before the record date for such dividend or distribution.

Distributions and dividends are reinvested in additional Fund shares unless you instruct the Transfer Agent to have your distributions and/or dividends paid by check mailed to the address of record or transferred through an Automated Clearing House to the bank of your choice. If you elect to receive your dividends in cash and the dividend checks sent to you are returned "undeliverable" to the Fund or remain uncashed for six months, your cash election will automatically be changed and your future dividends will be reinvested. No interest will accrue on amounts represented by uncashed dividend or redemption checks.

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

**Taxation of the Fund**

The Fund intends to elect to be treated and qualify each year as a regulated investment company under Subchapter M of the Code. 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 is 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 (if any), 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 to the amount of such currency gains that are directly related to a regulated investment company's principal business of investing in stock or securities (or options and futures with respect thereto) 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 an entity taxed 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 it 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 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, 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. The Fund generally intends to distribute substantially all of its investment company taxable income and net capital gains, after offsetting any capital loss carryovers, in a taxable year. 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-back dividends"). Spill-back 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, and (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. 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 gain over the net long-term capital loss 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.

The 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. The 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, future capital gains offset by carried-forward capital losses are generally subject to taxation as ordinary dividends to shareholders if distributed. Accordingly, the Fund does not expect to distribute any capital gains offset by carried-forward capital losses. The Fund cannot carry back or carry forward any net operating losses.

A regulated investment company may elect to treat any post-October capital loss (defined as the greatest of net capital loss, net long-term capital loss, or net short-term capital loss, 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 (taking into account certain deferrals and elections) 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 arising 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.

The Fund intends 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 Fund reserves 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 Fund).

**Equalization Accounting**

The 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 of Fund shares. 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 a fund for any taxable year in which it is treated as a "personal holding company" for federal income tax purposes.

**Personal Holding Company**

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

**Taxation of Fund Distributions**

For U.S. federal income tax purposes, distributions of investment company taxable income are generally taxable as ordinary income to the extent of 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 his or her shares. Distributions of net capital gains from the sale of investments that the Fund owned for more than one year and 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 at rates applicable to ordinary income. The maximum long-term capital gain rate applicable to individuals is generally 20%.

The Fund may designate certain dividends as derived from "qualified dividend income," which, when received by an individual, will be taxed at a maximum federal income tax rate applicable to long-term capital gain (assuming certain holding period and other requirements are satisfied), which (for this purpose) is 20%, in addition to the 3.8% Medicare tax discussed below. Dividend income distributed to individual 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. If less than 95% of the Fund's income is attributable to qualified dividend income, then only the portion of the Fund's distributions that is attributable to qualified dividend income and designated as such in a timely manner will be so treated in the hands of individual shareholders. Portions of the Fund's distributions may be derived from qualified dividend income.

Distributions of earnings and gains are taxable to shareholders even if the 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 whether shareholders receive them in cash or reinvest them in additional shares (other than distributions, if any, reported by the Fund as "exempt-interest dividends," a designation which the Fund does not expect to make). Any gain resulting from the sale or redemption 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.

An additional 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and certain trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds threshold amounts. Net investment income includes dividend and capital gain distributions received with respect to shares of the Fund and net gains from redemptions or other taxable dispositions of Fund shares. Net investment income also includes 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 is reduced by deductions properly allocable to such income.

Dividends received by corporate shareholders that are reported by the Fund in a written statement furnished to shareholders may qualify for a 50% dividend 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, so long as (in either case) certain holding period requirements are met by the Fund (with respect to the dividend paying corporation's stock) and a corporate shareholder (with respect to the Fund's shares) and certain other conditions are satisfied.

A portion of the interest paid or accrued on certain high-yield discount obligations owned by the Fund may not be deductible to the issuer. If a portion of the interest paid or accrued on certain high-yield discount obligations is not deductible, that portion will be treated as a dividend for purposes of the corporate dividends-received deduction if certain requirements are met, and may be eligible for the dividends-received deduction to the extent of the dividend portion of such interest.

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. Under Treasury Regulation, a regulated investment company that earn business interest income is permitted to pay section 163(j) interest dividends to its shareholders. A shareholder that receives a 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 his or her shares, and thereafter as capital gain. A return of capital is generally not taxable, but it reduces a shareholder's basis in his or her 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 or redemption of Fund shares may give rise to a gain or loss equal to the difference between the amount received for the shares and the shareholder's 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. The deductibility of capital losses is subject to limitations.

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 or other substantially identical securities are purchased within 30 days before or after the disposition. In such a case, the basis of the newly purchased shares will be adjusted to reflect the disallowed loss.

**Special Tax Considerations**

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

*Non-U.S. Taxes*

Investments in non-U.S. securities may cause the Fund to 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 consists 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 (including 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 the 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 non-U.S. taxes paid by the Fund would also be subject to certain holding period and other limitations imposed by the Code.

If the Fund were to qualify 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 fund 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 Fund does not anticipate that it will be eligible for the elections discussed in this section.

*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. 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 the 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 the Fund.

*Passive Foreign Investment Companies*

The Fund may invest in stocks of foreign companies that may be classified under the Code 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 intends to mark-to-market these securities under certain provisions of the Code and recognize any unrealized gains as ordinary income at the end of the Fund's fiscal and excise tax years. Under a mark-to-market election, deductions for losses are allowable only to the extent of any current or previously recognized gains. These gains (reduced by allowable losses) are treated as ordinary income that the Fund is required to distribute, even though it has not sold or received dividends from these securities.

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 Fund for purposes of satisfying the distribution requirement and the excise tax distribution requirement. Amounts included in income under a QEF election will be qualifying income for a regulated investment company if 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 would be required to obtain certain annual information from the PFICs in which it invests, which may be difficult or impossible to obtain. Dividends paid by PFICs or by foreign corporations that were PFICs in the year preceding the payment of the dividend are not eligible to be treated as qualified dividend income.

In addition, 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*

The 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 is generally required to 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 are treated in the same manner for purposes of Code Section 851(b) as subpart F inclusions.

*Financial Products*

The Fund's investments in options, hedging transactions, forward contracts, swaps and certain other transactions will 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 the Fund's losses, cause adjustments in the holding periods of the Fund's 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.

Certain positions undertaken by the Fund 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 the Fund, which is taxed as ordinary income when distributed to shareholders. Certain 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 may invest are not clear in various respects. As a result, the IRS could challenge the Fund's methods of accounting for U.S. federal income tax purposes for such contracts, and such a challenge could affect the status of the Fund as a regulated investment company.

When the Fund sells a put or call option, the premium received generally is not included in income at the time of receipt. If the option expires, the premium is generally included in income of the Fund as short-term capital gain. If the Fund enters into a closing transaction, the difference between the amount paid to close out its position and the premium received is generally short-term capital gain or loss. If a call option written by the Fund is exercised, thereby requiring the Fund to sell the underlying security, the premium will increase the amount realized upon the sale of such security and any resulting gain or loss generally will be a capital gain or loss, and will be long-term or short-term depending upon the holding period of the security. With respect to a put or call option that is purchased by the Fund, if the option is sold any resulting gain or loss generally will be a capital gain or loss, and will be long-term or short-term, depending upon the holding period of the option. If the option expires, the resulting loss is a capital loss and is long-term or short-term, depending upon the holding period of the option. If the option is exercised, the cost of the option, in the case of a call option, is added to the basis of the purchased security and in the case of a put option, reduces the amount realized on the underlying security in determining gain or loss.

Some of the Fund's investments, such as certain option transactions, futures contract transactions, and forward foreign currency exchange contracts may be "section 1256 contracts." With certain exceptions, gains or losses attributable to section 1256 contracts are treated as sixty percent long-term capital gains or losses and forty percent short-term capital gains or losses ("60/40"). Section 1256 contracts held by the Fund at the end of a taxable year (and, generally, for purposes of the excise tax, on October 31 of each year) are "marked-to market" with the result that unrealized gains or losses are treated as though they were realized and the resulting gain or loss is treated as 60/40 gain or loss.

The application of certain requirements for qualification as a regulated investment company and the application of certain other federal income tax rules may be unclear in some respects in connection with investments in certain derivatives and other investments. As a result, the Fund may be required to limit the extent to which it invests in such investments and the IRS may not agree with the Fund's treatment of such investments. In addition, the tax treatment of derivatives and certain other investments may be affected by future legislation, Treasury regulations and guidance issued by the IRS (which could apply retroactively) that could affect the timing, character and amount of the Fund's income and gains and distributions to shareholders, affect whether the Fund has made sufficient distributions and otherwise satisfied the requirements to maintain its qualification as a regulated investment company and avoid federal income and excise taxes or limit the extent to which the Fund may invest in certain derivatives and other investments in the future.

*Securities Issued or Purchased at a Discount*

The 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, and may never receive such payment. 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. The 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 Fund in the secondary market may be treated as having market discount. "Market discount" is generally the excess of the stated redemption price of a debt obligation at maturity over the basis of the obligation 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 Fund may make certain elections applicable to debt obligations having market discount, which could affect the character and timing of recognition of income for U.S. federal income tax purposes. When recognized, market discount is taxable as ordinary income even if interest on the debt obligation in question is tax exempt.

*Transfers between Classes of the Fund*

Exchanges of shares between classes of the 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.

*High-Risk Securities*

The Fund 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 U.S. federal income 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 U.S. federal income 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 it invests in such securities in order to seek to ensure that the Fund distributes sufficient income to avoid becoming subject to U.S. federal income or excise tax.

**Backup Withholding**

The Fund generally is required to withhold and remit to the U.S. Treasury a percentage of the taxable distributions and redemption proceeds paid to any individual shareholder who (i) fails to properly furnish the Fund with a correct taxpayer identification number (TIN), (ii)has been identified by the IRS as otherwise subject to backup withholding, or (iii) who 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 who has not been notified by the IRS that the shareholder has failed to report interest or dividends 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 Fund (or its administrative agent) must report to the IRS and furnish to fund shareholders the cost basis for fund shares purchased on or after January 1, 2012 ("covered shares") when such shares are subsequently redeemed, exchanged or otherwise sold and whether covered shares had a short-term or long-term holding period. In addition, the Fund is required to report the gross proceeds from the sale of all Fund shares (whether or not they 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, the Fund will use its default cost basis method. 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. The cost basis method elected or applied may generally not be changed after the settlement date of a sale of Fund shares. Fund shareholders should consult with their tax advisers concerning the most desirable IRS-accepted cost basis method for their tax situation.

**Reportable Transactions**

If an individual shareholder recognizes a loss with respect to Fund shares of $2 million or more or a corporate shareholder recognizes a loss of $10 million or more in any single taxable year (or twice such amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. A shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper.

**Foreign Accounts**

Under the Foreign Account Tax Compliance Act (or "FATCA"), foreign financial institutions as defined by FATCA ("FFIs") or non-financial foreign entities as defined by FATCA ("NFFEs") that are shareholders of the Fund may be subject to a 30% withholding tax on: (1) income dividends paid by the Fund, and (2) certain capital gain distributions and the proceeds of a sale of Fund shares paid. The FATCA withholding tax generally may be avoided: (a) by an FFI, if it reports certain direct and indirect ownership of foreign financial accounts held by U.S. persons with the FFI, and (b) by an NFFE, if it: (i) certifies that is has no substantial U.S. persons as owners or (ii) reports information relating to them to the withholding agent (which may be the Fund). The U.S. Treasury has negotiated intergovernmental agreements (each, an "IGA") with certain countries and is in various stages of negotiations with other foreign countries with respect to one or more alternative approaches to implement FATCA. An entity in one of those countries may be required to comply with the terms of an IGA and applicable local law instead of U.S. Treasury regulations.

An FFI can avoid FATCA withholding by becoming a "participating FFI," which requires the FFI to enter into a tax compliance agreement with the IRS under section 1471(b) of the Code under which it agrees to verify, report and disclose certain of its U.S. accountholders and provided that such entity meets certain other specified requirements. The FFI will report to the IRS, or, depending on the FFI's country of residence, to the government of that country (pursuant to the terms and conditions of an applicable IGA and applicable law), which will, in turn, report to the IRS. An FFI that is resident in a country that has entered into an IGA with the U.S. to implement FATCA will be exempt from FATCA withholding provided that the FFI shareholder and the applicable foreign government comply with the terms of such agreement.

An NFFE that is the beneficial owner of a payment from the Fund can avoid FATCA withholding generally by certifying that it does not have any substantial U.S. owners or by providing the name, address and taxpayer identification number of each substantial U.S. owner. The NFFE will report to the Fund or other applicable withholding agent, which will, in turn, report information to the IRS.

Such foreign shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by U.S. Treasury regulations, IGAs, and other guidance regarding FATCA. An FFI or NFFE that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. The requirements imposed by FATCA are different from, and in addition to, the U.S. certification rules to avoid backup withholding described above.

**Other Tax Matters**

Special tax rules apply to investments through defined contribution plans and other tax-qualified plans, as and to investments made 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 or by such entities and the precise effect that investment in the Fund would have on their particular tax situation.

The foregoing discussion relates solely to U.S. federal income tax law. Dividends and distributions also 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. Foreign investors should consult their tax advisers concerning the U.S. federal income tax consequences of ownership of shares of the Fund, including the certification and filing requirements imposed on foreign investors in order to qualify for exemption from the backup withholding tax rates (or a reduced rate of withholding provided by treaty and the potential applicability of the U.S. estate tax).

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.

**DESCRIPTION OF THE TRUST**

The Trust was organized as a Delaware business trust on January 12, 2012 and consists of multiple separate portfolios or series. The Board may establish additional series in the future. The capitalization of the Trust consists solely of an unlimited number of shares of beneficial interest with no par value.

The Trust consists of multiple separate portfolios or series. When certain matters affect one fund but not another, the shareholders vote as a fund regarding such matters. Subject to the foregoing, on any matter submitted to a vote of shareholders, all shares then entitled to vote will be voted separately by the fund unless otherwise required by the 1940 Act, in which case all shares will be voted in the aggregate. For example, a change in a fund's fundamental investment policies would be voted upon only by shareholders of the fund. Additionally, approvals of Investment Advisory Contracts are matters to be determined separately by the fund.

Approval by the shareholders of one fund is effective as to that fund whether or not sufficient votes are received from the shareholders of the other fund to approve the proposal as to that fund. The term "majority," when referring to approvals to be obtained from shareholders of a fund means the vote of the lesser of (i) 67% of the shares of the fund or class represented at a meeting if the holder of more than 50% of the outstanding shares of the fund or class are present in person or by proxy, or (ii) more than 50% of the outstanding shares of the fund. The term "majority," when referring to the approvals to be obtained from shareholders of the Trust as a whole means the vote of the lesser of (i) 67% of the Trust's shares represented at a meeting if the holders of more than 50% of the Trust's outstanding shares are present in person or proxy, or (ii) more than 50% of the Trust's outstanding shares. Shareholders are entitled to one vote for each full share held and fractional votes for fractional shares held.

The Trust is not required to hold regular annual meetings of a fund's shareholders and does not intend to do so. However, the Trust undertakes to hold a special meeting of its shareholders if the purpose of voting on the question of removal of a director or trustees is requested in writing by the holders of at least 10% of the Trust's outstanding voting securities, and to assist in communicating with other shareholders as required by Section 16(c) of the 1940 Act. The Declaration of Trust provides that the holders of not less than two-thirds of the outstanding shares of the Trust may remove a person serving as Trustee either by declaration in writing or at a meeting called for such purpose.

Each share of the Fund represents an equal proportional interest in the Fund with each other share and is entitled to such dividends and distributions out of the income earned on the assets belonging to the Fund as are declared in the discretion of the Trustees. In the event of the liquidation or dissolution of the Trust, shareholders of the Fund are entitled to receive the assets attributable to the Fund that are available for distribution, and a distribution of any general assets of the Trust not attributable to the Fund that are available for distribution in such manner and on such basis as the Trustees in their sole discretion may determine.

Shareholders are not entitled to any preemptive rights. All shares, when issued, will be fully paid and non-assessable by the Trust.

Under Delaware law, shareholders could, under certain circumstances, be held personally liable for the obligations of a series of the Trust but only to the extent of the shareholder's investment in such series. However, the Declaration of Trust disclaims liability of the shareholders, Trustees or officers of the Trust for acts or obligations of the Trust, which are binding only on the assets and property of each series of the Trust and requires that notice of the disclaimer be given in each contract or obligations entered into or executed by the Trust or the Trustees. The risk of a shareholder incurring financial loss on account of shareholder liability is limited to circumstances in which the Trust itself would be unable to meet its obligations and should be considered remote and is limited to the amount of the shareholder's investment in the Fund.

**OTHER INFORMATION ABOUT THE FUND**

*Custodian.* State Street serves as the custodian for the Fund and is located at One Lincoln Street, Boston, MA 02111. As such, the Custodian holds in safekeeping certificated securities and cash belonging to the Fund and, in such capacity, is the registered owner of securities in book-entry form belonging to the Fund. Upon instruction, the Custodian receives and delivers cash and securities of the Fund in connection with Fund transactions and collects all dividends and other distributions made with respect to Fund portfolio securities. The Custodian also maintains certain accounts and records of the Fund. Sub-custodians provide custodial services for any foreign assets held outside of the United States.

*Transfer Agent.* ALPS, pursuant to a Transfer Agency and Service Agreement, serves as transfer agent for the Fund. As Transfer Agent, ALPS has, among other things, agreed to (i) issue and redeem shares of the Fund; (ii) make dividend and other distributions to shareholders of the Fund; (iii) effect transfers of shares; (iv) mail communications to shareholders of the Fund, including account statements, confirmations, and dividend and distribution notices; (v) facilitate the electronic delivery of shareholder statements and reports; and (vi) maintain shareholder accounts. Under the Transfer Agency and Service Agreement, ALPS receives from the Trust on behalf of the Fund an annual minimum fee and a fee based upon the number of shareholder accounts and is also reimbursed for out-of-pocket expenses. As described above, ALPS is an affiliate of the Distributor.

*Independent Registered Public Accounting Firm.* Cohen & Company, Ltd., located at 1350 Euclid Ave., Suite 800, Cleveland, Ohio 44115 ("Cohen") serves as the Trust's independent registered public accounting firm. Cohen provides audit services, tax return review and assistance.

*Counsel.* Davis Graham & Stubbs LLP serves as counsel to the Trust and is located at 1550 17th Street, Suite 500, Denver, Colorado 80202. Thompson Hine LLP serves as counsel to the Independent Trustees and is located at 41 South High Street, Columbus, Ohio 43215.

**PERFORMANCE INFORMATION**

*Yield and Total Return.* The Fund may from time to time include the yield and/or total return of its shares in advertisements or information in advertisements or information furnished to present or prospective shareholders.

The Fund's yield will vary from time to time depending upon market conditions, the composition of its portfolios and operating expenses of the Trust allocated to the Fund. These factors, possible differences in the methods used in calculating yield, and the tax exempt status of distributions, should be considered when comparing the Fund's yield to yields published for other investment companies and other investment vehicles. Yield should also be considered relative to changes in the value of the Fund's shares and to the relative risks associated with the investment objectives and policies of the Fund.

At any time in the future, yields and total return may be higher or lower than past yields and there can be no assurance that any historical results will continue.

Investors in the Fund are specifically advised that share prices, expressed as the net asset value per share, will vary just as yield will vary. An investor's focus on the yield of the Fund to the exclusion of the consideration of the share price of the Fund may result in the investor's misunderstanding the total return he or she may derive from the Fund.

**FINANCIAL STATEMENTS**

As of the date of this SAI, the Fund has not commenced operations. When available, you can obtain copies of the Fund's Annual Report and Semi-Annual Report at no charge by writing or telephoning the Fund at the address or number on the front page of this SAI.

**APPENDIX A**

**DESCRIPTION OF SECURITIES RATINGS**

The Fund may make use of average portfolio credit quality standards to assist institutional investors whose own investment guidelines limit their investments accordingly. In determining the Fund's overall dollar-weighted average quality, unrated securities are treated as if rated, based on the adviser's view of their comparability to rated securities. The Fund's use of average quality criteria is intended to be a guide for those investors whose investment guidelines require that assets be invested according to comparable criteria. Reference to an overall average quality rating for the Fund does not mean that all securities held by the Fund will be rated in that category or higher. The Fund's investments may range in quality from securities rated in the lowest category in which the Fund is permitted to invest to securities rated in the highest category (as rated by Moody's, S&P or Fitch or, if unrated, determined by the adviser to be of comparable quality). The percentage of the Fund's assets invested in securities in a particular rating category will vary. Following is a description of Moody's, S&P's and Fitch's ratings applicable to fixed-income securities.

**Moody's Investors Service, Inc.**

**Corporate and Municipal Bond Ratings**

Aaa: Bonds which are rated Aaa are judged to be of the best quality. They carry the smallest degree of investment risk and are generally referred to as "gilt edge." Interest payments are protected by a large or by an exceptionally stable margin and principal is secure. While the various protective elements are likely to change, such changes as can be visualized are most unlikely to impair the fundamentally strong position of such issues.

Aa: Bonds which are rated Aa are judged to be of high quality by all standards. Together with the Aaa group they comprise what are generally known as high-grade bonds. They are rated lower than the best bonds because margins of protection may not be as large as in Aaa securities or fluctuation of protective elements may be of greater amplitude or there may be other elements present that make the long-term risks appear somewhat larger than with Aaa securities.

A: Bonds which are rated A possess many favorable investment attributes and are to be considered as upper-medium-grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present that suggest a susceptibility to impairment sometime in the future.

Baa: Bonds which are rated Baa are considered as medium-grade obligations (i.e., they are neither highly protected nor poorly secured), interest payments and principal security appear adequate for the present but certain protective elements may be lacking or may be characteristically unreliable over any great length of time. Such bonds lack outstanding investment characteristics and in fact have speculative characteristics as well.

Ba: Bonds which are rated Ba are judged to have speculative elements; their future cannot be considered as well-assured. Often the protection of interest and principal payments may be very moderate and thereby not well safeguarded during both good and bad times over the future. Uncertainty of position characterizes bonds in this class.

B: Bonds which are rated B generally lack characteristics of a desirable investment. Assurance of interest and principal payments or of maintenance of other terms of the contract over any long period of time may be small.

Caa: Bonds which are rated Caa are of poor standing. Such issues may be in default or there may be present elements of danger with respect to principal or interest.

Ca: Bonds which are rated Ca represent obligations which are speculative in a high degree. Such issues are often in default or have other marked shortcomings.

C: Bonds which are rated C are the lowest rated class of bonds and issues so rated can be regarded as having extremely poor prospects of ever attaining any real investment standing.

Moody's bond ratings, where specified, are applicable to financial contracts, senior bank obligations and insurance company senior policyholder and claims obligations with an original maturity in excess of one year. Obligations relying upon support mechanisms such as letter-of-credit and bonds of indemnity are excluded unless explicitly rated. Obligations of a branch of a bank are considered to be domiciled in the country in which the branch is located.

Unless noted as an exception, Moody's rating on a bank's ability to repay senior obligations extends only to branches located in countries which carry a Moody's Sovereign Rating for Bank Deposits. Such branch obligations are rated at the lower of the bank's rating or Moody's Sovereign Rating for the Bank Deposits for the country in which the branch is located. When the currency in which an obligation is denominated is not the same as the currency of the country in which the obligation is domiciled, Moody's ratings do not incorporate an opinion as to whether payment of the obligation will be affected by the actions of the government controlling the currency of denomination. In addition, risk associated with bilateral conflicts between an investor's home country and cither the issuer's home country or the country where an issuer branch is located are not incorporated into Moody's ratings.

Moody's makes no representation that rated bank obligations or insurance company obligations are exempt from registration under the Securities Act or issued in conformity with any other applicable law or regulation. Nor does Moody's represent that any specific bank or insurance company obligation is legally enforceable or a valid senior obligation of a rated issuer.

Moody's applies numerical modifiers, 1, 2, and 3 in each generic rating classified from Aa through Caa in its corporate bond rating system. The modifier 1 indicates that the security ranks in the higher end of its generic rating category; the modifier 2 indicates a mid-range ranking; and the modifier 3 indicates that the issue ranks in the lower end of its generic rating category.

**Corporate Short-Term Debt Ratings**

Moody's short-term debt ratings are opinions of the ability of issuers to repay punctually senior debt obligations. These obligations have an original maturity not exceeding one year, unless explicitly noted.

Moody's employs the following three designations, all judged to be investment-grade, to indicate the relative repayment ability of rated issuers:

PRIME-1: Issuers rated Prime-1 (or supporting institutions) have a superior ability for repayment of senior short-term debt obligations. Prime-1 repayment ability will often be evidenced by many of the following characteristics: leading market positions in well-established industries; high rates of return on funds employed: conservative capitalization structure with moderate reliance on debt and ample asset protection; broad margins in earnings coverage of fixed financial charges and high internal cash generation; and well-established access to a range of financial markets and assured sources of alternate liquidity.

PRIME-2: Issuers rated Prime-2 (or supporting institutions) have a strong ability for repayment of senior short-term debt obligations. This will normally be evidenced by many of the characteristics cited above but to a lesser degree. Earnings trends and coverage ratios, while sound, may be more subject to variation. Capitalization characteristics, while still appropriate, may be more affected by external conditions. Ample alternate liquidity is maintained.

PRIME-3: Issuers rated Prime-3 (or supporting institutions) have an acceptable ability for repayment of senior short-term obligations. The effect of industry characteristics and market compositions may be more pronounced. Variability in earnings and profitability may result in changes in the level of debt protection measurements and may require relatively high financial leverage. Adequate alternate liquidity is maintained.

NOT PRIME: Issuers rated Not Prime do not fall within any of the Prime rating categories.

**Standard & Poor's Ratings Services**

**Issue Credit Rating Definitions**

A Standard & Poor's issue credit rating is a current opinion of the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The issue credit rating is not a recommendation to purchase, sell, or hold a financial obligation, inasmuch as it does not comment as to market price or suitability for a particular investor.

Issue credit ratings are based on current information furnished by the obligors or obtained by Standard & Poor's from other sources it considers reliable. Standard & Poor's does not perform an audit in connection with any credit rating and may, on occasion, rely on unaudited financial information. Credit ratings may be changed, suspended, or withdrawn as a result of changes in, or unavailability of, such information, or based on other circumstances.

Issue credit ratings can be either long-term or short-term. Short-term ratings are generally assigned to those obligations considered short term in the relevant market. In the U.S., for example, that means obligations with an original maturity of no more than 365 days, including commercial paper. Short-term ratings are also used to indicate the creditworthiness of an obligor with respect to put features on long-term obligations. The result is a dual rating, in which the short-term rating addresses the put feature, in addition to the usual long-term rating. Medium-term notes are assigned long-term ratings.

Issue credit ratings are based, in varying degrees, on 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; nature of and provisions of the obligation; and 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.

The issue rating definitions are expressed in terms of default risk. As such, they pertain to senior obligations of an entity. Junior obligations are typically rated lower than senior obligations, to reflect the lower priority in bankruptcy, as noted above. (Such differentiation applies when an entity has both senior and subordinated obligations, secured and unsecured obligations, or operating company and holding company obligations.) Accordingly, in the case of junior debt the rating may not conform exactly with the category definition.

**Corporate and Municipal Bond Ratings**

***Investment-grade***

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 in 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 'BBS' 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.

***Speculative Grade***

Obligations rated 'BB', 'B', 'CCC', 'CC' and 'C' are regarded as having predominantly speculative characteristics with respect to capacity to pay interest and repay principal. BB indicates the least degree of speculation and C the highest. While such debt will likely have some quality and protective characteristics, these are 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.

C: A subordinated debt or preferred stock obligation rated 'C' is currently highly vulnerable to nonpayment. The 'C' rating may be used to cover a situation where a bankruptcy petition has been filed or similar action taken, but payments on this obligation are being continued. A 'C' also will be assigned to a preferred stock issue in arrears on dividends or sinking fund payments, but that is currently paying.

D: An obligation rated 'D' is in payment default. The 'D' rating category is used when payments on an obligation are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor's believes that such payments will be made during such grace period. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

Plus (+) or Minus (-): 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.

Provisional ratings: The letter "p" indicates that the rating is provisional. A provisional rating assumes the successful completion of the project being financed by the debt being rated and indicates that payment of debt service requirements is largely or entirely dependent upon the successful and timely completion of the project. This rating, however, while addressing credit quality subsequent to completion of the project, makes no comment on the likelihood of, or the risk of default upon failure of, such completion. The investor should exercise his own judgment with respect to such likelihood and risk.

r: This symbol is attached to the ratings of instruments with significant noncredit risks. It highlights risks to principal or volatility of expected returns which are not addressed in the credit rating. Examples include: obligations linked or indexed to equities, currencies, or commodities; obligations exposed to severe prepayment risk - such as interest-only or principal-only mortgage securities; and obligations with unusually risky interest terms, such as inverse floaters.

The absence of an "r" symbol should not be taken as an indication that an obligation will exhibit no volatility or variability in total return.

N.R.: This indicates that no rating has been requested, 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.

Debt obligations of issuers outside the United States and its territories are rated on the same basis as domestic corporate and municipal issues. The ratings measure the creditworthiness of the obligor but do not take into account currency exchange and related uncertainties.

**Commercial Paper Rating Definitions**

A Standard & Poor's commercial paper rating is a current assessment of the likelihood of timely payment of debt having an original maturity of no more than 365 days. Ratings are graded into several categories, ranging from A for the highest quality obligations to D for the lowest. These categories are as follows:

A-1: A short-term obligation rated 'A-1' is rated in the highest category by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor's capacity to meet its financial commitment on these obligations is extremely strong.

A-2: A short-term obligation rated 'A-2' is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor's capacity to meet its financial commitment on the obligation is satisfactory.

A-3: A short-term obligation rated 'A-3' 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.

B: A short-term obligation rated 'B' is regarded as having significant speculative characteristics. The obligor currently has the capacity to meet its financial commitment on the obligation; however, it faces major ongoing uncertainties which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

C: A short-term obligation rated 'C' 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.

D: A short-term obligation rated 'D' is in payment default. The 'D' rating category is used when payments on an obligation are not made on the date due even if the applicable grace period has not expired, unless Standard & Poor's believes that such payments will be made during such grace period. The 'D' rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action if payments on an obligation are jeopardized.

A commercial paper rating is not a recommendation to purchase, sell or hold a security inasmuch as it does not comment as to market price or suitability for a particular investor. The ratings are based on current information furnished to Standard & Poor's by the issuer or obtained from other sources it considers reliable. Standard & Poor's does not perform an audit in connection with any rating and may, on occasion, rely on unaudited financial information. The ratings may be changed, suspended, or withdrawn as a result of changes in or unavailability of such information.

**Fitch Investor Services, Inc.**

**Credit Ratings**

Fitch's credit ratings provide an opinion on the relative ability of an entity to meet financial commitments, such as interest, preferred dividends, repayment of principal, insurance claims or counterparty obligations. Credit ratings are used by investors as indications of the likelihood of receiving their money back in accordance with the terms on which they invested. Fitch's credit ratings cover the global spectrum of corporate, sovereign (including supranational and sub-national), financial, bank, insurance, municipal and other public finance entities and the securities or other obligations they issue, as well as structured finance securities backed by receivables or other financial assets.

The use of credit ratings defines their function: "investment grade" ratings (international Long-term 'AAA' to 'BBB-' categories; Short-term 'F1' to 'F3') indicate relatively low to moderate credit risk, while those in the "speculative" or "non-investment grade" categories (international Long-term 'BB+' to 'D'; Short-term 'B' to 'D') either signal a higher level of credit risk or that a default has already occurred. Credit ratings express risk in relative rank order, which is to say they are ordinal measures of credit risk and are not predictive of a specific frequency of default or loss.

Depending on their application, credit ratings address benchmark measures of probability of default as well relative expectations of loss given default. For example, issuers are typically assigned Issuer Default Ratings that are relative measures of default probability. Similarly, short-term credit ratings give primary consideration to the likelihood that obligations will be met on a timely basis. Securities, however, are rated taking into consideration probability of default and loss given default. As a result, for entities such as corporations security ratings may be rated higher, lower or the same as the issuer rating to reflect expectations of the security's relative recovery prospects, as well as differences in ability and willingness to pay. While recovery analysis plays an important role throughout the ratings scale, it becomes a more critical consideration for below investment-grade securities and obligations, particularly at the lower end of the non-investment-grade ratings scale where Fitch often publishes actual Recovery Ratings that are complementary to the credit ratings.

Structured finance ratings typically are assigned to each individual security or tranche in a transaction, and not to an issuer. Each structured finance tranche is rated on the basis of various stress scenarios in combination with its relative seniority, prioritization of cash flows and other structural mechanisms.

**International Long-Term Credit Ratings**

International Long-Term Credit Ratings (LTCR) may also be referred to as Long-Term Ratings. When assigned to most issuers, it is used as a benchmark measure of probability of default and is formally described as an Issuer Default Rating (IDR). The major exception is within Public Finance, where IDRs will not be assigned as market convention has always focused on timeliness and does not draw analytical distinctions between issuers and their underlying obligations. When applied to issues or securities, the LTCR may be higher or lower than the issuer rating (IDR) to reflect relative differences in recovery expectations.

The following rating scale applies to foreign currency and local currency ratings:

***Investment Grade***

**AAA**

Highest credit quality. 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in case 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 credit 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 credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to changes in circumstances or in economic conditions than is the case for higher ratings.

**BBB**

Good credit quality. 'BBB' ratings indicate that there is currently expectations of low credit risk. The capacity for payment of financial commitments is considered adequate but adverse changes in circumstances and economic conditions are more likely to impair this capacity. This is the lowest investment grade category.

***Speculative Grade***

**BB**

**Speculative**

'BB' ratings indicate that there is a possibility of credit risk developing, particularly as the result of adverse economic change over time; however, business or financial alternatives may be available to allow financial commitments to be met. Securities rated in this category are not investment grade.

**B**

**Highly speculative**

For issuers and performing obligations, 'B' ratings indicate that significant credit risk is present, but a limited margin of safety remains. Financial commitments are currently being met; however, capacity for continued payment is contingent upon a sustained, favorable business and economic environment.

For individual obligations, may indicate distressed or defaulted obligations with potential for extremely high recoveries. Such obligations would possess a Recovery Rating of 'R1' (outstanding).

**CCC**

For issuers and performing obligations, default is a real possibility. Capacity for meeting financial commitments is solely reliant upon sustained, favorable business or economic conditions.

For individual obligations, may indicate distressed or defaulted obligations with potential for average to superior levels of recovery. Differences in credit quality may be denoted by plus/minus distinctions. Such obligations typically would possess a Recovery Rating of 'R2' (superior), or 'R3' (good) or 'R4' (average).

**CC**

For issuers and performing obligations, default of some kind appears probable.

For individual obligations, may indicate distressed or defaulted obligations with a Recovery Rating of 'R4' (average) or 'R5' (below average).

**C**

For issuers and performing obligations, default is imminent.

For individual obligations, may indicate distressed or defaulted obligations with potential for below-average to poor recoveries. Such obligations would possess a Recovery Rating of 'R6' (poor).

**RD**

Indicates an entity that has failed to make due payments (within the applicable grace period) on some but not all material financial obligations, but continues to honor other classes of obligations.

**D**

Indicates an entity or sovereign that has defaulted on all of its financial obligations. Default generally is defined as one of the following:

● failure of an obligor to make timely payment of principal and/or interest under the contractual terms of any financial obligation;

● the bankruptcy filings, administration, receivership, liquidation or other winding-up or cessation of business of an obligor; or

● the distressed or other coercive exchange of an obligation, where creditors were offered securities with diminished structural or economic terms compared with the existing obligation.

Default ratings are not assigned prospectively; within this context, non-payment on an instrument that contains a deferral feature or grace period will not be considered a default until after the expiration of the deferral or grace period.

Issuers will be rated 'D' upon a default. Defaulted and distressed obligations typically are rated along the continuum of 'C' to 'B' ratings categories, depending upon their recovery prospects and other relevant characteristics. Additionally, in structured finance transactions, where analysis indicates that an instrument is irrevocably impaired such that it is not expected to meet 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 may be rated in the 'B' or 'CCC-C' categories.

Default is determined by reference to the terms of the obligations' documentation. Fitch will assign default ratings where it has reasonably determined that payment has not been made on a material obligation in accordance with the requirements of the obligation's documentation, or where it believes that default ratings consistent with Fitch's published definition of default are the most appropriate ratings to assign.

