# EDGAR Filing Document

**Accession Number:** 0001414039
**File Stem:** 0001580642-26-000609
**Filing Date:** 2026-1
**Character Count:** 769246
**Document Hash:** 385990c07f28899e3c5a99565e236e9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001580642-26-000609.hdr.sgml**: 20260130

**ACCESSION NUMBER**: 0001580642-26-000609

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 36

**FILED AS OF DATE**: 20260130

**DATE AS OF CHANGE**: 20260130

**EFFECTIVENESS DATE**: 20260130

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Miller Investment Trust
- **CENTRAL INDEX KEY:** 0001414039

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22131
- **FILM NUMBER:** 26584418

**BUSINESS ADDRESS:**
- **STREET 1:** 20 WILLIAM STREET
- **STREET 2:** SUITE 310
- **CITY:** WELLESLEY
- **STATE:** MA
- **ZIP:** 02481
- **BUSINESS PHONE:** 781-416-4000

**MAIL ADDRESS:**
- **STREET 1:** 20 WILLIAM STREET
- **STREET 2:** SUITE 310
- **CITY:** WELLESLEY
- **STATE:** MA
- **ZIP:** 02481

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wellesley Investment Trust
- **DATE OF NAME CHANGE:** 20071003
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Miller Investment Trust
- **CENTRAL INDEX KEY:** 0001414039

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-146552
- **FILM NUMBER:** 26584417

**BUSINESS ADDRESS:**
- **STREET 1:** 20 WILLIAM STREET
- **STREET 2:** SUITE 310
- **CITY:** WELLESLEY
- **STATE:** MA
- **ZIP:** 02481
- **BUSINESS PHONE:** 781-416-4000

**MAIL ADDRESS:**
- **STREET 1:** 20 WILLIAM STREET
- **STREET 2:** SUITE 310
- **CITY:** WELLESLEY
- **STATE:** MA
- **ZIP:** 02481

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Wellesley Investment Trust
- **DATE OF NAME CHANGE:** 20071003

## Series and Classes Contracts Data

### Miller Convertible Growth ETF (Series ID: S000100856)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000270752 | Miller Convertible Growth ETF |  |

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

Securities Act Registration No. 333 -146552

Investment Company Act Registration No. 811 -22131

January 30, 2026

FORM N-1A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.___ □

Post-Effective Amendment No. <u>43</u> ⌧

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

Amendment No. 44 ⌧

(Check appropriate box or boxes.)

**Miller Investment Trust**

(Exact Name of Registrant as Specified in Charter)

**100 Market Street, Suite 203 Portsmouth, NH 03801** (Address of Principal Executive Offices)(Zip Code)

Registrant's Telephone Number, including Area Code: **(781) 416-4000**

**Michael Miller**

**100 Market Street, Suite 203**

**Portsmouth, NH 03801** (Name and Address of Agent for Service)

With copy to:

**Bibb L. Strench, Esq.**

**Thompson Hine LLP 1919 M Street, N.W. Suite 700**

**Washington, D.C. 20036**

Approximate date of proposed public offering:

It is proposed that this filing will become effective:

□ Immediately
upon filing pursuant to paragraph (b)

⌧ On January 30, 2026 pursuant to paragraph (b)

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

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

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

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

If appropriate, check the following box:

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

 

![(LOGO)](mi001_v1.jpg)

---

| | | |
|:---|:---|:---|
| **Fund** | **Ticker Symbol** | **Listing Exchange** |
| **Miller Convertible Total <br> Return ETF** | **MCVT** | **NYSE Arca** |

---

**PROSPECTUS January 30, 2026** **833-226-0726**

**www.MillerFamilyOfFunds.com**

**<u>Investment Advisor</u>**

**Wellesley Asset Management, Inc.** 100 Market Street, Suite 300

Portsmouth, NH 03801

781-416-4000

This Prospectus provides important information about the Fund that you should know before investing. Please read it carefully and keep it for future reference.

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

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

---

| | |
|:---|:---|
| **FUND SUMMARY** | **1** |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES** | **9** |
| **ADDITIONAL INFORMATION ABOUT INVESTMENT RISKS** | **12** |
| **MANAGEMENT OF THE FUND** | **17** |
| **INFORMATION ABOUT SHARES** | **19** |
| **HOW TO PURCHASE AND SELL SHARES** | **21** |
| **TAX STATUS, DIVIDENDS AND DISTRIBUTIONS** | **23** |
| **FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES** | **26** |
| **DISTRIBUTION OF SHARES** | **27** |
| Distribution and Service Plan | 27 |
| Additional Compensation to Financial Intermediaries |  |
| Householding | 27 |
| Premium/Discount Information Disclaimers | 27 |
| **FINANCIAL HIGHLIGHTS** | **28** |

---

---

| |
|:---|
| &nbsp;&nbsp;**FUND SUMMARY** |
| &nbsp;&nbsp;**— MILLER CONVERTIBLE TOTAL RETURN ETF** |

---

**Investment Objective**

The Fund's primary investment objective is to maximize total return comprising current income and capital appreciation, consistent with preservation of capital. The Fund's investment objective is a non-fundamental policy and may be changed without shareholder approval upon 60 days' written notice to shareholders.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below. Please contact your financial intermediary about whether such a commission may apply to your transactions.**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Annual Fund Operating Expenses** (expenses that you pay each year as a percentage of the value of your investment) |  |
| &nbsp;&nbsp;Management Fee | 0.85% |
| &nbsp;&nbsp;Distribution and/or Service (12b-1) Fees |  |
| &nbsp;&nbsp;Other Expenses<sup>(1)</sup> | 0.00% |
| &nbsp;&nbsp;Total Annual Fund Operating Expenses | 0.85% |

---

<sup>(1)</sup> Other Expenses are estimated for the Fund's initial fiscal year.

---

| |
|:---|
| &nbsp;&nbsp;**FUND SUMMARY** |
| &nbsp;&nbsp;**— MILLER CONVERTIBLE TOTAL RETURN ETF (continued)** |

---

**Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. This example does not take into account brokerage commissions that you pay when purchasing or selling Shares.

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

---

| | |
|:---|:---|
| **Year** | **Expenses** |
| 1 | $87 |
| 3 | $271 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. Because the Fund is a newly-formed investment company, the portfolio turnover rate is not available. In the future, the portfolio turnover rate for the most recent fiscal year will be provided here.

**Principal Investment Strategies**

The Fund is an actively managed exchange-traded fund ("ETF") that by investing in convertible bonds seeks to maximize total return comprising current income and capital appreciation and preserve principal. The Fund seeks to invest in convertible bonds of issuers that have strongest growth characteristics, as determined by Wellesley Asset Management, Inc. ("Wellesley"), the investment advisor to the Fund. Convertible bonds often provide interest income, as well as capital appreciation if the value of converting to the underlying equity increases over time. The Fund also seeks to minimize volatility and preserve capital using various strategies, such as investing in convertible bonds that have "put" provisions, relatively short maturities, and/or a guarantee of principal by the issuer. Generally, the convertible bonds in the Fund's portfolio will have remaining maturities or put provisions of less than seven years.

Under normal conditions, the Fund invests at least 80% of its assets (defined as net assets plus borrowings for investment purposes) in convertible bonds (the "80% Policy"). The Fund's 80% Policy is a non-fundamental policy and may be changed without shareholder approval upon 60 days' written notice to shareholders. The Fund defines convertible bonds as including synthetic convertible bonds and other securities that Wellesley identifies as having characteristics similar to convertible bonds, including any combination of bonds, options, index-linked securities, debt and equity instruments that Wellesley believes have convertible bond-like characteristics.

---

| |
|:---|
| &nbsp;&nbsp;**FUND SUMMARY** |
| &nbsp;&nbsp;**— MILLER CONVERTIBLE TOTAL RETURN ETF (continued)** |

---

The Fund primarily invests in convertible bonds of companies that are domiciled in, or have their principal place of business or principal securities trading market in, or that derive at least 50% of their revenue or profits from goods produced, sales made or services performed in, the United States ("U.S. companies"). The Fund may invest in convertible bonds issued by companies in a variety of sectors.

Wellesley will purchase a convertible bond when it believes there is a high probability that the principal amount of the fixed-income component of the investment will be repaid upon put or maturity and the conversion component offers potential upside. Wellesley attempts to identify convertible bonds that are trading at attractive valuations relative to Wellesley's evaluation of the issuer's creditworthiness. Wellesley's investment process includes the use of both quantitative and fundamental research on each issuer to analyze credit quality and the specific terms of each offering. In general, Wellesley sells securities when an issuer's credit quality deteriorates, the conversion feature of a security is no longer a likely source of capital appreciation, to increase diversification, or when Wellesley believes more attractive investments are available.

In addition to convertible bonds, the Fund may invest in other types of securities and instruments including equity and other exchange-traded securities and short-term debt securities.

**Principal Investment Risks**

Investing in any fund involves risk, including the risk that you may receive little or no return on your investment, and that you may lose part or all of your investment. Therefore, before you invest in this Fund you should carefully evaluate the risks. Some or all of these risks may adversely affect the Fund's net asset value ("NAV") , trading price, yield, total return and/or ability to meet its investment objective. The principal risks of investing in the Fund are:

● *Convertible Bond Risk:* Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities and equity securities. Convertible bonds that are rated below investment grade are subject to the risks associated with high-yield investments.

---

| |
|:---|
| &nbsp;&nbsp;**FUND SUMMARY** |
| &nbsp;&nbsp;**— MILLER CONVERTIBLE TOTAL RETURN ETF (continued)** |

---

● *Growth Securities Risk.* Growth securities are those issued by companies whose earnings growth potential appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The prices of growth securities including convertible bonds issued by growth companies may be more volatile than those of other types of investments and can decline rapidly and significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of the Fund.

*●* *Active Management Risk:* Wellesley's objective judgments about the attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Fund's investment strategy will produce the desired results.

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

● *Bonds:* The Fund invests in debt obligations of U.S. companies and the U.S. government. Such U.S. government securities include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, or by various agencies and instrumentalities established or sponsored by the U.S. government. The Fund may also invest in debt securities issued by state and local municipalities. The corporate debt obligations in which the Fund may invest include, but are not limited to, bonds, notes, debentures, and commercial paper of U.S. companies. Debt securities may pay fixed, variable, inflation-indexed, or other rates of return, including zero coupon and original issue discount bonds. The Fund may invest in debt securities of any quality, including debt securities that are below investment grade (commonly called "high yield" or "junk" bonds).

 

● *Cybersecurity Risk:* Failures or breaches of the electronic systems of the Fund, the Fund's advisor, the Fund's distributor, the Index Provider and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund's business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund's Index Provider and other service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.

● *Equity Securities Risk:* The price of equity securities may rise or fall because of economic or political changes. Stock prices in general may decline over short or even extended periods of time. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company's capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

---

| |
|:---|
| &nbsp;&nbsp;**FUND SUMMARY** |
| &nbsp;&nbsp;**— MILLER CONVERTIBLE TOTAL RETURN ETF (continued)** |

---

● *Exchange Traded Funds ("ETFs") Risk.* The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:

● *Market Trading Risk.* The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's net asset value ("NAV").

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

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

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

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

○ Purchases and redemptions of creation units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that it might not have incurred if it had made redemption in-kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant.

● *Fixed Income Risk:* Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.

● *Interest Rate Risk:* The market value of debt securities tends to decline as interest rates increase and tends to increase as interest rates decline. An issuer of a debt security may not be able to make principal and interest payments on the security as they become due. Debt securities may also be subject to prepayment or redemption risk, which tends to increase when the coupon or interest payment is greater than prevailing interest rates.

---

| |
|:---|
| &nbsp;&nbsp;**FUND SUMMARY** |
| &nbsp;&nbsp;**— MILLER CONVERTIBLE TOTAL RETURN ETF (continued)** |

---

● *New Fund Risk.* The Fund is a new fund, with no operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders.

● *Portfolio Turnover Risk:* Increased portfolio turnover causes the Fund to incur higher brokerage costs, which may adversely affect the Fund's performance and may produce increased taxable distributions.

● *Private Placement and Illiquid Securities Risk:* Certain securities are privately placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule 144A under the Securities Act of 1933. If any Rule 144A security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

● *Recent Market Events Risk:* The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S., and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

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

○ *Biotech and Pharma Risk:* Companies in the biotech and pharmaceuticals industry may be highly volatile and affected by industry competition, dependency on a limited number of products, obsolescence of products, government approvals and regulations, loss or impairment of intellectual property rights and litigation regarding product liability.

● *Small- and Mid-Capitalization Companies Risk:* Compared to large-capitalization companies, small-and mid-capitalization companies may be less stable and more susceptible to adverse developments. In addition, the securities of small- and mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies.

---

| |
|:---|
| &nbsp;&nbsp;**FUND SUMMARY** |
| &nbsp;&nbsp;**— MILLER CONVERTIBLE TOTAL RETURN ETF (continued)** |

---

● *Synthetic Convertible Bond Risk:* Synthetic convertible bonds are derivative debt securities and are subject to the creditworthiness of the counterparty of the synthetic security. The value of a synthetic convertible bond may decline substantially if the counterparty's creditworthiness deteriorates. The value of a synthetic convertible bond may also respond differently to market fluctuations than a convertible bond because a synthetic convertible is composed of two or more separate securities, each with its own market value.

● *Volatility Risk:* The risk that the value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.

An investment in the Fund is not a complete investment program and you should consider it just one part of your total investment program. You will find a more complete discussion of risk on page 9 of this Prospectus.

**Performance**

The Fund has not yet commenced operations and therefore does not have a performance history. Once available, the Fund's performance information will be accessible on the Fund's website at **www.MillerFamilyOfFunds.com**.

**Investment Advisor**

Wellesley Asset Management, Inc.

**Portfolio Managers**

Michael Miller, Chief Executive Officer; James Buckham, CFA, and Co-CIO and Portfolio Manager of Wellesley; and David Clott, CFA, and Co-CIO and Portfolio Manager of Wellesley share responsibility for the day-to day management of the Fund. Each Co-Portfolio Manager has served in that capacity since the Fund's inception in January, 2026.

**Purchase and Sale of Fund Shares**

Authorized Participants

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

Investors

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

---

| |
|:---|
| &nbsp;&nbsp;**FUND SUMMARY** |
| &nbsp;&nbsp;**— MILLER CONVERTIBLE TOTAL RETURN ETF (continued)** |

---

**Tax Information**

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

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

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

&nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES**

**ADDITIONAL INFORMATION ABOUT FUND STRATEGIES**

**Investment Objective:**

The Miller Convertible Total Return ETF (the "Fund") seeks to maximize total return comprising current income and capital appreciation, consistent with preservation of capital.

**Principal Investment Strategies:**

The Fund may engage in certain investment strategies in addition to the Fund's principal investment strategies.

Wellesley will purchase a convertible bond when it believes there is a high probability that the principal amount of the fixed-income component of the investment will be repaid upon put or maturity and the conversion component offers potential upside. The Fund seeks to invest in convertible bonds of issuers that have strongest growth characteristics, as determined by Wellesley. Wellesley also attempts to identify convertible bonds that are trading at attractive valuations relative to Wellesley's evaluation of the issuer's creditworthiness. Wellesley's investment process includes the use of both quantitative and fundamental research on each issuer to analyze credit quality and the specific terms of each offering.

Wellesley attempts to identify convertible bonds that are trading at attractive valuations relative to Wellesley's evaluation of the issuer's creditworthiness. Wellesley's investment process includes the use of both quantitative and fundamental research on each issuer to analyze credit quality and the specific terms of each offering.

Wellesley typically applies a multiple-step approach when evaluating convertible bonds, which includes:

● evaluating the default risk of the convertible bonds using traditional credit analysis;

● analyzing the convertible bond's underlying common stock to determine its capital appreciation potential;

● assessing the risk/return potential of the convertible bond; and

● evaluating the convertible bond's impact on the overall composition of the Fund's portfolio.

In analyzing the appreciation potential of the underlying common stock and the default risk of the convertible bond, Wellesley generally considers the following characteristics of the issuer: financial soundness; ability to make interest and dividend payments; earnings and cash-flow forecast. With respect to each company, Wellesley usually reviews:

● growth trends;

● financial health, including debt to equity ratios, return on equity, return on assets and return on invested capital; and

● market multiples including price-earnings ("P/E") ratios and price-earnings-growth ("PEG") ratios.

Wellesley may sell a security under the following circumstances:

● if there are adverse changes in the issuer's actual and/or projected earnings, credit deterioration, accounting fraud, or an adverse outlook for the particular industry or sector;

&nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES (continued)**

● if there is a decline in the price of the underlying security and the prospects for capital appreciation are not attractive;

● to increase portfolio diversification, to meet the liquidity needs of the Fund, or to increase principal protection of an appreciated asset; or

● if the issuer has announced a call for the bond, or as a put date approaches, and Wellesley believes that selling the bond in advance of the call or put and re-deploying the proceeds would be beneficial to the Fund.

In general, Wellesley purchases securities that it believes are attractively valued and sells them when an issuer's credit quality deteriorates or the conversion feature of a security is no longer a likely source of capital appreciation. Although the Fund's portfolio will generally invest in several different industries, the Fund can invest a significant percentage of its assets in a particular market sector.

**ADDITIONAL INFORMATION ABOUT PRINCIPAL RISKS:**

**Bonds.** The Fund invests in debt obligations of U.S. companies and the U.S. government. Such U.S. government securities include a variety of securities that are issued or guaranteed as to the payment of principal and interest by the U.S. government, or by various agencies and instrumentalities established or sponsored by the U.S. government. The Fund may also invest in debt securities issued by state and local municipalities. The corporate debt obligations in which the Fund may invest include, but are not limited to, bonds, notes, debentures, and commercial paper of U.S. companies. Debt securities may pay fixed, variable, inflation-indexed, or other rates of return, including zero coupon and original issue discount bonds. The Fund may invest in debt securities of any quality, including debt securities that are below investment grade (commonly called "high yield" or "junk" bonds).

**Convertible Bonds.** Convertible bonds possess two principal characteristics: a fixed-income component and a convertible component. The fixed-income component is designed to ensure the return of principal and may offer some interest income as well. The convertible component contains the right to exchange the bond for a predetermined number of shares of common stock of the issuer. By permitting the Fund to exchange its investment for common stock, the cash value of a security, or a basket or index of securities, convertible bonds may enable the Fund to benefit from increases in the market price of the underlying securities. Because of this potential for gains, convertible bonds may bear interest at a rate below the interest rate that the same issuer would pay on a similar security without a conversion feature. Holders of convertible bonds typically have a claim on the assets of the issuer that takes priority over the holders of preferred or common stock but is subordinated to similar non-convertible bonds of the same issuer in case of liquidation. Depending on the terms of the convertible bond's prospectus, the issuer may have the right to settle the bondholders' conversion request in stock only, cash only, or in cash and stock.

In addition, many convertible bonds purchased by the Fund are issued with a "call" feature that may allow the issuer to redeem the security at various times. Conversely, certain convertible securities may provide a "put option," which entitles the holder to force the redemption of the security at a stated principal amount at one or more future dates.

&nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT STRATEGIES (continued)**

**Convertible Preferred Stock.** The Fund may invest in convertible preferred stocks which allow the Fund to convert the preferred shares into a fixed number of common shares, usually after a predetermined date. Like preferred stock, convertible preferred stock generally pays a dividend at a specified rate and has preference over common stock in the payment of dividends.

**Private Placement and Illiquid Securities.** The Fund may invest in securities that have been privately placed but are eligible for purchase and sale by certain qualified institutional buyers such as the Fund under Rule 144A under the Securities Act of 1933. Normally, the Fund purchases Rule 144A securities only if Wellesley has determined them to be liquid, that is, readily marketable. If qualified institutional buyers are unwilling to purchase these Rule 144A securities, certain of the Fund's assets could be invested in illiquid securities. If any Rule 144A security held by the Fund should become illiquid, the value of the security may be reduced and a sale of the security may be more difficult.

**Synthetic Convertible Bonds.** The Fund invests in synthetic convertible bonds which are packaged by investment banks and brokerage firms. Synthetic convertible bonds include SELPs that combine unrelated securities which together have the characteristics of convertible securities: a fixed-income component and a convertible component. The fixed-income component is achieved by investing in non-convertible, fixed-income securities such as zero coupon, corporate or government bonds. The convertible component is achieved by investing in warrants or options to buy or sell common stock or various indices at a certain exercise price, or options on a stock index.

Synthetic convertible bonds also include index-linked and equity-linked convertible structured notes. Index-linked and equity-linked notes are securities, the value of which fluctuates based on the value of a basket of stocks or other securities (in the case of index-linked notes) or a single security (in the case of equity-linked notes). Many index-linked and equity-linked notes have a guarantee feature (usually supplied by a brokerage house or bank) that guarantees return of the original issue price, providing substantial protection against a decline in price, while preserving the ability for capital appreciation if the underlying basket of securities increases in value.

**Temporary Investments.** To respond to adverse market, economic, political or other conditions, the Fund may invest 100% of its total assets, without limitation, in high-quality short-term debt securities and money market instruments. These short-term debt securities and money market instruments include shares of other mutual funds, commercial paper, certificates of deposit, bankers' acceptances, U.S. Government securities and repurchase agreements. The Fund may also invest a substantial portion of its assets in money market mutual funds at any time to maintain liquidity or pending selection of investments in accordance with its policies.

**U.S. Dollar-Denominated Foreign Bonds.** The Fund may invest in bonds of non-U.S. companies that are denominated in U.S. dollars. Such investments are typically made in order to gain exposure to a larger universe of bonds, and/or international debt markets generally, while undertaking less currency risk than compared to purchases of non-U.S. denominated bonds.

&nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT RISKS**

**Principal Investment Risks:**

 

*As with all mutual funds, there is the risk that you could lose money through your investment in the Fund. Many factors affect the Fund's NAV and performance.*

● *Convertible Bond Risk:* Convertible bonds are hybrid securities that have characteristics of both bonds and common stocks and are subject to risks associated with both debt securities and equity securities. Because convertible bonds may be exchanged for a predetermined number of shares of common stock, they exhibit risks associated with the underlying equity securities especially when their conversion value is the same as the value of the bond. Convertible bonds are similar to fixed-income debt securities because they usually pay a fixed interest rate (or dividend) and are obligated to repay principal on a given date in the future. They are particularly sensitive to changes in interest rates when their conversion value is lower than the value of the bond. If a convertible bond held by the Fund is called for redemption, the Fund will be required to surrender the security for redemption, convert it into the issuing company's common stock or cash or sell it to a third party at a time that may be unfavorable to the Fund. Convertible bonds that are rated below investment grade are subject to the risks associated with high-yield investments.

● *Growth Securities Risk.* Growth securities are those issued by companies whose earnings growth potential appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The prices of growth securities including convertible bonds issued by growth companies may be more volatile than those of other types of investments and can decline rapidly and significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of the Fund.

● *Active Management Risk:* Wellesley's objective judgments about the attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Fund's investment strategy will produce the desired results. The Fund (and therefore, the shareholders) accrue additional expenses with more active management strategies (as compared to strategies like indexing).

● *Absence of Prior Active Market Risk*. While the Fund's Shares are listed on NYSE Arca (the "Exchange"), there can be no assurance that an active trading market for Shares will develop or be maintained. The Fund's distributor does not maintain a secondary market in Shares.

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

● *Convertible Preferred Stock Risk:* Convertible preferred stock has preference over common stock in the payment of dividends but ranks behind bonds, including convertible bonds, in priority upon liquidation. As a result, convertible preferred stock will generally have a lower credit rating than a convertible bond with similar terms issued by the same company. Also, because convertible preferred shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the Fund's convertible bonds.

&nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT RISKS (continued)**

● *Corporate Bond Risk:* Corporate bonds generally have higher interest rates than other fixed income instruments, like certificates of deposit and U.S. Treasury securities, and also bear greater risk, as they are backed only by the issuer, and therefore, investments in corporate bonds are subject to issuer risk. Additionally, credit risk is created when the debt issuer fails to pay interest and principal in a timely manner, or negative perceptions of the issuer's ability to make such payments may cause the price of that debt to decline.

● *Derivative Instruments and Aggressive Investment Techniques Risk:* The Fund may use investment techniques that may be considered aggressive. Risks associated with the use of derivative instruments, including futures contracts, swap agreements, options and options on futures contracts include potentially dramatic price changes (losses) in the value of the instruments, the loss of premium on unexercised derivatives, and imperfect correlations between the price of the contract and the underlying security or instrument. These instruments may increase the volatility of the Fund and may involve a small investment of cash relative to the magnitude of the risk assumed.

● *Exchange Traded Funds ("ETFs") Risk.* The Fund is structured as an ETF. As a result, the Fund is subject to special risks, including:

● *Market Trading Risk.* The Fund faces numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Fund. Any of these factors may lead to the Shares trading at a premium or discount to the Fund's net asset value ("NAV").

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

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

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

○ Purchases and redemptions of creation units primarily with cash, rather than through in-kind delivery of portfolio securities, may cause the Fund to incur certain costs. These costs could include brokerage costs or taxable gains or losses that it might not have incurred if it had made redemption in-kind. These costs could be imposed on the Fund, and thus decrease the Fund's NAV, to the extent that the costs are not offset by a transaction fee payable by an Authorized Participant.

● *Equity Securities Risk:* The price of equity securities may rise or fall because of economic or political

&nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT RISKS (continued)**

changes. Stock prices in general may decline over short or even extended periods of time. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company's capital structure. Common stock has the lowest priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy. Market prices of equity securities in broad market segments may be adversely affected by a prominent issuer having experienced losses or by the lack of earnings or such an issuer's failure to meet the market's expectations with respect to new products or services, or even by factors wholly unrelated to the value or condition of the issuer, such as changes in interest rates.

● *Fixed Income Risk:* Fixed income securities are subject to a number of risks, including credit and interest rate risks. Credit risk is the risk that the issuer or obligor will not make timely payments of principal and interest. Changes in an issuer's credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund investment in that issuer.

● *Interest Rate Risk:* The market value of fixed-income (and, to a lesser extent, variable rate) debt securities tends to decline as interest rates increase and tends to increase as interest rates decline. Debt securities are also subject to credit risk, which is the risk that an issuer of a debt security may not be able to make principal and interest payments on the security as they become due. Debt securities may also be subject to prepayment or redemption risk, which tends to increase when the coupon or interest payment is greater than prevailing interest rates. The Fund's performance may suffer when it must reinvest the proceeds from existing investments (upon their prepayment, redemption, call, maturity, *etc.*) at a lower rate of interest or return. This generally occurs during periods of falling interest rates when prepayments or redemptions typically accelerate as borrowers refinance their obligations to take advantage of more attractive rates.

● *New Fund Risk.* The Fund is a new fund, with no operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders

● *Private Placement and Illiquid Securities Risk:* Certain of the instruments in which the Fund may invest are restricted securities in that their disposition is restricted by the federal securities laws or otherwise, such as securities offered in a private placement pursuant to Section 4(a)(2) of the Securities Act. A private placement involves the sale of securities that have not been registered under the Securities Act or relevant provisions of applicable non-U.S. law to certain institutional and qualified individual purchasers, such as the Fund. In addition to the general risks to which all securities are subject, restricted securities may not be listed on a national securities exchange and may have no active trading market. They may be more difficult to purchase or sell at an advantageous time or price because such securities may not be readily marketable in broad public markets. The Fund may not be able to sell a Section 4(a)(2) security when the Advisor considers it desirable to do so and/or may have to sell the security at a lower price than the Fund believes is its fair market value. Although there is a substantial institutional market for Section 4(a)(2) securities, it is not possible to predict exactly how the market for such securities will develop. A Section 4(a)(2) security that was liquid at the time of purchase may subsequently become illiquid. In addition, transaction costs may be higher for restricted securities and the Fund may receive only limited information regarding the issuer of a restricted security, so it may be

&nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT RISKS (continued)**

less able to predict a loss. The Fund may have to bear the expense of registering Section 4(a)(2) securities for resale and the risk of substantial delays in effecting the registration. If, during such a delay, adverse market conditions were to develop, the Fund might obtain a less favorable price than prevailed at the time it decided to seek registration of the security.

● *Recent Market Events Risk:* The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S., and global economies and markets, generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

● *Sector Risk:* The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the entire sector. This may cause the Fund's NAV to fluctuate more than that of a fund that does not focus in a particular sector. In particular, the Fund may be impacted by events affecting the financial services sector if it invests a relatively large percentage of its assets in that sector. The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competitions and the availability and cost of capital funds.

○ *Biotech and Pharma Risk:* Companies in the biotech and pharmaceuticals industry may be highly volatile and affected by industry competition, dependency on a limited number of products, obsolescence of products, government approvals and regulations, loss or impairment of intellectual property rights and litigation regarding product liability.

○ *Technology Risk:* Technology companies, may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.

● *Small- and Mid-Capitalization Companies:* Compared to large-capitalization companies, small- and mid-capitalization companies may be less stable and more susceptible to adverse developments. In addition, the securities of small- and mid-capitalization companies may be more volatile and less

&nbsp;&nbsp;**ADDITIONAL INFORMATION ABOUT INVESTMENT RISKS** (continued)

liquid than those of large-capitalization companies.

● *Synthetic Convertible Bond Risk:* Synthetic convertible bonds are derivative debt securities and are subject to the creditworthiness of the counterparty of the synthetic security. The value of a synthetic convertible bond may decline substantially if the counterparty's creditworthiness deteriorates. The value of a synthetic convertible bond may also respond differently to market fluctuations than a convertible bond because a synthetic convertible is composed of two or more separate securities, each with its own market value. In addition, if the value of the underlying common stock or the level of the index involved in the convertible component falls on the wrong side of the exercise price of the warrant or option, the warrant or option may lose all value. A default in the bond portion of the synthetic convertible security could result in substantial loss.

● *U.S. Dollar-Denominated Foreign Bonds:* Investments in U.S. dollar-denominated bonds that are issued by non-U.S. companies may be subject to some of the risks associated with investing in foreign securities. For example, values of foreign investments may be affected by changes in exchange control regulations, application of foreign tax laws (including withholding tax), changes in governmental administration or economic or monetary policy (in this country or abroad) or changed circumstances in dealings between nations.

● *Volatility Risk:* The risk that the value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.

Please see the Fund's Statement of Additional Information ("SAI") for a further discussion of risks. Information on the Fund's recent portfolio holdings can be found in the Fund's current annual, semi-annual or quarterly reports. A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is also available in the SAI.

&nbsp;&nbsp;**MANAGEMENT OF THE FUNDS**

**Investment Advisor**

Wellesley Asset Management, Inc., located at 100 Market Street, Suite 300, Portsmouth, NH 03801, is the investment adviser to the Fund pursuant to an Investment Advisory Agreement between Wellesley and the Miller Investment Trust (the "Trust") for the Fund.

Wellesley is a registered investment advisor founded in 1991 by Greg Miller, CPA. Wellesley since 1991 has managed private accounts specializing in investing in convertible bonds using an absolute return strategy. This strategy seeks to maximize returns while protecting principal by, among other things, investing in convertible bonds, synthetic convertibles, index and equity linked notes and other investment products. As of December 31, 2025, Wellesley had assets under management of approximately $2 billion.

*General*

Pursuant to the agreement described below, the Fund engages Wellesley to conduct investment research and provide certain management services, including the purchase and sale of securities for the Fund's portfolio. Wellesley provides the Fund with investment advice, supervises the Fund's investment program and provides investment advisory facilities and executive and supervisory personnel for managing the investments and effectuating portfolio transactions. A description of the basis for the Board of Trustees' approval of Miller Convertible Total Return ETF's Investment Advisory Agreement will be available in the Fund's first filing of its Form N-CSR for the period ending March 31, 2026.

In exchange for Wellesley's services in managing the Fund's investments, the Investment Advisory Agreement between Wellesley and the Trust, on behalf of the Miller Convertible Total Return ETF, provides that the Fund will pay Wellesley a fee at the annual rate of 0.85% of the Fund's average daily net assets, payable monthly in arrears. As the Fund is a newly-formed investment company, it did not incur any advisory fees during the prior fiscal year.

**Portfolio Managers**

Mr. M. Miller serves as President and Chief Executive Officer of Wellesley Asset Management, Inc., where he plays a central role in guiding the firm's strategic direction, operations, and investment management activities. He has been responsible for the day-to-day management of the Fund since its inception and also serves as President of the Trust.

Since joining Wellesley Asset Management in May 2008, Mr. Miller has become an integral part of the firm's executive leadership team. He oversees trading, private client, and institutional operations, directing both strategic planning and daily execution. As Portfolio Manager for the firm's mutual funds, separately managed accounts, and private fund, Mr. Miller leads research and product development in the convertible bond space, analyzes and monitors portfolio holdings, and communicates investment performance and strategy to clients and stakeholders.

In addition to his leadership responsibilities, Mr. Miller works closely with institutional clients and leverages more than two decades of experience in fixed income and financial planning. He regularly educates financial advisors, plan sponsors, registered investment advisors, and asset allocators on the advantages of convertible bond investing.

&nbsp;&nbsp;**MANAGEMENT OF THE FUND (continued)**

A recognized thought leader in the field, Mr. Miller frequently speaks at national investment conferences and contributes to the advancement of industry knowledge through white papers and market commentaries.

Mr. Miller is a member of the Financial Planning Association. He earned his Bachelor of Science in Business Administration with a concentration in finance from American University's Kogod School of Business in Washington, D.C., and his Master of Business Administration from Babson College's F.W. Olin Graduate School of Business.

James Buckham, CFA, Co-CIO and Portfolio Manager shares responsibility for the day-to-day management of the Fund and has been managing the Fund since its inception. As a Portfolio Manager and member of Wellesley Asset Management's investment management team, Mr. Buckham is responsible for researching new convertible bond investment opportunities, monitoring existing holdings, trading, and instructing clients and prospects about convertible bond investing. His professional background encompasses over thirty years of fixed income trading, deal making and analysis experience. Before joining Wellesley Asset Management, Mr. Buckham worked at Deutsche Bank on the convertible bond desk advising mutual funds and hedge funds in New York, Boston and Toronto. Prior to that Jim spent 12 years trading convertible bonds, equities and derivatives at Fidelity Investments.

Mr. Buckham graduated from Boston University with a Bachelor of Arts degree in Economics and received his Master of Business Administration degree from Bentley University. He holds the CFA designation.

David Clott, CFA, Co-CIO and Portfolio Manager shares responsibility for the day-to-day management of the Fund and has been managing the Fund since its inception. As a Portfolio Manager and member of Wellesley Asset Management's investment management team, Mr. Clott is responsible for researching new convertible bond investment opportunities, monitoring existing holdings, and instructing clients and prospects about convertible bond investing. Mr. Clott joined Wellesley with over 30 years asset management industry experience. His convertible bond investing experience began in the mid 1990's as an analyst at Phoenix Investments. Mr. Clott joined Aviva Investors in 1999 as a US convertible bond portfolio manager and in 2002 Mr. Clott founded the Aviva Investors Global Convertible Bond Strategy, launching a European based long only convertible mutual fund. In 2005 he founded the Morley (Aviva) Convertible Arbitrage hedge fund and in 2009 he founded the Aviva Investors Global Convertible Absolute Return fund.

Mr. Clott holds a BS in Finance from Bryant University and an MS in Energy and Climate Policy from Johns Hopkins University. He is a CFA charter holder.

The Fund's SAI provides additional information about each portfolio manager's compensation structure, other managed accounts and ownership of Fund shares.

&nbsp;&nbsp;**INFORMATION ABOUT SHARES**

Determination of NAV

The NAV of the Fund is determined at the close of regular trading (normally 4:00 p.m. Eastern Time) on each day the NYSE is open for business. NAV is computed by determining the aggregate market value of all assets of the Fund, less its liabilities, divided by the total number of shares outstanding ((assets liabilities)/number of shares = NAV). The NYSE is closed on weekends and New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV takes into account the expenses and fees of the Fund, including management, administration, and distribution fees, which are accrued daily.

The value of the securities and other assets and liabilities held by the Fund is determined pursuant to the Advisor's valuation policies and procedures. The Advisor has been designated by the Board of Trustees of the Trust as the valuation designee for the Fund pursuant to Rule 2a-5 under the Investment Company Act.

Generally, the Fund's securities are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges (whether domestic or foreign) for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid ask prices on such exchanges. Securities primarily traded in the National Association of Securities Dealers' Automated Quotation System ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity.

If market quotations are not readily available, securities, synthetics and derivatives will be valued by the Advisor at their fair market value. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security may be materially different from the value that could be realized upon the sale of that security. The fair value prices can differ from market prices when they become available or when a price becomes available. The Advisor may enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value.

&nbsp;&nbsp;**INFORMATION ABOUT SHARES (continued)**

The Fund may use independent pricing services to assist in calculating the value of its securities. In addition, market prices for foreign securities are not determined at the same time of day as the NAV for the Fund. Because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of some of the Fund's portfolio securities may change on days when you may not be able to buy or sell Fund shares.

In computing NAV, the Fund values its foreign securities at the latest closing price on the exchange in which they are traded immediately prior to closing of the NYSE. Prices of foreign securities quoted in foreign currencies are translated into U.S. dollars at current rates. If events materially affecting the value of a security in the Fund's portfolio, particularly foreign securities, occur after the close of trading on a foreign market but before the Fund prices its shares, the security may be priced using alternative market prices provided by a pricing service. For example, if trading in a portfolio security is halted and does not resume before the Fund calculates its NAV, alternative market prices may be used to value the security. Without a fair value price, short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that fair value pricing policies will prevent dilution of the Fund's NAV by short term traders. The determination of fair value involves subjective judgments. As a result, using fair value to price a security may result in a price materially different from the prices used by other mutual funds to determine NAV, or from the price that may be realized upon the actual sale of the security.

