# EDGAR Filing Document

**Accession Number:** 0001506768
**File Stem:** 0000894189-25-010747
**Filing Date:** 2025-10
**Character Count:** 396519
**Document Hash:** 94bd25f97d2187e09880ffeffcdaeede
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-010747.hdr.sgml**: 20251006

**ACCESSION NUMBER**: 0000894189-25-010747

**CONFORMED SUBMISSION TYPE**: N-14

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20251006

**DATE AS OF CHANGE**: 20251006

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LOCORR INVESTMENT TRUST
- **CENTRAL INDEX KEY:** 0001506768

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

**FILING VALUES:**
- **FORM TYPE:** N-14
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290739
- **FILM NUMBER:** 251377390

**BUSINESS ADDRESS:**
- **STREET 1:** 687 EXCELSIOR BLVD
- **CITY:** EXCELSIOR
- **STATE:** MN
- **ZIP:** 55331
- **BUSINESS PHONE:** 952-767-6900

**MAIL ADDRESS:**
- **STREET 1:** 687 EXCELSIOR BLVD
- **CITY:** EXCELSIOR
- **STATE:** MN
- **ZIP:** 55331

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LoCorr Investment Trust
- **DATE OF NAME CHANGE:** 20101201
**CENTRAL INDEX KEY**: 0001506768

**CENTRAL INDEX KEY**: 0001506768

## Series and Classes Contracts Data

### LoCorr Dynamic Opportunity ETF (Series ID: S000095523)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000264249 | LoCorr Dynamic Opportunity ETF |  |

### LoCorr Dynamic Opportunity Fund (Series ID: S000040449)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000125631 | Class A      | LEQAX           |
| C000125632 | Class C      | LEQCX           |
| C000125633 | Class I      | LEQIX           |

As filed with the U.S. Securities and Exchange Commission on October 6, 2025

File No. 333-[\*]

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

**FORM N-14**

**REGISTRATION STATEMENT**

*UNDER THE SECURITIES ACT OF 1933*

Pre-Effective Amendment No. __ ☐

Post-Effective Amendment No. __ ☐

(Check appropriate box or boxes.)

**LOCORR INVESTMENT TRUST**

(Exact Name of Registrant as Specified in Charter)

**687 Excelsior Boulevard**

**Excelsior, MN 55331**

(Address of Principal Executive Office) (Zip Code)

**952.767.2920** <br>

Registrant's Telephone Number, including Area Code

**CT Corporation System**

**1300 East Ninth Street**

**Cleveland, OH 44114**

(Name and Address of Agent for Service)

Please send copies of all communications to:

Andrew Davalla

Thompson Hine LLP

3900 Key Tower

127 Public Square

Cleveland, Ohio 44114

Approximate Date of Proposed Public Offering: As soon as practicable after this Registration Statement becomes effective under the Securities Act of 1933, as amended.

It is proposed that this filing become effective on the 30th day after filing, pursuant to Rule 488 under the Securities Act of 1933, as amended.

Title of the securities being registered: Shares of beneficial interest, with no par value, of LoCorr Dynamic Opportunity ETF

No filing fee is due because Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended.

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**LOCORR DYNAMIC OPPORTUNITY FUND**

**A SERIES OF LOCORR INVESTMENT TRUST**

687 Excelsior Boulevard

Excelsior, MN 55331

[DATE]

Dear Shareholder:

We wish to provide you with some important information concerning your investment. You are receiving this Combined Prospectus/Information Statement because you own shares of the LoCorr Dynamic Opportunity Fund, a series of the LoCorr Investment (the "Trust"). The Board of Trustees of the Trust (the "Board"), after careful consideration and upon recommendation of LoCorr Fund Management, LLC (the "Adviser"), has approved the conversion (the "Reorganization") of the LoCorr Dynamic Opportunity Fund (the "Target Fund") into an exchange-traded fund ("ETF") by reorganizing the Target Fund into the newly created series of the Trust, the LoCorr Dynamic Opportunity ETF (the "Survivor Fund"). The Target Fund and the Survivor Fund are sometimes referred to separately as a "Fund," and together as the "Funds." **The Reorganization does not require your approval, and you are not being asked to vote.** The attached Combined Prospectus/Information Statement contains information about the Survivor Fund and provides details about the terms and conditions of the Reorganization. You should review the Combined Prospectus/Information Statement carefully and retain it for future reference.

The Target Fund and Survivor Fund have substantially similar investment objectives and identical principal investment strategies, although the Target Fund is a mutual fund and the Survivor Fund is an ETF. We anticipate that the Reorganization will benefit shareholders of the Target Fund as discussed more fully in the Combined Prospectus/Information Statement.

The Board has concluded that the Reorganization is in the best interests of the Target Fund and its shareholders. In approving the Reorganization, the Board considered, among other things: (i) the Funds' substantially similar investment objectives and identical principal investment strategies; (ii) the expected portfolio management efficiencies for the Survivor Fund such as equal or lower expenses, lower cost of operations, potential for improved tax efficiency, intra-day trading, enhanced portfolio transparency and potential for expanded distribution opportunities; and (iii) the terms and conditions of the Agreement and Plan of Reorganization (the "Plan of Reorganization"). The Board also considered that it is not anticipated that shareholders will recognize any gain or loss for tax purposes on the exchange of Target Fund shares for Survivor Fund shares in the Reorganization and that the costs of the Reorganization will be borne by the Adviser. Converting to an ETF structure can provide benefits with respect to the management of capital gains distributions allowing for potentially greater tax efficiency. An ETF generally may acquire and redeem securities in-kind. Redeeming ETF shares in-kind can minimize an ETF's need to sell securities at a taxable gain, thereby reducing the need for taxable realized gains to be distributed to ETF shareholders.

The Plan of Reorganization provides that the Target Fund will transfer all of its assets and liabilities to the Survivor Fund. In exchange for the transfer of these assets and liabilities, the Survivor Fund will simultaneously issue shares to the Target Fund in an amount equal in value to the net asset value ("NAV") of the Target Fund's shares as of the close of business on the business day preceding the foregoing transfers. These transfers are expected to occur on or about [DATE] (the "Closing Date"). Immediately after the Reorganization, the Target Fund will make a liquidating distribution to its shareholders of the Survivor Fund shares received, so that a shareholder in the Target Fund at the Closing Date of the Reorganization will receive a number of shares of the Survivor Fund with the same aggregate value as the shareholder had in the Target Fund immediately before the Reorganization. Before the Reorganization, the Target Fund will redeem in cash any fractional shares of the Target Fund owned by shareholders and any shares held in direct accounts and such cash payment may be taxable. Shares of the Target Fund are not issued in fractional shares, so cash will be paid to some shareholders in lieu of fractional shares of the Survivor Fund, which cash payment may be taxable to shareholders in non-tax qualified accounts. If you hold your shares directly with the Target Fund, your investment will be liquidated on [ ], 2025. If you hold your shares of the Target Fund through a brokerage account that cannot accept shares of an ETF and do not take action prior to [ ], 2025 to set up a brokerage account that permits investment in ETF shares, you will not receive shares of the Survivor Fund as part of the Reorganization. Instead, your investment will be liquidated on [ ], 2025 and you will receive cash equal in value to the NAV of your Target Fund shares.

The Target Fund offers three classes of shares, Class A, Class C and Class I. The Survivor Fund offers only one class of shares. As part of the Reorganization, on or around December 12, 2025, all issued and outstanding Class A and Class C shares of the Target Fund will convert to Class I shares of the Target Fund (the "Share Class Consolidation"). The Share Class Consolidation is intended to move shareholders into a share class that most closely resembles the Survivor Fund's sole share class. The Share Class Consolidation

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will be effected on the basis of the relative NAVs of the two relevant classes, without the imposition of any sales load, fee or other charge.

Following the Reorganization, the Target Fund will cease operations and be terminated as a separate series of the Trust. Shareholders of the Target Fund will not be assessed any sales charges, redemption fees or any other shareholder fee in connection with the Reorganization. In addition, we do not expect the Reorganization to cause the shareholders of the Target Fund to recognize any federally taxable gains or losses on the exchange of Target Fund shares for Survivor Fund shares.

**NO ACTION ON YOUR PART IS REQUIRED TO EFFECT THE REORGANIZATION.**

If you have questions, please contact the Funds at 1-855-523-8637.

Sincerely,

Kevin Kinzie

President

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**QUESTIONS AND ANSWERS**

We recommend that you read the complete Combined Prospectus/Information Statement. The following Questions and Answers provide an overview of the key features of the Reorganization and of the information contained in this Combined Prospectus/Information Statement.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;What is this document and why did we send it to you?**

A.&nbsp;&nbsp;&nbsp;&nbsp;This is a Combined Prospectus/Information Statement that provides you with information about a plan of reorganization between the LoCorr Dynamic Opportunity Fund (the "Target Fund") and the LoCorr Dynamic Opportunity ETF (the "Survivor Fund"). Both the Target Fund and the Survivor Fund are series of the LoCorr Investment Trust (the "Trust"). The Target Fund and the Survivor Fund are sometimes referred to separately as a "Fund," and together as the "Funds." The Funds pursue substantially investment objectives and identical investment strategies. When the reorganization of the Target Fund into the Survivor Fund (the "Reorganization") is completed, your shares of the Target Fund will be exchanged for shares of the Survivor Fund, and the Target Fund will cease operations and will be terminated as a series of the Trust. Please refer to this Combined Prospectus/Information Statement for a detailed explanation of the Reorganization, and a more complete description of the Survivor Fund.

You are receiving this Combined Prospectus/Information Statement because you own shares of the Target Fund as of October 31, 2025 (the "Record Date"). The Reorganization does not require approval by you or by shareholders of either the Target or Survivor Fund, and you are not being asked to vote.

**Q. &nbsp;&nbsp;&nbsp;&nbsp;Has the Board of Trustees approved the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp;Yes. The Board of Trustees of the Trust (the "Board") has approved the Reorganization. After careful consideration, the Board, including all of the trustees of the Trust ("Trustees") who are not "interested persons" of the Trust (as defined in the Investment Company Act of 1940, as amended (the "Company Act")) (the "Independent Trustees"), determined that the Reorganization is in the best interests of the Target Fund's shareholders and that the shareholders' interests in their Target Fund shares will not be diluted as a result of the Reorganization. The Board noted that shareholders will benefit by maintaining an investment with an substantially similar investment objective and identical investment strategies on a tax-free basis in an exchange-traded fund ("ETF") with potential for operating efficiencies. The Survivor Fund will not commence operations before completion of the Reorganization and does not have existing shareholders.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;How will the Reorganization affect me as a shareholder?**

A.&nbsp;&nbsp;&nbsp;&nbsp;Unlike the Target Fund, individual shares of the Survivor Fund are not purchased or redeemed directly with the Survivor Fund at net asset value ("NAV"). Rather, you will buy and sell shares of the Survivor Fund only in secondary market transactions on the [EXCHANGE] (the "Exchange"). Shares are listed for trading on the Exchange under the symbol [TICKER] and will trade at market prices. The market price of shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions and other factors may affect the trading prices of shares. In addition, unlike shares of the Target Fund, which can only be purchased or redeemed once daily after the next-determined NAV, Survivor Fund shares can be purchased and sold throughout the trading day like shares of publicly-traded companies, which gives you greater flexibility to enter into or exit out of your investment. However, because buying or selling shares of the Survivor Fund will be done at the market price, you will no longer be transacting with the Survivor Fund at the Survivor Fund's NAV, and the price of the purchase or sale may be more or less than the Survivor Fund's NAV. Such transactions also may result in paying brokerage commissions.

The number of shares of the Survivor Fund you receive in the Reorganization (and thus the number of shares allocated to you) will depend on the relative NAV per share of each Fund immediately prior to the Reorganization. Thus, although the aggregate NAV of your account will be the same, you may receive a greater

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or lesser number of shares of the Survivor Fund than you currently hold of the Target Fund. No physical share certificates will be issued.

**Q.** &nbsp;&nbsp;&nbsp;&nbsp;**What are some features of ETFs that differ from mutual funds?**

A. &nbsp;&nbsp;&nbsp;&nbsp;The following are some unique features of ETFs as compared to mutual funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Intraday trading</u>. Shares of the Target Fund can only be purchased or redeemed once daily after the next-determined NAV. In contrast, because the Survivor Fund will be listed on the Exchange, its shares can be purchased at a quoted bid price and sold at a quoted ask price on the exchange, which gives the shareholder more control over the ability to enter into or exit out of their investment. However, because buying or selling shares of the Survivor Fund will be done at the market price, an investor will no longer be transacting with the Survivor Fund at the Survivor Fund's NAV, and the price of the purchase or sale may be more or less than the Survivor Fund's NAV. Such transactions also may result in paying brokerage commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Sales only through a Broker</u>. Unlike the mutual fund shares of the Target Fund, ETF shares cannot be purchased or redeemed directly from the Survivor Fund (except by an authorized participant, "Authorized Participant"). Investors that wish to purchase or sell Survivor Fund shares after the Reorganization will need to have a broker-dealer execute their transaction at market prices. When buying and selling shares through a financial intermediary, a shareholder may incur brokerage or other charges determined by the financial intermediary, although ETFs such as the Survivor Fund may trade with no transaction fees on many platforms. In addition, a shareholder of an ETF, such as the Survivor Fund, may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares (bid) and the lowest price a seller is willing to accept for shares (ask) when buying or selling shares in the secondary market (the "bid-ask spread"). Because ETF shares trade at market prices rather than at NAV, shares of an ETF, like the Survivor Fund, may trade at a price less than (discount) or greater than (premium) the ETF's NAV. The trading prices of the Survivor Fund's shares in the secondary market will fluctuate continuously throughout trading hours based on the supply and demand for the Survivor Fund's shares and shares of the underlying securities held by the Survivor Fund, economic conditions, and other factors, rather than at the Survivor Fund's NAV, which is calculated at the end of each business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Lower expense ratio</u>. While the Target Fund pays a management fee of 1.50% of average daily net assets, the Survivor Fund will have unitary fee of 0.99% of average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Increased transparency</u>. As a shareholder of the Survivor Fund, you will gain the benefit of fully daily transparency because the Survivor Fund will be a transparent ETF that operates with full transparency into its underlying portfolio holdings. Following the Reorganization, the Survivor Fund will make its portfolio holdings public each day prior to the open of the Exchange. This holdings information will be found on the Survivor Fund's website, [\*]. The Target Fund does not provide full daily transparency into its underlying portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Lower cost of operation</u>. The Survivor Fund is expected to cost less to operate relative to the Target Fund because there are expenses that the Target Fund incurs as part of its operations that the Survivor Fund will not incur, including per-account transfer agency fees, shareholder servicing fees, state registration fees, and certain transaction-related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for improved tax efficiency</u>. Converting to an ETF structure can provide benefits with respect to the management of capital gains distributions allowing for potentially greater tax efficiency for the shareholders of the Survivor Fund. When a mutual fund, such as the Target Fund, sells portfolio securities, that sale can create capital gains that may be taxable to shareholders of the mutual fund. In contrast, the creation and redemption process for an ETF, including actively-managed ETFs such as the Survivor Fund, allows the ETF to acquire and sell portfolio securities in-kind. This process generally reduces the realization of taxable capital gains by the ETF. As a result, capital gains distributions, if any, made by an

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ETF typically are smaller and shareholders in an ETF are largely only subject to capital gains tax on their investment in the ETF after they sell their ETF shares. The Survivor Fund will pursue the same investment objective and substantially similar investment strategies as the Target Fund but in an ETF structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for expanded distribution</u>. Additional platform opportunities in connection with the ETF structure could lead to an increase in the Survivor Fund's assets.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Are the Funds' Investment Objectives and Principal Investment Strategies different?**

A.**&nbsp;&nbsp;&nbsp;&nbsp;**Each Fund's investment objective is substantially similar because each Fund seeks to provide long-term capital appreciation. The Target Fund's investment objective is long-term capital appreciation with reduced volatility compared to traditional broad-based equity market indices as a secondary objective. The Survivor Fund's investment objective is long-term capital appreciation. The Target Fund and the Survivor Fund also have the same principal investment strategies as they both pursue long-short equity strategies. The Survivor Fund will maintain its current investment objective and principal investment strategies after the Reorganization.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Are there any differences in risks between the Fund and the Acquiring ETF?**

A. &nbsp;&nbsp;&nbsp;&nbsp;Yes. The Survivor Fund is subject to additional risks attributable to operating as an ETF. Because the Survivor Fund's shares are bought and sold in the secondary market at market prices, there may be times when the market price of shares is more or less than NAV per share. In addition, due to the costs of buying or selling shares, including brokerage commissions imposed by brokers and bid-ask spreads, frequent trading of the Survivor Fund's shares may significantly reduce investment results and an investment in the Survivor Fund's shares may not be advisable for investors who anticipate regularly making small investments. Finally, since only Authorized Participants may engage in creation or redemption transactions directly with the Survivor Fund, to the extent Authorized Participants exit the business, the Survivor Fund's shares may be more likely to trade at a premium or discount and possibly face trading halts or de-listing. These risks are discussed in greater detail in the Combined Prospectus/Information Statement.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Will the Reorganization affect the way my investments are managed?**

A. &nbsp;&nbsp;&nbsp;&nbsp;No. The Adviser is the investment adviser to both the Target Fund and the Survivor Fund. The current portfolio managers and subadviser of the Target Fund also will serve as portfolio managers and subadviser of the Survivor Fund, and the Survivor Fund will be managed using the same investment objective and the same investment strategies as are currently used by the Target Fund.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Why is no shareholder action necessary?**

A.&nbsp;&nbsp;&nbsp;&nbsp;Neither a vote of the shareholders of the Target Fund nor a vote of the shareholders of the Survivor Fund is required to approve the Reorganization under the Ohio Revised Code or under the Trust's Declaration of Trust. Pursuant to Rule 17a-8 under the Company Act, a vote of the shareholders of the Target Fund is not required.

**Q. When will the Reorganization occur?**

A.&nbsp;&nbsp;&nbsp;&nbsp;The Reorganization is expected to take effect on or about January 16, 2026 ("Closing Date"), or as soon as possible thereafter.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Who will pay for the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp;The costs of the Reorganization will be borne by the Adviser. The costs of the Reorganization are estimated to be approximately $50,000.

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**Q.&nbsp;&nbsp;&nbsp;&nbsp;Will the Reorganization result in any federal tax liability to me?**

A.&nbsp;&nbsp;&nbsp;&nbsp;The Reorganization generally is not expected to result in a tax consequence to Target Fund shareholders. However, you may experience tax consequences if you receive cash in redemption of any fractional shares of the Target Fund prior to the Reorganization because either you do not hold shares of the Target Fund through a brokerage account, or on the Closing Date of the Reorganization you hold your shares of the Target Fund directly through a brokerage account that cannot accept shares of the Survivor Fund. In these circumstances, your investment in the Target Fund will either be liquidated and the cash value of your Target Fund shares returned to you, or your shares of the Target Fund will be transferred by your financial intermediary to a different investment option. Both situations may be taxable events.

Shareholders should consult their tax advisors as to the specific consequences to them of the Reorganization, including the applicability and effect of state, local, foreign, and other taxes.

**Q.&nbsp;&nbsp;&nbsp;&nbsp; What do I need to do about my Target Fund account prior to the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp; The following provides information to determine whether you will need to take action prior to the Reorganization with respect to your Target Fund shares based on the characteristics of your account.

**<u>Accounts that Require No Action</u>**

If you hold your shares of the Target Fund in a brokerage account that permits you to purchase securities traded in the stock market, such as ETF shares or other types of stocks, then you will not need to take any action with respect to your account prior to the Reorganization to receive ETF shares of the Survivor Fund.

**<u>Accounts that Require Action</u>**

***Non-Accommodating Brokerage Accounts—***If you hold your shares of the Target Fund in a brokerage account that only allows you to hold shares of mutual funds, you will need to contact your financial intermediary to set up a brokerage account that permits investment in ETF shares. If you hold your shares of the Target Fund through an account with a financial intermediary that is not able to hold shares of the Survivor Fund, like many group retirement plans, your financial intermediary may transfer your investment in the Target Fund to a different investment option prior to the Reorganization.

***Fund Direct Accounts—***If you do not have a brokerage account or a relationship with a brokerage firm, you need to open an account that can accept or maintain Survivor Fund shares. If you are unable to establish a brokerage account that can accept ETF shares, your shares will be liquidated. The conversion of Survivor Fund shares to cash may be subject to fees and expenses and will be a taxable event.

**If you are unsure about the ability of your account to accept ETF shares, contact your financial advisor or other financial intermediary.**

**Q.**&nbsp;&nbsp;&nbsp;&nbsp; **How do I transfer my Target Fund Shares from a Non-Accommodating Brokerage Account to a Brokerage Account that accepts ETF shares?**

A. &nbsp;&nbsp;&nbsp;&nbsp; The broker where you hold your Target Fund shares should be able to assist you in changing the characteristics of your brokerage account to an account that is permitted to invest in ETF shares. Contact your broker right away to make the necessary changes to your account before the Reorganization.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Can I redeem my shares of the Target Fund before the Reorganization takes place?**

A.&nbsp;&nbsp;&nbsp;&nbsp;Yes. You may redeem your Target Fund shares, at any time before the Reorganization takes place, as set forth in the Target Fund's prospectus. If you choose to do so, your request will be treated as a normal exchange or

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redemption of shares. Target Fund shares that you hold as of [CLOSING DATE] will be exchanged for shares of the Survivor Fund.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Will shareholders have to pay any sales load, commission or other similar fee in connection with the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp;No. Shareholders will not pay any sales load, commission, or other similar fee in connection with the Reorganization, and Target Fund shareholders will not pay any such fee indirectly.

**Q.&nbsp;&nbsp;&nbsp;&nbsp;How do I transact in shares of the Survivor Fund after the Reorganization?**

A.&nbsp;&nbsp;&nbsp;&nbsp;After the Reorganization, shares of the Survivor Fund will be listed on the Exchange and may only be purchased and sold in the secondary market. Shares of the Survivor Fund also may be traded on other national securities exchanges, electronic crossing networks, and other alternative trading systems. Should you decide to purchase or sell shares of the Survivor Fund after the Reorganization, you will need to place a trade through a broker who will execute your trade in the secondary market at prevailing market prices. Because the Survivor Fund's shares trade at market prices rather than at NAV, the Survivor Fund's shares may trade at a price less than (discount) or greater than (premium) the Survivor Fund's NAV. As with all transactions for ETFs, your broker may charge a commission for purchase and sale transactions.

**Q. What if I do not want to own shares of the Survivor Fund?**

A.&nbsp;&nbsp;&nbsp;&nbsp;If you do not want to receive shares of the Survivor Fund, you can redeem your Target Fund shares prior to the Reorganization. Prior to doing so, however, you should consider the tax consequences associated with such action. Redemption of your Target Fund shares may be a taxable event if you hold your shares in a taxable account. The last date to redeem your Target Fund shares prior to the Reorganization is [DATE].

**Q.&nbsp;&nbsp;&nbsp;&nbsp;Whom do I contact for further information?**

A.&nbsp;&nbsp;&nbsp;&nbsp;You can contact your financial advisor or other financial intermediary for further information. You may also contact the Funds at 1-888-226-5595. You may also visit the Funds' website at www.locorrfunds.com.

**Important additional information about the Reorganization is set forth in the accompanying Combined Prospectus/Information Statement. Please read it carefully.**

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**INFORMATION STATEMENT FOR**

**LOCORR DYNAMIC OPPORTUNITY FUND, A SERIES OF LOCORR INVESTMENT TRUST**

**687 EXCELSIOR BOULEVARD**

**EXCELSIOR, MINNESOTA 55331** 

**PROSPECTUS FOR**

**LOCORR DYNAMIC OPPORTUNITY ETF, A SERIES OF LOCORR INVESTMENT TRUST**

**687 EXCELSIOR BOULEVARD**

**EXCELSIOR, MINNESOTA 55331** 

**DATED [\*]**

**RELATING TO THE REORGANIZATION OF**

**LOCORR DYNAMIC OPPORTUNITY FUND**

**WITH AND INTO**

**LOCORR DYNAMIC OPPORTUNITY ETF**

This Combined Prospectus/Information Statement is furnished to you as a shareholder of the LoCorr Dynamic Opportunity Fund (the "Target Fund"), a series of the LoCorr Investment Trust, an Ohio business trust (the "Trust"). As provided in the Agreement and Plan of Reorganization (the "Plan of Reorganization"), the Target Fund will be reorganized into the LoCorr Dynamic Opportunity ETF (the "Survivor Fund"), also a series of the Trust (the "Reorganization"). The Target Fund and the Survivor Fund are each referred to herein as a "Fund," and together, the "Funds." For purposes of this Combined Prospectus/Information Statement, the terms "shareholder," "you," and "your" refer to the shareholders of the Target Fund.

The Board of Trustees of the Trust (the "Board"), on behalf of each Fund, has approved the Reorganization and has determined that the Reorganization is in the best interests of each Fund and their respective shareholders. The Survivor Fund pursues the same investment objective and substantially similar investment strategies as the Target Fund. While the Target Fund is a mutual fund and the Survivor Fund is an exchange-traded fund ("ETF"), each Fund pursues the same long-short equity strategy. See "Summary—Investment Objectives and Principal Investment Strategies" below.

Before the Reorganization, the Target Fund will redeem in cash any fractional shares of the Target Fund owned by shareholders and any shares held in direct accounts with the Target Fund. Such cash payment may be taxable. At the closing date of the Reorganization ("Closing Date"), the Survivor Fund will acquire substantially all of the assets and liabilities of the Target Fund in exchange for shares of the Survivor Fund. Immediately after receiving the Survivor Fund shares, the Target Fund will distribute these shares to its shareholders in liquidation of the Target Fund. Target Fund shareholders will receive shares of the Survivor Fund with an aggregate net asset value ("NAV") equal to the aggregate NAV of the Target Fund shares they held immediately prior to the Reorganization. After distributing these shares, the Target Fund will cease operations and be terminated as a series of the Trust. The Reorganization is not expected to require the sale of any portfolio positions (*i.e.*, portfolio repositioning).

A copy of the form of the Plan of Reorganization is included as Exhibit A to this Combined Prospectus/Information Statement.

This Combined Prospectus/Information Statement sets forth concisely the information you should know about the Reorganization and constitutes an offering of the shares of the Survivor Fund issued in the Reorganization. Please read it carefully and retain it for future reference.

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A Statement of Additional Information dated [\*] (the "Reorganization SAI"), relating to this Combined Prospectus/Information Statement and the Reorganization has been filed with the Securities and Exchange Commission ("SEC"), and is also attached hereto.

In addition, the following documents each have been filed with the SEC and are incorporated herein by reference:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Prospectus and Statement of Additional Information related to the Target Fund, each dated May 1, 2025 (File No. 811-22509, Acc. No. 0000894189-25-003187);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Annual Report to shareholders of the Target for the fiscal year ended December 31, 2024, which has previously been made available to shareholders of the Target Fund (File No. 811-22509, Acc. No. 0001133228-25-002480); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Semi-Annual Report to shareholders of the Target Fund for the semi-annual period ended June 30, 2025, which has been previously been made available to shareholders of the Target Fund. (File No. 811-22509, Acc. No. 0001133228-25-009394).

The Funds are subject to the informational requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended (the "Company Act"), and in accordance therewith, file reports and other information, including proxy materials, with the SEC.

The Reorganization SAI, each Fund's Prospectus and SAI, and the Target Fund's annual and semi-annual shareholder reports are available upon request and without charge by writing to the Funds' transfer agent at U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121, or by calling toll-free at 1-855-523-8637. They also are available, free of charge, at the Funds' website at www.locorrfunds.com. Information about the Funds is accessible via the EDGAR database on the SEC's internet site at www.sec.gov and copies may be obtained upon payment of a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

**THIS COMBINED PROSPECTUS/INFORMATION STATEMENT IS EXPECTED TO BE SENT TO SHAREHOLDERS OF THE TARGET FUND ON OR ABOUT [DATE].** 

**THIS COMBINED PROSPECTUS/INFORMATION STATEMENT IS FOR INFORMATION PURPOSES ONLY, AND YOU DO NOT NEED TO DO ANYTHING IN RESPONSE TO RECEIVING IT, EXCEPT TO CHECK FOR WHETHER YOU HAVE A BROKERAGE ACCOUNT THAT CAN ACCEPT SHARES OF AN ETF.** 

**WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE REQUESTED NOT TO SEND US A PROXY.**

**NO PERSON HAS BEEN AUTHORIZED TO GIVE ANY INFORMATION OR MAKE ANY REPRESENTATION NOT CONTAINED IN THIS COMBINED PROSPECTUS/INFORMATION STATEMENT AND, IF SO GIVEN OR MADE, SUCH INFORMATION OR REPRESENTATION MUST NOT BE RELIED UPON AS HAVING BEEN AUTHORIZED. THIS COMBINED PROSPECTUS/INFORMATION STATEMENT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES IN ANY JURISDICTION IN WHICH, OR TO ANY PERSON TO WHOM, IT IS UNLAWFUL TO MAKE SUCH OFFER OR SOLICITATION.**

**NEITHER THE SEC NOR ANY STATE REGULATOR HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OF THIS COMBINED PROSPECTUS/INFORMATION STATEMENT. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [SUMMARY](#ie9f4d181dc9640989f30b48496869929) | [4](#ie9f4d181dc9640989f30b48496869929) |
| &nbsp;&nbsp;&nbsp;[The Reorganization](#i417e75849e1d4b98aa8b89b2141c5c75) | [4](#i417e75849e1d4b98aa8b89b2141c5c75) |
| &nbsp;&nbsp;&nbsp;[Investment Objectives and Principal Investment Strategies](#i00646a26d7d7433ca3ba2e8a841629b0) | [6](#i00646a26d7d7433ca3ba2e8a841629b0) |
| &nbsp;&nbsp;&nbsp;[Fees and Expenses](#i7501176c7014490ea0ba04df910a2474) | [7](#i7501176c7014490ea0ba04df910a2474) |
| &nbsp;&nbsp;&nbsp;[Federal Tax Consequences](#i956c863994bc468eb1a3246752ad7c13) | [8](#i956c863994bc468eb1a3246752ad7c13) |
| &nbsp;&nbsp;&nbsp;[Purchase, Exchange, Redemption, Transfer and Valuation of Shares](#iba363958fb7e4b5dbe92a339a7b72da1) | [8](#iba363958fb7e4b5dbe92a339a7b72da1) |
| &nbsp;&nbsp;&nbsp;[Principal Investment Risks](#ia356f38e43374f2caa4af43714f7a668) | [8](#ia356f38e43374f2caa4af43714f7a668) |
| [COMPARISON OF THE TARGET FUND AND SURVIVOR FUND](#i0983a9c2b2e84996a2d7a1348442be4f) | [9](#i0983a9c2b2e84996a2d7a1348442be4f) |
| &nbsp;&nbsp;&nbsp;[Investment Objectives and Principal Investment Strategies](#i4fb21399a5a34329af6b10975df7852e) | [9](#i4fb21399a5a34329af6b10975df7852e) |
| &nbsp;&nbsp;&nbsp;[Fundamental Investment Policies](#i147f5677a8174582b0ca3b1e0edde015) | [9](#i147f5677a8174582b0ca3b1e0edde015) |
| &nbsp;&nbsp;&nbsp;[Risks of the Funds](#if1d78689c42c4c13942039fd4f58f7ad) | [10](#if1d78689c42c4c13942039fd4f58f7ad) |
| &nbsp;&nbsp;&nbsp;[Performance History](#id0d13a1b578c4bf684d4731d344f5145) | [13](#id0d13a1b578c4bf684d4731d344f5145) |
| &nbsp;&nbsp;&nbsp;[Management of the Funds](#i67dc98493f3a44c9a432284046948fa9) | [15](#i67dc98493f3a44c9a432284046948fa9) |
| &nbsp;&nbsp;&nbsp;[Other Service Providers](#i1e6eccebe63f4064984eb894c57ad4cb) | [16](#i1e6eccebe63f4064984eb894c57ad4cb) |
| &nbsp;&nbsp;&nbsp;[Purchase, Redemption and Pricing of Fund Shares](#i91d057aa64214943b64c77a5a640c9d0) | [17](#i91d057aa64214943b64c77a5a640c9d0) |
| &nbsp;&nbsp;&nbsp;[Redemption Procedures](#i3cdc7a8986f841c896c1ae292e51da1a) | [18](#i3cdc7a8986f841c896c1ae292e51da1a) |
| &nbsp;&nbsp;&nbsp;[Tax Status, Dividends, and Distributions](#i99bea02c1cc24038926f1d964c547e56) | [22](#i99bea02c1cc24038926f1d964c547e56) |
| [FINANCIAL HIGHLIGHTS](#i066da559acd146049548dfa9f25d57bd) | [23](#i066da559acd146049548dfa9f25d57bd) |
| [INFORMATION RELATING TO THE REORGANIZATION](#id4c804475c9b425381a26c9d26db458c) | [24](#id4c804475c9b425381a26c9d26db458c) |
| &nbsp;&nbsp;&nbsp;[Description of the Reorganization](#i12ba4ebe9f464bd4a11092aa05e9eeae) | [24](#i12ba4ebe9f464bd4a11092aa05e9eeae) |
| &nbsp;&nbsp;&nbsp;[Terms of the Reorganization](#i917e0f20eb944a26a652e64ca55a7435) | [24](#i917e0f20eb944a26a652e64ca55a7435) |
| &nbsp;&nbsp;&nbsp;[Reasons for the Reorganization](#iec13bfdbca80467f992301818f74eb12) | [24](#iec13bfdbca80467f992301818f74eb12) |
| &nbsp;&nbsp;&nbsp;[Federal Income Taxes](#ib47a2e16cfeb484ca90b8ab07dc0d412) | [26](#ib47a2e16cfeb484ca90b8ab07dc0d412) |
| &nbsp;&nbsp;&nbsp;[Expenses of the Reorganization](#icb843f582afe46b4a548792424823378) | [26](#icb843f582afe46b4a548792424823378) |
| &nbsp;&nbsp;&nbsp;[Continuation of Shareholder Accounts and Plans; Share Certificates](#iaa9089896ae04f5a9eaf865d7f45db26) | [26](#iaa9089896ae04f5a9eaf865d7f45db26) |
| [OTHER INFORMATION](#ic749466c2ab64abd9140e676034eeba5) | [27](#ic749466c2ab64abd9140e676034eeba5) |
| &nbsp;&nbsp;&nbsp;[Capitalization](#ica773831e2964fea839047c629688b4e) | [27](#ica773831e2964fea839047c629688b4e) |
| &nbsp;&nbsp;&nbsp;[Shareholder Information](#ia804870285574af0a7d8d753cbb5c0cd) | [27](#ia804870285574af0a7d8d753cbb5c0cd) |
| &nbsp;&nbsp;&nbsp;[Shareholder Rights and Obligations](#i8e24560a1819490ba4603489071335ca) | [27](#i8e24560a1819490ba4603489071335ca) |
| &nbsp;&nbsp;&nbsp;[Shareholder Proposals](#id24d9901ebdc49adb06bb4254725fa41) | [28](#id24d9901ebdc49adb06bb4254725fa41) |
| [EXHIBIT A—AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION](#i39e6f865aef74e8993658910fa89eb86) | [A-1](#i39e6f865aef74e8993658910fa89eb86) |
| [EXHIBIT B—FINANCIAL HIGHLIGHTS](#i74f2591c31f0416db7bf2348bb292c15) | [B-1](#i74f2591c31f0416db7bf2348bb292c15) |

---

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**SUMMARY**

*The following is a summary of certain information contained elsewhere in this Combined Prospectus/Information Statement and is qualified in its entirety by reference to the more complete information contained herein. Shareholders should read the entire Combined Prospectus/Information Statement carefully.*

The Trust, organized under the laws of the state of Ohio as a business trust, is an open-end management investment company registered with the SEC. The Target Fund and Survivor Fund are each organized as separate series of the Trust. The investment objective of each of the Target Fund and the Survivor Fund are substantially similar and each Fund seeks to provide long-term capital appreciation.