**International Short-Term Credit Ratings**

The following ratings scale applies to foreign currency and local currency ratings. A Short-term rating has a time horizon of less than 13 months for most obligations, or up to three years for US public finance, in line with industry standards, to reflect unique risk characteristics of bond, tax, and revenue anticipation notes that are commonly issued with terms up to three years. Short-term ratings thus place greater emphasis on the liquidity necessary to meet financial commitments in a timely manner.

**F1**

Highest credit quality. Indicates the strongest capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

**F2**

Good credit quality. A satisfactory capacity for timely payment of financial commitments, but the margin of safety is not as great as in the case of the higher ratings.

**F3**

Fair credit quality. The capacity for timely payment of financial commitments is adequate; however, near term adverse changes could result in a reduction to non-investment grade.

**B**

Speculative. Minimal capacity for timely payment of financial commitments, plus vulnerability to near term adverse changes in financial and economic conditions.

**C**

High default risk. Default is a real possibility. Capacity for meeting financial commitments is solely reliant upon a sustained, favorable business and economic environment.

**RD**

Indicates an entity that has defaulted on one or more of its financial commitments, although it continues to meet other obligations.

**D**

Indicates an entity or sovereign that has defaulted on all of its financial obligations.

**Notes to International Long-Term and Short-Term ratings:**

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, to categories below 'CCC' or to Short-term ratings other than 'Fl'. (The +/- modifiers are only used to denote issues within the CCC category, whereas issuers are only rated CCC without the use of modifiers.)

Rating Watch: Ratings are placed on Rating Watch to notify investors that there is a reasonable probability of a rating change and the likely direction of such change. These are designated as "Positive," indicating a potential upgrade, "Negative," for a potential downgrade, or "Evolving," if ratings may be raised, lowered or maintained. Rating Watch is typically resolved over a relatively short period.

Rating Outlook: An Outlook indicates the direction a rating is likely to move over a one to two-year period. Outlooks may be positive, stable or negative. A positive or negative Rating Outlook does not imply a rating change is inevitable. Similarly, ratings for which outlooks are "stable" could be upgraded or downgraded before an outlook moves to positive or negative if circumstances warrant such an action. Occasionally, Fitch Ratings may be unable to identify the fundamental trend. In these cases, the Rating Outlook may be described as evolving.

Program ratings (such as those assigned to MTN shelf registrations) relate only to standard issues made under the program concerned: it should not be assumed that these ratings apply to every issue made under the program. In particular, in the case of non-standard issues, i.e. those that are linked to the credit of a third party or linked to the performance of an index, ratings of these issues may deviate from the applicable program rating.

Variable rate demand obligations and other securities which contain a short-term "put" or other similar demand feature will have a dual rating, such as AAA/F1+. The first rating reflects the ability to meet long-term principal and interest payments, whereas the second rating reflects the ability to honor the demand feature in full and on time.

**Interest Only**

Interest Only ratings are assigned to interest strips. These ratings do not address the possibility that a security holder might fail to recover some or all of its initial investment due to voluntary or involuntary principal repayments.

**Principal Only**

Principal Only ratings address the likelihood that a security holder will receive their initial principal investment either before or by the scheduled maturity date.

**Rate of Return**

Ratings also may be assigned to gauge the likelihood of an investor receiving a certain predetermined internal rate of return without regard to the precise timing of any cash flows.

**'PIF'**

Paid-in-Full: denotes a security that is paid-in-full, matured, called, or refinanced.

'NR' indicates that Fitch Ratings does not rate the issuer or issue in question.

'Withdrawn': A rating is withdrawn when Fitch Ratings deems the amount of information available to be inadequate for rating purposes, or when an obligation matures, is called, or refinanced, or for any other reason Fitch Ratings deems sufficient.

**APPENDIX B**

**ALPS SERIES TRUST**

**PROXY VOTING POLICIES AND PROCEDURES**

The Trust has adopted a Proxy Voting Policy used to determine how the Fund votes proxies relating to its portfolio securities. Under the Trust's Proxy Voting Policy, the Fund has, subject to the oversight of the Trust's Board, delegated to the Adviser the following duties: (1) to make the proxy voting decisions for the Fund, subject to the exceptions described below; and (2) to assist the Fund in disclosing its proxy voting record as required by Rule 30b1-4 under the 1940 Act.

In cases where a matter with respect to which the Fund was entitled to vote presents a conflict between the interest of the Fund's shareholders, on the one hand, and those of the Fund's Adviser, principal underwriter or an affiliated person of the Fund, its Adviser, or principal underwriter, on the other hand, the Fund shall always vote in the best interest of the Fund's shareholders. For purposes of this Policy, a vote shall be considered in the best interest of the Fund's shareholders when a vote is cast consistent with a specific voting policy as set forth in the Adviser's Proxy Voting Policy (described below), provided such specific voting policy was approved by the Board.

The Fund CCO shall ensure that the Adviser has adopted a Proxy Voting Policy, which it uses to vote proxies for its clients, including the Fund.

**General**

The Trust and the Fund believe that the voting of proxies is an important part of portfolio management as it represents an opportunity for shareholders to make their voices heard and to influence the direction of a company. The Trust and the Fund are committed to voting corporate proxies in the manner that best serves the interests of the Fund's shareholders.

**Delegation to the Adviser**

The Trust believes that the Adviser is in the best position to make individual voting decisions for the Fund consistent with this Policy. Therefore, subject to the oversight of the Board, the Adviser is hereby delegated the following duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to make the proxy voting decisions for the Fund, in accordance with the Adviser's Proxy Voting Policy, except as provided herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to assist the Fund in disclosing their respective proxy voting record as required by Rule 30b1-4 under the 1940 Act, including providing the following information for each matter with respect to which the Fund is entitled to vote: (a) information identifying the matter voted on; (b) whether the matter was proposed by the issuer or by a security holder; (c) whether and how the Fund cast its vote; and (d) whether the Fund cast its vote for or against management.

The Board, including a majority of the independent trustees of the Board, must approve the Adviser's Proxy Voting and Disclosure Policy (the "Adviser Voting Policy") as it relates to the Fund. The Board must also approve any material changes to the Adviser Voting Policy no later than six (6) months after adoption by the Adviser.

**Conflicts**

In cases where a matter with respect to which the Fund was entitled to vote presents a conflict between the interest of the Fund's shareholders, on the one hand, and those of the Fund's Adviser, principal underwriter, or an affiliated person of the Fund, its Adviser, or principal underwriter, on the other hand, the Fund shall always vote in the best interest of the Fund's shareholders. For purposes of this Policy, a vote shall be considered in the best interest of the Fund's shareholders when a vote is cast consistent with the specific voting policy as set forth in the Adviser Voting Policy, provided such specific voting policy was approved by the Board.

**BRIGADE CAPITAL MANAGEMENT, LP**

**SUMMARY OF PROXY VOTING POLICIES AND PROCEDURES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**  **<u>Proxy Voting Procedures</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;(a) All proxies sent
 to advisory clients that are actually received by the Adviser (to vote on behalf of such advisory clients) will be provided
 to the Adviser's corporate actions team (the "Corporate Actions Team").

(b) The Corporate Actions
 Team will generally adhere to the following procedures (subject to limited exception):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. A written record
 of each proxy received by the Adviser (on behalf of the advisory clients) will be kept in the Adviser's files;

2. The Corporate Actions
 Team will determine which of the advisory clients hold the security to which the proxy relates;

3. The Corporate Actions
 Team will consult with a majority of (which may be via telephone, in person or email) the Adviser's Chief Investment
 Officer, Senior Vice President, Finance/Chief Administrative Officer, Chief Operating Officer/General Counsel/Chief Compliance
 Officer and the respective analyst that is responsible for the security (together with the Chief Compliance Officer, collectively
 referred to as "Proxy Voting Committee") and provide each member of the Proxy Voting Committee with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a copy of the proxy;

(2) a list of the advisory
 clients to which the proxy is relevant;

(3) the amount of votes
 controlled by each advisory client; and

(4) the deadline that
 such proxies need to be completed and returned to the advisory client in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Prior to voting
 any proxies, the Proxy Voting Committee will determine if there are any conflicts of interest related to the proxy in question
 in accordance with the general guidelines in the **Section 2 below**. If a conflict is identified, the Proxy Voting
 Committee will then make a determination (which may be in consultation with outside legal counsel) as to whether the conflict
 is material or not.

5. If no material conflict
 is identified pursuant to these procedures, the Proxy Voting Committee will make a decision on how to vote the proxy in question
 in accordance with the guidelines set forth in **Section 3 below**. The Chief Compliance Officer, or his designee,
 will deliver the proxy in accordance with instructions related to such proxy in a timely and appropriate manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. Although not presently
 intended to be used on a regular basis, the Adviser is empowered to retain an independent third party to vote proxies in certain
 situations (including situations where a material conflict of interest is identified).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)**  **<u>Handling of Conflicts of Interest</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;(a) As stated above,
 in evaluating how to vote a proxy, the Proxy Voting Committee will first determine whether there is a conflict of interest
 related to the proxy in question between the Adviser and the relevant advisory clients. This examination will include (but
 will not be limited to) an evaluation of whether the Adviser (or any affiliate of the Adviser) has any relationship with the
 company (or an affiliate of the company) to which the proxy relates outside an investment in such company by an advisory client
 managed by the Adviser.

(b) If a conflict is
 identified and deemed "material" by the Proxy Voting Committee, the Adviser will determine whether voting in accordance
 with the proxy voting guidelines outlined in **Section 3 below** is in the best interests of affected advisory clients
 (which may include utilizing an independent third party to vote such proxies).

(c) With respect to
 material conflicts, the Adviser will determine whether it is appropriate to disclose the conflict to affected clients and
 give investors or trustees the opportunity to vote the proxies in question themselves except that if the advisory client is
 subject to the requirements of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"), and
 an ERISA Investor has, in writing, reserved the right to vote proxies when the Adviser has determined that a material conflict
 exists that does affect its best judgment as a fiduciary to the advisory client, the Adviser will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Give the ERISA Investor
 the opportunity to vote the proxies in question himself or herself; or

(ii) Follow designated
 special proxy voting procedures related to voting proxies pursuant to the terms of the written agreements with such ERISA
 Investor (if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)**  **<u>Voting Guidelines</u>** 

In the absence of specific voting guidelines mandated by a particular investor, the Adviser will endeavor to vote proxies in the best interests of each advisory client, which may result in different voting results for proxies for the same issuer. The Adviser believes that voting proxies in accordance with the following guidelines is in the best interests of its advisory clients.

Generally, the Adviser will vote in favor of routine corporate housekeeping proposals, including election of directors (where no corporate governance issues are implicated), selection of auditors, and increases in or reclassification of common stock.

Where applicable and material, the Adviser will consider the ESG voting guidance from a third-party source such as ISS, in addition to the Adviser's internal research, to make its own decision regarding active votes for ESG-related proposals put forward by the companies in which the Adviser invests. Ultimately, ESG considerations inform the Adviser's decision making, but this is one of many qualitative and quantitative inputs, and not a primary objective.

For other proposals, the Adviser shall determine whether a proposal is in the best interests of its advisory clients and may take into account the following factors, among others:

● whether the proposal was recommended by management and the Adviser's opinion of management;

● whether the proposal acts to entrench existing management and directors; and

● whether the proposal fairly compensates management for past and future performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(3)**  **<u>Disclosure of Procedures</u>** 

Employees should note that a brief summary of these proxy voting procedures will be included in the Adviser's Form ADV Part 2A and will be updated whenever these policies and procedures are updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)**  **<u>Proxy Voting Issues Related to Registered Investment Companies</u>** 

On or about July 1 of each year, the Adviser may need to supply certain proxy voting records to certain of its Registered Investment Company clients for which it serves as a sub-adviser. In accordance with the **Registered Investment Company Requirements Section** provided below, the Adviser will: (i) provide relevant proxy voting records to the Registered Investment Company prior to the stated deadline; (ii) review the draft Form N-PX, as prepared and provided by the Registered Investment Company; and (iii) provide a written certification related to the proxy records provided by the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)**  **<u>Record-keeping Requirements</u>** 

The Chief Compliance Officer, or his designee, will be responsible for maintaining files relating to the Adviser's proxy voting procedures. Under the services contract between the Adviser and ISS, ISS will maintain most of the Adviser's proxy-voting records. Records will be maintained and preserved for five years (certain of which are generally maintained through ISS) from the end of the fiscal year during which the last entry was made on a record, with records for the first two (2) years kept in the offices of the Adviser and/or ISS. Records of the following will be included in the files:

&nbsp;&nbsp;&nbsp;&nbsp;&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) Copies of these
 proxy voting policies and procedures, and any 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;(e) A copy of each proxy
 statement that the Adviser actually receives; provided, however, that the Adviser may rely on obtaining a copy of proxy statements
 from the SEC's EDGAR system for those proxy statements that are so available;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) A record of each
 vote that the Adviser casts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) A copy of any document
 that the Adviser created that was material to making a decision on how to vote the proxies, or memorializes that decision
 (if any); 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;(h) A copy of each written
 request for information on how the Adviser voted proxies of an advisory client and a copy of any written response to any request
 for information on how the Adviser voted proxies on behalf of an advisory client.

PART C

OTHER INFORMATION

**Item 28. <u>Exhibits</u>**

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **(1)** [Declaration of Trust of Registrant.(2)](http://www.sec.gov/Archives/edgar/data/1558107/000119312512475567/d412511dex99a1.htm)

**(2)** [Certificate of Trust of Registrant, as filed with the State of Delaware on January 12, 2012.(2)](http://www.sec.gov/Archives/edgar/data/1558107/000119312512475567/d412511dex99a2.htm)

**(3)** [Certificate of Amendment of Certificate of Trust of Registrant, as filed with the State of Delaware on May 18, 2012.(2)](http://www.sec.gov/Archives/edgar/data/1558107/000119312512475567/d412511dex99a3.htm)

**(4)** [Amendment to Declaration of Trust, effective as of December 14, 2020.(30)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420024575/fp0060278_ex9928a4.htm)

**(5)** [Amendment No. 2 to Declaration of Trust, effective as of May 19, 2022.(37)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422024889/fp0081245-1_ex9928a5.htm)

**(b)** [Bylaws of Registrant.(1)](http://www.sec.gov/Archives/edgar/data/1558107/000119312512394071/d412511dex99b1.htm)

**(c)** [Provisions of instruments defining rights of security holders are contained in Articles 4 and 7 of the Declaration of Trust (incorporated herein by reference to Exhibit (a)(1) of this filing).](http://www.sec.gov/Archives/edgar/data/1558107/000119312512475567/d412511dex99a1.htm)

**(d)** **(1)** [Investment Advisory Agreement dated July 15, 2015 between Registrant and Polen Capital Credit, LLC (f/k/a DDJ Capital Management, LLC) with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(15)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415004502/fp0015057_ex9928d11.htm)

**(2)** [Investment Advisory Agreement dated February 13, 2019 between Registrant and Clarkston Capital Partners, LLC with respect to the Clarkston Partners Fund, Clarkston Founders Fund and the Clarkston Fund.(28)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420001370/fp0049730_ex9928d2.htm)

**(3)** [Investment Advisory Agreement dated October 2, 2017 between Registrant and Beacon Investment Advisory Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928d7.htm)

**(4)** [Investment Advisory Agreement dated September 10, 2018 between Registrant and Seven Canyons Advisors, LLC with respect to the Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund.(25)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013447/fp0035766_ex9928d7.htm)

**(5)** [Investment Advisory Agreement dated September 23, 2019 between Registrant and Carret Asset Management, LLC with respect to the Carret Kansas Tax-Exempt Bond Fund.(28)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420001370/fp0049730_ex9928d5.htm)

**(6)** [Investment Advisory Agreement dated January 12, 2021 between Registrant and Hillman Capital Management, Inc. with respect to the Hillman Value Fund.(33)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421003040/fp0061736_ex9928d6.htm)

**(7)** Investment Advisory Agreement dated December 15, 2020 between Registrant and Seven Canyons Advisors, LLC with respect to the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(8)** Investment Advisory Agreement between Registrant and Andurand Capital Management LLP with respect to the Andurand Energy Strategy ETF (to be filed by subsequent amendment).

**(9)** Management Agreement between Andurand Energy Transition CFC LTD., and Andurand Capital Management LLP with respect to the Andurand Energy Strategy ETF (to be filed by subsequent amendment).

**(10)** [Investment Advisory Agreement dated March 8, 2023 between Registrant and Brigade Capital Management, LP with respect to the Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928d10.htm)

**(11)** [Investment Sub-Advisory Agreement dated March 8, 2023 between Brigade Capital Management, LP, Brigade Capital UK LLP, and Registrant, on behalf of the Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928d11.htm)

**(e)** **(1)** [Distribution Agreement dated April 16, 2018 between Registrant and ALPS Distributors, Inc. with respect to the funds listed in Appendix A.(22)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418007999/fp0033376_ex9928e6.htm)

**(2)** [Amendment to Distribution Agreement dated May 4, 2018 between Registrant and ALPS Distributors, Inc. with respect to the funds listed in Appendix A.(22)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418007999/fp0033376_ex9928e7.htm)

**(3)** [Amendment No. 2 to Distribution Agreement dated September 24, 2018 between Registrant and ALPS Distributors, Inc.(26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928e3.htm)

**(4)** [Amendment No. 3 to Distribution Agreement dated October 18, 2019 between Registrant and ALPS Distributors, Inc. with respect to the funds listed in Appendix A.(28)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420001370/fp0049730_ex9928e4.htm)

**(5)** [Amendment No. 4 to Distribution Agreement between Registrant and ALPS Distributors, Inc. with respect to the funds listed in Appendix A.(32)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421001590/fp0060989_ex9928e5.htm)

**(6)** [Amendment No. 5 dated December 20, 2022 to Distribution Agreement April 16, 2018 between Registrant and ALPS Distributors, Inc. with respect to the funds listed in Appendix A (filed herewith).](fp0082546-1_ex9928e6.htm)

**(7)** [Amendment No. 6 dated December 20, 2022 to Distribution Agreement April 16, 2018 between Registrant and ALPS Distributors, Inc. with respect to the funds listed in Appendix A (filed herewith).](fp0082546-1_ex9928e7.htm)

**(8)** [Form of Broker Dealer Selling Agreement between ALPS Distributors, Inc. and Broker/Dealer.(33)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421003040/fp0061736_ex9928e6.htm)

**(9)** [Form of Shareholder Servicing Agreement between ALPS Distributors, Inc. and servicing firm.(33)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421003040/fp0061736_ex9928e7.htm)

**(10)** [Form of Fund/SERV Agreement between ALPS Distributors, Inc. and servicing firm.(33)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421003040/fp0061736_ex9928e8.htm)

**(11)** [Form of NETWORKING Agreement between ALPS Distributors, Inc. and servicing firm.(33)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421003040/fp0061736_ex9928e9.htm)

**(12)** Form of Authorized Participant Agreement (to be filed by subsequent amendment).

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** None.

---

| | | |
|:---|:---|:---|
| **(g)** | **(1)** | [Amended and Restated Global Custody Agreement For Foreign and Domestic Securities dated January 23, 2020, between Registrant and U.S. Bank, N.A (f/k/a MUFG Union Bank, National Association; Union Bank, N.A.).(28)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420001370/fp0049730_ex9928g1.htm) |
|  | **(2)** | [Assignment of Custody Agreement dated July 14, 2021, among Registrant, MUFG Union Bank, National Association and U.S. Bank, N.A.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928g2.htm) |
|  | **(3)** | [Custody Agreement dated October 2, 2017 between Registrant and U.S. Bank National Association with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928g6.htm) |
|  | **(4)** | [Special Custody and Pledge Agreement dated August 15, 2020 between Registrant, Goldman Sachs & Co. LLC, Beacon Investment Advisory Services, Inc. and U.S. Bank National Association with respect to the Beacon Accelerated Return Strategy Fund and Beacon Planned Return Strategy Fund. (29)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420023094/fp0059615_ex9928h38.htm) |
|  | **(5)** | [Custody Agreement dated September 7, 2018 between Registrant and State Street Bank and Trust Company with respect to the Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund.(25)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013447/fp0035766_ex9928g7.htm) |
|  | **(6)** | [Custody Agreement dated March 15, 2021 between Registrant and UMB Bank, N.A. with respect to the Hillman Value Fund. (36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928g5.htm) |
|  | **(7)** | Additional Series Letter to Custody Agreement dated December 16, 2020 between Registrant and State Street Bank and Trust Company with respect to the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment). |
|  | **(8)** | Custody Agreement between Registrant and State Street Bank with respect to the Andurand Energy Strategy ETF (to be filed by subsequent amendment). |
|  | **(9)** | [Custody Agreement dated February 17, 2023 between Registrant and State Street Bank with respect to the Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928g9.htm) |
| **(h)** | **(1)(a)** | [Transfer Agency and Service Agreement dated September 8, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Partners Fund and the Clarkston Fund.(16)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415006130/fp0015925_ex9928h9.htm) |
|  | **(1)(b)** | [Amendment dated April 26, 2016 to Transfer Agency and Service Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Founders Fund.(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928h7.htm) |
|  | **(1)(c)** | [Supplement dated February 1, 2018 to Transfer Agency and Service Agreement dated September 8, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Partners Fund, Clarkston Fund and Clarkston Founders Fund.(27)](http://www.sec.gov/Archives/edgar/data/1558107/000139834419001196/fp0038663_ex9928h6.htm) |
|  | **(1)(d)** | [Amendment No. 2 dated February 18, 2021 to Transfer Agency and Service Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Founders Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h4.htm) |

---

---

| | |
|:---|:---|
| **(2)(a)** | [Transfer Agency and Service Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(15)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415004502/fp0015057_ex9928h10.htm) |
| **(2)(b)** | [Supplement dated February 1, 2018 to Transfer Agency and Service Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(27)](http://www.sec.gov/Archives/edgar/data/1558107/000139834419001196/fp0038663_ex9928h8.htm) |
| **(2)(c)** | [Amendment dated March 24, 2018 to Transfer Agency and Service Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(27)](http://www.sec.gov/Archives/edgar/data/1558107/000139834419001196/fp0038663_ex9928h9.htm) |
| **(2)(d)** | [Amendment dated November 19, 2020 to Transfer Agency and Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(30)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420024575/fp0060278_ex9928h7.htm)<br>|
| **(2)(e)** | [Amendment No. 3 dated February 18, 2021 to Transfer Agency and Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h9.htm) |
| **(3)(a)** | [Transfer Agency and Services Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928h6.htm) |
| **(3)(b)** | [Supplement dated February 1, 2018 to Transfer Agency and Service Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(27)](http://www.sec.gov/Archives/edgar/data/1558107/000139834419001196/fp0038663_ex9928h11.htm) |
| **(3)(c)** | [Amendment No.1 dated February 18, 2021 to Transfer Agency and Service Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h12.htm) |
| **(3)(d)** | [Amendment No. 2 dated February 8, 2022 to Transfer Agency and Service Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund .(37)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422024889/fp0081245-1_ex9928h1l.htm) |
| **(4)(a)** | [Transfer Agency and Services Agreement dated September 10, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund.(25)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013447/fp0035766_ex9928h8.htm) |
| **(4)(b)** | [Amendment dated November 19, 2020 to Transfer Agency and Services Agreement dated September 10, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Strategic Global Fund (f/k/a as the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund. (30)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420024575/fp0060278_ex9928h11.htm) |

---

---

| | |
|:---|:---|
| **(4)(c)** | [Amendment No. 3 dated November 19, 2021 to Transfer Agency and Services Agreement dated September 10, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h16.htm) |
| **(4)(d)** | Amendment No. 2 to Transfer Agency and Services Agreement dated December 15, 2020 between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment). |
| **(5)(a)** | [Transfer Agency and Services Agreement dated September 24, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Carret Kansas Tax-Exempt Bond Fund.(26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928h9.htm) |
| **(5)(b)** | [Amendment No. 1 dated February 18, 2021 to the Transfer Agency and Services Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Carret Kansas Tax-Exempt Bond Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h19.htm) |
| **(6)** | Transfer Agency and Service Agreement between Registrant and State Street Bank and Trust Company with respect to the Andurand Energy Strategy ETF (to be filed by subsequent amendment). |
| **(7)(a)** | [Administration, Bookkeeping and Pricing Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(15)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415004502/fp0015057_ex9928h21.htm) |
| **(7)(b)** | [Amendment dated March 24, 2018 to Administration, Bookkeeping and Pricing Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(27)](http://www.sec.gov/Archives/edgar/data/1558107/000139834419001196/fp0038663_ex9928h17.htm) |
| **(7)(c)** | [Amendment dated August 23, 2018 to Administration, Bookkeeping and Pricing Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928h13.htm) |

---

---

| | |
|:---|:---|
| **(7)(d)** | [Amendment No. 3 dated July 3, 2020 to Administration, Bookkeeping and Pricing Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h24.htm) |
| **(7)(e)** | [Amendment No. 4 dated February 18, 2021 to Administration, Bookkeeping and Pricing Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h25.htm) |
| **(8)(a)** | [Administration, Bookkeeping and Pricing Services Agreement dated September 8, 2015 between Registrant and ALPS Fund Services, Inc. with respect the Clarkston Partners Fund and the Clarkston Fund.(16)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415006130/fp0015925_ex9928h22.htm) |

---

---

| | |
|:---|:---|
| **(8)(b)** | [Amendment dated April 26, 2016 to Administration, Bookkeeping and Pricing Services Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Founders Fund.(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928h16.htm) |
| **(8)(c)** | [Amendment dated August 23, 2018 to Administration, Bookkeeping and Pricing Services Agreement dated September 8, 2015 between Registrant and ALPS Fund Services, Inc. with respect the Clarkston Partners Fund and the Clarkston Fund.(26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928h16.htm) |
| **(8)(d)** | [Amendment No. 3 dated February 18, 2021 to Administration, Bookkeeping and Pricing Services Agreement dated September 8, 2015 between Registrant and ALPS Fund Services, Inc. with respect the Clarkston Partners Fund and the Clarkston Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h29.htm) |
| **(9)(a)** | [Administration, Bookkeeping and Pricing Services Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928h13.htm) |
| **(9)(b)** | [Amendment dated August 23, 2018 to Administration, Bookkeeping and Pricing Services Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928h18.htm) |
| **(9)(c)** | [Amendment No. 2 dated February 18, 2021 to Administration, Bookkeeping and Pricing Services Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h32.htm) |
| **(9)(d)** | [Amendment No. 3 dated February 8, 2022 to Administration, Bookkeeping and Pricing Services Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund. (37)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422024889/fp0081245-1_ex9928h2l.htm) |
| **(10)(a)** | [Administration, Bookkeeping and Pricing Services Agreement between dated September 10, 2018 Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund.(25)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013447/fp0035766_ex9928h14.htm) |
| **(10)(b)** | Amendment No. 1 to Administration, Bookkeeping and Pricing Services Agreement dated December 15, 2020 between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment). |
| **(11)(a)** | [Administration, Bookkeeping and Pricing Services Agreement dated September 24, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Carret Kansas Tax-Exempt Bond Fund. (26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928h20.htm) |
| **(11)(b)** | [Amendment No. 1 dated February 18, 2021 to Administration, Bookkeeping and Pricing Services Agreement dated September 24, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Carret Kansas Tax-Exempt Bond Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h37.htm) |
| **(12)** | Services Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Andurand Energy Strategy ETF (to be filed by subsequent amendment). |

---

---

| | |
|:---|:---|
| **(13)** | [Services Agreement dated March 8, 2023 between Registrant and ALPS Fund Services, Inc. with respect to the Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928h13.htm) |
| **(14)** | [Co-Administration Agreement dated March 8, 2023 between Registrant and Brigade Capital Management, LP with respect to the Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928h14.htm) |
| **(15)** | [Master Report Modernization Addendum dated March 20, 2020 to Administration, Bookkeeping and Pricing Services Agreement between the Registrant and ALPS Fund Services, Inc. with respect to the Carret Kansas Tax-Exempt Bond Fund, Beacon Accelerated Return Strategy Fund, Beacon Planned Return Strategy Fund, Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund), Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund), Seven Canyons World Innovators Fund, Clarkston Fund, Clarkston Founders Fund and Clarkston Partners Fund.(29)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420023094/fp0059615_ex9928h21.htm) |
| **(16)(a)** | [Master Liquidity Risk Management Addendum for Trust dated October 31, 2019 between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Founders Fund, the Clarkston Partners Fund and the Clarkston Fund.(28)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420001370/fp0049730_ex9928h21.htm) |
| **(16)(b)** | [Amendment No. 1 to the Master Liquidity Risk Management Addendum for Trust dated February 18, 2021 between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Founders Fund, the Clarkston Partners Fund and the Clarkston Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h41.htm) |
| **(17)** | [Services Agreement among Registrant, ALPS Fund Services, Inc. and DST Systems, Inc. dated March 18, 2021 with respect to the Hillman Value Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h42.htm) |

---

---

| | |
|:---|:---|
| **(18)(a)** | [Chief Compliance Officer Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(15)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415004502/fp0015057_ex9928h33.htm) |
| **(18)(b)** | [Amendment dated March 24, 2018 to Chief Compliance Officer Services Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(27)](http://www.sec.gov/Archives/edgar/data/1558107/000139834419001196/fp0038663_ex9928h29.htm) |
| **(19)(a)** | [Chief Compliance Officer Services Agreement dated September 8, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Partners Fund and the Clarkston Fund.(16)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415006130/fp0015925_ex9928h34.htm) |
| **(19)(b)** | [Amendment dated April 26, 2016 to Chief Compliance Officer Services Agreement dated September 8, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Founders Fund.(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928h25.htm) |
| **(20)(a)** | [Chief Compliance Officer Services Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928h19.htm) |
| **(20)(b)** | [Amendment dated January 4, 2018 to Chief Compliance Officer Services Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(21)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418001101/fp0030542_ex9925h25.htm) |

---

---

| | |
|:---|:---|
| **(21)(a)** | [Chief Compliance Officer Services Agreement dated September 10, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund.(25)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013447/fp0035766_ex9928h22.htm) |
| **(21)(b)** | Amendment to Chief Compliance Officer Services Agreement dated December 15, 2020 between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment). |
| **(22)(a)** | [Chief Compliance Officer Services Agreement dated September 24, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Carret Kansas Tax-Exempt Bond Fund.(26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928h29.htm) |
| **(22)(b)** | [Amendment No. 1 dated October 17, 2019 to the Chief Compliance Officer Services Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Carret Kansas Tax-Exempt Bond Fund.(28)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420001370/fp0049730_ex9928h30.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(23)** [Fee Waiver Letter Agreement dated January 6, 2022 between Registrant and Polen Capital Credit, LLC (f/k/a DDJ Capital Management, LLC) with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h52.htm)

**(24)** [Fee Waiver Letter Agreement dated January 6, 2022 between Registrant and Clarkston Capital Partners, LLC with respect to the Clarkston Partners Fund, the Clarkston Fund and the Clarkston Founders Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h53.htm)

**(25)** [Fee Waiver Letter Agreement dated January 6, 2022 between Registrant and Beacon Investment Advisory Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(36).](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h54.htm)

**(26)** [Fee Waiver Letter Agreement dated November 17, 2022 between Registrant and Seven Canyons Advisors, LLC with respect to the Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund.(38)](http://www.sec.gov/Archives/edgar/data/1558107/000139834423001200/fp0081535-1_ex9928h26.htm)

**(27)** Fee Waiver Letter Agreement dated January 6, 2022 between Registrant and Seven Canyons Advisors, LLC with respect to the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment).

**(28)** [Fee Waiver Letter Agreement dated January 6, 2022 between Registrant and Carret Asset Management, LLC with respect to the Carret Kansas Tax-Exempt Bond Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h57.htm)

**(29)** [Fee Waiver Letter Agreement dated January 6, 2022 between Registrant and Hillman Capital Management, Inc. with respect to the Hillman Value Fund.(36)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422001325/fp0072058_ex9928h58.htm)

**(30)** [Fee Waiver Letter Agreement dated March 8, 2023 between Registrant and Brigade Capital Management, LP with respect to the Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928h30.htm)

**(i)** **(1)(a)** [Opinion of Davis Graham & Stubbs LLP, counsel to Registrant, as to legality of shares of the Beacon Accelerated Return Strategy Fund, Beacon Planned Return Strategy Fund, Carret Kansas Tax-Exempt Bond Fund, Clarkston Partners Fund, Clarkston Fund, Clarkston Founders Fund, Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund), Seven Canyons World Innovators Fund, Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and Hillman Value Fund.(38)](http://www.sec.gov/Archives/edgar/data/1558107/000139834423001200/fp0081535-1_ex9928i1a.htm)

---

| | | |
|:---|:---|:---|
|  | **(1)(b)** | Opinion of Davis Graham & Stubbs LLP, counsel to Registrant, as to legality of shares of the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment). |
|  | **(1)(c)** | Opinion of Davis Graham & Stubbs LLP, counsel to Registrant, as to legality of shares of the Andurand Energy Strategy ETF (to be filed by subsequent amendment). |
|  | **(1)(d)** | [Opinion of Davis Graham & Stubbs LLP, counsel to Registrant, as to legality of shares of the Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928i1d.htm) |
| **(j)** | **(1)** | [Consent of Cohen & Company, Ltd., Independent Registered Public Accounting Firm, with respect to Beacon Accelerated Return Strategy Fund, Beacon Planned Return Strategy Fund, Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund), Clarkston Partners Fund, Clarkston Fund, Clarkston Founders Fund, Seven Canyons Strategic Global Fund (f/k/a Seven Canyons Strategic Income Fund), Seven Canyons World Innovators Fund, Seven Canyons Small Cap Growth Fund, Hillman Value Fund and Carret Kansas Tax-Exempt Bond.(38)](http://www.sec.gov/Archives/edgar/data/1558107/000139834423001200/fp0081535-1_ex9928j1.htm) |
|  | **(2)** | Consent of Independent Registered Public Accounting Firm to Registrant with respect to the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment). |
|  | **(3)** | Consent of Independent Registered Public Accounting Firm to Registrant with respect to the Andurand Energy Strategy ETF (to be filed by subsequent amendment). |
|  | **(4)** | [Consent of BBD, LLP, Independent Registered Public Accounting Firm to the Predecessor Fund to the Hillman Value Fund. (33)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421003040/fp0061736_ex9928j3.htm) |
|  | **(5)** | [Consent of Cohen & Company, Ltd., Independent Registered Public Accounting Fund to Registrant with respect to the Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928j5.htm) |
| **(k)** |  | None. |
| **(l)** | **(1)** | [Share Purchase Agreement dated July 15, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(15)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415004502/fp0015057_ex9928l9.htm) |

---

**(2)** [Share Purchase Agreement dated September 8, 2015 between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Partners Fund and the Clarkston Fund.(16)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415006130/fp0015925_ex9928l10.htm)

**(3)** [Share Purchase Agreement dated April 27, 2016 between Registrant and ALPS Fund Services, Inc. with respect to the Clarkston Founders Fund.(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928l7.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** [Share Purchase Agreement dated October 2, 2017 between Registrant and ALPS Fund Services, Inc. with respect to the Beacon Accelerated Return Strategy Fund and the Beacon Planned Return Strategy Fund.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928l6.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(5)** [Share Purchase Agreement dated September 10, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Strategic Global Fund (f/k/a the Seven Canyons Strategic Income Fund) and the Seven Canyons World Innovators Fund.(25)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013447/fp0035766_ex9928l6.htm)

**(6)** [Share Purchase Agreement dated September 24, 2018 between Registrant and ALPS Fund Services, Inc. with respect to the Carret Kansas Tax-Exempt Bond Fund.(26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928l7.htm)

**(7)** [Form of Share Purchase Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Hillman Value Fund.(33)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421003040/fp0061736_ex9928l7.htm)

**(8)** Share Purchase Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Seven Canyons Small Cap Growth Fund (to be filed by subsequent amendment).

**(9)** Share Purchase Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Andurand Energy Strategy ETF (to be filed by subsequent amendment).

**(10)** Share Purchase Agreement between Registrant and ALPS Fund Services, Inc. with respect to the Brigade High Income Fund (to be filed by subsequent amendment).