&nbsp;&nbsp;**HOW TO PURCHASE AND SELL SHARES**

**Buying and Selling Exchange-Traded Shares**

*Authorized Participants*

The Fund issues and redeems Shares at NAV only in Creation Units. Only APs may acquire Shares directly from the Fund, and only APs may tender their Shares for redemption directly to the Fund, at NAV. APs must be (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the NSCC, a clearing agency that is registered with the SEC; or (ii) a Depository Trust Company ("DTC") participant (as discussed below). In addition, each Authorized Participant must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

An Authorized Participant that is not a "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act, will not be able to receive, as part of a redemption, restricted securities eligible for resale under Rule 144A.

 

*Investors*

Individual Fund shares may only be bought and sold by investors including APs in the secondary market through a broker or dealer at a market price. Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

When buying or selling Shares through a broker, you will incur customary brokerage commissions and charges, and you may pay some or all of the spread between the bid and the offer price in the secondary market on each leg of a round trip (purchase and sale) transaction. Because the Fund's shares trade at market prices rather than net asset value, shares may trade at a price greater than net asset value (premium) or less than net asset value (discount). An investor may incur costs attributable to the difference between the highest price a buyer is willing to pay to purchase shares of the Fund (bid) and the lowest price a seller is willing to accept for shares of the Fund (ask) when buying or selling shares in the secondary market (the bid-ask spread). Information on the Fund's net asset value, market price, premiums and discounts, and bid-ask spreads, is available on the Fund's website at www.millerfamilyoffunds.com.

**Book Entry**

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

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

&nbsp;&nbsp;**HOW TO PURCHASE AND SELL SHARES** **(continued)**

**Continuous Offering**

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

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

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

For More Information:

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| | |
|:---|:---|
| &nbsp;&nbsp;*via Regular mail:* | &nbsp;&nbsp;*via Overnight mail:* |
| c/o Ultimus Fund Solutions, LLC | c/o Ultimus Fund Solutions, LLC |
| &nbsp;&nbsp;PO Box 46707 | &nbsp;&nbsp;225 Pictoria Dr, Suite 450 |
| &nbsp;&nbsp;Cincinnati, OH 45246 | &nbsp;&nbsp;Cincinnati, OH 45246 |

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&nbsp;&nbsp;**TAX STATUS, DIVIDENDS AND DISTRIBUTIONS**

**<u>Tax Information</u>**

Tax Considerations

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

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

Taxes on Distributions

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

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

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

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

You may wish to avoid investing in the Fund shortly before a dividend or other distribution, because such a distribution will generally be taxable even though it may economically represent a return of a portion of your

&nbsp;&nbsp;**TAX STATUS, DIVIDENDS AND DISTRIBUTIONS (continued)**

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

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

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

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

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

Taxes When Shares are Sold on the Exchange

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

Taxes on Purchases and Redemptions of Creation Units

An Authorized Participant having the U.S. dollar as its functional currency for U.S. federal income tax purposes who exchanges securities for Creation Units generally recognizes a gain or a loss. The gain or loss will be equal to the difference between the value of the Creation Units at the time of the exchange and the exchanging Authorized Participant's aggregate basis in the securities delivered plus the amount of any cash paid for the Creation Units. An Authorized Participant who exchanges Creation Units for securities will generally recognize a gain or loss equal to the difference between the exchanging Authorized Participant's basis in the Creation Units and the aggregate U.S. dollar market value of the securities received, plus any cash received for such Creation Units. The Internal Revenue Service may assert, however, that a loss that is realized upon an exchange of securities for Creation Units may not be currently deducted under the rules governing "wash sales" (for an Authorized Participant who does not mark-to-market their holdings), or on the basis that there has been no

&nbsp;&nbsp;**TAX STATUS, DIVIDENDS AND DISTRIBUTIONS (continued)**

significant change in economic position. Persons exchanging securities should consult their own tax advisor with respect to whether wash sale rules apply and when a loss might be deductible.

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

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

&nbsp;&nbsp;**FREQUENT PURCHASES AND REDEMPTIONS OF FUND SHARES**

The Board has evaluated the risks of frequent purchases and redemptions of Fund shares ("market timing") activities by the Fund's shareholders. The Board noted that Shares can only be purchased and redeemed directly from the Fund in Creation Units by APs and that the vast majority of trading in Shares occurs on the secondary market. Because the secondary market trades do not involve the Fund directly, it is unlikely those trades would cause many of the harmful effects of market timing, including dilution, disruption of portfolio management, increases in the Fund's trading costs and the realization of capital gains.

With respect to trades directly with the Fund, to the extent effected in-kind, those trades do not cause any of the harmful effects (as previously noted) that may result from frequent cash trades. To the extent that the Trust allows or requires trades to be effected in whole or in part in cash, the Board noted that those trades could result in dilution to the Fund and increased transaction costs, which could negatively impact the Fund's ability to achieve its investment objective. However, the Board noted that direct trading by APs is critical to ensuring that Shares trade at or close to NAV. The Fund also employs fair valuation pricing to minimize potential dilution from market timing. The Fund imposes transaction fees on in-kind purchases and redemptions of Shares to cover the custodial and other costs incurred by the Fund in effecting in-kind trades, these fees increase if an investor substitutes cash in part or in whole for securities, reflecting the fact that the Fund's trading costs increase in those circumstances. Given this structure, the Board determined that it is not necessary to adopt policies and procedures to detect and deter market timing of Shares.

&nbsp;&nbsp;**DISTRIBUTION OF SHARES AND TAXATION**

**Distribution and Service Plan**

The Fund has adopted a 12b-1 Plan that allows the Fund assets to be used to finance the sale and distribution of shares, including advertising, marketing and other promotional activities. The 12b-1 Plan also allows the Fund to pay the Distributor for certain shareholder services provided to shareholders or other service providers that have entered into agreements with the Distributor to provide these services.

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

**Householding**

To reduce expenses, we mail only one copy of the Prospectus and each Annual and Semi-Annual Report to those addresses shared by two or more accounts. If you wish to receive individual copies of these documents, please call the Fund at 833-226-0726 on days the Fund is open for business or contact your financial institution. We will begin sending you individual copies thirty days after receiving your request.

**<u>Premium/Discount Information</u>**

Information regarding how often Shares of the Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund during the past four calendar quarters, or since inception, as applicable, can be found at the Fund's website at www.millerfamilyoffunds.com.

**<u>Disclaimers</u>**

The Fund has been developed solely by Wellesley.

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

&nbsp;&nbsp;**FINANCIAL HIGHLIGHTS**

Because the Fund is newly offered, financial highlights are not yet available.

**MILLER CONVERTIBLE TOTAL RETURN ETF**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Advisor** | &nbsp;&nbsp;**Wellesley Asset Management, Inc.**<br> 100 Market Street, Suite 300<br> Portsmouth, NH 03801 |
| &nbsp;&nbsp;**Distributor** | &nbsp;&nbsp;**Northern Lights Distributors, LLC**<br> 4221 North 203rd Street, Suite 100 <br> Elkhorn, NE 68022-3474 |
| &nbsp;&nbsp;**Independent<br> Registered Public<br> Accounting Firm** | &nbsp;&nbsp;**Deloitte & Touche LLP**<br> 695 Town Center Drive, Suite 1000<br> Costa Mesa, CA 92626 |
| &nbsp;&nbsp;**Legal Counsel** | &nbsp;&nbsp;**Thompson Hine LLP**<br> 1919 M Street, N.W. Suite 700<br> Washington, D.C. 20036-1600 |
| &nbsp;&nbsp;**Transfer Agent** | &nbsp;&nbsp;**Brown Brothers Harriman & Co.** <br> 50 Post Office Square<br> Boston, MA 02110-1548 |
| &nbsp;&nbsp;**Custodian** | &nbsp;&nbsp;**Brown Brothers Harriman & Co.** <br> 50 Post Office Square<br> Boston, MA 02110-1548 |

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Additional information about the Fund is included in the Fund's SAI dated January 30, 2026. The SAI is incorporated into this Prospectus by reference (*i.e.*, legally made a part of this Prospectus). The SAI provides more details about the Fund's policies and management. Additional information about the Fund's investments will be available in the Fund's Annual and Semi-Annual Reports to Shareholders.

To obtain a free copy of the SAI, the Annual Report or the Semi-Annual Report, to request other information about the Fund, or to make shareholder inquiries about your Fund, please call 833-226-0726 or visit **<u>www.MillerFamilyOfFunds.com</u>**. You may also write to the name of your Fund at the following address:

c/o Ultimus Fund Solutions, LLC

225 Pictoria Dr, Suite 450

Cincinnati, OH 45246

Reports and other information about the Fund are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov. Copies of the information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

&nbsp;&nbsp;Miller Convertible Total Return ETF<br> 225 Pictoria Dr, Suite 450<br> Cincinnati, OH 45246<br> 833-226-0726<br>

File No. 811-22131

![(LOGO)](mi001_v1.jpg)

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| | | |
|:---|:---|:---|
| **Fund** | **Ticker Symbol** | **Listing Exchange** |
| **Miller Convertible Total Return ETF** | **MCVT** | **NYSE Arca** |

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**STATEMENT OF ADDITIONAL INFORMATION**

**January 30, 2026**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the combined prospectus, dated January 30, 2026 (the "Prospectus"), of the Miller Convertible Total Return ETF (the "Fund"), a series of the Miller Investment Trust. Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise indicated. You can obtain copies of the Fund's Prospectus without charge by contacting the Fund's Transfer Agent, Brown Brothers Harriman & Co, 50 Post Office Square, Boston, Massachusetts 02110-1548, Attn: Office of the General Counsel, or by calling (617)-772-1818. You may also obtain a Prospectus by visiting www. MillerFamilyOfFunds.com.

**TABLE OF CONTENTS**

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| | |
|:---|:---|
| THE FUND | 1 |
| TYPES OF INVESTMENTS | 1 |
| INVESTMENT RESTRICTIONS | 22 |
| POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS | 24 |
| MANAGEMENT | 24 |
| CONTROL PERSONS AND PRINCIPAL HOLDERS | 29 |
| INVESTMENT ADVISER | 29 |
| DISTRIBUTION OF SHARES | 31 |
| PORTFOLIO MANAGERS | 32 |
| ALLOCATION OF PORTFOLIO BROKERAGE | 35 |
| PORTFOLIO TURNOVER | 35 |
| FUND ADMINISTRATION & ACCOUNTING | 36 |
| TRANSFER AGENT | 37 |
| CUSTODIAN | 37 |
| CUSTODY ADMINISTRATOR | 37 |
| COMPLIANCE SERVICES | 37 |
| DESCRIPTION OF SHARES | 37 |
| ANTI-MONEY LAUNDERING PROGRAM | 38 |
| PURCHASE, REDEMPTION AND PRICING OF SHARES | 38 |
| BUYING AND SELLING SHARES | 41 |
| BOOK ENTRY ONLY SYSTEM | 47 |
| TAX STATUS | 49 |
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 54 |
| LEGAL COUNSEL | 54 |
| FINANCIAL STATEMENTS | 54 |
| APPENDIX A: DESCRIPTION OF BOND RATINGS | 55 |
| APPENDIX B: MILLER INVESTMENT TRUST PROXY VOTING POLICIES AND PROCEDURES | 61 |
| APPENDIX C: WELLESLEY ASSET MANAGEMENT, INC. | 62 |
| PROXY VOTING POLICIES AND PROCEDURES | 62 |

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**THE FUND**

The Fund is a series of Miller Investment Trust, a Delaware statutory trust organized on September 28, 2007 (the "Trust"). The Trust is registered as an open-end management investment company.

The Miller Convertible Total Return ETF commenced operations in January, 2026. The Fund is a diversified management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund is actively managed.

The Fund's investment objective, restrictions and policies are described here and in the Prospectus. The Board of Trustees of the Trust (the "Board") may start other series and offer shares of a new fund under the Trust at any time.

The Fund offers and issues Shares at their net asset value ("NAV") only in aggregations of a specified number of Shares (each, a "Creation Unit"). The Fund generally offers and issues Shares in exchange for the deposit or delivery of cash ("Deposit Cash"). The Trust reserves the right to, in certain circumstances, permit or require the exchange of Creation Units partially or solely for securities in the Fund's portfolio ("Deposit Securities"). Shares are listed on NYSE Arca (the "Exchange") and trade on the Exchange at market prices that may differ from the Shares' NAV. Shares are also redeemable only in Creation Unit aggregations, primarily for a basket of Deposit Securities together with a Cash Component. As a practical matter, only institutions or large investors purchase or redeem Creation Units. Except when aggregated in Creation Units, Shares are not redeemable securities.

Shares may be issued in advance of receipt of Deposit Securities subject to various conditions, including a requirement to maintain on deposit with the Trust cash at least equal to a specified percentage of the value of the missing Deposit Securities or Deposit Cash (collectively, the "Fund Deposit"), as set forth in the Participant Agreement (as defined below). The Trust may impose a transaction fee for each creation or redemption. In all cases, such fees will be limited in accordance with the requirements of the Securities and Exchange Commission applicable to management investment companies offering redeemable securities. As in the case of other publicly traded securities, brokers' commissions on transactions in the secondary market will be based on negotiated commission rates at customary levels.

The Fund is one of a number of four series of the Trust and each of such other series issues shares offered by a different prospectus and statement of additional information. Each such other series is a mutual fund.

Normally no annual or regular meetings of shareholders will be held unless matters arise requiring a vote of shareholders under the Agreement and Declaration of Trust or the 1940 Act.

**TYPES OF INVESTMENTS**

The investment objective of the Fund and a description of its principal investment strategies are set forth in the Prospectus. The Fund's investment objective is not fundamental and may be changed without the approval of a majority of its outstanding voting securities. However, shareholders of the Fund will be given notice at least 60 days prior to any such change.

The following pages contain more detailed information about the types of instruments in which the Fund may invest and strategies Wellesley Asset Management, Inc. ("Wellesley" or the "Adviser") may employ in pursuit of the Fund's investment objective. There is a risk that the value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.

**<u>Active Management Risk</u>**

Wellesley's objective judgments about the attractiveness and potential appreciation of particular investments in which the Fund invests may prove to be incorrect and there is no guarantee that the Fund's investment strategy will produce the desired results.

**<u>Authorized Participant Concentration</u>**

Only an Authorized Participant (as defined in the Creations and Redemptions section of the Fund's prospectus (the "Prospectus")) may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of institutions that act as Authorized Participants. To the extent that these institutions exit the business or are unable to proceed with creation and/or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units, Fund shares may trade at a discount to NAV and possibly face trading halts and/or delisting.

**<u>Borrowing</u>**

The Fund may borrow money under certain conditions. The Fund's ability to borrow money is limited by its investment policies and limitations, by the 1940 Act, and by applicable exemptions, no-action letters, interpretations, and other pronouncements issued from time to time by the SEC and its staff or any other regulatory authority with jurisdiction. Under the 1940 Act, the Fund is required to maintain continuous asset coverage (that is, total assets including borrowings, less liabilities exclusive of borrowings) of 300% of the amount borrowed, with an exception for borrowings not in excess of 5% of the Fund's total assets made for temporary or emergency purposes. Any borrowings for temporary purposes in excess of 5% of the Fund's total assets must maintain continuous asset coverage. If the 300% asset coverage should decline as a result of market fluctuations or for other reasons, the Fund may be required to sell some of its portfolio holdings within three days (excluding Sundays and holidays) to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time.

Like all leverage, borrowing will tend to exaggerate the effect on net asset value ("NAV") of any increase or decrease in the market value of the Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. Although not true of its initial credit facility, the Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit. Either of these requirements would increase the cost of borrowing over the stated interest rate. During any periods of rising inflation or interest rates, the borrowing costs associated with the Fund's use of leverage would likely increase.

The Fund will generally pay higher advisory fees during periods in which the Fund is using leverage because its advisory fee is calculated on the basis of the Fund's "managed assets" (which include assets attributable to borrowings), not net assets (which do not include borrowing). This means that Wellesley will have a financial incentive to increase the Fund's use of leverage.

A credit facility may give the lender the right to call its loan and demand the return of funds at any time, in which case the Fund could be forced to liquidate assets on unattractive terms to satisfy its obligations. There is no guarantee that the Fund would be able to find an alternative line of credit on suitable terms to replace a terminated loan, and the Fund may forego investment opportunities that it would otherwise generally purchase with borrowed money. A credit facility may require the borrower to enter into covenants relating to asset coverage or portfolio composition or otherwise. As a result, the Fund could be subject to restrictions that are more stringent than those imposed by the 1940 Act. The Fund could also be required to pledge its assets as collateral.

**<u>Convertible Securities</u>**

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

its conversion feature, to participate in the capital appreciation of the issuing company depending upon a market price advance in the convertible security's underlying common stock.

**<u>Costs of Buying or Selling Shares Risk</u>**

Investors buying or selling Shares in the secondary market will pay brokerage commissions or other charges imposed by brokers as determined by that broker. Brokerage commissions are often a fixed amount and may be a significant proportional cost for investors seeking to buy or sell relatively small amounts of Shares. In addition, secondary market investors will also incur the cost of the difference between the price that an investor is willing to pay for Shares (the "bid" price) and the price at which an investor is willing to sell Shares (the "ask" price).

This difference in bid and ask prices is often referred to as the "spread" or "bid/ask spread." The bid/ask spread varies over time for Shares based on trading volume and market liquidity, and is generally lower if the Fund's Shares have more trading volume and market liquidity and higher if the Fund's Shares have little trading volume and market liquidity. Further, increased market volatility may cause increased bid/ask spreads. Due to the costs of buying or selling Shares, including bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

**<u>Cybersecurity Risk</u>** 

Failures or breaches of the electronic systems of the Fund, the Fund's adviser, distributor and other service providers, market makers, Authorized Participants or the issuers of securities in which the Fund invests have the ability to cause disruptions, negatively impact the Fund's business operations and/or potentially result in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cybersecurity plans and systems of the Fund's service providers, market makers, Authorized Participants or issuers of securities in which the Fund invests.

**<u>Debt Securities</u>**

The following describes some of the risks associated with debt (fixed-income) securities:

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

<u>Corporate Bond Risk.</u> Corporate bonds generally have higher interest rates than those of other fixed income instruments, like certificates of deposit and U.S. Treasury securities, and also bear greater risk, as they are backed only by the issuer, and therefore, investments in corporate bonds are subject to issuer risk. Additionally, credit risk is created when the debt issuer fails to pay interest and principal in a timely manner, or negative perceptions of the issuer's ability to make such payments may cause the price of that debt to decline.

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

<u>Extension Risk</u>*.* The Fund is subject to the risk that an issuer will exercise its right to pay principal on an obligation held by the Fund (such as mortgage-backed securities) later than expected. This may happen when there is a rise in

interest rates. These events may lengthen the duration (*i.e.* interest rate sensitivity) and potentially reduce the value of these securities.

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

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

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

<u>Certificates of Deposit and Bankers' Acceptances</u>. The Fund may invest in certificates of deposit and bankers' acceptances, which are considered to be short-term money market instruments.

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

<u>Commercial Paper</u>. The Fund may purchase commercial paper. Commercial paper consists of short-term (usually from 1 to 270 days) unsecured promissory notes issued by corporations in order to finance their current operations.