LoCorr Fund Management, LLC (the "Adviser") is the investment adviser for the Target Fund and will serve as the investment adviser for the Survivor Fund. Jon Essen, Sean Katof and Curt LaChappelle each serve as a Target Fund's Portfolio Manager for the Adviser and will each serve as a portfolio manager of the Survivor Fund following the Reorganization. Kettle Hill Capital Management, LLC (the "Sub-Adviser") is the investment sub-adviser for the Target Fund and will serve as the investment sub-adviser for the Survivor Fund. Andrew Kurita serves as a portfolio manager for the Target Fund for the Sub-Adviser and will serve as a portfolio manager for the Survivor Fund following the Reorganization.

**The Reorganization**

*The Proposed Reorganization*. The Board, including the trustees of the Trust ("Trustees") who are not "interested persons" of the Trust (as defined in the Company Act) (the "Independent Trustees"), on behalf of each of the Target Fund and the Survivor Fund, has approved the Agreement and Plan of Reorganization (the "Plan of Reorganization"). The Plan of Reorganization provides for the:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transfer of all of the assets and liabilities of the Target Fund to the Survivor Fund in exchange for shares of the Survivor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Distribution of such shares to the Target Fund's shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Termination of the Target Fund as a separate series of the Trust and liquidation of the Target Fund.

If the proposed Reorganization is completed, the Survivor Fund will acquire substantially all of the assets and liabilities of the Target Fund, and shareholders of the Target Fund will receive shares of the Survivor Fund with an aggregate NAV equal to the aggregate NAV of the Target Fund shares that the shareholders own immediately prior to the Reorganization.

*Background and Reasons for the Proposed Reorganization*. The Reorganization has been proposed because the Adviser believes that it is in the best interests of each Fund's shareholders for the Target Fund to be reorganized into the Survivor Fund. The Survivor Fund has a substantially similar investment objective and identical principal investment strategies to the Target Fund, but the Survivor Fund will be operated as an ETF whereas the Target Fund is a mutual fund. As an ETF, the Survivor Fund may provide the following benefits to Target Fund shareholders following the Reorganization:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Lower expense ratio</u>. While the Target Fund pays a management fee of 1.50% of average daily net assets, the Survivor Fund will have unitary fee of 0.99% of average daily net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Increased transparency</u>. The Survivor Fund will be a transparent ETF that operates with full transparency of its portfolio holdings. Following the Reorganization, the Survivor Fund will make its portfolio holdings public each day prior to the open of the [EXCHANGE] (the "Exchange"). This holdings information will be found on the Survivor Fund's website, [\*].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for improved tax efficiency</u>. Converting to an ETF structure can provide benefits with respect to the management of capital gains distributions allowing for potentially greater tax efficiency for the shareholders of the Survivor Fund. When a mutual fund, such as the Target Fund, sells portfolio securities,

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that sale can create capital gains that may be taxable to shareholders of the mutual fund. In contrast, the creation and redemption process for an ETF, including actively-managed ETFs such as the Survivor Fund, allows the ETF to acquire and sell portfolio securities in-kind. This process generally reduces the realization of taxable capital gains by the ETF. As a result, capital gains distributions, if any, made by an ETF typically are small and shareholders in an ETF are largely only subject to capital gains on their investment in the ETF after they sell their ETF shares. The Survivor Fund will pursue the same investment objective and substantially similar investment strategies as the Target Fund but in an ETF structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Intraday trading</u>. Shares of the Target Fund can only be purchased or redeemed once daily after the next-determined NAV. In contrast, because the Survivor Fund will be listed on the Exchange, its shares can be purchased at a quoted bid price and sold at a quoted ask price throughout the trading day on the Exchange, which gives the shareholder more control over the ability to enter into or exit out of their investment. However, because buying or selling shares of the Survivor Fund will be done at the market price, an investor will no longer be transacting with the Survivor Fund at the Survivor Fund's NAV, and the price of the purchase or sale may be more or less than the Survivor Fund's NAV. Such transactions may also result in paying brokerage commissions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>Potential for expanded distribution</u>. Additional platform opportunities in connection with the ETF structure could lead to an increase in the Survivor Fund's assets and create potential opportunities for economies of scale.

As a result, the Adviser believes Target Fund shareholders would benefit from becoming shareholders of the Survivor Fund.

In approving the Plan of Reorganization, the Board, on behalf of the Target Fund, including the Independent Trustees, determined that the Reorganization is in the best interests of the Target Fund and that the interests of the Target Fund shareholders will not be diluted as a result of the Reorganization. Before reaching this conclusion, the Board engaged in a thorough review process relating to the proposed Reorganization. The Board approved the Reorganization at a meeting held on [DATE].

The factors considered by the Board with in approving the Reorganization included, but were not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Reorganization, Target Fund shareholders will be invested in the Survivor Fund with a substantially similar investment objective and the same principal investment strategies to the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Reorganization, Target Fund shareholders will be invested in the Survivor Fund with lower total operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The same portfolio manager that currently manages the Target Fund will manage the Survivor Fund after the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Survivor Fund is expected to achieve certain operating efficiencies as an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reorganization is not expected to result in any tax consequence to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs of the Reorganization will be borne by the Adviser; neither the Funds nor their shareholders will bear any of the costs of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Target Fund shareholder will receive Survivor Fund shares with the same aggregate NAV as their Target Fund shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders of the Target Fund must have a brokerage account that is permitted to hold ETF shares in order to receive shares of the Survivor Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A vote of shareholders of the Target Fund is not required under the Trust's governing documents.

The Board, including all of the Independent Trustees, concluded, based upon the factors and determinations summarized above, that the Reorganization is advisable and in the best interests of the shareholders of the Target Fund, and that the interests of the shareholders of the Target Fund will not be diluted as a result of the Reorganization. The determinations on behalf of the Target Fund were made on the basis of each Trustee's business judgment after consideration of all of the factors taken as a whole, though individual Trustees may have placed different weight on various factors and assigned different degrees of materiality to various conclusions.

Neither a vote of the shareholders of the Target Fund nor a vote of the shareholders of the Survivor Fund is required to approve the Reorganization under Ohio law or under the Trust's Declaration of Trust.

In addition, pursuant to Rule 17a-8 under the Company Act, a vote of the shareholders of the Target Fund is not required if as a result of the Reorganization: (i) there is no policy of the Target Fund that under Section 13 of the Company Act could not be changed without a vote of a majority of its outstanding voting securities that is materially different from a policy of the Survivor Fund; (ii) the Survivor Fund's investment management agreement is not materially different from that of the Target Fund; (iii) the Independent Trustees of the Target Fund who were elected by its shareholders will comprise a majority of the Independent Trustees of the Board overseeing the Survivor Fund; and (iv) after the Reorganization, the Survivor Fund will not be authorized to pay fees under a 12b-1 plan that are greater than fees authorized to be paid by the Target Fund under such a plan. The Reorganization meets all of these conditions, and therefore, a vote of shareholders is not required under the Company Act.

The Target Fund offers three classes of shares, Class A, Class C and Class I. The Survivor Fund offers only one class of shares. As part of the Reorganization, on or around December 12, 2025, all issued and outstanding Class A and Class C shares of the Target Fund will convert to Class I shares of the Target Fund (the "Share Class Consolidation"). The Share Class Consolidation is intended to move shareholders into a share class that most closely resembles the ETF's sole share class. The Share Class Consolidation will be affected on the basis of the relative NAVs of the two relevant classes, without the imposition of any sales load, fee or other charge.

**Investment Objectives and Principal Investment Strategies**

The Funds have similar investment objectives and the same principal investment strategies. The investment objective and principal investment strategies of the Survivor Fund will continue after the Reorganization. See "Comparison of the Target Fund and the Survivor Fund — Comparison of Investment Objectives and Principal Investment Strategies," below.

The Target Fund's investment objective is to provide long-term capital appreciation with reduced volatility compared to traditional broad-based equity market indices as a secondary objective. The Survivor Fund's investment objective is to provide long-term capital appreciation.

Under normal market conditions, each Fund invests in long or short positions in equity securities of domestic and foreign companies. Each Fund's Adviser seeks to achieve each Fund's primary investment objective by using a "long/short equity" strategy that is executed by allocating assets to a sub-adviser that has a long/short equity investment strategy. The Adviser may also engage an additional sub-adviser or additional sub-advisers if it believes they will enhance each Fund's performance or reduce volatility. Each Fund may also invest in one or more exchange-traded funds ("ETFs") to execute a portion of the long/short equity strategy when it believes that doing so will help the Fund achieve its investment objective. Each Fund anticipates reduced return volatility when compared to traditional broad-based equity market indices because the short element of its strategies is expected to produce a hedging effect.

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For information on risks, see "Comparison of the Target Fund and Survivor Fund — Risks of the Funds," below. The fundamental investment policies applicable to the Target Fund are also applicable to the Survivor Fund.

**Fees and Expenses**

The following tables describe the fees and expenses that you may pay if you buy, hold, and/or sell shares of the Target Fund or Survivor Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries that are not reflected in the tables and examples below. The tables allow you to compare and contrast the expense levels for the Target Fund with the Survivor Fund. Annual fund operating expenses for the Target Fund shown in the table below are based on the Target Fund's expenses for the semi-annual period ended June 30, 2025. Also shown are annual fund operating expenses projected for the Survivor Fund on a pro forma basis after giving effect to the proposed Reorganization, based on pro forma net assets as of June 30, 2025. The fee table does not reflect the costs associated with the Reorganization. Pro forma numbers do not reflect any potential liquidation of shareholders associated with the Reorganization or cash paid in lieu of fractional Survivor Fund shares. Pro forma numbers are estimated in good faith and are hypothetical. Actual expenses may vary significantly. You will not pay any sales load, contingent deferred sales charge, brokerage commission, redemption fee, or other transaction fee in connection with the receipt of Survivor Fund shares from the Reorganization. Due to the Share Class Consolidation discussed above, the following tables describe only the fees and expenses for Class I shares of the Target Fund.

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

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| | | |
|:---|:---|:---|
| | <br>Target Fund | <br>Survivor Fund |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price) |  |  |
| Maximum Deferred Sales Charge (Load) (as a percentage of offering price) |  |  |
| Maximum Sales Charge (Load) Imposed on Reinvested Dividends and other Distributions (as a percentage of offering price) |  |  |
| Redemption Fee (as a % of amount redeemed on shares held less than 60 days) |  |  |

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

---

| | | |
|:---|:---|:---|
| | <br>Target Fund | <br>Survivor Fund |
| Management Fees | 1.50% | 0.99% |
| Distribution and/or Service (12b-1) Fees |  | 0.00%<sup>1</sup> |
| Other Expenses | 1.00% | 0.16%<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend Expense 0.16% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remaining Other Expenses 0.84% |  |  |
| Total Annual Fund Operating Expenses | 2.50% | 1.15% |
| Fee Waiver and/or Reimbursement<sup>3</sup> | (0.26)% | N/A |
| Total Annual Fund Operating Expenses after Fee Waiver and/or<br>Reimbursement | 2.24% | 1.15% |

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<sup>1</sup> The Survivor Fund does have a Rule 12b-1 distribution plan but does not expect to charge the Fund for any amount under the Rule 12b-1 Plan.

<sup>2</sup> Reflects estimated dividend expenses on short sales for the Survivor Fund.

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<sup>3</sup> The Target Fund's Adviser has contractually agreed to reduce its fees and/or absorb expenses of the Target Fund, until at least April 30, 2026, to ensure that Total Annual Fund Operating Expenses After Fee Waiver and/or Reimbursement (exclusive of any Rule 12b-1 distribution and/or servicing fees, taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, dividend expenses on short sales, swap fees, indirect expenses, expenses of other investment companies in which the Fund may invest, or extraordinary expenses such as litigation expenses and inclusive of offering and organizational costs incurred prior to the commencement of operations) will not exceed 1.99% of the Fund's daily average net assets attributable to each class of the Fund. These fee waivers and expense reimbursements are subject to possible recoupment from the Fund within three years following the date on which the fee waiver or expense reimbursement occurred, if the Fund is able to make the repayment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees. This agreement may be terminated only by the Fund's Board of Trustees, on 60 days' written notice to the Adviser.

**EXAMPLES**

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | 1 year | 3 years | 5 years | 10 years |
| **Target Fund** | $227 | $754 | $1307 | $2816 |
| ***Pro Forma* — Survivor Fund** | $117 | $365 | $633 | $1398 |

---

**Federal Tax Consequences**

It is expected that the Reorganization itself will be a tax-free reorganization under Section 368(a) of the Internal Revenue Code of 1986, as amended ("Code"). Accordingly, no gain or loss is expected to be recognized by the Funds as a direct result of the Reorganization. However, Target Fund shareholders may recognize gain or loss upon the receipt of cash in redemption of fractional shares of the Target Fund prior to the Reorganization, and shareholders whose Target Fund shares are not held in a brokerage account, or are held through a brokerage account that cannot accept shares of the Survivor Fund on the Closing Date of the Reorganization, may recognize gain or loss if their Target Fund shares are either liquidated and redeemed for cash, or transferred by their financial intermediary to a different investment option. As a non-waivable condition to the Reorganization, the Trust will have received an opinion of counsel to the effect that the Reorganization should qualify as a tax-free reorganization for federal income tax purposes as defined by Section 368(a) of the Code.

**Purchase, Exchange, Redemption, Transfer and Valuation of Shares**

The policies of the Target Fund and the Survivor Fund regarding the purchase, redemption, and exchange of shares are materially different. The Target Fund and Survivor Fund have identical valuation policies. Please see "Comparison of the Target Fund and Survivor Fund" below for information regarding the purchase, exchange, redemption, transfer and valuation of shares of each Fund.

**Principal Investment Risks**

Because of their substantially similar principal investment strategies, the principal risks associated with an investment in the Survivor Fund are substantially similar to those risks associated with an investment in the Target Fund. Principal investment risks for both Funds include current market environment risk, focused portfolio risk, management risk, market risk, and sector emphasis risk. As an ETF, the Survivor Fund is subject to the additional risks of investing in an ETF and of the ETF structure risks. More information on each of these types of investment risks can be found under "Comparison of the Target Fund and Survivor Fund — Risks of the Funds" below.

------

**COMPARISON OF THE TARGET FUND AND SURVIVOR FUND**

The Funds' investment objectives are substantially similar, their principal investment strategies are identical, and the portfolio managers managing the Target Fund will manage the Survivor Fund. The principal risks of the Target Fund also apply to the Survivor Fund. However, the Survivor Fund has some additional risks due to its operations as an ETF. Below is a comparison of the Funds' investment objectives, investment policies, risks, performance, management and operations.

**Investment Objectives and Principal Investment Strategies**

The Survivor Fund will maintain a substantially similar investment objective and identical principal investment strategies of the Target Fund after the Reorganization. The Target Fund's investment objective is to provide long-term capital appreciation with reduced volatility compared to traditional broad-based equity market indices as a secondary objective. The Survivor Fund's investment objective is to provide long-term capital appreciation.

Each Fund invests, under normal market conditions, at least 80% of its net assets in U.S. equity securities with large market capitalizations ("large cap") that the Adviser believes are undervalued. For each Fund, equity securities consist of common and preferred stocks and large cap companies are defined as companies with market capitalization of $15 billion or greater at the time of purchase. Each Fund is non-diversified, but whereas the Target Fund concentrates its investment in approximately 20 securities, the Survivor Fund intends to concentrate its investments in approximately 20-30 securities. The Adviser uses the same investment methodology to select investments for both the Target Fund and the Survivor Fund.

**Fundamental Investment Policies**

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

As a matter of fundamental policy, each Fund, except as otherwise noted, may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Borrowing Money</u>. The Fund will not borrow money, except (a) from a bank or from another Fund of the Trust, provided that immediately after such borrowing there is an asset coverage of 300% for all borrowings of the Fund; or (b) from a bank or other persons for temporary purposes only, provided that such temporary borrowings are in an amount not exceeding 5% of the Fund's total assets at the time when the borrowing is made. This limitation does not preclude the Fund from entering into reverse repurchase transactions, provided that the Fund has an asset coverage of 300% for all borrowing and repurchase commitments of the Fund pursuant to reverse repurchase transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Senior Securities</u>. The Fund will not issue senior securities. This limitation is not applicable to activities that may be deemed to involve the issuance or sale of a senior security by the Fund, provided that the Fund's engagement in such activities is (a) consistent with or permitted by the Company Act the rules and regulations promulgated thereunder or interpretations of the Securities and Exchange Commission or its staff and (b) as described in the Prospectus and this SAI.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Real Estate</u>. The Fund will not purchase or sell real estate. This limitation is not applicable to investments in marketable securities that are secured by or represent interests in real estate. This limitation does not preclude the Fund from investing in mortgage-related securities or investing in

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companies engaged in the real estate business or that have a significant portion of their assets in real estate (including real estate investment trusts).

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Loans</u>. The Fund will not lend any security or make any other loan if, as a result, more than 33 1/3% of its total assets would be lent to other parties, but this limitation does not apply to purchases of debt securities or to repurchase agreements, or to acquisitions of loans, loan participations or other forms of debt instruments.

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

With respect to the percentages adopted by the Trust as maximum limitations on its investment policies and limitations, an excess above the fixed percentage will not be a violation of the policy or limitation unless the excess results immediately and directly from the acquisition of any security or the action taken. This paragraph does not apply to the borrowing policy set forth in paragraph 1 above.

With respect to paragraph 1 above, if asset coverage on borrowing at any time falls below 300% for a Fund, within three days (or such longer period as the SEC may prescribe by rule or regulation) that Fund shall reduce the amount of its borrowings to the extent that asset coverage of such borrowings will be at least 300%.

Notwithstanding any of the foregoing limitations, any investment company, whether organized as a trust, association, corporation, or personal holding company, may be merged or consolidated with or acquired by the Trust; provided that, if such merger, consolidation or acquisition results in an investment in the securities of any issuer prohibited by said paragraphs, the Trust shall, within ninety days after the consummation of such merger, consolidation, or acquisition, dispose of all of the securities of such issuer so acquired or such portion thereof as shall bring the total investment therein within the limitations imposed by said paragraphs above as of the date of consummation.

The fundamental investment policies of the Survivor Fund will continue after the Reorganization.

**Risks of the Funds**

The following are the principal investment risks involved in an investment in both Funds:

*Convertible Securities Risk*: A convertible security is a fixed-income security (a debt instrument or a preferred stock) which may be converted at a stated price within a specified period of time into a certain quantity of the common stock of the same or a different issuer. The market value of a convertible security performs like that of a regular debt security, that is, if market interest rates rise, the value of the convertible security falls.

*Credit Risk*: There is a risk that convertible debt issuers will not make payments on securities held by the Fund, resulting in losses to the Fund. In addition, the credit quality of convertible debt securities held by the Fund may be lowered if an issuer's financial condition changes.

*Emerging Markets Risk*: Investments in securities of issuers in emerging markets will be subject to risks of foreign securities in general and with those of emerging markets as well. Emerging market countries may have relatively unstable governments, weaker economies, and less-developed legal systems with fewer security holder rights. Emerging market economies may be based on only a few industries and security issuers may be more susceptible to

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economic weakness and more likely to default. Securities of issuers in emerging markets securities also tend to be less liquid.

*Equity Market Risk*: Common and preferred stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence in and perceptions of their issuers change. Convertible bonds may decline in value if the price of a common stock falls below the conversion price. Investor perceptions are based on various and unpredictable factors including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction and global or regional political, economic and banking crises.

*ETF Risk*: ETFs are subject to investment advisory fees and other expenses, which will be indirectly paid by the Fund. As a result, the cost of investing in the Fund will be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. Each ETF is subject to specific risks, depending on the nature of the ETF.

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

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

*Interest Rates and Bond Maturities Risk:* Interest rate changes may adversely affect the market value of an investment. Fixed-income securities typically decline in value when interest rates rise. Fixed-income securities typically increase in value when interest rates decline. The Fund may experience adverse exposure from either increasing or declining rates. Bonds with longer maturities will be more affected by interest rate changes than intermediate-term bonds.

*Issuer-Specific Risk:* The value of a specific security can be more volatile than the market as a whole and can perform differently from the value of the market as a whole. The value of securities of smaller issuers can be more volatile than those of larger issuers. The value of certain types of securities can be more volatile due to increased sensitivity to adverse issuer, political, regulatory, market, or economic developments.

*Liquidity Risk*: Liquidity risk exists when particular investments of the Fund would be difficult to purchase or sell, possibly preventing the Fund from selling such illiquid securities at an advantageous time or price, or possibly requiring the Fund to dispose of other investments at unfavorable times or prices in order to satisfy its obligations.

*Management Risk:* The Adviser's judgments about an investment or the investment expertise of a sub-adviser may prove to be inaccurate and may not produce the desired results. A sub-adviser's judgments about the attractiveness, value and potential appreciation or depreciation of a particular security in which the Fund invests or sells short may prove to be inaccurate and may not produce the desired results.

*Market Risk:* Overall securities market risks may affect the value of individual instruments in which the Fund invests. Factors such as domestic and foreign economic growth and market conditions, interest rate levels, and political and social events affect the securities markets. Global economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. Recent examples include pandemic risks related to COVID-19 and aggressive measures taken worldwide in response by governments. The effects of COVID-19 have contributed to increased volatility in global

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markets and will likely affect certain countries, companies, industries and market sectors more dramatically than others. The COVID-19 pandemic has had, and any other outbreak of an infectious disease or other serious public health concern could have, a significant negative impact on economic and market conditions and could trigger a prolonged period of global economic slowdown. When the value of the Fund's investments goes down, your investment in the Fund decreases in value and you could lose money.

*Portfolio Turnover Risk:* Active and frequent trading may lead to the realization and distribution to shareholders of higher short-term capital gains, which would increase their tax liability. Frequent trading also increases transaction costs, which could detract from the Fund's performance.

*Preferred Stock Risk*: Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit and default risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.

*REIT Risk:* Real estate values rise and fall in response to a variety of factors, including local, regional and national economic conditions, interest rates and tax considerations. An individual REIT's performance depends on the types and locations of the rental properties it owns and on how well it manages those properties.

*Short Position Risk:* The Fund will engage in short selling, which is significantly different from the investment activities commonly associated with long-only stock funds. Positions in shorted securities are speculative and more risky than "long" positions (purchases) because the cost of the replacement security is unknown. Therefore, the potential loss on an uncovered short is unlimited, whereas the potential loss on long positions is limited to the original purchase price. You should be aware that any strategy that includes selling securities short could suffer significant losses. Shorting will also result in higher transaction costs (such as interest and dividends), which reduce the Fund's return, and may result in higher taxes.

*Small and Medium Capitalization Company Risk:* Small and mid-sized companies may have limited product lines, markets or financial resources, and they may be dependent on a limited management group. Equities of smaller companies may be subject to more abrupt or erratic market movements than those of larger, more established companies or the market averages in general.

The following are additional principal investment risks involved in an investment in the Survivor Fund due to the Survivor Fund's ETF structure:

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

o*Not Individually Redeemable:* Shares are not individually redeemable and may be redeemed by the Fund at NAV only in large blocks known as "Creation Units." You may incur brokerage costs purchasing enough Shares to constitute a Creation Unit.

o*Trading Issues:* Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable, such as extraordinary market volatility. There can be no assurance that Shares will continue to meet the listing requirements of the Exchange. An active trading market for the Fund's shares may not be developed or maintained. If the Fund's shares are traded outside a collateralized settlement system, the number of financial institutions that can act as authorized participants that can post collateral on an agency basis is limited, which may limit the market for the Fund's shares. To the extent that those authorized participants exit the business or are unable to process creation or redemption orders and no other authorized participants are able to step forward to do so, there may be a significantly diminished trading market for the Fund's shares. Purchases and redemptions of creation units that are made primarily with cash, rather than through in-kind delivery of portfolio securities may cause the Fund to incur additional costs including brokerage costs and taxable capital gains or losses that the Fund may not have incurred if the Fund had made redemptions in-kind. This could lead to differences between market price and underlying value of shares.

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o*Market Price Variance Risk: I*ndividual Shares of the Fund that are listed for trading on the Exchange can be bought and sold in the secondary market at market prices. The market prices of Shares will fluctuate in response to changes in NAV and supply and demand for Shares. There may be times when the market price and the NAV vary significantly and you may pay more than NAV when buying Shares on the secondary market, and you may receive less than NAV when you sell those Shares. The market price of Shares, like the price of any exchange-traded security, includes a "bid-ask spread" charged by the exchange specialists, market makers or other participants that trade the particular security. In times of severe market disruption, the bid-ask spread often increases significantly. This means that Shares may trade at a discount to NAV and the discount is likely to be greatest when the price of Shares is falling fastest, which may be the time that you most want to sell your Shares. The Fund's investment results are measured based upon the daily NAV of the Fund over a period of time. Investors purchasing and selling Shares in the secondary market may not experience investment results consistent with those experienced by those creating and redeeming directly with the Fund.

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

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

When all or a portion of an ETFs underlying securities trade in a market that is closed when the market for the Fund's shares is open, there may be changes from the last quote of the closed market and the quote from the Fund's domestic trading day, which could lead to differences between the market value of the Fund's shares and the Fund's net asset value.

In stressed market conditions, the market for the Fund's shares may become less liquid in response to the deteriorating liquidity of the Fund's portfolio. This adverse effect on the liquidity of the Fund's shares may, in turn, lead to differences between the market value of the Fund's shares and the Fund's net asset value.

**Performance History**

Following the Reorganization, the Survivor Fund will assume the performance history of Class I Shares of the Target Fund. The bar charts and tables that follow show how Class I Shares of the Target Fund have performed on a calendar year basis and provide an indication of the risks of investing in the Target Fund by showing changes in the Target Fund's performance from year to year and by showing how the Target Fund's average annual total returns based on NAV compare to those of its respective index and a broad-based market index. Past performance (before and after taxes) is not necessarily an indication of how the Survivor Fund will perform in the future. Updated performance information is available at no cost by visiting <u>www.locorrfunds.com.</u>

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**Class I Shares Performance Bar Chart**

Calendar Year Ended December 31

**LoCorr Dynamic Opportunity Fund – Class I**![image_0a.jpg](image_0a.jpg)

The Target Fund's Institutional Class year-to-date return as of September 30, 2025 was 3.7%.

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| | | |
|:---|:---|:---|
| **Highest Quarterly Return:** | **Q4 2020** | **16.49%** |
| **Lowest Quarterly Return:** | **Q1 2020** | **-24.01%** |

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**Performance Table**

**Average Annualized Total Returns**

(For periods ended December 31, 2024)

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| | | | | |
|:---|:---|:---|:---|:---|
| | ***One Year*** | ***Five Years*** | ***Ten Years*** | ***Since Inception<br>of the Fund***<br>***(5/10/2013)*** |
| Class I Return before taxes | 11.55% | 4.63% | 4.71% | 3.91% |
| Class I Return after taxes on distributions | 11.01% | 3.99% | 4.17% | 3.44% |
| Class I Return after taxes on distributions and sale of Fund shares | 6.85% | 3.42% | 3.61% | 2.99% |
| S&P 500 Total Return Index<br>(reflects no deduction for fees, expenses or taxes) | 25.02% | 14.53% | 13.10% | 13.72% |
| Morningstar Long/Short Equity Index (reflects no deduction for fees, expenses or taxes) | 11.52% | 5.96% | 4.43% | 3.68% |

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The indexes are unmanaged, market capitalization weighted, include net reinvested dividends, do not reflect fees or expenses (which would lower the return), and are not available for direct investment.

After-tax returns are calculated using the highest historical individual federal marginal income tax rate and do not reflect the impact of state and local taxes. Actual after-tax returns depend on a shareholder's tax situation and may differ from those shown. The after-tax returns are not relevant if you hold your Target Fund shares in tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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**Management of the Funds**

*<u>Adviser</u>*

LoCorr Fund Management, LLC, (the "Adviser") located at 687 Excelsior Boulevard, Excelsior, MN 5533, serves as the Target Fund's investment adviser and will serve as the Survivor Fund's investment adviser. The Adviser is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The Adviser has been an investment adviser to the Funds in the Trust since 2010. As of June 30, 2025, the Adviser had an approximate total of $[\*] billion in assets under management.

Pursuant to the investment management agreement between the Adviser and the Target Fund, the Adviser, subject to the supervision of the Board and in conformity with the stated objective and policies of the Target Fund, manages both the investment operations of the Target Fund and the composition of the Target Fund's portfolio, including the purchase, retention, and disposition of securities. In connection therewith, the Adviser is obligated to keep certain books and records of the Target Fund. The Adviser also administers the corporate affairs of the Target Fund, and in connection therewith, furnishes the Target Fund with office facilities, together with those ordinary clerical and bookkeeping services that are not being furnished by the Target Fund's custodian and transfer agent, and the Target Fund's fund administrator and fund accountant.

Pursuant to the investment management agreement between the Adviser and the Survivor Fund, the Adviser, subject to the supervision of the Board and in conformity with the stated objective and policies of the Survivor Fund, manages both the investment operations of the Survivor Fund and the composition of the Survivor Fund's portfolio, including the purchase, retention, and disposition of securities. In connection therewith, the Adviser is obligated to keep certain books and records of the Survivor Fund. The Adviser also administers the corporate affairs of the Survivor Fund, and in connection therewith, furnishes the Survivor Fund with office facilities, together with those ordinary clerical and bookkeeping services that are not being furnished by the Survivor Fund's custodian and transfer agent, and the Funds' fund administrator and fund accountant. Additionally, the Adviser will pay all operating expenses of the Survivor Fund, except for the advisory fee, payments made under the Survivor Fund's 12b-1 plan (if or when such fees are imposed), brokerage commissions and other expenses connected to the execution of portfolio transactions, interest expense, taxes, acquired fund fees and expenses, litigation expenses and other extraordinary expenses.

The management fee set forth in the Management Agreement for the Target Fund is 1.50% annually, to be paid on a monthly basis. For the fiscal year ended December 31, 2024, the Adviser earned a fee equal to 1.30% for services provided to the Target Fund. The Survivor Fund will have a unitary fee equal to 0.99% of its average daily net assets to be paid on a monthly basis.

*<u>Sub-Adviser</u>*

Kettle Hill Capital Management, LLC, (the "Sub-Adviser") located at 747 Third Avenue, 19th Floor, New York, NY 10017, serves as a sub-adviser to the Target Fund and will serve as the Survivor Fund's investment subadviser. Subject to the authority of the Board and oversight by the Adviser, the Sub-Adviser is responsible for management of a portion of the Fund's investment portfolio according to the Fund's investment objective, policies and restrictions. The Sub-Adviser is paid by the Adviser not the Fund. The Sub-Adviser was founded in 2003 as an alternative investment manager. As of December 31, 2024, the Sub-Adviser had approximately $549 million in assets under management.

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*<u>Portfolio Managers</u>*

*Adviser*

Jon Essen

Mr. Essen has served as Chief Financial Officer of the Adviser since it was founded in November 2010. Mr. Essen also serves as Senior Vice President and Chief Financial Officer of Octavus Group, LLC, and as a Registered Representative of LoCorr Distributors, LLC, positions both held since April 2008. Mr. Essen also began serving as Principal and Chief Compliance Officer of LoCorr Distributors, LLC in 2008. Mr. Essen also served as Chief Operating Officer of the Adviser and affiliates from 2008 to 2016. Previously, Mr. Essen served as Chief Operating Officer of a commercial finance enterprise from 2002 to 2008. Additionally, Mr. Essen was Chief Financial Officer of Jundt Associates, Inc. from 1998 to 2002 and served as Treasurer of Jundt Funds, Inc. and American Eagle Funds, Inc. from 1999 to 2002.

Sean Katof

&nbsp;&nbsp;&nbsp;&nbsp;Sean Katof, CFA, has served as Senior Vice President since 2015 and Portfolio Manager for the Target Fund since 2016. Prior to joining the Adviser, Mr. Katof served as Director of Capital Markets at SLOCUM, an institutional consulting firm, from 2005 to 2015. Prior to joining SLOCUM, Mr. Katof served as Portfolio Manager at Devenir Investment Advisors where he managed the Industry Leaders Core Equity portfolio from 2004 to 2005. Prior to that, Mr. Katof was a Vice President and Portfolio Manager at INVESCO Funds Group where he worked from 1994 to 2003. Mr. Katof received his B.S. in Business Administration with an emphasis in Finance from the University of Colorado at Boulder and an M.S. in Finance from the University of Colorado at Denver. Mr. Katof holds the Chartered Financial Analyst ("CFA") and Chartered Alternative Investment Analyst ("CAIA") designations.