**(m)** **(1)** [Distribution and Services (12b-1) Plan (Class II) – Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(15)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415004502/fp0015057_ex9928m8.htm)

**(2)** [Distribution and Services (12b-1) Plan (Class A) – Carret Kansas Tax-Exempt Bond Fund.(23)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418008993/fp0033953_ex9928m4.htm)

**(3)** [Amended Distribution and Services (12b-1) Plan (Class A) - Carret Kansas Tax-Exempt Bond Fund. (32)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421001590/fp0060989_ex9928m3.htm)

**(4)** [Amended and Restated Shareholder Services Plan (Class I) – Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928m4.htm)

**(5)** [Amended and Restated Shareholder Services Plan (Class II) – Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928m5.htm)

**(6)** [Amended and Restated Shareholder Services Plan (Institutional Class) – Clarkston Partners Fund.(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928m6.htm)

**(7)** [Amended and Restated Shareholder Services Plan (Institutional Class) – Clarkston Fund.(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928m7.htm)

**(8)** [Shareholder Services Plan (Institutional Class) – Clarkston Founders Fund.(18)](http://www.sec.gov/Archives/edgar/data/1558107/000139834416012307/fp0019195_ex9928m9.htm)

**(9)** [Shareholder Services Plan (Institutional Class) – Beacon Accelerated Return Strategy Fund and Beacon Planned Return Strategy Fund.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928m11.htm)

**(10)** [Shareholder Services Plan (Class A) – Carret Kansas Tax-Exempt Bond Fund.(26)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418013860/fp0035879_ex9928m13.htm)

**(n)** **(1)** [Rule 18f-3 Plan – Polen DDJ Opportunistic High Yield Fund (f/k/a DDJ Opportunistic High Yield Fund).(15)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415004502/fp0015057_ex9928n7.htm)

**(2)** [Rule 18f-3 Plan – Clarkston Partners Fund.(16)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415006130/fp0015925_ex9928n9.htm)

**(3)** [Rule 18f-3 Plan – Clarkston Founders Fund.(30)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420024575/fp0060278_ex9928n3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(4)** [Rule 18f-3 Plan – Beacon Accelerated Return Strategy Fund and Beacon Planned Return Strategy Fund.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928n5.htm)

**(5)** [Rule 18f-3 Plan – Seven Canyons World Innovators Fund.(22)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418007999/fp0033376_ex9928n5.htm)

**(6)** [Rule 18f-3 Plan – Seven Canyons Small Cap Growth Fund.(31)](http://www.sec.gov/Archives/edgar/data/1558107/000139834420024575/fp0060278_ex9928n3.htm)

**(7)** [Rule 18f-3 Plan – Carret Kansas Tax-Exempt Bond Fund.(23)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418008993/fp0033953_ex9928n6.htm)

**(8)** [Rule 18f-3 Plan – Brigade High Income Fund (filed herewith).](fp0082546-1_ex9928n8.htm)

**(o)** *Reserved* 

**(p)** **(1)** [Code of Ethics for Registrant, as of October 30, 2012, as amended November 14, 2016.(19)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417000974/fp0023544_ex9928p1.htm)

**(2)** [Code of Ethics for ALPS Holdings, Inc. and its subsidiaries and affiliates, including ALPS Distributors, Inc. and ALPS Fund Services, dated May 1, 2010, as amended July 1, 2017.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928p2.htm)

**(3)** [Code of Ethics for Polen Capital Credit, LLC (f/k/a DDJ Capital Management, LLC).(38)](http://www.sec.gov/Archives/edgar/data/1558107/000139834423001200/fp0081535-1_ex9928p3.htm)

**(4)** [Code of Ethics for Clarkston Capital Partners, LLC, dated April 29, 2013.(16)](http://www.sec.gov/Archives/edgar/data/1558107/000139834415006130/fp0015925_ex9928p14.htm)

**(5)** [Code of Ethics for Beacon Investment Advisory Services, Inc.(20)](http://www.sec.gov/Archives/edgar/data/1558107/000139834417012474/fp0028170_ex9928p8.htm)

**(6)** [Code of Ethics for Seven Canyons Advisors, LLC.(38)](http://www.sec.gov/Archives/edgar/data/1558107/000139834423001200/fp0081535-1_ex9928p6.htm)

**(7)** [Code of Ethics for Carret Asset Management, LLC.(23)](http://www.sec.gov/Archives/edgar/data/1558107/000139834418008993/fp0033953_ex9928p10.htm)

**(8)** [Code of Ethics for Hillman Capital Management, Inc.(33)](http://www.sec.gov/Archives/edgar/data/1558107/000139834421003040/fp0061736_ex9928p8.htm)

**(9)** [Code of Ethics for Andurand Capital Management, LLP (to be filed by subsequent amendment).](fp0082546-1_ex9928p10.htm)

**(10)** [Code of Ethics for Brigade Capital Management, LP and Brigade Capital UK, LLP (filed herewith).](fp0082546-1_ex9928p10.htm)

**(q)** **(1)** [Power of Attorney dated November 29, 2022.(37)](http://www.sec.gov/Archives/edgar/data/1558107/000139834422024889/fp0081245-1_ex9928q1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Incorporated by reference to Registrant's Registration Statement filed on September 17, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Incorporated by reference to Registrant's Pre-Effective Amendment No. 1 filed on November 19, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Incorporated by reference to Registrant's Pre-Effective Amendmeont No. 2 filed on December 19, 2012.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Incorporated by reference to Registrant's Post-Effective Amendment No. 4 filed on July 31, 2013.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Incorporated by reference to Registrant's Post-Effective Amendment No. 6 filed on September 24, 2013.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Incorporated by reference to Registrant's Post-Effective Amendment No. 10 filed on December 16, 2013.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Incorporated by reference to Registrant's Post-Effective Amendment No. 11 filed on December 19, 2013.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) Incorporated by reference to Registrant's Post-Effective Amendment No. 16 filed on February 24, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) Incorporated by reference to Registrant's Post-Effective Amendment No. 22 filed on June 30, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) Incorporated by reference to Registrant's Post-Effective Amendment No. 26 filed on August 8, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) Incorporated by reference to Registrant's Post-Effective Amendment No. 29 filed on August 29, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) Incorporated by reference to Registrant's Post-Effective Amendment No. 32 filed on October 1, 2014.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) Incorporated by reference to Registrant's Post-Effective Amendment No. 39 filed on January 29, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) Incorporated by reference to Registrant's Post-Effective Amendment No. 43 filed on February 27, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) Incorporated by reference to Registrant's Post-Effective Amendment No. 47 filed on July 15, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) Incorporated by reference to Registrant's Post-Effective Amendment No. 49 filed on September 8, 2015.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17) Incorporated by reference to Registrant's Post-Effective Amendment No. 51 filed on January 29, 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) Incorporated by reference to Registrant's Post-Effective Amendment No. 55 filed on April 26, 2016.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19) Incorporated by reference to Registrant's Post-Effective Amendment No. 57 filed on January 27, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) Incorporated by reference to Registrant's Post-Effective Amendment No. 61 filed on September 29, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) Incorporated by reference to Registrant's Post-Effective Amendment No. 63 filed on January 29, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22) Incorporated by reference to Registrant's Post-Effective Amendment No. 66 filed on May 24, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) Incorporated by reference to Registrant's Post-Effective Amendment No. 67 filed on June 13, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) Incorporated by reference to Registrant's Post-Effective Amendment No. 68 filed on July 16, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) Incorporated by reference to Registrant's Post-Effective Amendment No. 71 filed on September 11, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) Incorporated by reference to Registrant's Post-Effective Amendment No. 72 filed on September 24, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) Incorporated by reference to Registrant's Post-Effective Amendment No. 75 filed on January 28, 2019.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) Incorporated by reference to Registrant's Post-Effective Amendment No. 77 filed on January 28, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(29) Incorporated by reference to Registrant's Post-Effective Amendment No. 78 filed on November 20, 2020

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(30) Incorporated by reference to Registrant's Post-Effective Amendment No. 80 filed on December 15, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) Incorporated by reference to Registrant's Post-Effective Amendment No. 81 filed on December 15, 2020.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32) Incorporated by reference to Registrant's Post-Effective Amendment No. 82 filed on January 28, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) Incorporated by reference to Registrant's Post-Effective Amendment No. 84 filed on February 11, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(34) Incorporated by reference to Registrant's Post-Effective Amendment No. 85 filed on February 12, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) Incorporated by reference to Registrant's Post-Effective Amendment No. 95 filed on December 10, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36) Incorporated by reference to Registrant's Post-Effective Amendment No. 96 filed on January 28, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(37) Incorporated by reference to Registrant's Post-Effective Amendment No. 108 filed on December 23, 2022.

(38) Incorporated by reference to Registrant's Post-Effective Amendment No. 111 filed on January 27, 2023.

Item 29. <u>Persons Controlled by or Under Common Control with the Registrant</u>.

Andurand Energy Strategy ETF, a series of the Registrant, wholly owns and controls Andurand Energy Transition CFC Ltd. (the "Subsidiary"), an exempt company organized under the laws of Cayman Islands. The Subsidiary's financial statements will be included on a consolidated basis in the Andurand Energy Strategy ETF's annual and semi-annual reports to shareholders.

Item 30. <u>Indemnification.</u>

As permitted by Section 17(h) and (i) of the Investment Company Act of 1940, as amended (the "1940 Act"), and pursuant to Article 8 of the Registrant's Declaration of Trust (Exhibit (a)(1) to the Registration Statement) and Section 7 of the Distribution Agreement (Exhibit (e)(1)) to the Registration Statement), officers, trustees, employees and agents of the Registrant will not be liable to the Registrant, any shareholder, officer, trustee, employee, agent or other person for any action or failure to act, except for bad faith, willful misfeasance, gross negligence or reckless disregard of duties, and those individuals may be indemnified against liabilities in connection with the Registrant, subject to the same exceptions.

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

The Registrant has purchased an insurance policy insuring its officers and trustees against liabilities, and certain costs of defending claims against such officers and trustees, to the extent such officers and trustees are not found to have committed conduct constituting willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The insurance policy also insures the Registrant against the cost of indemnification payments to officers under certain circumstances.

The Registrant hereby undertakes that it will apply the indemnification provisions of its Declaration of Trust and Distribution Agreement in a manner consistent with Release No. 11330 of the Securities and Exchange Commission under the 1940 Act so long as the interpretations of Section 17(h) and 17(i) of such Act remain in effect and are consistently applied.

Item 31. <u>Business and Other Connections of Investment Advisers and Investment Sub-Advisers</u>.

**POLEN CAPITAL CREDIT, LLC (F/K/A DDJ CAPITAL MANAGEMENT, LLC)** 

---

| | | | |
|:---|:---|:---|:---|
| **Name\*** | **Position with Polen Capital Credit LLC** | **Other Business Connections** | **Type of Business** |
| Stan C. Moss | Chief Executive Officer | Chief Executive Officer of Polen Capital Management, LLC | Investment Adviser |
| David J. Breazzano | Head of Team and Portfolio Manager | None | N/A |
| Joshua L. McCarthy | General Counsel and Chief Compliance Officer | None | N/A |
| John W. Sherman | Portfolio Manager | None (other than serving as a director on the board of a portfolio company in which certain funds and/or accounts managed or advised by Polen Capital Credit, LLC have invested) | N/A |
| Benjamin J. Santonelli | Portfolio Manager | None (other than serving as a director on the board of a portfolio company in which certain funds and/or accounts managed or advised by Polen Capital Credit, LLC have invested) | N/A |

---

\* The principal business address for Stan C. Moss is c/o Polen Capital Management, LLC, 1825 NW Corporate Blvd., Suite 300, Boca Raton, FL 33431. The principal business address for each of the remaining Polen Capital Credit, LLC representatives is c/o Polen Capital Credit, LLC, 1075 Main Street, Suite 320, Waltham, MA 02451.

**CLARKSTON CAPITAL PARTNERS, LLC**

---

| | | | |
|:---|:---|:---|:---|
| **Name \*** | **Position with Clarkston**<br> **Capital Partners, LLC**  | **Other Business Connections** | **Type of Business** |
| Jeffrey A. Hakala | Manager; Chief Executive Officer and Co-Chief Investment Officer | Director and Audit Committee Member, Waterford Bancorp; Director, Compensation Committee Member, and Nominating and Corporate Governance Committee Member, Conifer Holdings, Inc.; Chairman, Chief Executive Officer, and President, Clarkston Companies, Inc.; Managing Member, Clarkston Ventures, LLC; Manager, Clarkston 91 West LLC; Manager of Sole Member, Clarkston QV Fund GP, LLC; Director, Origin Athletics; Director, Wright & Filippis, Inc. (until 12/2020) | Bank Holding Company; Insurance Holding Company; Investment Adviser Holding Company; Private Investment Vehicle; Real Estate Holding Company; Private Investment Vehicle; Athletic Organization; Healthcare Services |
| Gerald W. Hakala | Manager; Managing Director, Clarkston Capital, and Co-Chief Investment Officer | Director, Conifer Holdings, Inc.; Director, Executive Vice President, Clarkston Companies, Inc.; Member, Clarkston Ventures, LLC; Manager, Clarkston 91 West LLC; Trustee, Leader Dogs for the Blind Foundation (until 8/2022); Director, Wright & Filippis, Inc. (until 12/2020) | Insurance Holding Company; Investment Adviser Holding Company; Private Investment Vehicle; Real Estate Holding Company; Charitable Organization; Healthcare Services |
| Jeremy J. Modell | Manager; Managing Director, Clarkston Private Client; and President, Clarkston Private Client | Manager, Modell Capital LLC; Manager, Clarkston 91 West LLC | Investment Adviser Holding Company; Real Estate Holding Company |
| Salvatore F. Gianino | **S**ecretary, Treasurer and Chief Financial Officer | Director, Waterford Bancorp;Member, Clarkston Ventures, LLC; ; Executive Vice President, Clarkston Companies, Inc. | Bank Holding Company; Private Investment Vehicle; Investment Adviser Holding Company |
| Kevin R. Kuhl | Chief Operating Officer | Director of Coaching Soccer Club | Soccer Club |
| Melanie M. West | Chief Compliance Officer | Board Member, Temple Shir Shalom | Religious Organization |

---

\* The principal business address for each of the Clarkston Capital Partners, LLC executive officers is 91 West Long Lake Road, Bloomfield Hills, MI 48304.

**BEACON INVESTMENT ADVISORY SERVICES, INC.**

---

| | | | |
|:---|:---|:---|:---|
| **Name \*** | **Position with Beacon** <br> **Investment Advisory** <br> **Services, Inc.**  | **Other Business Connections** | **Type of Business** |
| Valerie Murray | President | None | N/A |
| Brian McGann | Head of Investment Strategy | None | N/A |
| Chris Shagawat | Portfolio Manager | None | N/A |
| John Longo | Chief Investment Officer | Professor at Rutgers University | University |

---

\* The principal business address for each of the Beacon Investment Advisory Services, Inc. representatives is 163 Madison Avenue, Suite 600, Morristown, NJ 07960.

**SEVEN CANYONS ADVISORS, LLC** 

---

| | | | |
|:---|:---|:---|:---|
| **Name \*** | **Position with Seven** <br> **Canyons Advisors, LLC**  | **Other Business Connections** | **Type of Business** |
| Spencer Stewart | Member and Portfolio Manager | Ohana Asset Management, LLC – Owner | Real Estate Investment |
| Eric Moessing | Member and Chief Operations Officer | The Annadel Group – Owner | Senior Care |
| Anna Amaczi | Chief Compliance Officer | Outsourced Chief Compliance Officer for clients of Key Bridge Compliance, LLC | Investment Management |

---

\* The principal business address for each of the Seven Canyons Advisors, LLC representatives is 22 East 100 South, 3<sup>rd</sup> Floor, Salt Lake City, Utah 84111.

**CARRET ASSET MANAGEMENT, LLC**

---

| | | | |
|:---|:---|:---|:---|
| **Name \*** | **Position with Carret Asset** <br> **Management, LLC**  | **Other Business Connections** | **Type of Business** |
| Marco Vega | Chief Operating Officer and President | Brean Capital LLC, Quadrant Holdings Inc. and subsidiaries, United Holding Company and subsidiaries, Bernard Holdings LLC | Broker Dealer, Family Office, Insurance, Payroll Processor and Insurance Services, SaaS |
| Jason Graybill | Senior Managing Director | None | N/A |
| Neil Klein | Senior Managing Director | None | N/A |
| Wayne Reisner | Senior Managing Director | None | N/A |

---

\* The principal business address for each of the Carret Asset Management, LLC representatives is 360 Madison Avenue, 20<sup>th</sup>Floor, New York, NY 10017.

**HILLMAN CAPITAL MANAGEMENT, INC.**

---

| | | | |
|:---|:---|:---|:---|
| **Name \*** | **Position with Hillman Capital Management, Inc.** | **Other Business Connections** | **Type of Business** |
| Mark A. Hillman | Chief Executive Officer | None | N/A |
| Trevor Lee | Analyst | None | N/A |
| Jeffrey T. Long | Director, Systems, Operations and Trading | None | N/A |
| Peter W. Beebe | President | Owner/Managing Principal of Asset Growth Partners, LLC | Not an operating company. A vehicle for receiving payments from the sale of a previous business |
| C. Frank Watson | Chief Compliance Officer | Chief Executive Officer and owner of Fairview Investment Services, Fairview Investment Administration, Filepoint, Fairview Performance Services and Fairview Cyber | Back office services to registered investment advisers |
| Lindsey G. Vaughan, CFA | Managing Director | N/A | N/A |

---

\* The principal business address for each of the Hillman Capital Management, Inc. representatives is 7255 Woodmont Avenue, Suite 260, Bethesda, MD 20814.

**Andurand Capital Management, Llp**

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Position with Andurand Capital Management, LLP** | **Other Business Connections** | **Type of Business** |
| Pierre Andurand\* | Founder; Ultimate Beneficial Owner; Chief Investment Officer | Andurand Capital Management Ltd. | AIFM/ CPO |
| Hakon Haugnes\* | Chief Operations Officer and Chief Financial Officer | Andurand Capital Management Ltd. | AIFM/ CPO |
| Maria Douloubakas\*\* | Partner; Chief Compliance Officer | None | N/A |
| Charles Dwyer \*\* | Partner; Head of Research; Portfolio Manager | None | N/A |

---

\* The principal business address for Pierre and Hakon is The Hedge Business Centre, Level 5, Ir-Rampa ta' San Giljan, Balluta Bay, St. Julian's STJ 1062, Malta

\*\* The principal business address for Maria and Charles is 100, Brompton Road, London SW3 1ER, United Kingdom

**BRIGADE CAPITAL MANAGEMENT, LP** 

---

| | | | |
|:---|:---|:---|:---|
| ***Name*** | ***Position with*** <br> ***Brigade Capital Management, LP*** | ***Other Business Connections*** | ***Type of Business*** |
| Max Scherr | Senior Analyst/Portfolio Manager—FIG and Specialty Finance, Partner | Director of <u>Mercury Financial Holdings</u>, 11401 Century Oaks Terr <br> Ste 470, Austin, TX 78758-0007  | Investment of funds or accounts managed by Brigade Capital Management, LP |
| Max Scherr | Senior Analyst/Portfolio Manager—FIG and Specialty Finance, Partner | Director of <u>Now Corp</u>., <br> 2300 Peachtree Rd NW Suite C-102, Atlanta, GA 30309  | Investment of funds or accounts managed by Brigade Capital Management, LP |
| Matthew Perkal | Senior Director/Portfolio <br> Manager-Restructuring and Private <br> Credit, Partner | Director of <u>Guitar Center</u>, <br> 5795 Lindero Canyon Rd., <br> Westlake Village, CA 91362  | Investment of funds or accounts managed by Brigade Capital Management, LP |
| Matthew Perkal | Senior Director/Portfolio <br> Manager-Restructuring and Private <br> Credit, Partner | Director of <u>Silver Airways LLC</u>, <br> 2850 Greene Street, <br> Hollywood, FL 33020  | Investment of funds or accounts managed by Brigade Capital Management, LP |
| Thomas O'Shea | Head of European Investments, Partner | Director of <u>Quinn Industrial Holdings Limited</u>, 3rd Floor, Europa House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland | Investment of funds or accounts managed by Brigade Capital Management, LP |
| Thomas O'Shea | Head of European Investments, Partner | Class A Manager of <u>Quinn Industries Holdings</u>, Luxembourg S.a.r.l., 6, Rue Eugene Ruppert, <br> L-2453 Luxembourg<br>| Investment of funds or accounts managed by Brigade Capital Management, LP |

---

Item 32. <u>Principal Underwriter</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) ALPS Distributors, Inc. acts as the distributor for the Registrant and the following investment companies: 1WS Credit Income Fund, 1290 Funds, abrdn ETFs, Alpha Alternative Assets Fund, Alternative Credit Income Fund, Apollo Diversified Credit Fund (fka Griffin Institutional Access Credit Fund), Apollo Diversified Real Estate Fund (fka Griffin Institutional Access Real Estate Fund), The Arbitrage Funds, AQR Funds, Axonic Alternative Income Fund, Axonic Funds, BBH Trust, Bluerock High Income Institutional Credit Fund, Bluerock Total Income+ Real Estate Fund, Brandes Investment Trust, Bridge Builder Trust, Broadstone Real Estate Access Fund, Cambria ETF Trust, Centre Funds, CIM Real Assets & Credit Fund, CION Ares Diversified Credit Fund, Columbia ETF Trust, Columbia ETF Trust I, Columbia ETF Trust II, CRM Mutual Fund Trust, DBX ETF Trust, Emerge ETF Trust, ETF Series Solutions, Flat Rock Core Income Fund, Flat Rock Opportunity Fund, Financial Investors Trust, Firsthand Funds, FS Credit Income Fund, FS Energy Total Return Fund, FS Series Trust, FS Multi-Alternative Income Fund, Goehring & Rozencwajg Investment Funds, Goldman Sachs ETF Trust, Graniteshares ETF Trust, Hartford Funds Exchange-Traded Trust, Hartford Funds NextShares Trust, Heartland Group, Inc., IndexIQ Active ETF Trust, IndexIQ ETF Trust, Investment Managers Series Trust II (AXS-Advised Funds), Janus Detroit Street Trust, Lattice Strategies Trust, Litman Gregory Funds Trust, Longleaf Partners Funds Trust, Manager Directed Portfolios (Spyglass Growth Fund), MassMutual Premier Funds, MassMutual Advantage Funds, Meridian Fund, Inc., MVP Private Markets Fund, Natixis ETF Trust, Natixis ETF Trust II, Opportunistic Credit Interval Fund, PRIMECAP Odyssey Funds, Principal Exchange-Traded Funds, Reality Shares ETF Trust, RiverNorth Funds, RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., SPDR Dow Jones Industrial Average ETF Trust, SPDR S&P 500 ETF Trust, SPDR S&P MidCap 400 ETF Trust, Sprott Funds Trust, Stone Harbor Investment Funds, Stone Ridge Trust, Stone Ridge Trust II, Stone Ridge Trust III, Stone Ridge Trust IV, Stone Ridge Trust V, Stone Ridge Trust VI, Stone Ridge Residential Real Estate Income Fund I, Inc., Thrivent ETF Trust, USCF ETF Trust, Valkyrie ETF Trust II, Wasatch Funds, WesMark Funds, Wilmington Funds, XAI Octagon Credit Trust, X-Square Balanced Fund, X-Square Series Trust and YieldStreet Prism Fund.

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

---

| | | |
|:---|:---|:---|
| **Name\*** | **Position with Underwriter** | **Positions with Fund** |
| Stephen J. Kyllo | President, Chief Operating Officer, Director, Chief Compliance Officer | None |
| Patrick J. Pedonti\*\* | Vice President, Treasurer and Assistant Secretary | None |
| Eric Parsons | Vice President, Controller and Assistant Treasurer | None |
| Jason White\*\*\* | Secretary | None |
| Richard C. Noyes | Senior Vice President, General Counsel, Assistant Secretary | None |
| Liza Orr | Vice President, Senior Counsel | None |
| Jed Stahl | Vice President, Senior Counsel | None |
| Terence Digan | Vice President | None |
| James Stegall | Vice President | None |
| Gary Ross | Senior Vice President | None |
| Hilary Quinn | Vice President | None |

---

\* Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1290 Broadway, Suite 1000, Denver, Colorado 80203.

\*\* The principal business address for Mr. Pedonti is 333 W. 11<sup>th</sup> Street, 5<sup>th</sup> Floor, Kansas City, Missouri 64105.

\*\*\* The principal business address for Mr. White is 4 Times Square, New York, NY 10036.

(c) Not applicable.

Item 33. <u>Location of Accounts and Records</u>.

All accounts, books and other documents required to be maintained by Section 31(a) of the Investment Company Act of 1940, as amended, and the rules thereunder are maintained at the following offices:

---

| | | |
|:---|:---|:---|
| **Name** | **Address** | **City, State, Zip** |
| ALPS Distributors, Inc. | 1290 Broadway, Suite 1000 | Denver, CO 80203 |
| ALPS Fund Services, Inc. | 1290 Broadway, Suite 1000 | Denver, CO 80203 |
| Polen Capital Credit, LLC (f/k/a DDJ Capital Management, LLC) | 1075 Main Street, Suite 320 | Waltham, MA 02451 |
| Clarkston Capital Partners, LLC | 91 West Long Lake Road | Bloomfield Hills, MI 48304 |
| Beacon Investment Advisory Services, Inc. | 163 Madison Avenue, Suite 600 | Morristown, NJ 07960 |
| Seven Canyons Advisors, LLC | 22 East 100 South, 3<sup>rd</sup> Floor | Salt Lake City, UT 84111 |
| Carret Asset Management, LLC | 360 Madison Avenue, 20<sup>th</sup> Floor | New York, NY 10017 |
| Hillman Capital Management, Inc. | 7250 Woodmont Avenue, Suite 310 | Bethesda, MD 20814 |
| Andurand Capital Management, LLP | 100 Brompton Road | London SW3 1ER, United Kingdom |
| Brigade Capital Management, LP | 399 Park Avenue, 16th Floor | New York, NY 10022 |
| Brigade Capital UK, LLP | Southwest House, 11A Regent Street | London, SW1Y 4LR, United Kingdom |

---

Item 34. <u>Management Services</u>.

Not applicable.

Item 35. <u>Undertakings</u>.

Not applicable.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement pursuant to rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 113 to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the city of Denver, and State of Colorado, on the 8<sup>th</sup> day of March, 2023.

---

| | |
|:---|:---|
| ALPS SERIES TRUST | ALPS SERIES TRUST |
| By: | /s/ Lucas Foss |
|  | Lucas Foss |
|  | President |

---

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

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Lucas Foss | President and Principal Executive Officer | March 8, 2023 |
| Lucas Foss |  |  |
| /s/ Ward D. Armstrong\* | Trustee and Chairman | March 8, 2023 |
| Ward D. Armstrong |  |  |
| /s/ J. Wayne Hutchens\* | Trustee | March 8, 2023 |
| J. Wayne Hutchens |  |  |
| /s/ Merrillyn J. Kosier\* | Trustee | March 8, 2023 |
| Merrillyn J. Kosier |  |  |
| /s/ Patrick Seese\* | Trustee | March 8, 2023 |
| Patrick Seese |  |  |
| /s/ Jill McFate | Treasurer, Principal Financial Officer, and Principal Accounting Officer | March 8, 2023 |
| Jill McFate |  |  |

---

\* Signature affixed by Patrick Rogers pursuant to a Power of Attorney dated November 29, 2022.

**Exhibit List**

---

| | | |
|:---|:---|:---|
| [(d)](fp0082546-1_ex9928d10.htm) | [(10)](fp0082546-1_ex9928d10.htm) | [Investment Advisory Agreement dated March 8, 2023 between Registrant and Brigade Capital Management, LP with respect to the Brigade High Income Fund.](fp0082546-1_ex9928d10.htm) |
| [(d)](fp0082546-1_ex9928d11.htm) | [(11)](fp0082546-1_ex9928d11.htm) | [Investment Sub-Advisory Agreement dated March 8, 2023 between Brigade Capital Management, LP, Brigade Capital UK LLP, and Registrant, on behalf of the Brigade High Income Fund.](fp0082546-1_ex9928d11.htm) |
| [(e)](fp0082546-1_ex9928e6.htm) | [(6)](fp0082546-1_ex9928e6.htm) | [Amendment No. 5 dated December 20, 2022 to Distribution Agreement April 16, 2018 between Registrant and ALPS Distributors, Inc. with respect to the funds listed in Appendix A.](fp0082546-1_ex9928e6.htm) |
| [(e)](fp0082546-1_ex9928e7.htm) | [(7)](fp0082546-1_ex9928e7.htm) | [Amendment No. 6 dated December 20, 2022 to Distribution Agreement April 16, 2018 between Registrant and ALPS Distributors, Inc. with respect to the funds listed in Appendix A.](fp0082546-1_ex9928e7.htm) |
| [(g)](fp0082546-1_ex9928g9.htm) | [(9)](fp0082546-1_ex9928g9.htm) | [Custody Agreement dated February 17, 2023 between Registrant and State Street Bank with respect to the Brigade High Income Fund.](fp0082546-1_ex9928g9.htm) |
| [(h)](fp0082546-1_ex9928h13.htm) | [(13)](fp0082546-1_ex9928h13.htm) | [Services Agreement dated March 8, 2023 between Registrant and ALPS Fund Services, Inc. with respect to the Brigade High Income Fund.](fp0082546-1_ex9928h13.htm) |
| [(h)](fp0082546-1_ex9928h14.htm) | [(14)](fp0082546-1_ex9928h14.htm) | [Co-Administration Agreement dated March 8, 2023 between Registrant and Brigade Capital Management, LP with respect to the Brigade High Income Fund.](fp0082546-1_ex9928h14.htm) |
| [(h)](fp0082546-1_ex9928h30.htm) | [(30)](fp0082546-1_ex9928h30.htm) | [Fee Waiver Letter Agreement dated March 8, 2023 between Registrant and Brigade Capital Management, LP with respect to the Brigade High Income Fund.](fp0082546-1_ex9928h30.htm) |
| [(i)](fp0082546-1_ex9928i1d.htm) | [(1)(d)](fp0082546-1_ex9928i1d.htm) | [Opinion of Davis Graham & Stubbs LLP, counsel to Registrant, as to legality of shares of the Brigade High Income Fund.](fp0082546-1_ex9928i1d.htm) |
| [(j)](fp0082546-1_ex9928j5.htm) | [(5)](fp0082546-1_ex9928j5.htm) | [Consent of Cohen & Company, Ltd., Independent Registered Public Accounting Fund to Registrant with respect to the Brigade High Income Fund.](fp0082546-1_ex9928j5.htm) |
| [(n)](fp0082546-1_ex9928n8.htm) | [(8)](fp0082546-1_ex9928n8.htm) | [Rule 18f-3 Plan – Brigade High Income Fund.](fp0082546-1_ex9928n8.htm) |
| [(p)](fp0082546-1_ex9928p10.htm) | [(10)](fp0082546-1_ex9928p10.htm) | [Code of Ethics for Brigade Capital Management, LP and Brigade Capital UK, LLP.](fp0082546-1_ex9928p10.htm) |

---

## Exhibit 99.28

**Exhibit (d)(10)**

***EXECUTION VERSION***

**ALPS SERIES TRUST**

**BRIGADE HIGH INCOME FUND**

**INVESTMENT ADVISORY AGREEMENT**

This Agreement is made as of March 8, 2023 and is effective upon commencement of operations of the first Fund, by and between the ALPS Series Trust ("**Trust**"), a Delaware statutory trust, on behalf of each series included on **<u>Exhibit A</u>** hereto, each a separate series of shares of the Trust (each, a "**Fund**"), and Brigade Capital Management, LP, a Delaware limited partnership ("**Adviser**").

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

**WHEREAS**, the Trust has designated each Fund as series of shares in the Trust;

**WHEREAS,** the Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended ("**Advisers Act**"), and engages in the business of asset management; and

**WHEREAS**, the Board of Trustees of the Trust (the "**Trustees**" or 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 mutual covenants herein contained, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Obligations
 of the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Services**.
 The Adviser agrees to perform the following services ()"**Services** ")
 for 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;(i) manage the investment and reinvestment of the assets of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) continuously review, supervise, and administer the investment program of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) determine, in its discretion, the securities to be purchased, retained or sold (and implement those decisions) with respect to each Fund and what portion of each Fund's assets shall be held uninvested;

&nbsp;&nbsp;&nbsp;&nbsp;&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) provide the Trust and each Fund with records concerning the Adviser's activities under this Agreement that the Trust and each Fund are required to maintain;

&nbsp;&nbsp;&nbsp;&nbsp;&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) render regular reports to the Trust's Trustees and officers concerning the Adviser's discharge of the foregoing responsibilities, including, but not limited to, reviewing investment policies and investment selection with the Board every quarter;

&nbsp;&nbsp;&nbsp;&nbsp;&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) provide each Fund with investment research and statistical data, advice and supervision, data processing and clerical services consistent with each Fund's investment program;

**Exhibit (d)(10)**

&nbsp;&nbsp;&nbsp;&nbsp;&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) furnish the Trust and/or the Board with information the Trust and/or the Board may reasonably request with respect to the securities that each Fund may hold or contemplate purchasing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) provide the Trust, upon reasonable notice, with access to the Adviser's offices to review Fund records maintained by the Adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) advise and assist the officers of the Trust upon reasonable request 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 each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) to enter into, make and perform all such other contracts, agreements and other undertakings as may be necessary, advisable or incident to the carrying out of the foregoing services, objects and purposes, including opening trading accounts and negotiating and executing prime brokerage agreements, futures agreements, over-the-counter clearing agreements, repurchase agreements, ISDA agreements and/or other over-the-counter or foreign exchange master netting agreements; 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;(xiii) provide such other duties not specifically listed above, as agreed to by the parties from time to time for the efficient operation of the Funds.

The Adviser shall discharge the foregoing responsibilities subject to the control of the Board and officers of the Trust and in compliance with: (i) such policies as the Board may from time to time establish, including, but not limited to, the Trust's Declaration of Trust dated January 12, 2012 and its By-Laws; (ii) each Fund's objectives, policies and limitations as set forth in such Fund's prospectus and statement of additional information, as the same may be amended from time to time and as provided to the Adviser in advance of implementation; and (iii) with all applicable laws and regulations.

All Services to be furnished by the Adviser under this Agreement may be furnished through the medium of any directors, officers or employees of the Adviser or through such other parties as the Adviser may determine from time to time, including, without limitation, to the extent approved by the Trustees of the Trust, and consistent with the 1940 Act and with all applicable laws, rules and regulations (hereinafter collectively referred to as the "**Rules**"), any investment sub-adviser ("**Sub-Adviser**") selected by the Adviser. In such case, the Adviser will oversee the Sub-Adviser in carrying out the Services. 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 relevant Fund (unless exemptive relief from shareholder approval is available).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses
 and Personnel .

&nbsp;&nbsp;&nbsp;&nbsp;&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 Adviser agrees, at its own expense or at the expense of one or more of its affiliates, to render the Services and to provide the office space, furnishings, equipment and personnel as may be reasonably required in the judgment of the Trustees and officers of the Trust to perform the Services on the terms and for the compensation provided herein. The Adviser shall authorize and permit any of its officers, directors and employees, who may be elected as Trustees or officers of the Trust, to serve in the capacities in which they are elected, subject to the individual consent of such persons to serve and to any limitations imposed by 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;(ii) Except to the extent expressly assumed by the Adviser herein and except to the extent required by law to be paid by the Adviser, the Trust on behalf of each Fund shall pay all costs, fees, expenses or charges in connection with their assets, investments and operations, including: (1) all investment expenses, including, without limitation, reasonable fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal" costs (e.g., fees, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities with respect to unconsummated investments reasonably intended by the Adviser for purchase by the Fund); (2) office and clerical expenses not relating to the services provided by the Adviser hereunder; (3) fees and expenses of Trustees who are not officers, employees, partners, shareholders or members of the Adviser; (4) governmental fees; (5) interest charges and any other expenses associated with financial leverage; (6) taxes; (7) fees and charges for legal and auditing services relating to the Funds; (8) fees and expenses of any custodians or trustees with respect to custody of its assets; (9) fees, charges and expenses of dividend disbursing agents, registrars and transfer agents (including the cost of keeping all necessary shareholder records and accounts, and of handling any problems relating thereto and the expense of furnishing to all shareholders statements of their accounts after every transaction including the expense of mailing); (10) costs and expenses of redemptions of its shares; (11) costs and expenses of preparing, printing and mailing to shareholders ownership certificates, proxy statements and materials, prospectuses, statements of additional information, reports and notices; provided that, the Fund shall not be responsible for costs and expenses associated with preparing, printing and mailing to shareholders proxy statements that are being prepared, printed and mailed at the request of the Adviser; (12) costs of preparing reports to governmental agencies; (13) brokerage fees and commissions of every kind and expenses in connection with the execution of portfolio security transactions (including the cost of any service or agency designed to facilitate the purchase and sale of portfolio securities); (14) all postage; and (15) insurance premiums.