<u>Time Deposits and Variable Rate Notes</u>. The Fund may invest in fixed time deposits, whether or not subject to withdrawal penalties.

Commercial paper obligations are unsecured and may include variable rate notes. The nature and terms of a variable rate note (*i.e*., a "Master Note") permit the Fund to invest fluctuating amounts at varying rates of interest pursuant to a direct arrangement between the Fund as lender, and the issuer, as borrower. It permits daily changes in the amounts borrowed. The Fund has the right at any time to increase, up to the full amount stated in the note agreement, or to decrease the amount outstanding under the note. The issuer may prepay at any time and without penalty any part of or the full amount of the note. The note may or may not be backed by one or more bank letters of credit. Because these notes are direct lending arrangements between the Fund and the issuer, it is not generally contemplated that they will be traded; moreover, there is currently no secondary market for them. Except as specifically provided in the Prospectus, there is no limitation on the type of issuer from whom these notes may be purchased; however, in connection with such purchase and on an ongoing basis, the Adviser will consider the earning power, cash flow and other liquidity

ratios of the issuer, and its ability to pay principal and interest on demand, including a situation in which all holders of such notes made demand simultaneously. Variable rate notes are subject to the Fund's investment restriction on illiquid securities unless such notes can be put back to the issuer on demand within seven days.

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

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

<u>United States Government Agencies</u>. These consist of debt securities issued by agencies and instrumentalities of the United States government, including the various types of instruments currently outstanding or which may be offered in the future. Agencies include, among others, the Federal Housing Administration, Government National Mortgage Association ("GNMA"), Farmer's Home Administration, Export-Import Bank of the United States, Maritime Administration, and General Services Administration. Instrumentalities include, for example, each of the Federal Home Loan Banks, the National Bank for Cooperatives, the Federal Home Loan Mortgage Corporation ("FHLMC" or "Freddie Mac"), the Farm Credit Banks, the Federal National Mortgage Association ("FNMA" "Fannie Mae"), and the United States Postal Service. These securities are either: (i) backed by the full faith and credit of the United States government (*e.g.*, United States Treasury Bills); (ii) guaranteed by the United States Treasury (*e.g*., GNMA mortgage-backed securities); (iii) supported by the issuing agency's or instrumentality's right to borrow from the United States Treasury (*e.g.*, FNMA Discount Notes); or (iv) supported only by the issuing agency's or instrumentality's own credit (*e.g.*, Tennessee Valley Association).

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

former pools. However, timely payment of interest and principal of these pools may be supported by various forms of insurance or guarantees, including individual loan, title, pool and hazard insurance and letters of credit. The insurance and guarantees are issued by governmental entities, private insurers and the mortgage poolers.

On September 7, 2008, the U.S. Treasury Department and the Federal Housing Finance Authority (the "FHFA") announced that Fannie Mae and Freddie Mac had been placed into conservatorship, a statutory process designed to stabilize a troubled institution with the objective of returning the entity to normal business operations. The U.S. Treasury Department and the FHFA at the same time established a secured lending facility and a Secured Stock Purchase Agreement with both Fannie Mae and Freddie Mac to ensure that each entity had the ability to fulfill its financial obligations. The FHFA announced that it does not anticipate any disruption in pattern of payments or ongoing business operations of Fannie Mae or Freddie Mac.

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

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

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

<u>Resets</u>. The interest rates paid on the Adjustable Rate Mortgage Securities ("ARMs") in which the Fund may invest generally are readjusted or reset at intervals of one year or less to an increment over some predetermined interest rate index. There are two main categories of indices: (1) those based on U.S. Treasury securities and (2) those derived from a calculated measure, such as a cost of funds index or a moving average of mortgage rates. Commonly utilized indices include the one-year and five-year constant maturity Treasury Note rates, the three-month Treasury Bill rate, the 180-day Treasury Bill rate, rates on longer-term Treasury securities, the National Median Cost of Funds, the one-month or three-month London Interbank Offered Rate ("LIBOR"), the prime rate of a specific bank, or commercial paper rates. Some indices, such as the one-year constant maturity Treasury Note rate, closely mirror changes in market interest rate levels. Others tend to lag changes in market rate levels and tend to be somewhat less volatile.

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

**<u>Derivatives Generally</u>**

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

The Adviser, on behalf of the Fund, has filed with the National Futures Association a notice of reliance on the Regulation 4.5 exclusion and, accordingly, the Adviser is not subject to regulation or registration as a commodity pool operator.

Under the Regulation 4.5 exclusion, the Fund's commodity interests – other than those used for bona fide hedging purposes (as defined by the Commodity Futures Trading Commission ("CFTC")) – must be limited such that the aggregate initial margin and premiums required to establish the positions does not exceed 5% of the Fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions and excluding the amount by which options that are "in-the-money" at the time of purchase), or alternatively, the aggregate net notional value of the positions, determined at the time the most recent position was established, does not exceed 100% of the Fund's NAV (after taking into account unrealized profits and unrealized losses on any such positions). Further, to qualify for the exclusion in Regulation 4.5, the Fund must satisfy a marketing test, which requires, among other things, that the Fund not hold itself out as a vehicle for trading commodity interests.

Any trading of commodity interests by the Fund will comply with one of the two alternative limitations described above. Complying with the limitations may restrict the Fund's ability to use derivatives as part of its investment strategies and may subject the Funds to additional costs, expenses and administrative burdens.

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

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

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

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

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

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

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

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

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

<u>Cover for Options Positions</u>. Transactions using options (other than options that the Fund has purchased) expose the Fund to an obligation to another party. The Fund will not enter into any such transactions unless it owns either (i) an offsetting ("covered") position in securities or other options or (ii) cash or liquid securities with a value sufficient at all times to cover its potential obligations not covered as provided in (i) above.

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

**<u>Equity Securities</u>**

Equity securities include common stocks, preferred stocks and securities convertible into common stocks, such as convertible bonds, warrants, rights and options. The value of equity securities varies in response to many factors, including the activities and financial condition of individual companies, the business market in which individual companies compete and general market and economic conditions. Equity securities fluctuate in value, often based on factors unrelated to the value of the issuer of the securities, and such fluctuations can be significant. Equity securities are subject to changes in value, and their values may be more volatile than those of other asset classes. The value of a security may decline for a number of reasons that may directly relate to the issuer as well as due to general industry or market conditions. Common stock is subordinated to preferred securities and debt in a company's capital structure. Common stock has the lowest

priority, and the greatest risk, with respect to dividends and any liquidation payments in the event of an issuer's bankruptcy.

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

<u>Preferred Stock.</u> Preferred stock is a class of stock having a preference over common stock as to the payment of dividends and the recovery of investment should a company be liquidated, although preferred stock is usually junior to the debt securities of the issuer. Preferred stock typically does not possess voting rights and its market value may change based on changes in interest rates.

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

<u>Preferred Stock Risk.</u> Preferred stocks are subject not only to issuer-specific and market risks generally applicable to equity securities, but also risks associated with fixed-income securities, such as interest rate risk. A company's preferred stock, which may pay fixed or variable rates of return, generally pays dividends only after the company makes required payments to creditors, including vendors, depositors, counterparties, holders of its bonds and other fixed-income securities. As a result, the value of a company's preferred stock will react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock may be less liquid than many other types of securities, such as common stock, and generally has limited or no voting rights. In addition, preferred stock is subject to the risks that a company may defer or not pay dividends, and, in certain situations, may call or redeem its preferred stock or convert it to common stock.

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

**<u>Fluctuation of Net Asset Value</u>**

The net asset value ("NAV") of the Fund's Shares will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of the Shares will generally fluctuate in accordance with changes in NAV as well as the relative supply and demand for Shares on the Exchange. The Adviser cannot predict whether the Shares will trade below, at or above the NAV of the Shares of the Fund.

**<u>Foreign Securities</u>**

<u>General</u>. Investing in securities of foreign companies and countries involves certain considerations and risks that are not typically associated with investing in U.S. government securities and securities of domestic companies. There may be less publicly available information about a foreign issuer than a domestic one, and foreign companies are not generally subject to uniform accounting, auditing and financial standards and requirements comparable to those applicable to U.S.

companies. There may also be less government supervision and regulation of foreign securities exchanges, brokers and listed companies than exists in the United States. Interest and dividends paid by foreign issuers may be subject to withholding and other foreign taxes, which may decrease the net return on such investments as compared to dividends and interest paid to the Fund by domestic companies or the U.S. government. There may be the possibility of expropriations, seizure or nationalization of foreign deposits, confiscatory taxation, political, economic or social instability or diplomatic developments that could affect assets of the Fund held in foreign countries. Finally, the establishment of exchange controls or other foreign governmental laws or restrictions could adversely affect the payment of obligations.

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

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

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

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

**<u>Futures Contracts</u>**

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument (*e.g*., units of a stock index) for a specified price, date, time and place designated at the time the contract is made. Brokerage fees are incurred when a futures contract is bought or sold and margin deposits must be maintained. Entering into a contract to buy is commonly referred to as buying or purchasing a contract or holding a long position. Entering into a contract to sell is commonly referred to as selling a contract or holding a short position. Unlike when the Fund purchases or sells a security, no price would be paid or received by the Fund upon the purchase or sale of a futures contract. The margin required for a particular futures contract is set by the exchange on which the contract is

traded, and may be significantly modified from time to time by the exchange during the term of the contract. Futures contracts are customarily purchased and sold on margins that may range upward from less than 5% of the value of the contract being traded.

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

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

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

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

**<u>Growth Securities Risk</u>**

Growth securities are those issued by companies whose earnings growth potential appears to be greater than the market in general and whose revenue growth is expected to continue for an extended period of time. The prices of growth securities including convertible bonds issued by growth companies may be more volatile than those of other types of investments and can decline rapidly and significantly in reaction to negative news. Growth securities may underperform value securities and other types of assets as well as the overall stock market. Growth securities may go in and out of favor over time, which could affect the performance of the Fund.

**<u>High Yield Securities</u>**

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

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

<u>Sensitivity to Interest Rate and Economic Changes</u>*.* The income and market value of lower-rated securities may fluctuate more than higher rated securities. Although non-investment grade securities tend to be less sensitive to interest rate changes than investment grade securities, non-investment grade securities are more sensitive to short-term corporate, economic and market developments. During periods of economic uncertainty and change, the market price of the investments in lower-rated securities may be volatile. The default rate for high yield bonds tends to be cyclical, with defaults rising in periods of economic downturn. For example, in 2000, 2001 and 2002, the default rate for high yield securities was significantly higher than in the prior or subsequent years.

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

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

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

High yield, high risk investments may include the following:

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

<u>Zero-coupon debt securities</u>*.* These bear no interest obligation but are issued at a discount from their value at maturity. When held to maturity, their entire return equals the difference between their issue price and their maturity value.

<u>Zero-fixed-coupon debt securities</u>*.* These are zero-coupon debt securities that convert on a specified date to interest-bearing debt securities.

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

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

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

**<u>Illiquid and Restricted Securities</u>**

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

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

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

Under guidelines adopted by the Board, the Adviser may determine that particular Rule 144A securities, and commercial paper issued in reliance on the private placement exemption from registration afforded by Section 4(a)(2) of the Securities Act, are liquid even though they are not registered. A determination of whether such a security is liquid or not is a question of fact. In making this determination, the Adviser considers, as it deems appropriate under the circumstances and among other factors: (1) the frequency of trades and quotes for the security; (2) the number of dealers willing to purchase or sell the security; (3) the number of other potential purchasers of the security; (4) dealer undertakings to make a market in the security; (5) the nature of the security (e.g., debt or equity, date of maturity, terms of dividend or interest payments, and other material terms) and the nature of the marketplace trades (e.g., the time needed to dispose of the security, the method of soliciting offers, and the mechanics of transfer); and (6) the rating of the security and the financial condition and prospects of the issuer. In the case of commercial paper, the Adviser also determines that the paper: (1) is not traded flat or in default as to principal and interest, and (2) is rated in one of the two highest rating categories by at least two Nationally Recognized Statistical Rating Organization ("NRSRO") or, if only one NRSRO rates the security, by that NRSRO, or, if the security is unrated, the Adviser determines that it is of above will continue to be monitored by the Adviser to determine if the security is no longer liquid as the result of changed conditions. Investing in Rule 144A securities or Section 4(a)(2) commercial paper could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if institutional buyers are unwilling to purchase such securities.

<u>Liquidity Risk Management</u>. The Fund has established a liquidity risk management program. Under this program, the Fund's portfolio securities are classified based upon their estimated liquidity ranging from highly liquid to illiquid.

The Fund limits illiquid investments to 15% of the Fund's net assets ("Illiquid Limit") and reports to the Board and SEC within specified time periods of the Fund exceeding its 15% illiquid limit. An "illiquid investment" is any investment the Fund reasonably expects cannot be sold or disposed of in current market conditions in 7 calendar days or less without the sale or disposition significantly changing the market value of an investment.

**<u>Market Trading Risk</u>**

The Fund faces numerous market trading risks, including disruptions to the creation and redemption processes of the Fund, losses from trading in secondary markets, the existence of extreme market volatility or potential lack of an active trading market for Shares may result in Shares trading at a significant premium or discount to NAV. The NAV of Shares will fluctuate with changes in the market value of the Fund's securities holdings. The market prices of Shares will fluctuate in accordance with changes in NAV and supply and demand on the Exchange. The Adviser cannot predict whether Shares will trade below, at or above their NAV. If a shareholder purchases Shares at a time when the market price is at a premium to the NAV or sells Shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses. Any of these factors, discussed above and further below, may lead to Shares trading at a premium or discount to the Fund's NAV.

Absence of Prior Active Market

While the Fund's Shares are listed on the Exchange, there can be no assurance that an active trading market for Shares will develop or be maintained. The Distributor does not maintain a secondary market in Shares.

Trading Issues

Trading in Shares on the Exchange may be halted due to market conditions or for reasons that, in the view of the Exchange, make trading in Shares inadvisable. In addition, trading in Shares on the Exchange is subject to trading halts caused by extraordinary market volatility pursuant to the Exchange's "circuit breaker" rules. There can be no assurance that the requirements of the Exchange necessary to maintain the listing of the Fund will continue to be met or will remain unchanged.

**<u>National Closed Market Trading Risk</u>**

To the extent that the underlying securities held by the Fund trade on foreign exchanges that may be closed when the securities exchange on which the Fund's shares trade is open, there are likely to be deviations between the current price of such an underlying security and the last quoted price for the underlying security (i.e., the Fund's quote from the closed foreign market). These deviations could result in premiums or discounts to the Fund's NAV that may be greater than those experienced by other ETFs.

**<u>New Fund Risk</u>**

The Fund is a new fund, with no operating history, which may result in additional risks for investors in the Fund. There can be no assurance that the Fund will grow to or maintain an economically viable size, in which case the Board of Trustees may determine to liquidate the Fund. While shareholder interests will be the paramount consideration, the timing of any liquidation may not be favorable to certain individual shareholders.

**<u>Recent Market Events</u>**

The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on U.S., and global economies and markets, generally. For example, the COVID-19 pandemic resulted in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the

Fund's investments, including beyond the Fund's direct exposure to Russian issuers or nearby geographic regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict and could be substantial. Those events as well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment, and other factors affecting the value of the Fund's investments. Any of these occurrences could disrupt the operations of the Fund and of the Fund's service providers.

**<u>REITs</u>**

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

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

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

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

**<u>Repurchase Agreements</u>**

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

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

**<u>Sector Risk</u>**

The Fund may focus its investments in securities of a particular sector. Economic, legislative or regulatory developments may occur that significantly affect the entire sector. This may cause the Fund's NAV to fluctuate more than that of the Fund that does not focus in a particular sector. In particular, the Fund may be impacted by events affecting the financial services sector if it invests a relatively large percentage of its assets in that sector. The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of corporate and consumer debt defaulted, price competitions and the availability and cost of capital funds.

 

<u>Biotech and Pharma Risk.</u> Companies in the biotech and pharmaceuticals industry may be highly volatile and affected by industry competition, dependency on a limited number of products, obsolescence of products, government approvals and regulations, loss or impairment of intellectual property rights and litigation regarding product liability.

<u>Consumer Discretionary Risk.</u> The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, competition, consumers' disposable income, consumer preferences, social trends and marketing campaigns.

 

<u>Health Care Risk.</u> Companies in the health care sector are subject to extensive government regulation and their profitability can be significantly affected by restrictions on government reimbursement for medical expenses, rising costs of medical products and services, pricing pressure (including price discounting), limited product lines and an increased emphasis on the delivery of healthcare through outpatient services. Companies in the health care sector are heavily dependent on obtaining and defending patents, which may be time consuming and costly, and the expiration of patents may also adversely affect the profitability of these companies.

<u>Industrial Risk</u>*.* Industrial manufacturing companies are affected by supply and demand both for their specific product or service and for industrial and manufacturing sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

<u>Technology Risk</u>. Technology companies may have limited product lines, markets, financial resources or personnel. Technology companies typically face intense competition and potentially rapid product obsolescence. They are also heavily dependent on intellectual property rights and may be adversely affected by the loss or impairment of those rights. Companies in the technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action.

**<u>Securities of Other Investment Companies</u>**

The Fund may invest in securities issued by other exchange-traded funds or money market funds. The Fund intends to limit its investments in accordance with Section 12(d)(1) of the 1940 Act or as permitted by Rule 12d1-4. Among other things, Section 12(d)(1) would limit these investments so that, as determined immediately after a securities purchase is made by the Fund: (a) not more than 5% of the value of its total assets will be invested in the securities of any one investment company (the "5% Limitation"); (b) not more than 10% of the value of its total assets will be invested in the aggregate in securities of investment companies as a group (the "10% Limitation"); (c) not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund (the "3% Limitation"); and (d) not more than 10% of the outstanding voting stock of any one closed-end investment company will be owned by the Fund together with all other investment companies that have the same advisor. Under certain sets of conditions, different sets of restrictions

may be applicable. As a shareholder of another investment company, the Fund would bear, along with other shareholders, its proportionate share of that investment company's expenses, including advisory fees. These expenses would be in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. Investment companies in which the Fund may invest may also impose a sales or distribution charge in connection with the purchase or redemption of their shares and other types of commissions or charges. Such charges will be payable by the Fund and, therefore, will be borne directly by the Fund's shareholders.

To the extent applicable, the Fund intends to rely on Rule 12d1-4 under the 1940 Act which allow registered investment companies (such as the Fund) to exceed the 3%, 5% and 10% Limitation and the 10% Limitations, provided certain conditions are met.

<u>Exchange-Traded Funds</u>. ETFs are managed by professionals and provide the investor with diversification, cost and tax efficiency, liquidity, marginability, are useful for hedging, have the ability to go long and short, and some provide quarterly dividends. Additionally, some ETFs are unit investment trusts (UITs), which are unmanaged portfolios overseen by trustees. ETFs generally have two markets. The primary market is where institutions swap "creation units" in block-multiples of 50,000 shares for in-kind securities and cash in the form of dividends. The secondary market is where individual investors can trade as little as a single share during trading hours on the exchange. This is different from open-ended mutual funds that are traded after hours once the NAV is calculated. ETFs share many similar risks with open-end and closed-end funds. In some cases, ETFs are actively-managed.