Curt LaChappelle

&nbsp;&nbsp;&nbsp;&nbsp;Curt LaChappelle, CFA started with the Adviser in 2019 as an analyst and has served as portfolio manager for the Target Fund since 2024. Prior to joining LoCorr, Mr. LaChappelle served as Senior Investment Operations Analyst at Thrivent Asset Management from 2017 to 2019. Curt received his B.B.A in Financial Markets – Finance, from the University of Minnesota-Duluth. Mr. LaChappelle holds the Chartered Financial Analyst ("CFA") designation and serves as the Education Chair on the CFA Society of Minnesota Board of Directors.

*Sub-Adviser*

Andrew Kurita

Mr. Kurita is the Founder and CIO of Kettle Hill Capital Management, LLC and has served as the Portfolio Manager since its inception in 2003. Prior to this role, he was a Vice President at Andor Capital Management, LLC covering the industrial sector on the Diversified Growth Fund. From 1996 until 2001, Mr. Kurita was at Cramer Rosenthal McGlynn, LLC, where he worked on the hedge fund and small-cap value products. He is a CFA® charterholder with 19 years of small-cap and hedge fund investing experience. He graduated cum laude with honors with a BA in Economics from Williams College, 1995.

**Other Service Providers**

Quasar Distributors, LLC, 190 Middle Street, Suite 301, Portland, Maine 04101, is the principal underwriter/distributor (the "Distributor") for the shares of the Funds pursuant to a written agreement with the Trust (the "Underwriting Agreement"). The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of FINRA. The offering of the Funds' shares is continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of Fund shares, will use its best efforts to distribute the Funds' shares.

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The Fund Administrator, Fund Accountant and Transfer Agent for the Funds is U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), which has its principal office at 615 East Michigan Street, Milwaukee, WI 53202, and is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds.

U.S. Bancorp Fund Services, LLC, which has its principal office at 615 East Michigan Street, Milwaukee, WI 53202, serves as transfer, dividend disbursing, and shareholder servicing agent for the Funds.

U.S. Bank, N.A. ("U.S. Bank"), located at 1555 North RiverCenter Drive, Suite 302, Milwaukee, WI 53212 is the custodian for each Fund's investments.

**Purchase, Redemption and Pricing of Fund Shares** 

The following tables describe differences in how shares of the Target Fund and the Survivor Fund may be purchased and redeemed.

***&nbsp;&nbsp;&nbsp;&nbsp;****Purchase Procedures*

The Target Fund and the Survivor Fund have materially different procedures for purchasing shares.

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| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Purchase Methods.** You may purchase shares of the Target Fund:<br>• Directly from the Target Fund by contacting the Fund's transfer agent to request an application; or<br>• Through a broker or other financial intermediary.<br>The price of the shares is based on the Target Fund's NAV next determined after the order is received. The NAV is calculated at the close of trading (normally 4:00 p.m., Eastern time) on each day the New York Stock Exchange ("NYSE") is open for business. Should the NYSE experience an unexpected market closure or restriction on trading during or on what is expected to be an open business day, the Target Fund will make a determination whether to calculate the NAV at the times as described above or to suspend the determination of the NAV based on available information at the time of or during the unexpected closure or restriction on trading. Purchase requests received by the Target Fund or an authorized agent of the Fund after the NYSE closes, or on a day on which the NYSE is not open for trading, will be effective on the next open business day thereafter on which the NYSE is open for trading, and the offering price will be based on the Target Fund's NAV at the close of trading on that day. | **Purchase Method.** Unlike the Target Fund, individual shares of the Survivor Fund are not purchased at NAV directly with the Fund. Rather, investors (other than Authorized Participants) buy shares of the Survivor Fund only in secondary market transactions on the Exchange. Shares are listed for trading on the Exchange under the symbol [TICKER]. Only Authorized Participants may buy shares from the Fund directly and those transactions are made at NAV and only in Creation Units.<br>Shares will trade at market prices. The market price of Shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions, and other factors may affect the trading prices of shares**.** <br>Shares of the Survivor Fund can be bought throughout the day like shares of publicly-traded companies. |

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| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Minimum Investment.** The minimum initial amount for Class I shares is $100,000. The Target Fund may waive the investment minimums:<br>All investments and exchanges are subject to approval by the Fund and the Fund reserves the right to limit the amount of purchases or reject any purchase at any time• **Automatic Investment Program.** You may participate in the LoCorr Funds' Automatic Investment Plan, an investment plan that automatically moves money from your bank account and invests it in a Fund through the use of electronic funds transfers or automatic bank drafts. You may elect to make subsequent investments by transfers of a minimum of $500 on specified days of each month into your established Fund account. Please contact the Funds at 1-855-523-8637 for more information about the Automatic Investment Plan<br>**Transaction Fees.** Shares of the Fund are purchased at their NAV without a sales charge.<br>The Fund's principal underwriter compensates brokers and other financial intermediaries who sell shares of the funds. Compensation comes from Rule 12b-1 fees and payments by the principal underwriter or affiliates of the principal underwriter and from its or their own resources.<br>The Fund's shares may be available at brokerage firms that have agreements with the Fund's distributor. Shareholders may be required to pay a commission and/or other form of compensation to the broker.  | **Minimum Investment.** There is no minimum investment amount for the Survivor Fund.<br>**Automatic Investment Program.** Because Shares are purchased in the secondary market, the Survivor Fund does not have an automatic investment program (AIP).<br>**Transaction Fees.** When buying shares through a broker or other financial intermediary, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction. |

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*Redemption Procedures*

The Target Fund and the Survivor Fund have materially different procedures for redeeming or selling shares.

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| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Redemption Method**. You may redeem shares of the Target Fund:<br>• Directly from the Target Fund by either mailing a written request to the transfer agent or by calling the Target Fund; or <br>• Through your broker or other financial intermediary.<br>You may redeem all or part of your investment in the Target Fund on any day that the NYSE is open for trading, subject to certain restrictions described below. Redemption requests received by the Target Fund or an authorized agent of the Fund before 4:00 p.m. ET (or before if the NYSE closes before 4:00 p.m. ET) will be effective that day. The price you will receive when you redeem your shares will be the NAV (less any applicable sales charges) next determined after the Target Fund receives your properly completed order to sell. <br>The Target Fund typically expects that it will take one to three days following the receipt of your redemption request to pay out redemption proceeds; however, while not expected, payment of redemption proceeds may take up to seven days. <br>Generally, all redemptions will be for cash. However, if during any 90-day period you redeem shares in an amount greater than the lesser of $250,000 or 1% of the Target Fund's net assets, the Fund reserves the right to pay part or all of your redemption proceeds in readily marketable securities instead of cash. Marketable securities may include illiquid securities. You may experience a delay in converting illiquid securities to cash. Redemption-in-kind proceeds are limited to securities that are traded on a public securities market or are limited to securities for which quoted bid and asked prices are available. They are distributed to the redeeming shareholder based on a weighted-average pro-rata basis of the Target Fund's holdings. If payment is made in securities, the Target Fund will value the securities selected in the same manner in which it computes its NAV. This process minimizes the effect of large redemptions on the Target Fund and its remaining shareholders. If you receive securities when redeeming your account, the securities will be subject to market fluctuation and you may incur tax and transaction costs if the securities are sold. Redemptions in-kind may be used regularly and may in stressed market conditions. | **Redemption Method.** Unlike the Target Fund, individual shares of the Survivor Fund are not redeemed at NAV directly with the Fund. Rather, investors (other than Authorized Participants) sell shares of the Survivor Fund only in secondary market transactions on the Exchange. Shares are listed for trading on the Exchange under the symbol [TICKER]. Only Authorized Participants may redeem shares from the Fund directly and those transactions are made at NAV and only in Creation Units.<br>Shares will trade at market prices. The market price of Shares may be greater than, equal to, or less than NAV. Market forces of supply and demand, economic conditions, and other factors may affect the trading prices of shares**.** <br>Shares of the Survivor Fund can be sold throughout the day like shares of other publicly shares. |

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| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Transaction Fees.** A broker may charge a transaction fee to redeem shares. The Target Fund may charge $9 for wire redemptions. Any charges for wire redemptions will be deducted from your account by redemption of shares. <br>**Accounts with Low Balances**. Maintaining small accounts is costly for the Target Fund and may have a negative effect on performance. The Target Fund reserves the right to redeem your remaining shares and close your account if a redemption of shares brings the value of your account below $2,500. In such cases, you are notified and given at least 30 days to purchase additional shares to bring the balance above the minimum before the account is closed.<br>This involuntary redemption constitutes a sale of Target Fund shares. You should consult your tax adviser concerning the tax consequences of involuntary redemptions. | **Transaction Fees.** When selling shares through a broker or other financial intermediary, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offered price in the secondary market on each leg of a round trip (purchase and sale) transaction.<br>**Accounts with Low Balances**. The Survivor Fund does not involuntarily sell shares from accounts with low balances. |

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*Exchanges*

The Target Fund and the Survivor Fund have materially different procedures for exchanging shares.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Target Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Survivor Fund** |
| You may exchange any or all of your Class I shares in the Target Fund for Class I shares in another fund of the Trust or another share class of the Target Fund provided you meet the eligibility and minimum investment requirements of that class. | The Survivor Fund offers only one class of shares. Therefore, it does not provide for the exchange of shares. |

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*Frequent Purchases and Redemptions of Fund Shares*

The Target Fund and the Survivor Fund have materially different procedures relating to frequent purchases and redemptions of Fund shares.

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| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| The Target Fund does not authorize, and uses reasonable methods to discourage, short-term or excessive trading, often referred to as "market timing." Market timing or excessive trading may result in dilution of the value of fund shares held by long-term shareholders, disrupt portfolio management, and increase fund expenses for all shareholders. The Target Fund will take reasonable steps to discourage excessive short-term trading and the Board has adopted the following policies and procedures with respect to market timing. The Target Fund will monitor selected trades on a daily basis in an effort to detect excessive short-term trading. If the Target Fund has reason to believe that a shareholder has engaged in excessive short-term trading, the Target Fund may ask the shareholder to stop such activities or refuse to process purchases or exchanges in the shareholder's accounts. In addition to rejecting purchase orders in connection with suspected market timing activities, the Target Fund can reject a purchase order for any reason. While the Target Fund cannot assure the prevention of all excessive trading and market timing, by making these judgments the Fund believes it is acting in a manner that is in the best interests of shareholders. | The Survivor Fund imposes no restrictions on the frequency of purchases and redemptions of its shares. In determining not to approve a written, established policy, the Board evaluated the risks of market timing activities by fund shareholders. Purchases and redemptions by Authorized Participants, who are the only parties that may purchase or redeem shares directly with the Survivor Fund, are an essential part of the ETF process and help keep share trading prices in line with NAV. As such, the Survivor Fund accommodates frequent purchases and redemptions by Authorized Participants. To minimize these potential consequences of frequent purchases and redemptions, the Survivor Fund employs fair value pricing and may impose transaction fees on purchases and redemptions of Creation Units to cover the custodial and other costs incurred by the Survivor Fund in effecting trades. In addition, the Survivor Fund and the Adviser reserve the right to reject any purchase order at any time. |

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| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| In accordance with Rule 22c-2 under the Investment Company Act of 1940, as amended, the Trust has entered into information sharing agreements with certain financial intermediaries. Under these agreements, a financial intermediary is obligated to: (1) adopt and enforce during the term of the agreement, a market-timing policy, the terms of which are acceptable to the Trust; (2) furnish the Trust, upon its request, with information regarding customer trading activities in shares of the Trust; and (3) enforce its market-timing policy with respect to customers identified by the Trust as having engaged in market timing. When information regarding transactions in the Trust's shares is requested by the Trust and such information is in the possession of a person that is itself a financial intermediary to a financial intermediary (an "indirect intermediary"), any financial intermediary with whom the Trust has an information sharing agreement is obligated to obtain transaction information from the indirect intermediary or, if directed by the Trust, to restrict or prohibit the indirect intermediary from purchasing shares of the Trust on behalf of other persons.<br>The Fund applies these policies and procedures to all shareholders believed to be engaged in market timing or excessive trading. The Fund has no arrangements to permit any investor to trade frequently in shares of the Fund, nor will it enter into any such arrangements in the future. |  |

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**Tax Status, Dividends, and Distributions**

The following table describes differences in the tax status, dividends and distributions of the Target Fund and the Survivor Fund.

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| | |
|:---|:---|
| **Target Fund** | **Survivor Fund** |
| **Tax Status:** The Target Fund intends to qualify each year as a regulated investment company under the Code. As a regulated investment company, the Target Fund generally pay no federal income tax on the income and gains distributed to you.<br>**Income and Capital Gain Distributions.** The Target Fund expects to declare and distribute its net investment income, if any, to shareholders annually. Capital gains, if any, may be distributed at least annually. The Target Fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the Target Fund.<br>**Dividend Reinvestment**. All income and capital gain distributions are automatically reinvested in shares of the Target Fund unless you request cash distributions on your application or through a written request. <br>**Tax on Distributions.** If you are a taxable investor, dividends and capital gain distributions you receive from the Target Fund, whether you reinvest your distributions in additional shares or receive them in cash, are subject to federal income tax, state taxes, and possibly local taxes:<br>**Selling and Exchanging Shares.** Selling your shares may result in a realized capital gain or loss, which is subject to federal income tax. For individuals, any long-term capital gains you realize from selling Target Fund shares are taxed at your applicable tax rate for long-term capital gains. Short-term capital gains are taxed at ordinary income tax rates. If you redeem Target Fund shares for a loss, you may be able to use this capital loss to offset any other capital gains you have.<br>**Tax Status for Retirement Plans and Other Tax-Deferred Accounts.** When you invest in the Target Fund through a qualified employee benefit plan, retirement plan or some other tax-deferred account, dividend and capital gain distributions generally are not subject to current federal income taxes.  | **Tax Status:** The Survivor Fund intends to qualify each year as a regulated investment company under the Code. As a regulated investment company, the Survivor Fund generally pay no federal income tax on the income and gains distributed to you.<br>**Income and Capital Gain Distributions.** Ordinarily, dividends from net investment income, if any, are declared and paid annually by the Survivor Fund. The Survivor Fund distributes its net realized capital gains, if any, to shareholders annually. The Survivor Fund may distribute income dividends and capital gains more frequently, if necessary, in order to reduce or eliminate federal excise or income taxes on the fund.<br>**Dividend Reinvestment.** Distributions in cash may be reinvested automatically in additional whole shares only if the broker through whom you purchased shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.<br>**Taxes on Distributions.** Distributions from the Survivor Fund's net investment income, including capital gains, if any, are subject to federal income tax, state taxes, and possibly local taxes.<br>**Taxes on Exchange-Listed Share Sales.** Any capital gain or loss realized upon a sale of shares is generally treated as long-term capital gain or loss if the shares have been held for more than one year and as short-term capital gain or loss if the shares have been held for one year or less. The ability to deduct capital losses from sales of shares may be limited.<br>**Tax Status for Retirement Plans and Other Tax-Deferred Accounts.** When you invest in the Survivor Fund through a qualified employee benefit plan, retirement plan or some other tax-deferred account, dividend and capital gain distributions generally are not subject to current federal income taxes.  |

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**FINANCIAL HIGHLIGHTS**

The Survivor Fund is a new fund and has no performance history as of the date of this Combined Prospectus/Information Statement. The Survivor Fund will adopt the financial history, including the financial highlights, of the Target Fund. The financial highlights of the Target Fund are included with this Combined Prospectus/Information Statement as <u>Exhibit B</u>.

The financial highlights of the Target Fund are also contained in the Target Fund's Form N-CSR for the fiscal year ended December 31, 2024, which have been audited by Cohen & Company, Ltd., the Target Fund's

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independent registered public accounting firm. Unaudited financial highlights for the six-months ended June 30, 2025, are contained in the Target Fund's Form N-CSR. The Target Fund's Annual Report and Semi-Annual Report have previously been sent to shareholders, are available on request and without charge by writing to the Target Fund at the Target Fund's transfer agent at c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, or by calling toll-free at 1-855-523-8637, and are incorporated by reference into this Combined Prospectus/Information Statement.

**INFORMATION RELATING TO THE REORGANIZATION**

**Description of the Reorganization**

The following summary is qualified in its entirety by reference to the Plan of Reorganization found in <u>Exhibit A</u>.

The Plan of Reorganization provides that all of the assets and liabilities of the Target Fund will be transferred to the Survivor Fund in exchange for shares of the Survivor Fund. The shares of the Survivor Fund issued to the Target Fund will have an aggregate NAV equal to the aggregate NAV of the Target Fund's shares outstanding as of the close of trading on the Exchange on the Closing Date of the Reorganization (the "Valuation Time"). Upon receipt by the Target Fund of the shares of the Survivor Fund, the Target Fund will distribute Survivor Fund shares to its shareholders and will be terminated as a series of the Trust. Before the Reorganization, the Target Fund will redeem in cash any fractional shares of the Target Fund owned by shareholders.

The distribution of the Survivor Fund shares to the Target Fund's shareholders will be accomplished by opening new accounts on the books of the Survivor Fund in the names of the Target Fund's shareholders and transferring to those shareholder accounts the shares of the Survivor Fund. Such newly opened accounts on the books of the Survivor Fund will represent the respective pro rata number of shares of the Survivor Fund that the Target Fund is to receive under the terms of the Plan of Reorganization. If you hold your shares of the Target Fund in a brokerage account that does not allow you to hold ETF shares, you will need to contact your financial adviser or other financial intermediary to set up a brokerage account that permits investment in ETF shares. If you hold your shares directly with the Target Fund, you will need to open an account with a broker or other financial intermediary. Otherwise, your shares of the Target Fund will be liquidated. See "Terms of the Reorganization" below.

Accordingly, as a result of the Reorganization, each Target Fund shareholder will own shares of the Survivor Fund with an aggregate NAV equal to the aggregate NAV of the shares of the Target Fund that the shareholder owned immediately prior to the Reorganization.

No sales charge or fee of any kind will be assessed to the Target Fund shareholders in connection with their receipt of shares of the Survivor Fund in the Reorganization.

**Terms of the Reorganization**

The Plan of Reorganization may be terminated with respect to the Reorganization if, on the Closing Date, any of the required conditions have not been met or if the representations and warranties are not true or, if at any time before the Effective Time (as defined in the Plan of Reorganization), the Board or an authorized officer of the Trust determines the Reorganization is inadvisable. The Plan of Reorganization may be terminated or amended by the mutual consent of the parties.

**Reasons for the Reorganization** 

The factors considered by the Board in approving the Reorganization included, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Reorganization, shareholders will be invested in a Survivor Fund with a substantially investment objective and identical principal investment strategies;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• After the Reorganization, Target Fund shareholders will be invested in the Survivor Fund with lower total operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The same portfolio manager that currently manages the Target Fund will manage the Survivor Fund after the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Survivor Fund is expected to achieve certain operating efficiencies as an ETF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reorganization is not expected to result in any tax consequence to shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs of the Reorganization will be borne by the Adviser; neither the Funds nor their shareholders will bear any of the costs of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Target Fund shareholder will receive Survivor Fund shares with the same aggregate NAV as their Target Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Shareholders of the Target Fund must have a brokerage account that is permitted to hold ETF shares in order to receive shares of the Survivor Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• A vote of shareholders of the Target Fund is not required under the Trust's governing documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reorganization is expected to provide the following benefits to shareholders:

o<u>Lower expense ratio</u>. While the Target Fund pays a management fee of 1.50% of average daily net assets, the Survivor Fund will have unitary fee of 0.99% of average daily net assets

o<u>Lower cost of operation</u>. The Survivor Fund is expected to cost less to operate relative to the Target Fund because there are expenses that the Target Fund incurs as part of its operations that the Survivor Fund will not incur, including per-account transfer agency fees, shareholder servicing fees, state registration fees and certain custody transaction-related expenses.

o<u>Increased transparency</u>. The Survivor Fund will be a transparent ETF that operates with full transparency of its portfolio holdings. Following the Reorganization, the Survivor Fund will make its portfolio holdings public each day prior to the open of the [EXCHANGE] (the "Exchange"). This holdings information will be found on the Survivor Fund's website, [\*].

o<u>Potential for improved tax efficiency</u>. Converting to an ETF structure can provide benefits with respect to the management of capital gains distributions allowing for potentially greater tax efficiency for the shareholders of the Survivor Fund. When a mutual fund, such as the Target Fund. sells portfolio securities, that sale can create capital gains that may be taxable to shareholders of the mutual fund. In contrast, the creation and redemption process for ETFs, including actively managed ETFs such as the Survivor Fund, allows the ETF to acquire and sell portfolio securities in-kind. This process generally reduces the realization of taxable capital gains by the ETF. As a result, capital gains distributions, if any, made by an ETF typically are small and shareholders in an ETF are largely only subject to capital gains tax on their investment in the ETF after they sell their ETF shares. The Survivor Fund will pursue the same investment objective and substantially similar investment strategies as the Target Fund but in an ETF structure.

o<u>Intraday trading</u>. Shares of the Target Fund can only be purchased or redeemed once daily after the next-determined NAV. In contrast, because the Survivor Fund will be listed on the Exchange, its shares can be purchased and sold throughout the trading day at a quoted bid price and sold at a quoted ask price on the exchange, which gives the shareholder more control over the ability to enter into or exit out of their investment. However, because buying or selling shares of the Survivor Fund will be done at the market price, an investor will no longer be transacting with the Survivor Fund at the

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Survivor Fund's NAV, and the price of the purchase or sale may be more or less than the Survivor Fund's NAV. Such transactions also may result in paying brokerage commissions.

o<u>Potential for expanded distribution</u>. Additional platform opportunities in connection with the ETF structure could increase the Survivor Fund's assets and create potential opportunities for economies of scale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Reorganization is not expected to result in the recognition of any taxable gain or loss by the shareholders of the Target Fund on the exchange of Target Fund shares for Survivor Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The costs of the Reorganization will be borne by the Adviser; neither the Funds nor their shareholders will bear any of the costs of the Reorganization; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Target Fund shareholders will receive Survivor Fund shares with the same aggregate NAV as their Target Fund shares.

The Board, including all of the Independent Trustees, concluded that, based upon the factors and determinations summarized above, consummation of the Reorganization is in the best interests of the Target Fund and that the interests of the shareholders of the Target Fund will not be diluted as a result of the Reorganization. The determinations were made on the basis of each Trustee's business judgment after consideration of all of the factors taken as a whole, though individual Trustees may have placed different weight on various factors and assigned different degrees of materiality to various conclusions.

**Federal Income Taxes**

The combination of the Target Fund and the Survivor Fund in the Reorganization is intended to qualify for federal income tax purposes as a separate tax-free reorganization under Section 368(a) of the Code. As a non-waivable condition of the closing of the Reorganization, the Trust will receive a legal opinion from Thompson Hine LLP to the effect that the Reorganization should be a tax-free reorganization under Section 368(a) of the Code. Accordingly, neither the Target Fund nor its shareholders will recognize gain or loss as a result of the Reorganization. However, the shareholders of the Target Fund may recognize gain or loss upon the receipt of cash in redemption of fractional shares of the Target Fund prior to the Reorganization, and shareholders whose Target Fund shares are not held through a brokerage account or are held through a brokerage account that cannot accept shares of the Survivor Fund on the Closing Date of the Reorganization, may recognize gain or loss if their Target Fund shares are either liquidated and redeemed for cash, or transferred by their financial intermediary to a different investment option. The tax basis of the Survivor Fund shares received in exchange for Target Fund shares in the Reorganization will be the same as the basis of the Target Fund shares exchanged (adjusted for any gain or loss recognized as described above) and the holding period of the Survivor Fund shares received will include the holding period of the Target Fund shares exchanged; provided that, the shares exchanged were held as capital assets at the time of the Reorganization. No tax ruling from the Internal Revenue Service regarding the Reorganization has been requested. Nevertheless, the sale of securities by the Target Fund prior to the Reorganization, whether in the ordinary course of business or in anticipation of the Reorganization, could result in taxable capital gains distribution prior to the Reorganization. Shareholders should consult their tax advisors as to the specific consequences to them of the Reorganization, including the applicability and effect of state, local, foreign, and other taxes.

**Expenses of the Reorganization**

The costs of the Reorganization will be borne by the Adviser. The total cost of the Reorganization is expected to be approximately $50,000.

**Continuation of Shareholder Accounts and Plans; Share Certificates**

Upon consummation of the Reorganization, the Survivor Fund will establish a position for each Target Fund shareholder on the books of the Survivor Fund containing the appropriate number of shares of the Survivor Fund to

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be received in the Reorganization. No certificates for shares of the Survivor Fund will be issued in connection with the Reorganization.

**OTHER INFORMATION**

**Capitalization**

The following table sets forth, as of June 30, 2025: (a) the unaudited capitalization of the Target Fund; and (b) the unaudited *pro forma* combined capitalization of the Survivor Fund assuming the Reorganization has taken place. The capitalizations are likely to be different on the Closing Date as a result of daily Fund share purchase, redemption, and market activity. No assurance can be given as to how many shares of the Survivor Fund will be received by Target Fund shareholders at the Closing Date, and the information should not be relied upon to reflect the number of shares of the Survivor Fund that actually will be received by Target Fund shareholders. The Survivor Fund is a shell fund that will commence operations on the Closing Date. Class I Shares of the Target Fund will be the accounting survivor for financial statement purposes (i.e., its financial statements will be carried forward after the Reorganization). The capitalization of the Target Fund is likely to be different on the Closing Date as a result of daily share purchase, redemption and market activity.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Total<br>Net Assets** | **Shares Outstanding**<br>**[(\*)]** | **Share Adjustment** | **Adjusted Shares<br>Outstanding**<br>**[(\*)]** | **Net Asset<br>Value Per<br>Share** |
| Target Fund | $39552671 | 2947553 |  | 2947553 | $13.42 |
| *Pro Forma* - Survivor Fund | $39552671 | 2947553 |  | 2947553 | $13.42 |

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**Shareholder Information**

As of the Record Date, there were [\*] shares of the Target Fund outstanding. As of the Record Date, no person was known by the Target Fund to own beneficially or of record 5% or more of any class of shares of the Target Fund except as follows:

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| | | |
|:---|:---|:---|
| **Owner of Record** | **Number of Shares** | **Percent of <br>Outstanding <br>Shares Owned** |
| [\*] | [\*] | [\*]% |

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As of the Record Date, the Survivor Fund was not operational and therefore, had no shareholders.

**Shareholder Rights and Obligations**

Both the Target Fund and Survivor Fund are series of the Trust, a business trust organized under the laws of the state of Ohio. Under the Trust's Declaration of Trust, the Trust is authorized to issue an unlimited number of shares of beneficial interest, without par value, from an unlimited number of series of shares. The shares of each series of the Trust have no preference as to conversion, exchange, dividends, retirement or other features, and have no preemptive rights.

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With respect to each Fund, shares have equal dividend, distribution, liquidation, and voting rights. Fractional shares of the Target Fund have those rights proportionately.

When issued in accordance with the provisions of their respective prospectuses (and, in the case of shares of Survivor Fund, issued in connection with the Reorganization), all shares are fully paid and non-assessable.

**Shareholder Proposals**

Rules promulgated by the SEC require that shareholder proposals may, under certain conditions, be included in the Trust's Proxy Statement and proxy for a particular meeting. Under these rules, proposals submitted for inclusion in the Trust's proxy materials must be received by the Trust within a reasonable time before the solicitation is made. The fact that the Trust receives a shareholder proposal in a timely manner does not ensure its inclusion in its proxy materials, because there are other requirements in the proxy rules relating to such inclusion. You should be aware that annual meetings of shareholders are not required as long as there is no particular requirement under the Company Act that must be met by convening such a shareholder meeting. Any shareholder proposal should be sent to Jon Essen, C/o LoCorr Fund Management, LLC, 687 Excelsior Boulevard, Excelsior, MN 55331. Shareholder proposals may also be raised from the floor at the meeting without prior notice to the Trust. Because the Trust has never received a shareholder proposal, the Trust has not adopted a written policy regarding consideration of shareholder proposals.

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**EXHIBIT A—AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION**

**AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION**

THIS AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION (this "Agreement") is made as of this [ ] day of [ ], 2025, by and among LoCorr Investment Trust (the "Trust"), a Ohio business trust, with its principal place of business at 687 Excelsior Boulevard, Excelsior, MN 55331, on behalf of its series the LoCorr Dynamic Opportunity Fund (the "Target Fund"), and the Trust, on behalf of its series the LoCorr Dynamic Opportunity ETF (the "Survivor Fund") and, solely with respect to Article IX, LoCorr Fund Management, LLC (the "Adviser"), with its principal place of business at 687 Excelsior Boulevard, Excelsior, MN 55331. Each of the Target Fund and the Survivor Fund are a "Fund", and together, the "Funds".

WHEREAS, it is intended that the transactions contemplated by this Agreement constitute a "reorganization" as defined in Section 368(a)(1) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury regulations thereunder. Such transactions will consist of: (i) the transfer of all of the property and assets of the Target Fund to the Survivor Fund in exchange for (a) shares of beneficial interest, no par value per share, of shares of the Survivor Fund (the "Survivor Fund Shares"), and (b) the assumption by the Survivor Fund of all liabilities of the Target Fund; followed by (ii) the distribution of the Survivor Fund Shares pro rata to the shareholders of the Target Fund in exchange for their shares in the Target Fund (the "Target Fund Shares") in liquidation of the Target Fund as provided herein, all upon the terms and conditions set forth in this Agreement ((i) and (ii) together, the "Reorganization");

WHEREAS, the parties hereby adopt this Agreement as a "plan of reorganization" within the meaning of Treasury regulations Sections 1.368-2(g) and 1.368-3(a). Notwithstanding anything to the contrary contained herein, the obligations, agreements, representations ,and warranties with respect to each Fund shall be the obligations, agreements, representations and warranties of that Fund only, and in no event shall any other series of the Trust or the assets of any other series of the Trust be held liable with respect to the breach or other default by an obligated Fund of its obligations, agreements, representations and warranties as set forth herein;

WHEREAS, the Target Fund and Survivor Fund are separate series of the Trust, which is a business trust and an open-end, registered management investment company within the meaning of the Investment Company Act of 1940, as amended (the "Company Act");

WHEREAS, the Target Fund owns securities and other investments that are assets of the character in which the Survivor Fund is permitted to invest;

WHEREAS, each Fund is authorized to issue its shares of beneficial interest;

WHEREAS, the trustees of the Trust ("Trustees") have determined that the Reorganization, with respect to the Target Fund, is in the best interests of the Target Fund's shareholders and that the interests of the existing shareholders of the Target Fund will not be diluted as a result of the Reorganization; and

WHEREAS, the Trustees have determined that the Reorganization, with respect to the Survivor Fund, is in the best interests of the Survivor Fund and, there being no existing shareholders of the Survivor Fund, that the Reorganization will not result in dilution of the Survivor Fund's shareholders' interests;

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&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, in consideration of the premises, covenants, and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

**REORGANIZATION**

<u>The Exchange</u>. Subject to the terms and conditions contained herein and on the basis of the representations and warranties contained herein, the Target Fund agrees to sell, assign, convey, transfer, and deliver all of its assets, as set forth in paragraph 1.2, free and clear of all liens and encumbrances, except those liens and encumbrances as to which the Survivor Fund has received notice, to the Survivor Fund. In exchange, the Survivor Fund agrees: (a) to issue and deliver to the Target Fund the number of Survivor Fund Shares having an aggregate net asset value ("NAV") equal to the aggregate NAV of the Target Fund Shares, as determined in the manner set forth in paragraphs 2.1 and 2.2; and (b) to assume the liabilities of the Target Fund, as set forth in paragraph 1.3. Such transactions comprising the Reorganization shall take place on the date of the closing provided for in paragraph 3.1 (the "Closing Date").

<u>Assets to be Acquired</u>. The assets of the Target Fund to be sold, assigned, transferred, delivered to, and acquired by the Survivor Fund shall consist of all assets and property of every kind and nature, including, without limitation, all cash, cash equivalents, securities, goodwill, interests in futures and dividends or interest receivables, receivables for shares sold and other rights that are owned by the Target Fund on the Closing Date, and any prepaid expenses shown as an asset on the books of the Target Fund on the Closing Date (the "Acquired Assets"). For the sake of clarity, the Acquired Assets include, but are not limited to, all rights (including rights to indemnification and contribution) and claims (including, but not limited to, claims for breach of contract, violation of standards of care, and claims in connection with past or present portfolio holdings, whether in the form of class action claims, opt-out, or other direct litigation claims or regulator or government established investor recovery fund claims, and any and all resulting recoveries, free and clear of all liens, encumbrances and claims whatsoever, except those liens and encumbrances as to which the Survivor Fund has received notice) of the Target Fund against any party with whom the Target Fund has contracted for any actions or omissions up to the Closing Date.

The Target Fund will provide the Survivor Fund with its most recent audited financial statements as of the Closing Date, which contain a list of all of the Target Fund's assets as of the date of such statements. The Target Fund hereby represents that, as of the date of the execution of this Agreement, there have been no changes in its financial position as reflected in such financial statements other than those occurring in the ordinary course of business in connection with the purchase and sale of securities and the payment of normal operating expenses and the payment of dividends, capital gains distributions and redemption proceeds to shareholders. The Target Fund reserves the right to sell any of such securities or other investments.

<u>Liabilities to be Assumed</u>. The Target Fund will endeavor, consistent with its obligation to continue to pursue its investment objective and employ its investment strategies in accordance with the terms of its Prospectus, in good faith to discharge all of its known liabilities and obligations to the extent practicable prior to the Closing Date. The Survivor Fund shall assume all liabilities of the Target Fund not discharged prior to the Closing Date, whether known or unknown, contingent, accrued, or otherwise (excluding expenses relating to the Reorganization and borne by the Adviser pursuant to Article IX), and investment contracts entered into in accordance with the terms of its Prospectus (the "Assumed Liabilities").

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<u>Liquidation and Distribution</u>. On the Closing Date, the Target Fund will distribute, in liquidation, all of the Survivor Fund Shares received by the Target Fund pursuant to paragraph 1.1, pro rata to its shareholders of record, determined as of the close of business on the Closing Date (the "Target Fund Shareholders"). In the Reorganization, each Target Fund Shareholder will receive the number of Survivor Fund Shares that has an aggregate NAV equal to the aggregate NAV of the Target Fund Shares held of record by such Target Fund Shareholder on the Closing Date (following the redemption of fractional shares pursuant to Section 9 of Article V).