**Exhibit (d)(10)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Books and Records**. All books and records prepared and maintained by the Adviser for the Trust and each Fund under this Agreement shall be the property of the Trust and such Fund and, upon request therefor, the Adviser shall surrender to the Trust and each Fund such of the books and records so requested, provided, however, that the Adviser shall retain, maintain and preserve copies of all such books and records deemed necessary, appropriate or required to be maintained by the Adviser under applicable Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2. Fund Transactions**. The Adviser is authorized to select the brokers or dealers that will execute the purchases and sales of portfolio securities for each Fund. With respect to brokerage selection, the Adviser shall seek to obtain the best overall execution for Fund transactions, which is a combination of price, quality of execution and other factors. The Adviser may, in its discretion, purchase and sell portfolio securities from and to brokers and dealers who provide the Adviser with brokerage, research, analysis, advice and similar services, and the Adviser may pay to these brokers and dealers, in return for such services, a higher commission or spread than may be charged by other brokers and dealers, provided that the Adviser determines in good faith that such commission is reasonable in terms either of that particular transaction or of the overall responsibility of the Adviser to each Fund and its other clients and that the total commission paid by each Fund will be reasonable in relation to the benefits to each Fund and the Adviser's other clients over the long-term. The Adviser will promptly communicate to the officers and the Trustees of the Trust such information relating to portfolio transactions as they may reasonably request.

The parties agree that it is in the interests of each Fund 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. In selecting brokers or dealers to execute a particular transaction and in evaluating the best price and execution available, the Adviser or the Sub- 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 each Fund and/or other accounts over which the Adviser exercises investment discretion.

**Exhibit (d)(10)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3. Compensation of the Adviser**. The Fund will pay to the Adviser an investment advisory fee (the "Fee") equal to an annualized rate of 0.50% of the average daily net assets of the Fund. The Fee shall be calculated as of the last business day of each month based upon the average daily net assets of the Fund determined in the manner described in the Fund's Prospectus and/or Statement of Additional Information, and shall be paid to the Adviser by the Fund as soon as practicable after the last day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4. Status of Investment Adviser**. The services of the Adviser to the Trust and each Fund are not to be deemed exclusive, and the Adviser shall be free to render similar services to others so long as its services to the Trust and each Fund are not impaired thereby and provided that whenever a 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 Adviser shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Trust or a Fund in any way or otherwise be deemed an agent of the Trust or a Fund. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Adviser, who may also be a Trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5. Permissible Interests**. Trustees, agents and stockholders of the Trust are or may be interested in the Adviser (or any successor thereof) as directors, partners, officers, stockholders or otherwise; and directors, partners, officers, agents and stockholders of the Adviser are or may be interested in the Trust as Trustees, stockholders or otherwise; and the Adviser (or any successor) is or may be interested in the Trust as a stockholder or otherwise. The Adviser in acting hereunder shall be an independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6. Limits of Liability**. Other than to abide by the provisions hereof and render the services called for hereunder in good faith, the Adviser assumes no responsibility under this Agreement and, having so acted, the Adviser shall not be held liable or accountable for any mistakes of law or fact, or for any error of judgment or omission of its officers, directors, partners or employees, or for any loss or damage arising or resulting therefrom suffered by the Trust or a Fund or any of its shareholders, creditors, Trustees or officers, except a loss resulting from a claim relating to 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 the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of, or from reckless disregard by it of its obligations and duties under, this Agreement. It is agreed that the Adviser shall have no responsibility or liability for the acts or omission of any other fiduciary or other person not employed or engaged by the Adviser respecting the Trust or the Fund or for the accuracy or completeness of the Trust's registration statement under the 1940 Act or the Securities Act of 1933, as amended ("**1933 Act**"), except for information supplied by the Adviser for inclusion therein. The Adviser shall not be liable for any action of the Trustees in following or declining to follow any investment advice or investment recommendation of the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7. Proxy Voting and Other Corporate Matters.** The Adviser will take any and all action and provide any and all advice with respect to the voting of securities held by each Fund in accordance with each Fund's Proxy Voting Policies and Procedures, as amended and revised from time to time, including employing specialized agent or firms that are authorized to vote securities held by each Fund. The Adviser agrees to provide each Fund in a timely manner with a record of votes cast containing all of the voting information required by Form N-PX in an electronic format to enable each Fund to file Form N-PX as required by Rule 30b1-4 under the 1940 Act. With each Fund's approval, the Adviser shall also have the authority to: (i) identify, evaluate and pursue legal claims, including commencing or defending suits, affecting the securities held at any time in the Fund, including claims in bankruptcy, class action securities litigation and other litigation; (ii) participate in such litigation or related proceedings with respect to such securities as the Adviser deems appropriate to preserve or enhance the value of the Fund, including filing proofs of claim and related documents and serving as "lead plaintiff" in class action lawsuits; (iii) exercise generally any of the powers of an owner with respect to the supervision and management of such rights or claims, including the settlement, compromise or submission to arbitration of any claims, the exercise of which the Adviser deems to be in the best interest of the Fund or required by applicable law, including the Employee Retirement Income Security Act ("**ERISA**"), and (iv) employ suitable agents and firms, including legal counsel, relating to matters under this Section 7, and to arrange for the payment of their reasonable fees, expenses and related costs from the Fund.

**Exhibit (d)(10)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8. Information and Reports.** The Adviser shall keep each Fund informed of developments relating to its duties as Adviser for the Fund of which the Adviser has, or should have, knowledge that would materially affect the Fund. In this regard, the Adviser shall provide the Trust on behalf of each Fund and its officers with such periodic reports concerning the obligations the Adviser has assumed under this Agreement as the Trust on behalf of each Fund may, from time to time, reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to each regular meeting of the Board of the Trust on behalf of each Fund, the Adviser shall provide the Board with reports regarding the Adviser's management of each Fund during the most recently completed quarter, which reports shall include the Adviser's compliance with each Fund's investment objectives and policies and the 1940 Act applicable rules and regulations under the 1940 Act, each of which shall be in such form as may be mutually agreed upon by the Adviser and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Adviser and the Trust, on behalf of each Fund, shall provide the other party with a list, to the best of the Adviser's or the Trust's respective knowledge, of each affiliated person (and any affiliated person of such an affiliated person) of the Adviser or the Trust, as the case may be, and each of the Adviser and Trust agrees promptly to update such list whenever the Adviser or the Trust becomes aware of any changes that should be added to or deleted from the list of affiliated persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser shall also provide the Trust, on behalf of each Fund, with any information reasonably requested by the Trust, on behalf of each Fund, regarding the Adviser's management of each Fund's assets required for any shareholder report, amended registration statement or supplement to the prospectus or statement of additional information to be filed by the Trust on behalf of each Fund with the U.S. Securities and Exchange Commission ("**SEC**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9. Term.** This Agreement shall remain in effect for an initial term of two years from the effective date hereof, and from year to year thereafter provided such continuance is approved at least annually by the vote of a majority of the Trustees of the Trust who are not "interested persons" (as defined in the 1940 Act) of the Trust, which vote must be cast in person at a meeting called for the purpose of voting on such approval; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trust may, at any time and without the payment of any penalty, terminate this Agreement with respect to a Fund upon 60 (sixty) days' written notice of a decision to terminate this Agreement by: (i) the Trust's Trustees; or (ii) the vote of a majority of the outstanding voting securities of the relevant Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Adviser may, at any time and without the payment of penalty, terminate this Agreement upon 120 (one-hundred and twenty) days' notice to the Trust on behalf of a Fund;

**Exhibit (d)(10)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement shall immediately terminate in the event of its assignment (within the meaning of the 1940 Act and the Rules thereunder); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the terms of paragraphs 6, 9, 11 and 15 of this Agreement shall survive the termination of this Agreement.

In the event of the assignment of this Agreement, the Adviser shall notify the Trust on behalf of each Fund in writing sufficiently in advance of any proposed change of control, as defined in Section 2(a)(9) of the 1940 Act, as will enable the Trust to consider whether an assignment as defined in Section 2(a)(4) of the 1940 Act will occur, and to take the steps necessary to enter into a new contract with the Adviser.

Further, in the event of the termination of this Agreement pursuant to item 9(c) of this Section, the Adviser agrees to pay the reasonable costs and expenses of the Trust (inclusive of the cost of the Trust's legal counsel) directly arising out of such assignment and any actions taken by the Trust directly in response to such assignment, including not limited to, the costs and expenses of the Trust related to the approval of the new investment adviser to each Fund, special meetings of the Board and/or Fund shareholders (including the costs of any proxy solicitation that may be required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10. Amendments**. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the 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 Trustees 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;&nbsp;&nbsp;&nbsp;&nbsp;**11. Applicable Law**. 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 the laws of the State of Delaware 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Representations
 and Warranties .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Representations and Warranties of the Adviser**. The Adviser hereby represents and warrants to the Trust 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Adviser is a limited partnership duly organized and in good standing under the laws of the State of Delaware and is fully authorized to enter into this Agreement and carry out its duties and obligations 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;(ii) the Adviser is registered as an investment adviser with the SEC under the Advisers Act, and shall maintain such registration in effect at all times during the term 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;(iii) the Adviser will maintain, keep current and preserve on behalf of each Fund all books and records: (i) required pursuant to Rule 31a-1(b)(1), (2)(ii), (2)(iii), (3), (5) – (10), (12) and any records reasonably related thereto; or (ii) required in connection with such recordkeeping responsibilities as may be delegated by the Trust on behalf of each Fund to the Adviser from time to time. The Adviser agrees that such records are the property of each Fund, and shall be surrendered to such Fund promptly upon request. The Trust on behalf of each Fund acknowledges that Adviser may retain copies of all records required to meet the record retention requirements imposed by Rules;

**Exhibit (d)(10)**

&nbsp;&nbsp;&nbsp;&nbsp;&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) the Adviser shall maintain a written code of ethics ("**Code of Ethics**") complying with the requirements of Rule 204A-1 under the Advisers Act and Rule 17j-l under the 1940 Act and shall provide the Trust on behalf of each Fund with a copy of the Code of Ethics and evidence of its adoption. It shall institute procedures reasonably necessary to prevent Access Persons (as defined in Rule 17j-1) from violating its Code of Ethics. The Adviser acknowledges receipt of the written Code of Ethics adopted by and on behalf of the Trust on behalf of each Fund. Each calendar quarter while this Agreement is in effect, a duly authorized compliance officer of the Adviser shall certify to the Trust on behalf of each Fund that the Adviser has complied with the requirements of Rules 204A-1 and 17j-l during the previous calendar quarter and that there has been no material violation of its Code of Ethics, or of Rule 17j-1(b), and that no persons covered under its Code of Ethics have divulged or acted upon any material, non-public information, as such term is defined under relevant securities laws, and if a violation of the Code of Ethics of the Trust on behalf of each Fund or a violation of the Code of Ethics of the Adviser has occurred, that appropriate action was taken in response to such violation. Annually, the Adviser shall furnish to the Trust a written report that complies with the requirements of Rule 17j-1 concerning the Adviser's Code of Ethics. The Adviser shall permit the Trust to examine the reports required to be made by the Adviser under Rules 204A-1(b) and 17j-l(d)(1) and this subparagraph;

&nbsp;&nbsp;&nbsp;&nbsp;&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 Adviser has adopted and implemented, and throughout the term of this Agreement shall maintain in effect and implement, policies and procedures reasonably designed to prevent, detect and correct violations by the Adviser and its supervised persons, and, to the extent the activities of the Adviser in respect of a Fund could affect such Fund, violations by such Fund, of "**Federal Securities Laws**" (as defined in Rule 38a-1 under the 1940 Act), and the Adviser has provided the Trust with true and complete copies of its policies and procedures (or summaries thereof) and related information reasonably requested by the Trust on behalf of each Fund. The Adviser agrees to cooperate with periodic reviews by the Trust's compliance personnel of the Adviser's policies and procedures, their operation and implementation and other compliance matters and to provide to the Trust from time to time such additional information and certifications in respect of the Adviser's policies and procedures, compliance by the Adviser with Federal Securities Laws and related matters as the Trust's compliance personnel may reasonably request. The Adviser agrees to promptly notify the Trust on behalf of a Fund of any compliance violations that affect such Fund's assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Adviser will provide the requisite certifications reasonably requested by the chief executive officer and chief financial officer of the Trust necessary for those named officers to fulfill their reporting and certification obligations on Form N-CSR as required under the Sarbanes-Oxley Act of 2002, as well as any other filings as reasonably requested by the Trust's officers, to the extent that such reporting and certifications relate to the Adviser's duties and responsibilities under this 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;(vii) the Adviser will immediately notify the Trust of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser of an investment company pursuant to Section 9 of the 1940 Act or otherwise. The Adviser will also immediately notify the Trust if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Fund.

**Exhibit (d)(10)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Representations and Warranties of the Trust**. The Trust hereby represents and warrants to the Adviser 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Trust has been duly organized as a statutory trust under the laws of the State of Delaware and is authorized to enter into this Agreement and carry out its terms;

&nbsp;&nbsp;&nbsp;&nbsp;&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 is registered as an investment company with the SEC under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shares
 of the Trust are registered for offer and sale to the public under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) such
 registrations will be kept in effect during the term of this 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;(v) the Trust has adopted and implemented, and throughout the term of this Agreement shall maintain in effect and implement, policies and procedures reasonably designed to prevent, detect and correct violations by each Fund of the Federal Securities Laws, including policies and procedures that provide for the oversight of compliance by each, principal underwriter, administrator, and transfer agent of the Fund, consistent with the requirements of Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13. Notice.** Any notice, advice or report to be given pursuant to this Agreement shall be delivered or mailed:

To the Adviser at:

Brigade Capital Management, LP <br> 399 Park Avenue, 16th Floor <br> New York, NY 10022

To the Trust or each Fund at:

ALPS Series Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203 <br> Attn: Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15. Use of Names.** The Trust and the Adviser acknowledge that all rights to the name "ALPS Series Trust" or any variation thereof belong to the Trust. The Trust acknowledges that all rights to the name "Brigade Capital Management, LP" belongs to the Adviser, and that the Trust is being granted a limited license to use such words in its name, the name of its series and the name of its classes of shares.

**Exhibit (d)(10)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16. Severability**. 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 and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17. Counterparts**. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

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

---

| | | | |
|:---|:---|:---|:---|
| ALPS SERIES TRUST | ALPS SERIES TRUST | BRIGADE CAPITAL MANAGEMENT, LP | BRIGADE CAPITAL MANAGEMENT, LP |
|  | /s/ Lucas Foss |  | /s/ Patrick Criscillo |
| By: | Lucas Foss | By: | Patrick Criscillo |
| Title: | President | Title: | Chief Financial Officer |

---

**Exhibit (d)(10)**

**EXHIBIT A**

**Brigade High Income Fund**

## Exhibit 99.28

**Exhibit (d)(11)**

***EXECUTION VERSION***

**ALPS SERIES TRUST**

**SUB-ADVISORY AGREEMENT**

AGREEMENT, made as of March 8, 2023 and is effective upon commencement of operations of the first Fund, by and among Brigade Capital Management, LP (the "Investment Adviser"), a limited partnership organized under the laws of Delaware with its principal place of business at 399 Park Avenue, 16th Floor, New York, New York 10022, U.S.A., ALPS Series Trust, a Delaware statutory trust (the "Trust"), on behalf of the funds listed in <u>Schedule A</u> hereto, as amended from time to time, each a series of the Trust (each, a "Fund" and collectively, the "Funds"), and Brigade Capital UK LLP, a UK Limited Liability Partnership (the "Sub-Adviser"), having its principal place of business at Southwest House, 11A Regent Street, Third Floor, London, SW1Y 4LR.

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

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

WHEREAS, the Investment Adviser has entered into an Investment Advisory Agreement with the Trust;

WHEREAS, the Sub-Adviser is registered as an investment adviser under the Advisers Act;

WHEREAS, the Sub-Adviser is authorised and regulated by the Financial Conduct Authority of the United Kingdom (the "FCA");

WHEREAS, the Trust and the Investment Adviser desire to retain the Sub-Adviser to render investment advisory and other services to some or all of the Funds in the manner and on the terms hereinafter set forth;

WHEREAS, the Investment Adviser has the authority under the Investment Advisory Agreement, with the consent of the Trustees of the Trust (the "Trustees"), to select sub-advisers for each Fund; and

WHEREAS, the Sub-Adviser is willing to furnish such services to the Investment Adviser and some or all of the assets of each Fund.

NOW, THEREFORE, the Investment Adviser, the Trust and the Sub-Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT
 OF THE SUB-ADVISER

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Investment Adviser hereby appoints the Sub-Adviser to act as a sub-adviser for all or a portion of each Fund, and in accordance with the terms and conditions of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Schedule C</u> to this Agreement sets out certain regulatory disclosures that the Sub-Adviser is required to provide to the Investment Adviser and the Trust, under applicable UK regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ACCEPTANCE
 OF APPOINTMENT

The Sub-Adviser accepts that appointment and agrees to render the services herein set forth, for the compensation herein provided.

**Exhibit (d)(11)**

The assets of each Fund will be maintained in the custody of a custodian (who shall be identified by Investment Adviser in writing). The Sub-Adviser will not have custody of any securities, cash or other assets of the Funds and will not be liable for any loss resulting from any act or omission of the custodian other than acts or omissions arising in reasonable reliance on instructions of the Sub-Adviser. The custodian will be responsible for the custody, receipt and delivery of securities and other assets of the Funds, and the Sub-Adviser shall have no authority, responsibility or obligation with respect to the custody, receipt or delivery of securities or other assets of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SERVICES
 TO BE RENDERED BY THE SUB-ADVISER TO THE TRUST

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. As sub-adviser to each Fund, the Sub-Adviser will provide sub-advisory and trading services in respect of the assets of each Fund allocated to it hereunder and determine the composition of assets of such Fund, in accordance with the terms of this Agreement, the Fund's Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time, and subject to the direction, supervision and control of the Investment Adviser and the Trustees of the Trust. Prior to the commencement of the Sub-Adviser's services hereunder, the Investment Adviser shall provide the Sub-Adviser with current copies of the Fund's Prospectus and Statement of Additional Information ("SAI"). The Investment Adviser undertakes to provide the Sub-Adviser with copies or other written notice of any amendments, modifications or supplements to the Fund's Prospectus and Statement of Additional Information, and the Sub-Adviser will not need to comply until a copy has been provided to the Sub- Adviser. The Investment Adviser undertakes to highlight changes to the Fund's investment objective, policies or restrictions in any supplements, revisions or updated prospectus or SAI to facilitate compliance with such policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Sub-Adviser may either (i) recommend the allocation of Fund assets to the Investment Adviser for execution of trades, or (ii) subject to the supervision of the Investment Adviser, place orders for the purchase and sale of securities for a Fund itself. In the event the Sub-Adviser places orders for the purchase and sale of Fund securities itself, it is hereby authorized hereunder to place such orders with or through such brokers, dealers or banks as the Sub-Adviser may select. The Sub-Adviser will seek best execution under the circumstances of the particular transaction taking into consideration the full range and quality of a broker's services in placing brokerage including, among other things, execution capability, commission rate, financial responsibility and responsiveness to the Sub-Adviser. The Sub-Adviser may aggregate sales and purchase orders of securities or derivatives held in a Fund with similar orders being made simultaneously for other funds managed or advised by the Sub-Adviser if, in the Sub-Adviser's reasonable judgment, such aggregation shall result in an overall economic benefit to a Fund in accordance with the Sub-Adviser's policies and procedures. A copy of these policies and procedures has been provided to the Investment Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Investment Adviser understands and agrees that the Sub-Adviser performs investment advisory and trading services for various clients and may take action with respect to any of its other clients which may differ from action taken or from the timing or nature of action taken by the Sub-Adviser for a Fund. The Sub-Adviser's authority hereunder shall not be impaired because of the fact that it may effect transactions with respect to securities for its own account or for the accounts of others which it manages which are identical or similar to securities to which it may effect transactions for a Fund at the same or similar times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Sub-Adviser will provide the Investment Adviser with copies of the Sub-Adviser's current policies and procedures adopted in accordance with Rule 206(4)-7 under the Advisers Act. Only to the extent that the Fund(s) are required by the 1940 Act to adopt or ratify the Sub-Adviser's specific policy or procedure, the Investment Adviser will submit such policy or procedure to the Trust's Board of Trustees for adoption or ratification by each of the Funds, with such modifications or additions thereto as the Board of Trustees or the Investment Adviser may reasonably recommend subject to the concurrence of the Sub- Adviser.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Sub-Adviser will maintain and preserve all accounts, books and records with respect to the assets of a Fund allocated to it as are required of an investment adviser of a registered investment company pursuant to the 1940 Act and the Advisers Act and the rules thereunder and shall file with the SEC all forms pursuant to Section 13D, 13F and 13G of the Securities Exchange Act of 1934, as amended (the "Exchange Act") solely on its own behalf (and those filings remain the property of the Sub-Adviser), with respect to its investments or holdings. A Fund or the Investment Adviser may have its own filing obligation with respect to Forms 13D, 13F, or 13G under the Exchange Act. The records relating to the services provided under this Agreement shall be the property of the Fund. Each Fund, the Sub-Adviser or the Investment Adviser shall have the right to copies of such records if required under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. The Sub-Adviser will, unless and until otherwise directed by the Investment Adviser, exercise all investment rights of security holders with respect to securities held by each Fund, including, but not limited to: voting proxies in accordance with the Sub-Adviser's then-current proxy voting policies. Notwithstanding anything else to the contrary in this Agreement, Sub-Adviser will not compile or file claims or take any related actions on behalf of a Fund or Investment Adviser in any class action, bankruptcy or other legal proceeding related to securities currently or previously held in a Fund. However, Sub-Adviser shall provide factual information in its possession as the Fund or Investment Adviser may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. The Sub-Adviser will make available and provide information concerning the Sub-Adviser required by each Fund in the preparation of registration statements, reports and other documents required by federal and state securities laws, and such other information as each Fund or the Investment Adviser may reasonably request for use in the preparation of such documents, or of other materials necessary or helpful for the distribution of a Fund's shares, subject to the express use of name approval rights of the Sub- Adviser pursuant to Section 14 of this Agreement. Subject to paragraph 5 of this Agreement, each Fund, the Trust, the Investment Adviser or principal underwriter shall be solely responsible for the compliance of promotional materials with applicable laws and rules, including those of any applicable self-regulatory organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. In the performance of its duties and obligations under this Agreement, the Sub-Adviser shall act in conformity with each Fund's Prospectus and Statement of Additional Information and with the instructions and directions of the Investment Adviser and of the Board of Trustees and will conform and comply with the applicable requirements of the 1940 Act, the Internal Revenue Code of 1986, as amended, and all other applicable federal and state laws and regulations, as each is amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. The Sub-Adviser at its expense will make available to the Trustees and the Investment Adviser at reasonable times its portfolio managers and other appropriate personnel, either in person or, at the mutual convenience of the Investment Adviser and the Sub-Adviser, by telephone, in order to review the investment policies, performance and other investment related information regarding a Fund and to consult with the Trustees of the Funds and Investment Adviser regarding each Fund's investment affairs, including economic, statistical and investment matters related to the Sub-Adviser's duties hereunder, and will provide periodic reports to the Investment Adviser or the Trustees relating to the investment strategies it employs. The Sub-Adviser and its personnel shall also cooperate fully with the commercially reasonable requests of counsel and auditors for, and the Chief Compliance Officers of, the Investment Adviser and the Trust.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. The Sub-Adviser will review draft reports to shareholders and other documents provided to it by the Investment Adviser and provide comments on a timely basis. The Investment Adviser or a Fund will provide such documents to the Sub-Adviser in a reasonable timeframe prior to the due date. In addition, the Sub-Adviser and each officer and portfolio manager thereof designated by the Investment Adviser will provide on a timely basis such certifications or sub-certifications as the Investment Adviser or a Fund may reasonably request in order to support and facilitate certifications required to be provided by the Trust's Principal Executive Officer and Principal Financial Officer; provided that if such a requested certification is not factually supportable, Sub-Adviser will not be in breach of this Agreement if it does not provide such certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. COMPENSATION
 OF SUB-ADVISER

The Investment Adviser will pay the Sub-Adviser as compensation for providing services in accordance with this Agreement those fees at the rate(s) set forth in <u>Schedule B</u>**,** on a monthly basis, no later than thirty days following each month end. In the event of the termination of the Sub-Adviser with respect to any Fund, the Investment Adviser and the Sub-Adviser agree that all fees shall become due and owing to the Sub-Adviser promptly after the termination date of the Sub-Adviser with respect to any Fund and that the amount of such fees shall be calculated by treating the termination date as the next fee computation date. The annual base fee will be prorated for such fees owed through the termination date. In addition, the Investment Adviser shall be responsible for extraordinary expenses incurred by the Sub- Adviser in connection with the performance of its duties hereunder, including, without limitation, expenses incurred with respect to proxy voting execution, advice and reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. LIABILITY
 AND INDEMNIFICATION

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Except as is otherwise required by the 1940 Act, in the absence of willful misconduct, bad faith or gross negligence, neither the Sub-Adviser nor any of its officers, affiliates, employees or consultants (its "Affiliates") shall be liable for any losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) incurred or suffered by the Investment Adviser, a Fund or the Trust as a result of any error of judgment or for any action or inaction taken in good faith by the Sub-Adviser or its Affiliates with respect to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Sub-Adviser shall indemnify and hold harmless the Investment Adviser, its principals, officers, employees, consultants, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the 1940 Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) (collectively, "Investment Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Investment Adviser Indemnitees may become subject at common law or otherwise, due to the Sub-Adviser's willful misconduct, bad faith, fraud, reckless disregard, or gross negligence; provided however, the Sub-Adviser shall not indemnify or hold harmless the Investment Adviser Indemnitees for any losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) due to (i) any breach by the Investment Adviser of a representation or warranty made herein or (ii) any willful misconduct, bad faith, fraud, reckless disregard or gross negligence of the Investment Adviser in the performance of any of its duties or obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Except as may otherwise be provided by the 1940 Act or any other federal securities law, the Investment Adviser shall indemnify and hold harmless the Sub-Adviser and its managers, officers, employees, consultants, all affiliated persons thereof (within the meaning of Section 2(a)(3) of the 1940 Act) and all controlling persons (as described in Section 15 of the Securities Act of 1933, as amended) (collectively, "Sub-Adviser Indemnitees") against any and all losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) to which any of the Sub-Adviser Indemnitees may become subject at common law or otherwise, due to the Investment Adviser's willful misconduct, bad faith, fraud, reckless disregard or gross negligence; provided however, the Investment Adviser shall not indemnify or hold harmless the Sub-Adviser Indemnitees for any losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses) due to (i) any breach by the Sub-Adviser of a representation or warranty made herein or (ii) any willful misconduct, bad faith, fraud, reckless disregard or gross negligence of Sub-Adviser in the performance of any of its duties or obligations hereunder.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Notwithstanding anything in this Agreement to the contrary contained herein, the Sub- Adviser shall not be responsible or liable for its failure to perform under this Agreement or for any losses to the Investment Adviser or the Trust resulting from any event beyond the reasonable control of the Sub- Adviser or its agents, including but not limited to nationalization, expropriation, devaluation, seizure, or similar action by any governmental authority, de facto or de jure; or enactment, promulgation, imposition or enforcement by any such governmental authority of currency restrictions, exchange controls, levies or other charges affecting the Trust's property; or the breakdown, failure or malfunction of any utilities or telecommunications systems; or any order or regulation of any banking or securities industry including changes in market rules and market conditions affecting the execution or settlement of transactions; or acts of war, terrorism, insurrection or revolution; or acts of God, or any other similar event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. No Trustee or shareholder of the Trust shall be personally liable for any debts, liabilities, obligations or expenses incurred by, or contracted for under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Nothing in this Agreement shall exclude or restrict any duty or liability of the Sub-Adviser to the Investment Adviser or the Trust under the regulatory system (as defined in the FCA Rules).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. REPRESENTATIONS
 OF THE INVESTMENT ADVISER

The Investment Adviser represents, warrants and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Investment Adviser has been duly authorized by the Trustees of the Trust to delegate to the Sub-Adviser the provision of investment services to each Fund as contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Investment Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide the Sub-Adviser with a copy of such code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The Investment Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect, (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement, (iii) has met and will seek to continue to meet for so long as this Agreement is in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement, (iv) has the full power and authority to enter into and perform the services contemplated by this Agreement, and (v) will promptly notify the Sub-Adviser of the occurrence of any event that would disqualify the Investment Adviser from serving as investment manager of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Investment Adviser acknowledges receipt of Part 2 of the Sub-Adviser's Form ADV prior to entering into this Agreement.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Investment Adviser shall provide (or cause the Trust's custodian to provide) timely information to the Sub-Adviser regarding such matters as the composition of assets in the portion of each Fund sub-advised by the Sub-Adviser, cash requirements and cash available for investment in such portion of each such Fund, and all other information as may be reasonably necessary for the Sub-Adviser to perform its duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. REPRESENTATIONS
 OF THE TRUST

The Trust represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each Fund is a series of the Trust that is duly registered as an open-end investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The execution, delivery and performance by the Trust of this Agreement are within the Trust's powers and have been duly authorized by all necessary action on the part of its Board of Trustees, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Trust for the execution, delivery and performance by the Trust of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The execution, delivery and performance by the Trust of this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Trust's Trust Instrument, or (iii) any agreement, judgment, injunction, order, decree or other instrument binding upon the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Trust has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and will provide the Investment Adviser and the Sub-Adviser with a copy of such code of ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This Agreement is a valid and binding Agreement of the Trust, enforceable against it in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. REPRESENTATIONS
 OF THE SUB-ADVISER

The Sub-Adviser represents, warrants and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The Sub-Adviser (i) is registered as an investment adviser under the Advisers Act and will continue to be so registered for so long as this Agreement remains in effect, (ii) is not prohibited by the 1940 Act, the Advisers Act or other law, regulation or order from performing the services contemplated by this Agreement, (iii) has met and will seek to continue to meet for so long as this Agreement remains in effect, any other applicable federal or state requirements, or the applicable requirements of any regulatory or industry self-regulatory agency necessary to be met in order to perform the services contemplated by this Agreement, (iv) has the full power and authority to enter into and perform the services contemplated by this Agreement, and (v) will promptly notify the Investment Adviser of the occurrence of any event that would disqualify the Sub-Adviser from serving as an investment adviser of an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Sub-Adviser has adopted a written code of ethics complying with the requirements of Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act and will provide the Investment Adviser and the Trust with a copy of such code of ethics. Within forty-five (45) days of the end of the last calendar quarter of each year that this Agreement is in effect, and as otherwise requested, the Sub-Adviser shall certify to the Investment Adviser and the Trust that the Sub-Adviser has complied with the requirements of Rule 17j-1 and Rule 204A-1 during the previous year and that there has been no material violation of the Sub-Adviser's code of ethics or, if such a material violation has occurred, that appropriate action was taken in response to such violation. Upon the written request of the Investment Adviser or the Trust, the Sub-Adviser shall provide reasonable periodic certifications regarding compliance with its Code, and annually will provide copies of internal or external assessments that include descriptions of testing of, and Sub-adviser's compliance with its, Code of Ethics, including the Sub-Adviser's Chief Compliance Officer's ("CCO") annual report required under the Advisers Act.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Upon written request, the Sub-Adviser shall provide a certification to each Fund to the effect that the Sub-Adviser has adopted and implemented policies and procedures reasonably designed to prevent violation by the Sub-Adviser and its supervised persons of the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Sub-Adviser agrees to maintain an appropriate level of errors and omissions or professional liability insurance coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The Sub-Adviser acknowledges that the Investment Adviser and the Trust intend to rely on Rule 17a-10, Rule 10f-3, Rule 12d3-1 and Rule 17e-1 under the 1940 Act, and the Sub-Adviser agrees not to consult concerning transactions for a Fund in securities or other assets with (i) other sub-advisers to a Fund, if any, (ii) other sub-advisers to any other fund of the Trust, or (iii) other sub-advisers to an investment company under common control with any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. This Agreement is a valid and binding Agreement of the Sub-Adviser, enforceable against it in accordance with the terms hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. NON-EXCLUSIVITY

The services of the Sub-Adviser to the Investment Adviser, the Fund(s) and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory or other services to others and to engage in other activities. It is understood and agreed that the directors, officers and employees of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors, trustees or employees of any other firm or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. SUPPLEMENTAL
 ARRANGEMENTS

The Sub-Adviser may from time to time employ or associate itself with any person it believes to be particularly suited to assist it in providing the services to be performed by the Sub-Adviser hereunder, provided that no such person shall perform any services with respect to the Fund(s) that would constitute an assignment or require a written advisory agreement pursuant to the 1940 Act. In particular, the Sub- Adviser may engage investment personnel associated with its control affiliates to assist it with providing its services under this Agreement, provided that Sub-Adviser will remain liable to the Trust at all times for the performance of its obligations under the Agreement and will remain responsible for the acts and omissions of such control affiliates. Any compensation payable to such persons shall be the sole responsibility of the Sub-Adviser, and neither the Investment Adviser nor the Trust shall have any obligations with respect thereto or otherwise arising under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. TERMINATION
 OF AGREEMENT

This Agreement shall remain in force for an initial term of two (2) 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 Trustees who are not interested persons, cast in person at a meeting called for the purpose of voting on such approval and by a vote of the Trustees 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 be terminated with respect to any Fund at any time, without the payment of any penalty, by a vote of the majority of the Trustees, by the vote of a majority of the outstanding voting securities of such Fund, or by the Investment Adviser on sixty (60) days' prior written notice to the Sub-Adviser. In addition, this Agreement may be terminated with respect to any Fund by the Sub-Adviser upon sixty (60) days written notice to the Investment Adviser. This Agreement will also terminate upon written notice to the other party that the other party is in material breach of this Agreement, unless the other party in material breach of this Agreement cures such breach to the reasonable satisfaction of the party alleging the breach within thirty (30) days after written notice.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. AMENDMENTS
 TO THE AGREEMENT

This Agreement may only be amended by written agreement of all of the parties hereto. If required under applicable securities laws or governance agreements of a Fund, material amendments to this Agreement shall be subject to approval by the vote of a majority of the outstanding voting securities of the relevant Fund (unless such approval is not required by Section 15 of the 1940 Act as interpreted by the SEC or its staff or unless the SEC has granted an exemption from such approval requirement) and by the vote of a majority of the Trustees who are not interested persons, cast in person at a meeting called for the purpose of voting on such approval. The required shareholder approval shall be effective with respect to the Fund if a majority of the outstanding voting securities of the Fund vote to approve the amendment, notwithstanding that the amendment may not have been approved by a majority of the outstanding voting securities of any other Fund affected by the amendment or all the Funds of the Trust. Additional funds may be added to <u>Schedule A</u> by written agreement of the Investment Adviser, the Sub-Adviser, and the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. ASSIGNMENT

Any assignment (as that term is defined in the 1940 Act) of this Agreement by the Sub-Adviser shall result in the automatic termination of this Agreement, as provided in Section 11 hereof. Notwithstanding the foregoing, no assignment shall be deemed to result from any changes in the directors, officers or employees of the Sub-Adviser except as may be provided to the contrary in the 1940 Act or the rules or regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. USE
 OF SUB-ADVISER'S NAME OR INTELLECTUAL PROPERTY

In connection with the promotion and provision of information about each Fund or Trust, Sub- Adviser shall provide to the Trust or Investment Adviser upon reasonable request information relating to Sub-Adviser and its services to each Fund for inclusion in any promotional or disclosure materials. The Trust and Investment Adviser will not use Sub-Adviser's name or make any statements relating to Sub- Adviser or its affiliates in any such promotional or disclosure materials until Sub-Adviser has reviewed and approved the materials prior to their first use. Such approval will not be unreasonably withheld or delayed. Prior approval is not necessary for materials that merely list the Sub-Adviser as the sub-adviser to the Fund. The Trust and Investment Adviser may not use the logo of Sub-Adviser or any affiliate in any promotional materials without the prior approval of Sub-Adviser, which Sub-Adviser may grant or withhold in its sole discretion. Any goodwill associated with the use of the Sub-Adviser's name or trademarks by the Trust or the Investment Advisor shall inure to the benefit of the Sub-Adviser.