To the extent that the Fund invests in ETFs, the Fund's performance is directly related to the performance of the underlying ETFs held by it. The ability of the Fund to achieve its investment goal is directly related to, in part, the ability of the underlying ETFs to meet their investment goal. Investing in ETFs may be more costly to the Fund than if the Fund had invested in the underlying securities directly. Shareholders of the Fund will indirectly bear the fees and expenses (including management and advisory fees and other expenses) of the underlying ETFs. As the Fund's allocations among the underlying ETFs change from time to time, or to the extent that the expense ratios of the underlying ETFs change, the expenses borne by the Fund may increase or decrease. In addition, the Fund pays brokerage commissions in connection with the purchase and sale of shares of ETFs, in addition to a spread (the difference between what professional investors are willing to pay for ETF shares and the price at which they are willing to sell ETF shares). The Fund's investments in ETFs may subject the Fund to additional risks than if the Fund would have invested directly in the ETFs' underlying securities. These risks include the possibility that an ETF may experience a lack of liquidity that can result in greater volatility than its underlying securities. In addition, an ETF may trade at a premium or discount to its NAV, as shares of an ETF are bought and sold based on exchanges on market values and not at the ETF's NAV.

<u>Money Market Funds</u>**.** The Fund may make short-term or overnight investments in a money market fund, a type of investment company regulated by the 1940 Act.

**<u>Short Sales</u>**

*Short Sales.* The Fund may sell securities short. A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities.

To deliver the securities to the buyer, the Fund must arrange through a broker to ing, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be. The Fund will make a profit or incur a loss as a result of a short sale depending on whether the price of the securities decreases or increases between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed securities that have been sold. The amount of any loss would be increased (and any gain decreased) by any premium or interest the Fund is required to pay in connection with a short sale.

The Fund's obligation to replace the securities borrowed in connection with a short sale will be secured by cash or liquid securities deposited as collateral with the broker.

*Short Sales "Against the Box."* The Fund may engage in short sales "against the box." In a short sale, the Fund sells a borrowed security and has a corresponding obligation to the lender to return the identical security. The seller does not

immediately deliver the securities sold and is said to have a short position in those securities until delivery occurs. The Fund may engage in a short sale if at the time of the short sale the Fund owns or has the right to obtain without additional cost an equal amount of the security being sold short. This investment technique is known as a short sale "against the box." It may be entered into by the Fund to, for example, lock in a sale price for a security that the Fund does not wish to sell immediately.

The Fund may make a short sale as a hedge, when it believes that the price of a security may decline, causing a decline in the value of a security owned by the Fund (or a security convertible or exchangeable for such security). In such case, any future losses in the Fund's long position should be offset by a gain in the short position and, conversely, any gain in the long position should be reduced by a loss in the short position. The extent to which such gains or losses are reduced will depend upon the amount of the security sold short relative to the amount the Fund owns. There will be certain additional transaction costs associated with short sales "against the box," but the Fund will endeavor to offset these costs with the inIf the Fund effects a short sale of securities at a time when it has an unrealized gain on the securities, it may be required to recognize that gain as if it had actually sold the securities (as a "constructive sale") on the date it effects the short sale. However, such constructive sale treatment may not apply if the Fund closes out the short sale with securities other than the appreciated securities held at the time of the short sale and if certain other conditions are satisfied. Uncertainty regarding the tax consequences of effecting short sales may limit the extent to which the Fund may effect short sales.

*Short Sales (excluding Short Sales "Against the Box").* The Fund may sell securities short. A short sale is a transaction in which the Fund sells securities it does not own in anticipation of a decline in the market price of the securities.

To deliver the securities to the buyer, the Fund must arrange through a broker to borrow the securities and, in so doing, the Fund becomes obligated to replace the securities borrowed at their market price at the time of replacement, whatever that price may be. The Fund will make a profit or incur a loss as a result of a short sale depending on whether the price of the securities decreases or increases between the date of the short sale and the date on which the Fund purchases the security to replace the borrowed securities that have been sold. The amount of any loss would be increased (and any gain decreased) by any premium or interest the Fund is required to pay in connection with a short sale.

The Fund's obligation to replace the securities borrowed in connection with a short sale will be secured by cash or liquid securities deposited as collateral with the broker.

**<u>Small- and Mid-Capitalization Companies</u>**

Compared to large-capitalization companies, small- and mid-capitalization companies may be less stable and more susceptible to adverse developments. In addition, the securities of small- and mid-capitalization companies may be more volatile and less liquid than those of large-capitalization companies.

**<u>Swap Agreements</u>**

The Fund may enter into interest rate, index and currency exchange rate swap agreements in an attempt to obtain a particular desired return at a lower cost to the Fund than if the Fund has invested directly in an instrument that yielded that desired return. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of returns) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount," *i.e*., the return on or increase in value of a particular dollar amount invested at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index. The "notional amount" of the swap agreement is only a fictive basis on which to calculate the obligations the parties to a swap agreement have agreed to exchange. The Fund's obligations (or rights) under a swap agreement will generally be equal only to the amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). The Fund's obligations under a swap agreement will be accrued daily (offset against any amounts owing to the Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of a segregated account consisting of cash, U.S. government securities, or other liquid securities, to avoid leveraging of the Fund's portfolio. The Fund will not enter

into a swap agreement with any single party if the net amount owed or to be received under existing contracts with that party would exceed 5% of the Fund's assets.

Whether the Fund's use of swap agreements enhances the Fund's total return will depend on the Adviser's ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments. Because they are two-party contracts and may have terms of greater than seven days, swap agreements may be considered to be illiquid. Moreover, the Fund bears the risk of loss of up to the full amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Adviser will cause the Fund to enter into swap agreements only with counterparties that would be eligible for consideration as repurchase agreement counterparties under the Fund's repurchase agreement guidelines. The swap market has become subject to increasing government regulation that could subject the Fund to additional costs, expenses and administrative burdens.

**<u>Synthetic Convertible Bond Risk</u>** 

Synthetic convertible bonds are derivative debt securities, the interest rate on or principal of which is determined by an unrelated indicator. The value of the interest rate on and/or the principal of structured securities is determined by reference to changes in the value of a reference instrument (*e.g.,* a security or other financial instrument, asset, currency, interest rate, commodity, or index) or the relative change in two or more reference instruments. A structured security may be positively, negatively, or both positively and negatively indexed; that is, its value or interest rate may increase or decrease if the value of the reference instrument increases. Similarly, its value or interest rate may increase or decrease if the value of the reference instrument decreases. Further, the change in the principal amount payable with respect to, or the interest rate of, a structured security may be calculated as a multiple of the percentage change (positive or negative) in the value of the underlying reference instrument(s); therefore, the value of such structured security may be very volatile. Structured securities may entail a greater degree of market risk than other types of debt securities because the investor bears the risk of the reference instrument. Structured securities may also be more volatile, less liquid, and more difficult to accurately price than less complex securities or more traditional debt securities. In addition, because structured securities generally are traded over-the-counter, structured securities are subject to the creditworthiness of the counterparty of the structured security, and their values may decline substantially if the counterparty's creditworthiness deteriorates.

**<u>Temporary Defensive Investments</u>**

Under unusual market, political or economic conditions, the Fund may, for temporary defensive purposes, invest up to 100% of its total assets, without limitation, in money market instruments, securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, certificates of deposit, bankers' acceptances and other bank obligations, highly rated commercial paper or other fixed-income securities deemed by the Adviser to be consistent with a defensive posture, or may hold its assets in cash.

**<u>Volatility Risk</u>** 

The risk that the value of the securities in which the Fund invests may go up or down in response to the prospects of individual companies and/or general economic conditions. Price changes may be temporary or may last for extended periods.

**<u>When-Issued, Forward Commitments and Delayed Settlements</u>**

The Fund may purchase and sell securities on a when-issued, forward commitment or delayed settlement basis. The Fund does not intend to engage in these transactions for speculative purposes but only in furtherance of its investment objectives.

The Fund will purchase securities on a when-issued, forward commitment or delayed settlement basis only with the intention of completing the transaction. If deemed advisable as a matter of investment strategy, however, the Fund may dispose of or renegotiate a commitment after it is entered into, and may sell securities it has committed to purchase before those securities are delivered to the Fund on the settlement date. In these cases the Fund may realize a taxable

capital gain or loss. When the Fund engages in when-issued, forward commitment and delayed settlement transactions, it relies on the other party to consummate the trade. Failure of such party to do so may result in the Fund incurring a loss or missing an opportunity to obtain a price credited to be advantageous.

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

**INVESTMENT RESTRICTIONS**

**<u>Fundamental Investment Policies</u>**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 consistent with or permitted by the Investment Company Act of 1940, as amended, the rules and regulations promulgated thereunder or interpretations of the SEC or its staff.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Concentration</u>. The Fund will not invest 25% or more of its total assets in a particular industry or group of industries. The Fund will not invest 25% or more of its total assets in any investment company that concentrates in a 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. With respect to 75% of its total assets, purchase securities of an issuer (other than the U.S. Government, its agencies, instrumentalities or authorities or repurchase agreements fully collateralized by U.S. Government securities and other investment companies) if (a) such purchase would, at the time, cause more than 5% of the Fund's total assets taken at market value to be invested in the securities of such issuer; or (b) such purchase would, at the time, result in more than 10% of the outstanding voting securities of such issuer being held by the Fund.

See "Additional Information" below for a summary of what is currently required or permitted by the 1940 Act (and the rules and regulations thereunder, and staff interpretive guidance thereof).

**<u>Non-Fundamental Investment Policies</u>** 

The Fund is registered as an open-end, diversified management investment company. The Trust is governed by its Board of Trustees (the "Board" or "Trustees"), which in that capacity oversees the management of the Fund. In addition, the Fund has certain investment policies that are considered non-fundamental and can be changed by the Board without the approval of shareholders. These investment policies are set forth below for the Fund.

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Illiquid Investments</u>. The Fund will not invest 15% or more of its net assets in securities for which there are legal or contractual restrictions on resale and other illiquid securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>80% Policy.</u> Under normal circumstances, the Fund will invest at least 80% of its assets (defined as net assets plus the amount of any borrowing for investment purposes) in convertible bonds. Shareholders will be provided with at least 60 days' prior notice of any change in the Fund's 80% non-fundamental investment policy.

**<u>Additional Information</u>**

The information below is not part of the Fund's fundamental or non-fundamental policies. This information is intended to provide a summary of what is currently required or permitted by the 1940 Act, and the rules and regulations thereunder, or by the interpretive guidance thereof by the SEC or SEC staff, for particular fundamental policies of the Fund. Where applicable, information is also provided regarding the Fund's current intention with respect to certain investment practices permitted by the 1940 Act. Such information is limited in applicability to the Fund by any more restrictive policies described above.

For purposes of fundamental policy (1), the Fund may borrow money in amounts of up to 33⅓% of its total assets from banks for any purpose. Additionally, the Fund may borrow up to 5% of its total assets from banks or other lenders for temporary purposes (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed).

For purposes of fundamental policy (2), a senior security does not include any promissory note or evidence of indebtedness if such loan is for temporary purposes only and in an amount not exceeding 5% of the value of the total assets of the Fund at the time the loan is made (a loan is presumed to be for temporary purposes if it is repaid within 60 days and is not extended or renewed). Further, to the extent the Fund covers its commitments under certain types of agreements and transactions – including reverse repurchase agreements, mortgage-dollar-roll transactions, sale-buybacks, when-issued, delayed-delivery, or forward commitment transactions, and other similar trading practices – by segregating or earmarking liquid assets equal in value to the amount of the fund's commitment, such agreement or transaction will not be considered a senior security by the Fund.

For purposes of fundamental policy (3), the policy will not apply to the Fund to the extent the Fund may be deemed an underwriter within the meaning of the 1933 Act in connection with the purchase and sale of Fund portfolio securities in the ordinary course of pursuing its investment objectives and strategies.

For purposes of fundamental policies (4) and (5), the Fund may invest in securities or other instruments backed by real estate or commodities or securities of issuers engaged in the real estate business, including real estate investment trusts, or issuers engaged in business related to commodities. Further, the Fund does not consider currency contracts or hybrid instruments to be commodities.

For purposes of fundamental policy (6), the Fund may not lend more than 33⅓% of its total assets, provided that this limitation shall not apply to the Fund's purchase of debt obligaFor purposes of fundamental policy (7), the Fund may not invest 25% or more of its total assets in the securities of issuers in a particular industry. This policy does not apply to investments in securities of the U.S. Government, its agencies or Government Sponsored Enterprises or repurchase agreements with respect thereto.

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

**POLICIES AND PROCEDURES FOR DISCLOSURE OF PORTFOLIO HOLDINGS**

**PORTFOLIO HOLDINGS DISCLOSURE**

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

The Fund will disclose its portfolio holdings by mailing its Annual and Semi-Annual reports to shareholders approximately two months after the end of the fiscal year and Semi-Annual period. In addition, the Fund will disclose its portfolio holdings reports on Forms N-CSR and Form N-PORT two months after the end of each quarter/semi-annual period. Forms N-PORT and N-CSR for the Fund will be available on the SEC's website at <u>http://www.sec.gov</u>.

**MANAGEMENT**

The business of the Fund is carried out by the Trust, acting on its behalf, under the oversight of the Board in accordance with the Agreement and Declaration of Trust and the Trust's By-laws (the "Governing Documents"), which have been filed with the SEC and are available upon request. The Board consists of four (4) individuals, three (3) of whom are not "interested persons" (as defined under the 1940 Act) of the Trust and the Adviser ("Independent Trustees"). Pursuant to the Governing Documents, the Trustees shall elect officers including a President, a Secretary, a Treasurer, a Principal Executive Officer and a Principal Accounting Officer. The Board retains the power to conduct, operate and carry on the business of the Trust and has the power to incur and pay any expenses, which, in the opinion of the Board, are necessary or incidental to carry out any of the Trust's purposes. The Trustees, officers, employees and agents of the Trust, when acting in such capacities, shall not be subject to any personal liability except for his or her own bad faith, willful misfeasance, gross negligence or reckless disregard of his or her duties.

**<u>Board Leadership Structure</u>**

The Trust is led by Mr. Michael Miller, who has served as the Chairman of the Board and President since 2024. Mr. Miller is an "interested person" as defined in the 1940 Act, by virtue of his controlling interest in Wellesley Asset Management, Inc. (the Trust's investment adviser). Under certain 1940 Act governance guidelines that apply to the Trust, the Independent Trustees meet in executive session, at least quarterly. Under the Governing Documents, the Chairman of the Board/President is responsible for (a) presiding at board meetings, (b) calling special meetings on an as-needed basis, and, more generally, in-practice (c) execution and administration of Trust policies including (i) setting the agendas for Board meetings and (ii) providing information to Board members in advance of each Board meeting and between Board meetings. Generally, the Trust believes it best to have a single leader who is seen by shareholders, business partners and other stakeholders as providing strong leadership. The Trust believes that its Chairman, together with the Audit Committee and Nominating Committee and the full Board, provide effective leadership that is in the best interests of the Trust and each shareholder of the Fund because of the Board's collective business acumen and understanding of the regulatory framework under which investment companies must operate.

**<u>Board Risk Oversight</u>**

The Board is comprised of Mr. Michael Miller and three Independent Trustees with a standing independent Audit Committee with a separate chairman. The Board is responsible for overseeing risk management, and the full Board regularly engages in discussions of risk management and receives compliance reports that inform its oversight of risk management from the Trust's Chief Compliance Officer at quarterly meetings and on an ad hoc basis, when and if necessary. The Audit Committee considers financial and reporting risk within its area of responsibilities. Generally, the Board believes that its oversight of material risks is adequately maintained through the compliance-reporting chain where the Chief Compliance Officer is the primary recipient and communicator of such risk-related information, and the Audit Committee's communications with the Trust's independent registered public accounting firm.

**<u>Trustee Qualifications</u>**

Generally, the Trust believes that each Trustee is competent to serve because of their individual overall merits including: (i) experience, (ii) qualifications, (iii) attributes, and (iv) skills. Mr. Michael Miller, Chairman, President, and Portfolio Manager, has over 15 years' experience in the industry. He works directly with the firm's trading, private client and institutional teams and oversees day to day operations, strategic planning and execution. Additionally, Mr. Miller is responsible for convertible bond research and product development, analyzing and monitoring portfolio holdings, and communicating performance, portfolio and fund data. He also constructs and analyzes client portfolios and works directly with the firm's institutional clients. He frequently speaks at national investment conferences educating investors about the convertible bond asset class. Mr. Miller received his Bachelor of Science degree in Business Administration from American University's Kogod School of Business in Washington, DC, where he specialized in finance, and his Master of Business Administration degree from Babson College. Mr. Michael Blank has over 20 years of business experience in the real estate development, brokerage and management industry as well as extensive experience in the commercial printing business. Mr. Blank also serves on the National Board of JNF-USA (a non-profit organization). Mr. Blank holds a B.A. degree from George Washington University. Additionally, he is a past president of the Printing Industries of New England, and past president of the Graphic Arts Credit Union. Mr. Neal Chorney, has over 35 years of business experience including positions in the commercial lending divisions of banks and a specialty financial services company. Mr. Chorney holds a B.S.B.A. in Management from the Suffolk University Sawyer School of Management. Mr. Daniel Mainzer, who also serves as the Chairman of the Audit Committee, has over 30 years of professional experience in the accounting services field and holds the Certified Public Accountant designation. He is a member of the American Institute of Certified Public Accountants and Massachusetts Society of Certified Public Accountants. Mr. Mainzer holds a B.S. degree in Accounting from the University of Massachusetts and also holds a Master of Science degree in Taxation from Bentley College. Each of the Independent Trustees possesses an understanding of the regulatory framework under which investment companies must operate based on their service to this Board. The Trust does not believe any one factor is determinative in assessing a Trustee's qualifications, but that the collective experience of each Trustee makes the Board highly effective.

Following is a list of the Trustees and executive officers of the Trust (each, an "Officer") and their principal occupation over the last five years. Each Trustee and Officer of the Trust serves in that capacity with respect to all Fund. Unless otherwise noted, the address of each Trustee and Officer is 100 Market Street, Suite 203, Portsmouth, NH 03801.