Such liquidation and distribution will be accomplished by the transfer of Survivor Fund Shares credited to the account of the Target Fund on the books of the Survivor Fund to open accounts on the share records of the Survivor Fund in the names of the Target Fund Shareholders, representing the respective numbers of Survivor Fund Shares due such shareholders. All issued and outstanding Target Fund Shares will simultaneously be canceled on the books of the Target Fund, and the Target Fund will thereupon proceed to terminate as set forth in paragraph 1.7 below. The Survivor Fund shall not issue certificates representing Survivor Fund Shares in connection with such exchange. Each Target Fund Shareholder shall have the right to receive any unpaid dividends or other distributions that were declared by the Target Fund before the Effective Time (as defined in paragraph 3.1) with respect to Target Fund Shares that are held of record by the Target Fund Shareholder at the Effective Time on the Closing Date.

<u>Ownership of Shares</u>. Ownership of Survivor Fund Shares will be shown on the books of the Survivor Fund's transfer agents.

<u>Transfer Taxes</u>. Any transfer taxes payable upon the transfer of Survivor Fund Shares in a name other than the registered holder of the Target Fund Shares on the books of the Target Fund as of the Closing Date shall, as a condition of such issuance and transfer, be paid by the person to whom such Survivor Fund Shares are to be transferred.

<u>Termination of Target Fund</u>. As soon as practicable on or after the Closing Date, the Target Fund shall make all filings and take all other steps as shall be necessary and proper to terminate and cease operations as a series of the Trust. After the Closing Date, the Target Fund shall not conduct any business except in connection with its dissolution.

**<br> VALUATION**

<u>Valuation of Assets</u>. The value of the Acquired Assets for purposes of paragraph 1.1 above shall be the value of such Acquired Assets computed as of the close of regular trading on the New York Stock Exchange ("NYSE") on the Closing Date. The NAV per share of each of the Target Fund Shares and Survivor Fund Shares shall be computed by the Survivor Fund's accounting agent and administrator (the "Administrator"), in the manner set forth in the Trust's Agreement and Declaration of Trust, By-Laws, the Survivor Fund's then-current Prospectus and Statement of Additional Information, and in the procedures adopted by the Trust's Board of Trustees ("Board").

<u>Valuation and Calculation of Shares</u>. The NAV per share of Survivor Fund Shares and the NAV per share of Target Fund Shares shall, in each case, be computed as of the close of normal trading on the NYSE on the Closing Date. The number of Survivor Fund Shares to be issued in the Reorganization in exchange for Target Fund Shares shall be determined by the Administrator by dividing the NAV of the Target Fund Shares, as determined in accordance with paragraph 2.1, by the NAV of one Survivor Fund Share, as determined in accordance with Paragraph 2.1 hereof.

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<u>Determination of Value</u>. All computations of value with respect to the Target Fund shall be made by the Administrator, in accordance with its regular practice in pricing the shares and assets of the Target Fund.

**CLOSING AND CLOSING DATE**

<u>Closing Date</u>. Subject to the satisfaction or waiver of the conditions set forth in Articles VI, VII and VIII of this Agreement, the closing of the Reorganization (the "Closing") will be on the Closing Date, which will be on or about, or such other date as the parties may agree to in writing. The Closing shall be held as of the close of business Eastern Time (the "Effective Time") at the offices of the Administrator, or at such other time and/or place as the parties may agree. For the avoidance of doubt, the Closing may be held in person, by facsimile, email, or such other communication means as the parties may agree. All acts taking place at the Closing shall be deemed to take place simultaneously immediately at the Effective Time, unless otherwise provided.

<u>Custodian's Certificate</u>. The Target Fund shall cause U.S. Bank, N.A. ("Custodian"), to deliver at the Closing a certificate of an authorized officer stating that: (a) the Target Fund's portfolio securities, cash, and any other assets shall have been delivered in proper form to the custodian for the Survivor Fund, immediately prior to the Closing Date; and (b) all necessary Taxes (as defined in paragraph 4.1(j)) in connection with the delivery of the Acquired Assets, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made. The Target Fund's portfolio securities represented by a certificate or other written instrument shall be presented by the Custodian no later than five business days preceding the Closing Date and transferred and delivered by the Target Fund as of the Closing Date for the account of the Survivor Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof.

<u>Effect of Suspension in Trading</u>. In the event that on the Closing Date, either: (a) the NYSE Arca (the "Exchange") on which the portfolio securities of the Survivor Fund or the Target Fund are purchased or sold, shall be closed to trading or trading on such exchange shall be restricted; or (b) trading or the reporting of trading on the Exchange shall be disrupted so that accurate appraisal of the NAV of the Survivor Fund or the Target Fund is impracticable as mutually determined by the parties, the Closing Date shall be postponed until the first business day after the day when trading is fully resumed and reporting is restored.

<u>Transfer Agent's Certificate</u>. The Trust, on behalf of the Target Fund, shall cause the Administrator, as its transfer agent as of the Closing Date to deliver at the Closing to the Secretary of the Trust a certificate of an authorized officer stating that its records contain the names and addresses of Target Fund Shareholders, and the number and percentage ownership of outstanding Target Fund Shares owned by each such shareholder immediately prior to the Closing. The Trust, on behalf of the Survivor Fund, shall issue and deliver or cause the Custodian, its transfer agent, to issue and deliver to the Secretary of the Trust a confirmation evidencing the number of Survivor Fund Shares to be credited on the Closing Date and provide evidence satisfactory to the Target Fund that such Survivor Fund Shares have been credited to the Target Fund's account on the books of the Survivor Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, receipts, and other documents, if any, as such other party or its counsel may reasonably request.

**REPRESENTATIONS AND WARRANTIES**

<u>Representations of the Target Fund</u>. The Trust, on behalf of the Target Fund, represents and warrants to the Trust, on behalf of the Survivor Fund, as follows:

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The Target Fund is a separate series of the Trust. The Trust is a business trust duly organized, validly existing and in good standing under the laws of the State of Ohio. The Trust has the power to own all of its properties and assets and to perform its obligations under this Agreement;

The Trust is registered as an open-end management investment company, and its registration with the Securities and Exchange Commission ("SEC") as an investment company under the Company Act, is in full force and effect;

The current Prospectus and Statement of Additional Information of the Target Fund conform in all material respects to the applicable requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Company Act, and the rules and regulations thereunder, and do not include any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

The Target Fund is not currently engaged in, and the execution, delivery, and performance of this Agreement will not result in, the violation of any material provision of the Trust's Agreement and Declaration of Trust or its By-Laws, or of any material agreement, indenture, instrument, contract, lease, or other undertaking to which the Target Fund is a party or by which it is bound;

The Target Fund Shares are the only outstanding equity interests in the Target Fund;

The Target Fund has no material contracts or other commitments (other than this Agreement and agreements for the purchase and sale of securities or other permitted investments) that if terminated will result in material liability to the Target Fund;

Except as otherwise disclosed in writing to and accepted by the Survivor Fund, no litigation, administrative proceeding, or investigation of or before any court or governmental body is presently pending or to its knowledge, without any special investigation or inquiry, threatened against the Target Fund or any of its properties or assets, which, if adversely determined, would materially and adversely affect its financial condition, the conduct of its business, or the ability of the Target Fund to carry out the transactions contemplated by this Agreement. The Target Fund is not a party to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects the Target Fund's business or its ability to consummate the transactions contemplated herein;

The financial statements of the Target Fund for the most recently completed fiscal year ended December 31, 2024, are in accordance with generally accepted accounting principles, and such statements (copies of which have been furnished to the Survivor Fund) fairly reflect the financial condition of the Target Fund as of the end of such fiscal year, in all material respects as of that date, and there are no known contingent liabilities of the Target Fund as of that date not disclosed in such statements;

Since the end of the Target Fund's most recently completed fiscal year, there have been no material adverse changes in the Target Fund's financial condition, assets, liabilities, or business (other than changes occurring in the ordinary course of business), or any incurrence by the Target Fund of material indebtedness, except as otherwise disclosed to and accepted by the Survivor Fund. For the purposes of this subparagraph (i), distributions of net investment income and net realized capital gains, changes in portfolio securities, changes in market value of portfolio securities, or net redemptions shall not constitute a material adverse change;

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All Tax (as defined below) returns and reports (including, but not limited to, information returns) that are required to have been filed by the Target Fund have been duly and timely filed. All such returns and reports were true, correct and complete in all material respects as of the time of their filing. All Taxes due or properly shown to be due on such returns and reports have been paid, or provision has been made and properly accounted therefor. To the knowledge of the Trust, no such return is currently being audited by any federal, state, local or foreign taxing authority. To the knowledge of the Trust, there are no deficiency assessments (or deficiency assessments proposed in writing) with respect to any Taxes of the Target Fund. As used in this Agreement, "Tax" or "Taxes" means all federal, state, local and foreign (whether imposed by a country or political subdivision or authority thereunder) income, gross receipts, excise, sales, use, value added, employment, franchise, profits, property, ad valorem or other taxes, stamp taxes and duties, fees, assessments or charges, whether payable directly or by withholding, together with any interest and any penalties, additions to tax or additional amounts imposed by any taxing authority (foreign or domestic) with respect thereto, and including any obligations to indemnify or otherwise assume or succeed to such a liability of any other person. There are no levies, liens or encumbrances relating to Taxes existing, pending or threatened in writing with respect to the assets of the Target Fund (other than liens for Taxes not yet due and payable). The Target Fund has not changed its annual accounting period within the 60-month period ending on the Closing Date;

All issued and outstanding shares of the Target Fund are, and at the Closing Date will be, validly issued, fully paid and non-assessable by the Target Fund and will have been issued in compliance with all applicable registration or qualification requirements of federal and state securities laws. All of the issued and outstanding shares of the Target Fund will, at the time of the Closing Date, be held by the persons and in the amounts set forth in the records of the Target Fund's transfer agent as provided in paragraph 3.4. The Target Fund has no outstanding options, warrants, or other rights to subscribe for or purchase any shares of the Target Fund, and has no outstanding securities convertible into any shares of the Target Fund;

At the Closing Date, the Target Fund will have good and valid title to the Target Fund's Acquired Assets to be transferred to the Survivor Fund pursuant to paragraph 1.2, and full right, power, and authority to sell, assign, transfer, and deliver such Acquired Assets hereunder. Upon delivery and payment for such Acquired Assets, the Survivor Fund will acquire good and valid title, subject to no restrictions on the full transfer of such Acquired Assets, including such restrictions as might arise under the Securities Act, other than as disclosed to and accepted by the Survivor Fund;

The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on the part of the Target Fund. This Agreement constitutes a valid and binding obligation of the Target Fund, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles;

The information to be furnished by the Target Fund for use in no-action letters, applications for orders, registration statements, and other documents that may be necessary in connection with the transactions contemplated herein shall be accurate and complete in all material respects and shall comply in all material respects with federal securities laws and other laws and regulations;

From the mailing of the N-14 Registration Statement (as defined in paragraph 5.5) and on the Closing Date, any written information furnished by the Trust with respect to the Target Fund for use in the N-14 Registration Statement, the N-1A Registration Statement (as defined in paragraph 4.3) or any other materials provided in connection with the Reorganization, does not and will not contain any untrue

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statement of a material fact or omit to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which such statements were made, not materially misleading;

The Trust has in effect an election to treat the Target Fund as a regulated investment company ("RIC") for federal income tax purposes under Part I of Chapter 1, Subchapter M of the Code. The Target Fund is a fund that is treated as a corporation separate from each other series of the Trust under Section 851(g) of the Code. The Target Fund has no earnings and profits accumulated in any taxable year for which the provisions of Part I of Chapter 1, Subchapter M of the Code (or the corresponding provisions of prior law) did not apply to it. The Target Fund has qualified for treatment as a RIC for each taxable year since its formation (or since it was first treated as a separate corporation under Section 851(g) of the Code) that has ended prior to the Closing Date and, subject to the accuracy of the representations set forth in paragraph 4.2(m), expects to satisfy the requirements of Part I of Chapter 1, Subchapter M of the Code to maintain qualification for such treatment for the taxable year that includes the Closing Date. Subject to the accuracy of the representations set forth in paragraph 4.2(m), the Target Fund does not expect that the consummation of the transactions contemplated by this Agreement will cause it to fail to qualify for treatment as a RIC as of the Closing Date or as of the end of its taxable year that includes the Closing Date. The Target Fund has not at any time since its inception been liable for any income or excise tax pursuant to Sections 852 or 4982 of the Code that has not been timely paid. The Target Fund is in compliance in all material respects with all applicable provisions of the Code and all applicable Treasury regulations pertaining to the reporting of dividends and other distributions on and redemptions of its shares of beneficial interest and to withholding in respect of dividends and other distributions to shareholders and redemption of shares, and is not liable for any material penalties that could be imposed thereunder;

The Target Fund's investment operations from inception to the date hereof have been in compliance in all material respects with the investment policies and investment restrictions set forth in the Target Fund's Prospectus, except as previously disclosed in writing to the Survivor Fund;

The Survivor Fund Shares to be issued to the Target Fund pursuant to paragraph 1.1 will not be acquired for the purpose of making any distribution thereof other than to the Target Fund Shareholders as provided in paragraph 1.4;

No governmental consents, approvals, authorizations, or filings are required under the Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company Act or Ohio law for the execution of this Agreement by the Trust, for itself and on behalf of the Target Fund, except for the effectiveness of the N-1A Registration Statement and the N-14 Registration Statement and such other consents, approvals, authorizations and filings as have been made or received, and such consents, approvals, authorizations and filings as may be required subsequent to the Closing Date;

The books and records of the Target Fund, including FASB ASC 740-10-25 (formerly FIN 48) workpapers and supporting statements, made available to the Survivor Fund and/or its counsel, are substantially true and correct and contain no material misstatements or omissions with respect to the operations of the Target Fund;

The Target Fund would not be subject to corporate-level taxation on the sale of any assets currently held by it as a result of the application of Section 337(d) of the Code and the Treasury regulations thereunder;

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The Target Fund has not waived or extended any applicable statute of limitations with respect to the assessment or collection of Taxes; and

The Target Fund has not received written notification from any taxing authority that asserts a position contrary to any of the representations set forth in paragraphs (j), (p), (t), (u), and (v) of this Section 1 of Article IV.

<u>Representations of the Survivor Fund</u>. The Trust and the Survivor Fund represent and warrant to the Trust and the Target Fund as follows:

The Survivor Fund is a separate series of the Trust. The Trust is a Ohio business trust duly organized, validly existing and in good standing under the laws of the State of Ohio. The Trust has the power to own all of its properties and assets and to perform its obligations under this Agreement;

The Trust is registered as an open-end management investment company, and its registration with the SEC as an investment company under the Company Act is in full force and effect;

The current Prospectus and Statement of Additional Information of the Survivor Fund conform in all material respects to the applicable requirements of the Securities Act and the Company Act and the rules and regulations thereunder, and do not include any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make such statements therein, in light of the circumstances under which they were made, not misleading;

The Survivor Fund is not currently engaged in, and the execution, delivery and performance of this Agreement will not result in, a violation of any material provision of the Trust's Agreement and Declaration of Trust, its By-Laws, or of any material agreement, indenture, instrument, contract, lease, or other undertaking to which the Survivor Fund is a party or by which it is bound;

Except as otherwise disclosed in writing to and accepted by the Target Fund, no litigation, administrative proceeding, or investigation of or before any court or governmental body is presently pending, or to its knowledge, without any special investigation or inquiry, threatened against the Survivor Fund or any of its properties or assets, which, if adversely determined, would materially and adversely affect its financial condition, the conduct of its business, or the ability of the Survivor Fund to carry out the transactions contemplated by this Agreement. The Survivor Fund is not a party to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects its business or its ability to consummate the transactions contemplated herein;

There shall be no issued and outstanding shares of the Survivor Fund prior to the Closing Date other than a nominal number of shares ("Initial Shares") issued to an initial capital investor (which shall be the investment adviser of the Survivor Fund or an affiliate thereof), to vote on the investment management agreement and other agreements and plans as may be required by the Company Act and to take whatever action it may be required to take as the Survivor Fund's sole shareholder. The Initial Shares have been or will be redeemed by the Survivor Fund prior to the Closing for the price for which they were issued, and any price paid for the Initial Shares shall at all times have been held by the Survivor Fund in a non-interest bearing account;

All issued and outstanding Survivor Fund Shares to be issued and delivered to the Target Fund pursuant to the terms of this Agreement, will be, at the Closing Date, validly issued, fully paid and non-assessable by the Survivor Fund. The Survivor Fund has no outstanding options, warrants, or other rights

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to subscribe for or purchase any Survivor Fund Shares, and there are no outstanding securities convertible into any Survivor Fund Shares;

The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on the part of the Survivor Fund, and this Agreement constitutes a valid and binding obligation of the Survivor Fund, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles;

The information to be furnished by the Survivor Fund for use in no-action letters, applications for orders, registration statements, and other documents that may be necessary in connection with the transactions contemplated herein shall be accurate and complete in all material respects and shall comply in all material respects with federal securities laws and other laws and regulations;

From the mailing of the N-14 Registration Statement and on the Closing Date, any written information furnished by the Trust with respect to the Survivor Fund for use in the N-14 Registration Statement, the N-1A Registration Statement or any other materials provided in connection with the Reorganization, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which such statements were made, not materially misleading;

The Survivor Fund agrees to use all reasonable efforts to obtain the approvals and authorizations required by the Securities Act, the Exchange Act, the Company Act, and any state blue sky or securities laws in order to continue its operations after the Closing Date;

No governmental consents, approvals, authorizations or filings are required under the Securities Act, the Exchange Act, the Company Act or Ohio law for the execution of this Agreement by the Trust, for itself and on behalf of the Survivor Fund, or the performance of the Agreement by the Trust, for itself and on behalf of the Survivor Fund, except for the effectiveness of the N-1A Registration Statement and the N-14 Registration Statement and such other consents, approvals, authorizations and filings as have been made or received, and except for such consents, approvals, authorizations, and filings as may be required subsequent to the Closing Date;

Subject to the accuracy of the representations and warranties in paragraph 4.1(p), for the taxable year that includes the Closing Date, the Trust expects that the Survivor Fund will meet the requirements of Chapter 1, Part I of Subchapter M of the Code for qualification as a RIC and will be eligible to, and will, compute its federal income tax under Section 852 of the Code; and

The Survivor Fund is, and will be at the time of Closing, a newly created series without assets and liabilities, created for the purpose of acquiring the assets and assuming the liabilities of the Target Fund, and, prior to the Closing, will not carry on any business activities (other than such activities as are customary to the organization of a new series of a registered investment company prior to its commencement of investment operations).

<u>Representations of the Trust</u>. The Trust represents and warrants as follows:

The Trust has filed a post-effective amendment to its registration statement on Form N-1A ("N-1A Registration Statement") for the purpose of registering the Survivor Fund under the Company Act.

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**<br> COVENANTS** 

<u>Operation in Ordinary Course</u>. Each of the Survivor Fund and the Target Fund will operate their businesses in the ordinary course between the date of this Agreement and the Closing Date, it being understood that such ordinary course of business may include payment of customary dividends and distributions and shareholder redemptions in the case of the Target Fund and redemptions of the Initial Shares in the case of the Survivor Fund.

<u>Additional Information</u>. The Target Fund will assist the Survivor Fund in obtaining such information as the Survivor Fund reasonably requests concerning the beneficial ownership of the Target Fund Shares.

<u>Further Action</u>. Subject to the provisions of this Agreement, the Survivor Fund and the Target Fund will each take or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement, including any actions required to be taken after the Closing Date.

<u>Statement of Earnings and Profits</u>. As promptly as practicable, but in any case within 60 days after the Closing Date, the Target Fund shall furnish the Survivor Fund, in such form as is reasonably satisfactory to the Survivor Fund, a statement of the earnings and profits of the Target Fund for federal income tax purposes that will be carried over to the Survivor Fund, as well as any capital loss carryovers that will be carried over to the Survivor Fund as a result of Section 381 of the Code, and which will be certified by the Trust's Treasurer.

<u>Preparation of N-14 Registration Statement</u>. The Trust will prepare and file with the SEC a registration statement on Form N-14 (the "N-14 Registration Statement") relating to the transactions contemplated by this Agreement in compliance with the Securities Act, the Exchange Act and the Company Act. The Target Fund will provide the Survivor Fund with the materials and information necessary to prepare the N-14 Registration Statement. Capitalized terms not defined herein have the meaning ascribed to them in the N-14 Registration Statement.

<u>Tax Returns</u>. The Trust covenants that by the time of the Closing, all of the Target Fund's federal and other Tax returns and reports required by law to have been filed on or before the Closing Date (taking extensions into account) shall have been filed and all federal and other Taxes (if any) shown as due on said returns shall have either been paid or, if not yet due, adequate liability reserves shall have been provided for the payment of such Taxes.

<u>Closing Documents</u>. At the Closing, the Trust, on behalf of the Target Fund, will provide the Trust, on behalf of the Survivor Fund, the following:

A certificate, signed by the President and the Treasurer or Assistant Treasurer of the Trust on behalf of the Target Fund, stating the Target Fund's known assets and liabilities, together with information concerning the tax basis and holding period of the Target Fund in all securities or investments transferred to the Survivor Fund.

A copy of any Tax books and records of the Target Fund necessary for purposes of preparing any Tax returns, schedules, forms, statements or related documents (including but not limited to any income, excise or information returns, as well as any transfer statements (as described in Treasury regulation Section 1.6045A-1)) required by law to be filed by the Survivor Fund after the Closing.

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A copy (which may be in electronic form) of the shareholder ledger accounts of the Target Fund, including, without limitation, the name, address and taxpayer identification number of each Target Fund Shareholder of record; the number of shares of beneficial interest held by each Target Fund Shareholder; the dividend reinvestment elections applicable to each Target Fund Shareholder; the backup withholding certifications (*e.g.*, IRS Form W-9) or foreign person certifications (*e.g*., IRS Form W-8BEN, W-8BEN-E, W-8ECI, or W-8IMY), notices or records on file with the Target Fund with respect to each Target Fund Shareholder; and such information as the Trust may reasonably request concerning Target Fund Shares or Target Fund Shareholders in connection with the Survivor Fund's cost basis reporting and related obligations under Sections 1012, 6045, 6045A, and 6045B of the Code and related Treasury regulations following the Closing for all of the Target Fund Shareholders (the "Target Fund Shareholder Documentation"), certified by the Trust's transfer agent or its President or its Vice President to the best of their knowledge and belief.

All FASB ASC 740-10-25 (formerly, FIN 48) work papers and supporting statements pertaining to the Target Fund.

<u>Tax Treatment</u>. The Survivor Fund and the Target Fund intend that the Reorganization will qualify as a reorganization described in Section 368(a)(1)(F) of the Code. Neither the Survivor Fund nor the Target Fund shall take any action or cause any action to be taken (including, without limitation, the filing of any Tax return) that is inconsistent with such treatment or results in the failure of the Reorganization to qualify as a reorganization described in Section 368(a)(1)(F) of the Code.

<u>Fractional and Non-Transferrable Shares</u>. Prior to the Effective Time:

The Target Fund shall redeem all fractional shares of the Target Fund outstanding on the records of the Target Fund's transfer agent.

The Target Fund shall liquidate and redeem for cash shares not held in a brokerage account or held through a brokerage account that cannot accept shares of the Survivor Fund on the Closing Date of the Reorganization, or upon shareholder instructions, transfer such shares to a different investment option.

**<br> CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUND**

The obligations of the Target Fund to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Survivor Fund of all the obligations to be performed by the Survivor Fund pursuant to this Agreement on or before the Closing Date, and, in addition, subject to the following conditions:

The N-1A Registration Statement filed by the Trust with the SEC to register the offer of the sale of the Survivor Fund Shares will be in effect on the Closing Date.

As of the Closing Date with respect to the Reorganization of the Target Fund, there shall have been no material change in the investment objective, policies and restrictions nor any material change in the investment management fees, other fees payable for services provided to the Survivor Fund, or fee waiver or expense reimbursement undertakings of the Survivor Fund from those fee amounts and undertakings of the Survivor Fund described in the N-14 Registration Statement or N-1A Registration Statement.

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The Board, including a majority of Trustees who are not "interested persons" of the Trust as defined under the Company Act ("Independent Trustees"), has determined that the transactions contemplated by this Agreement are in the best interests of the Survivor Fund and that the interests of the existing shareholders of the Survivor Fund would not be diluted as a result of such transactions.

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**CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND**

The obligations of the Survivor Fund to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Target Fund of all the obligations to be performed by the Target Fund pursuant to this Agreement, on or before the Closing Date and, in addition, shall be subject to the following conditions:

The Target Fund shall have delivered to the Survivor Fund: (a) a certificate, signed by the President or Vice President and the Treasurer or Assistant Treasurer of the Trust on behalf of the Target Fund, stating the Target Fund's known assets and liabilities, together with information concerning the tax basis and holding period of the Target Fund in all securities or investments transferred to the Survivor Fund; (b) the Target Fund Shareholder Documentation; (c) all FASB ASC 740-10-25 (formerly, FIN 48) work papers; (d) copies of the Tax books and records of the Target Fund for purposes of preparing any Tax returns required by law to be filed after the Closing Date; and (e) a statement of earnings and profits of the Target Fund, as described in paragraph 5.4.

The Board, including a majority of the Independent Trustees, has determined that the transactions contemplated by this Agreement are in the best interests of the Target Fund and that the interests of the existing shareholders of the Target Fund would not be diluted as a result of such transactions.

Section 3.&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund will, prior to the Closing, consolidate its outstanding share classes into a single class (the "Share Class Consolidation") so that immediately after the Share Class Consolidation each Target Fund shareholder holds shares of that single class with an aggregate value equal to the aggregate value of the shares of the Target Fund held immediately prior to the Share Class Consolidation.

**<br> CONDITIONS PRECEDENT TO OBLIGATIONS OF BOTH FUNDS**

If any of the conditions set forth below do not exist on or before the Closing Date with respect to the Target Fund or the Survivor Fund, the other party to this Agreement shall, at its option, not be required to consummate the transactions contemplated by this Agreement. Notwithstanding anything to the contrary in the foregoing, if the conditions stated in paragraph 8.5 below do not exist on or before the Closing Date with respect to the Target Fund or the Survivor Fund, the transactions contemplated by this Agreement shall not be consummated:

On the Closing Date, the SEC shall not have issued an unfavorable report under Section 25(b) of the Company Act or instituted any proceeding seeking to enjoin the consummation of the transactions contemplated by this Agreement under Section 25(c) of the Company Act. Furthermore, no action, suit or other proceeding shall be threatened or pending before any court or governmental agency in which it is sought to restrain or prohibit or obtain damages or other relief in connection with this Agreement or the transactions contemplated herein.

All required consents of other parties and all other consents, orders, and permits of federal, state, and local regulatory authorities (including those of the SEC and of state blue sky securities authorities, including any necessary no-action positions and exemptive orders from such federal and state authorities) to permit consummation of the transactions contemplated herein shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Survivor Fund or the Target Fund, provided that either party hereto may waive any such conditions for itself.

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Each of the N-1A Registration Statement and the N-14 Registration Statement shall have become effective under the Securities Act and no stop orders suspending the effectiveness thereof shall have been issued. To the best knowledge of the parties to this Agreement, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened, or contemplated under the Securities Act.

The Trust shall have received the opinion of Thompson Hine LLP dated as of the Closing Date and addressed to the Trust, in a form satisfactory to it, substantially to the effect that, based upon certain facts, qualifications, certifications, representations, and assumptions, for federal income tax purposes:

The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and each of the Target Fund and the Survivor Fund will be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

Under Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of all the Acquired Assets to the Survivor Fund solely in exchange for the Survivor Fund Shares and the assumption by the Survivor Fund of all the liabilities of the Target Fund, or upon the distribution of the Survivor Fund Shares to the Target Fund Shareholders;

Under Section 1032(a) of the Code, no gain or loss will be recognized by the Survivor Fund upon its receipt of all the Acquired Assets solely in exchange for Survivor Fund Shares and the assumption by the Survivor Fund of all the liabilities of the Target Fund as part of the Reorganization;

Under Section 362(b) of the Code, the Survivor Fund's adjusted bases in each of the Acquired Assets will be the same as the adjusted basis of such Acquired Assets to the Target Fund immediately prior to the Reorganization;

Under Section 1223(2) of the Code, the holding period of each of the Acquired Assets in the hands of the Survivor Fund will include the period during which the Acquired Assets were held by the Target Fund (except where the Survivor Fund's investment activities have the effect of reducing or eliminating an Acquired Asset's holding period);

Under Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund Shareholders upon the exchange of their Target Fund Shares for Survivor Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization (except with respect to cash received by Target Fund Shareholders in redemption of fractional Target Fund Shares prior to the Reorganization and the liquidation of Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares));

Under Section 358(a)(1) of the Code, the aggregate adjusted basis of the Survivor Fund Shares received by each Target Fund Shareholder in the Reorganization will be the same as the aggregate adjusted basis of the Target Fund Shares held by such Target Fund Shareholder immediately prior to the Reorganization (reduced by any amount of adjusted basis allocable to (a) fractional Target Fund Shares for which cash is received or (b) Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares);

Under Section 1223(1) of the Code, the holding period of the Survivor Fund Shares received by each Target Fund Shareholder in the Reorganization will include the period during which the Target Fund Shares exchanged therefor were held by such shareholder (provided the Target Fund Shares were held as capital assets on the date of the Reorganization); and

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The Survivor Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. In particular, under Treasury Regulations § 1.381(b)-1(a)(2), the Survivor Fund will be treated for purposes of section 381 of the Code just as the Target Fund would have been treated if there had been no Reorganization, the tax attributes of the Target Fund enumerated in Section 381(c) of the Code shall be taken into account by the Survivor Fund as if there had been no Reorganization, and the taxable year of the Target Fund will not end on the date of the Reorganization merely because of the Closing of the Reorganization.

Notwithstanding anything herein to the contrary, neither the Survivor Fund nor the Target Fund may waive the conditions set forth in this paragraph 8.4.

In rendering its opinion, Thompson Hine LLP may rely on customary assumptions and such representations as Thompson Hine LLP may reasonably request of Trust. No opinion with respect to any matter not specifically addressed by the foregoing shall be expressed by Thompson Hine LLP. By way of illustration, and without limitation of the foregoing, Thompson Hine LLP shall express no opinion regarding: (i) whether either the Target Fund or the Survivor Fund qualifies or will qualify as a regulated investment company; (ii) the federal income tax consequences of the payment of Reorganization expenses by the Adviser, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a)(1) of the Code; (iii) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980, as amended, with respect to any Target Fund Shareholder that is a foreign person; (iv) the effect of the Reorganization on the Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting (including under Section 1256 of the Code); (v) the effect of a Reorganization on any Target Fund Shareholder that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (vi) whether accrued market discount, if any, on any market discount bonds held by the Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (vii) whether any gain or loss will be required to be recognized with respect to any Acquired Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); (viii) any tax consequences (to the Survivor Fund, the Target Fund, the Target Fund Shareholders or any other person) related to the Share Class Consolidation; and (ix) any state, local, or foreign tax consequences of the Reorganization.

Each party shall have performed all of its covenants set forth in Article V, and its representations and warranties set forth in Article IV shall be true and correct in all material respects on and as of the Closing Date as if made on such date, and the President of the Trust shall have executed a certificate to such effect.

****<br> EXPENSES

Section 1.Except as otherwise provided for herein, the Adviser (or any affiliate thereof) shall bear all expenses of the transactions contemplated by this Agreement (other than expenses, if any, of the shareholders). Such expenses include, without limitation: (a) expenses associated with the preparation and filing of the N-14 Registration Statement, (b) postage, (c) printing, (d) accounting fees, (e) audit and legal fees, including fees of the counsel to the Trust, and counsel to the Independent Trustees of the Trust, (f) solicitation costs of the transactions (if any), (g) service provider conversion fees, and (g) any costs associated with meetings of the Board relating to the transactions contemplated herein.

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The Adviser (or any affiliate thereof) shall remain so liable for expenses, regardless of whether the transactions contemplated by this Agreement occur, and this Section 9.1 shall survive the Closing and any termination of this Agreement pursuant to paragraph 10.1. Notwithstanding the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in a failure by either the Target Fund or the Survivor Fund to qualify for treatment as a RIC within the meaning of Section 851 of the Code or would prevent the Reorganization from qualifying as a reorganization within the meaning of Section 368(a) of the Code or otherwise result in the imposition of tax on either the Target Fund or the Survivor Fund or on any of their respective shareholders.

**<br> TERMINATION**

This Agreement may be terminated by resolution of the Board at any time prior to the Closing Date if:

Any party shall have breached any material provision of this Agreement;

Circumstances develop that, in the opinion of such Board, make proceeding with the Reorganization inadvisable;

The Board determines that the consummation of the transactions contemplated herein is not in the best interest of the Target Fund and/or Survivor Fund; or

Any governmental body shall have issued an order, decree or ruling having the effect of permanently enjoining, restraining or otherwise prohibiting the consummation of this Agreement.

In the event of any such termination, there shall be no liability for damages on the part of any party to the other parties.

**<br> CONFIDENTIALITY**

Each Fund agrees to treat confidentially and as proprietary information of the other Fund, all records and other information, including any information relating to portfolio holdings, of such other Fund and not to use such records and information for any purpose other than the performance of its duties under this Agreement; provided, however, that after prior notification of and written approval by such other Fund (which approval shall not be withheld if the disclosing Fund would be exposed to civil or criminal contempt proceedings for failure to comply when requested to divulge such information by duly constituted authorities having proper jurisdiction, and which approval shall not be withheld unreasonably in any other circumstance), a Fund may disclose such records and/or information as so approved.

**<br> COOPERATION AND EXCHANGE OF INFORMATION**

The Trust will provide the appropriate representatives with such cooperation, assistance, and information as may reasonably be requested in filing any Tax returns, amended Tax returns, or claims for Tax refunds, determining a liability for Taxes or a right to a refund of Taxes, requesting a closing agreement or similar relief from a taxing authority or participating in or conducting any audit or other proceeding in respect of Taxes, or in determining the financial reporting of any Tax position. Each party

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or its respective agents will retain for a period of six (6) years following the Closing all returns, schedules, and work papers and all material records or other documents relating to Tax matters and financial reporting of Tax positions of the Target Fund and Survivor Fund for its taxable period first ending after the Closing and for prior taxable periods for which the party is required to retain records as of the Closing, provided that, the Target Fund shall not be required to maintain any such documents that it has delivered to the Survivor Fund.