Unless otherwise agreed in writing by the parties, each party shall own all Intellectual Property that it, individually and not together with the other party, makes, invents, develops, creates, conceives or reduces to practice after the effective date of this Agreement and as a result of work conducted pursuant to this Agreement ("Developed Intellectual Property"). Except as otherwise expressly provided in this Agreement, under no circumstances shall a party, as a result of this Agreement, obtain any ownership interest or other right, title, or interest in or to any Intellectual Property or Confidential Information of the other party (including, without limitation, any Developed Intellectual Property), whether by implication, estoppel, or otherwise. For purposes of this Agreement, "Intellectual Property" means any and all trade secrets, trademarks and service marks (together with all goodwill connected with the use of and symbolized by any of the forgoing), domain names, original works of authorship and related copyrights, patentable and unpatentable inventions, any other intangible property in which any person or entity holds proprietary rights, title, interests or protections, however arising, including all applications, registrations, renewals, issues, reissues, extensions, divisions and continuations in connection with any of the foregoing.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. ENTIRE
 AGREEMENT

This Agreement contains the entire understanding and agreement of the parties with respect to each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. HEADINGS

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. NOTICES

All notices required to be given pursuant to this Agreement shall be delivered or mailed to the address listed below of each applicable party (i) in person, (ii) by registered or certified mail, or (iii) delivery service, providing the sender with notice of receipt, or to such other address as specified in a notice duly given to the other parties. Notice shall be deemed given on the date delivered if sent in accordance with this paragraph.

To the Trust:

ALPS Series Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203 <br> Attn: Secretary

Email: patrick.rogers@sscinc.com

To the Investment Adviser:

Brigade Capital Management, LP <br> 399 Park Avenue, 16th Floor <br> New York, NY 10022

Attention: Mr. Aaron Daniels <br> Telephone: 212-745-9718 <br> Email: AD@brigadecapital.com

To the Sub-Adviser:

Brigade Capital UK LLP <br> Southwest House 11A <br> Regent Street, Third Floor <br> London SW1Y 4LR <br> Attention: Alistair Cuthbert <br> Telephone: +44 (0) 20-3770-6709<br> Email: acuthbert@brigadecapital.com

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. SEVERABILITY
 AND SURVIVAL

Should any portion of this Agreement for any reason be held to be void in law or in equity, the Agreement shall be construed, insofar as is possible, as if such portion had never been contained herein. Sections 5, 17 and 20 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. GOVERNING
 LAW

The provisions of this Agreement shall be construed and interpreted in accordance with the laws of the State of Colorado, without regard to the conflicts of laws provisions of that state, or any of the applicable provisions of the 1940 Act. To the extent that the laws of the State of Colorado, or any of the provisions in this Agreement, conflict with applicable provisions of the 1940 Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. INTERPRETATION

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

<u>Schedule C</u> (UK Regulatory Provisions) shall be interpreted in accordance with the laws of England & Wales and with the FCA Rules, as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. CONFIDENTIALITY

Each party shall treat as confidential all Confidential Information of the other (as that term is defined below) and use such information only in furtherance of the purposes of this Agreement. Each party shall limit access to the Confidential Information to its affiliates, employees, consultants, auditors and regulators who reasonably require access to such Confidential Information, and otherwise maintain policies and procedures designed to prevent disclosure of the Confidential Information. For purposes of this Agreement, "Confidential Information" shall include all non-public business and financial information, methods, plans, techniques, processes, documents and trade secrets of a party. Confidential Information shall not include anything that (i) is or lawfully becomes in the public domain, other than as a result of a breach of an obligation hereunder, (ii) is furnished to the applicable party by a third party having a lawful right to do so, or (iii) was known to the applicable party at the time of the disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. COUNTERPARTS

This Agreement may be executed in counterparts each of which shall be deemed to be an original and all of which, taken together, shall be deemed to constitute one and the same instrument.

**Exhibit (d)(11)**

[*SIGNATURES ON FOLLOWING PAGE*]

**Exhibit (d)(11)**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly authorized officers as of the date first mentioned above.

---

| | | | |
|:---|:---|:---|:---|
| ALPS SERIES TRUST, on behalf of each Fund | ALPS SERIES TRUST, on behalf of each Fund | BRIGADE CAPITAL MANAGEMENT, LP | BRIGADE CAPITAL MANAGEMENT, LP |
| By: | /s/ Lucas Foss | By: | /s/ Patrick Criscillo |
| Name: | Lucas Foss | Name: | Patrick Criscillo |
| Title: | President | Title: | Chief Financial Officer |

---

---

| | |
|:---|:---|
| BRIGADE CAPITAL UK LLP | BRIGADE CAPITAL UK LLP |
| By: | /s/ Patrick Criscillo |
| Name: | Patrick Criscillo |
| Title: | Chief Financial Officer |

---

**Exhibit (d)(11)**

**<u>SCHEDULE A</u>**

**FUNDS**

Brigade High Income Fund

**Exhibit (d)(11)**

**<u>SCHEDULE B</u>**

**COMPENSATION**

---

| | |
|:---|:---|
| **Fund** | **Annual Fee Rate** |
| Brigade High Income Fund | 0 basis points |

---

**Exhibit (d)(11)**

**<u>SCHEDULE C</u>**

**UK REGULATORY PROVISIONS**

**<u>Interpretation</u>**

*"***Broker***"* means a broker, dealer or other entity with which Sub-Adviser places, on behalf of the Funds, orders relating to one or more investments for execution by that broker, dealer or other entity;

"**Execution Factors**" has the meaning given to it in the FCA Rules;

"**FCA Rules**" means the rules, guidance, principles and codes comprised in the Handbook of Rules and Guidance issued by the FCA;

*"***Limit Order***"* has the meaning given to it in the FCA Rules; and

*"***Trading Venue***"* has the meaning given to it in the FCA Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Regulatory Status</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 Sub-Adviser
 is authorised and regulated by the Financial Conduct Authority. The FCA's address
 is 12 Endeavour Square, London E20 1JN.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 Sub-Adviser
 has categorised each of the Investment Adviser and the Trust as a professional client
 (as defined in the FCA Rules) and Sub-Adviser will provide its services under the Agreement
 on that basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.3 Each
 of the Investment Adviser and the Trust has the right to request Sub-Adviser to categorise
 it as a retail client (as defined in the FCA Rules) either generally or in specific circumstances.
 However, it is Sub-Adviser's policy not to agree to such requests.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 Except
 as otherwise specified in this Agreement, Sub-Adviser, Investment Adviser and the Trust
 may communicate by letter, email, telephone or any other form of communication agreed
 between the parties, using the contact details separately provided. All communications
 shall be in English.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 By
 way of exception to paragraph 2.1, Sub-Adviser shall communicate certain information
 to the Investment Adviser and the Trust in electronic format only, where required to
 do so by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Duties of Sub-Adviser</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Sub-Adviser
 will on behalf of Investment Adviser, provide sub-advisor and trading services in respect
 of the Funds' assets in pursuit of the investment objective and approach of the
 relevant Fund and subject to Clause 3 of the Agreement.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 Under
 the FCA Rules, Sub-Adviser is required to establish an appropriate method of evaluation
 and comparison, based on the investment objectives and approach of the Funds and the
 types of investments included in their portfolios, so as to enable Investment Adviser
 and the Trust to assess Sub-Adviser's performance. Sub-Adviser will evaluate and
 compare its performance by reference to the extent to which it has achieved the investment
 objective of the relevant Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 Sub-Adviser
 hereby notifies Investment Adviser and the Trust that investments comprised in a Fund's
 portfolio will be valued at the frequency, and in accordance with the methodology, specified
 in the Fund's Prospectus and Statement of Additional Information of the relevant
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 Sub-Adviser
 is required to provide Investment Adviser and the Trust with a description of the nature
 and risks of investments in financial instruments that it is permitted to make in the
 management and investment of a Fund's portfolio, including in respect of the relevant
 investment strategy. Investment Adviser and the Trust each acknowledges and confirms
 that Sub-Adviser has separately provided it with a risk disclosure document which sets
 out such descriptions and information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Execution of Orders and Transactions</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 The
 parties agree that, when executing transactions in investments on behalf of the Funds,
 or placing orders relating to investments on behalf of the Funds with Brokers for execution
 by those Brokers, Sub-Adviser shall (except to the extent that it is following a specific
 instruction from Investment Adviser or the Trust, in relation to the execution of an
 order) owe to Investment Adviser and the Trust a duty to take all sufficient steps to
 obtain the best possible result for the relevant Funds, taking into account the Execution
 Factors that are relevant to the execution or placing of that order under the terms of
 Sub-Adviser's order execution policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 Investment
 Adviser and the Trust each acknowledges and confirms that Sub-Adviser has separately
 provided it with a copy of Sub-Adviser's order execution policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 By
 signing this Agreement, Investment Adviser and the Trust each hereby expressly consents
 to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Sub-Adviser's
 order execution policy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the
 execution outside of a Trading Venue of the Funds' orders relating to investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 Subject
 to the FCA Rules, Sub-Adviser may, when executing transactions in investments on behalf
 of any Fund or placing orders relating to investments on behalf of any Fund with Brokers
 for execution by those Brokers, aggregate those transactions or orders with those of
 one or more other Funds or one or more other clients of Sub-Adviser. Aggregation may
 on some occasions operate to the disadvantage of one or more such Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5 To
 the extent that Sub-Adviser places a Limit Order for the sale or purchase of equities
 on behalf of any Fund with a Broker for execution by that Broker, Investment Adviser
 and the Trust each hereby expressly instructs Sub-Adviser not to make public (and to
 use reasonable endeavours to procure that the Broker does not make public) the details
 of that Limit Order unless Sub-Adviser considers, in its absolute discretion, that it
 is appropriate for such details to be made public (which shall, without limitation, be
 deemed to include where the relevant Broker makes the relevant details of that Limit
 Order public in circumstances where Sub-Adviser has given the Broker the discretion to
 do so).

**Exhibit (d)(11)**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 Sub-Adviser
 will provide such periodic reports in respect of the Funds as are specified in clause
 3 of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Inducements</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 Under
 the FCA Rules, in the course of providing sub-advisory services to Investment Adviser
 and the Trust, Sub-Adviser is prohibited from accepting and retaining any fees, commission
 or monetary benefits, or accepting any non-monetary benefits (other than acceptable minor
 non-monetary benefits (as defined in the FCA Rules) and research permitted under paragraph
 7 below), where these are paid or provided by any third party or a person acting on their
 behalf. Where Sub-Adviser receives any such fees, commissions or monetary benefits,
 it will transfer these to the relevant Fund's account and will inform Investment
 Adviser and the Trust of any such fees, commissions or monetary benefits that were received
 and transferred to any Fund during the relevant period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 Sub-Adviser
 may accept and retain fees, commission monetary or non-monetary benefits which are paid
 or provided to Sub-Adviser by a person acting on behalf of Investment Adviser or a Fund,
 provided that person is aware that such payments have been made on Investment Adviser's
 or such Fund's behalf and the amount and frequency of the payment is agreed between
 Investment Adviser and Sub-Adviser and not determined by a third party. Any such fees,
 commission or monetary benefits will not be subject to the requirement in paragraph 6.1
 to transfer fees, commission or monetary benefits received to Investment Adviser or a
 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 The
 following benefits received by Sub-Adviser in the course of providing services to Investment
 Adviser and the Funds will be considered to be acceptable minor non-monetary benefits
 for the purposes of paragraph 6.1:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) information
 or documentation relating to a financial instrument or investment service, that is generic
 in nature or personalised to reflect the circumstances of an individual client;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) written
 material from a third party that is commissioned and paid for by a corporate issuer or
 potential issuer to promote a new issuance by the issuer, or where the third party firm
 is contractually engaged and paid by the issuer to produce such material on an ongoing
 basis, provided that the relationship is clearly disclosed in the material and that the
 material is made available at the same time to any firms wishing to receive it, or to
 the general public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) participation
 in conferences, seminars and other training events on the benefits and features of a
 specific financial instrument or an investment service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) hospitality
 of a reasonable de minimis value, including food and drink during a business meeting
 or a conference, seminar or other training event specified at (3) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) research
 relating to an issue of shares, debentures, warrants or certificates representing certain
 securities by an issuer, which is:

&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) produced
 prior to the issue being completed, by a person that is providing underwriting or placing
 services to the issuer on that issue; and

**Exhibit (d)(11)**

&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) made
 available to prospective investors in the issue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) research
 that is received so that Sub-Adviser may evaluate the research provider's research
 service, 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;(1) it
 is received during a trial period that lasts no longer than three months;

&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) no
 monetary or non-monetary consideration is due (whether during the trial period, before
 or after) to the research provider for providing the research during the trial period;

&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) the
 trial period is not commenced with the research provider within 12 months from the termination
 of an arrangement for the provision of research (including any previous trial period)
 with the research provider; 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) Sub-Adviser
 makes and retains a record of the dates of any trial period accepted under this paragraph
 (F), as well as a record of how the conditions in (1) to (3) were satisfied for each
 such trial period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) research
 on listed or unlisted SMEs with a market capitalisation below £200 million;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) third
 party research that is received by a firm providing investment services or ancillary
 services to clients where it relates to fixed income, currency or commodity instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) research
 received from a research provider where the research provider is not engaged in execution
 services and is not part of a financial services group that includes an investment firm
 that offers execution or brokerage services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) written
 material that is made openly available from a third party to any firm wishing to receive
 it or to the general public. "Openly available" in this context means that
 there are no conditions or barriers to accessing the written material other than those
 which are necessary to comply with relevant regulation obligations, such as requiring
 a log-in, sign-up or submission of user information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) corporate
 access services which relate to listed or unlisted SMEs with a market capitalisation
 below £200 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Research</u> 

Save as otherwise may be determined by Sub-Adviser from time to time (acting at all times in accordance with the FCA Rules), Sub-Adviser will pay for research (as defined in the FCA Rules) from its own funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Costs and Charges</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 Sub-Adviser
 will provide Investment Adviser and the Trust with an *ex-post* annual statement
 of the costs and charges incurred by Sub-Adviser in relation to the services that have
 been provided by Sub-Adviser under the terms of this Agreement.

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Conflicts of Interest</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 Sub-Adviser
 has in place a conflicts of interest policy which specifies the procedures that it follows
 and the measures that it has adopted to identify, prevent or manage conflicts in a way
 that ensures fair treatment for Investment Adviser and the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 Investment
 Adviser and the Trust each acknowledges and confirms that Sub-Adviser has separately
 provided to it a copy of Sub-Adviser's conflicts of interest policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 Further
 information on Sub-Adviser's conflicts of interest policy is available on request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.4 Sub-Adviser
 hereby notifies Investment Adviser and the Trust that, in certain circumstances, the
 organisational and administrative arrangements established by Sub-Adviser to prevent
 or manage a particular conflict may not be sufficient to ensure, with reasonable confidence,
 that the risk of damage to the interests of clients will be prevented. Investment Adviser
 and the Trust each acknowledges in particular the contents of the section of the conflicts
 of interest policy headed "Conflicts Inventory", which contains a specific
 description of the conflicts of interest that arise or could arise in the provision of
 Sub-Adviser's services and explains the general nature and sources of the conflicts
 of interest, as well as risks to clients that arise as a result of the conflicts of interest
 and the steps undertaken to mitigate these risks to enable Sub-Adviser's clients
 to take an informed decision with respect to its services in the context of which the
 conflicts of interest arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Recording of Telephone Calls and Electronic Communications</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 Sub-Adviser
 hereby notifies Investment Adviser and the Trust that telephone and electronic communications
 and conversations between Sub-Adviser and Investment Adviser may be recorded. Investment
 Adviser and the Trust will each use reasonable endeavours to notify each of their personnel
 that conversations with Sub-Adviser may be recorded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 Records
 kept by Sub-Adviser in accordance with the requirements of the FCA Rules will be kept
 for a period of 5 years (or up to 7 years upon request from the FCA) and will be provided
 to Investment Adviser upon request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Regulatory reporting</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 As
 part of its regulatory obligations under the FCA rules, Sub-Adviser is required to make
 certain reports to the FCA regarding its trading activities, including for example, transaction
 reports. For this purpose Sub-Adviser requires certain information from Investment Adviser
 and the Trust. If the below information is not provided on the terms below, Sub-Adviser
 may not be able to execute or place relevant trades under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 Investment
 Adviser and the Trust each hereby agrees to provide to Sub-Adviser the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) prior
 to the commencement of this Agreement, its up to date legal entity identification (LEI)
 code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) its
 new or updated LEI Code immediately, in the event that the LEI code provided changes
 or is updated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 In
 addition to the obligations under paragraph 11.2, Investment Adviser and the Trust each
 agrees to provide to Sub-Adviser the following information:

**Exhibit (d)(11)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) prior
 to the commencement of this Agreement, the LEI code for any Funds to which trades arising
 from this Agreement are allocated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 relevant underlying Fund's new or updated LEI Code immediately, in the event that
 an LEI code provided changes or is updated; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) promptly
 on request by Sub-Adviser, in relation to sales of UK or EEA listed equities and sovereign
 debt carried out by Sub-Adviser, details of whether any Fund to which trades arising
 from this Agreement are allocated were:

&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) holding
 a short position or a long position in the relevant UK or EEA listed equity or sovereign
 debt at the time of the sale; 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;(2) the
 size of that short position or long position at the time of the sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 For
 the purpose of fulfilling its regulatory reporting obligations under paragraph 11.1 and
 its regulatory reporting obligations to the market under the FCA Rules, Sub-Adviser is
 required to disclose in those reports specified information about Investment Adviser
 and/or the Trust and/or the Funds and the relevant transactions. Investment Adviser and
 the Trust each acknowledges and consents to such disclosure of information by Sub-Adviser
 as required for regulatory purposes and that, to the extent that the confidentiality
 provisions in this Agreement are inconsistent with Sub- Adviser's regulatory disclosure
 obligations, such obligations shall be modified accordingly in relation to such disclosures.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 Sub-Adviser
 has in operation a complaints management policy in accordance with the FCA Rules for
 the effective consideration and proper handling of complaints from customers. Sub-Adviser's
 complaints management policy is available on request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 Any
 complaints should be referred to the Compliance Officer of Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 Each
 of Investment Adviser and the Trust, as a professional client, has no right of complaint
 to the Financial Ombudsman Service in respect of any act or omission of Sub-Adviser which
 is or is alleged to be in breach of the FCA Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Financial Services Compensation Scheme</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 FCA-regulated
 business conducted by Sub-Adviser pursuant to this Agreement is covered by the Financial
 Services Compensation Scheme to the extent that each of the Investment Adviser or the
 Trust is an "eligible claimant" (as defined in the FCA Rules). The Financial
 Services Compensation Scheme compensates eligible claimants for losses suffered as a
 result of the inability of an FCA-regulated firm to pay monies due, or satisfy obligations
 owed, to them (typically as a result of the firm's insolvency). Most types of designated
 investment business are covered for 100% of the sum owed, to a maximum compensation of
 £50,000 per eligible claimant.

## Exhibit 99.28

Exhibit (e)(6)

**AMENDMENT 5**

This amendment (the "<u>Amendment</u>") between the parties signing below (each, a "Party" and collectively, t<u>he "Pa</u>rties") amends the Existing Agreement as of December 20, 2022 <u>(the "Effective</u> Date"):

---

| | |
|:---|:---|
| **Term** | **Means** |
| "Existing Agreement" | The Distribution Agreement between ALPS and the Trust dated April 16, 2018, as amended |
| "ALPS" | ALPS Distributors, Inc. |
| "Trust" | ALPS Series Trust |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Schedule A and general terms in Schedule B.

**IN WITNESS WHEREOF,** the Parties have caused this Amendment to be executed by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS Distributors, Inc.** | **ALPS Distributors, Inc.** | **ALPS Series Trust** | **ALPS Series Trust** |
| By: | /s/ Stephen Kyllo | By: | /s/ Lucas Foss |
| Name: | Stephen Kyllo | Name: | Lucas Foss |
| Title: | SVP & Director | Title: | President |

---

Exhibit (e)(6)

**Schedule A to this Amendment**

**Amendments**

Effective as of the Effective Date, the Existing Agreement is amended as follows:

1. The current <u>Appendix A</u> is deleted in its entirety
and replaced with the following:

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

**<u>LIST OF FUNDS</u>**

**<u>Open-End Mutual Funds</u>**

Beacon Accelerated Return Strategy Fund

Beacon Planned Return Strategy Fund

Carret Kansas Tax-Exempt Bond Fund

Clarkston Founders Fund

Clarkston Fund Clarkston Partners Fund

Polen DDJ Opportunistic High Yield Fund

Hillman Value Fund

Seven Canyons Small Cap Growth Fund

Seven Canyons Strategic Global Fund

Seven Canyons World Innovators Fund

**<u>Exchange-Traded Funds</u>** 

Andurand Energy Strategy ETF

2. The current <u>Appendix B</u> is deleted in its entirety and replaced with the following:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;**A.**  **<u>With respect to the Open-End Mutual Funds set forth in Appendix A, ALPS provides the following:</u>** 

● Act as legal underwriter/distributor

● Maintain and Supervise FINRA Registrations for Licensed Individuals

○ Client Access through Online Registered Representative Portal

○ Coordinate Continuing Education Requirements

○ Administer and Maintain Required Filings/Licenses with FINRA

● Prepare, Update, Execute and Maintain Intermediary Agreements

○ Online Access Provided through the SS&C Portal

● Provide Investment Company Advertising and Sales Literature Review/Approval

○ Online Submission, Review/Approval and Real-Time Status Updates through the SS&C Advertising Review Portal

○ File Required Materials with FINRA

○ Provide Advertising Regulatory and Disclosure Guidance

● Administer Intermediary Due Diligence Program

○ Provide Ongoing Monitoring of Financial Intermediary Relationships

○ Established Risk Ranking Methodology and Reporting

● Perform 12b-1 administration and reporting

&nbsp;&nbsp;&nbsp;&nbsp;**B.**  **<u>With respect to the Exchange-Traded Funds ("ETFs") set forth in Appendix A, ALPS provides the following:</u>** 

**<u>ETF Distributor</u>**

● Act as legal underwriter/distributor

● Maintain and Supervise FINRA Registrations for Licensed Individuals

○ Coordinate Continuing Education Requirements

Page 2 of 6

Exhibit (e)(6)

○ Administer and Maintain Required Filings/Licenses with FINRA

● Provide Investment Company Advertising and Sales Literature Review, Approval and Record Maintenance of Online Submission, Review/Approval, and Real-Time Status Updates through SS&C Advertising Review Portal

○ File Required Materials with FINRA

○ Provide Advertising Regulatory and Disclosure Guidance

○ Consult and Support Client's Distribution Model and Strategy

Distribution ETF Operations and Authorized Participant Agreement Process

● ALPS acts as the distributor with respect to the issuance, redemption and distribution of creation units

● Monitor creation and/or redemption orders in accordance with the terms of the prospectus or the statement of additional information then in effect (collectively, the "Offering Documents"), the Authorized Participant Agreement and ALPS' policies and procedures to ensure orders are received in good form

● Troubleshoot order processing issues in real-time in coordination with Trust personnel and respective parties, including the Transfer Agent and Authorized Participant

● Assist in the processing, issuance and acceptance of manual orders for creation and redemption units dependent on the platform and Trust

● Coordinate with all parties including the Transfer Agent, Custodian, Trust, Sponsor, ETF Administrator and Authorized Participant, in order to establish the unit order taking protocol and guidelines associated with Authorized Participant Agreements, as well as any additions or deletions to the ETFs listed under the Trust and/or changes to the order-window cut-off times

● Prospectus fulfilment electronically to established Authorized Participants under the Trust

● Collaborate with capital markets team on any notices regarding changes to fees, order window cut-off time changes, holidays and/or halts in orders acceptance

● Creation/redemption order activity reporting quarterly as part of the distributor's scorecard

● Negotiate and coordinate the execution of Authorized Participant Agreements in conjunction with sponsor's capital markets personnel to establish necessary Authorized Participant Agreements

● Maintain virtual library of all Authorized Participant Agreements and supporting documents which can be accessed via SS&C client portal under distributor/selling agreements, which provides e-mail notifications when Authorized Participant Agreements are completed

● Prior to SEC submission, complementary review of new 485APOS and 485BPOS filings for new Funds listed under the Trust as it relates to the distributor and creation/redemption order procedures

Authorized Participant Due Diligence and Oversight Services

● Review each Authorized Participant in accordance with SS&C Authorized Participant Oversight Program

● Deliver quarterly reporting detailing due diligence activity associated with your network, including risk ratings of each Authorized Participant firm

**<u>EXCHANGE-TRADED FUND SERVICES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust grants to ALPS the exclusive right to receive all orders for purchases of Creation Units of each Fund from Authorized Participants which have entered into an Authorized Participant Agreement with ALPS, and accepted by the Transfer Agent, in accordance with the Offering Documents and to transmit such orders to the Trust in accordance with the Offering Documents; provided, however, that nothing herein shall affect or limit the right and ability of the Trust to accept deposit securities and related cash components through or outside the clearing process, and as provided in and in accordance with the Offering Documents. The Trust acknowledges that ALPS shall not be obligated to accept any certain number of orders for Creation Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ALPS agrees to: (i) act as agent of the Trust with respect to the continuous distribution of Creation Units of the Trust as set forth in the Offering Documents and in accordance with the provisions thereof; (ii) generate and transmit confirmations of Creation Unit purchase order acceptances to the Authorized Participants; (iii) deliver copies of the prospectus to Authorized Participants of such Creation Units and upon request the statement of additional information; and (iv) maintain telephonic, facsimile and/or access to direct computer communications links with the Transfer Agent.

Page 3 of 6

Exhibit (e)(6)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the request and direction of the Trust or Adviser, ALPS enters into Authorized Participant Agreements in connection with the sale of Creation Units. To the extent applicable, ALPS will not be obligated to make payments to any such Authorized Participants unless ALPS has received an authorized payment from the applicable Fund, if subject to a distribution plan or other such plan approved by the Trust's Board of Trustees, and/or the applicable Fund's investment adviser. In addition, to the extent that ALPS is requested or required by the Trust or Adviser to enter into Authorized Participant Agreements on behalf of the Trust, ALPS and each of its affiliates, members, shareholders, directors, officers, partners, employees, agents, successors or assigns ("ALPS Associates") ALPS Associates shall not be liable to the Trust for any action or inaction of any ALPS Associate except to the extent of direct Losses determined by a court of competent jurisdiction to have arisen out of the gross negligence, willful misconduct or fraud of ALPS or reckless disregard in the performance of ALPS's duties or obligations under such Authorized Participation Agreement. Except with respect to out-of-pocket expenses and judgments awarded against and payable by a Party resulting from a Third Party Claim for which that Party is entitled to indemnification under this Section (c) by the other Party, under no circumstances shall any Party be liable to any other Party for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Trust shall indemnify, defend and hold harmless ALPS Associates from and against Losses (including reasonable legal fees and costs to enforce this provision) that ALPS and ALPS Associates suffer, incur, or pay as a result of any Claim or Third Party Claim. ALPS shall indemnify, defend and hold harmless the Trust Associates from and against direct Losses that the Trust Associates suffer, incur, or pay as a result of any Claim or Third Party Claim to the extent arising out of ALPS' gross negligence, willful misconduct or fraud or reckless disregard in the performance of ALPS' duties or obligations under such Authorized Participation Agreement. Any expenses (including reasonable legal fees and costs) incurred by ALPS Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by Trust upon receipt by Trust of an undertaking by ALPS to repay such amount if it shall be determined that an ALPS Associate is not entitled to be indemnified. The Parties agree that the fees of reputable counsel shall be deemed reasonable. The Parties agree that no Trust Associate has waived its rights in connection with this Amendment and the terms and conditions of this Amendment under applicable federal or state securities laws.

"<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

"<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors or analogous governing body, management or executive officers of that Person.

"<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, an Authorized Participation Agreement, its formation or the services rendered under such Authorized Participation Agreement.

"<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

"<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

"<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

"<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

"<u>Trust Associates</u>" means the Trust and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, delegates, successors or assigns.

Page 4 of 6

Exhibit (e)(6)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) ALPS agrees to use all reasonable efforts, consistent with its other business, to facilitate orders of Creation Units through Authorized Participants in accordance with the procedures set forth in the applicable Offering Documents and the Authorized Participant Agreements.

&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) ALPS shall, at its own expense, execute selected or soliciting dealer agreements with registered broker-dealers and other eligible entities providing for the purchase of Creation Units of Shares of the Trust and related promotional activities, in the forms as approved by the Board of Trustees of the Trust. The Trust shall not furnish or cause to be furnished to any person or display or publish any information or materials relating to the Trust (including, without limitation, promotional materials and sales literature, advertisements, press releases, announcements, statements, posters, signs or other similar material), except such information and materials that have been approved in writing by ALPS. Furthermore, ALPS shall clear and file all advertising, sales, marketing and promotional materials of the Trust with FINRA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent applicable, ALPS agrees to administer the Trust's distribution plan on behalf of the Trust. ALPS shall, at its own expense, set up and maintain a system of recording and payments for fees and reimbursement of expenses disseminated pursuant to this Agreement and any other related agreements under the Trust's Rule 12b-1 Plan and shall, pursuant to the 1940 Act, report such payment activity under the Distribution Plan to the Trust at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) All activities by ALPS and its agents and employees which are primarily intended to result in the sale of Creation Units shall comply with the Offering Documents, the instructions of the Board of Trustees of the Trust and all applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the 1940 Act by the SEC or any securities association registered under the 1934 Act, including FINRA and the Listing Exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If and whenever the determination of net asset value is suspended and until such suspension is terminated, no further orders for Creation Units will be processed by ALPS except such unconditional orders as may have been placed with ALPS before it had knowledge of the suspension. In addition, the Trust reserves the right to suspend sales and ALPS' authority to process orders for Creation Units on behalf of the Trust, upon due notice to ALPS, if, in the judgment of the Trust, it is in the best interests of the Trust to do so. Suspension will continue for such period as may be determined by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ALPS is not authorized by the Trust to give any information or to make any representations other than those contained in the Offering Documents or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust for ALPS' use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) At the request of the Trust, ALPS shall enter into agreements, in the form specified by the Trust, with participants in the system for book-entry of The Depository Trust Company and the NSCC as described in the Offering Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) ALPS agrees to make available, at the Trust's request, one or more members of its staff to attend Board meetings of the Trust in order to provide information with regard to the ongoing distribution process and for such other purposes as may be requested by the Board of Trustees of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) ALPS will review all sales and marketing materials for compliance with applicable laws and conditions of any applicable exemptive order, and file such materials with FINRA when necessary or appropriate. All such sales and marketing materials must be approved, in writing, by ALPS prior to use.

Page 5 of 6

Exhibit (e)(6)

**Schedule B to this Amendment**

**General Terms**

1. Capitalized terms not defined herein shall have the
meanings given to them in the Existing Agreement.

2. The Parties' duties and obligations are governed by and limited to
the express terms and conditions of this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance
with, any industry custom or practice, or any internal policies or procedures of any Party. This Amendment (including any attachments,
schedules and addenda hereto), along with the Existing Agreement, as amended, contains the entire agreement of the Parties with
respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements,
either oral or written, between the Parties with respect thereto.

3. This Amendment may be executed in counterparts, each of which when so executed
will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile
or electronic mail and signatures so exchanged shall be binding to the same extent as if original signatures were exchanged.

4. This Amendment and any dispute or claim arising out of or in connection
with it, its subject matter or its formation (including non-contractual disputes or claims) shall be governed by and construed
in accordance with the laws of the same jurisdiction as the Existing Agreement.

Page 6 of 6

## Exhibit 99.28

Exhibit (e)(7)

**AMENDMENT 6**

This amendment (the "<u>Amendment</u>") between the parties signing below (each, a "Party" and collectively, the "<u>Parties</u>") amends the Existing Agreement as of December 20, 2022 (the "<u>Effective Date</u>"):

---

| | |
|:---|:---|
| **Term** | **Means** |
| "Existing Agreement" | The Distribution Agreement between ALPS and the Trust dated April 16, 2018, as amended |
| "ALPS" | ALPS Distributors, Inc. |
| "Trust" | ALPS Series Trust |

---

Except as amended hereby, all terms of the Existing Agreement remain in full force and effect. This Amendment includes the amendments in Schedule A and general terms in Schedule B.

**IN WITNESS WHEREOF,** the Parties have caused this Amendment to be executed by their duly authorized representatives.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS Distributors, Inc.** | **ALPS Distributors, Inc.** | **ALPS Series Trust** | **ALPS Series Trust** |
|  | /s/ Stephen Kyllo |  | /s/ Lucas Foss |
| Name: | Stephen Kyllo | Name: | Lucas Foss |
| Title: | SVP & Director | Title: | President |

---

Exhibit (e)(7)

**Schedule A to this Amendment**

**Amendments**

Effective as of the Effective Date, the Existing Agreement is amended as follows:

1. The current <u>Appendix A</u> is deleted in its entirety and replaced with the following:

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

**<u>LIST OF FUNDS</u>**

**<u>Open-End Mutual Funds</u>**

Beacon Accelerated Return Strategy Fund

Beacon Planned Return Strategy Fund

Brigade High Income Fund

Carret Kansas Tax-Exempt Bond Fund

Clarkston Founders Fund

Clarkston Fund Clarkston Partners Fund

Hillman Value Fund

Polen DDJ Opportunistic High Yield Fund

Seven Canyons Small Cap Growth Fund

Seven Canyons Strategic Global Fund

Seven Canyons World Innovators Fund

**<u>Exchange-Traded Funds</u>** 

Andurand Energy Transition Strategy ETF

Page 2 of 3

Exhibit (e)(7)

**Schedule B to this Amendment**

**General Terms**

1. Capitalized terms not defined herein shall have the
meanings given to them in the Existing Agreement.

2. The Parties' duties and obligations are governed by and limited to the express terms and
conditions of this Amendment, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry
custom or practice, or any internal policies or procedures of any Party. This Amendment (including any attachments, schedules and
addenda hereto), along with the Existing Agreement, as amended, contains the entire agreement of the Parties with respect to the
subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or
written, between the Parties with respect thereto.

3. This Amendment may be executed in counterparts, each of which when so executed will be deemed to
be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic
mail and signatures so exchanged shall be binding to the same extent as if original signatures were exchanged.

4. This Amendment and any dispute or claim arising out of or in connection
with it, its subject matter or its formation (including non-contractual disputes or claims) shall be governed by and construed
in accordance with the laws of the same jurisdiction as the Existing Agreement.

Page 3 of 3

## Exhibit 99.28

Exhibit (g)(9)

![](fp0082546_02.jpg)

February 17, 2023

State Street Bank and Trust Company

Agostino Bonavita, Managing Director

One Iron Street, 5th Floor, Boston, MA 02210

617-662-3839

<u>abonavita@statestreet.com</u>

Re: <u>BRIGADE HIGH INCOME FUND (the "***Fund***")</u>

Ladies and Gentlemen:

Please be advised that the undersigned Trust, of which the Fund is a series, has been formed as a statutory trust and registered as a management investment company under the Investment Company Act of 1940, as amended.

In accordance with Section 20.6, the Additional Funds and Portfolios provision, of the Master Custodian Agreement dated as of September 7, 2018, as amended, modified, or supplemented from time to time (the "Agreement"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("State Street"), the undersigned Trust, on behalf of the Fund, hereby requests that State Street act as Custodian for the new Fund under the terms of the Agreement, and that Appendix A to the Agreement is hereby amended and restated as set forth on Exhibit A attached hereto. In connection with such request, the undersigned Trust, on behalf of the Fund, hereby confirms, as of the date hereof, its representations and warranties set forth in Section 20.7.1 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Trust, courtesy of the Fund.

---

| | |
|:---|:---|
| Sincerely, |  |
| **ALPS SERIES TRUST, ON BEHALF OF THE BRIGADE HIGH INCOME FUND** | **ALPS SERIES TRUST, ON BEHALF OF THE BRIGADE HIGH INCOME FUND** |
| By: | /s/ Jill McFate |
| Name: | Jill McFate |
| Title: | Treasurer, Duly Authorized |

---

**Agreed and Accepted:**

**STATE STREET BANK AND TRUST COMPANY**

Information Classification: Limited Access

Exhibit (g)(9)

---

| | |
|:---|:---|
| By: | /s/Agostino Bonavita |
| Name: | Agostino Bonavita |
| Title: | Managing Director, Duly Authorized |
| Effective Date: 02/27/2023 | Effective Date: 02/27/2023 |

---

Information Classification: Limited Access

Exhibit (g)(9)

**EXHIBIT A**

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

**<u>TO</u>**

**<u>MASTER CUSTODIAN AGREEMENT</u>**

<u>Management investment companies registered with the SEC and series thereof, if any</u>

**ALPS Series Trust**

Brigade High Income Fund

Seven Canyons Strategic Global Fund

Seven Canyons World Innovators Fund

Information Classification: Limited Access

## Exhibit 99.28

**Exhibit (h)(13)**

---

| | |
|:---|:---|
| **CONFIDENTIAL** | ***EXECUTION VERSION*** |

---

**Services Agreement**

This Services Agreement (the "<u>Agreement</u>") is entered into by and among:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ALPS Fund Services, Inc., a corporation incorporated in the State of Colorado (" <u>ALPS</u> ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ALPS Series Trust, a Delaware statutory trust registered under the Investment
Company Act of 1940, as amended (the "Trust"), on behalf of the series set forth in  ***Appendix A*** hereto
(each a "Fund" and collectively, the "Funds").