***Independent Trustees***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and Year of Birth**<br>| &nbsp;&nbsp;**Position/**<br> **<br> Term of<br> Office\***  | &nbsp;&nbsp;**Principal Occupation**<br> **<br> During the Past Five<br> Years** | &nbsp;&nbsp; <br> **Number of Portfolios<br> in Fund Complex\*\*<br> Overseen by Trustee** | &nbsp;&nbsp;**Other Directorships<br> held by Trustee<br> During the Past Five<br> Years**  |
| &nbsp;&nbsp;Neal Chorney<br> 1948 | &nbsp;&nbsp;Trustee Since 2007 | &nbsp;&nbsp;Retired. Vice President – Real Estate Investing & Property Management, Sunrise Financial LLC (2006 – December 31, 2018) (commercial and investment real estate lending). | &nbsp;&nbsp; 4 |  |
| &nbsp;&nbsp;Daniel Mainzer<br> 1963<br>| &nbsp;&nbsp;Trustee Since 2007 | &nbsp;&nbsp;Partner, Flanigan, Cotillo & Mainzer, LLP, (2011 – Present). | &nbsp;&nbsp; 4 |  |
| &nbsp;&nbsp;Michael Blank<br> 1950 | &nbsp;&nbsp;Trustee Since 2009 | &nbsp;&nbsp;Principal, Braintree Street Realty, LLC (1986-Present)<br> President, Evanteal Properties, LLC (2012-Present); JNF-USA National Board (2012 – Present). | &nbsp;&nbsp;4 |  |

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***Interested Trustee and Officers***

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Address and**<br> **<br> Year of Birth** | &nbsp;&nbsp;**Position/**<br> **<br> Term of<br> Office\*** | &nbsp;&nbsp;**Principal Occupation**<br> **<br> During the Past Five Years** | &nbsp;&nbsp;**Number of <br> Portfolios in Fund <br> Complex \*\* <br> Overseen by <br> Trustee/Officer** | &nbsp;&nbsp;**Other<br> Directorships held<br> by Trustee During<br> Past Five Years**<br>|
| &nbsp;&nbsp;Michael Miller\*\*\*<br> 1983 | &nbsp;&nbsp;Chairman of the Board, President, and Trustee Since June 2024 | &nbsp;&nbsp;Chief Executive Officer and Co-Portfolio Manager (June 2024-Present); President, Chief Investment Officer and Co-Portfolio Manager (October 2019 – June 2024); Co-Portfolio Manager & Vice President, (March 2010 – October 2019), Wellesley Asset Management, Inc. (registered investment advisory firm). | &nbsp;&nbsp;4 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James Buckham | &nbsp;&nbsp;Treasurer, Since June 2024 |  | &nbsp;&nbsp;4 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James Ash<br> 1976 | &nbsp;&nbsp;Chief Compliance Officer Since 2023 | &nbsp;&nbsp;Senior Vice President and Head of Fund Compliance (since 2023) and Senior Compliance Officer, Northern Lights Compliance, LLC (2019-2023) | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |

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

\*\* The term "Fund Complex" refers to the Miller Investment Trust, which as of the date of this SAI consists of four funds: Miller Convertible Bond Fund, Miller Intermediate Bond Fund, Miller Market Neutral Income Fund, and Miller Convertible Total Return ETF.

\*\*\* Michael Miller is an "interested person" of the Trust as that term is defined under the 1940 Act, because of his affiliation with Wellesley Asset Management, Inc. (the Fund's Adviser).

 ****

**<u>Board Committees</u>**

Audit Committee

The Board has an Audit Committee that consists of all the Trustees who are not "interested persons" of the Trust within the meaning of the 1940 Act. The Audit Committee's responsibilities include: (i) recommending to the Board the selection, retention or termination of the Trust's independent auditors; (ii) reviewing with the independent auditors the scope, performance and anticipated cost of their audit; (iii) discussing with the independent auditors certain matters relating to the Trust's financial statements, including any adjustment to such financial statements recommended by such independent auditors, or any other results of any audit; (iv) reviewing on a periodic basis a formal written statement from the independent auditors with respect to their independence, discussing with the independent auditors any relationships or services disclosed in the statement that may impact the objectivity and independence of the Trust's independent auditors and recommending that the Board take appropriate action in response thereto to satisfy itself of the auditor's independence; and (v) considering the comments of the independent auditors and management's responses thereto with respect to the quality and adequacy of the Trust's accounting and financial reporting policies and practices and internal controls. The Audit Committee operates pursuant to an Audit Committee Charter. During the fiscal year ended October 31, 2025, the Audit Committee held four meetings.

Nominating Committee

The Board has a Nominating Committee that consists of all the Trustees who are not "interested persons" of the Trust within the meaning of the 1940 Act. The Nominating Committee is responsible for seeking and reviewing nominee candidates for consideration as Independent Trustees as is from time to time considered necessary or appropriate. The Nominating Committee generally will not consider shareholder nominees. During the fiscal year ended October 31, 2025, the Nominating Committee held one meeting.

Compensation

Each Trustee who is not affiliated with the Trust or the Adviser receives an annual retainer fee of $55,000, as well as $14,000 for one annual in-person meeting and a total of $8,000 for three meetings conducted by telephone. Any additional as needed meetings, either in person or by telephone are covered by the retainer fee. The Chairman of the Audit Committee receives an additional payment of $3,000 as an annual retainer fee for serving in that capacity.

The table below describes the amount of compensation the Trustees expect to receive from the Fund for the fiscal year ending October 31, 2026 and the estimated aggregate compensation to be paid to each of the Trustees for the fiscal year ending October 31, 2026. Trustees who are officers or employees of the Adviser do not receive any compensation from the Fund. The Trust does not have a bonus, profit sharing, pension or retirement plan.

---

| | | |
|:---|:---|:---|
| **Name, Position** | **Compensation from Miller <br> Convertible Total Return ETF** | **Aggregate Compensation <br> from Fund and Fund <br> Complex\*\* paid to <br> Trustees** |
| Neal Chorney, Trustee | $1884 | &nbsp;&nbsp;$77000 |
| Daniel Mainzer, Trustee | $1957 | $80000 |
| Michael Blank, Trustee | $1884 | $77000 |
| Michael Miller\*, Trustee | $0 | $0 |

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\* This Trustee is deemed to be an "interested person" as defined in the 1940 Act as a result of his affiliation with Wellesley Asset Management, Inc. (the Fund's Adviser).

\*\* The term "Fund Complex" refers to the Miller Investment Trust, which as of the date of this SAI consists of four funds: Miller Convertible Bond Fund, Miller Intermediate Bond Fund, Miller Market Neutral Income Fund, and Miller Convertible Total Return ETF.

**<u>Trustee Ownership</u>**

The following table indicates the dollar range of equity securities that each Trustee beneficially owned in the Fund and the Trust as of December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;**Dollar Range of Equity Securities in:** | &nbsp;&nbsp;**Dollar Range of Equity Securities in:** | &nbsp;&nbsp;**Dollar Range of Equity Securities in:** | &nbsp;&nbsp;**Dollar Range of Equity Securities in:** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity <br> Securities in All Registered <br> Investment Companies Overseen <br> by Trustee in Family of <br> Investment Companies** |
| &nbsp;&nbsp;**Name of Trustee** | &nbsp;&nbsp;**Miller <br> Convertible <br> Bond Fund** | &nbsp;&nbsp;**Miller <br> Intermediate <br> Bond Fund** | &nbsp;&nbsp;**Miller Market <br> Neutral <br> Income Fund** | &nbsp;&nbsp;**Miller Convertible <br> Total Return ETF** | &nbsp;&nbsp;**Aggregate Dollar Range of Equity <br> Securities in All Registered <br> Investment Companies Overseen <br> by Trustee in Family of <br> Investment Companies** |
| &nbsp;&nbsp;Neal Chorney | &nbsp;&nbsp; $100001-$500000 | &nbsp;&nbsp; $100001-$500000 |  |  | &nbsp;&nbsp; $100001-$500000 |
| &nbsp;&nbsp;Daniel Mainzer | &nbsp;&nbsp;$10001-$50000 | &nbsp;&nbsp; $100001-$500000 |  |  | &nbsp;&nbsp; $100001-$500000 |
| &nbsp;&nbsp;Michael Blank | &nbsp;&nbsp; $100001-$500000 | &nbsp;&nbsp;$50001-$100000 |  |  | &nbsp;&nbsp; $100001-$500000 |
| &nbsp;&nbsp;Michael Miller\* | &nbsp;&nbsp; $100001-$500000 | &nbsp;&nbsp; $100001-$500000 |  |  | &nbsp;&nbsp; $100001-$500000 |

---

\* This Trustee is deemed to be an "interested person" as defined in the 1940 Act as a result of his affiliation with Wellesley Asset Management, Inc. (the Fund's Adviser).

**<u>Management Ownership</u>**

As of December 31, 2025, the Trustees and officers, as a group, did not own any of the Miller Convertible Total Return ETF's outstanding shares.

**CONTROL PERSONS AND PRINCIPAL HOLDERS**

With respect to Miller Convertible Total Return ETF, as of December 31 2025, no person owned of record or, to the knowledge of the Fund, owned beneficially, 5% or more of the outstanding shares of the Fund because the Fund has not yet commenced operations.

A control person is one who owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledged the existence of control. The Adviser, through discretionary accounts it manages that invest in Miller Convertible Total Return ETF, may be deemed to control these funds.

**INVESTMENT ADVISER**

The adviser of the Fund is Wellesley Asset Management, Inc., located at 100 Market Street, Suite 203, Portsmouth, NH 03801. As of December 31, 2025, the Adviser had approximately $2 billion in assets under management.

*<u>General</u>:*

Pursuant to the investment advisory agreement described below (the "Agreement"), the Trust, on behalf of the Fund, has engaged the Adviser, under the oversight of the Board, to invest the assets of the Fund in accordance with applicable law and the investment objective, policies and restrictions set forth in the Fund's current Prospectus and SAI, and subject to such further limitations as the Trust may from time to time impose by written notice to the Adviser. The Adviser acts as the investment adviser to the Fund and, as such: (i) obtain and evaluates such information relating to the economy, industries, business, securities markets and securities as it may deem necessary or useful in discharging its responsibilities here under, (ii) formulates a continuing program for the investment of the assets of the Fund in a manner consistent with its investment objective, policies and restrictions, and (iii) determines from time to time securities to be purchased, sold, retained or lent by the Fund, and implement those decisions, including the selection of entities with or through which such purchases, sales or loans are to be effected; provided, that the Adviser places orders pursuant to its investment determinations either directly with the issuer or with a broker or dealer, and if with a broker or dealer, (a) attempts to obtain the best price and execution of its orders, and (b) may nevertheless in its discretion purchase and sell portfolio securities from and to brokers who provide the Adviser with research, analysis, advice and similar services and pay such brokers in return a higher commission or spread than may be charged by other brokers. The Adviser also provides the Fund with all necessary office facilities and personnel for servicing the Fund's investments, compensates all officers, Trustees and employees of the Trust who are officers, directors or employees of the Adviser, and all personnel of the Fund or the Adviser performing services relating to research, statistical and investment activities.

Expenses not expressly assumed by the Adviser under the Agreement are paid by the Trust on behalf of the applicable Fund. The Agreement provides that the Trust is responsible for payment on behalf of the Fund of the following expenses among others: (a) the fees payable to the Adviser, (b) the fees and expenses of Trustees who are not affiliated persons of the Adviser or Distributor (as defined under the section entitled "Distribution of Shares") (c) the fees and certain expenses of the Custodian and Transfer and Dividend Disbursing Agent (as defined under the section entitled "Transfer Agent"), including the cost of maintaining certain required records of the Trust and of pricing the Fund's shares, (d) the charges and expenses of legal counsel and independent accountants for the Trust, (e) brokerage commissions and any issue or transfer taxes chargeable to the Trust in connection with its securities transactions, (f) all taxes and corporate fees payable by the Trust to governmental agencies, (g) the fees of any trade association of which the Trust may be a member, (h) the cost of share certificates representing shares of the Trust, (i) the cost of fidelity and liability insurance, (j) the fees and expenses involved in registering and maintaining registration of the Trust and of its shares with the SEC, qualifying its shares under state securities laws, including the preparation and printing of the Trust's registration statements and

prospectuses for such purposes, (k) all expenses of shareholders and Trustees' meetings (including travel expenses of trustees and officers of the Trust who are directors, officers or employees of the Adviser) and of preparing, printing and mailing reports, proxy statements and prospectuses to shareholders in the amount necessary for distribution to the shareholders and (l) litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Trust's business. The Agreement continues in effect from year to year provided such continuance is approved at least annually by: (a) a vote of the majority of the Independent Trustees, cast in person at a meeting specifically called for the purpose of voting on such approval and by (b) the majority vote of either the Board or the vote of a majority of the outstanding shares of such Fund. The Agreement may be terminated without penalty on 60 days' written notice by a vote of a majority of the Board, by the Adviser, or by the vote of a majority of the outstanding shares of the applicable Fund. The Agreement will terminate automatically in the event of its assignment.

A description of the basis for the Board of Trustees' approval of Miller Convertible Total Return ETF's Investment Advisory Agreement will be available in the Fund's first filing of its Form N-CSR for the period ending March 31, 2026. The Fund pays the Adviser a management fee equal to 0.85% of its net assets for its advisory services. Since the Fund is newly formed, no advisory fees were earned by the Adviser with respect to the Fund during the prior three fiscal years.

**<u>Codes of Ethics</u>**

The Trust, the Adviser and the Distributor each have adopted codes of ethics under Rule 17j-1 under the 1940 Act that governs the personal securities transactions of their board members, officers and employees who may have access to current trading information of the Trust. Under the Code of Ethics, the Trustees are permitted to invest in securities that may also be purchased by the Fund.

In addition, the Trust has adopted a Code of Ethics, which applies only to the Trust's senior financial officers to ensure that these officers promote professional conduct in the practice of corporate governance and management. The purpose behind these guidelines is to promote i) honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships; ii) full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Fund; iii) compliance with applicable governmental laws, rule and regulations; iv) the prompt internal reporting of violations of this Code to an appropriate person or persons identified in the Code; and v) accountability for adherence to the Code of Ethics.

**<u>Proxy Voting Policies</u>**

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

A copy of the Trust's Proxy Policies and Procedures is attached hereto as Appendix B. A copy of the Adviser's Proxy Policies is attached hereto as Appendix C. Information regarding how the Fund voted proxies relating to portfolio securities held by the Fund during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling the Fund at 833-226-0726; and (2) on the SEC's website at http://www.sec.gov. In addition, a copy of the Fund's Proxy Policies and procedures are also available by calling 833-226-0726 and will be sent within three business days of receipt of a request.

**DISTRIBUTION OF SHARES**

Northern Lights Distributors, LLC, located at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474 (the "Distributor") serves for a fee as the principal underwriter and distributor for the shares of the Fund pursuant to an Underwriting 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 Fund's shares is continuous, although the Board may terminate the offering of shares at any time. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of Fund shares, will use reasonable efforts to facilitate the sale of the Fund's shares. Whether a sales charge waiver is available for your retirement plan or charitable account depends upon the policies and procedures of your intermediary. Please consult your financial adviser for further information.

In exchange for its services, the Underwriting Agreement provides that the Distributor is entitled to receive certain scheduled fees, including an annual service fee and reimbursement for out-of-pocket expenses. Such scheduled fees are offset by amounts collected and retained by the Distributor as fees paid pursuant to the 12b-1 Plan (as described below).

The scheduled fees accruing to the Distributor under the Underwriting Agreement are first offset by any underwriting commissions which are retained by the Distributor (*i.e.*, sales charges not re-allowed to other broker-dealers). If the underwriting commissions retained by the Distributor are greater than the scheduled fees in a given period, the Distributor is entitled to keep the difference as a profit. If the retained underwriting commissions are less than such scheduled fees, the Distributor is entitled to receive the difference, payable first from unspent amounts received under the 12b-1 Plan and then from Wellesley's own assets.

Since the Fund is newly formed, the Fund did not pay any fees to the Distributor for services pursuant to the Underwriting Agreement during prior fiscal years, nor did it pay any other compensation to the Distributor.

The Underwriting Agreement provides with respect to the Fund that, unless sooner terminated, it will continue in effect for two years initially and thereafter shall continue from year to year, subject to annual approval by (a) the Board or a vote of a majority of the outstanding shares, and (b) by a majority of the Trustees who are not interested persons of the Trust or of the Distributor by vote cast in person at a meeting called for the purpose of voting on such approval.

The Underwriting Agreement may be terminated with respect to the Fund at any time, without the payment of any penalty, by vote of a majority of the entire Board or by vote of a majority of the outstanding shares of the Fund on 60 days' written notice to the Distributor, or by the Distributor at any time, without the payment of any penalty, on 60 days' written notice to the Fund. The Underwriting Agreement will automatically terminate in the event of its assignment.

**<u>Rule 12b-1 Plan</u>**

The Fund has adopted a Plan of Distribution pursuant to Rule 12b-1 under the 1940 Act (the "12b-1 Plan") that allows the Fund to use part of the assets of the Fund to finance the sale and distribution of its shares, including advertising, marketing and other promotional activities The Fund's Rule 12b-1 Plan is presently dormant.

The 12b-1 Plan adopted on behalf of the Fund provides for payment of a fee at an annualized rate, based on a percentage of the average daily net assets attributed to the Fund. The Fund's Plan specifies that 0.75% of the fee is payable for services provided in connection with the sale and promotion of the Fund's shares, whereas 0.25% of the fee is payable by the Distributor to other intermediaries that hold shares in omnibus accounts or otherwise provide shareholder services for the benefit of the Fund.

Under the Plan, the principal services and expenses for which 12b-1 fees may be used include: providing incentives to securities dealers and financial intermediaries that sell shares of the Fund or that provide shareholder or administrative support services to the Fund and its shareholders; paying for costs incurred in conjunction with advertising and marketing, including expenses for preparing, printing and distributing prospectuses and sales literature to prospective shareholders,

making the Fund available on various dealer platforms and paying for costs incurred in servicing shareholder accounts or supporting distribution activities, including allocated overhead, personnel, office space, and equipment.

Since the Fund is newly formed, the Fund did not pay any 12b-1 fees to the Distributor in 2025 and there are no plans to impose these fees. However, in the event Rule 12b-1 fees are charged in the future, because the fees are paid out of the Fund's assets, over time these fees will increase the cost of your investment and may cost you more than certain other types of sales charges.

The Fund's 12b-1 Plan will continue in effect from year to year thereafter, provided such continuance is specifically approved at least annually by a majority of the Board and a majority of the Trustees who are not "interested persons" of the Trust and do not have a direct or indirect financial interest in the 12b-1 Plan ("Rule 12b-1 Trustees") by votes cast in person at a meeting called for the purpose of voting on the 12b-1 Plan. The Fund's 12b-1 Plan may be terminated at any time by the Trust or the Fund by vote of a majority of the Rule 12b-1 Trustees or by vote of a majority of the outstanding voting shares of the Fund.

The Fund's 12b-1 Plan may not be amended to increase materially the amount of the compensation paid by the Fund, unless such amendment is approved by the vote of a majority of the outstanding voting securities of the Fund (as defined in the 1940 Act). All material amendments must be approved by a majority of the Board and a majority of the Rule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on such amendment to the 12b-1 Plan. During the term of the 12b-1 Plan, the selection and nomination of non-interested Trustees of the Trust will be committed to the discretion of current non-interested Trustees. The Distributor will preserve copies of the Fund's 12b-1 Plan, any related agreements, and all reports, for a period of not less than six years from the date of such document and for at least the first two years in an easily accessible place.