Any reporting responsibility of the Target Fund is and shall remain the responsibility of the Target Fund, up to and including the date of the Closing, and such later date on which the Target Fund is terminated including, without limitation, responsibility for: (i) preparing and filing any Tax returns relating to Tax periods ending on or prior to the Closing Date (whether due before or after the Closing); and (ii) preparing and filing other documents with the SEC, any state securities commission, and any federal, state, or local tax authorities or any other relevant regulatory authority, except as otherwise is mutually agreed by the parties.

**<br> MISCELLANEOUS**

<u>Amendments</u>. This Agreement may be amended, modified, or supplemented prior to the Closing Date by the parties in writing; provided, however, that no such amendment may have the effect of changing any provisions to the detriment of such shareholders.

<u>Entire Agreement</u>. The Trust, on behalf of the Survivor Fund and the Target Fund, agree that neither party has made to the other party any representation, warranty, and/or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties.

<u>Survival. T</u>he representations and warranties contained in this Agreement or in any document delivered pursuant to or in connection with this Agreement, shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing Date, and the obligations of the Survivor Fund, shall continue in effect beyond the consummation of the transactions contemplated hereunder.

<u>Headings</u>. The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without giving effect to the conflicts of laws provisions thereof.

<u>Assignment</u>. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. Except as provided in this paragraph, no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

<u>Limitation of Liability</u>. It is expressly agreed that the obligations of the Survivor Fund hereunder shall not be binding upon any of the Trustees, shareholders, officers ("Officers"), agents, or employees of

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the Trust personally, but shall bind only the trust property of the Survivor Fund, as provided in the Trust's Agreement and Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees on behalf of the Survivor Fund and signed by authorized Officers, acting as such. Such authorization by the Trustees and such execution and delivery by the Officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Survivor Fund as provided in the Trust's Agreement and Declaration of Trust.

<u>Discharge of Liabilities</u>. The Trust, on behalf of the Survivor Fund and the Target Fund, specifically acknowledges and agrees that any liability under this Agreement with respect to the Survivor Fund or Target Fund, respectively, or in connection with the transactions contemplated herein with respect to the Survivor Fund or Target Fund, respectively, shall be discharged only out of the assets of the Survivor Fund or Target Fund, respectively, and that no other series of the Trust shall be liable with respect thereto.

IN WITNESS WHEREOF, the parties have duly executed this Agreement, all as of the date first written above.

***SIGNATURES ON FOLLOWING PAGE***

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| |
|:---|
| LOCORR INVESTMENT TRUST<br>on behalf of the Target Fund<br>By:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Name:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;________________________________ |
| LOCORR INVESTMENT TRUST<br>on behalf of the Survivor Fund<br>By:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Name:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;________________________________ |
| LOCORR FUND MANAGEMENT, LLC<br>solely with respect to Article IX<br>By:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Name:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;________________________________ |

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**EXHIBIT B—FINANCIAL HIGHLIGHTS**

The financial highlights tables are intended to help you understand the Target Fund's financial performance for the periods shown. Certain information reflects financial results for a single Target Fund share. The total returns in the tables reflect the rates an investment in the Target Fund would have earned (or lost), assuming reinvestment of all dividends and distributions. The following information has been derived from the Target Fund's financial statements, which have been audited by Cohen & Company, Ltd., independent registered public accounting firm. It is an integral part of the Target Fund's audited financial statements included in the Target Fund's Form N-CSR. The information for the six months ended June 30, 2025 has been derived from the Target Fund's unaudited financial statements included in the Target Fund's Form N-CSRs. Both the Annual Report and Semi-Annual Report are incorporated by reference into the Statement of Additional Information. This should be read in conjunction with those financial statements.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** | **LoCorr Dynamic Opportunity Fund – Class A** |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Period Ended** <br>**June 30, 2025\*** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE** |  |  |  |  |  |  |
| Net asset value, beginning of year | $12.62 | &nbsp;&nbsp;&nbsp;&nbsp;$11.43&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.22&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$12.46&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.62&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.20&nbsp;&nbsp;&nbsp;&nbsp; |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.04&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.09&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.23)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.20)&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;1.24&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.27&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(1.00)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.85&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.62&nbsp;&nbsp;&nbsp;&nbsp; |
| (0.18) | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;1.28&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.36&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(1.09)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.62&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.42&nbsp;&nbsp;&nbsp;&nbsp; |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.06)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.11)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.78)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Total distributions |  | &nbsp;&nbsp;&nbsp;&nbsp;(0.09)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.78)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Net asset value, end of period | $12.44 | &nbsp;&nbsp;&nbsp;&nbsp;$12.62&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.43&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.22&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$12.46&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.62&nbsp;&nbsp;&nbsp;&nbsp; |
| Total investment return<sup>(c)</sup> | (1.43)% | &nbsp;&nbsp;&nbsp;&nbsp;11.24%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.19%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(9.18)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;14.38%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.75%&nbsp;&nbsp;&nbsp;&nbsp; |
| Net assets, end of period, in thousands | $2930 | &nbsp;&nbsp;&nbsp;&nbsp;$3342&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$3557&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$3534&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$4010&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$3828&nbsp;&nbsp;&nbsp;&nbsp; |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.75% | &nbsp;&nbsp;&nbsp;&nbsp;2.60%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.53%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.82%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.90%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;4.51%&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.49% | &nbsp;&nbsp;&nbsp;&nbsp;2.40%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.47%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.51%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.67%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.15%&nbsp;&nbsp;&nbsp;&nbsp; |
| Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 2.50% | &nbsp;&nbsp;&nbsp;&nbsp;2.44%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.30%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.55%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.47%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.60%&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | 2.24% | &nbsp;&nbsp;&nbsp;&nbsp;2.24%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.24%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.24%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.24%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.24%&nbsp;&nbsp;&nbsp;&nbsp; |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | 0.73% | &nbsp;&nbsp;&nbsp;&nbsp;0.17%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.73%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(1.08)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(3.02)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(3.31)&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | 1.00% | &nbsp;&nbsp;&nbsp;&nbsp;0.38%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.79%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.77)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(1.79)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(1.95)&nbsp;&nbsp;&nbsp;&nbsp;% |
| Portfolio turnover rate<sup>(d)</sup> | 857% | &nbsp;&nbsp;&nbsp;&nbsp;755%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;932%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;686%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;506%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;953%&nbsp;&nbsp;&nbsp;&nbsp; |

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\* &nbsp;&nbsp;&nbsp;&nbsp;All ratios have been annualized except total investment return and portfolio turnover.

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Total investment return excludes the effect of applicable sales charges.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** | **LoCorr Dynamic Opportunity Fund – Class C** |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Period Ended**<br> **June 30, 2025\*** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE** |  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;$11.61&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$10.55&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$10.33&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.58&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$10.93&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$10.62&nbsp;&nbsp;&nbsp;&nbsp; |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.01&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)&nbsp;&nbsp;&nbsp;&nbsp; | (0.00)<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.16)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.31)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.26)&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.21)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.13&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.26&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.94)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.74&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.57&nbsp;&nbsp;&nbsp;&nbsp; |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.20)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.09&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.26&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(1.10)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.43&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.31&nbsp;&nbsp;&nbsp;&nbsp; |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.78)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.78)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$11.41&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.61&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$10.55&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$10.33&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.58&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$10.93&nbsp;&nbsp;&nbsp;&nbsp; |
| Total investment return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(1.72)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;10.34%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.43%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(9.80)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;13.46%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.92%&nbsp;&nbsp;&nbsp;&nbsp; |
| Net assets, end of period, in thousands | &nbsp;&nbsp;&nbsp;&nbsp;$580&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$676&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$1914&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$3086&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$2786&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$2436&nbsp;&nbsp;&nbsp;&nbsp; |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;3.50%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.35%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.28%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.57%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;4.65%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;5.26%&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;3.24%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.15%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.22%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.26%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.42%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.90%&nbsp;&nbsp;&nbsp;&nbsp; |
| Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;3.25%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.19%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.05%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.30%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;4.22%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;4.35%&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.99%&nbsp;&nbsp;&nbsp;&nbsp; |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;(0.02)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(0.58)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(0.02)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(1.83)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(3.77)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(4.06)&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;0.25%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.37%) | &nbsp;&nbsp;&nbsp;&nbsp;0.04%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(1.52)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(2.54)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(2.70)&nbsp;&nbsp;&nbsp;&nbsp;% |
| Portfolio turnover rate<sup>(e)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;857%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;755%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;932%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;686%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;506%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;953%&nbsp;&nbsp;&nbsp;&nbsp; |

---

\* &nbsp;&nbsp;&nbsp;&nbsp;All ratios have been annualized except total investment return and portfolio turnover.

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Amount represents less than $0.005 per share.

(d)&nbsp;&nbsp;&nbsp;&nbsp;Total investment return excludes the effect of applicable sales charges.

(e)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

------

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **LoCorr Dynamic Opportunity Fund – Class I** | **LoCorr Dynamic Opportunity Fund – Class I** | **LoCorr Dynamic Opportunity Fund – Class I** | **LoCorr Dynamic Opportunity Fund – Class I** | **LoCorr Dynamic Opportunity Fund – Class I** | **LoCorr Dynamic Opportunity Fund – Class I** | **LoCorr Dynamic Opportunity Fund – Class I** |
| *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* | *Selected Data and Ratios (for a share outstanding throughout the year)* |
|  | **Period Ended**<br>**June 30, 2025\*** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(Unaudited)** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **PER SHARE** |  |  |  |  |  |  |
| Net asset value, beginning of year | &nbsp;&nbsp;&nbsp;&nbsp;$12.96&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.77&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.54&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$12.77&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.86&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.41&nbsp;&nbsp;&nbsp;&nbsp; |
| **INCOME (LOSS) FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss)<sup>(a)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.08&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.12&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.06)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.20)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.17)&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss)<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(0.24)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.27&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.29&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(1.02)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.89&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.62&nbsp;&nbsp;&nbsp;&nbsp; |
| Total from investment operations | &nbsp;&nbsp;&nbsp;&nbsp;(0.16)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.35&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.41&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(1.08)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.69&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.45&nbsp;&nbsp;&nbsp;&nbsp; |
| **DISTRIBUTIONS FROM:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.13)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.14)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gains | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.03)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.04)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.78)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Total distributions | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.16)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.18)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.15)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.78)&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;—&nbsp;&nbsp;&nbsp;&nbsp; |
| Net asset value, end of period | &nbsp;&nbsp;&nbsp;&nbsp;$12.80&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$12.96&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.77&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.54&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$12.77&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;$11.86&nbsp;&nbsp;&nbsp;&nbsp; |
| Total investment return | &nbsp;&nbsp;&nbsp;&nbsp;(1.23)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;11.45%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.44%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(8.80)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;14.58%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;4.03%&nbsp;&nbsp;&nbsp;&nbsp; |
| Net assets, end of year, in thousands | &nbsp;&nbsp;&nbsp;&nbsp;$37620 | &nbsp;&nbsp;&nbsp;&nbsp;$47498 | &nbsp;&nbsp;&nbsp;&nbsp;$56991 | &nbsp;&nbsp;&nbsp;&nbsp;$75415 | &nbsp;&nbsp;&nbsp;&nbsp;$17713 | &nbsp;&nbsp;&nbsp;&nbsp;$11809 |
| **RATIOS/SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| Ratio of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.50%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.35%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.28%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.57%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.65%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;4.26%&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.24%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.15%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.22%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.26%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.42%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.90%&nbsp;&nbsp;&nbsp;&nbsp; |
| Ratio of expenses to average net assets (excluding dividend, interest, and tax expense): |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;2.25%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.19%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.05%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;2.30%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.22%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;3.35%&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;1.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.99%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.99%&nbsp;&nbsp;&nbsp;&nbsp; |
| Ratio of net investment income (loss) to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;0.98%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.42%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.98%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.83)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(2.77)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(3.06)&nbsp;&nbsp;&nbsp;&nbsp;% |
| &nbsp;&nbsp;&nbsp;&nbsp;After expense waiver or recovery | &nbsp;&nbsp;&nbsp;&nbsp;1.25%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;0.63%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;1.04%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;(0.52)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(1.54)&nbsp;&nbsp;&nbsp;&nbsp;% | &nbsp;&nbsp;&nbsp;&nbsp;(1.70)&nbsp;&nbsp;&nbsp;&nbsp;% |
| Portfolio turnover rate<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;857%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;755%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;932%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;686%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;506%&nbsp;&nbsp;&nbsp;&nbsp; | &nbsp;&nbsp;&nbsp;&nbsp;953%&nbsp;&nbsp;&nbsp;&nbsp; |

---

\* &nbsp;&nbsp;&nbsp;&nbsp;All ratios have been annualized except total investment return and portfolio turnover.

(a)&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) per share is based on average shares outstanding.

(b)&nbsp;&nbsp;&nbsp;&nbsp;Realized and unrealized gains and losses per share in this caption may be balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the Fund's statement of operations due to share transactions for the period.

(c)&nbsp;&nbsp;&nbsp;&nbsp;Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued. Consists of long-term investments only; excludes securities sold short.

------

**STATEMENT OF ADDITIONAL INFORMATION**

**[DATE]**

**LOCORR DYNAMIC OPPORTUNITY FUND**

**AND** 

**LOCORR DYNAMIC OPPORTUNITY ETF**

**each a series of LoCorr Investment Trust**

**687 Excelsior Boulevard**

**Excelsior, MN 5533**

**1-855-523-8637**

This Statement of Additional Information is not a prospectus but should be read in conjunction with the Combined Prospectus/Information Statement dated [\*] (the "Combined Prospectus/Information Statement") for the LoCorr Dynamic Opportunity Fund (the "Target Fund") and LoCorr Dynamic Opportunity ETF (the "Survivor Fund"), each a class (herein referred to as "series") of the LoCorr Investment Trust (the "Trust"). Copies of the Combined Prospectus/Information Statement may be obtained at no charge by writing to the Funds at c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, or by calling toll-free at 1-855-523-8637. Unless otherwise stated, capitalized terms used in this Statement of Additional Information and not otherwise defined have the same meanings as are given to them in the Combined Prospectus/Information Statement.

This Statement of Additional Information contains information that may be of interest to shareholders of the Target Fund relating to the Reorganization, but that is not included in the Combined Prospectus/Information Statement. As described in the Combined Prospectus/Information Statement, the Reorganization would involve the transfer of substantially all of the assets, and the assumption of the liabilities, of the Target Fund in exchange for shares of the Survivor Fund. The Target Fund would distribute the Survivor Fund shares it receives to its shareholders in complete liquidation of the Target Fund.

The Target Fund will furnish, without charge, a copy of its most recent Annual and Semi-Annual Reports. Requests should be directed to the Target Fund by writing the Target Fund's sub-fund accounting agent at c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, or by calling toll-free at 1-855-523-8637.

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **ADDITIONAL INFORMATION ABOUT THE FUNDS** | 3 |
| **FINANCIAL STATEMENTS** | 4 |
| **SUPPLEMENTAL FINANCIAL INFORMATION (UNAUDITED)** | 5 |

---

------

**ADDITIONAL INFORMATION ABOUT THE FUNDS**

Further information about the Target Fund, a series of the Trust, is contained in and incorporated by reference to the Target Fund's Statement of Additional Information dated May 1, 2025, as it may be amended and/or supplemented from time to time. Further information about the Survivor Fund, also a series of the Trust, is incorporated by reference to the Target Fund's Statement of Additional Information dated May 1, 2025, as it may be amended and/or supplemented from time to time. The Adviser's discussion of fund performance, audited financial statements and related report of the independent registered public accounting firm for the Target Fund are contained in the Target Fund's annual shareholder report filed on Form N-CSR for the fiscal year ended December 31, 2024 and are incorporated in this Statement of Additional Information by reference. The unaudited financial statements for the Target Funds are contained in the Target Fund's semi-annual shareholder report filed on Form N-CSR for the six months ended June 30, 2025 and are incorporated in this Statement of Additional Information by reference. No other parts of the Target Fund's annual or semi-annual shareholder report are incorporated by reference in this Statement of Additional Information. The Survivor Fund has not commenced operations and will not do so until the Closing Date of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Prospectus and Statement of Additional Information related to the Target Fund,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001506768/000089418925003187/ck0001506768-20241231.htm)</u> each dated May 1, 2025 (File Nos. 811-22509 and 333-171360, SEC Accession No. 0001032423-25-000062)

------

**FINANCIAL STATEMENTS**

The Adviser's discussion of fund performance, audited financial statements and related report of the independent registered public accounting firm for the Target Fund are contained in the Target Fund's annual shareholder report and financial statements filed on Form N-CSR for the fiscal year ended December 31, 2024 and are incorporated in this Statement of Additional Information by reference. No other parts of the Target Fund's annual shareholder report is incorporated by reference in this Statement of Additional Information. The Survivor Fund has not commenced operations and will not do so until the Closing Date of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• <u>[Annual Report to Shareholders of the Target Fund,](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001506768/000113322825002480/lcf-efp14022_ncsr.htm)</u> for the fiscal year ended December 31, 2024, which has previously been made available to shareholders of the Target Fund (File Nos. 811-22509 and 333-171360, SEC Accession No. 0001133228-25-002480)

------

**SUPPLEMENTAL FINANCIAL INFORMATION**

A table showing the fees of the Target Fund and the fees and expenses of the Survivor Fund on a pro forma basis after giving effect to the proposed Reorganization, is included in the section entitled "Summary—Fees and Expenses" of the Combined Prospectus/Information Statement.

The Reorganization will not result in a material change to the Target Fund's investment portfolio due to the investment restrictions of the Survivor Fund. As a result, a schedule of investments of the Target Fund modified to show the effects of the change is not required and is not included. Notwithstanding the foregoing, changes may be made to the Target Fund's portfolio in advance of the Reorganization and/or the Survivor Fund's portfolio following the Reorganization. Any such changes to the portfolios would be in the normal course of business and not as a part of the Reorganization.

There are no material differences in the accounting policies of the Target Fund as compared to those of the Survivor Fund.

------

PART C

OTHER INFORMATION

Item 15. Indemnification.

Reference is made to Article VI of the Registrant's Agreement and Declaration of Trust which is incorporated by reference below.

The application of the preceding indemnification provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in such Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a trustee, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in such Act and will be governed by the final adjudication of such issue. The Registrant may maintain a standard mutual fund and investment advisory professional and directors and officers liability policy. The policy, if maintained, would provide coverage to the Registrant, its Trustees and officers, and could cover its advisers, among others. Coverage under the policy would include losses by reason of any act, error, omission, misstatement, misleading statement, neglect or breach of duty.

The Distribution Agreement with the Trust's principal underwriter (the "Distributor") provides that Trust shall indemnify, defend and hold the Distributor and each of its managers, officers, employees, representatives and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (collectively, the "Distributor Indemnitees"), free and harmless from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including reasonable attorneys' fees) (collectively, "Losses") that the Distributor Indemnitees may sustain or incur or that may be asserted against a Distributor Indemnitee by any person (i) arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement or any Prospectus, or in any annual or interim report to shareholders, or in any advertisements or sales literature prepared by the Trust or its agent, or (ii) arising out of or based upon any omission, or alleged omission, to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, or (iii) based upon the Trust's refusal or failure to comply with the terms of this Agreement or from its bad faith, negligence, or willful misconduct in the performance of its duties under this Agreement; provided, subject to various limits contained in the Distribution Agreement.

Item 16. Exhibits.

---

| | | |
|:---|:---|:---|
| (1) | Articles of Incorporation. | Articles of Incorporation. |
|  | (i) | <u>[Registrant's Agreement and Declaration of Trust, which was filed as an exhibit to Registrant's Registration Statement on December 22, 2010, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000139834410001580/fp0002328_ex99-28a.htm)</u> |

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------

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| | | |
|:---|:---|:---|
| | (ii) | <u>[Amendment No. 4 to the Agreement and Declaration of Trust filed as an exhibit to Post-Effective Amendment ("PEA") No. 17 to the Registration Statement on June 23, 2014, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418914002885/amd-declaration_agrmt.htm)</u> |
| | (iii) | <u>[Amendment No. 5 to the Agreement and Declaration of Trust, filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/amd-declaration.htm)</u> |
| (2) | <u>[B](https://www.sec.gov/Archives/edgar/data/1506768/000139834410001580/fp0002328_ex99-28b.htm)[y-Laws. Registrant's By-Laws, which were filed as an exhibit to Registrant's Registration Statement on December 22, 2010, are hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000139834410001580/fp0002328_ex99-28b.htm)</u> | <u>[B](https://www.sec.gov/Archives/edgar/data/1506768/000139834410001580/fp0002328_ex99-28b.htm)[y-Laws. Registrant's By-Laws, which were filed as an exhibit to Registrant's Registration Statement on December 22, 2010, are hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000139834410001580/fp0002328_ex99-28b.htm)</u> |
| (3) | Voting Trust Agreement. None. | Voting Trust Agreement. None. |
| (4) | Agreement and Plan of Reorganization is filed herewith. | Agreement and Plan of Reorganization is filed herewith. |
| (5) | Instruments Defining Rights of Security Holders. None, other than in the Declaration of Trust and By-Laws of the Registrant. | Instruments Defining Rights of Security Holders. None, other than in the Declaration of Trust and By-Laws of the Registrant. |
| (6) | Investment Advisory Contracts. | Investment Advisory Contracts. |
|  | (i) | <u>[Management Agreement between the Trust and LoCorr Fund Management, LLC,](lfmlitmanagementagmtaug2025.htm)[dated Feb](lfmlitmanagementagmtaug2025.htm)[ruary 20, 2025 -](lfmlitmanagementagmtaug2025.htm)</u>**<u>[Filed Herewith](lfmlitmanagementagmtaug2025.htm)</u>** |
|  | (ii) | <u>[Expense Limitation Agreement dated July 10, 2024 between the Trust and LoCorr Fund Management, LLC filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/locorrexpenselimitationagm.htm)</u> |
|  | (iii) | <u>[Sub-Advisory Agreement dated February 27, 2024 between LoCorr Fund Management, LLC and Nuveen Asset Management, LLC filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/nuveen_sub-advxagmtxfeb2024.htm)</u> |
|  | (iv) | <u>[Amended Sub-Advisory Agreement dated February 27, 2024 between LoCorr Fund Management, LLC and Graham Capital Management, L.P. filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/graham-subxadvagmtlhcfeb20.htm)</u> |
|  | (v) | <u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Trust & Fiduciary Income Partners LLC filed as an exhibit to PEA No. 42 to the Registration Statement on June 28, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918003541/trustfid_subadv-agmt.htm)</u> |
|  | (vi) | <u>[Amended Sub-Advisory Agreement dated May 21, 2024 between LoCorr Fund Management, LLC and Millburn Ridgefield LLC filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/millburn-subxadvagmtlhcmay.htm)</u> |
|  | (vii) | <u>[Amended Sub-Advisory Agreement dated February 27, 2024 between LoCorr Fund Management, LLC and Revolution Capital Management filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/revolution-subxadvagmtlfmi.htm)</u> |

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| | | |
|:---|:---|:---|
| | (viii) | <u>[Form of](khetfsub-advisoryagreement.htm)[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Kettle Hill Capital Management, LLC](khetfsub-advisoryagreement.htm)[dated August 12, 2025 -](khetfsub-advisoryagreement.htm)</u>**<u>[Filed Her](khetfsub-advisoryagreement.htm)[ewith](khetfsub-advisoryagreement.htm)</u>** |
| | (ix) | <u>[Sub-Advisory Agreement dated February 27, 2024 between LoCorr Fund Management, LLC and R.G. Niederhoffer Capital Management, Inc. filed as an exhibit to PEA No. 61 to the Registration Statement on Form N-1A on July 10, 2024, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418924004046/rgniederhoffer-subxadvagmt.htm)</u> |
| | (x)<br>(xi)<br>(xii)<br>(xiii) | <u>Sub-Advisory Agreement between LoCorr Fund Management, LLC and BH-DG Systematic Trading LLP, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.</u><br><u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Crabel Capital Management, LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/crabelsub-advagmtlsa2024fi.htm)</u><br><u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and Parametric Portfolio Associates, LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/parametriclsasub-advisorya.htm)</u><br><u>[Sub-Advisory Agreement between LoCorr Fund Management, LLC and P/E Global LLC, which was filed as an exhibit to PEA No. 67 to the Registration Statement on January 7, 2025, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418925000085/peinvestmentssub-advagmtls.htm)</u> |
| (7) | Underwriting Contracts. | Underwriting Contracts. |
|  | (i) | <u>[Distribution Agreement between the Trust and Quasar Distributors, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/dist_agmnt.htm)</u> |
|  | (ii) | <u>[Sixth Amendment to the Distribution Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_dst-agmt.htm)</u> |
|  | (iii) | <u>[Novation Agreement dated March 31, 2020, filed as an exhibit to PEA No. 47 to the Registration Statement on April 28, 2020, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418920003058/locorrnovationagreement.htm)</u> |
| (8) | Bonus or Profit Sharing Contracts. None. | Bonus or Profit Sharing Contracts. None. |
| (9) | Custodian Agreements and Depository Contracts. | Custodian Agreements and Depository Contracts. |
|  | (i) | <u>[Custody Agreement between the Trust and U.S. Bank, N.A., which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/custody_agmnt.htm)</u> |
|  | (ii) | <u>[Sixth Amendment to the Custody Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_custody-agmt.htm)</u> |

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| | | |
|:---|:---|:---|
| | (iii) | <u>[Fourteenth Amendment to the Custody Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd14_custody-agmt.htm)</u> |
| (10) | Rule 12b-1 and Rule 18f-3 Plans. | Rule 12b-1 and Rule 18f-3 Plans. |
|  | (i) | <u>[Amended Class A Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/classa-rule12b1_amd.htm)</u> |
|  | (ii) | <u>[Amended Class C Plan of Distribution Pursuant to Rule 12b-1 filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/classc-rule12b1_amd.htm)</u> |
|  | (iii) | <u>[Amended Rule 18f-3 Plan filed as an exhibit to PEA No. 20 to the Registration Statement on March 6, 2015, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418915001204/rule18f-3plan.htm)</u> |
| (11) | Opinion and Consent of Counsel. Opinion and Consent of Thompson Hine LLP is filed herewith. | Opinion and Consent of Counsel. Opinion and Consent of Thompson Hine LLP is filed herewith. |
| (12) | Tax Opinion. Form of Opinion or Internal Revenue Service Ruling on Tax Matters is filed herewith. | Tax Opinion. Form of Opinion or Internal Revenue Service Ruling on Tax Matters is filed herewith. |
| (13) | Other Material Contracts. | Other Material Contracts. |
|  | (i) | <u>[Fund Accounting Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/fundacct_agmnt.htm)</u> |
|  | (ii) | <u>[Sixth Amendment to the Fund Accounting Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_fundacct-agmt.htm)</u> |
|  | (iii) | <u>[Fourteenth Amendment to the Fund Accounting Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd14_fundacct-agmt.htm)</u> |
|  | (iv) | <u>[Transfer Agent Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/transfer_agmnt.htm)</u> |
|  | (v) | <u>[Sixth Amendment to the Transfer Agent Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_ta-agmt.htm)</u> |
|  | (vi) | <u>[Fourteenth Amendment to the Transfer Agent Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd14_ta-agmt.htm)</u> |
|  | (vii) | <u>[Fund Administration Servicing Agreement between the Trust and U.S. Bancorp Fund Services, LLC, which was filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418911000965/fundadmin_agmnt.htm)</u> |
|  | (viii) | <u>[Sixth Amendment to the Fund Administration Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd6_fundadmin-agmt.htm)</u> |

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| | | |
|:---|:---|:---|
| | (ix) | <u>[Fourteenth Amendment to the Fund Administration Servicing Agreement, filed as an exhibit to PEA No. 39 to the Registration Statement on April 30, 2018, is hereby incorporated by reference.](https://www.sec.gov/Archives/edgar/data/1506768/000089418918002599/amnd14_fundadmin-agmt.htm)</u> |
| (14) | Other Consents. | Other Consents. |
|  | (i) | <u>[Consent of Independent Registered Public Accounting Firm (Cohen & Company, Ltd.) –](cohencoconsentlocorrn-14et.htm)</u>**<u>[F](cohencoconsentlocorrn-14et.htm)[iled herewith.](cohencoconsentlocorrn-14et.htm)</u>** |
| (15) | Omitted Financial Statements. None. | Omitted Financial Statements. None. |
| (16) | Powers of Attorney. | Powers of Attorney. |
|  | (i) | Power of Attorney for the Trust, and a certificate with respect thereto, and each trustee and executive officer, which were filed as an exhibit to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on March 3, 2011, are hereby incorporated by reference. |
|  | (ii) | Power of Attorney for Mark A. Thompson, which was filed as an exhibit to PEA No. 8 to the Registration Statement on April 17, 2013, is hereby incorporated by reference. |
| (17) | Additional Exhibits. None. | Additional Exhibits. None. |

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Item 17. Undertakings

(1) The undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c) of the Securities Act [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as part of an amendment to the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the 1933 act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The undersigned Registrant agrees to file by Post-Effective Amendment the opinion and consent of counsel regarding the tax consequences of the proposed reorganizations upon the closing of the reorganization and within a reasonable time after receipt of such opinion.

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SIGNATURES

As required by the Securities Act of 1933, this Registration Statement has been signed on behalf of the Registrant, in the City of Excelsior, State of Minnesota, on the 6th day of October, 2025.

LoCorr Investment Trust

By: <u>/s/ Kevin M. Kinzie</u>

Kevin M. Kinzie

President and Principal Executive Officer

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

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| | | | |
|:---|:---|:---|:---|
| <u>Name</u> | <u>Title(s)</u> | <u>Signature</u> | <u>Date</u> |
| Jon C. Essen | Trustee, Treasurer and Principal Financial Officer | <br>/s/ Jon C. Essen | October 6, 2025 |
| Kevin M. Kinzie | Trustee, President and Principal Executive Officer | <br>/s/ Kevin M. Kinzie | October 6, 2025 |
| Mark A. Thompson | Trustee | <br>/s/ Mark A. Thompson | October 6, 2025 |
| Daniel T. O'Lear | Trustee | <br>/s/ Daniel T. O'Lear | October 6, 2025 |
| Jeffrey E. Place | Trustee | <br>/s/ Jeffrey E. Place | October 6, 2025 |
| Cathleen B. Tobin | Trustee | <br>/s/ Cathleen B. Tobin | October 6, 2025 |

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**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>Exhibit</u> | <u>Exhibit No.</u> |
| <u>[Agreement and Plan of Reorganization](locorragreementandplanofre.htm)</u> | EX. 99.4 |
| <u>[Management Agreement between the Trust and LoCorr Fund Management, LLC](lfmlitmanagementagmtaug2025.htm)</u> | EX 99.6(i) |
| <u>[Form of Sub-Advisory Agreement between LoCorr Fund Management, LLC and Kettle Hill Capital Management, LLC](khetfsub-advisoryagreement.htm)</u> | EX 99.6(viii) |
| <u>[Opinion and Consent of Counsel](locorrn-14xlegalopinionand.htm)</u> | EX. 99.11 |
| <u>[Form of Tax Opinion](formoftaxopinion-locorrdyn.htm)</u> | EX. 99.12 |
| <u>[Consent of Independent Registered Public Accounting Firm (Cohen & Company, Ltd.)](cohencoconsentlocorrn-14et.htm)</u> | EX. 99.14(i) |

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## Exhibit 99.4

**AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION**

THIS AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION (this "Agreement") is made as of this [ ] day of [ ], 2025, by and among LoCorr Investment Trust (the "Trust"), a Ohio business trust, with its principal place of business at 687 Excelsior Boulevard, Excelsior, MN 55331, on behalf of its series the LoCorr Dynamic Opportunity Fund (the "Target Fund"), and the Trust, on behalf of its series the LoCorr Dynamic Opportunity ETF (the "Survivor Fund") and, solely with respect to Article IX, LoCorr Fund Management, LLC (the "Adviser"), with its principal place of business at 687 Excelsior Boulevard, Excelsior, MN 55331. Each of the Target Fund and the Survivor Fund are a "Fund", and together, the "Funds".

WHEREAS, it is intended that the transactions contemplated by this Agreement constitute a "reorganization" as defined in Section 368(a)(1) of the Internal Revenue Code of 1986, as amended (the "Code"), and the Treasury regulations thereunder. Such transactions will consist of: (i) the transfer of all of the property and assets of the Target Fund to the Survivor Fund in exchange for (a) shares of beneficial interest, no par value per share, of shares of the Survivor Fund (the "Survivor Fund Shares"), and (b) the assumption by the Survivor Fund of all liabilities of the Target Fund; followed by (ii) the distribution of the Survivor Fund Shares pro rata to the shareholders of the Target Fund in exchange for their shares in the Target Fund (the "Target Fund Shares") in liquidation of the Target Fund as provided herein, all upon the terms and conditions set forth in this Agreement ((i) and (ii) together, the "Reorganization");

WHEREAS, the parties hereby adopt this Agreement as a "plan of reorganization" within the meaning of Treasury regulations Sections 1.368-2(g) and 1.368-3(a). Notwithstanding anything to the contrary contained herein, the obligations, agreements, representations ,and warranties with respect to each Fund shall be the obligations, agreements, representations and warranties of that Fund only, and in no event shall any other series of the Trust or the assets of any other series of the Trust be held liable with respect to the breach or other default by an obligated Fund of its obligations, agreements, representations and warranties as set forth herein;

WHEREAS, the Target Fund and Survivor Fund are separate series of the Trust, which is a business trust and an open-end, registered management investment company within the meaning of the Investment Company Act of 1940, as amended (the "Company Act");

WHEREAS, the Target Fund owns securities and other investments that are assets of the character in which the Survivor Fund is permitted to invest;

WHEREAS, each Fund is authorized to issue its shares of beneficial interest;

WHEREAS, the trustees of the Trust ("Trustees") have determined that the Reorganization, with respect to the Target Fund, is in the best interests of the Target Fund's shareholders and that the interests of the existing shareholders of the Target Fund will not be diluted as a result of the Reorganization; and

WHEREAS, the Trustees have determined that the Reorganization, with respect to the Survivor Fund, is in the best interests of the Survivor Fund and, there being no existing shareholders of the Survivor Fund, that the Reorganization will not result in dilution of the Survivor Fund's shareholders' interests;

&nbsp;&nbsp;&nbsp;&nbsp; NOW, THEREFORE, in consideration of the premises, covenants, and agreements hereinafter set forth, the parties hereto covenant and agree as follows:

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**ARTICLE I**

**REORGANIZATION**

Section 1.<u>The Exchange</u>. Subject to the terms and conditions contained herein and on the basis of the representations and warranties contained herein, the Target Fund agrees to sell, assign, convey, transfer, and deliver all of its assets, as set forth in paragraph 1.2, free and clear of all liens and encumbrances, except those liens and encumbrances as to which the Survivor Fund has received notice, to the Survivor Fund. In exchange, the Survivor Fund agrees: (a) to issue and deliver to the Target Fund the number of Survivor Fund Shares having an aggregate net asset value ("NAV") equal to the aggregate NAV of the Target Fund Shares, as determined in the manner set forth in paragraphs 2.1 and 2.2; and (b) to assume the liabilities of the Target Fund, as set forth in paragraph 1.3. Such transactions comprising the Reorganization shall take place on the date of the closing provided for in paragraph 3.1 (the "Closing Date").