This Agreement is made as of March 8, 2023 and is effective upon commencement of operations of the Fund (the "<u>Effective Date</u>").

Trust and ALPS each may be referred to individually as a "<u>Party</u>" or collectively as "<u>Parties</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Definitions; Interpretation</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1. As used in this Agreement, the following terms have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Action</u>" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted, commenced or threatened by any Person (including any Government Authority).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Affiliate</u>" means, with respect to any Person, any other Person that is controlled by, controls, or is under common control with such Person and "control" of a Person means: (i) ownership of, or possession of the right to vote, more than 25% of the outstanding voting equity of that Person or (ii) the right to control the appointment of the board of directors or analogous governing body, management or executive officers of that Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>ALPS Associates</u>" means ALPS and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, delegates, successors or assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>ALPS Property</u>" means all hardware, software, source code, data, report designs, spreadsheet formulas, information gathering or reporting techniques, know-how, technology and all other property commonly referred to as intellectual property used by ALPS in connection with its performance of the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) "Business Day" means a day other than a Saturday or Sunday on which the New York Stock Exchange is open for business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) "<u>Claim</u>" means any Action arising out of the subject matter of, or in any way related to, this Agreement, its formation or the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) "<u>Client Data</u>" means all data of Trust (or, if a Management entity receives Services, such entity), including data related to securities trades and other transaction data, investment returns, issue descriptions, and Market Data provided by Trust or Management and all output and derivatives thereof, necessary to enable ALPS to perform the Services, but excluding ALPS Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) "<u>Confidential Information</u>" means any information about Trust or ALPS, including this Agreement, except for information that (i) is or becomes part of the public domain without breach of this Agreement by the receiving Party, (ii) was rightfully acquired from a third party, or is developed independently, by the receiving Party, or (iii) is generally known by Persons in the technology, securities, or financial services industries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) "<u>Control</u>" over a Person shall mean (i) the possession, directly or indirectly, of more than 50% of the voting power to elect directors, in the case of a Person that is a corporation, or members of a comparable governing body, in the case of a limited liability company, firm, joint-venture, association or other entity, in each case whether through the ownership of voting securities or interests, by contract or otherwise and (ii) with respect to a partnership, a general partner thereof or a Person having management rights comparable to those of a general partner shall be deemed to control such Person. The terms "Controlling" and "Controlled" shall have corollary meanings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) "<u>Data Supplier</u>" means a supplier of Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) "<u>Governing Documents</u>" means the constitutional documents of an entity and, with respect to Trust, all minutes of meetings of the board of directors or analogous governing body and of shareholders meetings, and any registration statements, offering memorandum, subscription materials, board or committee charters, policies and procedures, investment advisory agreements, other material agreements, and other disclosure or operational documents utilized by Trust in connection with its operations, the offering of any of its securities or interests to investors, all as amended from time to time.

**Exhibit (h)(13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) "<u>Government Authority</u>" means any relevant administrative, judicial, executive, legislative or other governmental or intergovernmental entity, department, agency, commission, board, bureau or court, and any other regulatory or self-regulatory organizations, in any country or jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) "<u>Law</u>" means statutes, rules, regulations, interpretations and orders of any Government Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) "<u>Losses</u>" means any and all compensatory, direct, indirect, special, incidental, consequential, punitive, exemplary, enhanced or other damages, settlement payments, attorneys' fees, costs, damages, charges, expenses, interest, applicable taxes or other losses of any kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) "<u>Management</u>" means the Trust's officers, directors, employees, and, where relevant to the context of a statement in this Agreement, the then current Fund investment adviser and sub-advisor(s) (if any), including any officers, directors, employees or agents of the then current investment adviser and sub-advisor(s) (if applicable) who are responsible for the day to day operations and management of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) "<u>Market Data</u>" means third party market and reference data, including pricing, valuation, security master, corporate action and related data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) "<u>Person</u>" means any natural person or corporate or unincorporated entity or organization and that person's personal representatives, successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) "<u>Services</u>" means the services listed in ***Schedule A-1***.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) "<u>Third Party Claim</u>" means a Claim (i) brought by any Person other than the indemnifying Party or (ii) brought by a Party on behalf of or that could otherwise be asserted by a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t) "<u>Trust Associates</u>" means the Trust and each of its Affiliates, members, shareholders, directors, officers, partners, employees, agents, delegates, successors or assigns.

1.2. Other capitalized terms used in this Agreement but not defined in this Section 1 shall have the meanings ascribed thereto.

1.3. Section and Schedule headings shall not affect the interpretation of this Agreement. This Agreement includes the schedules and appendices hereto. In the event of a conflict between this Agreement and such schedules or appendices, the former shall control.

1.4. Words in the singular include the plural and words in the plural include the singular. The words "including," "includes," "included" and "include", when used, are deemed to be followed by the words "without limitation." Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "hereof," "herein" and "hereunder" and words of analogous import shall refer to this Agreement as a whole and not to any particular provision of this Agreement.

1.5. The Parties' duties and obligations are governed by and limited to the express terms and conditions of this Agreement, and shall not be modified, supplemented, amended or interpreted in accordance with, any industry custom or practice, or any internal policies or procedures of any Party. The Parties have mutually negotiated the terms hereof and there shall be no presumption of law relating to the interpretation of contracts against the drafter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Services and Fees</u> 

2.1. Subject to the terms of this Agreement, ALPS will perform the Services set forth in ***Schedule A-1*** for Trust. ALPS shall be under no duty or obligation to perform any service except as specifically listed in ***Schedule A-1*** or take any other action except as specifically listed in ***Schedule A-1*** or this Agreement, and no other duties or obligations, including, valuation related, fiduciary or analogous duties or obligations, shall be implied. Trust requests to change the Services, including those necessitated by a change to the Governing Documents of Trust or a change in applicable Law, will only be binding on ALPS when they are reflected in an amendment to ***Schedule A-1***.

2.2. The Trust agrees to pay, the fees, charges and expenses on behalf of the Fund in accordance with, and in the manner set forth in, the fee letter(s) (a "Fee Letter") which may be amended from time to time. Each Fee Letter is incorporated by reference into this Agreement and subject to the terms of this Agreement.

2.3. In carrying out its duties and obligations pursuant to this Agreement, some or all Services may be delegated by ALPS to one or more of its Affiliates or other Persons (and any required Trust consent to such delegation shall not be unreasonably revoked or withheld in respect of any such delegations), provided that such delegates are selected in good faith and with reasonable care and are monitored by ALPS. If ALPS delegates any Services, (i) such delegation shall not relieve ALPS of its duties and obligations hereunder, (ii) in respect of Personal Data, such delegation shall be subject to a written agreement obliging the delegate to comply with the relevant delegated duties and obligations of ALPS, and (iii) ALPS will identify such agents and the Services delegated and will update Trust when making any material changes in sufficient detail to enable Trust to object to a particular arrangement. ALPS shall be responsible and liable (pursuant to Section 6 of this Agreement) for the acts and omissions of any delegate.

2 of 19

**Exhibit (h)(13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Responsibilities</u> 

3.1. The management and control of Trust are vested exclusively in the Trust. The Trust and its Management is responsible for and will make all decisions, perform all management functions relating to the operation of Trust/Fund, and shall authorize and are responsible for all transactions. Without limiting the foregoing, Trust shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designate properly qualified individuals to oversee the Services and establish and maintain internal controls, including monitoring the ongoing activities of Trust/Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Evaluate the accuracy and accept responsibility for the results of the Services, review and approve all reports, analyses and records resulting from the Services and promptly inform ALPS of any errors it is in a position to identify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Provide, or cause to be provided valuations of Fund's assets and liabilities in accordance with Trust/Fund's written valuation policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Provide ALPS with timely and accurate information including trading and Trust investor records, valuations and any other items required by ALPS in order to perform the Services and their duties and obligations hereunder.

3.2. The Services, including any services that involve price comparison to vendors and other sources, model or analytical pricing or any other pricing functions, are provided by ALPS as a support function to Trust/Fund and do not limit or modify Trust's/Fund's responsibility for determining the value of Fund's assets and liabilities.

3.3. Trust is solely and exclusively responsible for ensuring that it complies with applicable Law and its respective Governing Documents. It is the Trust's responsibility to provide all final Trust Governing Documents as of the Effective Date. Fund will notify ALPS in writing of any changes to the Trust Governing Documents that may materially impact the Services and/or that affect Fund's investment strategy, liquidity or risk profile in any material respect prior to such changes taking effect. ALPS is not responsible for monitoring compliance by Trust or Management with (i) applicable Law, (ii) its respective Governing Documents or (iii) any investment restrictions.

3.4. In the event that Market Data is supplied to or through ALPS Associates in connection with the Services, the Market Data is proprietary to Data Suppliers and is provided on a limited internal-use license basis. Market Data may: (i) only be used by Trust in connection with the Services and (ii) not be disseminated by Trust or used to populate internal systems in lieu of obtaining a data license. Access to and delivery of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued with or without notice. Notwithstanding anything in this Agreement to the contrary, neither ALPS nor any Data Supplier shall be liable to Trust or any other Person for any Losses with respect to Market Data, reliance by ALPS Associates or Trust on Market Data or the provision of Market Data in connection with this Agreement.

3.5. Trust shall deliver, and procure that its agents, prime brokers, counterparties, brokers, counsel, advisors, auditors, clearing agents, and any other Persons promptly deliver, to ALPS, all Client Data and the then most current version of all Fund Governing Documents and any other material agreements relating to the Fund. Trust shall arrange with each such Person to deliver such information and materials on a timely basis, and ALPS will not be required to enter any agreements with that Person in order for ALPS to provide the Services. ALPS will promptly inform the Trust if ALPS does not have such information, or reasonably believes any such information is accurate or incomplete.

3.6. Notwithstanding anything in this Agreement to the contrary, so long as they act in good faith, ALPS Associates shall be entitled to rely on the authenticity, completeness and accuracy of any and all information and communications of whatever nature received by ALPS Associates in connection with the performance of the Services and ALPS's duties and obligations hereunder, without further enquiry or liability.

3.7. Notwithstanding anything in this Agreement to the contrary, if ALPS is in doubt as to any action it should or should not take in its provision of Services, ALPS Associates may request directions, advice or instructions from the Trust, or as applicable, its Management, custodian or other service providers. If ALPS is in doubt as to any question of law pertaining to any action it should or should not take, the Trust will make available to and ALPS Associates may request advice from counsel for any of the Trust/Fund, the Trust's independent board members, or the Fund's Management (including its investment adviser or sub-adviser), each at the Trust/Fund's expense.

3 of 19

**Exhibit (h)(13)**

3.8. Trust agrees that, to the extent applicable, if officer position(s) are filled by ALPS Associates, such ALPS Associate(s) 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).

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

4.1. The initial term of this Agreement will commence on the Effective Date and continue until the second anniversary of the Effective Date (the "Initial Term"). Thereafter, this Agreement will automatically renew for a one (1) year term thereafter, unless either ALPS or Trust provides the other with a written notice of termination at least 90 calendar days prior to the commencement of any successive term (such periods, in the aggregate, the "<u>Term</u>").

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

5.1. ALPS or the Trust also 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;(a) 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;(b) The other Party (i) liquidates, terminates or suspends its business, (ii) becomes insolvent, admits in writing its inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a trustee, receiver or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding, (iv) by the other Party if either Party becomes subject to a material Action or an Action that the Other Party reasonably determines could cause the other Party reputational harm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Determination by the Board of Trustees of the Trust to authorize the cessation of operations or the liquidation of a Fund; provided, that such termination will apply exclusively with the respect to such Fund.

If any such event occurs, the termination will become effective immediately or on the date stated in the written notice of termination, which date shall not be greater than 90 calendar days after the event. Notwithstanding the foregoing, the Trust shall be able to terminate the Trust's Chief Compliance Officer ("CCO") or CCO services at its discretion and at any time upon written notice to ALPS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2. If more than one Fund is subject to this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Reserved]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust is authorized to terminate this Agreement with respect to each Fund and to enter into the termination-related agreements and amendments on behalf of any terminated Fund contemplated by Section 5.3, in each case without any further action of the terminated Fund or any other Fund.

5.3. Upon delivery of a termination notice, subject to the receipt by ALPS of all then-due fees, charges and expenses, ALPS shall continue to provide the Services up to the effective date of the termination notice; thereafter, ALPS shall have no obligation to perform any services of any type unless and to the extent set forth in an amendment to ***Schedule A-1*** executed by ALPS. In the event of the termination of this Agreement, ALPS shall provide exit assistance by promptly supplying requested Client Data to the Trust, or any other Person(s) designated by such entities, in formats already prepared in the course of providing the Services; provided that all fees, charges and expenses have been paid, including any minimum fees set forth in ***Schedule B*** for the balance of the unexpired portion of the Term. In the event that Trust wishes to retain ALPS to perform additional transition or related post-termination services, including providing data and reports in new formats, the Trust and ALPS shall agree in writing to the additional services and related fees and expenses in an amendment to ***Schedule A-1*** and/or ***Schedule B***, as appropriate.

5.4. Termination of this Agreement shall not affect: (i) any liabilities or obligations of any Party arising before such termination (including payment of fees and expenses) or (ii) any damages or other remedies to which a Party may be entitled for breach of this Agreement or otherwise. Sections 2.2., 6, 8, 9, 10, 11, 12 and of this Agreement shall survive the termination of this Agreement. To the extent any services that are Services are performed by ALPS for Trust after the termination of this Agreement all of the provisions of this Agreement except ***Schedule A-1*** shall survive the termination of this Agreement for so long as those services are performed.

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**Exhibit (h)(13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Limitation of Liability and Indemnification</u> 

6.1. Notwithstanding anything in this Agreement to the contrary, ALPS Associates shall not be liable to Trust for any action or inaction of any ALPS Associate except to the extent of direct Losses determined by a court of competent jurisdiction to have arisen out of the gross negligence, willful misconduct or fraud of ALPS in the performance of ALPS's duties or obligations under this Agreement. Except with respect to out-of-pocket expenses and judgments awarded against and payable by a Party resulting from a Third Party Claim for which that Party is entitled to indemnification under this Section 6.1 by the other Party, under no circumstances shall any Party be liable to any other Party for Losses that are indirect, special, incidental, consequential, punitive, exemplary or enhanced or that represent lost profits, opportunity costs or diminution of value. Trust shall indemnify, defend and hold harmless ALPS Associates from and against Losses (including reasonable legal fees and costs to enforce this provision) that ALPS and ALPS Associates suffer, incur, or pay as a result of any Claim or Third Party Claim. ALPS shall indemnify, defend and hold harmless the Trust Associates from and against direct losses that the Trust Associates suffer, incur, or pay as a result of any Claim or Third Party Claim to the extent arising out of ALPS' gross negligence, willful misconduct or fraud in the performance of ALPS' duties or obligations under this Agreement. Any expenses (including reasonable legal fees and costs) incurred by ALPS Associates in defending or responding to any Claims (or in enforcing this provision) shall be paid by Trust upon receipt by Trust of an undertaking by ALPS to repay such amount if it shall be determined that an ALPS Associate is not entitled to be indemnified. The maximum amount of cumulative liability of ALPS Associates to Trust for Losses arising out of the subject matter of, or in any way related to, this Agreement shall not exceed the fees paid by the Fund to ALPS under this Agreement for the most recent sixty (60) months immediately preceding the date of the event giving rise to the Claim. The Parties agree that the fees of reputable counsel shall be deemed reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Representations and Warranties</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1. Each Party represents and warrants to each other Party that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a legal entity duly created, validly existing and in good standing under the Law of the jurisdiction in which it is created, and is in good standing in each other jurisdiction where the failure to be in good standing would have a material adverse effect on its business or its ability to perform its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It has all necessary legal power and authority to own, lease and operate its assets and to carry on its business as presently conducted and as it will be conducted pursuant to this Agreement and will comply in all material respects with all Law to which it may be subject, and to the best of its knowledge and belief, it is not subject to any Action that would prevent it from performing its duties and obligations under this Agreement. The Parties acknowledge and that ALPS' representation regarding its legal power and authority to own, lease and operate its business does not constitute a representation as it relates to access to and delivery of Market Data that is dependent on Data Suppliers and may be interrupted or discontinued with or without notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It has all necessary legal power and authority to enter into this Agreement, the execution of which has been duly authorized and will not violate the terms of any other agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Person signing on its behalf has the authority to contractually bind it to the terms and conditions in this Agreement and that this Agreement constitutes a legal, valid and binding obligation of it, enforceable against it in accordance with its terms.

7.2. Trust represents and warrants to ALPS that: (i) it has actual authority to provide instructions and directions and that all such instructions and directions are consistent with the Governing Documents of Trust and other corporate actions thereof; (ii) it is a statutory trust duly organized and existing and in good standing under the laws of the state of Delaware; (iii) it is empowered under applicable laws and by its Declaration of Trust and By-laws (together, the "Organizational Documents") to enter into and perform this Agreement; (iv) the Board of Directors or Trustees of the Fund has duly authorized it to enter into and perform this Agreement; and (v) it will promptly notify ALPS of (1) any Action against it and (2) changes (or pending changes) in applicable Law with respect to Fund that are relevant to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Client Data</u> 

8.1. Trust (i) will provide or ensure that other Persons provide all Client Data to ALPS in an electronic format that is acceptable to ALPS (or as otherwise agreed in writing) and (ii) confirm that each Person has the right to so share such Client Data. As between ALPS and Trust, all Client Data shall remain the property of the Trust. Client Data shall not be used or disclosed by ALPS other than in connection with providing the Services and as permitted under Section 11.2. ALPS shall be permitted to act upon instructions from Management with respect to the disclosure or disposition of Client Data related to Trust, but may refuse to act upon such instructions where it doubts, in good faith, the authenticity or authority of such instructions.

5 of 19

**Exhibit (h)(13)**

8.2. ALPS shall maintain and store material Client Data used in the official books and records of Trust for a rolling period of 7 years starting from the Effective Date, or such longer period as required by applicable Law or ALPS' internal policies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Data Protection</u> 

9.1. From time to time and in connection with the Services ALPS may obtain access to certain personal data from Fund or from Fund investors and prospective investors. Personal data relating to Trust and its Affiliates, members, shareholders, directors, officers, partners, employees and agents and of Trust investors or prospective investors will be processed by and on behalf of ALPS. Trust consents to the transmission and processing of such data outside the jurisdiction as provided in Section 13.3 in accordance with applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>ALPS Property</u> 

10.1. ALPS Property is and shall remain the property of ALPS or, when applicable, its Affiliates or suppliers. Neither Trust nor Management nor any other Person shall acquire any license or right to use, sell, disclose, or otherwise exploit or benefit in any manner from, any ALPS Property, except as specifically set forth herein. Trust shall not (unless required by Law) either before or after the termination of this Agreement, disclose to any Person not authorized by ALPS to receive the same, any information concerning the ALPS Property and shall use reasonable efforts to prevent any such disclosure.

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

11.1. Each Party shall not at any time disclose to any Person any Confidential Information concerning the business, affairs, customers, clients or suppliers of the other Party or its Affiliates, except as permitted by this Section 11.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2. Each Party may disclose the other Party's Confidential Information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the case of Fund, to each of its Affiliates, members, shareholders, directors,
officers, partners, employees and agents (" <u>Fund Representative</u> ") who need to know such information for the
purpose of carrying out its duties under, or receiving the benefits of or enforcing, this Agreement. Trust shall ensure compliance
by Fund Representatives with Section 11.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of ALPS, to Trust and each ALPS Associate, Fund Representative,
investor, Trust or Management, bank or broker, Fund or Management counterparty or agent thereof, or payment infrastructure provider
who needs to know such information for the purpose of carrying out ALPS's duties under or enforcing this Agreement. ALPS
shall ensure compliance by ALPS Associates with Section 11.1 but shall not be responsible for such compliance by any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As may be required by Law or pursuant to legal process; provided that the
disclosing Party (i) where reasonably practicable and to the extent legally permissible, provides the other Party with prompt written
notice of the required disclosure so that the other Party may seek a protective order or take other analogous action, (ii) discloses
no more of the other Party's Confidential Information than reasonably necessary and (iii) reasonably cooperates with actions
of the other Party in seeking to protect its Confidential Information at that Party's expense.

11.3. Neither Party shall use the other Party's Confidential Information for any purpose other than to perform its obligations under this Agreement. Each Party may retain a record of the other Party's Confidential Information for the longer of (i) 7 years or (ii) as required by Law or its internal policies.

11.4. The Trust and ALPS's ultimate parent company is subject to U.S. federal and state securities Law and may make disclosures as it deems necessary to comply with such Law. ALPS shall have no obligation to use Confidential Information of, or data obtained with respect to, any other client of ALPS in connection with the Services.

11.5. Upon the prior written consent of the Management or Trust, ALPS shall have the right to identify Trust or Management in connection with its marketing-related activities and in its marketing materials as a client of ALPS. Upon the prior written consent of ALPS, Trust or Management shall have the right to identify ALPS and to describe the Services and the material terms of this Agreement in the offering documents of Fund. This Agreement shall not prohibit ALPS from using any Trust/Fund or Management data (including Client Data) in tracking and reporting on ALPS's clients generally or making public statements about such subjects as its business or industry; provided that neither Trust nor Management is named in such public statements without its prior written consent. If the Services include the distribution by ALPS of notices or statements to investors, ALPS may, upon advance notice to Trust, include reasonable notices describing those terms of this Agreement relating to ALPS and its liability and the limitations thereon; if investor notices are not sent by ALPS but rather by Trust or some other Person, Trust will reasonably cooperate with any request by ALPS to include such notices. Trust shall not, in any communications with any Person, whether oral or written, make any representations stating or implying that ALPS is (i) providing valuations with respect to the securities, products or services of Trust or Management, or verifying any valuations, (ii) verifying the existence of any assets in connection with the investments, products or services of Trust or Management, or (iii) acting as a fiduciary, investment advisor, tax preparer or advisor, custodian or bailee with respect to Trust, Management or any of their respective assets, investors or customers.

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**Exhibit (h)(13)**

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

12.1. Except as otherwise provided herein, all notices required or permitted under this Agreement or required by Law shall be effective only if in writing and delivered: (i) personally, (ii) by registered mail, postage prepaid, return receipt requested, (iii) by receipted prepaid courier; (v) by any electronic mail, to the relevant address or number listed below (or to such other address or number as a Party shall hereafter provide by notice to the other Parties). Notices shall be deemed effective when received by the Party to whom notice is required to be given.

**If to ALPS:**

ALPS Fund Services, Inc.<br> 1290 Broadway, Suite 1000

Denver, CO 80203<br> Attention: General Counsel

E-mail: <u>notices@sscinc.com</u>

**If to Trust:**

ALPS Series Trust

1290 Broadway, Suite 1000

Denver, CO 80203

Attn: Secretary

Facsimile: (303) 623-7850

Telephone: (303) 623-2577

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Miscellaneous</u> 

13.1. <u>Amendment; Modification</u>. This Agreement may not be amended or modified except in writing signed by an authorized representative of each Party. No ALPS Associate has authority to bind ALPS in any way to any oral covenant, promise, representation or warranty concerning this Agreement, the Services or otherwise.

13.2. <u>Assignment</u>. Neither this Agreement nor any rights under this Agreement may be assigned or otherwise transferred by Trust, in whole or in part, whether directly or by operation of Law, without the prior written consent of ALPS. ALPS may assign or otherwise transfer this Agreement: (i) to a successor in the event of a change in control of ALPS, (ii) to an Affiliate or (iii) in connection with an assignment or other transfer of a material part of ALPS's business. Any attempted delegation, transfer or assignment prohibited by this Agreement shall be null and void. If ALPS assigns or otherwise transfers this Agreement to a third-party other than an Affiliate without Trust consent, the Trust may terminate this Agreement by written notice to ALPS within 90 days of receiving notice of such assignment or transfer, subject to ALPS' right within 30 calendar days of such notice to rescind such assignment or transfer.

13.3. <u>Choice of Law; Choice of Forum</u>. This Agreement shall be interpreted in accordance with and governed by the Law of the State of New York. The courts of the State of New York and the United States District Court for the Southern District of New York shall have exclusive jurisdiction to settle any Claim. Each Party submits to the exclusive jurisdiction of such courts and waives to the fullest extent permitted by Law all rights to a trial by jury.

13.4. <u>Counterparts; Signatures</u>. This Agreement may be executed in counterparts, each of which when so executed will be deemed to be an original. Such counterparts together will constitute one agreement. Signatures may be exchanged via facsimile or electronic mail and shall be binding to the same extent as if original signatures were exchanged.

13.5. <u>Entire Agreement</u>. This Agreement (including any schedules, attachments, amendments and addenda hereto) contains the entire agreement of the Parties with respect to the subject matter hereof and supersedes all previous communications, representations, understandings and agreements, either oral or written, between the Parties with respect thereto. This Agreement sets out the entire liability of ALPS Associates related to the Services and the subject matter of this Agreement, and no ALPS Associate shall have any liability to Trust or any other Person for, and Trust hereby waives to the fullest extent permitted by applicable law recourse under, tort, misrepresentation or any other legal theory.

13.6. <u>Force Majeure</u>. ALPS will not be responsible for any Losses of property in ALPS Associates' possession or for any failure to fulfill its duties or obligations hereunder if such Loss or failure is caused, directly or indirectly, by war, terrorist or analogous action, the act of any Government Authority or other authority, riot, civil commotion, rebellion, storm, accident, fire, lockout, strike, power failure, computer error or failure, delay or breakdown in communications or electronic transmission systems, or other analogous events. ALPS shall use commercially reasonable efforts to minimize the effects on the Services of any such event.

7 of 19

**Exhibit (h)(13)**

13.7. <u>Non-Exclusivity</u>. The duties and obligations of ALPS hereunder shall not preclude ALPS from providing services of a comparable or different nature to any other Person. Trust understands that ALPS may have relationships with Data Suppliers and providers of technology, data or other services to Trust and ALPS may receive economic or other benefits in connection with the Services provided hereunder.

13.8. <u>No Partnership</u>. Nothing in this Agreement is intended to, or shall be deemed to, constitute a partnership or joint venture of any kind between or among any of the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9. <u>[Reserved]</u> 

13.10. <u>No Warranties</u>. Except as expressly listed herein, ALPS and each Data Supplier make no warranties, whether express, implied, contractual or statutory with respect to the Services or Market Data. ALPS disclaims all implied warranties of merchantability and fitness for a particular purpose with respect to the Services. All warranties, conditions and other terms implied by Law are, to the fullest extent permitted by Law, excluded from this Agreement.

13.11. <u>Severance</u>. If any provision (or part thereof) of this Agreement is or becomes invalid, illegal or unenforceable, the provision shall be deemed modified to the minimum extent necessary to make it valid, legal and enforceable. If such modification is not practical, the relevant provision shall be deemed deleted. Any such modification or deletion of a provision shall not affect the validity, legality and enforceability of the rest of this Agreement. If a Party gives notice to another Party of the possibility that any provision of this Agreement is invalid, illegal or unenforceable, the Parties shall negotiate to amend such provision so that, as amended, it is valid, legal and enforceable and achieves the intended commercial result of the original provision.

13.12. <u>Testimony</u>. If ALPS is required by a third party subpoena or otherwise, to produce documents, testify or provide other evidence regarding the Services, this Agreement or the operations of Fund in any Action to which Trust is a party or otherwise related to Trust, Trust shall reimburse ALPS for all costs and expenses, including the time of its professional staff at ALPS's standard rates and the cost of legal representation, that ALPS reasonably incurs in connection therewith.

13.13. <u>Third Party Beneficiaries</u>. This Agreement is entered into for the sole and exclusive benefit of the Parties and will not be interpreted in such a manner as to give rise to or create any rights or benefits of or for any other Person except as set forth with respect to ALPS Associates, Trust Associates, and Data Suppliers.

13.14. <u>Waiver</u>. No failure or delay by a Party to exercise any right or remedy provided under this Agreement or by Law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise of that or any other right or remedy. No exercise (or partial exercise) of such right or remedy shall prevent or restrict the further exercise of that or any other right or remedy.

**\* \* \***

*[Remainder of page intentionally left blank - Signature Page follows]*

8 of 19

**Exhibit (h)(13)**

This Agreement has been entered into by the Parties as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **ALPS FUND SERVICES, INC.** | **ALPS FUND SERVICES, INC.** | **ALPS SERIES TRUST, on behalf of Brigade High <br> Income Fund** | **ALPS SERIES TRUST, on behalf of Brigade High <br> Income Fund** |
| By: | /s/ Kenneth Fullerton | By: | /s/ Lucas Foss |
| Name: | Kenneth Fullerton | Name: | Lucas Foss |
| Title: | Authorized Representative | Title: | President |

---

9 of 19

**Exhibit (h)(13)**

***<u>Schedule A-1</u>***

**Services**

**<u>General</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Any references to Law shall be construed to the Law as amended to the date
of the effectiveness of the applicable provision referencing the Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Trust acknowledges that ALPS's ability to perform the Services is subject
to the following dependencies (in addition to any others described in the Agreement):

● Trust, Management and other Persons that are not employees or agents of ALPS whose cooperation is reasonably required for the ALPS to provide the applicable Services providing cooperation, information and, as applicable, instructions to ALPS promptly, in agreed formats, by agreed media and within agreed timeframes as required to provide the Services.

● The communications systems operated by Trust, Management and other Persons that are not employees or agents of ALPS remaining fully operational.

● The accuracy and completeness of any Client Data or other information provided to ALPS Associates in connection with the Services by any other Person.

● Trust and Management informing ALPS on a timely basis of any modification to, or replacement of, any agreement to which it is a party that is relevant to the provision of the Services.

● Any warranty, representation, covenant or undertaking expressly made by Trust under or in connection with this Agreement being and remaining true, correct and discharged at all relevant times.

● ALPS's timely receipt of the then most current version of Trust Governing Documents and required implementation documentation, including authority certificate, profile questionnaire and accounting preferences, and ALPS Web Portal and other application User information.

**<u>Services to be Provided - ALPS</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The following Services will be performed by ALPS under this Agreement and, as
applicable, are contingent on the performance by Fund of its duties and obligations otherwise contained in this Agreement.

***Fund Administration***

● Prepare annual and semi-annual financial statements utilizing templates for standard layout and printing

● Prepare Forms N-CEN, N-CSR, and 24f-2

● File Forms N-CEN, 24f-2

● Host annual audits

● Prepare required reports for quarterly Board meetings

● Monitor expense ratios

● Maintain budget vs. actual expenses

● Manage fund invoice approval and bill payment process

● Assist with placement of Fidelity Bond and E&O insurance

**Fund Accounting**

● Calculate monthly NAVs as required by the Trust and in conformance with generally accepted accounting principles ("GAAP"), SEC Regulation S-X (or any successor regulation) and the Internal Revenue Code

● Transmit net asset values to the advisor, NASDAQ, Transfer Agent & other third parties

● Reconcile cash & investment balances with the custodian

● Provide data and reports to support preparation of financial statements and filings

● Prepare required Fund Accounting records in accordance with the 1940 Act

● Apply security valuations as directed and determined by the Fund consistent with the Fund's pricing and valuation policies

10 of 19

**Exhibit (h)(13)**

● Participate, when requested, in Fair Value Committee meetings as a non-voting member

● Calculate monthly SEC standardized total return performance figures

● Coordinate reporting to outside agencies including Morningstar, etc.

● Prepare and file Form N-PORT

**Tax Administration**

● Calculate dividend and capital gain distribution rates

● Prepare ROCSOP and required tax designations for Annual Report

● Prepare and coordinate filing of income and excise tax returns

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■ Audit
 firm to sign all returns as paid preparer

● Calculate/monitor book-to-tax differences

● Provide quarterly Subchapter M asset diversification compliance monitoring and reporting

● Provide annual Subchapter M gross income test information

● Provide tax re-allocation data for shareholder 1099 reporting

**Legal Administration**

● Coordinate annual update to prospectus and statement of additional information

● Coordinate standard layout and printing of prospectus

● File Forms N-CSR and N-PX

● Coordinate EDGARization and filing of SEC documents

● Compile and distribute quarterly board meeting materials (electronically)

● Attend quarterly board meetings telephonically and prepare first drafts of quarterly minutes

**Compliance Administration**

● Perform daily prospectus & SAI, SEC investment restriction monitoring

● Provide warning/Alert notification with supporting documentation

● Provide quarterly compliance testing certification to Board of Trustees

**Transfer Agency**

● Establish and maintain shareholder accounts

● Process and record purchase and redemption orders

● Process dividends and capital gain distributions

● Perform NSCC trading and administrative services

● Produce and mail confirmations and account statements

● Process year-end shareholder tax reporting

● Perform required AML and CIP services

● Maintain and coordinate Blue Sky registration

**Investor Services**

● Handle 800-line phone calls on recorded lines

● Coordinate daily fulfillment process

● Compile monthly reports on call statistics

**Fund CCO Services**

● Provide qualified Fund CCO and supporting Compliance staff with a diverse product knowledge

11 of 19

**Exhibit (h)(13)**

● Create client Fund Compliance Program

● Conduct service provider due diligence visits

● Present quarterly & annual Compliance reports to Board of Trustees

○ Reportable Compliance issues, material changes in procedures, initiatives and events

● Provide the board with Annual Risk Assessment

**SS&C Client Portal**

● Document Management/Sharing

● Initiate requests or provide feedback

● Retrieval of current and up to 15 months of historical reports

● Access to daily fund accounting data and static reports

● Portfolio compliance alerting with drill-down capability

● Portfolio data warehouse with reporting engine

● Investor data warehouse with ad hoc query builder

● Investor document image retrieval (i.e. correspondence, applications, checks)

● Sales and advertising workflow that connects client, compliance analyst and FINRA through an entire review process

● Selling agreement review

● Trustee access that facilitates access to board materials and other relevant document

● Printed material fulfillment requests (i.e. prospectuses, annual reports, applications)

12 of 19

 **Exhibit (h)(13)**

***<u>Schedule A-2</u>***

**Additional Terms Applicable to Services**

**<u>Additional Terms Applicable to the Services - Generally</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Trust acknowledges that ALPS may rely on and shall have no responsibility to validate
 the existence of assets reported by the Fund, its Management, the Fund's custodian
 or other Fund service provider, other than ALPS' completion of a reconciliation
 of the assets reported by the parties. The Trust acknowledges that it is the sole responsibility
 of the Fund to validate the existence of assets reported to ALPS. ALPS may rely, and
 has no duty to investigate the representations of the Fund, its Management, the Fund's
 custodian or other Fund service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ALPS
 shall utilize one or more pricing services, as directed by the Trust/Fund. The Trust
 shall identify in writing to ALPS the pricing service(s) to be utilized on behalf of
 the Fund. For those securities where prices are not provided by the pricing service(s),
 the Fund shall approve the method for determining the fair value of such securities and
 shall determine or obtain the valuation of the securities in accordance with such method
 and shall deliver to ALPS the resulting price(s). In the event the Fund desires to provide
 a price that varies from the price provided by the pricing service(s), the Fund shall
 promptly notify and supply ALPS with the valuation of any such security on each valuation
 date. All pricing changes made by the Fund will be provided to ALPS in writing or e-mail
 and must specifically identify the securities to be changed by security identifier, name
 of security, new price or rate to be applied, and, if applicable, the time period for
 which the new price(s) is/are effective.