Any agreement related to the Fund's 12b-1 Plan, including the Underwriting Agreement described above, will be in writing and provide that: (a) it may be terminated by the Trust or the Fund at any time upon sixty days' written notice, without the payment of any penalty, by vote of a majority of the respective Rule 12b-1 Trustees, or by vote of a majority of the outstanding voting securities of that class of the Fund; (b) it will automatically terminate in the event of its assignment (as defined in the 1940 Act); and (c) it will continue in effect for a period of more than one year from the date of its execution or adoption only so long as such continuance is specifically approved at least annually by a majority of the Board and a majority of the Rule 12b-1 Trustees by votes cast in person at a meeting called for the purpose of voting on such agreement.

**<u>Additional Compensation to Financial Intermediaries</u>**

If you purchase shares of the Fund through a broker, fund trading platform or other financial intermediary (collectively, "intermediaries"), your intermediary may receive various forms of compensation provided by Wellesley out of its own assets. Wellesley determines the cash payments described above in its discretion in response to requests from intermediaries, based on factors it deems relevant. Brokerage firms and other intermediaries that sell Fund shares may make decisions about which investment options they will service and make available to their clients based on the payments these entities may be eligible to receive for their services. Therefore, payments to a brokerage firm or other intermediary may create potential conflicts of interest between that entity and its clients where that entity determines which investment options and services it will make available to those clients. You should ask your intermediary for information about any payments it receives from Wellesley or its affiliates as well as other compensation it may receive for selling Fund shares.

**PORTFOLIO MANAGERS**

Michael Miller, James Buckham, and David Clott, as Co-Portfolio Managers at Wellesley, have shared primary responsibility for the day-to-day management of the Fund as co-portfolio managers since the Fund's inception. Security selection for the Fund is made by Michael Miller.

As of December 31, 2025, in addition to the Fund, Mr. Michael Miller was responsible for the management of the following types of accounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account<br> Type** | &nbsp;&nbsp;**Number of Accounts<br> by Account Type** | &nbsp;&nbsp;**Total Assets By Account<br> Type** | &nbsp;&nbsp;**Number of<br> Accounts by<br> Type Subject<br> to a<br> Performance<br> Fee** | &nbsp;&nbsp;**Total Assets By<br> Account Type Subject<br> to a Performance Fee**  |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;1 | &nbsp;&nbsp;$107943659 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$107943659 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;2043 | &nbsp;&nbsp;$1325539982 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

As of December 31, 2025, in addition to the Fund, Mr. James Buckham was responsible for the management of the following types of accounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Account <br> Type** | &nbsp;&nbsp; **Number of <br> Accounts by <br> Account Type** | &nbsp;&nbsp;**Total Assets By <br> Account Type** | &nbsp;&nbsp;**Number of <br> Accounts by <br> Type Subject <br> to a <br> Performance <br> Fee** | &nbsp;&nbsp;**Total Assets By <br> Account Type <br> Subject to a <br> Performance Fee** |
| &nbsp;&nbsp;Registered Investment Companies | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles | &nbsp;&nbsp;1 | &nbsp;&nbsp;$107943659 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$107943659 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;2043 | &nbsp;&nbsp;$1325539982 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

As of December 31, 2025, in addition to the Fund, Mr. David Clott was responsible for the management of the following types of accounts:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Account<br> Type** | &nbsp;&nbsp; <br> **Number of<br> Accounts by<br> Account Type** | &nbsp;&nbsp; <br> **Total Assets By<br> Account Type** | &nbsp;&nbsp;<br> **Number of<br> Accounts by<br> Type Subject<br> to a<br> Performance<br> Fee** | &nbsp;&nbsp; <br> **Total Assets By <br> Account Type Subject<br> to a Performance Fee** |
| &nbsp;&nbsp;Registered Investment Companies  | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |
| &nbsp;&nbsp;Other Pooled Investment Vehicles  | &nbsp;&nbsp;1 | &nbsp;&nbsp;$107943659 | &nbsp;&nbsp;1 | &nbsp;&nbsp;$107943659 |
| &nbsp;&nbsp;Other Accounts | &nbsp;&nbsp;2043 | &nbsp;&nbsp;$1325539982 | &nbsp;&nbsp;0 | &nbsp;&nbsp;$0 |

---

Conflicts of Interest.

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

When a portfolio manager has responsibility for managing more than one account, potential conflicts of interest may arise. Those conflicts could include preferential treatment of one account over others in terms of allocation of resources or of investment opportunities. For instance, the Adviser may receive fees from certain accounts that are higher than the fee it receives from the Fund, or it may receive a performance-based fee on certain accounts. In those instances, a portfolio manager may have an incentive to favor the higher and/or performance-based fee accounts over the Fund.

The Adviser takes various steps to address these conflicts. For example, when the Adviser places trades, its policy is to aggregate participating accounts where practical and feasible, so that each account receives the same execution price. To ensure fairness when a trade is executed for something less than the total desired quantity, the Adviser allocates the partial trade fill amongst participating accounts on a pro rata basis. The Adviser also mitigates these potential conflicts through the implementation of its Code of Ethics and other compliance policies and procedures to ensure compliance with its fiduciary obligations, federal securities laws and other applicable laws and regulations. Portfolio managers and traders are required to act solely for the benefit of each client, not favor one client over another client and avoid or mitigate any actual or potential conflicts of interests.

When allocating investments among client accounts, a portfolio manager has the fiduciary obligation to treat each client equally, regardless of account size or fees paid. All clients at the same custodian (or trading desk) receive the same average price for each transaction. When multiple trading desks or custodians are used to execute transactions, the portfolio managers execute the trades in such a fashion as to ensure no client grouping consistently receives preferential treatment. When trades in the same security must be executed over multiple days, the portfolio managers generally execute the trades pro rata to ensure no client receives preferential treatment.

Compensation.

Mr. Michael Miller, Mr. James Buckham and Mr. David Clott are paid a fixed base salary and a discretionary bonus that is based upon the profitability of the Adviser.

*Ownership*.

As of December 31, 2025, Mr. Michael Miller owned $0 worth of shares of the Fund.

As of December 31, 2025, Mr. James Buckham owned $0 worth of shares of the Fund.

As of December 31, 2025, Mr. David Clott owned $0 worth of shares of the Fund.

**ALLOCATION OF PORTFOLIO BROKERAGE**

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

In selecting a broker or dealer to execute each particular transaction, the Adviser will take the following into consideration:

● the best net price available;

● the reliability, integrity and financial condition of the broker or dealer;

● the size of and difficulty in executing the order; and

● the value of the expected contribution of the broker or dealer to the investment performance of the Fund on a continuing basis.

Brokers or dealers executing a portfolio transaction on behalf of the Fund may receive a commission in excess of the amount of commission another broker or dealer would have charged for executing the transaction if the Adviser determines in good faith that such commission is reasonable in relation to the value of brokerage, research and other services provided to the Fund. In allocating portfolio brokerage, the Adviser may select brokers or dealers who also provide brokerage, research and other services to other accounts over which the Adviser exercises investment discretion. Some of the services received as the result of one Fund's transactions may primarily benefit the other Fund or accounts managed by the Adviser, while services received as the result of portfolio transactions effected on behalf of those other accounts or Funds may primarily benefit a different Fund. Since the Fund is newly formed, the Fund did not pay any brokerage commissions during prior fiscal years.

**PORTFOLIO TURNOVER**

The Fund's portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year by the monthly average of the value of the portfolio securities owned by the Fund during the fiscal year. The calculation excludes from both the numerator and the denominator securities with maturities at the time of acquisition of one year or less. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the relevant Fund. A 100% turnover rate would occur if all of the Fund's portfolio securities were replaced once within a one-year period. Since the Fund is newly formed, no portfolio turnover information is available.

**FUND ADMINISTRATION & accounting**

The Administrator for the Fund is Ultimus Fund Solutions, LLC, ("UFS" or the "Administrator"), which has its principal office at 4221 North 203rd Street, Suite 100, Elkhorn, Nebraska 68022-3474, and is primarily in the business of providing administrative, fund accounting and transfer agent services to retail and institutional mutual funds. UFS is an affiliate of the Distributor.

Pursuant to the Fund Services Agreement with the Fund, the Administrator provides administrative and fund accounting services to the Fund, subject to the supervision of the Board. The Administrator may provide persons to serve as officers of the Fund. Such officers may be directors, officers or employees of the Administrator or its affiliates.

The Fund Services Agreement is terminable by the Board or the Administrator with respect to the Fund on ninety days' written notice and may be assigned provided the non-assigning party provides prior written consent. This Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Administrator or reckless disregard of its obligations thereunder, the Administrator shall not be liable for any action or failure to act in accordance with its duties thereunder.

Under the Agreement, UFS performs administrative services, including: (1) monitoring the performance of administrative and professional services rendered to the Trust by others service providers; (2) monitoring Fund holdings and operations for post-trade compliance with the Fund's registration statement and applicable laws and rules; (3) preparing and coordinating the printing of semi-annual and annual financial statements; (4) preparing selected management reports for performance and compliance analyses; (5) preparing and disseminating materials for and attend and participate in meetings of the Board; (6) determining income and capital gains available for distribution and calculating distributions required to meet regulatory, income, and excise tax requirements; (7) reviewing the Trust's federal, state, and local tax returns as prepared and signed by the Trust's independent public accountants; (8) preparing and maintaining the Trust's operating expense budget to determine proper expense accruals to be charged to the Fund to calculate its daily net asset value; (9) assisting in and monitoring the preparation, filing, printing and where applicable, dissemination to shareholders of amendments to the Trust's Registration Statement on Form N-1A, periodic reports to the Trustees, shareholders and the SEC, notices pursuant to Rule 24f-2, proxy materials and reports to the SEC on Forms N-CEN, N-CSR, N-PORT and N-PX; (10) coordinating the Trust's audits and examinations by assisting the Fund's independent public accountants; (11) determining, in consultation with others, the jurisdictions in which shares of the Trust shall be registered or qualified for sale and facilitate such registration or qualification; (12) monitoring sales of shares and ensuring that the shares are properly and duly registered with the SEC; (13) monitoring the calculation of performance data for the Fund; (14) preparing, or causing to be prepared, expense and financial reports; (15) preparing authorization for the payment of Trust expenses and pay, from Trust assets, all bills of the Trust; (16) providing information typically supplied in the investment company industry to companies that track or report price, performance or other information with respect to investment companies; (17) upon request, assisting the Fund in the evaluation and selection of other service providers, such as independent public accountants, printers, EDGAR providers and proxy solicitors (such parties may be affiliates of UFS); and (18) performing other services, recordkeeping and assistance relating to the affairs of the Trust as the Trust may, from time to time, reasonably request.

UFS also provides the Fund with accounting services, including: (i) daily computation of NAV; (ii) maintenance of security ledgers and books and records as required by the 1940 Act; (iii) production of the Fund's listing of portfolio securities and general ledger reports; (iv) reconciliation of accounting records; (v) calculation of yield and total return for the Fund; (vi) maintenance of certain books and records described in Rule 31a-1 under the 1940 Act, and reconciliation of account information and balances among the Custodian and Adviser; and (vii) monitoring and evaluation of daily income and expense accruals, and sales and redemptions of shares of the Fund.

For the services rendered to the Fund by UFS, the Fund pays UFS the greater of an annual minimum fee or an asset-based fee, which scales downward based upon net assets for fund administration fees. The Fund also pays UFS for any out-of-pocket expenses.

Since the Fund is newly formed, it did not pay fees for any administration and accounting services during prior fiscal years.

**TRANSFER AGENT**

Brown Brothers Harriman & Co, 50 Post Office Square, Boston, Massachusetts 02110-1548, acts as transfer, dividend disbursing, and shareholder servicing agent for the Fund pursuant to written agreement with the Fund. Under the agreement, Brown Brothers Harriman & Co. is responsible for administering and performing transfer agent functions, dividend distribution, shareholder administration, and maintaining necessary records in accordance with applicable rules and regulations.

Since the Fund is newly formed, the Fund did not pay any fees for transfer agency services during prior fiscal years.

**CUSTODIAN**

Brown Brothers Harriman & Co. (the "Custodian") serves as the custodian of the Fund's assets pursuant to a Custody Agreement by and between the Custodian and the Trust on behalf of the Fund. The Custodian's responsibilities include safeguarding and controlling the Fund's cash and securities, handling the receipt and delivery of securities, and collecting interest and dividends on the Fund's investments. Pursuant to the Custody Agreement, the Custodian also maintains original entry documents and books of record and general ledgers; posts cash receipts and disbursements; and records purchases and sales based upon communications from the Adviser. The Fund may employ foreign sub-custodians that are approved by the Board to hold foreign assets. The Custodian's principal place of business is One Wall Street, New York, NY 10286.

**CUSTODY ADMINISTRATOR**

Under the Custody Agreement with the Custodian, the Administrator serves as custody administrator on behalf of the Fund, and performs certain labor-intensive tasks, for which it receives a share of the custody fees paid to the Custodian, including a share of the asset-based fee and certain transaction fees.

**COMPLIANCE SERVICES**

Northern Lights Compliance Services, LLC ("NLCS"), an affiliate of UFS and the Distributor, provides a Chief Compliance Officer to the Trust as well as related compliance services pursuant to a consulting agreement between NLCS and the Trust. The Fund pays a compliance service fee to NLCS.

**DESCRIPTION OF SHARES**

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

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

The Trust is authorized to issue an unlimited number of shares of beneficial interest. Each share of the Fund is entitled to participate equally with other shares of the Fund (i) in dividends and distributions declared by the Fund and (ii) on liquidation to its proportionate share of the assets remaining after satisfaction of outstanding liabilities. Shares of the

Fund are fully paid, non-assessable and fully transferable when issued and have no pre-emptive, conversion or exchange rights. Fractional shares have proportionately the same rights, including voting rights, as are provided for a full share.

**ANTI-MONEY LAUNDERING PROGRAM**

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

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

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

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

**<u>Calculation of Share Price</u>**

As indicated in the Prospectus under the heading "How to Purchase Shares," the NAV of the Fund's shares, by class, is determined by dividing the total value of the Fund's portfolio investments and other assets, less any liabilities, by the total number of shares outstanding of the Fund, by class, respectively.

Generally, the Fund's domestic securities (including underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges) are valued each day at the last quoted sales price on each security's primary exchange. Securities traded or dealt in upon one or more securities exchanges for which market quotations are readily available and not subject to restrictions against resale shall be valued at the last quoted sales price on the primary exchange or, in the absence of a sale on the primary exchange, at the mean between the current bid and ask prices on such exchange. Securities primarily traded in the National Association of Securities Dealers Automated Quotations ("NASDAQ") National Market System for which market quotations are readily available shall be valued using the NASDAQ Official Closing Price. If market quotations are not readily available, securities will be valued at their fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board and as further described below. Securities that are not traded or dealt in any securities exchange (whether domestic or foreign) and for which over-the-counter market quotations are readily available generally shall be valued at the last sale price or, in the absence of a sale, at the mean between the current bid and ask price on such over-the-counter market.

Certain securities or investments for which daily market quotes are not readily available may be valued, pursuant to guidelines established by the Board, with reference to other securities or indices. Debt securities not traded on an exchange may be valued at prices supplied by a pricing agent(s) based on broker or dealer supplied valuations or matrix pricing, a method of valuing securities by reference to the value of other securities with similar characteristics, such as rating, interest rate and maturity. Short-term debt obligations that mature in 60 days or less, at the time of purchase, may be valued at amortized cost, provided such valuations represent fair value. Investments in open-end investment companies are valued at net asset value."

Exchange traded options are valued at the last quoted sales price or, in the absence of a sale, at the mean between the current bid and ask prices on the exchange on which such options are traded. Futures and options on futures are valued

at the settlement price determined by the exchange. Other securities for which market quotes are not readily available are valued at fair value as determined in good faith by the Board or persons acting at their direction. Swap agreements and other derivatives are generally valued daily based upon quotations from market makers or by a pricing service in accordance with the valuation procedures approved by the Board.

Under certain circumstances, the Fund may use an independent pricing service to calculate the fair market value of foreign equity securities on a daily basis by applying valuation factors to the last sale price or the mean price as noted above. The fair market values supplied by the independent pricing service will generally reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or the value of other instruments that have a strong correlation to the fair-valued securities. The independent pricing service will also take into account the current relevant currency exchange rate. A security that is fair valued may be valued at a price higher or lower than actual market quotations or the value determined by other funds using their own fair valuation procedures. Because foreign securities may trade on days when Fund shares are not priced, the value of securities held by the Fund can change on days when Fund shares cannot be redeemed or purchased. In the event that a foreign security's market quotations are not readily available or are deemed unreliable (for reasons other than because the foreign exchange on which it trades closed before the Fund's calculation of NAV), the security will be valued at its fair market value as determined in good faith by the Adviser in accordance with procedures approved by the Board of Trustees as discussed below. Without fair valuation, it is possible that short-term traders could take advantage of the arbitrage opportunity and dilute the NAV of long-term investors. Fair valuation of the Fund's portfolio securities can serve to reduce arbitrage opportunities available to short-term traders, but there is no assurance that it will prevent dilution of the Fund's NAV by short-term traders. In addition, because the Fund may invest in underlying ETFs which hold portfolio securities primarily listed on foreign (non-U.S.) exchanges, and these exchanges may trade on weekends or other days when the underlying ETFs do not price their shares, the value of these portfolio securities may change on days when you may not be able to buy or sell Fund shares.

Investments initially valued in currencies other than the U.S. dollar are converted to U.S. dollars using exchange rates obtained from pricing services. As a result, the NAV of the Fund's shares may be affected by changes in the value of currencies in relation to the U.S. dollar. The value of securities traded in markets outside the United States or denominated in currencies other than the U.S. dollar may be affected significantly on a day that the New York Stock Exchange is closed and an investor is not able to purchase, redeem or exchange shares.

Fund shares are valued at the close of regular trading on the New York Stock Exchange ("NYSE") (normally 4:00 p.m., Eastern time) (the "NYSE Close") on each day that the New York Stock Exchange is open. For purposes of calculating the NAV, the Fund normally uses pricing data for domestic equity securities received shortly after the NYSE Close and does not normally take into account trading, clearances or settlements that take place after the NYSE Close. Domestic fixed income and foreign securities are normally priced using data reflecting the earlier closing of the principal markets for those securities. Information that becomes known to the Fund or its agents after the NAV has been calculated on a particular day will not generally be used to retroactively adjust the price of the security or the NAV determined earlier that day.

When market quotations are insufficient or not readily available, the Fund may value securities at fair value or estimate their value as determined in good faith by the Board or its designees, pursuant to procedures approved by the Board. Fair valuation may also be used by the Board if extraordinary events occur after the close of the relevant market but prior to the NYSE Close.

The Fund may hold securities, such as private placements, certain derivatives, synthetics, interests in commodity pools, other non-traded securities or temporarily illiquid securities, for which market quotations are not readily available or are determined to be unreliable. These securities will be valued at their fair market value as determined using the "fair value" procedures approved by the Board. The Board has designated the Adviser as its "Valuation Designee" for execution of these procedures. The Adviser may also enlist third party consultants such as an audit firm or financial officer of a security issuer on an as-needed basis to assist in determining a security-specific fair value. The Board reviews and ratifies the execution of this process and the resultant fair value prices at least quarterly to assure the process produces reliable results.