Section 2.<u>Assets to be Acquired</u>. The assets of the Target Fund to be sold, assigned, transferred, delivered to, and acquired by the Survivor Fund shall consist of all assets and property of every kind and nature, including, without limitation, all cash, cash equivalents, securities, goodwill, interests in futures and dividends or interest receivables, receivables for shares sold and other rights that are owned by the Target Fund on the Closing Date, and any prepaid expenses shown as an asset on the books of the Target Fund on the Closing Date (the "Acquired Assets"). For the sake of clarity, the Acquired Assets include, but are not limited to, all rights (including rights to indemnification and contribution) and claims (including, but not limited to, claims for breach of contract, violation of standards of care, and claims in connection with past or present portfolio holdings, whether in the form of class action claims, opt-out, or other direct litigation claims or regulator or government established investor recovery fund claims, and any and all resulting recoveries, free and clear of all liens, encumbrances and claims whatsoever, except those liens and encumbrances as to which the Survivor Fund has received notice) of the Target Fund against any party with whom the Target Fund has contracted for any actions or omissions up to the Closing Date.

The Target Fund will provide the Survivor Fund with its most recent audited financial statements as of the Closing Date, which contain a list of all of the Target Fund's assets as of the date of such statements. The Target Fund hereby represents that, as of the date of the execution of this Agreement, there have been no changes in its financial position as reflected in such financial statements other than those occurring in the ordinary course of business in connection with the purchase and sale of securities and the payment of normal operating expenses and the payment of dividends, capital gains distributions and redemption proceeds to shareholders. The Target Fund reserves the right to sell any of such securities or other investments.

Section 3.<u>Liabilities to be Assumed</u>. The Target Fund will endeavor, consistent with its obligation to continue to pursue its investment objective and employ its investment strategies in accordance with the terms of its Prospectus, in good faith to discharge all of its known liabilities and obligations to the extent practicable prior to the Closing Date. The Survivor Fund shall assume all liabilities of the Target Fund not discharged prior to the Closing Date, whether known or unknown, contingent, accrued, or otherwise (excluding expenses relating to the Reorganization and borne by the Adviser pursuant to Article IX), and investment contracts entered into in accordance with the terms of its Prospectus (the "Assumed Liabilities").

Section 4.<u>Liquidation and Distribution</u>. On the Closing Date, the Target Fund will distribute, in liquidation, all of the Survivor Fund Shares received by the Target Fund pursuant to paragraph 1.1, pro rata to its shareholders of record, determined as of the close of business on the Closing

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Date (the "Target Fund Shareholders"). In the Reorganization, each Target Fund Shareholder will receive the number of Survivor Fund Shares that has an aggregate NAV equal to the aggregate NAV of the Target Fund Shares held of record by such Target Fund Shareholder on the Closing Date (following the redemption of fractional shares pursuant to Section 9 of Article V).

Such liquidation and distribution will be accomplished by the transfer of Survivor Fund Shares credited to the account of the Target Fund on the books of the Survivor Fund to open accounts on the share records of the Survivor Fund in the names of the Target Fund Shareholders, representing the respective numbers of Survivor Fund Shares due such shareholders. All issued and outstanding Target Fund Shares will simultaneously be canceled on the books of the Target Fund, and the Target Fund will thereupon proceed to terminate as set forth in paragraph 1.7 below. The Survivor Fund shall not issue certificates representing Survivor Fund Shares in connection with such exchange. Each Target Fund Shareholder shall have the right to receive any unpaid dividends or other distributions that were declared by the Target Fund before the Effective Time (as defined in paragraph 3.1) with respect to Target Fund Shares that are held of record by the Target Fund Shareholder at the Effective Time on the Closing Date.

Section 5.<u>Ownership of Shares</u>. Ownership of Survivor Fund Shares will be shown on the books of the Survivor Fund's transfer agents.

Section 6.<u>Transfer Taxes</u>. Any transfer taxes payable upon the transfer of Survivor Fund Shares in a name other than the registered holder of the Target Fund Shares on the books of the Target Fund as of the Closing Date shall, as a condition of such issuance and transfer, be paid by the person to whom such Survivor Fund Shares are to be transferred.

Section 7.<u>Termination of Target Fund</u>. As soon as practicable on or after the Closing Date, the Target Fund shall make all filings and take all other steps as shall be necessary and proper to terminate and cease operations as a series of the Trust. After the Closing Date, the Target Fund shall not conduct any business except in connection with its dissolution.

**ARTICLE II**

**VALUATION**

Section 1.<u>Valuation of Assets</u>. The value of the Acquired Assets for purposes of paragraph 1.1 above shall be the value of such Acquired Assets computed as of the close of regular trading on the New York Stock Exchange ("NYSE") on the Closing Date. The NAV per share of each of the Target Fund Shares and Survivor Fund Shares shall be computed by the Survivor Fund's sub-accounting agent and sub-administrator (the "Administrator"), in the manner set forth in the Trust's Agreement and Declaration of Trust, By-Laws, the Survivor Fund's then-current Prospectus and Statement of Additional Information, and in the procedures adopted by the Trust's Board of Trustees ("Board").

Section 2.<u>Valuation and Calculation of Shares</u>. The NAV per share of Survivor Fund Shares and the NAV per share of Target Fund Shares shall, in each case, be computed as of the close of normal trading on the NYSE on the Closing Date. The number of Survivor Fund Shares to be issued in the Reorganization in exchange for Target Fund Shares shall be determined by the Administrator by dividing the NAV of the Target Fund Shares, as determined in accordance with paragraph 2.1, by the NAV of one Survivor Fund Share, as determined in accordance with Paragraph 2.1 hereof.

Section 3.<u>Determination of Value</u>. All computations of value with respect to the Target Fund shall be made by the Administrator, in accordance with its regular practice in pricing the shares and assets of the Target Fund.

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**ARTICLE III**

**CLOSING AND CLOSING DATE**

Section 1.<u>Closing Date</u>. Subject to the satisfaction or waiver of the conditions set forth in Articles VI, VII and VIII of this Agreement, the closing of the Reorganization (the "Closing") will be on the Closing Date, which will be on or about September 26, 2025, or such other date as the parties may agree to in writing. The Closing shall be held as of the close of business Eastern Time (the "Effective Time") at the offices of the Administrator, or at such other time and/or place as the parties may agree. For the avoidance of doubt, the Closing may be held in person, by facsimile, email, or such other communication means as the parties may agree. All acts taking place at the Closing shall be deemed to take place simultaneously immediately at the Effective Time, unless otherwise provided.

Section 2.<u>Custodian's Certificate</u>. The Target Fund shall cause State Street Bank and Trust Company ("Custodian"), to deliver at the Closing a certificate of an authorized officer stating that: (a) the Target Fund's portfolio securities, cash, and any other assets shall have been delivered in proper form to the custodian for the Survivor Fund, immediately prior to the Closing Date; and (b) all necessary Taxes (as defined in paragraph 4.1(j)) in connection with the delivery of the Acquired Assets, including all applicable federal and state stock transfer stamps, if any, have been paid or provision for payment has been made. The Target Fund's portfolio securities represented by a certificate or other written instrument shall be presented by the Custodian no later than five business days preceding the Closing Date and transferred and delivered by the Target Fund as of the Closing Date for the account of the Survivor Fund duly endorsed in proper form for transfer in such condition as to constitute good delivery thereof.

Section 3.<u>Effect of Suspension in Trading</u>. In the event that on the Closing Date, either: (a) the NYSE Arca (the "Exchange") on which the portfolio securities of the Survivor Fund or the Target Fund are purchased or sold, shall be closed to trading or trading on such exchange shall be restricted; or (b) trading or the reporting of trading on the Exchange shall be disrupted so that accurate appraisal of the NAV of the Survivor Fund or the Target Fund is impracticable as mutually determined by the parties, the Closing Date shall be postponed until the first business day after the day when trading is fully resumed and reporting is restored.

Section 4.<u>Transfer Agent's Certificate</u>. The Trust, on behalf of the Target Fund, shall cause the Administrator, as its transfer agent as of the Closing Date to deliver at the Closing to the Secretary of the Trust a certificate of an authorized officer stating that its records contain the names and addresses of Target Fund Shareholders, and the number and percentage ownership of outstanding Target Fund Shares owned by each such shareholder immediately prior to the Closing. The Trust, on behalf of the Survivor Fund, shall issue and deliver or cause the Custodian, its transfer agent, to issue and deliver to the Secretary of the Trust a confirmation evidencing the number of Survivor Fund Shares to be credited on the Closing Date and provide evidence satisfactory to the Target Fund that such Survivor Fund Shares have been credited to the Target Fund's account on the books of the Survivor Fund. At the Closing, each party shall deliver to the other such bills of sale, checks, assignments, share certificates, receipts, and other documents, if any, as such other party or its counsel may reasonably request.

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**ARTICLE IV**

**REPRESENTATIONS AND WARRANTIES**

Section 1.<u>Representations of the Target Fund</u>. The Trust, on behalf of the Target Fund, represents and warrants to the Trust, on behalf of the Survivor Fund, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Target Fund is a separate series of the Trust. The Trust is a business trust duly organized, validly existing and in good standing under the laws of the State of Ohio. The Trust has the power to own all of its properties and assets and to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Trust is registered as an open-end management investment company, and its registration with the Securities and Exchange Commission ("SEC") as an investment company under the Company Act, is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The current Prospectus and Statement of Additional Information of the Target Fund conform in all material respects to the applicable requirements of the Securities Act of 1933, as amended (the "Securities Act"), and the Company Act, and the rules and regulations thereunder, and do not include any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Target Fund is not currently engaged in, and the execution, delivery, and performance of this Agreement will not result in, the violation of any material provision of the Trust's Agreement and Declaration of Trust or its By-Laws, or of any material agreement, indenture, instrument, contract, lease, or other undertaking to which the Target Fund is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The Target Fund Shares are the only outstanding equity interests in the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Target Fund has no material contracts or other commitments (other than this Agreement and agreements for the purchase and sale of securities or other permitted investments) that if terminated will result in material liability to the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Except as otherwise disclosed in writing to and accepted by the Survivor Fund, no litigation, administrative proceeding, or investigation of or before any court or governmental body is presently pending or to its knowledge, without any special investigation or inquiry, threatened against the Target Fund or any of its properties or assets, which, if adversely determined, would materially and adversely affect its financial condition, the conduct of its business, or the ability of the Target Fund to carry out the transactions contemplated by this Agreement. The Target Fund is not a party to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects the Target Fund's business or its ability to consummate the transactions contemplated herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The financial statements of the Target Fund for the most recently completed fiscal year ended December 31, 2024, are in accordance with generally accepted accounting principles, and such statements (copies of which have been furnished to the Survivor Fund) fairly reflect the financial condition of the Target Fund as of the end of such fiscal year, in all material respects as of that date, and there are no known contingent liabilities of the Target Fund as of that date not disclosed in such statements;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Since the end of the Target Fund's most recently completed fiscal year, there have been no material adverse changes in the Target Fund's financial condition, assets, liabilities, or business (other than changes occurring in the ordinary course of business), or any incurrence by the Target Fund of material indebtedness, except as otherwise disclosed to and accepted by the Survivor Fund. For the purposes of this subparagraph (i), distributions of net investment income and net realized capital gains, changes in portfolio securities, changes in market value of portfolio securities, or net redemptions shall not constitute a material adverse change;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)All Tax (as defined below) returns and reports (including, but not limited to, information returns) that are required to have been filed by the Target Fund have been duly and timely filed. All such returns and reports were true, correct and complete in all material respects as of the time of their filing. All Taxes due or properly shown to be due on such returns and reports have been paid, or provision has been made and properly accounted therefor. To the knowledge of the Trust, no such return is currently being audited by any federal, state, local or foreign taxing authority. To the knowledge of the Trust, there are no deficiency assessments (or deficiency assessments proposed in writing) with respect to any Taxes of the Target Fund. As used in this Agreement, "Tax" or "Taxes" means all federal, state, local and foreign (whether imposed by a country or political subdivision or authority thereunder) income, gross receipts, excise, sales, use, value added, employment, franchise, profits, property, ad valorem or other taxes, stamp taxes and duties, fees, assessments or charges, whether payable directly or by withholding, together with any interest and any penalties, additions to tax or additional amounts imposed by any taxing authority (foreign or domestic) with respect thereto, and including any obligations to indemnify or otherwise assume or succeed to such a liability of any other person. There are no levies, liens or encumbrances relating to Taxes existing, pending or threatened in writing with respect to the assets of the Target Fund (other than liens for Taxes not yet due and payable). The Target Fund has not changed its annual accounting period within the 60-month period ending on the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)All issued and outstanding shares of the Target Fund are, and at the Closing Date will be, validly issued, fully paid and non-assessable by the Target Fund and will have been issued in compliance with all applicable registration or qualification requirements of federal and state securities laws. All of the issued and outstanding shares of the Target Fund will, at the time of the Closing Date, be held by the persons and in the amounts set forth in the records of the Target Fund's transfer agent as provided in paragraph 3.4. The Target Fund has no outstanding options, warrants, or other rights to subscribe for or purchase any shares of the Target Fund, and has no outstanding securities convertible into any shares of the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)At the Closing Date, the Target Fund will have good and valid title to the Target Fund's Acquired Assets to be transferred to the Survivor Fund pursuant to paragraph 1.2, and full right, power, and authority to sell, assign, transfer, and deliver such Acquired Assets hereunder. Upon delivery and payment for such Acquired Assets, the Survivor Fund will acquire good and valid title, subject to no restrictions on the full transfer of such Acquired Assets, including such restrictions as might arise under the Securities Act, other than as disclosed to and accepted by the Survivor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on the part of the Target Fund. This Agreement constitutes a valid and binding obligation of the Target Fund, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The information to be furnished by the Target Fund for use in no-action letters, applications for orders, registration statements, and other documents that may be necessary in connection with the transactions contemplated herein shall be accurate and complete in all material respects and shall comply in all material respects with federal securities laws and other laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)From the mailing of the N-14 Registration Statement (as defined in paragraph 5.5) and on the Closing Date, any written information furnished by the Trust with respect to the Target Fund for use in the N-14 Registration Statement, the N-1A Registration Statement (as defined in paragraph 4.3) or any other materials provided in connection with the Reorganization, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which such statements were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)The Trust has in effect an election to treat the Target Fund as a regulated investment company ("RIC") for federal income tax purposes under Part I of Chapter 1, Subchapter M of the Code. The Target Fund is a fund that is treated as a corporation separate from each other series of the Trust under Section 851(g) of the Code. The Target Fund has no earnings and profits accumulated in any taxable year for which the provisions of Part I of Chapter 1, Subchapter M of the Code (or the corresponding provisions of prior law) did not apply to it. The Target Fund has qualified for treatment as a RIC for each taxable year since its formation (or since it was first treated as a separate corporation under Section 851(g) of the Code) that has ended prior to the Closing Date and, subject to the accuracy of the representations set forth in paragraph 4.2(m), expects to satisfy the requirements of Part I of Chapter 1, Subchapter M of the Code to maintain qualification for such treatment for the taxable year that includes the Closing Date. Subject to the accuracy of the representations set forth in paragraph 4.2(m), the Target Fund does not expect that the consummation of the transactions contemplated by this Agreement will cause it to fail to qualify for treatment as a RIC as of the Closing Date or as of the end of its taxable year that includes the Closing Date. The Target Fund has not at any time since its inception been liable for any income or excise tax pursuant to Sections 852 or 4982 of the Code that has not been timely paid. The Target Fund is in compliance in all material respects with all applicable provisions of the Code and all applicable Treasury regulations pertaining to the reporting of dividends and other distributions on and redemptions of its shares of beneficial interest and to withholding in respect of dividends and other distributions to shareholders and redemption of shares, and is not liable for any material penalties that could be imposed thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)The Target Fund's investment operations from inception to the date hereof have been in compliance in all material respects with the investment policies and investment restrictions set forth in the Target Fund's Prospectus, except as previously disclosed in writing to the Survivor Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r)The Survivor Fund Shares to be issued to the Target Fund pursuant to paragraph 1.1 will not be acquired for the purpose of making any distribution thereof other than to the Target Fund Shareholders as provided in paragraph 1.4;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s)No governmental consents, approvals, authorizations, or filings are required under the Securities Act, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), the Company Act or Ohio law for the execution of this Agreement by the Trust, for itself and on behalf of the Target Fund, except for the effectiveness of the N-1A Registration Statement and the N-14 Registration Statement and

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such other consents, approvals, authorizations and filings as have been made or received, and such consents, approvals, authorizations and filings as may be required subsequent to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(t)The books and records of the Target Fund, including FASB ASC 740-10-25 (formerly FIN 48) workpapers and supporting statements, made available to the Survivor Fund and/or its counsel, are substantially true and correct and contain no material misstatements or omissions with respect to the operations of the Target Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(u)The Target Fund would not be subject to corporate-level taxation on the sale of any assets currently held by it as a result of the application of Section 337(d) of the Code and the Treasury regulations thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Target Fund has not waived or extended any applicable statute of limitations with respect to the assessment or collection of Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(w)The Target Fund has not received written notification from any taxing authority that asserts a position contrary to any of the representations set forth in paragraphs (j), (p), (t), (u), and (v) of this Section 1 of Article IV.

Section 2.<u>Representations of the Survivor Fund</u>. The Trust and the Survivor Fund represent and warrant to the Trust and the Target Fund as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Survivor Fund is a separate series of the Trust. The Trust is a Ohio business trust duly organized, validly existing and in good standing under the laws of the State of Ohio. The Trust has the power to own all of its properties and assets and to perform its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Trust is registered as an open-end management investment company, and its registration with the SEC as an investment company under the Company Act is in full force and effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The current Prospectus and Statement of Additional Information of the Survivor Fund conform in all material respects to the applicable requirements of the Securities Act and the Company Act and the rules and regulations thereunder, and do not include any untrue statement of a material fact or omit to state any material fact required to be stated or necessary to make such statements therein, in light of the circumstances under which they were made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)The Survivor Fund is not currently engaged in, and the execution, delivery and performance of this Agreement will not result in, a violation of any material provision of the Trust's Agreement and Declaration of Trust, its By-Laws, or of any material agreement, indenture, instrument, contract, lease, or other undertaking to which the Survivor Fund is a party or by which it is bound;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Except as otherwise disclosed in writing to and accepted by the Target Fund, no litigation, administrative proceeding, or investigation of or before any court or governmental body is presently pending, or to its knowledge, without any special investigation or inquiry, threatened against the Survivor Fund or any of its properties or assets, which, if adversely determined, would materially and adversely affect its financial condition, the conduct of its business, or the ability of the Survivor Fund to carry out the transactions contemplated by this Agreement. The Survivor Fund is not a party to or subject to the provisions of any order, decree, or judgment of any court or governmental body that materially and adversely affects its business or its ability to consummate the transactions contemplated herein;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)There shall be no issued and outstanding shares of the Survivor Fund prior to the Closing Date other than a nominal number of shares ("Initial Shares") issued to an initial capital investor (which shall be the investment adviser of the Survivor Fund or an affiliate thereof), to vote on the investment management agreement and other agreements and plans as may be required by the Company Act and to take whatever action it may be required to take as the Survivor Fund's sole shareholder. The Initial Shares have been or will be redeemed by the Survivor Fund prior to the Closing for the price for which they were issued, and any price paid for the Initial Shares shall at all times have been held by the Survivor Fund in a non-interest bearing account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)All issued and outstanding Survivor Fund Shares to be issued and delivered to the Target Fund pursuant to the terms of this Agreement, will be, at the Closing Date, validly issued, fully paid and non-assessable by the Survivor Fund. The Survivor Fund has no outstanding options, warrants, or other rights to subscribe for or purchase any Survivor Fund Shares, and there are no outstanding securities convertible into any Survivor Fund Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)The execution, delivery, and performance of this Agreement have been duly authorized by all necessary action on the part of the Survivor Fund, and this Agreement constitutes a valid and binding obligation of the Survivor Fund, enforceable in accordance with its terms, subject as to enforcement, to bankruptcy, insolvency, reorganization, moratorium, and other laws relating to or affecting creditors' rights and to general equity principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The information to be furnished by the Survivor Fund for use in no-action letters, applications for orders, registration statements, and other documents that may be necessary in connection with the transactions contemplated herein shall be accurate and complete in all material respects and shall comply in all material respects with federal securities laws and other laws and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)From the mailing of the N-14 Registration Statement and on the Closing Date, any written information furnished by the Trust with respect to the Survivor Fund for use in the N-14 Registration Statement, the N-1A Registration Statement or any other materials provided in connection with the Reorganization, does not and will not contain any untrue statement of a material fact or omit to state a material fact required to be stated or necessary to make the statements, in light of the circumstances under which such statements were made, not materially misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)The Survivor Fund agrees to use all reasonable efforts to obtain the approvals and authorizations required by the Securities Act, the Exchange Act, the Company Act, and any state blue sky or securities laws in order to continue its operations after the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)No governmental consents, approvals, authorizations or filings are required under the Securities Act, the Exchange Act, the Company Act or Ohio law for the execution of this Agreement by the Trust, for itself and on behalf of the Survivor Fund, or the performance of the Agreement by the Trust, for itself and on behalf of the Survivor Fund, except for the effectiveness of the N-1A Registration Statement and the N-14 Registration Statement and such other consents, approvals, authorizations and filings as have been made or received, and except for such consents, approvals, authorizations, and filings as may be required subsequent to the Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)Subject to the accuracy of the representations and warranties in paragraph 4.1(p), for the taxable year that includes the Closing Date, the Trust expects that the Survivor Fund will meet the

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requirements of Chapter 1, Part I of Subchapter M of the Code for qualification as a RIC and will be eligible to, and will, compute its federal income tax under Section 852 of the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n)The Survivor Fund is, and will be at the time of Closing, a newly created series without assets and liabilities, created for the purpose of acquiring the assets and assuming the liabilities of the Target Fund, and, prior to the Closing, will not carry on any business activities (other than such activities as are customary to the organization of a new series of a registered investment company prior to its commencement of investment operations).

Section 3.<u>Representations of the Trust</u>. The Trust represents and warrants as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Trust has filed a post-effective amendment to its registration statement on Form N-1A ("N-1A Registration Statement") for the purpose of registering the Survivor Fund under the Company Act.

**ARTICLE V**

**COVENANTS**

Section 1.<u>Operation in Ordinary Course</u>. Each of the Survivor Fund and the Target Fund will operate their businesses in the ordinary course between the date of this Agreement and the Closing Date, it being understood that such ordinary course of business may include payment of customary dividends and distributions and shareholder redemptions in the case of the Target Fund and redemptions of the Initial Shares in the case of the Survivor Fund.

Section 2.<u>Additional Information</u>. The Target Fund will assist the Survivor Fund in obtaining such information as the Survivor Fund reasonably requests concerning the beneficial ownership of the Target Fund Shares.

Section 3.<u>Further Action</u>. Subject to the provisions of this Agreement, the Survivor Fund and the Target Fund will each take or cause to be taken, all action, and do or cause to be done, all things reasonably necessary, proper or advisable to consummate and make effective the transactions contemplated by this Agreement, including any actions required to be taken after the Closing Date.

Section 4.<u>Statement of Earnings and Profits</u>. As promptly as practicable, but in any case within 60 days after the Closing Date, the Target Fund shall furnish the Survivor Fund, in such form as is reasonably satisfactory to the Survivor Fund, a statement of the earnings and profits of the Target Fund for federal income tax purposes that will be carried over to the Survivor Fund, as well as any capital loss carryovers that will be carried over to the Survivor Fund as a result of Section 381 of the Code, and which will be certified by the Trust's Treasurer.

Section 5.<u>Preparation of N-14 Registration Statement</u>. The Trust will prepare and file with the SEC a registration statement on Form N-14 (the "N-14 Registration Statement") relating to the transactions contemplated by this Agreement in compliance with the Securities Act, the Exchange Act and the Company Act. The Target Fund will provide the Survivor Fund with the materials and information necessary to prepare the N-14 Registration Statement. Capitalized terms not defined herein have the meaning ascribed to them in the N-14 Registration Statement.

Section 6.<u>Tax Returns</u>. The Trust covenants that by the time of the Closing, all of the Target Fund's federal and other Tax returns and reports required by law to have been filed on or before the Closing Date (taking extensions into account) shall have been filed and all federal and other Taxes (if

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any) shown as due on said returns shall have either been paid or, if not yet due, adequate liability reserves shall have been provided for the payment of such Taxes.

Section 7.<u>Closing Documents</u>. At the Closing, the Trust, on behalf of the Target Fund, will provide the Trust, on behalf of the Survivor Fund, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)A certificate, signed by the President and the Treasurer or Assistant Treasurer of the Trust on behalf of the Target Fund, stating the Target Fund's known assets and liabilities, together with information concerning the tax basis and holding period of the Target Fund in all securities or investments transferred to the Survivor Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)A copy of any Tax books and records of the Target Fund necessary for purposes of preparing any Tax returns, schedules, forms, statements or related documents (including but not limited to any income, excise or information returns, as well as any transfer statements (as described in Treasury regulation Section 1.6045A-1)) required by law to be filed by the Survivor Fund after the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)A copy (which may be in electronic form) of the shareholder ledger accounts of the Target Fund, including, without limitation, the name, address and taxpayer identification number of each Target Fund Shareholder of record; the number of shares of beneficial interest held by each Target Fund Shareholder; the dividend reinvestment elections applicable to each Target Fund Shareholder; the backup withholding certifications (*e.g.*, IRS Form W-9) or foreign person certifications (*e.g*., IRS Form W-8BEN, W-8BEN-E, W-8ECI, or W-8IMY), notices or records on file with the Target Fund with respect to each Target Fund Shareholder; and such information as the Trust may reasonably request concerning Target Fund Shares or Target Fund Shareholders in connection with the Survivor Fund's cost basis reporting and related obligations under Sections 1012, 6045, 6045A, and 6045B of the Code and related Treasury regulations following the Closing for all of the Target Fund Shareholders (the "Target Fund Shareholder Documentation"), certified by the Trust's transfer agent or its President or its Vice President to the best of their knowledge and belief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)All FASB ASC 740-10-25 (formerly, FIN 48) work papers and supporting statements pertaining to the Target Fund.

Section 8.<u>Tax Treatment</u>. The Survivor Fund and the Target Fund intend that the Reorganization will qualify as a reorganization described in Section 368(a)(1)(F) of the Code. Neither the Survivor Fund nor the Target Fund shall take any action or cause any action to be taken (including, without limitation, the filing of any Tax return) that is inconsistent with such treatment or results in the failure of the Reorganization to qualify as a reorganization described in Section 368(a)(1)(F) of the Code.

Section 9.<u>Fractional and Non-Transferrable Shares</u>. Prior to the Effective Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Target Fund shall redeem all fractional shares of the Target Fund outstanding on the records of the Target Fund's transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Target Fund shall liquidate and redeem for cash shares not held in a brokerage account or held through a brokerage account that cannot accept shares of the Survivor Fund on the Closing Date of the Reorganization, or upon shareholder instructions, transfer such shares to a different investment option.

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**ARTICLE VI**

**CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRED FUND**

The obligations of the Target Fund to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Survivor Fund of all the obligations to be performed by the Survivor Fund pursuant to this Agreement on or before the Closing Date, and, in addition, subject to the following conditions:

Section 1.The N-1A Registration Statement filed by the Trust with the SEC to register the offer of the sale of the Survivor Fund Shares will be in effect on the Closing Date.

Section 2.As of the Closing Date with respect to the Reorganization of the Target Fund, there shall have been no material change in the investment objective, policies and restrictions nor any material change in the investment management fees, other fees payable for services provided to the Survivor Fund, or fee waiver or expense reimbursement undertakings of the Survivor Fund from those fee amounts and undertakings of the Survivor Fund described in the N-14 Registration Statement or N-1A Registration Statement.

Section 3.The Board, including a majority of Trustees who are not "interested persons" of the Trust as defined under the Company Act ("Independent Trustees"), has determined that the transactions contemplated by this Agreement are in the best interests of the Survivor Fund and that the interests of the existing shareholders of the Survivor Fund would not be diluted as a result of such transactions.

**ARTICLE VII**

**CONDITIONS PRECEDENT TO OBLIGATIONS OF THE ACQUIRING FUND**

The obligations of the Survivor Fund to consummate the transactions provided for herein shall be subject, at its election, to the performance by the Target Fund of all the obligations to be performed by the Target Fund pursuant to this Agreement, on or before the Closing Date and, in addition, shall be subject to the following conditions:

Section 1.The Target Fund shall have delivered to the Survivor Fund: (a) a certificate, signed by the President or Vice President and the Treasurer or Assistant Treasurer of the Trust on behalf of the Target Fund, stating the Target Fund's known assets and liabilities, together with information concerning the tax basis and holding period of the Target Fund in all securities or investments transferred to the Survivor Fund; (b) the Target Fund Shareholder Documentation; (c) all FASB ASC 740-10-25 (formerly, FIN 48) work papers; (d) copies of the Tax books and records of the Target Fund for purposes of preparing any Tax returns required by law to be filed after the Closing Date; and (e) a statement of earnings and profits of the Target Fund, as described in paragraph 5.4.

Section 2.The Board, including a majority of the Independent Trustees, has determined that the transactions contemplated by this Agreement are in the best interests of the Target Fund and that the interests of the existing shareholders of the Target Fund would not be diluted as a result of such transactions.

Section 3.Section 3.&nbsp;&nbsp;&nbsp;&nbsp;The Target Fund will, prior to the Closing, consolidate its outstanding share classes into a single class (the "Share Class Consolidation") so that immediately after the Share Class Consolidation each Target Fund shareholder holds shares of that single clas

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s with an aggregate value equal to the aggregate value of the shares of the Target Fund held immediately prior to the Share Class Consolidation.

**ARTICLE VIII**

**CONDITIONS PRECEDENT TO OBLIGATIONS OF BOTH FUNDS**

If any of the conditions set forth below do not exist on or before the Closing Date with respect to the Target Fund or the Survivor Fund, the other party to this Agreement shall, at its option, not be required to consummate the transactions contemplated by this Agreement. Notwithstanding anything to the contrary in the foregoing, if the conditions stated in paragraph 8.5 below do not exist on or before the Closing Date with respect to the Target Fund or the Survivor Fund, the transactions contemplated by this Agreement shall not be consummated:

Section 1.On the Closing Date, the SEC shall not have issued an unfavorable report under Section 25(b) of the Company Act or instituted any proceeding seeking to enjoin the consummation of the transactions contemplated by this Agreement under Section 25(c) of the Company Act. Furthermore, no action, suit or other proceeding shall be threatened or pending before any court or governmental agency in which it is sought to restrain or prohibit or obtain damages or other relief in connection with this Agreement or the transactions contemplated herein.

Section 2.All required consents of other parties and all other consents, orders, and permits of federal, state, and local regulatory authorities (including those of the SEC and of state blue sky securities authorities, including any necessary no-action positions and exemptive orders from such federal and state authorities) to permit consummation of the transactions contemplated herein shall have been obtained, except where failure to obtain any such consent, order, or permit would not involve a risk of a material adverse effect on the assets or properties of the Survivor Fund or the Target Fund, provided that either party hereto may waive any such conditions for itself.

Section 3.Each of the N-1A Registration Statement and the N-14 Registration Statement shall have become effective under the Securities Act and no stop orders suspending the effectiveness thereof shall have been issued. To the best knowledge of the parties to this Agreement, no investigation or proceeding for that purpose shall have been instituted or be pending, threatened, or contemplated under the Securities Act.

Section 4.The Trust shall have received the opinion of Thompson Hine LLP dated as of the Closing Date and addressed to the Trust, in a form satisfactory to it, substantially to the effect that, based upon certain facts, qualifications, certifications, representations, and assumptions, for federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Reorganization will constitute a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and each of the Target Fund and the Survivor Fund will be a "party to a reorganization" within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Under Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of all the Acquired Assets to the Survivor Fund solely in exchange for the Survivor Fund Shares and the assumption by the Survivor Fund of all the liabilities of the Target Fund, or upon the distribution of the Survivor Fund Shares to the Target Fund Shareholders;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Under Section 1032(a) of the Code, no gain or loss will be recognized by the Survivor Fund upon its receipt of all the Acquired Assets solely in exchange for Survivor Fund Shares and the assumption by the Survivor Fund of all the liabilities of the Target Fund as part of the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Under Section 362(b) of the Code, the Survivor Fund's adjusted bases in each of the Acquired Assets will be the same as the adjusted basis of such Acquired Assets to the Target Fund immediately prior to the Reorganization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)Under Section 1223(2) of the Code, the holding period of each of the Acquired Assets in the hands of the Survivor Fund will include the period during which the Acquired Assets were held by the Target Fund (except where the Survivor Fund's investment activities have the effect of reducing or eliminating an Acquired Asset's holding period);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Under Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund Shareholders upon the exchange of their Target Fund Shares for Survivor Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization (except with respect to cash received by Target Fund Shareholders in redemption of fractional Target Fund Shares prior to the Reorganization and the liquidation of Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Under Section 358(a)(1) of the Code, the aggregate adjusted basis of the Survivor Fund Shares received by each Target Fund Shareholder in the Reorganization will be the same as the aggregate adjusted basis of the Target Fund Shares held by such Target Fund Shareholder immediately prior to the Reorganization (reduced by any amount of adjusted basis allocable to (a) fractional Target Fund Shares for which cash is received or (b) Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Under Section 1223(1) of the Code, the holding period of the Survivor Fund Shares received by each Target Fund Shareholder in the Reorganization will include the period during which the Target Fund Shares exchanged therefor were held by such shareholder (provided the Target Fund Shares were held as capital assets on the date of the Reorganization); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Survivor Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. In particular, under Treasury Regulations § 1.381(b)-1(a)(2), the Survivor Fund will be treated for purposes of section 381 of the Code just as the Target Fund would have been treated if there had been no Reorganization, the tax attributes of the Target Fund enumerated in Section 381(c) of the Code shall be taken into account by the Survivor Fund as if there had been no Reorganization, and the taxable year of the Target Fund will not end on the date of the Reorganization merely because of the Closing of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)Notwithstanding anything herein to the contrary, neither the Survivor Fund nor the Target Fund may waive the conditions set forth in this paragraph 8.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)In rendering its opinion, Thompson Hine LLP may rely on customary assumptions and such representations as Thompson Hine LLP may reasonably request of Trust. No opinion with respect to any matter not specifically addressed by the foregoing shall be expressed by Thompson Hine LLP. By way of illustration, and without limitation of the foregoing, Thompson Hine LLP shall express no opinion

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regarding: (i) whether either the Target Fund or the Survivor Fund qualifies or will qualify as a regulated investment company; (ii) the federal income tax consequences of the payment of Reorganization expenses by the Adviser, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a)(1) of the Code; (iii) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980, as amended, with respect to any Target Fund Shareholder that is a foreign person; (iv) the effect of the Reorganization on the Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting (including under Section 1256 of the Code); (v) the effect of a Reorganization on any Target Fund Shareholder that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (vi) whether accrued market discount, if any, on any market discount bonds held by the Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (vii) whether any gain or loss will be required to be recognized with respect to any Acquired Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); (viii) any tax consequences (to the Survivor Fund, the Target Fund, the Target Fund Shareholders or any other person) related to the Share Class Consolidation; and (ix) any state, local, or foreign tax consequences of the Reorganization.