**<u>Additional Terms Applicable to the Services – Modern Data Services</u>**

In addition to the terms and conditions of the Agreement, the below terms and conditions apply to the provision of the following Services (the listed Services known as "Modern Data Services"):

● Liquidity Risk Management ("LRM") support services

● Preparation and Filing of Form N-PORT and Form N-CEN

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In
 connection with completion of the Modern Data Services, Market Data may be supplied to
 the Fund through an ALPS Associate(s) or directly by a Data Supplier (for the purposes
 of this appendix, Data Supplier shall include the Data Supplier's third party suppliers).
 Any Market Data being provided to a Fund by ALPS or a Data Supplier is being supplied
 for the sole purpose of assisting the completion of the Modern Data Services. Accordingly,
 the Fund acknowledges that Market Data is proprietary to ALPS Associates and/or the Data
 Suppliers and is provided on a limited internal-use license basis. Market Data may not
 be disseminated by the Fund to any other affiliated or non-affiliated entity, used to
 populate internal systems or to create a historical database, or for any other purpose
 in lieu of Fund obtaining a data license from ALPS Associates or Data Supplier, as applicable.
 The Fund accepts responsibility for, and acknowledges it exercises its own independent
 judgment in, the selection of the Data Supplier(s) to provide the Market Data, its selection
 of the use or intended use of such, and any results obtained. Access to and delivery
 of Market Data is dependent on the Data Suppliers and may be interrupted or discontinued
 with or without notice to Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Trust acknowledges that (i) the Market Data is intended for use as an aid to institutional
 investors, registered brokers or professionals of similar sophistication in making informed
 judgments concerning characteristics of certain securities; and (ii) the Data Supplier
 and/or ALPS Associate(s), as applicable, holds all title, license, copyright or similar
 intellectual property rights in the Market Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No
 ALPS Associate or Data Supplier will have any liability for errors, omissions or malfunctions
 in the Market Data, except that ALPS will endeavor, upon receipt of notice from the Trust/Fund,
 to correct a malfunction, error, or omission in the Market Data utilized in the Modern
 Data Services that is identified by Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Notwithstanding
 anything in this Agreement to the contrary, no ALPS Associate nor Data Supplier shall
 be liable to Trust or any other Person for any Losses related, directly or indirectly,
 to the Market Data, the provision of (or failure to provide) the Market Data, and/or
 the reliance by an ALPS Associate(s), Fund or any other Person on such Market Data. Further,
 the Trust shall indemnify all ALPS Associates and applicable Data Suppliers against,
 and hold such ALPS Associates and Data Suppliers harmless from, any and all Losses (including
 legal fees and costs to enforce this provision), that any ALPS Associate(s) or Data Provider
 suffer, incur, or pay as a result
of any Third Party Claim or Claim among the Parties arising out of or related to the Market Data or any data, information, service,
report, analysis or publication derived therefrom.

13 of 19

**Exhibit (h)(13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Notwithstanding
 anything in this Agreement to the contrary, as it relates to the provision of the Modern
 Data Services, no ALPS Associate nor Data Supplier 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;6. THE
 TRUST ACCEPTS THE MARKET DATA AS IS AND NO ALPS ASSOCIATE OR ANY DATA SUPPLIER MAKE ANY
 WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY, FITNESS OR ANY OTHER MATTER RELATED
 TO THE MARKET DATA.

**<u>ALPS CCO Services and Terms</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Within
 this Section, the following definitions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) " <u>Federal Securities Laws</u> " shall mean the definition as put forth in Rule 38a-1, specifically
 the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act
 of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title
 V of the Gramm-Leach-Bliley Act, any SEC rules adopted under any of the foregoing laws,
 the Bank Secrecy Act as it applies to registered investment companies, and any rules
 adopted thereunder by the SEC or the Department of Treasury.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) " <u>Material Compliance Matter</u> " shall mean "any compliance matter about which the
 Fund's board would reasonably need to know to oversee fund compliance," which
 involves any of the following (without limitation): (i) a violation of Federal Securities
 Laws by the Fund or its service providers (or officers, directors, employees or agents
 thereof) (ii) a violation of the Compliance Program of the Fund, or the written compliance
 policies and procedures of its service providers; or (iii) a weakness in the design or
 implementation of the Compliance Program policies and procedures of the Fund, or the
 written compliance policies and procedures of the service providers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) " <u>Rule 38a-1</u> " shall mean Rule 38a-1 under the 1940 Act

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All
 Services described in this Section (the "CCO Services") are optional and
 only apply upon the request of Fund that ALPS provide such CCO Services and the written
 acceptance of such request by ALPS. ALPS requires 120 days' notice prior to commencement
 of provision of such CCO Services, which time period may be reduced upon mutual agreement.
 The Board of Trustees of the Fund may terminate the provision of CCO Services on 120
 days written notice to ALPS. All CCO Services fees described in <u>Fee Letter</u> will
 continue until the later of 120 days from the receipt of such termination notice or the
 date that the ALPS employee no longer serves as the Fund's Chief Compliance Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. ALPS
 shall designate, subject to the approval of the Fund's Board of Trustees, one of
 its own employees to serve as Chief Compliance Officer of the Fund within the meaning
 of Rule 38a-1 (such individual, the "CCO"). The CCO shall render to the Fund
 such advice and services as are required to be performed by a CCO under Rule 38a-1 and
 as are set forth as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Review of Compliance Program</u>. The CCO shall, with the assistance of the Fund, review
 and revise, where necessary, the written compliance policies and procedures (the "Compliance
 Program") of the Fund, which shall address compliance with, and be reasonably designed
 to prevent violation of, "Federal Securities Laws." In addition to provisions
 of Federal Securities Laws that apply to the Fund, the Compliance Program will be revised,
 where necessary, to address compliance with, and ensure that it is reasonably designed
 to prevent violation of, the Fund's charter and by-laws and all exemptive orders,
 no-action letters and other regulatory relief received by the Fund from the Securities
 and Exchange Commission (the "SEC") and Financial Industry Regulatory Association,
 Inc. (the "FINRA") (all such items collectively, "Regulatory Relief");
 provided, however, that the Compliance Program shall address only that Regulatory Relief
 afforded the Service Providers or the Fund or relevant to compliance by the Service Providers
 or the Fund, and shall not address the terms by which other parties may receive the benefits
 of any Regulatory Relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) <u>Administration of Compliance Program</u>. The CCO shall administer and enforce the Fund's
 Compliance Program. The CCO shall consult with the Board of Trustees and the Fund's
 officers as necessary to amend,
update and revise the Compliance Program as necessary, but no less frequently than annually (if required).

14 of 19

**Exhibit (h)(13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) <u>Oversight of Service Providers</u>. The CCO is responsible for overseeing, on behalf of
 the Fund, adherence to the written compliance policies and procedures of the Fund's
 service providers, including the Fund, its investment adviser (and sub-adviser, if applicable),
 the distributor, the administrator, and the transfer agent (the "Service Providers").
 In furtherance of this duty:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 CCO shall obtain and review the written compliance policies and procedures of the Service
 Providers or summaries of such policies that have been drafted by someone familiar with
 them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 CCO shall monitor the Service Providers' compliance with their own written compliance
 policies and procedures, Federal Securities Laws and the Fund's Indenture and Regulatory
 Relief. In so doing, the CCO shall interact with representatives of the Service Providers
 as appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&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
 CCO shall attempt to obtain the following representations from each Service Provider
 and, if it fails to obtain such representations, shall report this fact to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In
 connection with the documentation of its written policies and procedures governing the
 provision of its services to the relevant Fund, the Service Provider has prepared and
 delivered to the Fund a summary of core services that it provides to the Fund or, if
 no such summary is available, that it has delivered to the Fund copies of the relevant
 policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Service Provider will provide to the Fund and the CCO any revisions to its written compliance
 policies and procedures on at least an annual basis, or more frequently in the event
 of a material revision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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
 Service Provider's written compliance policies and procedures have been reasonably
 designed to prevent, detect and correct violations of the applicable Federal Securities
 Laws and critical functions related to the services performed by Service Provider pursuant
 to the applicable agreement between the Service Provider and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 Service Provider has established monitoring procedures, and shall review, no less frequently
 than annually, the adequacy and effectiveness of its written compliance policies and
 procedures to check that they are reasonably designed to prevent, detect and correct
 violations of those applicable Federal Securities Laws and critical functions related
 to the services performed by the Service Provider pursuant to the applicable agreement
 between the Service Provider and the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) <u>Annual Review.</u> Rule 38a-1 requires that, at least annually, the Fund review its Compliance
 Program and that of its Service Providers and the effectiveness of their respective implementations
 (the "Annual Review"). The CCO shall perform the Annual Review for the Fund.
 The first Annual Review shall be completed no later than the regularly scheduled Board
 meeting following one year after the commencement of the CCO Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) <u>Attendance of Board Meetings; Reports to the Fund's Board; Escalation</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;(a) The
 CCO shall attend each regular meeting of the Board each year. The CCO shall also attend
 each special meeting of the Board for which CCO attendance would be expected based on
 the agenda of such meeting, and each other special meeting to the extent the CCO can
 reasonably make arrangements to attend.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 CCO shall make regular reports to the Board of Trustees of the Fund regarding its administration
 and enforcement of the Compliance Program. These regular reports shall address compliance
 by the Fund and the Service Providers and such other matters as the Board of Trustees
 of the Fund may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&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) In
 addition, at least annually, the CCO shall submit a written report to the Board of Trustees
 of the Fund addressing the following issues:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the
 operation of the Compliance Program, and the written compliance policies and procedures
 of the Service Providers;

15 of 19

**Exhibit (h)(13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. any
 material changes made to the Compliance Program since the date of the last report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. any
 material changes to the Compliance Program recommended as a result of the Annual Review;
 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;d. each
 "Material Compliance Matter" that occurred since the date of the last report.

&nbsp;&nbsp;&nbsp;&nbsp;&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) This
 written report shall be based on the Annual Review. The first written report shall be
 presented to the Board of Trustees of the Fund no later than 90 days after the date of
 the first Annual Review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 CCO shall report any Material Compliance Matters to the Board of Trustees at least quarterly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) <u>Recordkeeping</u>. The CCO expects to rely on the Fund or its Service Providers, as applicable,
 to maintain and preserve records. The CCO will determine that the Service Provider has
 policies and procedures that are reasonably designed to ensure that the Fund records
 will be maintained in accordance with the Fund's recordkeeping policy and applicable
 law, including provisions requiring that any material violation of the Fund's recordkeeping
 policy and/or applicable law by the service provider be promptly reported to the CCO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) <u>Meeting with Regulators.</u> The CCO shall meet with, and reply to inquiries from, the
 SEC, the Fund and other
legal and regulatory authorities with responsibility for administering Federal Securities Laws as necessary or as reasonably requested
by Fund or the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
 parties agree that only employees of ALPS and its Affiliates shall act as CCO or otherwise
 perform services to the Fund under this Agreement unless otherwise agreed to by the Fund.
 Notwithstanding his/her other duties for ALPS or any other investment company, the CCO
 shall perform the Services in a professional manner and shall devote appropriate time,
 energies and skill to the Services. Fund acknowledges that other employees of ALPS and
 its Affiliates will assist the CCO in the performance of his/her duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For
 clarity, the Fund shall reimburse, or shall cause the Fund to reimburse, ALPS for all
 reasonable expenses (including travel expenses for attendance at in-person board meetings)
 and other out-of-pocket disbursements incurred by ALPS in connection with the performance
 of ALPS' or the CCO's duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Fund
 shall cooperate in good faith with ALPS and the CCO in order to assist in the performance
 of the Services. In furtherance of this agreement to cooperate, Fund shall make those
 of its and its Affiliates' and Service Providers', officers, employees, outside
 counsel and others as may be reasonable related to the Services available for consultation
 with ALPS and the CCO, in each case as ALPS or the CCO may reasonably request. Fund shall
 provide ALPS and the CCO with the names of appropriate contact people at the Service
 Providers and shall otherwise assist ALPS and the CCO in obtaining the cooperation of
 the Service Providers. Fund shall provide ALPS and the CCO with such books and records
 regarding the Fund as ALPS and the CCO may reasonably request.

**<u>ALPS Transfer Agency Services and Terms</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>NSCC Services</u>: SS&C ALPS Transfer Agency will provide NSCC trading and administrative
 Services to the Fund. The Transfer Agency will work with the Distributor to establish
 membership with the DTCC as well as the NSCC settlement bank. ALPS will establish Intermediaries
 on the TA system and facilitate trading via the NSCC through the DTCC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Consolidated NSCC Membership ID</u>: SS&C ALPS will utilize the consolidated ALPS
 Distributors Inc. ALPS Funds Services NSCC Membership ID, otherwise known as an NSCC
 participant number. This will allow SS&C ALPS to provide the Fund with an approximate
 50% decrease to the DTCC monthly membership costs for services they provide. The base
 membership services include: Fund/Serv, Networking, CommServ, MFPS I and II, and OmniServ.
 With making this change, SS&C ALPS will in turn utilize a consolidated NSCC bank
 settlement account, which will provide the Fund with an additional discount to settlement
 bank account costs. Please note, the Fund's monthly DTCC - Depository Trust Clearing
 Corporation and BOKF - Bank of Oklahoma Financial (the "Depository Institution")
 settlement account fees will consist of a pro rata application of the consolidated NSCC
 fees and an administrative fee for SS&C ALPS' role in administering the consolidated
 DTCC membership, consolidated bank account, and related services. These will not be considered
 straight out of pocket costs due to the SS&C ALPS administrative component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Client Account Fees – BOKF Demand Deposit Account (DDA)</u>: Depository Trust Clearing
 Corporation ("DTCC") purchase settlements paid into the NSCC bank settlement
 account are further transferred to the transfer
agency demand deposit account (the "Operating Account") at BOKF. These purchase settlements recorded in the name of
the Trust as beneficial owner, on behalf of each applicable series of the Trust which ALPS has authority to make deposits and
withdrawals, are moved to custody accounts the business day after settlement from the DTCC. Each month, from any earnings credits/interest
attributable to amounts held in Trust/Fund Operating Accounts (the "Credits"), SS&C ALPS retains for certain administrative
services related to the Operating Accounts, twenty five percent (25%) of the gross Credit (the "Administration Fee")
and shall apply the remaining portion of the Credit against Depository Institution fees. If Credit further remains, that Credit
shall apply to fees for services under the Agreement.

16 of 19

**Exhibit (h)(13)**

**<u>Miscellaneous</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Notwithstanding
 anything to the contrary in this Agreement, ALPS:

● Does not maintain custody of any cash or securities.

● Does not have the ability to authorize transactions.

● Does not have the authority to enter into contracts on behalf of Fund.

● Is not responsible for determining the valuation of Fund's assets and liabilities.

● Is not Fund's tax or legal advisor and does not provide any tax or legal advice.

● Is not obligated to perform any additional or materially different services due to changes in law or audit guidance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. If
 ALPS allows Fund, Management, investors or their respective agents and representatives
 (" <u>Users</u> ") to (i) receive information and reports from ALPS and/or
 (ii) issue instructions to ALPS via web portals or other similar electronic
mechanisms hosted or maintained by ALPS or its agents (" <u>Web Portals</u> "):

● Access to and use of Web Portals by Users shall be subject to the proper use by Users of usernames, passwords and other credentials issued by ALPS (" <u>User Credentials</u> ") and to the additional terms of use that are noticed to Users on such Web Portals. Fund shall be solely responsible for the results of any unauthorized use, misuse or loss of User Credentials by their authorized Users and for compliance by such Users with the terms of use noticed to Users with respect to Web Portals, and shall notify ALPS promptly upon discovering any such unauthorized use, misuse or loss of User Credentials or breach by Fund or Management or their authorized Users of such terms of use. Any change in the status or authority of an authorized User communicated by Fund shall not be effective until ALPS has confirmed receipt and execution of such change.

● ALPS grants to the Fund a limited, non-exclusive, non-transferable, non-sublicenseable right during the term of this Agreement to access Web Portals solely for the purpose of accessing Client Data and, if applicable, issue instructions. Fund will ensure that any use of access to any Web Portal is in accordance with ALPS's terms of use, as noticed to the Users from time to time. This license does not include: (i) any right to access any data other than Client Data; or (ii) any license to any software.

● Fund will not (A) permit any third party to access or use the Web Portals through any time-sharing service, service bureau, network, consortium, or other means; (B) rent, lease, sell, sublicense, assign, or otherwise transfer its rights under the limited license granted above to any third party, whether by operation of law or otherwise; (C) decompile, disassemble, reverse engineer, or attempt to reconstruct or discover any source code or underlying ideas or algorithms associated with the Web Portals by any means; (D) attempt to modify or alter the Web Portal in any manner; or (E) create derivative works based on the web portal. Fund will not remove (or allow to be removed) any proprietary rights notices or disclaimers from the Web Portal or any reports derived therefrom.

● ALPS reserves all rights in ALPS systems and in the software that are not expressly granted to Fund hereunder.

● ALPS may discontinue or suspend the availability of any Web Portals at any time without prior notice; ALPS will endeavor to notify Fund as soon as reasonably practicable of such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Notwithstanding
 anything in this Agreement to the contrary, Fund has ultimate authority over and responsibility
 for its tax matters and financial statement tax disclosures. All memoranda, schedules,
 tax forms and other work product produced by ALPS are the responsibility of Fund and
 are subject to review and approval by Fund and Fund's auditors, or tax preparers,
 as applicable and ALPS bears no responsibility for reliance on tax calculations and memoranda
 prepared by ALPS.

17 of 19

**Exhibit (h)(13)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ALPS
 shall provide reasonable assistance to responding to due diligence and analogous requests
 for information from investors and prospective investors (or others representing them);
 provided, that ALPS may elect to provide these services only upon Fund agreement in writing
 to separate fees in the event responding to such requests becomes, in ALPS's sole
 discretion, excessive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Reports
 and information shall be deemed provided to Fund if they are made available to Fund online
 through ALPS's Web Portal.

18 of 19

**Exhibit (h)(13)**

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

**List of Funds**

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Class** | **Ticker** |
| Brigade High Income Fund | Founders <br> Institutional  | BHIMX <br> BHIIX  |

---

19 of 19

## Exhibit 99.28

**Exhibit (h)(14)**

***EXECUTION VERSION***

**ALPS SERIES TRUST**

**BRIGADE HIGH INCOME FUND**

**CO-ADMINSTRATION AGREEMENT**

This Agreement is made as of March 8, 2023 and is effective upon commencement of operations of the first Fund, by and between the ALPS Series Trust ("**Trust**"), a Delaware statutory trust, on behalf of each series included on **<u>Exhibit A</u>** hereto, each a separate series of shares of the Trust (each, a "**Fund**"), and Brigade Capital Management, LP, a Delaware limited partnership ("**Co-Administrator**").

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

**WHEREAS**, the Trust has designated each Fund as series of shares in the Trust;

**WHEREAS,** the Trust has engaged ALPS Fund Services, Inc. ("**ALPS**"), to serve as each Fund's administrator pursuant to a Services Agreement between the Trust, on behalf of each Fund, and ALPS;

**WHEREAS,** the Trust, on behalf of each Fund, desires to engage the Co-Administrator to provide certain additional administrative services;

**WHEREAS**, the Board of Trustees of the Trust (the "**Trustees**" or the "**Board**") has approved this Agreement, and the Co-Administrator is willing to furnish certain administrative services upon the terms and conditions herein set forth.

**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. Obligations of the Co-Administrator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Services**. The Co-Administrator agrees to perform the following services ("**Services**") for 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;(i) furnish the Trust and/or the Board with information the Trust and/or the Board may reasonably request with respect to the administration of each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) provide the Trust, upon reasonable notice, with access to the Co-Administrator's offices to review Fund records maintained by the Co-Administrator;

&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) advise and assist the officers of the Trust upon reasonable request 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 each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) provide any required information requested for completion of Form N-CEN, Form N-PORT and Form N-CSR or such similar forms as may be adopted by the Securities and Exchange Commission 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;(v) assist the Fund's administrator with the preparation of proxy statements, annual reports, prospectuses and other correspondence from the Fund to shareholders;

**Exhibit (h)(14)**

&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) assist with and participate in the preparation materials drafted by the administrator with respect to the Fund for the Trust's Board meetings;

&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) to the extent so designated by the Board, cause an officer or officers of the Co- Administrator to serve as the "derivatives risk manager" for each Fund pursuant to Rule 18f-4 under the 1940 Act, including but not limited to periodic board reporting pursuant to Rule 18f-4;

&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) to the extent so designated by the Board, serve as the "valuation designee" for each Fund pursuant to Rule 2a-5 under the 1940 Act, including but not limited to periodic board reporting pursuant to Rule 2a-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;(ix) to provide reasonable assistance with the liquidity classifications required under the Trust's liquidity risk management program, as implemented, in accordance with Rule 22e-4 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) to enter into, make and perform all such other contracts, agreements and other undertakings as may be necessary, advisable or incident to the carrying out of the foregoing services, objects and purposes, including opening trading accounts and negotiating and executing prime brokerage agreements, futures agreements, over-the-counter clearing agreements, repurchase agreements, ISDA agreements and/or other over-the-counter or foreign exchange master netting agreements;

&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) provide information relating to the administrative services described above that may be helpful with the operation of the Fund; 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;(xii) provide such other duties not specifically listed above, as agreed to by the parties from time to time for the efficient operation of the Funds.

The Co-Administrator shall discharge the foregoing responsibilities subject to the control of the Board and officers of the Trust and in compliance with: (i) such policies as the Board may from time to time establish, including, but not limited to, the Trust's Declaration of Trust dated January 12, 2012 and its By-Laws, as provided to the Co-Administrator; (ii) each Fund's objectives, policies and limitations as set forth in such Fund's prospectus and statement of additional information, as the same may be amended from time to time and as provided to the Co-Administrator in advance of implementation; and (iii) with all applicable laws and regulations.

All Services to be furnished by the Co-Administrator under this Agreement may be furnished through the medium of any directors, officers or employees of the Co-Administrator or through such other parties as the Co-Administrator may determine from time to time, to the extent approved by the Trustees of the Trust, and consistent with the 1940 Act and with all applicable laws, rules and regulations (hereinafter collectively referred to as the "**Rules**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Expenses and Personnel .

&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 Co-Administrator agrees, at its own expense or at the expense of one or more of its affiliates, to render the Services and to provide the office space, furnishings, equipment and personnel as may be reasonably required in the judgment of the Trustees and officers of the Trust to perform the Services on the terms and for the compensation provided herein.

&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) Except to the extent expressly assumed by the Co-Administrator herein and except to the extent required by law to be paid by the Co-Administrator, the Trust and each Fund shall pay all costs, fees, expenses or charges in connection with their assets, investments and operations, including: (1) all investment expenses, including, without limitation, reasonable fees and expenses of outside legal counsel or third-party consultants retained in connection with reviewing, negotiating and structuring specialized loan and other investments made by the Fund, and any costs associated with originating loans, asset securitizations, alternative lending-related strategies and so-called "broken-deal" costs (e.g., fees, expenses and liabilities, including, for example, due diligence-related fees, costs, expenses and liabilities with respect to unconsummated investments reasonably intended by the Co-Administrator (in its capacity as investment adviser to the Fund) for purchase by the Fund); (2) office and clerical expenses not relating to the services provided by the Co-Administrator hereunder; (3) fees and expenses of Trustees who are not officers, employees, partners, shareholders or members of the Co-Administrator; (4) governmental fees; (5) interest charges and any other expenses associated with financial leverage; (6) taxes; (7) fees and charges for legal and auditing services relating to the Funds; (8) fees and expenses of any custodians or Trustees with respect to custody of its assets; (9) fees, charges and expenses of dividend disbursing agents, registrars and transfer agents (including the cost of keeping all necessary shareholder records and accounts, and of handling any problems relating thereto and the expense of furnishing to all shareholders statements of their accounts after every transaction including the expense of mailing); (10) costs and expenses of redemptions of its shares; (11) costs and expenses of preparing, printing and mailing to shareholders ownership certificates, proxy statements and materials, prospectuses, statements of additional information, reports and notices; provided that, the Fund shall not be responsible for costs and expenses associated with preparing, printing and mailing to shareholders proxy statements that are being prepared, printed and mailed at the request of the Co-Administrator; (12) costs of preparing reports to governmental agencies; (13) brokerage fees and commissions of every kind and expenses in connection with the execution of portfolio security transactions (including the cost of any service or agency designed to facilitate the purchase and sale of portfolio securities); (14) all postage; and (15) insurance premiums.

**Exhibit (h)(14)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) **Books and Records**. All books and records prepared and maintained by the Co- Administrator for the Trust and each Fund under this Agreement shall be the property of the Trust and such Fund and, upon request therefor, the Co-Administrator shall surrender to the Trust and each Fund such of the books and records so requested, provided, however, that the Co-Administrator shall retain, maintain and preserve copies of all such books and records deemed necessary, appropriate or required to be maintained by the Co-Administrator under applicable Rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. [Omitted] .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation of the Co-Administrator**. Each Fund will pay to the Co-Administrator a co-administration fee (the "Fee") equal to an annualized rate of 0.05% of the average daily net assets of the Fund. The Fee shall be calculated as of the last business day of each month based upon the average daily net assets of the Fund determined in the manner described in the Fund's Prospectus and/or Statement of Additional Information, and shall be paid to the Co-Administrator by the Fund as soon as practicable after the last day of each month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Status of Co-Administrator**. The services of the Co-Administrator to the Trust and each Fund are not to be deemed exclusive, and the Co-Administrator shall be free to render similar services to others so long as its services to the Trust and each Fund are not impaired thereby. The Co-Administrator shall be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have no authority to act for or represent the Trust or a Fund in any way or otherwise be deemed an agent of the Trust or a Fund. Nothing in this Agreement shall limit or restrict the right of any director, officer or employee of the Co-Administrator, who may also be a Trustee, officer or employee of the Trust, to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature.

**Exhibit (h)(14)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Permissible Interests**. Trustees, agents and stockholders of the Trust are or may be interested in the Co-Administrator (or any successor thereof) as directors, partners, officers, stockholders or otherwise; and directors, partners, officers, agents and stockholders of the Co-Administrator are or may be interested in the Trust as Trustees, stockholders or otherwise; and the Co-Administrator (or any successor) is or may be interested in the Trust as a stockholder or otherwise. The Co-Administrator in acting hereunder shall be an independent contractor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Limits of Liability**. Other than to abide by the provisions hereof and render the services called for hereunder in good faith, the Co-Administrator assumes no responsibility under this Agreement and, having so acted, the Co-Administrator shall not be held liable or accountable for any mistakes of law or fact, or for any error of judgment or omission of its officers, directors, partners or employees, or for any loss or damage arising or resulting therefrom suffered by the Trust or a Fund or any of its shareholders, creditors, Trustees or officers, except a loss resulting from a claim relating to 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 the amount set forth in Section 36(b)(3) of the 1940 Act) or a loss resulting from willful misfeasance, bad faith or gross negligence on its part in the performance of, or from reckless disregard by it of its obligations and duties under, this Agreement. It is agreed that the Co-Administrator shall have no responsibility or liability for the acts or omission of any other fiduciary or other person not employed or engaged by the Co-Administrator respecting the Trust or the Fund or for the accuracy or completeness of the Trust's registration statement under the 1940 Act or the Securities Act of 1933, as amended ("**1933 Act**"), except for information supplied by the Co-Administrator for inclusion therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. [Omitted].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Information and Reports.** The Co-Administrator shall keep each Fund informed of developments relating to its duties as Co-Administrator for the Fund of which the Co-Administrator has, or should have, knowledge that would materially affect the Fund. In this regard, the Co-Administrator shall provide the Trust on behalf of each Fund and its officers with such periodic reports concerning the obligations the Co-Administrator has assumed under this Agreement as the Trust on behalf of each Fund may, from time to time, reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to each regular meeting of the Board of the Trust on behalf of each Fund, the Co- Administrator shall provide the Board with reports regarding the Co-Administrator's administrative services of each Fund during the most recently completed quarter, each of which shall be in such form as may be mutually agreed upon by the Co-Administrator and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the Co-Administrator and the Trust, on behalf of each Fund, shall provide the other party with a list, to the best of the Co-Administrator's or the Trust's respective knowledge, of each affiliated person (and any affiliated person of such an affiliated person) of the Co-Administrator or the Trust, as the case may be, and each of the Co-Administrator and Trust agrees promptly to update such list whenever the Co-Administrator or the Trust becomes aware of any changes that should be added to or deleted from the list of affiliated persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Co-Administrator shall also provide the Trust, on behalf of each Fund, with any information reasonably requested by the Trust, on behalf of each Fund, regarding the Co-Administrator's administration services rendered to each Fund required for any shareholder report, amended registration statement or supplement to the prospectus or statement of additional information to be filed by the Trust on behalf of each Fund with the U.S. Securities and Exchange Commission ("**SEC**").

**Exhibit (h)(14)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Term.** This Agreement shall remain in effect for an initial term of two years from the effective date hereof, and from year to year thereafter provided such continuance is approved at least annually by the vote of a majority of the Trustees of the Trust who are not "interested persons" (as defined in the 1940 Act) of the Trust; <u>provided</u>, <u>however</u>, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the Trust may, at any time and without the payment of any penalty, terminate this Agreement with respect to a Fund upon 60 (sixty) days' written notice of a decision to terminate this Agreement by: (i) the Trust's Trustees; or (ii) the vote of a majority of the outstanding voting securities of the relevant Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Co-Administrator may, at any time and without the payment of penalty, terminate this Agreement upon 120 (one-hundred and twenty) days' notice to the Trust on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) this Agreement shall automatically terminate with respect to a Fund upon the termination of the Investment Advisory Agreement between the Trust, on behalf of such Fund and Brigade Capital Management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the terms of paragraphs 6, 9, 11 and 15 of this Agreement shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Amendments**. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the 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 Trustees who are not interested persons of the Co-Administrator or of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Applicable Law**. 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 the laws of the State of Delaware in a manner not in conflict with the provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Representations and Warranties .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) **Representations and Warranties of the Co-Administrator**. The Co-Administrator hereby represents and warrants to the Trust 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) the Co-Administrator is a limited partnership duly organized and in good standing under the laws of the State of Delaware and is fully authorized to enter into this Agreement and carry out its duties and obligations 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;(ii) the Co-Administrator will maintain, keep current and preserve on behalf of each Fund all books and records required in connection with such recordkeeping responsibilities as may be delegated by the Trust on behalf of each Fund to the Co-Administrator from time to time. The Co-Administrator agrees that such records are the property of each Fund, and shall be surrendered to such Fund promptly upon request. The Trust on behalf of each Fund acknowledges that Co- Administrator may retain copies of all records required to meet the record retention requirements imposed by Rules;

&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 Co-Administrator has adopted and implemented, and throughout the term of this Agreement shall maintain in effect and implement, policies and procedures reasonably designed to prevent, detect and correct violations by the Co-Administrator and its supervised persons, and, to the extent the activities of the Co-Administrator in respect of a Fund could affect such Fund, violations by such Fund, of "**Federal Securities Laws**" (as defined in Rule 38a-1 under the 1940 Act), and the Co-Administrator has provided the Trust with true and complete copies of its policies and procedures (or summaries thereof) and related information reasonably requested by the Trust on behalf of each Fund. The Co-Administrator agrees to cooperate with periodic reviews by the Trust's compliance personnel of the Co-Administrator's policies and procedures, their operation and implementation and other compliance matters and to provide to the Trust from time to time such additional information and certifications in respect of the Co- Administrator's policies and procedures, compliance by the Co-Administrator with Federal Securities Laws and related matters as the Trust's compliance personnel may reasonably request. The Co-Administrator agrees to promptly notify the Trust on behalf of a Fund of any compliance violations that affect such Fund's assets;

**Exhibit (h)(14)**

&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 Co-Administrator will provide the requisite certifications reasonably requested by the chief executive officer and chief financial officer of the Trust necessary for those named officers to fulfill their reporting and certification obligations on Form N-CSR as required under the Sarbanes-Oxley Act of 2002, as well as any other filings as reasonably requested by the Trust's officers, to the extent that such reporting and certifications relate to the Co-Administrator's duties and responsibilities 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;(vii) the Co-Administrator will immediately notify the Trust of the occurrence of any event that would disqualify the Co-Administrator from serving as an administrator of an investment company. The Co-Administrator will also immediately notify the Trust if it is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board or body, involving the affairs of a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **Representations and Warranties of the Trust**. The Trust hereby represents and warrants to the Co-Administrator 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) the Trust has been duly organized as a statutory trust under the laws of the State of Delaware and is authorized to enter into this Agreement and carry out its terms;

&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 is registered as an investment company with the SEC under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) shares of the Trust are registered for offer and sale to the public under the 1933 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; (iv) such registrations will be kept in effect during the term of this 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;(v) the Trust has adopted and implemented, and throughout the term of this Agreement shall maintain in effect and implement, policies and procedures reasonably designed to prevent, detect and correct violations by each Fund of the Federal Securities Laws, including policies and procedures that provide for the oversight of compliance by each, principal underwriter, administrator, and transfer agent of the Fund, consistent with the requirements of Rule 38a-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Notice.** Any notice, advice or report to be given pursuant to this Agreement shall be delivered or mailed:

**Exhibit (h)(14)**

To the Co-Administrator at:

Brigade Capital Management, LP

399 Park Avenue, 16th Floor

New York, NY 10022

To the Trust or each Fund at:

ALPS Series Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203

Attn: Secretary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Use of Names.** The Trust and the Co-Administrator acknowledge that all rights to the name "ALPS Series Trust" or any variation thereof belong to the Trust. The Trust acknowledges that all rights to the name "Brigade Capital Management, LP" belongs to the Co-Administrator, and that the Trust is being granted a limited license to use such words in its name, the name of its series and the name of its classes of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Severability**. 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 and, to this extent, the provisions of this Agreement shall be deemed to be severable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Counterparts**. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

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

---

| | | | |
|:---|:---|:---|:---|
| ALPS SERIES TRUST | ALPS SERIES TRUST | BRIGADE CAPITAL MANAGEMENT, LP | BRIGADE CAPITAL MANAGEMENT, LP |
|  | /s/ Lucas Foss |  | /s/ Patrick Criscillo |
| By: | Lucas Foss | By: | Patrick Criscillo |
| Title: | President | Title: | Chief Financial Officer |

---

**Exhibit (h)(14)**

**EXHIBIT A**

**Brigade High Income Fund**

## Exhibit 99.28

**Exhibit (h)(30)**

**BRIGADE CAPITAL MANAGEMENT, LP<br> 399 Park Avenue, Suite 1600<br> New York, NY 10022**

March 8, 2023

Lucas Foss, President<br> ALPS Series Trust<br> 1290 Broadway, Suite 1000<br> Denver, CO 80203

Re: <u>ALPS Series Trust (the "Trust") - Brigade High Income Fund (the "Fund")</u>

Dear Mr. Foss:

This letter (the "Agreement") confirms the agreement of Brigade Capital Management, LP (the "Adviser") with the Trust to contractually limit the total amount of the "Management Fees" (pursuant to the Investment Advisory Agreement between the Trust, on behalf of the Fund, and the Adviser) and "Co-Administration Fees" (pursuant to the Co-Administration Agreement between the Trust, on behalf of the Fund, and the Adviser) that it is entitled to receive from the Fund and to reimburse "Other Expenses" to the extent required below.

**<u>Brigade High Income Fund</u>**

With respect to the Founders Class of the Fund, the Adviser agrees to limit the Total Annual Fund Operating Expenses (as defined in Item 3 of Form N-1A) of the Fund (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 0.52% of the Fund's average daily net assets for such class, during the term of this Agreement.

With respect to the Institutional Class of the Fund, the Adviser agrees to limit the Total Annual Fund Operating Expenses (as defined in Item 3 of Form N-1A) of the Fund (excluding Acquired Fund Fees and Expenses, brokerage expenses, interest expenses, taxes and extraordinary expenses) to an annual rate of 0.75% of the Fund's average daily net assets for such class, during the term of this Agreement

To the extent there are excess Annual Fund Operating Expenses such that the paragraphs above need to be applied, the Adviser will reduce (i) first, Co-Administration Fees and (ii) second, Management Fees, each of which payable by the Fund, until such excess has been offset. To the extent there remains excess Annual Fund Operating Expenses after such offset ("Post-Offset Excess"), then the Adviser shall reimburse the Fund (or class, as applicable) by the amount of such Post-Offset Excess.

If applicable, the waiver or reimbursement shall be allocated to each class of the Fund in the same manner as the underlying expenses or fees were allocated.

**<u>General</u>**

The Trust shall reduce the Management Fees owed to the Adviser and/or invoice the Adviser with respect to any such reimbursement amounts owed by the Adviser to the Trust. Any such invoices are payable upon receipt. Invoices should be delivered via email to the Adviser at the email address the Adviser provides to the Trust.

**Exhibit (h)(30)**

The Adviser further agrees that such fee waivers and reimbursements for the Fund are effective as of March 8, 2023 and shall continue at least through March 7, 2024; and will thereafter continue in effect for successive twelve-month periods provided that such continuance is specifically approved at least annually by a majority of the Trustees of the Trust and the Adviser does not provide at least 30 days written notice of non-continuance prior to the end of the then effective term. Except due to the Adviser's notice of non-renewal, this Agreement may only be amended or terminated with the approval of the Board of Trustees of the Trust.