Section 5.Each party shall have performed all of its covenants set forth in Article V, and its representations and warranties set forth in Article IV shall be true and correct in all material respects on and as of the Closing Date as if made on such date, and the President of the Trust shall have executed a certificate to such effect.

**ARTICLE IX**

**EXPENSES**

Section 1.Except as otherwise provided for herein, the Adviser (or any affiliate thereof) shall bear all expenses of the transactions contemplated by this Agreement (other than expenses, if any, of the shareholders). Such expenses include, without limitation: (a) expenses associated with the preparation and filing of the N-14 Registration Statement, (b) postage, (c) printing, (d) accounting fees, (e) audit and legal fees, including fees of the counsel to the Trust, and counsel to the Independent Trustees of the Trust, (f) solicitation costs of the transactions (if any), (g) service provider conversion fees, and (g) any costs associated with meetings of the Board relating to the transactions contemplated herein.

The Adviser (or any affiliate thereof) shall remain so liable for expenses, regardless of whether the transactions contemplated by this Agreement occur, and this Section 9.1 shall survive the Closing and any termination of this Agreement pursuant to paragraph 10.1. Notwithstanding the foregoing, expenses will in any event be paid by the party directly incurring such expenses if and to the extent that the payment by another person of such expenses would result in a failure by either the Target Fund or the Survivor Fund to qualify for treatment as a RIC within the meaning of Section 851 of the Code or would prevent the Reorganization from qualifying as a reorganization within the meaning of Section 368(a) of the Code or otherwise result in the imposition of tax on either the Target Fund or the Survivor Fund or on any of their respective shareholders.

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**ARTICLE X**

**TERMINATION**

Section 1.This Agreement may be terminated by resolution of the Board at any time prior to the Closing Date if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Any party shall have breached any material provision of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Circumstances develop that, in the opinion of such Board, make proceeding with the Reorganization inadvisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Board determines that the consummation of the transactions contemplated herein is not in the best interest of the Target Fund and/or Survivor Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Any governmental body shall have issued an order, decree or ruling having the effect of permanently enjoining, restraining or otherwise prohibiting the consummation of this Agreement.

Section 2.In the event of any such termination, there shall be no liability for damages on the part of any party to the other parties.

**ARTICLE XI**

**CONFIDENTIALITY**

Section 1.Each Fund agrees to treat confidentially and as proprietary information of the other Fund, all records and other information, including any information relating to portfolio holdings, of such other Fund and not to use such records and information for any purpose other than the performance of its duties under this Agreement; provided, however, that after prior notification of and written approval by such other Fund (which approval shall not be withheld if the disclosing Fund would be exposed to civil or criminal contempt proceedings for failure to comply when requested to divulge such information by duly constituted authorities having proper jurisdiction, and which approval shall not be withheld unreasonably in any other circumstance), a Fund may disclose such records and/or information as so approved.

**ARTICLE XII**

**COOPERATION AND EXCHANGE OF INFORMATION**

Section 1.The Trust will provide the appropriate representatives with such cooperation, assistance, and information as may reasonably be requested in filing any Tax returns, amended Tax returns, or claims for Tax refunds, determining a liability for Taxes or a right to a refund of Taxes, requesting a closing agreement or similar relief from a taxing authority or participating in or conducting any audit or other proceeding in respect of Taxes, or in determining the financial reporting of any Tax position. Each party or its respective agents will retain for a period of six (6) years following the Closing all returns, schedules, and work papers and all material records or other documents relating to Tax matters and financial reporting of Tax positions of the Target Fund and Survivor Fund for its taxable period first ending after the Closing and for prior taxable periods for which the party is required to retain records as of the Closing, provided that, the Target Fund shall not be required to maintain any such documents that it has delivered to the Survivor Fund.

Section 2.Any reporting responsibility of the Target Fund is and shall remain the responsibility of the Target Fund, up to and including the date of the Closing, and such later date on

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which the Target Fund is terminated including, without limitation, responsibility for: (i) preparing and filing any Tax returns relating to Tax periods ending on or prior to the Closing Date (whether due before or after the Closing); and (ii) preparing and filing other documents with the SEC, any state securities commission, and any federal, state, or local tax authorities or any other relevant regulatory authority, except as otherwise is mutually agreed by the parties.

**ARTICLE XIII**

**MISCELLANEOUS**

Section 1.<u>Amendments</u>. This Agreement may be amended, modified, or supplemented prior to the Closing Date by the parties in writing; provided, however, that no such amendment may have the effect of changing any provisions to the detriment of such shareholders.

Section 2.<u>Entire Agreement</u>. The Trust, on behalf of the Survivor Fund and the Target Fund, agree that neither party has made to the other party any representation, warranty, and/or covenant not set forth herein and that this Agreement constitutes the entire agreement between the parties.

Section 3.<u>Survival. T</u>he representations and warranties contained in this Agreement or in any document delivered pursuant to or in connection with this Agreement, shall survive the consummation of the transactions contemplated hereunder. The covenants to be performed after the Closing Date, and the obligations of the Survivor Fund, shall continue in effect beyond the consummation of the transactions contemplated hereunder.

Section 4.<u>Headings</u>. The Article and paragraph headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

Section 5.<u>Counterparts</u>. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original.

Section 6.<u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Ohio, without giving effect to the conflicts of laws provisions thereof.

Section 7.<u>Assignment</u>. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and assigns. Except as provided in this paragraph, no assignment or transfer hereof or of any rights or obligations hereunder shall be made by any party without the written consent of the other party. Nothing herein expressed or implied is intended or shall be construed to confer upon or give any person, firm, or corporation, other than the parties hereto and their respective successors and assigns, any rights or remedies under or by reason of this Agreement.

Section 8.<u>Limitation of Liability</u>. It is expressly agreed that the obligations of the Survivor Fund hereunder shall not be binding upon any of the Trustees, shareholders, officers ("Officers"), agents, or employees of the Trust personally, but shall bind only the trust property of the Survivor Fund, as provided in the Trust's Agreement and Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees on behalf of the Survivor Fund and signed by authorized Officers, acting as such. Such authorization by the Trustees and such execution and delivery by the Officers shall not be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Survivor Fund as provided in the Trust's Agreement and Declaration of Trust.

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Section 9.<u>Discharge of Liabilities</u>. The Trust, on behalf of the Survivor Fund and the Target Fund, specifically acknowledges and agrees that any liability under this Agreement with respect to the Survivor Fund or Target Fund, respectively, or in connection with the transactions contemplated herein with respect to the Survivor Fund or Target Fund, respectively, shall be discharged only out of the assets of the Survivor Fund or Target Fund, respectively, and that no other series of the Trust shall be liable with respect thereto.

IN WITNESS WHEREOF, the parties have duly executed this Agreement, all as of the date first written above.

***SIGNATURES ON FOLLOWING PAGE***

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|:---|
| LOCORR INVESTMENT TRUST<br>on behalf of the Target Fund<br>By:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Name:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;________________________________ |
| LOCORR INVESTMENT TRUST<br>on behalf of the Survivor Fund<br>By:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Name:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;________________________________ |
| LOCORR FUND MANAGEMENT, LLC<br>solely with respect to Article IX<br>By:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Name:&nbsp;&nbsp;&nbsp;&nbsp;________________________________<br>Title:&nbsp;&nbsp;&nbsp;&nbsp;________________________________ |

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## Exhibit 99.6

**MANAGEMENT AGREEMENT**

TO:&nbsp;&nbsp;&nbsp;&nbsp;LoCorr Fund Management, LLC

687 Excelsior Blvd

Excelsior, MN 55331

Dear Sirs:

By this letter, LoCorr Investment Trust (the "Trust") confirms our agreement with you.

The Trust has been organized to engage in the business of an open-end management investment company.

You have been selected to act as the sole investment manager of the series of the Trust listed on Appendix A to this Agreement (each a "Fund" and collectively, the "Funds"), and to provide certain other services with respect to the Funds, as more fully set forth below, and you are willing to act as such investment manager and to perform such services under the terms and conditions set forth in this agreement. Accordingly, the Trust agrees with you as follows, effective upon the commencement of each Fund's operations.

**1.&nbsp;&nbsp;&nbsp;&nbsp;<u>ADVISORY SERVICES</u>**

Subject to the supervision of the Board of Trustees of the Trust, you will provide or arrange to be provided to each Fund such investment advice as you in your discretion deem advisable and will furnish or arrange to be furnished a continuous investment program for each Fund consistent with the Fund's investment objective and policies. You will determine or arrange for others to determine the securities to be purchased for each Fund, the portfolio securities to be held or sold by each Fund and the portion of each Fund's assets to be held uninvested, subject always to each Fund's respective investment objective, policies and restrictions, as each of the same shall be from time to time in effect, and subject further to such policies and instructions as the Board may from time to time establish. You will furnish such reports, evaluations, information or analyses to the Trust as the Board of Trustees of the Trust may request from time to time or as you may deem to be desirable. You also will advise and assist the officers of the Trust in taking such steps as are necessary or appropriate to carry out the decisions of the Board and the appropriate committees of the Board regarding the conduct of the business of the Trust. You may delegate any of the responsibilities, rights or duties described above to one or more persons, provided you notify the Trust and agree that such delegation does not relieve you from any liability hereunder.

The Adviser shall provide at least sixty (60) days' prior written notice to the Trust of any change in the ownership or management of the Adviser, or any event or action that may constitute a change in control. The Adviser shall provide prompt notice of any change in the portfolio manager(s) responsible for the day-to-day management of a Fund.

**2.&nbsp;&nbsp;&nbsp;&nbsp;<u>USE OF SUB-ADVISERS</u>**

You may delegate any or all of the responsibilities, rights or duties described above to one or more sub-advisers who shall enter into agreements with you, provided the agreements are approved and ratified (i) by the Board including a majority of the trustees who are not interested persons of you or of the Trust, cast in person at a meeting called for the purpose of voting on such approval, and (ii) if required under interpretations of the Investment Company Act of 1940, as amended (the "Act"), by the Securities and Exchange Commission or its staff, by vote of the holders of a majority of the outstanding voting securities of the applicable Fund (unless the Trust has obtained an exemption from the provisions of Section 15(a) of the Act). Any such delegation shall not relieve you from any liability hereunder.

**3.&nbsp;&nbsp;&nbsp;&nbsp;<u>ALLOCATION OF CHARGES AND EXPENSES</u>**

You will pay the compensation of any sub-adviser retained pursuant to paragraph 2 above and the compensation and expenses of any persons rendering any services to the Trust who are directors, officers,

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employees, members or stockholders of your corporation or limited liability company and will make available, without expense to the Fund, the services of such of your employees as may duly be elected trustees or officers of the Trust, subject to their individual consent to serve and to any limitations imposed by law. The compensation and expenses of any trustees, officers and employees of the Trust who are not directors, officers, employees, members of your limited liability company will be paid by the respective Fund. You will pay all advertising, promotion and other distribution expenses incurred in connection with the Fund's shares to the extent such expenses are not permitted to be paid by the Fund under any distribution expense plan or any other permissible arrangement that may be adopted in the future.

Each Fund will be responsible for the payment of all operating expenses of the respective Fund, including the compensation and expenses of any employees of the Trust and of any other persons rendering any services to the Fund; clerical and shareholder service staff salaries; office space and other office expenses; fees and expenses incurred by the Fund in connection with membership in investment company organizations; legal, auditing and accounting expenses; expenses of registering shares under federal and state securities laws, including expenses incurred by the Fund in connection with the organization and initial registration of shares of the Fund; insurance expenses; fees and expenses of the custodian, transfer agent, dividend disbursing agent, shareholder service agent, plan agent, administrator, accounting and pricing services agent and underwriter of the Fund; expenses, including clerical expenses, of issue, sale, redemption or repurchase of shares of the Fund; the cost of preparing and distributing reports and notices to shareholders, the cost of printing or preparing prospectuses and statements of additional information for delivery to shareholders; the cost of printing or preparing stock certificates or any other documents, statements or reports to shareholders; expenses of shareholders' meetings and proxy solicitations; advertising, promotion and other expenses incurred directly or indirectly in connection with the sale or distribution of the Fund's shares that the Fund is authorized to pay pursuant to Rule 12b-1 under the Act; and all other operating expenses not specifically assumed by you. Each Fund will also pay all brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), fees and expenses of the non-interested person Trustees and such extraordinary or non-recurring expenses as may arise, including litigation to which the Fund may be a party and indemnification of the Trust's Trustees and officers with respect thereto.

You may obtain reimbursement from the respective Fund, at such time or times as you may determine in your sole discretion, for any of the expenses advanced by you, which the Fund is obligated to pay, and such reimbursement shall not be considered to be part of your compensation pursuant to this Agreement.

**4.&nbsp;&nbsp;&nbsp;&nbsp;<u>COMPENSATION OF THE MANAGER</u>**

For all of the services to be rendered as provided in this Agreement, as of the last business day of each month, each Fund will pay you a fee based on the average value of the daily net assets of the respective Fund and paid at an annual rate as specified in Appendix A attached hereto.

The average value of the daily net assets of each Fund shall be determined pursuant to the applicable provisions of the Agreement and Declaration of Trust or a resolution of the Board of Trustees, if required. If, pursuant to such provisions, the determination of net asset value of a Fund is suspended for any particular business day, then for the purposes of this paragraph, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund's net assets may lawfully be determined, on that day. If the determination of the net asset value of a Fund has been suspended for a period including such month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last determined (whether during or prior to such month).

**5.&nbsp;&nbsp;&nbsp;&nbsp;<u>EXECUTION OF PURCHASE AND SALE ORDERS</u>**

In connection with purchases or sales of portfolio securities for the account of a Fund, it is understood that you (or the applicable sub-adviser retained pursuant to paragraph 2 above) will arrange for the placing of all orders for the purchase and sale of portfolio securities for the account with brokers or dealers selected by you (or the sub-adviser), subject to review of this selection by the Board of Trustees from time to time. You (or the sub-adviser)

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will be responsible for the negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, you (or the sub-adviser) are directed at all times to seek for the Funds the best qualitative execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer.

You (or the sub-adviser) should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking best qualitative execution, you (or the sub-adviser) are authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which you exercise investment discretion. You (or the sub-adviser) are authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a Fund portfolio transaction, which commission is in excess of the amount of the commission another broker or dealer would have charged for effecting that transaction, if you (or the sub-adviser) determine in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or your (or the sub-adviser's) overall responsibilities with respect to the Fund and to accounts over which you (or the sub-adviser) exercise investment discretion. The Funds and you (and the sub-adviser) understand and acknowledge that, although the information may be useful to a Fund and you (and the sub-adviser), it is not possible to place a dollar value on such information. The Board of Trustees shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the respective Fund.

A broker's or dealer's sale or promotion of Fund shares shall not be a factor considered by your personnel responsible for selecting brokers to effect securities transactions on behalf of the Funds. You and your personnel shall not enter into any written or oral agreement or arrangement to compensate a broker or dealer for any promotion or sale of Fund shares by directing to such broker or dealer (i) the Fund's portfolio securities transactions or (ii) any remuneration, including but not limited to, any commission, mark-up, mark down or other fee received or to be received from the Fund's portfolio transactions through such broker or dealer. However, you may place Fund portfolio transactions with brokers or dealers that sell or promote shares of the Fund provided the Board of Trustees has adopted policies and procedures under Rule 12b-1(h) under the Act and such transactions are conducted in compliance with those policies and procedures.

Subject to the provisions of the Act, and other applicable law, you (or the sub-adviser), any of your (and the sub-adviser's) affiliates or any affiliates of your (or the sub-adviser's) affiliates may retain compensation in connection with effecting the Fund's portfolio transactions, including transactions effected through others. If any occasion should arise in which you (or the sub-adviser) give any advice to your clients (or clients of the sub-adviser) concerning the shares of a Fund, you (or the sub-adviser) will act solely as investment counsel for such client and not in any way on behalf of the Fund.

**6.&nbsp;&nbsp;&nbsp;&nbsp;<u>PROXY VOTING</u>**

You will vote, or cause your designee to vote, all proxies solicited by or with respect to the issuers of securities in which assets of the Funds may be invested from time to time. Such proxies will be voted in a manner that you deem, in good faith, to be in the best interest of the respective Fund and in accordance with your proxy voting policy. You agree to provide a copy of your proxy voting policy, and any amendments thereto, to the Trust prior to the execution of this Agreement.

**7**.&nbsp;&nbsp;&nbsp;&nbsp;**<u>CODE OF ETHICS</u>**

You have adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Act and will provide the Trust with a copy of the code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this Agreement is in effect, you will provide to the Board of Trustees of the Trust a written report that describes any issues arising under the code of ethics since the last report to the Board of Trustees, including, but not limited to, information about material violations of the code and sanctions imposed in response to

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the material violations; and which certifies that you have adopted procedures reasonably necessary to prevent access persons (as that term is defined in Rule 17j-1) from violating the code.

**8.&nbsp;&nbsp;&nbsp;&nbsp;<u>SERVICES NOT EXCLUSIVE/USE OF NAME</u>**

Your (and a sub-adviser's) services to the Fund(s) pursuant to this Agreement are not to be deemed to be exclusive, and it is understood that you (or a sub-adviser) may render investment advice, management and other services to others, including other registered investment companies, provided, however, that such other services and activities do not, during the term of this Agreement, interfere in a material manner, with your ability to meet all of your obligations with respect to rendering services to the Funds.

The Trust and you acknowledge that all rights to the name "LoCorr" or any variation thereof belong to you, and that the Trust is being granted a limited license to use such words in any Fund name or in any class name. In the event you cease to be the adviser to a Fund, the Trust's right to the use of the name "LoCorr" with respective to such Fund shall automatically cease on the 90th day following the termination of this Agreement. The right to the name may also be withdrawn by you during the term of this Agreement upon ninety (90) days' written notice by you to the Trust. Nothing contained herein shall impair or diminish in any respect, your right to use the name "LoCorr" in the name of or in connection with any other business enterprises with which you are or may become associated. There is no charge to the Trust for the right to use this name.

**9.&nbsp;&nbsp;&nbsp;&nbsp;<u>LIMITATION OF LIABILITY OF MANAGER</u>**

You may rely on information reasonably believed by you to be accurate and reliable. Except as may otherwise be required by the Act or the rules thereunder, neither you nor your directors, officers, employees, shareholders, members, agents, control persons or affiliates of any thereof shall be subject to any liability for, or any damages, expenses or losses incurred by the Trust in connection with, any error of judgment, mistake of law, any act or omission connected with or arising out of any services rendered under, or payments made pursuant to, this Agreement or any other matter to which this Agreement relates, except by reason of willful misfeasance, bad faith or gross negligence on the part of any such persons in the performance of your duties under this Agreement, or by reason of reckless disregard by any of such persons of your obligations and duties under this Agreement.

Any person, even though also a director, officer, employee, shareholder, member or agent of you, who may be or become a trustee, officer, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with your duties hereunder), to be rendering such services to or acting solely for the Trust and not as a director, officer, employee, shareholder, member, or agent of you, or one under your control or direction, even though paid by you.

**10.&nbsp;&nbsp;&nbsp;&nbsp;<u>DURATION AND TERMINATION OF THIS AGREEMENT</u>**

The term of this Agreement shall begin with respect to each Fund upon the commencement of the respective Fund's operations and shall continue in effect with respect to the Fund for a period of two years. This Agreement shall continue in effect with respect to each Fund from year to year thereafter, subject to termination as hereinafter provided, if such continuance is approved at least annually by (a) a majority of the outstanding voting securities of the Fund or by vote of the Trust's Board of Trustees, cast in person at a meeting called for the purpose of voting on such approval, and (b) by vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval.

This Agreement may, on sixty (60) days' written notice, be terminated with respect to a Fund, at any time without the payment of any penalty, by the Board of Trustees, by a vote of a majority of the outstanding voting securities of the Fund, or by you. This Agreement shall automatically terminate in the event of its assignment

**11&nbsp;&nbsp;&nbsp;&nbsp;<u>AMENDMENT OF THIS AGREEMENT</u>**

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No provision of this Agreement may be changed, waived, discharged or terminated orally, and no amendment of this Agreement shall be effective until approved by the Board of Trustees, including a majority of the Trustees who are not interested persons of you or of the Trust, cast in person at a meeting called for the purpose of voting on such approval, and (if required under interpretations of the Act by the Securities and Exchange Commission or its staff) by vote of the holders of a majority of the outstanding voting securities of the Fund to which the amendment relates.

**12.&nbsp;&nbsp;&nbsp;&nbsp;<u>LIMITATION OF LIABILITY TO TRUST PROPERTY</u>**

The term "LoCorr Investment Trust" means and refers to the Trustees from time to time serving under the Trust's Agreement and Declaration of Trust as the same may subsequently thereto have been, or subsequently hereto be, amended. It is expressly agreed that the obligations of the Trust hereunder shall not be binding upon any of Trustees, officers, employees, agents or nominees of the Trust, or any shareholders of any series of the Trust, personally, but bind only the trust property of the Trust (and only the property of the applicable Fund), as provided in the Agreement and Declaration of Trust. The execution and delivery of this Agreement have been authorized by the Trustees and shareholders of the applicable Fund and signed by officers of the Trust, acting as such, and neither such authorization by such Trustees and shareholders nor such execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the trust property of the Trust (and only the property of applicable Fund) as provided in its Agreement and Declaration of Trust. A copy of the Agreement and Declaration of Trust is on file with the Secretary of State of Ohio.

**13.&nbsp;&nbsp;&nbsp;&nbsp;<u>SEVERABILITY</u>**

In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

**15.&nbsp;&nbsp;&nbsp;&nbsp; <u>BOOKS AND RECORDS</u>**

In compliance with the requirements of Rule 31a-3 under the Act, you agree that all record which you maintain for the Trust are the property of the Trust and you agree to surrender promptly to the Trust such records upon the Trust's request. You further agree to preserve for the periods prescribed by Rule 31a-2 under the Act all records which you maintain for the Trust that are required to be maintained by Rule 31a-1 under the Act.

**16.&nbsp;&nbsp;&nbsp;&nbsp;<u>QUESTIONS OF INTERPRETATION</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by the laws of the State of Ohio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;For the purpose of this Agreement, the terms "assignment," "majority of the outstanding voting securities," "control" and "interested person" shall have their respective meanings as defined in the Act and rules and regulations thereunder, subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under the Act; and the term "brokerage and research services" shall have the meaning given in the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;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 Act shall be resolved by reference to such term or provision of the Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by the Securities and Exchange Commission or its staff. In addition, where the effect of a requirement of the Act, reflected in any provision of this Agreement, is revised by rule, regulation, order or interpretation of the Securities and Exchange Commission or its staff, such provision shall be deemed to incorporate the effect of such rule, regulation, order or interpretation.

**17.&nbsp;&nbsp;&nbsp;&nbsp;<u>NOTICES</u>**

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Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that the address of the Trust is 687 Excelsior Blvd, Excelsior, MN 55331.

**18.&nbsp;&nbsp;&nbsp;&nbsp;<u>CONFIDENTIALITY</u>**

You agree to treat all records and other information relating to the Trust and the securities holdings of the Funds as confidential and shall not disclose any such records or information to any other person unless (i) the Board of Trustees of the Trust has approved the disclosure or (ii) such disclosure is compelled by law. In addition, you, and your officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of a Fund, as a result of disclosing the Fund's portfolio holdings. You agree that, consistent with your Code of Ethics, neither you nor your officers, directors or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

**19.&nbsp;&nbsp;&nbsp;&nbsp;<u>COUNTERPARTS</u>**

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

**20.&nbsp;&nbsp;&nbsp;&nbsp;<u>BINDING EFFECT</u>**

Each of the undersigned expressly warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated, and that his signature will operate to bind the party indicated to the foregoing terms.

**21.&nbsp;&nbsp;&nbsp;&nbsp;<u>CAPTIONS</u>**

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

If you are in agreement with the foregoing, please sign the form of acceptance on the accompanying counterpart of this letter and return such counterpart to the Trust, whereupon this letter shall become a binding contract upon the date thereof.

Yours very truly,

**LoCorr Investment Trust**

Dated:&nbsp;&nbsp;&nbsp;&nbsp;___<u>February 20, 2025</u>___________

LoCorr Investment Trust

<u>/s/ Jon C. Essen</u> 

Jon C. Essen, Treasurer and Secretary

**ACCEPTANCE:**

The foregoing Agreement is hereby accepted.

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**LoCorr Fund Management, LLC**

Dated:&nbsp;&nbsp;&nbsp;&nbsp;___<u>February 20, 2025</u>_____________

LoCorr Fund Management, LLC

<u>/s/ Jon C. Essen</u> 

Jon C. Essen, Chief Financial Officer

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

**Series of LoCorr Investment Trust**

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| | | |
|:---|:---|:---|
| **Fund** | **Fee** | **Date of Commencement of** <br>**Fund Operations** |
| LoCorr Macro Strategies Fund | 1.65% | March 22, 2011 |
| LoCorr Long/Short Commodities Strategy Fund | See Incremental <br>Advisory Fee below | January 1, 2012 |
| LoCorr Dynamic Opportunity Fund | 1.50% | May 10, 2013 |
| LoCorr Spectrum Income Fund | 1.30% | January 1, 2014 |
| LoCorr Market Trend Fund | 1.50% | July 1, 2014 |
| LoCorr Hedged Core Fund | 1.45% | July 10, 2024 |
| LoCorr Strategic Allocation Fund | 1.24% | January 8, 2025 |

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Incremental Advisory Fee for

LoCorr Long/Short Commodity Strategies Fund <br>

---

| | |
|:---|:---|
| Net Assets per Fund | Incremental<br>Advisory Fee |
| $0 – .5 billion | 1.50% |
| $.5 – 1 billion | 1.40% |
| $1 – 1.5 billion | 1.30% |
| $1.5 – 2.0 billion | 1.20% |
| $2.0 – $2.5 billion | 1.10% |
| Over $2.5 billion | 1.00% |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Unitary Fee** | **Date of Commencement of<br> Fund Operations** |
| LoCorr Dynamic Opportunity Fund ETF | 0.99% | TBD |

---

## Exhibit 99.6

**LOCORR INVESTMENT TRUST <br>SUB-ADVISORY AGREEMENT**

SUB-ADVISORY AGREEMENT, dated as of August 12, 2025, between LoCorr Fund Management, LLC (the "Adviser"), and Kettle Hill Capital Management, LLC (the "Sub-Adviser").

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

WHEREAS, the Adviser acts as an investment adviser to LoCorr Dynamic Opportunity Fund ETF (the "Fund"), a series of shares of beneficial interest of the LoCorr Investment Trust, an Ohio business trust (the "Trust"), pursuant to a Management Agreement dated as of August 12, 2025 (the "Management Agreement") as amended;

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

WHEREAS, the Adviser desires to retain the Sub-Adviser to render investment advisory services to the Fund, and the Sub-Adviser is willing to render such services; and

WHEREAS, the Adviser has the authority, subject to the approval of the Board (as defined in Section 2 below) and, if required under the 1940 Act, Fund shareholders, to select sub-advisers for the Fund.

NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set forth, the parties hereto agree as follows:

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Appointment and Status of Sub-Adviser</u>**. The Adviser hereby appoints the Sub-Adviser to provide investment advisory services to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the compensation herein provided. In connection therewith, the Adviser has delivered or will promptly deliver to the Sub-Adviser copies of (i) the Trust's Declaration of Trust and By-Laws and any amendments thereto, (ii) the Trust's Registration Statement and all amendments thereto filed with the U.S. Securities and Exchange Commission ("SEC") pursuant to the Securities Act of 1933, as amended (the "Securities Act"), or the 1940 Act (the "Registration Statement"), (iii) the current Prospectus and Statement of Additional Information of the Fund (collectively, as currently in effect and as amended or supplemented, the "Prospectus"), and (iv) all procedures adopted by the Trust with respect to the Fund and all written instructions adopted by the Board with respect to the Fund, and shall promptly furnish the Sub-Adviser with all amendments of or supplements to the foregoing. In addition, the Adviser shall deliver to the Sub-Adviser (x) a certified copy of the resolutions of the Board appointing the Sub-Adviser and authorizing the execution and delivery of this Agreement, (y) a copy of all proxy statements and related materials relating to the Fund (if any), and (z) any

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other documents, materials or information that the Sub-Adviser may reasonably request to enable it to perform its duties pursuant to this Agreement. The Sub-Adviser shall for all purposes herein be deemed to be an independent contractor of the Adviser and the Trust and shall, unless otherwise expressly provided herein or authorized by the Adviser or the Board from time to time, have no authority to act for or represent the Adviser or the Trust in any way or otherwise be deemed an agent of the Adviser or the Trust. The Adviser hereby delegates to the Sub-Adviser the authority, as agent and attorney-in-fact for the Trust or Fund, as applicable, for the account of, at the risk of and in the name of the Trust or the Fund, as applicable, to place orders and issue instructions with respect to purchases and sales of securities and other investment assets of the Fund.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Sub-Adviser's Duties</u>**. Subject to the general supervision of the Board and the Adviser, the Sub-Adviser shall, employing its discretion, manage the investment and reinvestment for that portion of the Fund's assets that are assigned to the Sub-Adviser by the Adviser (the "Sub-Advised Assets"), including the purchase, retention and disposition thereof and the execution of agreements relating thereto, in accordance with the Fund's investment objectives, policies and restrictions as disclosed in the Fund's Prospectus, using similar or substantially similar investment strategies that, as of the date of this Agreement, are currently used by the Sub-Adviser with respect to the Fund(s) listed on Schedule 1 hereto, and any written investment guidelines of the Fund that (i) have been approved by the Board, (ii) are disclosed in the Prospectus, and (iii) have been provided to the Sub-Adviser, and subject to the following understandings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall furnish a continuous investment program for the Sub-Advised Assets and determine from time to time, with respect to the Sub-Advised Assets, what investments or securities will be purchased, retained or sold by the Fund and what portion of the Sub-Advised Assets will be invested or held uninvested as cash;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall use its best judgment in the performance of its duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser, in the performance of its duties and obligations under this Agreement, shall comply with the reasonable written instructions and directions of the Board, which instructions and directions shall not be inconsistent with the Prospectus, as the Adviser reasonably determines may be necessary or appropriate in order for the Fund to be in compliance with (i) the most recent version of the Trust's Declaration of Trust, (ii) the Trust's By-Laws, (iii) the Fund's investment objectives, policies and restrictions as stated in the Prospectus, and (iv) applicable requirements of the 1940 Act and all other applicable federal and state laws and regulations. The parties acknowledge and agree that the Sub-Adviser shall have no responsibility for monitoring any portion of the Fund's portfolio that is not being managed by Sub-Adviser, and that as a result the Sub-Adviser will not be responsible for the Fund's compliance with any requirements relating to its portfolio as a whole;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall place portfolio transactions pursuant to its determinations either directly with the issuer or with any broker and/or dealer in such securities, subject to Section 3 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser shall maintain books and records with respect to the securities transactions of the Sub-Advised Assets as it is required to maintain pursuant to Rules 31a-1 and 31a-2 under the 1940 Act. The Sub-Adviser (or the broker, at the Sub-Adviser's discretion) shall render to the Adviser and the Board such periodic and special reports as the Adviser or the Board may reasonably request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser (or the broker, at the Sub-Adviser's discretion) shall provide the Trust's custodian and fund accountant on each business day with information about securities transactions under the Sub-Adviser's control as the custodian and fund accountant may reasonably require under the terms of the then-current custody agreement between the Trust and the custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Sub-Advised Assets, the Sub-Adviser shall respond as quickly as reasonably practicable to any request from the Adviser or the fund accountant for assistance in obtaining price sources for securities held by the Fund or determining a price when a price source is not available, and shall periodically review the prices used by the fund accountant to determine net asset value and advise the fund accountant promptly if any price appears to be incorrect, but in no event shall the Sub-Adviser be responsible for determining the final valuation of an asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Sub-Advised Assets, the Sub-Adviser shall vote all proxies solicited by or with respect to the issuers of securities in which assets of the Fund may be invested from time to time. Such proxies will be voted in accordance with the Sub-Adviser's proxy voting policy, a copy of which has been provided to the Board. The Sub-Adviser shall provide a copy of its proxy voting policy, and any amendments thereto, to the Adviser prior to the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser hereby represents that it has adopted a written code of ethics (the "code") to ensure compliance with the requirements of Rule 17j-1 under the 1940 Act and will provide the Adviser and the Board with a copy of the code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this Agreement is in effect, the Sub-Adviser shall provide to the Board a written report that describes any issues arising under the code since the last report to the Board, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that the Sub-Adviser has adopted procedures reasonably necessary to prevent access persons (as that term is defined in Rule 17j-1) from violating the code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser agrees to maintain adequate compliance procedures to ensure its compliance with applicable provisions of the 1940 Act, the Advisers Act and other applicable federal and state regulations, which procedures have been reviewed and approved by the Board of Trustees of the Trust. The Sub-Adviser shall, following the effective date of this Agreement,

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provide to the Trust's Chief Compliance Officer an executive summary of its next completed annual written report regarding the Sub-Adviser's compliance program within a reasonable time following preparation of such annual written report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser, during the term of this Agreement, agrees to maintain its registration as an investment adviser with the SEC under the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser, during the term of this Agreement, shall promptly notify the Adviser of any circumstance that could materially impede the ability of the Sub-Adviser to perform its services as described in this Agreement. Such circumstances, to be determined in the Sub-Adviser's sole discretion, could include, but are not limited to, items such as: litigation or regulatory actions pertaining to the Sub-Adviser or any of its key employees and any material operational disruptions caused by the loss of functionality for key employees or systems.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Execution of Purchase and Sale Orders</u>**. With respect to the Sub-Advised Assets, in connection with purchases or sales of portfolio securities for the accounts of the Fund, the Sub-Adviser will arrange for the placing of all orders for the purchase and sale of portfolio securities for the account with brokers or dealers selected by the Sub-Adviser. The Sub-Adviser's selection of brokers and dealers will be reviewed by the Board from time to time. The Sub-Adviser will be responsible for the negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, the Sub-Adviser will use its best efforts to seek to obtain for the Fund "best execution," considering all of the circumstances. Subject to its obligations under this Section 3, the Sub-Adviser shall be permitted to aggregate trades for the purchase and sale of the Fund's portfolio securities and allocate such securities in accordance with the Sub-Adviser's aggregation and allocation policies and procedures.

The Sub-Adviser should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking best execution, the Sub-Adviser is authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which it exercises investment discretion. The Sub-Adviser is authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing the Fund's portfolio transaction that is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if the Sub-Adviser determines in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or the Sub-Adviser's overall responsibilities with respect to the Fund and to accounts over which the Sub-Adviser exercises investment discretion. The Adviser and the Sub-Adviser understand and acknowledge that, although the information may be useful to the Fund and the Sub-Adviser, it is not possible to place a dollar value on such information. The Board shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund. The Sub-Adviser may not give

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consideration to sales of shares of the Fund as a factor in the selection of brokers and dealers to execute the Fund's portfolio transactions.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Services to Other Companies or Accounts</u>**. The Sub-Adviser's services to the Fund pursuant to this Agreement are not to be deemed to be exclusive and it is understood that the Sub-Adviser may render investment advice, management and other services to others, including other registered investment companies or series thereof that may or may not have similar investment strategies as those of the Fund. The Adviser recognizes that, in some cases, having multiple clients for which a particular investment may be suitable may limit the size of the position of that investment that may be acquired or sold for the Fund. In addition, the Adviser understands that the persons employed by the Sub-Adviser to assist in the performance of the Sub-Adviser's duties hereunder will not devote their full time to such service and nothing contained herein shall be deemed to limit or restrict the right of the Sub-Adviser or any affiliate of the Sub-Adviser to engage in and devote time and attention to other business or to render services of whatever kind or nature. During the term of this Agreement and for one year thereafter, each party agrees not to engage and/or employ the other party's employees.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Books and Records</u>**. The Sub-Adviser shall keep the books and records required to be maintained by it pursuant to Section 2(e) of this Agreement. The Sub-Adviser agrees that all records that it is required to maintain with respect to the Sub-Advised Assets under this Agreement are the property of the Trust, and it will promptly surrender any of such records to the Trust upon the Trust's request. The Sub-Adviser may maintain copies of any such books and records for its own records.

**&nbsp;&nbsp;&nbsp;&nbsp;Section 6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Expenses of the Sub-Adviser</u>**. During the term of this Agreement, the Sub-Adviser will pay all expenses incurred by it in connection with its activities under this Agreement, other than the cost of securities and other investments (including, without limitation, taxes and brokerage commissions, interest on margin borrowing, custodial fees, dividends payable with respect to securities sold short, interest on account-related loans and debit balances, if any) purchased, retained or sold for the Fund. All other expenses to be incurred in the operation of the Fund will be borne by the Fund, except to the extent specifically assumed by the Sub-Adviser. The Sub-Adviser shall not be responsible for the Adviser's expenses, including any extraordinary and non-recurring expenses.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation of the Sub-Adviser</u>**. For the services provided and the expenses borne pursuant to this Agreement, the Adviser will pay to the Sub-Adviser as compensation at the rates set forth in Schedule A hereto. Pertaining to Section 7 and Schedule A, "Sub-Advised Assets" shall refer to the assets assigned by the Adviser to the Sub-Adviser for LoCorr Dynamic Opportunity Fund, and any other Fund within the Trust. Subsequent to the effective date of this Agreement, the Sub-Adviser shall promptly notify the Adviser if the Sub-Adviser enters into a sub-advisory agreement with respect to a registered open-end management investment company or series thereof that is a multi-manager fund that uses the Sub-Adviser's long-short investment strategy similar to that used to manage the Sub-Advised Assets pursuant to this Agreement (each, an "other sub-advisory agreement"), if, pursuant to such other sub-

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advisory agreement, the Sub-Adviser will receive a fee lower than the fee to be paid to the Sub-Adviser pursuant to this Agreement. In the event that the Sub-Adviser enters into any such other sub-advisory agreement, the Sub-Adviser agrees to reduce the compensation to which it is entitled pursuant to this Agreement so that it is no higher than the fee to be paid pursuant to the other sub-advisory agreement, subject to approval of the Board of Trustees of the Trust and Fund shareholders, if required. The Sub-Advised Assets within the Trust are aggregated in determining the appropriate fee level(s) to be used in the fee calculation. This fee for each month will be paid to the Sub-Adviser during the succeeding month within five business days after the month-end, and payment will be made by bank wire transfer per instructions furnished by the Sub-Adviser. The monthly fee will also be accompanied by a statement from the fund accountant or the Adviser, which details the calculation of the fee. In addition, upon termination of the Agreement, the monthly fee shall become due and owing to the Sub-Adviser promptly after the termination of this Agreement as of the next fee payment date; and the fee will be prorated for such fees owed and due through the termination date. The Sub-Adviser agrees to manage up to $200 million in the Fund's Sub-Advised Assets.

The Adviser is solely responsible for the payment of the Sub-Adviser's fees, and the Sub-Adviser agrees not to seek payment of its fees from the Trust or the Fund.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Use of Names</u>**. The Sub-Adviser acknowledges that it has no rights to the name "LoCorr" and the Sub-Adviser will make no use of such name without the express written consent of the Trust, the Fund or the Adviser, as the case may be; *provided that* the Sub-Adviser shall be entitled to use the Fund's name and the name "LoCorr" in the Sub-Adviser's Form ADV or any other document required to be filed with any governmental agency or self-regulatory organization and in connection with performing the Sub-Adviser's obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;The Adviser agrees to submit copies of all proposed prospectuses, proxy statements, reports to shareholders, sales literature, or other material prepared for distribution to interest holders of the Fund or the public that refer in any way to the Sub-Adviser (other than identifying the name of the Sub-Adviser as a sub-adviser to the Fund) to the Sub-Adviser at its principal office (or to an alternate address provided by the Sub-Adviser) for review prior to use, and the Sub-Adviser agrees to review such materials by a reasonable and appropriate deadline. The Sub-Adviser shall not be liable for any disclosures or descriptions included in any of the foregoing materials that relate to the Sub-Adviser or the Sub-Advised Assets for which it did not have an opportunity to review and correct any information contained therein. None of the Adviser, the Trust, the Fund or any affiliate of the foregoing will use the registered trademarks, service marks, logos, names or any other proprietary designations of Sub-Adviser, its subsidiaries and/or affiliates in any advertising or promotional materials without Sub-Adviser's prior written approval, which will not be unreasonably withheld. In the event of termination of this Agreement, the Adviser will continue to furnish to the Sub-Adviser copies of any of the above-mentioned materials that refer in any way to the Sub-Adviser. The provisions of this paragraph shall survive the termination of this Agreement.

------

&nbsp;&nbsp;&nbsp;&nbsp;The Sub-Adviser agrees to submit copies of all sales literature or other marketing material of the Sub-Adviser that refer in any way to the Adviser, the Fund, or the Trust to the Adviser at its principal office (or to an alternate address provided by the Adviser) for review prior to use, and the Adviser agrees to review such materials by a reasonable and appropriate deadline. The Adviser, the Trust or the Fund, as applicable, shall not be liable for any disclosures or descriptions included in any of the foregoing materials that relate to the Sub-Adviser or the Sub-Advised Assets for which it did not have an opportunity to review and correct any information contained therein, unless such disclosures or descriptions are consistent with those included in public filings or materials provided to the Sub-Adviser. Neither the Sub-Adviser nor any of its affiliates will use the registered trademarks, service marks, logos, names or any other proprietary designations of (1) Adviser, its subsidiaries and/or affiliates in any advertising or promotional materials without Adviser's prior written approval, which will not be unreasonably withheld, or (2) the Fund or the Trust in any advertising or promotional materials without the Trust's prior written approval, which will not be unreasonably withheld. In the event of termination of this Agreement, the Sub-Adviser will continue to furnish to the Adviser and/or the Trust, as applicable, copies of any of the above-mentioned materials that refer in any way to the Adviser or the Trust. The provisions of this paragraph shall survive the termination of this Agreement.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Liability</u>**. The Sub-Adviser has not made, and does not make, any guarantee whatsoever as to the success or profitability of the Sub-Adviser's trading methods and strategies and the Adviser acknowledges that it has received no such guarantee from the Sub-Adviser and has not entered into this Agreement in consideration of or in reliance upon any such guarantee or similar representation from the Sub-Adviser. Neither the Sub-Adviser nor its shareholders, members, officers, directors, employees, agents, control persons or affiliates of any thereof, shall be liable for any error of judgment (including, without limitation, trade errors) or mistake of law or for any loss suffered by the Adviser, the Trust or the Fund (including, without limitation, by reason of the purchase, retention or sale of securities) in connection with the matters to which this Agreement relates except a loss resulting from a breach of fiduciary duty with respect to the 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 the Sub-Adviser's duties or from reckless disregard by it of the Sub-Adviser's obligations and duties under this Agreement.

The Adviser shall indemnify, and defend the Sub-Adviser and its shareholders, members, officers, directors, employees, agents, control persons or affiliates of any thereof, and hold them harmless from and against any and all claims, losses, damages, liabilities and expenses ("Losses"), as they are incurred, arising out of or related to this Agreement or the business, operation, or administration of the Trust or the Fund, except to the extent such Losses are determined to have arisen directly and primarily out of, or have been determined to be based directly and primarily upon, the Sub-Adviser's breach of fiduciary duty, willful misfeasance, bad faith or gross negligence in the performance of the Sub-Adviser's duties or from reckless disregard by it of its obligations and duties under this Agreement.

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The Sub-Adviser shall indemnify, and defend the Adviser and its shareholders, members, officers, directors, employees, agents, control persons or affiliates of any thereof, and hold them harmless from and against any and all Losses, as they are incurred, that have been determined to have arisen directly and primarily out of, or have been determined to be based directly and primarily upon the Sub-Adviser's breach of fiduciary duty, willful misfeasance, bad faith or gross negligence in the performance of the Sub-Adviser's duties or from reckless disregard by it of its obligations and duties under this Agreement.

Any person, even though also a director, officer, employee, shareholder, member or agent of the Sub-Adviser, who may be or become an officer, director, trustee, employee or agent of the Trust, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other than services or business in connection with the Sub-Adviser's duties hereunder), to be rendering such services to or acting solely for the Trust and not as a director, officer, employee, shareholder, member or agent of the Sub-Adviser, or one under the Sub-Adviser's control or direction, even though paid by the Sub-Adviser.

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Duration and Termination</u>**. With respect to each Fund, the term of this Agreement for that Fund shall begin on the date of this Agreement, *provided that* this Agreement shall have been approved by a majority of the Board members who are not parties to this Agreement or interested persons of any such party (other than as Board members of the Trust) and, if required by applicable law, by a vote of a majority of the outstanding voting securities of the Fund, and shall continue in effect for an initial period of two years. This Agreement shall continue in effect from year to year thereafter, subject to termination as hereinafter provided, if such continuance is specifically approved at least annually (a) by a majority of the outstanding voting securities (as defined in the 1940 Act) of such Fund or by vote of the Board, and (b) by vote of a majority of the Trustees of the Trust who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. In the event that the continuation of this Agreement is not approved as to the Fund, the Sub-Adviser may continue to render to the Fund the services described herein in the manner and to the extent permitted by the 1940 Act and the rules and regulations thereunder. To the extent required by the 1940 Act, the Sub-Adviser shall furnish to the Adviser and the Trust, promptly upon their request, such information as may reasonably be necessary to evaluate the terms of this Agreement or any extension, renewal or amendment thereof.

&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be terminated at any time on at least 60 days' prior written notice to the Sub-Adviser, without the payment of any penalty, (i) by vote of the Board, (ii) by the Adviser, (iii) by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund, or (iv) &nbsp;&nbsp;&nbsp;&nbsp;in accordance with the terms of any exemptive order obtained by the Trust or the Fund under Section 6(c) of the 1940 Act, exempting the Trust or the Fund from Section 15(a) and Rule 18f-2 under the 1940 Act. The Sub-Adviser may terminate this Agreement at any time, without the payment of any penalty, on at least 60 days' prior written notice to the Adviser and the Trust. This Agreement will automatically and immediately terminate in the event of its assignment (as defined in the 1940 Act).

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**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Complete Agreement; Amendment</u>**. This Agreement constitutes the entire agreement between the Adviser and the Sub-Adviser with respect to the subject matter covered herein and supersedes all prior agreements, oral and written, between the parties hereto with respect to the subject matter hereof. This Agreement may be amended by mutual consent of the Adviser and the Sub-Adviser, provided any such amendment is reduced to a written document signed by authorized officers of the Adviser and Sub-Adviser and the Trust approves the amendment (a) by vote of a majority of the Trustees of the Trust, including Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such amendment, and (b) if required under then current interpretations of the 1940 Act by the SEC, by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund affected by such amendment.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notices</u>**. Notices of any kind to be given in writing and shall be duly given if email (with electronic confirmation), or mailed or delivered to the Sub-Adviser at 747 Third Avenue, 19<sup>th</sup> Floor, New York, NY 10017, Attention: Bryan Kiss, Email: <u>bryan.kiss@kettlehill.com</u>, and to the Adviser at 687 Excelsior Blvd, Excelsior, MN 55331, Attention: Jon C. Essen, Email: jessen@locorrfunds.com or at such other address or to such other individual as shall be specified by the party to be given notice.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>**. (a) This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota without regard to the conflicts of laws principles thereof, and (b) 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 interpretation 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 issued pursuant to said 1940 Act. In addition, where the effect of a requirement of the Act reflected in any provision of this Agreement is revised by rule, regulation or order of the SEC, such provision shall be deemed to incorporate the effect of such rule, regulation or order. Except as provided in Section 21 below, **the parties hereto waive their right to seek remedies in court, including any right to a jury trial.** The parties agree that in the event of any dispute arising out of, relating to or in connection with this Agreement, such dispute shall be resolved exclusively by confidential arbitration to be conducted in accordance with the American Arbitration Association ("AAA") Commercial Arbitration Rules and Mediation Procedures and applying the laws of State of Minnesota or the United States, as appropriate. The costs of arbitration, including the fees and expenses of the arbitrator, shall be paid equally the parties hereto. Each party shall bear the cost of preparing and presenting their case. Disputes shall not be resolved in any other forum or venue. The parties agree that such arbitration shall be conducted by a single arbitrator experience in resolving similar disputes and that the arbitrator's authority to grant relief shall be subject to the Federal Arbitration Act, 9 U.S.C. §§ 1-16, et seq. ("FAA"), the provisions of this Agreement, and the AAA Code of Ethics for Arbitrators in Commercial Disputes. The parties hereto agree that the arbitrator shall have no power or authority to make any award that provides for punitive or exemplary damages or damages otherwise limited or excluded in this Agreement.

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The parties understand that their right to appeal or to seek modification of any ruling or award of the arbitrator is severely limited. Any award rendered by the arbitrator shall be final and binding, and judgment may be entered on it in any court of competent jurisdiction or as otherwise provided by law.

**Section 14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability</u>**. In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

**Section 15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>**. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

**Section 16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding Effect</u>**. Each of the undersigned expressly warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated and that his signature will operate to bind the party indicated to the foregoing terms. The Adviser further represents that this Agreement has been duly authorized by appropriate action of the Adviser, the Board and the Fund's shareholders

**Section 17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Captions</u>**. The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereto or otherwise affect their construction or effect.

**Section 18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Change of Control</u>**. The Sub-Adviser shall seek to notify Adviser and the Trust in writing at least 60 days' in advance of any change of control, as defined in Section 2(a)(9) of the 1940 Act, of which Sub-Adviser is aware as will enable the Trust to consider whether an assignment, as defined in Section 2(a)(4) of the 1940 Act, would occur.

**Section 19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Business</u>**. Except as set forth above, nothing in this Agreement shall limit or restrict the right of any of the Sub-Adviser's directors, officers or employees who may also be a trustee, officer, partner 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 business, whether of a similar or a dissimilar nature, nor limit or restrict the Sub-Adviser's right to engage in any other business or to render services of any kind to any other corporation, firm, individual or association.

**Section 20.&nbsp;&nbsp;&nbsp;&nbsp; <u>Anti-Money Laundering</u>**. The Adviser, on its own behalf and on behalf of the Fund, confirms that where it is acting as principal or where it is acting on behalf of another person (notwithstanding that it enters into this Agreement and any transactions as principal), it is in compliance with the anti-money laundering regulations that apply to it. The Adviser shall provide any document or information to the Sub-Adviser that the Sub-Adviser may request for complying with its own anti-money laundering regulations.

**Section 21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>**. Except as otherwise provided in Section 8 of this Agreement, the Sub-Adviser agrees to treat all records and other information relating to the Trust

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and the securities holdings of the Fund as confidential and shall not disclose any such records or information to any other person (other than the Sub-Adviser's professional advisors, accountants, officers, employees, interestholders, and counsel) unless (i) the Board has approved the disclosure or (ii) such disclosure is compelled by law or regulation or information that has entered into the public domain other than by a breach of duty on the part of the Sub-Adviser. In addition, Sub-Adviser, and Sub-Adviser's officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund's portfolio holdings; provided, however, that the Sub-Adviser and its officers, directors and employees are permitted to disclose the portfolio holdings of third party accounts and investment vehicles managed by the Sub-Adviser notwithstanding that such accounts and investment vehicles may include the portfolio holdings that are the same as or pari passu with the Fund's portfolio holdings. Sub-Adviser agrees that, consistent with its Code of Ethics, neither it nor its officers, directors or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;The Adviser, on its own behalf or on behalf of the Fund, agrees to treat all records and other information relating to the Sub-Adviser (including, without limitation, the Sub-Adviser's advice with respect to trading, investments, and market positions or strategies, systems, software programs, methods, models, techniques and formulas and the Adviser agrees not to reverse engineer such items) as confidential and shall not disclose information of a confidential nature acquired in connection with this Agreement, except for information that it may be entitled to disclose pursuant to this Agreement or required to disclose by law or regulation or information that has entered into the public domain other than by a breach of duty on the part of the Adviser, the Fund or Trust.

&nbsp;&nbsp;&nbsp;&nbsp;Each party recognizes and agrees that nothing contained in this Agreement shall be construed as granting any property rights, by license or otherwise, to any of the other party's confidential information, or to any invention or any patent, copyright, trademark, or other intellectual property right that has issued or that may issue, based on the other party's confidential information to the receiving party or its affiliates. Neither party shall make, have made, use or sell (or permit its affiliates to make, have made, use or sell) for any purpose any product or other item using, incorporating or derived from any of the other party's confidential information.

Notwithstanding any other provision of this Agreement, to the extent that any market counterparty with whom the Sub-Adviser deals requires information relating to the Fund (including, but not limited to, the identity of the Adviser or the Fund or Trust and market value of the Fund), the Sub-Adviser shall be permitted to disclose such information to the extent necessary to effect transactions on behalf of the Fund in accordance with the terms of this Agreement.

Notwithstanding anything to the contrary set forth in this Agreement, each party acknowledges that its breach of this Section 21 may cause irreparable damage and hereby agrees that the non-

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breaching party shall be entitled to seek injunctive relief under this Agreement, as well as such further relief as may be granted by a court of competent jurisdiction.

This Section 21 shall survive the termination of this Agreement; and shall continue in perpetuity.

*[Signature block on following page]*

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

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| | |
|:---|:---|
| **ADVISER**<br>**LoCorr Fund Management, LLC** | **SUB-ADVISER**<br>**Kettle Hill Capital Management, LLC** |
| By:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | By:<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;</u> |
| Name:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | Name: <u>Bryan Kiss</u>______________________ |
| Title:<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> | Title: <u>Member</u>__________________________ |

---

------

**<u>SCHEDULE A</u>**

Sub-Advisory Fee:

A monthly fee at an annual rate equal to:

---

| | |
|:---|:---|
| Average Daily<br>Sub-Advised Assets | Annual Fee Rate<br>Used for Monthly Fee |
| $0 – 49999999.99 | 0.25% |
| $50000000 – 99999999.99 | 0.30% |
| $100000000 – 249999999.99 | 0.35% |
| $250000000 – 499999999.99 | 0.40% |
| $500000000 – 999999999.99 | 0.45% |
| $1 billion or greater | 0.50% |

---

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**<u>Schedule 1</u>**

Fund for which an investment strategy that is similar or substantially similar to the investment strategy to be used with respect to the Sub-Advised Assets is currently used by the Sub-Adviser:

&nbsp;&nbsp;&nbsp;&nbsp;Kettle Hill Partners, LP

&nbsp;&nbsp;&nbsp;&nbsp;Kettle Hill Partners II, LP

## Exhibit 99.11

![image_1a.jpg](image_1a.jpg)<br>

October 1, 2025

LoCorr Investment Trust

687 Excelsior Boulevard

Excelsior, MN 55331

Dear Board Members:

We have been requested by LoCorr Investment Trust, an Ohio business trust (the "Trust") established under an Agreement and Declaration of Trust dated November 12, 2010, as amended from time to time (the "Declaration"), SEC File No. 811-22509, for our opinion with respect to certain matters relating to the LoCorr Dynamic Opportunity ETF (the "Acquiring Fund"), a series of the Trust. We understand that the Trust will file a Registration Statement on Form N-14 for the purpose of registering shares of the Trust under the Securities Act of 1933, as amended, in connection with the proposed acquisition by the Acquiring Fund of all of the assets of the LoCorr Dynamic Opportunity Fund (the "Acquired Fund"), a series of the Trust, in exchange solely for shares of the Acquiring Fund and the assumption by the Acquiring Fund of all or substantially all of the liabilities of the Acquired Fund pursuant to an Agreement and Plan of Reorganization (the "Plan"), the form of which is included in the Registration Statement on Form N-14.

We have been requested by the Trust to furnish this opinion as an exhibit to the Registration Statement on Form N-14. All assumptions and statements of reliance herein have been made without any independent investigation or verification on our part except to the extent otherwise expressly stated, and we express no opinion with respect to the subject matter or accuracy of such assumptions or items relied upon.

We have examined a copy of the Trust's Declaration, the Trust's By-Laws, the Trust's record of the various actions by the Trustees thereof, and all such agreements, certificates of public officials, certificates of officers and representatives of the Trust and others, and such other documents, papers, statutes and authorities as we deem necessary to form the basis of the opinion hereinafter expressed. We have assumed the genuineness of the signatures and the conformity to original documents of the copies of such documents supplied to us as copies thereof.

Based upon the foregoing, and assuming the approval by shareholders of the Acquired Fund, it is our opinion that the shares of the Acquiring Fund currently being registered, when

![image_2a.jpg](image_2a.jpg)<br>

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

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![image_01a.jpg](image_01a.jpg)<br>

issued in accordance with the Plan and the Trust's Declaration and By-Laws, will be legally issued, fully paid and non-assessable by the Trust.

The opinions expressed herein are limited to matters of Ohio law and United States Federal law as such laws exist today; we express no opinion as to the effect of any applicable law of any other jurisdiction. We assume no obligation to update or supplement our opinion to reflect any facts or circumstances that may hereafter come to our attention, or changes in law that may hereafter occur.

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to the Trust's Registration Statement on Form N-14. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Trust and its shareholders, and may not be relied upon by any other person or organization without our prior written approval.

Very truly yours,

/s/ Thompson Hine LLP

<br>Thompson Hine LLP

PBS/AJD

## Exhibit 99.12

***Form of Tax Opinion***

___________________, 2025

LoCorr Investment Trust

687 Excelsior Boulevard

Excelsior, MN 55331

RE:&nbsp;&nbsp;&nbsp;&nbsp;AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION (THE "AGREEMENT"), DATED AS OF _________________, 2025, BY AND AMONG LOCORR INVESTMENT TRUST (THE "TRUST"), ON BEHALF OF ITS SERIES, LOCORR DYNAMIC OPPORTUNITY FUND (THE "TARGET FUND"), AND THE TRUST, ON BEHALF OF ITS SERIES, LOCORR DYNAMIC OPPORTUNITY ETF (THE "SURVIVOR FUND"), AND, SOLELY WITH RESPECT TO ARTICLE IX THEREOF, LOCORR FUND MANAGEMENT, LLC (THE "ADVISER")

Ladies and Gentlemen:

You have requested our opinion with respect to certain of the federal income tax consequences of a proposed transaction consisting of: (i) the transfer of all of the assets of the Target Fund (the "Acquired Assets") in exchange solely for voting shares of beneficial interest of the Survivor Fund (the "Survivor Fund Shares") and the assumption by the Survivor Fund of all of the liabilities of the Target Fund (the "Liabilities"); and (ii) the distribution of the Survivor Fund Shares to the shareholders of the Target Fund in exchange for their shares of beneficial interest of the Target Fund ("Target Fund Shares") in complete liquidation of the Target Fund, all upon the terms and conditions set forth in the Agreement. The Agreement and the transactions contemplated thereunder with respect to the Target Fund and the Survivor Fund are hereinafter called the "Reorganization". The Survivor Fund is a newly organized series of the Trust that has not commenced operations and will not do so until the date of the Reorganization. Pursuant to the Agreement and on or prior to the Effective Time, the Target Fund will (i) convert all issued and outstanding Class A and Class C Shares into Class I Shares (the "Share Class Consolidation"); (ii) redeem any fractional Target Fund Shares at NAV in exchange for a cash payment in lieu thereof; and (ii) liquidate with cash any Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares. Any reference to Target Fund Shares herein is a reference to Target Fund Class I Shares issued and outstanding after the Share Class Consolidation. Unless otherwise defined herein, capitalized terms shall have the meanings ascribed to them in the Agreement.

In rendering our opinion, we have reviewed and relied upon: (i) the Agreement; (ii) the Combined Prospectus/Information Statement (Form N-14) filed with the Securities and Exchange Commission in connection with the Reorganization (the "Information Statement"); (iii) certain representations concerning the Reorganization made to us by the Trust, on behalf of the Target Fund and the Survivor Fund, in a letter of even date herewith (the "Representation Letter"); (iv) all other documents, financial and other reports which we deemed relevant or

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appropriate; and (v) the Code,<sup>1</sup> applicable Treasury Department regulations in effect as of the date hereof, current published administrative positions of the Internal Revenue Service (the "IRS") contained in revenue rulings and procedures, and such other statutes, regulations, rulings and decisions as we deemed material to the preparation of this opinion letter. For purposes of this opinion, we have assumed that the representations and warranties set forth in the Agreement and the representations made in the Representation Letter are true and correct and that the conditions to the parties' obligations under the Agreement will be satisfied and the parties will comply with their respective covenants thereunder. In rendering our opinion, we have relied on the representations and warranties in the Agreement and the representations in the Representation Letter. To the extent that any of the representations or warranties in the Agreement or any of the representations in the Representation Letter are inaccurate, the conclusions set forth herein may also become inaccurate, or may no longer apply.

In formulating our opinion, we have examined originals or copies, identified to our satisfaction, of documents and other instruments that we have deemed necessary or appropriate for purposes of this opinion. In performing such examination, we have assumed the authenticity of all documents submitted to us as copies, the authenticity of the originals of such latter documents, the genuineness of all signatures and the correctness of all representations made therein. We cannot and do not represent that we checked the accuracy or completeness of, or otherwise independently verified, any of the various statements of fact contained in such documents and in documents incorporated by reference therein. We have further assumed that there are no agreements or understandings contemplated therein other than those contained in such documents.

Based upon the foregoing, it is our opinion for federal income tax purposes that, with respect to the Target Fund and the Survivor Fund, subject to the limitations set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund's acquisition of the Acquired Assets in exchange solely for the Survivor Fund Shares and its assumption of the Liabilities of the Target Fund, followed by the Target Fund's distribution of the Survivor Fund Shares pro rata to the Target Fund shareholders actually or constructively in exchange for their Target Fund Shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and each of the Target Fund and the Survivor Fund will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Under Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of all the Acquired Assets to the Survivor Fund solely in exchange for the Survivor Fund Shares and the assumption by the Survivor Fund of all the Liabilities of the Target Fund, or upon the distribution of the Survivor Fund Shares to the Target Fund shareholders in exchange for their Target Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 1032(a) of the Code, no gain or loss will be recognized by the Survivor Fund upon the receipt of all the Acquired Assets solely in exchange for the Survivor

<sup>1</sup> All references to the "Code" are to the Internal Revenue Code of 1986, as amended.

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Fund Shares and the assumption by the Survivor Fund of all the Liabilities of the Target Fund as part of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 362(b) of the Code, the Survivor Fund's adjusted basis in each of the Acquired Assets will be the same as the adjusted basis of such Acquired Assets to the Target Fund immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 1223(2) of the Code, the holding period of each of the Acquired Assets the hands of the Survivor Fund will include the period during which the Acquired Assets were held by the Target Fund (except where the Survivor Fund's investment activities have the effect of reducing or eliminating an Acquired Asset's holding period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund shareholders upon the exchange of their Target Fund Shares for Survivor Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization, except with respect to any cash received by Target Fund on or prior to the Reorganization in connection with (i) the redemption of fractional Target Fund Shares, and (ii) the liquidation of Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 358(a)(1) of the Code, the aggregate adjusted basis of the Survivor Fund Shares received by each Target Fund shareholder in the Reorganization will be the same as the aggregate adjusted basis of the Target Fund Shares held by such Target Fund shareholder immediately prior to the Reorganization, reduced by any amount of adjusted basis allocable to (i) fractional Target Fund Shares for which cash is received or (ii) Target Fund Shares held through accounts that are not permitted to hold Survivor Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;Under Section 1223(1) of the Code, the holding period of the Survivor Fund Shares received by each Target Fund shareholder in the Reorganization will include the period during which the Target Fund Shares exchanged therefor were held by such shareholder (provided the Target Fund Shares were held as capital assets on the date of the Reorganization).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Survivor Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Treasury Regulations thereunder. In particular, under Treasury Regulations § 1.381(b)-1(a)(2), the Survivor Fund will be treated for purposes of section 381 of the Code just as the Target Fund would have been treated if there had been no Reorganization, the tax attributes of the Target Fund enumerated in Section 381(c) of the Code shall be taken into account by the Survivor Fund as if there had been no Reorganization, and the taxable year of the Target Fund will not end on the date of the Reorganization merely because of the Closing of the Reorganization.

This opinion letter expresses our views only as to U.S. federal income tax laws in effect as of the date hereof. Our opinions represent our best legal judgment as to the matters addressed herein, but are not binding upon the IRS or the courts, and there is no guarantee that the IRS will not

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assert positions contrary to the ones taken in this opinion. We disclaim any obligation to make any continuing analysis of the facts or relevant law following the date of this opinion letter.

Our opinions are provided solely to you as a legal opinion only, and not as a guaranty or warranty, and are limited to the specific transactions and matters described above. No opinion may be implied or inferred beyond what is expressly stated in this letter. We express no opinion with respect to any matter not specifically addressed by the foregoing opinions. By way of illustration, and without limitation of the foregoing, we express no opinion regarding: (1) whether either the Target Fund or the Survivor Fund qualifies or will qualify as a regulated investment company; (2) the federal income tax consequences of the payment of Reorganization expenses by the Adviser, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a)(1) of the Code; (3) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980, as amended, with respect to any Target Fund shareholder that is a foreign person; (4) the effect of the Reorganization on the Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes at the end of a taxable year (or on the termination or transfer thereof) under a mark-to-market system of accounting (including under Section 1256 of the Code); (5) the effect of a Reorganization on any Target Fund shareholder that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (6) whether accrued market discount, if any, on any market discount bonds held by the Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (7) whether any gain or loss will be required to be recognized with respect to any Acquired Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); (8) any tax consequences (to the Survivor Fund, the Target Fund, the Target Fund shareholders or any other person) related to the Share Class Consolidation; and (9) any state, local, or foreign tax consequences of the Reorganization.

Our opinions are being rendered to the Trust its Board of Trustees and may be relied upon only by the Trust and its Board of Trustees and by the shareholders of the Target Fund, it being understood that we are not thereby establishing any attorney-client relationship with any shareholder of the Target Fund. The Trust, the Target Fund, the Survivor Fund and the shareholders of the Target Fund and the Survivor Fund are free to disclose the tax treatment or tax structure of any of the transactions described herein.

We hereby consent to the filing of this opinion as an exhibit to the Information Statement and to the use of our name and to any reference to our firm in the Information Statement. In giving such consent, we do not hereby admit that we are within the category of person whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

## Exhibit 99.14

![cohenlogo.jpg](cohenlogo.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-14 of our report dated February 27, 2025, relating to the financial statements and financial highlights of LoCorr Dynamic Opportunity Fund, a series of LoCorr Investment Trust, which are included in Form N-CSR for the year ended December 31, 2024, and to the references to our firm under the headings "Financial Highlights" and "Exhibit B – Financial Highlights" in the Combined Prospectus/Information Statement.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Greenwood Village, Colorado

October 6, 2025

![cohencoconsent.jpg](cohencoconsent.jpg)