The Adviser will be permitted to recover with respect to a Fund, on a class-by-class basis, expenses it has borne through this Agreement (whether through reduction of its management fee or otherwise) only to the extent that the applicable Fund's expenses in later periods do not exceed the lesser of (1) the contractual expense limit in effect at the time the Adviser waives or limits the expenses or (2) the contractual expense limit in effect at the time the Adviser seeks to recover the expenses. Notwithstanding the foregoing, the Fund will not be obligated to pay any such deferred fees or expenses more than three years after the date on which the fee and expense was reduced, as calculated on a monthly basis.

Your signature below acknowledges acceptance of this letter agreement:

---

| | |
|:---|:---|
| BRIGADE CAPITAL MANAGEMENT, LP | BRIGADE CAPITAL MANAGEMENT, LP |
| By: | Brigade Capital Management GP, LLC,<br> its general partner |
| By: | /s/ Donald E. Morgan III |
| Name: | Donald E. Morgan III |
| Title: | Managing Member |

---

---

| | |
|:---|:---|
| ALPS SERIES TRUST | ALPS SERIES TRUST |
| By: | /s/ Lucas Foss |
| Name: | Lucas Foss |
| Title: | President |

---

## Exhibit 99.28

![](fp0082546_01.jpg)

Exhibit (i)(1)(d)

March 8, 2023

ALPS Series Trust

1290 Broadway, Suite 1000

Denver, Colorado 80203

Re: ALPS Series Trust

1933 Act File No. 333-183945 – Post-Effective Amendment No. 113 and

1940 Act File No. 811-22747 – Amendment No. 114,

as filed with the Commission on March 8, 2023 (the "**Registration Statement**")

each such amendment to the Registration Statement of the Trust on Form N-1A

Ladies and Gentlemen:

We have acted as counsel for ALPS Series Trust, a Delaware statutory trust (the "**Registrant**"), in connection with the registration by the Registrant of its shares of beneficial interest, no par value (the "**Shares**"), of the fund listed on <u>Exhibit A</u> attached hereto, a series of the Registrant (the "**Fund**"), described in the above-referenced filing (the "**Registration Statement**"), under the Securities Act of 1933, as amended (the "**1933 Act**").

The Registrant is authorized to issue an unlimited number of Shares. The Board of Trustees of the Registrant (the "**Board**") has the power to classify and reclassify any unissued shares of beneficial interest into one or more classes of shares and to classify or reclassify any class of shares into one or more series of shares. You have asked for our opinion on certain matters relating to the Shares. The Board has previously authorized the issuance of the Shares to the public.

We have reviewed (i) the Registrants Declaration of Trust, as amended (the "**Declaration of Trust**"), (ii) the Registrant's Bylaws, as amended (the "**Bylaws**" and together with the "**Declaration of Trust**", the "**Governing Documents**"), (iii) resolutions adopted by the Board (the "**Resolutions**"), (iv) a printer's proof of the Registration Statement dated March 8, 2023, (v) certificates of public officials, and (vi) such other legal and factual matters as we have considered necessary.

This opinion is based exclusively on the laws of the State of Delaware and the federal law of the United States of America. The opinions expressed in this opinion letter are based on the facts in existence and the laws in effect on the date hereof and are limited to the Delaware Statutory Trust Act and the provisions of the Investment Company Act of 1940 (the "**1940 Act**") that are applicable to equity securities issued by open-end investment companies. We are not opining on, and we assume no responsibility for, the applicability to or effect on any of the matters covered herein of any other laws. We express no opinion with respect to any other laws.

Davis Graham & Stubbs LLP ■ 1550 17th Street, Suite 500 ■ Denver, CO 80202 ■ 303.892.9400 ■ fax 303.893.1379 ■ dgslaq.com

ALPS Series Trust<br> March 8, 2023

We have also assumed the following for this opinion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Governing Documents and the Resolutions authorizing the issuance of the Shares have not been amended, modified, or withdrawn and will be in full force and effect on the date of the issuance of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Shares have been, and will continue to be, issued in accordance with the Registrant's Governing Documents, and the Resolutions relating to the creation, authorization and issuance of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Shares have been, or will be, issued against consideration therefor as described in the Registrant's prospectuses relating thereto, and that such consideration was, or will be, per share in each case at least equal to the applicable net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Each document submitted to us is accurate and complete, the signatures on all originals documents are genuine, all documents submitted to us as originals are authentic, all documents submitted to us as facsimile, electronic, certified, conformed or photostatic copies thereof conform to the original, and all documents are duly executed and delivered where due execution and delivery are prerequisites of the effectiveness thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Any and all conditions established by the Resolutions to the authorization and issuance of the Shares will have been satisfied in full prior to, and in respect of, such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. All appropriate action has been taken to register or qualify the sale of the Shares under any applicable state and federal laws regulating offerings and sales of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. All natural persons identified to us have legal capacity, and persons identified to us as officers of the Registrant are actually serving in such capacity, and the representations of officers of the Registrant are correct as to matters of fact.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. All applicable securities laws will be complied with and the Registration Statement with respect to the offering of the Shares will be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The Registration Statement, as filed with the Securities and Exchange Commission, will be in substantially the form of the proof referred to above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. The Registrant is in compliance with the 1940 Act and such other laws and regulations.

We have not independently verified any of these assumptions.

Based on the foregoing, it is our opinion that: (i) the Shares have been duly authorized and, when sold as contemplated in the Registration Statement, including receipt by the Registrant of full payment for the Shares and compliance with the 1933 Act, the 1940 Act and applicable state law regulating the offer and sale of securities, will be validly issued Shares of the Registrant; and (ii) purchasers of the Shares will not have any obligation to make payments to the Registrant or its creditors (other than the purchase price for the Shares) or contributions to the Registrant or its creditors solely by reason of the purchasers' ownership of the Shares.

ALPS Series Trust<br> March 8, 2023

This opinion is rendered solely in connection with the filing of the Registration Statement and supersedes any previous opinions of this firm in connection with the issuance of the Shares. This opinion is rendered solely for the benefit of the Registrant and its shareholders in connection with the Registration Statement and may not be otherwise quoted or relied upon by any other person, firm, corporation or other entity, without prior written consent.

We hereby consent to the prospectus discussion of this opinion, the reproduction of this opinion as an exhibit, and being named in the Registration Statement. In giving this consent, we do not admit that we are within the category of persons whose consent is required under Section 7 of the 1933 Act or the Rules and Regulations of the Commission.

---

| |
|:---|
| Very truly yours, |
| /s/Davis Graham & Stubbs LLP |
| DAVIS GRAHAM & STUBBS LLP |

---

ALPS Series Trust<br> March 8, 2023

**<u>Exhibit A</u>**

**List of Fund**

---

| | | |
|:---|:---|:---|
| **Fund** | **Class** | **Ticker** |
| Brigade High Income Fund | Founders | BHIMX |
| | Institutional | BHIIX |

---

## Exhibit 99.28

Exhibit (j)(5)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the references to our firm in this Registration Statement on Form N-1A of Brigade High Income Fund, a series of ALPS Series Trust, under the headings "Disclosure of Portfolio Holdings" and "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

COHEN & COMPANY, LTD.

Cleveland, Ohio

March 7, 2023

## Exhibit 99.28

**Exhibit (n)(8)**

**ALPS SERIES TRUST**

**BRIGADE HIGH INCOME FUND**

**Plan pursuant to Rule 18f-3(d) under the**<br> **Investment Company Act of 1940**

**Effective March 8, 2023**

The Brigade High Income Fund (the "Brigade Fund"), a series of ALPS Series Trust, an open-end management investment company (the "Trust"), may from time to time issue one or more of the following classes of shares: Founders Class shares and Institutional Class shares. Each class is subject to such investment minimums and other conditions of eligibility as are set forth in the Brigade Fund's registration statement as from time to time in effect. The differences in expenses among these classes of shares are set forth below in this Plan. Except as noted below, expenses are allocated between the classes of shares of the Brigade Fund based upon the net assets of the Brigade Fund attributable to shares of each class. This Plan is subject to change, to the extent permitted by law and by the Declaration of Trust of the Trust and By-laws of the Trust, by action of the Trustees of the Trust.

**FOUNDERS CLASS SHARES**

**Distribution and Service Fees** 

Founders Class shares do not pay distribution and service fees.

**Shareholder Service Fees**

Founders Class shares do not pay shareholder service fees.

**Initial Sales Charge**

Founders Class shares do not charge an initial sales load.

**Contingent Deferred Sales Charge**

Founders Class shares do not charge a contingent deferred sales load.

**INSTITUTIONAL CLASS SHARES**

**Distribution and Service Fees** 

Institutional Class shares do not pay distribution or service fees.

**Shareholder Service Fees**

Institutional Class shares do not pay shareholder service fees.

**Exhibit (n)(8)**

**Initial Sales Charge**

Institutional Class shares do not charge an initial sales load.

**Contingent Deferred Sales Charge**

Institutional Class shares do not charge a contingent deferred sales load.

**ALLOCATIONS OF INCOME AND EXPENSES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each class of shares may, at the Trustees' discretion, also pay a different share of other expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The gross income of the Brigade Fund generally shall be allocated to each class on the basis of net assets. To the extent practicable, certain expenses shall be subtracted from the gross income on the basis of the net assets of each class of the Brigade Fund. These expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Expenses
 incurred by the Trust (including, but not limited to, fees of Trustees, insurance and
 legal counsel) not attributable to a particular class of shares of the Brigade Fund ("Trust
 Level Expenses");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Expenses
 incurred by more than one fund (but not by all funds) not attributable to a particular
 class of shares of the Brigade Fund ("Multiple-Fund Level Expenses"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Expenses
 incurred by the Brigade Fund not attributable to any particular class of the Brigade
 Fund's shares (including, but not limited to, advisory fees, custodial fees or
 other expenses relating to the management of the Brigade Fund's assets) ("Fund
 Expenses").

Expenses of the Brigade Fund shall be apportioned to each class of shares depending upon the nature of the expense item. Trust Level Expenses shall be allocated among the classes of shares based on their relative net asset values in relation to the net asset value of the Trust. Multiple-Fund Level Expenses shall be allocated among the classes of shares of the Brigade Fund based on their relative net asset values in relation to the aggregate net asset value of the Brigade Fund. Fund Expenses shall be allocated among the classes of shares based on their relative net asset values in relation to the net asset value of the Brigade Fund. The Trust reserves the right to utilize any other appropriate method to allocate income and expenses among the classes, including those specified in Rule 18f-3(c)(1) of the 1940 Act, provided that a majority of the Trustees and a majority of the Trustees who are not "interested persons" of the Trust for purposes of Section 2(a)(19) of the 1940 Act ("Independent Trustees") determine that the method is fair to the shareholders of each class and that the annualized rate of return of each class will generally differ from that of the other classes only by the expense differentials among the classes.

**Exhibit (n)(8)**

**DIVIDENDS/DISTRIBUTIONS**

The Brigade Fund pays out as dividends net investment income and net realized short-term capital gains as described in its registration statement as from time to time in effect.

All dividends and/or distributions will be paid in the form of additional shares of the class of shares of the Brigade Fund to which the dividends and/or distributions relate, unless the shareholder elects to receive cash. Dividends paid by the Brigade Fund are calculated in the same manner and at the same time with respect to each class.

**REDEMPTION FEES**

The Brigade Fund may impose a redemption fee (the "Redemption Fee") on redemptions and/or exchanges of the Brigade Fund's Institutional and Founders Class shares. The Redemption may be charged up to 1.00% of the net asset value of the shares redeemed or exchanged, or such greater amount as may be permitted by applicable law. The Redemption Fee may be imposed on only certain types of redemptions and exchanges, such as redemptions and exchanges occurring within a certain time period of the acquisition of the relevant shares. The Trustees are not required to impose any Redemption Fee on any share classes of the Brigade Fund. Similarly, any Redemption Fee rate may differ within the Brigade Fund, from share class to share class. In addition, the Trust may waive any Redemption Fee or permit them to be applied in a manner that differs from shareholder to shareholder, including shareholders in the same class and/or Fund.

Any amounts paid pursuant to any Redemption Fee will be allocated between the Brigade Fund's share classes in the same manner as the Fund allocates income.

**EFFECTIVENESS OF PLAN**

This Plan shall not take effect until it has been approved by votes of a majority of both (a) the Trustees of the Trust and (b) the Independent Trustees.

**MATERIAL MODIFICATIONS**

This Plan may not be amended to modify materially its terms unless such amendment is approved in the manner provided for initial approval hereof.

## Exhibit 99.28

Exhibit (p)(10)

**<u>CODE OF ETHICS (PERSONAL TRADING) &</u>** <br> **<u>INSIDER TRADING</u>**

Exhibit (p)(10)

**<u>CODE OF ETHICS - PERSONAL TRADING BY BRIGADE CAPITAL AND ITS PERSONNEL</u>**

**(1)**  **<u>Introduction</u>** 

High ethical standards are essential for the success of Brigade Capital to maintain the confidence of its Advisory Clients. Brigade Capital's long-term business interests are best served by adherence to the principle that its Advisory Clients' interests come first. Brigade Capital has a fiduciary duty to its Advisory Clients, which requires individuals associated with Brigade Capital to act solely for the benefit of the Advisory Clients. Potential conflicts of interest may arise in connection with the personal trading activities of individuals associated with investment advisory firms. In recognition of Brigade Capital's fiduciary obligations to the Advisory Clients and Brigade Capital's desire to maintain its high ethical standards, Brigade Capital has adopted this Code of Ethics which it reasonably believes complies with the requirements of Rule 204A-1 under the Advisers Act and the Access Person reporting and preclearance requirements of Rule 17j-1 under the Investment Company Act, containing provisions designed to: (i) prevent improper personal trading by Access Persons; (ii) prevent improper use of confidential and material, non-public information about securities recommendations made by Brigade Capital or securities holdings of the Advisory Clients; (iii) identify conflicts of interest; and (iv) provide a means to resolve any actual or potential conflict in favor of the Advisory Client.

Brigade Capital's goal is to allow its Access Persons to engage in *certain, limited* personal securities transactions while protecting Brigade Capital, its Advisory Clients and its Access Persons from the conflicts that could result from a violation of the securities laws or from real or apparent conflicts of interest. While it is impossible to define all situations that might pose such a risk, this Code of Ethics is designed to address those circumstances where such risks are likely to arise. It is the personal responsibility of every employee to avoid any conduct that could create a conflict, or even the appearance of a conflict, with the Advisory Clients, or do anything which could damage or erode the trust the Advisory Clients place on Brigade Capital and its Access Persons.

**Adherence to the Code of Ethics and the related restrictions on personal investing is considered a basic condition of employment for employees and Access Persons of Brigade Capital. If there is any doubt as to the propriety of any activity, employees should consult with the Chief Compliance Officer or his designee.** The Chief Compliance Officer is charged with the administration and distribution of this Code of Ethics, has general compliance responsibility for Brigade Capital, and may offer guidance on securities laws and acceptable practices, as the same may change from time to time. The Chief Compliance Officer may rely upon the advice of outside legal counsel or outside compliance consultants.

Interns will be considered "Access Persons" for purposes of the Code of Ethics.

**Access Persons must acknowledge receipt and understanding of this Code of Ethics on an annual basis.** A form of acknowledgement is provided at **Form 1**. Such form will generally be completed via ComplianceAlpha.

(2) <u>Applicability of Code of Ethics</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)  **<u>Personal Accounts of Access Persons.</u>** This Code of Ethics applies
to all Personal Accounts of all Access Persons where "Reportable Securities" (as defined in **Section 3(d)** of
this Code of Ethics below) are held and includes any account in which an Access Person has any direct or indirect beneficial ownership.
A Personal Account also includes an account maintained by or for:

&nbsp;&nbsp;&nbsp;&nbsp;● An Access Person's spouse (other than a legally separated or divorced spouse of the Access Person), domestic partner and minor children;

● Any individuals who live in the Access Person's household and over whose purchases, sales, or other trading activities the Access Person exercises control or investment discretion;

Exhibit (p)(10)

● Any persons to whom the Access Person provides primary financial support, and either (i) whose financial affairs the Access Person controls, or (ii) for whom the Access Person provides discretionary advisory services;

● Any trust or other arrangement which names the Access Person as a beneficiary or remainderman; and

● Any partnership, corporation, or other entity of which the Access Person is a director, officer or general partner or in which the Access Person has a 25% or greater beneficial interest, or in which the Access Person owns a controlling interest or exercises effective control; provided, however, that the accounts of the Advisory Clients managed by Brigade Capital are not deemed to be Personal Accounts of an Access Person.

**Upon becoming an Access Person, the Access Person must disclose all Personal Accounts to Brigade Capital's Chief Compliance Officer through ComplianceAlpha.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(b)**  **<u>Access Person as Trustee. A Personal Account does not include any account for which an Access Person serves as trustee of a trust for the benefit of (i) a person to whom the Access Person does not provide primary financial support, or (ii) an independent third party.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)**  **<u>Personal Accounts of Other Access Persons. A Personal Account of an Access Person that is managed by another Access Person is considered to be a Personal Account only of the Access Person who has a Beneficial Ownership in the Personal Account. The account is considered to be a client account with respect to the Access Person managing the Personal Account.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)**  **<u>Solicitors/Consultants. Non-employee Solicitors or consultants are not subject to this Code of Ethics unless the relevant Solicitor or consultant, as part of his/her duties on behalf of Brigade Capital, (i) makes or participates in the making of investment recommendations for the Advisory Clients, or (ii) obtains information on recommended investments for the Advisory Clients.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)**  **<u>Client Accounts. A client account includes any account managed by Brigade Capital which is not a Personal Account.</u>** 

**(3)**  **<u>Restrictions on Personal Investing Activities</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>: It is the responsibility of each Access Person to ensure
that a particular securities transaction being considered for his/her Personal Account is not subject to a restriction contained
in this Code of Ethics or otherwise prohibited by any applicable laws. Personal securities transactions for Access Persons may
be affected only in accordance with the provisions of this Code of Ethics. It should be noted that the Chief Compliance Officer
may grant exceptions to certain of the trading restrictions described in this Code of Ethics. Such exceptions will be documented
and only be permitted if there is no material conflict of interest with the Advisory Clients.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Restriction on Excessive Trading</u>. Access Persons shall not engage in "day trading"
 or any type of "excessive" trading that would be contrary to the best interests
 of Brigade Capital's Advisory Clients and Investors. For these purposes, Access
 Persons shall not engage in more than thirty (30) reportable transactions <sup>1
</sup> (e.g., buys and sells) across all of his/her Personal Accounts during a
 particular calendar quarter. Such trading restriction is subject to limited exceptions
 for extenuating circumstances (e.g., financial hardship), as determined in the sole discretion
 of the Chief Compliance Officer and the Managing Member. All trading is subject to the
 review of the Chief Compliance Officer or his designee on at least a quarterly basis.

<sup>1</sup> This does not limit the number of lots in which a reportable transaction can be executed.

Exhibit (p)(10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Prohibition of Trading with or against Advisory Clients</u>: It should
be noted that the Chief Compliance Officer does not generally intend to permit Access Persons to execute transactions in the types
of securities that the Advisory Clients typically invest in. The Advisory Clients typically hold securities of domestic and international
leveraged companies, debt or debt-like obligations rated below investment grade by one or more of the major rating agencies, or
securities trading at yields comparable to the high yield market and high yield issuers. It should be noted, however, that Access
Persons may be permitted to invest in exchange-traded or open-ended funds that invest in the debt markets, subject to the pre-clearance
requirements described in **Paragraph (f)** below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>General Permissible Securities Transactions ("Permissible Securities")</u>:
Access Persons will generally be permitted to engage in *certain, limited* personal securities transactions (certain of which
require pre-clearance) in the following Permissible Securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Permissible Securities that **Do Not Require Pre-Clearance**</u> :

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Direct obligations of the Government of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Bankers' acceptances, bank certificates of deposit, commercial paper
and high quality short term debt instruments, including repurchase agreements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shares issued by money market funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shares issued by <u>open-end</u> funds (excluding exchange traded funds)
that are registered under the Investment Company Act of 1940 (or equivalent European registered open-ended funds), as amended, *provided* that such funds are NOT registered funds managed by Brigade Capital or registered funds whose adviser or principal
underwriter controls, is controlled by, or is under common control with, Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shares issued by unit investment trusts that are invested exclusively in
one or more registered open-end funds; *provided* that such funds are NOT advised by Brigade Capital or an affiliate and such
fund's adviser or principal underwriter is not controlled by or under common control with Brigade Capital; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Cryptocurrencies\* (as defined below).

<u>\*Cryptocurrencies</u>: This includes any virtual or digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank (e.g., Bitcoin, Litecoin, Ethereum, etc.).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Permissible Securities that **Require Pre-Clearance**</u> ("Reportable Securities"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shares issued by <u>closed-end</u> funds that are registered under the Investment
Company Act of 1940, as amended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shares issued by <u>open-end</u> funds that are registered under the Investment
Company Act of 1940, as amended, <u>IF</u> they are managed by Brigade Capital, or their adviser or principal underwriter controls,
is controlled by, or is under common control with, Brigade Capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shares issued by unit investment trusts that are invested exclusively in
one or more registered open-end funds, <u>IF</u> such funds are advised by Brigade Capital or an affiliate, or such fund's
adviser or principal underwriter is controlled by or under common control with Brigade Capital;

Exhibit (p)(10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Shares issued by exchange traded funds or "ETFs" including open-end
ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Securities of business development companies or "BDCs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Securities of Real Estate Investment Trusts or "REITs";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Non-distressed municipal bonds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Securities in limited offerings (which include investments in hedge funds,
private equity funds, SPAC sponsors and the Advisory Clients);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Options, Contract for Differences (CFDs) and Spread Bets on Permissible
Securities except for Legacy Positions (as defined below), or on commodities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Legacy Positions\* (as defined below);

<u>\*Legacy Positions</u>: In the event that an Access Person already owns a security (a "Legacy Position") that does not fall under the other categories of the Permissible Securities (as detailed above), the Access Person may not add to such Legacy Position, but may only close out or cover such securities, subject to the pre-clearance and reporting requirements and other restrictions that are applicable to Reportable Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Options and ETFs related to cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Initial Coin Offerings ("ICOs"); 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Securities of special purpose acquisition companies or "SPACs".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Holdings List, Restricted List and Watch List</u>: Each Access Person
is strictly prohibited from trading in the securities of issuers that are included on the Holdings List, Restricted List and Watch
List. Issuers on the Holdings List include the issuers of securities that the Advisory Clients have held in the past seven (7)
calendar days and the issuers of securities that the Advisory Clients currently hold. Issuers on the Restricted List include the
issuers of securities about which Brigade Capital has come into contact with material non-public or certain confidential information.
Issuers on the Watch List generally include open orders on Brigade Capitals allocation blotter that are not already on the Holdings
List. It should be noted that the Chief Compliance Officer has the discretion to add any other issuers to the Holdings List, Restricted
List and Watch List as he deems appropriate. The current Holdings List, Restricted List and Watch List are available on Brigade
Capital's intranet and ComplianceAlpha. In the event that an Access Person owns a security prior to the issuer of such security
being added to the Holdings List, or the Watch List, Access Persons are not allowed to add to the position; however, they may close
out or cover such securities as long as the Advisory Clients have not traded in such securities or plan to trade in such securities
within seven (7) calendar days and all other personal trading requirements have been met. To the extent that an Access Person owns
a security of an issuer prior to that issuer being added to the Restricted List, the Access Person may not conduct transactions
in such security until the issuer is no longer on the Restricted List.

Notwithstanding the foregoing, such trading prohibitions shall *<u>not</u>* apply 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;(i) Permissible Securities that do not require pre-clearance (as listed above in **Section 3(d)(I)**)
of the same or affiliated issuer that the Advisory Clients held in the past seven (7) calendar days, currently hold or intend on holding;
and

Exhibit (p)(10)

&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) securities issued by a subsidiary of an issuer that the Advisory Clients
held in the past seven (7) calendar days, currently hold or intend on holding, although the Chief Compliance Officer still retains
the authority to deny any such pre-clearance requests if believed to be in the best interests of Advisory Clients.

*For Example:*

● JPMorgan Chase & Co. (ticker: JPM) is put on the Holdings List; however, an Access Person may be permitted to trade an open-ended mutual fund (i.e., a Permissible Security that does not require pre-clearance) managed or sponsored by JPM and/or its affiliate;

● The Blackstone Group L.P. (ticker: BX) is put on the Watch List; however, an Access Person may be permitted to trade Permissible Securities issued by investment funds managed or sponsored by BX and/or its affiliate; and

As detailed below, all security transactions in Reportable Securities (as defined above in **Section 3(d)(II)**) are subject to pre-clearance requirements and other restrictions described below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Pre-clearance of Transactions in Personal Account</u>: Prior to
 trading a Reportable Security (as defined above in **Section 3(d)(II)**), an Access Person must obtain the prior written
 approval of (i) the Chief Compliance Officer, (ii) the Compliance Officer – UK/Europe, (iii) the Deputy Compliance
 Officer, (iv) the Associate General
Counsel or the (v) the Compliance Associate (each an "Authorized Approver"). It should be noted that this includes,
but is not limited to, investments in limited offerings (which include private or restricted offerings). An Authorized Approver
submitting his/her own pre-clearance request must obtain such pre-approval from an alternate Authorized Approver. For the avoidance
of doubt, an Authorized Approver may not pre-clear his/her own personal transactions.

Requests for pre-clearance generally must be submitted via ComplianceAlpha. If the trade requests meet certain criteria (e.g. the Reportable Security is not on the Restricted List, the Holding List and does not violate rules with respect to excessive personal trading), it will be automatically approved by ComplianceAlpha. Other requests will be reviewed by the relevant Compliance personnel and approved or rejected as necessary. Any approval given under this paragraph will remain in effect for 24 <u>business day hours</u>, except for pre-approvals given for transactions in limited offerings, which may be in effect for a longer period as noted in the respective pre-approval. A sample pre-clearance form is attached as **Form 11.** In the case of transactions in the Funds, pre-approvals are made via the subscription agreement, additional contribution forms or withdrawal/redemption request forms for the respective Fund. In consideration of the fact that the Funds require significant advance notice for processing purposes, pre-clearance approvals provided via the Funds' subscription agreements, additional contribution forms or withdrawal/redemption request forms are in effect from the date they are acknowledged as received by Brigade Capital and/or the Administrator through the date the subscription, contribution or withdrawal/redemption is effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Holding Period</u>: To the extent that an Access Person was granted
approval to purchase a particular Reportable Security, such Access Person must generally hold the Reportable Security for sixty
(60) days before selling such Reportable Security, subject to the approval of two of the Authorized Approvers. Further, Access
Persons that hold Reportable Securities upon employment with Brigade Capital will be subject to the sixty (60) day holding period
which commences on their employment start date with Brigade Capital; provided, however, this requirement will not apply to the
extent such Access Person demonstrates to the Chief Compliance Officer that the Reportable Security was held sixty (60) days prior
to such date. However, it should be noted that, from time to time, certain exceptions to the sixty (60) day holding period may
be granted for Access Persons by the Chief Compliance Officer and the Managing Member. Prior to granting an exception, the Chief
Compliance Officer will review the trade to determine whether it presents a conflict of interest for any Advisory Client and will
deny the application if a conflict of interest is present. The conflict of interest review and exceptions will be documented by
the Chief Compliance Officer or his designee.

Exhibit (p)(10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Short Sales</u>: An Access Person shall not engage in any short sale
of a security if, at the time of the transaction, any Advisory Client account managed by Brigade Capital has a long position in
such security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) <u>Shadow Trading</u>: An Access Person shall not engage in "shadow
trading", i.e., using confidential information about one issuer to trade the securities of another issuer on the basis that
the market prices of the two securities are reasonably likely to be positively or negatively correlated when the information becomes
public.

(4) <u>Reporting Requirements</u> 

All Access Persons are required to submit to the Chief Compliance Officer (subject to the applicable provisions of **Section 5 below**) the following reports via ComplianceAlpha:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Holdings Report</u> – Access Persons are required to provide
the Chief Compliance Officer with an Initial Holdings Report via ComplianceAlpha within ten (10) days of becoming an Access Person,
which includes the following 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;(i) All of the Access Person's current securities holdings with the following
content for each Reportable Security (as defined above in **Section 3(d)(II)**) that the Access Person has any direct or indirect
Beneficial Ownership.

&nbsp;&nbsp;&nbsp;&nbsp;● title and type of Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;● ticker symbol or CUSIP number (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;● number of shares; and

&nbsp;&nbsp;&nbsp;&nbsp;● principal amount of each Reportable Security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of any broker, dealer or bank with which the Access Person maintains an account in
which any Reportable Securities are held.

Information contained in Initial Holding Reports must be current as of a date no more than forty-five (45) days prior to the date the person becomes an Access Person of Brigade Capital. The report must be dated the day the Access Person submits it. Access Persons generally must submit their Initial Holdings Reports via ComplianceAlpha. A sample form of Initial Holdings Report is also included as **Form 12.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Annual Holdings Report</u> – Subject to the applicable provisions
of **Section 5** below, Access Persons must also provide at least one Annual Holdings Report of all current Reportable Securities
holdings during each twelve (12) month period (the "Annual Holdings Certification Date"). For purposes of this Code
of Ethics, the Annual Holdings Certification Date is October 31. From a content perspective, each such Annual Holdings Report must
comply with the requirements of **Section 4(a)(i)-(ii) above**. Access Persons generally must submit their Annual Holdings Reports
via ComplianceAlpha. A sample form of the Annual Holdings Report is also included as **Form 13**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Quarterly Transaction Reports</u> – Subject to the applicable
provisions of **Section 5** below, Access Persons must also provide quarterly securities transaction reports for each transaction
in a Reportable Security (as defined above in **Section 3(d)(II)**) that the Access Person has any direct or indirect Beneficial
Ownership of (each a "Quarterly Transaction Report"). Such Quarterly Transaction Reports must meet the following 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Content Requirements – Quarterly Transaction Reports must include:

&nbsp;&nbsp;&nbsp;&nbsp;● date of transaction;

&nbsp;&nbsp;&nbsp;&nbsp;● title of Reportable Security;

Exhibit (p)(10)

&nbsp;&nbsp;&nbsp;&nbsp;● ticker symbol or CUSIP number of Reportable Security (as applicable);

&nbsp;&nbsp;&nbsp;&nbsp;● interest rate or maturity rate (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;● number of shares;

&nbsp;&nbsp;&nbsp;&nbsp;● principal amount of Reportable Security;

&nbsp;&nbsp;&nbsp;&nbsp;● nature of transaction (i.e., purchase or sale);

&nbsp;&nbsp;&nbsp;&nbsp;● price of Reportable Security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;● name of broker, dealer or bank through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;● date upon which the Access Person submitted the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) Timing Requirements – Subject to **Section 5(c)**, Access Persons
must submit a Quarterly Transaction Report no later than the next month end after the end of each quarter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Quarterly Transaction Reports requirement generally will be fulfilled
by employees attesting to the accuracy of the past quarter's transactions set forth in their ComplianceAlpha accounts. A
sample form of Quarterly Transaction Report is also included as **Form 14**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>"Non-Discretionary" Personal Accounts/Personal Accounts Managed by a Third Party</u> – As explained below in **Section 5**, the reporting and pre-clearance requirements do not
apply to any transaction executed, or holding maintained in Personal Accounts over which an Access Person has no direct or any
influence or control (e.g., the Access Person has delegated investment discretion over such account to a third party) (a "Non-Discretionary/Managed
Account"). However, Access Persons with Non-Discretionary/Managed Accounts will be required to provide the Chief Compliance
Officer with the following information:

&nbsp;&nbsp;&nbsp;&nbsp;● A notification via ComplianceAlpha within ten (10) days of opening a Non-Discretionary/Managed Account. A sample form of Non- Discretionary/Managed Accounts Notification Form is included as **Form 17**;

&nbsp;&nbsp;&nbsp;&nbsp;● An initial attestation from the broker for the Non- Discretionary/Managed Account within thirty (30) days of the date the account is opened. In addition, Access Persons must obtain this attestation for all Non-Discretionary/Managed Accounts in existence as of the date of this Manual. A form of attestation is included as **Form 15**;

&nbsp;&nbsp;&nbsp;&nbsp;● An annual confirmation from the broker via negative consent that the Access Person has no direct influence or control over the relevant accounts. The Chief Compliance Officer or his designee will send the initial version of the certification to the broker and if there are no changes, no response will be required; and

&nbsp;&nbsp;&nbsp;&nbsp;● An annual attestation to be completed via ComplianceAlpha for any Non-Discretionary/Managed Account. A sample form of Non- Discretionary/Managed Accounts Disclosure Form is included as **Form 16**.

(5) <u>Exceptions from Reporting Requirements/Alternative to Quarterly Transaction Reports</u> 

This **Section 5** sets forth exceptions from the reporting requirements of this Code of Ethics. All other requirements will continue to apply to any holding or transaction exempted from reporting pursuant to this **Section 5**. Accordingly, the following transactions will be exempt only from the reporting requirements:

Exhibit (p)(10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No Initial, Annual or Quarterly Transaction Report is required to be filed
by an Access Person with respect to securities held in any Personal Account over which the Access Person has (or had) no direct
or indirect influence or control. However, Access Persons must provide certain details and complete the applicable forms related
to such Non-Discretionary/Managed Account(s), as explained in **Section 4(d)** above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Quarterly Transaction Reports are not required to be submitted with respect
to any transactions effected pursuant to an automatic investment plan (although holdings need to be included on Initial and Annual
Holdings Reports);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Quarterly Transaction Reports are not required if the report would duplicate
information contained in broker trade confirm or account statements that an Access Person has already provided to the Chief Compliance
Officer (including, for the avoidance of doubt, information in the Access Person's ComplianceAlpha account); provided, that
such broker trade confirm or account statements are provided to the Chief Compliance Officer no later than the next month end after
the end of the applicable calendar quarter. This paragraph has no effect on an Access Person's responsibility related to
the submission of Initial and Annual Holdings Reports.

Access Persons that would like to avail themselves of this exception in **Section 5(c)** should ensure that the content of such broker confirms or account statements meet the content required for Quarterly Transaction Review Reports set forth above in **Section 4(c)** under the heading "Quarterly Transaction Reports."

(6) <u>Protection of Confidential Information About Securities / Investment Recommendations</u> 

In addition to other provisions of this Code of Ethics and Brigade Capital's Manual (including the Insider Trading Procedures which are detailed in this Manual), Access Persons should note that Brigade Capital has a duty to safeguard confidential information (including material, non-public information) about securities/investment recommendations provided to (or made on behalf of) Advisory Clients. As such, Access Persons should not share such information outside of Brigade Capital. Notwithstanding the foregoing, Access Persons and Brigade Capital may provide such information to persons or entities providing services to Brigade Capital or its Advisory Clients, where such information is required to effectively provide the services in question. Examples of such service providers are:

● brokers;

● accountants or accounting support service firms;

● custodians;

● transfer agents;

● bankers;

● compliance consultants; and

● lawyers.

If there are any questions about the sharing of confidential information related to securities/investment recommendations made by Brigade Capital, please see the Chief Compliance Officer.

(7) <u>Oversight of Code of Ethics</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Reporting.</u> Any situation that may involve a conflict of interest
or other possible violation of this Code of Ethics must be promptly reported to the Chief Compliance Officer who must report it
to the executive management of Brigade Capital.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Review of Transactions.</u> Each Access Person's transactions
in his/her Personal Accounts will be reviewed on a regular basis and compared to transactions entered into by Brigade Capital for
its Advisory Clients. Any transactions that are believed to be a violation of this Code of Ethics will be reported promptly to
the Chief Compliance Officer who must report them to the executive management of Brigade Capital.
Any noted violations shall be properly documented for Brigade Capital's compliance files.

Exhibit (p)(10)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Sanctions.</u> The executive management of Brigade Capital, with advice
of outside legal counsel, at its discretion, shall consider reports made to management and upon determining that a violation of
this Code of Ethics has occurred, may impose such sanctions or remedial action management deems appropriate or to the extent required
by law (as may be advised by outside legal counsel or other advisors). These sanctions may include, among other things, disgorgement
of profits, fines, suspension or termination of employment with Brigade Capital, or criminal or civil penalties.

(8) <u>Compliance with Federal Securities Law</u> 

All employees are required to comply with applicable Federal Securities Laws. Failure to adhere to Federal Securities Laws could expose an employee to sanctions imposed by Brigade Capital, the SEC or law enforcement officials. These sanctions may include, among others, disgorgement of profits, suspension or termination of employment by Brigade Capital, or criminal or civil penalties. If there is any doubt as to whether a Federal Securities Law applies, employees should consult the Chief Compliance Officer.

(9) <u>Confidentiality</u> 

All reports of securities transactions and any other information filed pursuant to this Code of Ethics shall be treated as confidential to the extent permitted by law.