*<u>Valuation Process</u>*. Fair value determinations are required for the following securities: (i) securities for which market quotations are insufficient or not readily available on a particular business day (including securities for which there is a short and temporary lapse in the provision of a price by the regular pricing source); (ii) securities for which, in the judgment of the Adviser, the prices or values available do not represent the fair value of the instrument. Factors which may cause the Adviser to make such a judgment include, but are not limited to, the following: only a bid price or an asked price is available; the spread between bid and asked prices is substantial; the frequency of sales; the thinness of the market; the size of reported trades; and actions of the securities markets, such as the suspension or limitation of trading; (iii) securities determined to be illiquid; (iv) securities with respect to which an event that will affect the value thereof has occurred (a "significant event") since the closing prices were established on the principal exchange on which they are traded, but prior to the Fund's calculation of its NAV. Specifically, interests in commodity pools or managed futures pools are valued on a daily basis by reference to the closing market prices of each futures contract or other asset held by a pool, as adjusted for pool expenses. Restricted securities or illiquid investments, such as private placements or non-traded securities are valued via inputs from the Adviser valuation based upon the current bid for the security from two or more independent dealers or other parties reasonably familiar with the facts and circumstances of the security (who should take into consideration all relevant factors as may be appropriate under the circumstances). If the Adviser is unable to obtain a current bid from such independent dealers or other independent parties, the Adviser shall determine the fair value of such security using the following factors: (i) the type of security; (ii) the cost at date of purchase; (iii) the size and nature of the Fund's holdings; (iv) the discount from market value of unrestricted securities of the same class at the time of purchase and subsequent thereto; (v) information as to any transactions or offers with respect to the security; (vi) the nature and duration of restrictions on disposition of the security and the existence of any registration rights; (vii) how the yield of the security compares to similar securities of companies of similar or equal creditworthiness; (viii) the level of recent trades of similar or comparable securities; (ix) the liquidity characteristics of the security; (x) current market conditions; and (xi) the market value of any securities into which the security is convertible or exchangeable.

*<u>Standards for Fair Value Determinations</u>*. As a general principle, the fair value of a security is the amount that the Fund might reasonably expect to realize upon its current sale. The Trust has adopted Financial Accounting Standards Board Statement of Financial Accounting Standards Codification Topic 820, Fair Value Measurements and Disclosures ("ASC 820"). In accordance with ASC 820, fair value is defined as the price that the Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. ASC 820 establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability, developed based on the best information available under the circumstances.

Various inputs are used in determining the value of the Fund's investments relating to ASC 820. These inputs are summarized in the three broad levels listed below.

Level 1 – quoted prices in active markets for identical securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 – significant unobservable inputs (including the Fund's own assumptions in determining the fair value. The Adviser takes into account the relevant factors and surrounding circumstances, which may include: (i) the nature and pricing history (if any) of the security; (ii) whether any dealer quotations for the security are available; (iii) possible valuation methodologies that could be used to determine the fair value of the security; (iv) the recommendation of a portfolio manager of the Fund with respect to the valuation of the security; (v) whether the same or similar securities are held by other funds managed by the Adviser or other funds and the method used to price the security in those funds; (vi) the

extent to which the fair value to be determined for the security will result from the use of data or formulae produced by independent third parties and (vii) the liquidity or illiquidity of the market for the security.

The Trust expects that the New York Stock Exchange ("NYSE") will be closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, Presidents' Day, Good Friday, Memorial Day, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving Day, and Christmas Day.

**BUYING AND SELLING SHARES**

**<u>Investors</u>**

Individual Fund shares may only be bought and sold in the secondary market through a broker or dealer at a market price. Shares are listed for trading on the secondary market on the Exchange and can be bought and sold throughout the trading day like other publicly traded securities.

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

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

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

**<u>Authorized Participants</u>**

The Fund will issue and sell Shares only in Creation Units (typically 25,000 Shares) on a continuous basis, without an initial sales load, at their NAV next determined after receipt, on any Business Day (as defined herein), of an order in proper form. An Authorized Participant (defined below) that is not "qualified institutional buyer," as such term is defined under Rule 144A of the Securities Act, will not be able to receive, as part of a redemption, restricted securities eligible for resale under Rule 144A.

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

*Fund Deposit*

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

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

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

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

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

*Procedures for Purchase of Creation Units*

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

All orders to purchase Shares directly from the Fund must be placed for one or more Creation Units and in the manner and by the time set forth in the Participant Agreement and/or applicable order form. The order cut-off time for the Fund for orders to purchase Creation Units is expected to be 4:00 p.m. Eastern Time, which time may be modified by the Fund from time-to-time by amendment to the Participant Agreement and/or applicable order form. In the case of custom orders, the order must be received by the Transfer Agent no later than 3:00 p.m. Eastern Time or such earlier time as may be designated by the Fund and disclosed to Authorized Participants.

The date on which an order to purchase Creation Units (or an order to redeem Creation Units, as set forth below) is received and accepted is referred to as the "Order Placement Date." In all circumstances, any early cut-off time will be after: (1) the NAV is calculated for the day prior to the Order Placement Date and (2) the portfolio holdings or basket information is published on the Order Placement Date.

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

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

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

The order shall be deemed to be received on the Business Day on which the order is placed provided that the order is placed in proper form prior to the applicable cut-off time and the federal funds in the appropriate amount are deposited by 2:00 p.m. or 3:00 p.m., Eastern Time (as set forth on the applicable order form), with the Custodian on the Settlement Date. If the order is not placed in proper form as required, or federal funds in the appropriate amount are not received by 2:00 p.m. or 3:00 p.m., Eastern Time (as set forth on the applicable order form) on the Settlement Date, then the order may be deemed to be rejected and the Authorized Participant shall be liable to the Fund for losses, if any, resulting

therefrom. A creation request is considered to be in "proper form" if all procedures set forth in the Participant Agreement, order form and this SAI are properly followed.

*Issuance of a Creation Unit*

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

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

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

*Acceptance of Orders of Creation Units*

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

Examples of such circumstances include acts of God or public service or utility problems such as fires, floods, extreme weather conditions and power outages resulting in telephone, telecopy and computer failures; market conditions or activities causing trading halts; systems failures involving computer or other information systems affecting the Trust, the Distributor, the Custodian, a sub-custodian, the Transfer Agent, DTC, NSCC, Federal Reserve System, or any other participant in the creation process, and other extraordinary events. The Transfer Agent shall notify a prospective creator

of a Creation Unit and/or the Authorized Participant acting on behalf of the creator of a Creation Unit of its rejection of the order of such person. The Trust, the Transfer Agent, the Custodian, any sub-custodian and the Distributor are under no duty, however, to give notification of any defects or irregularities in the delivery of Fund Deposits nor shall either of them incur any liability for the failure to give any such notification. The Trust, the Transfer Agent, the Custodian and the Distributor shall not be liable for the rejection of any purchase order for Creation Units.

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

*Creation Transaction Fee*

A fixed purchase (i.e., creation) transaction fee, payable to the Fund's custodian, may be imposed for the transfer and other transaction costs associated with the purchase of Creation Units ("Creation Order Costs"). The standard fixed creation transaction fee for the Fund is $300 regardless of the number of Creation Units created in the transaction. The Fund may adjust the standard fixed creation transaction fee from time to time. The fixed creation fee may be waived on certain orders if the Fund's custodian has determined to waive some or all of the Creation Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee. Additionally, a variable transaction fee may be charged by the Fund of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation. Variable transaction fees are imposed to compensate the Fund for the transaction costs associated with creation transactions.

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

*Risks of Purchasing Creation Units*

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

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

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

With respect to the Fund, the Custodian, through the NSCC, makes available prior to the opening of business on the Exchange (currently 9:30 a.m., Eastern Time) on each Business Day, the list of the names and Share quantities of the Fund's

portfolio securities that will be applicable (subject to possible amendment or correction) to redemption requests received in proper form (as defined below) on that day ("Fund Securities"). Fund Securities received on redemption may not be identical to Deposit Securities.

Redemption proceeds for a Creation Unit are paid either in-kind or in cash, or combination thereof, as determined by the Trust. With respect to in-kind redemptions of the Fund, redemption proceeds for a Creation Unit will consist of Fund Securities - as announced by the Custodian on the Business Day of the request for redemption received in proper form plus cash in an amount equal to the difference between the NAV of Shares being redeemed, as next determined after a receipt of a request in proper form, and the value of the Fund Securities (the "Cash Redemption Amount"), less a fixed redemption transaction fee, as applicable, as set forth below. In the event that the Fund Securities have a value greater than the NAV of Shares, a compensating cash payment equal to the differential is required to be made by or through an Authorized Participant by the redeeming shareholder. Notwithstanding the foregoing, at the Trust's discretion, an Authorized Participant may receive the corresponding cash value of the securities in lieu of the in-kind securities value representing one or more Fund Securities.

*Redemption Transaction Fee*

A fixed redemption transaction fee, payable to the Fund's custodian, may be imposed for the transfer and other transaction costs associated with the redemption of Creation Units ("Redemption Order Costs"). The standard fixed redemption transaction fee for the Fund is $300 regardless of the number of Creation Units redeemed in the transaction. The Fund may adjust the redemption transaction fee from time to time. The fixed redemption fee may be waived on certain orders if the Fund's custodian has determined to waive some or all of the Redemption Order Costs associated with the order or another party, such as the Adviser, has agreed to pay such fee.

Additionally, a variable transaction fee may be charged by the Fund of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each redemption. Variable transaction fees are imposed to compensate the Fund for the transaction costs associated with redemption transactions.

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

*Procedures for Redemption of Creation Units*

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

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

*Additional Redemption Procedures*

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

The Trust may in its discretion exercise its option to redeem such Shares in cash, and the redeeming investor will be required to receive its redemption proceeds in cash. In addition, an investor may request a redemption in cash that the Fund may, in its sole discretion, permit. In either case, the investor will receive a cash payment equal to the NAV of its Shares based on the NAV of Shares next determined after the redemption request is received in proper form (minus a redemption transaction fee, if applicable, and additional charge for requested cash redemptions specified above, to offset the Trust's brokerage and other transaction costs associated with the disposition of Fund Securities). The Fund may also, in its sole discretion, upon request of a shareholder, provide such redeemer a portfolio of securities that differs from the exact composition of the Fund Securities but does not differ in NAV.

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

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

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

The securities delivery cycles currently practicable for transferring portfolio securities to redeeming investors, coupled with foreign market holiday schedules, will require, in certain circumstances, a delivery process longer than seven calendar days for the Fund. Although certain holidays may occur on different dates in subsequent years, the number of days required to deliver redemption proceeds in any given year is not expected to exceed the maximum number of days listed below for the Fund. The proclamation of new holidays, the treatment by market participants of certain days as "informal holidays" (e.g., days on which no or limited securities transactions occur, as a result of substantially shortened trading hours), the elimination of existing holidays, or changes in local securities delivery practices, could affect the information set forth herein at some time in the future.

**BOOK ENTRY ONLY SYSTEM**

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

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

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

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

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

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

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

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

**TAX STATUS**

The Fund has elected and qualified, or intends to elect and qualify, and intends to continue to qualify for the favorable tax treatment as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"). By so qualifying, and assuming the Fund meets the distribution requirements stated below, the Fund will not be subject to federal income tax on net investment income or net realized capital gains which are distributed to shareholders (whether or not reinvested in additional Fund shares). In order to qualify as a regulated investment company under Subchapter M of the Code, which qualification this discussion assumes, the Fund must, among other things, (i) derive at least 90% of its gross income for each taxable year from dividends, interest, payments with respect to securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income (including gains from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies, and net income derived from an interest in a qualified publicly traded partnership (as defined in Section 851(h) of the Code) (the "90% income test") and (ii) diversify its holdings so that at the end of each quarter of each taxable year: (a) at least 50% of the value of the Fund's total assets is represented by (1) cash and cash items, U.S. government securities, securities of other regulated investment companies, and (2) other securities, with such other securities limited, in respect to any one issuer, to an amount not greater than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of the Fund's total assets is invested in (1) the securities (other than U.S. government securities and securities of other regulated investment companies) of any one issuer, (2) the securities (other than securities of other regulated investment companies) of two or more issuers that the Fund controls and that are engaged in the same, similar, or related trades or businesses, or (3) the securities of one or more qualified publicly traded partnerships.

If the Fund qualifies as a regulated investment company and distributes to its shareholders each taxable year an amount equal to or exceeding the sum of (i) 90% of its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest, and the excess of any net short-term capital gains over net long-term capital losses, as reduced by certain deductible expenses) without regard to the deduction for dividends paid and (ii) 90% of the excess of its gross tax-exempt interest, if any, over certain disallowed deductions, the Fund generally will be relieved of U.S. federal income tax on any income of the Fund, including "net capital gain" (the excess of net long-term capital gain over net short-term capital loss), distributed to shareholders. However, if the Fund meets such distribution requirements, but chooses to retain some portion of its investment company taxable income or net capital gain, it generally will be subject to U.S. federal income tax at regular corporate rates on the amount retained. The Fund intends to distribute at least annually all or substantially all of its investment company taxable income, net tax-exempt interest, and net capital gain. If for any taxable year the Fund did not qualify as a regulated investment company or did not satisfy the distribution requirement described above but was eligible for statutory relief, the Fund might be required to pay penalty taxes (or interest charges in the nature of a penalty) and/or to dispose of certain assets in order to continue to qualify for such tax treatment. If theFund were not eligible for such relief or does not choose to avail itself of such relief, the Fund generally would be treated as a corporation subject to U.S. federal income tax and when the Fund's income is distributed, it would be subject to a further tax at the shareholder level.

The Code requires each regulated investment company to pay a nondeductible 4% excise tax to the extent the company does not distribute, during each calendar year, 98% of its ordinary income, determined on a calendar year basis, and 98.2% of its capital gains in excess of capital losses, determined, in general, for a one-year period ending on October 31 of such year, plus certain undistributed amounts from previous years. The Fund anticipates that it will make sufficient timely distributions to avoid imposition of the excise tax.

The cost basis of Shares acquired by purchase will generally be based on the amount paid for Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale or exchange of Shares. Contact the broker through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account. An Authorized Participant who exchanges securities for Creation Units generally will recognize a gain or a loss. The gain or loss will be equal to the difference between the market value of the Creation Units at the time and the sum of the exchanger's aggregate basis in the securities surrendered plus the amount of cash paid for such Creation Units. A person who redeems Creation Units will

generally recognize a gain or loss equal to the difference between the exchanger's basis in the Creation Units and the sum of the aggregate market value of any securities received plus the amount of any cash received for such Creation Units. The Internal Revenue Service (the "IRS"), however, may assert that a loss realized upon an exchange of securities for Creation Units cannot currently be deducted under the rules governing "wash sales" (for a person who does not mark-to-market its portfolio) or on the basis that there has been no significant change in economic position.

Any capital gain or loss realized upon the creation of Creation Units will generally be treated as long-term capital gain or loss if the securities exchanged for such Creation Units have been held for more than one year. Any capital gain or loss realized upon the redemption of Creation Units will generally be treated as long-term capital gain or loss if Shares comprising the Creation Units have been held for more than one year. Otherwise, such capital gains or losses will generally be treated as short-term capital gains or losses. Any loss upon a redemption of Creation Units held for six months or less may be treated as long-term capital loss to the extent of any amounts treated as distributions to the applicable Authorized Participant of long-term capital gain with respect to the Creation Units (including any amounts credited to the Authorized Participant as undistributed capital gains).

The Trust, on behalf of the Fund, has the right to reject an order for Creation Units if the purchaser (or a group of purchasers) would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares and if, pursuant to Section 351 of the Code, the Fund would have a basis in the deposit securities different from the market value of such securities on the date of deposit. The Trust also has the right to require the provision of information necessary to determine beneficial Share ownership for purposes of the 80% determination. If the Fund does issue Creation Units to a purchaser (or a group of purchasers) that would, upon obtaining the Creation Units so ordered, own 80% or more of the outstanding Shares, the purchaser (or a group of purchasers) will not recognize gain or loss upon the exchange of securities for Creation Units.

Persons purchasing or redeeming Creation Units should consult their own tax advisers with respect to the tax treatment of any creation or redemption transaction and whether the wash sales rule applies and when a loss may be deductible.

Distributions from net capital gain that are reported to you as capital gain dividends, if any, are taxable as long-term capital gains for U.S. federal income tax purposes without regard to the length of time the shareholder has held shares of the Fund. Capital gain dividends distributed by the Fund to individual shareholders generally will qualify for the reduced maximum federal income tax rate on long-term capital gains. A shareholder should also be aware that the benefits of the favorable tax rate on long-term capital gains may be impacted by the application of the alternative minimum tax to individual shareholders.

A 3.8% tax also is imposed on the net investment income of U.S. individuals, estates and trusts whose income exceeds certain threshold amounts. For this purpose, net investment income generally includes distributions from the Fund and capital gains attributable to the sale, redemption or exchange of Fund shares. For U.S. individuals, this threshold generally is exceeded if an individual has adjusted gross income that exceeds $200,000 ($250,000 if married and file jointly/$125,000 if married and file separately). This tax is in addition to the income taxes that are otherwise imposed on ordinary income, qualified dividend income and capital gains as discussed above.

Distributions by the Fund in excess of such Fund's current and accumulated earnings and profits will be treated as a return of capital to the extent of (and in reduction of) the shareholder's tax basis in its shares and any such amount in excess of that basis will be treated as gain from the sale of shares, as discussed below. The federal income tax status of all distributions will be reported to shareholders annually.

For U.S. federal income tax purposes, the Fund is permitted to carry forward any net capital losses indefinitely to offset future capital gains of the Fund (if any). To the extent subsequent capital gains are offset by such losses, they would not result in U.S. federal income liability to the Fund and are not expected to be distributed as such to shareholders.

Under the Code, dividends declared by the Fund in October, November or December of any calendar year, and payable to shareholders of record in such a month, shall be deemed to have been received by such shareholder on December 31 of such calendar year even when such dividend is actually paid in January of the following calendar year. In addition, certain other distributions made after the close of a taxable year of the Fund may be "spilled back" and treated as paid by the

Fund (except for purposes of the 4% excise tax) during such taxable year. In such case, shareholders generally will be treated as having received such dividends in the taxable year in which the distributions were actually made.

If the Fund invests in certain pay-in-kind securities, zero coupon securities or, in general, any other securities with original issue discount (or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. Further, an adjustment to a conversion ratio with respect to a convertible bond held by the Fund could result in the Fund being treated as receiving a dividend even though the Fund does not receive a cash payment. However, the Fund must distribute, at least annually, all or substantially all of its net investment income, including such accrued income, to shareholders to qualify as a regulated investment company under the Code and avoid U.S. federal income and excise taxes. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or may have to borrow the cash, to satisfy distribution requirements.

It is not expected that the Fund's dividends and distributions will qualify to any material extent for any dividends-received deduction that might otherwise be available for certain dividends received by shareholders that are corporations. Options written or purchased by the Fund and futures contracts purchased on certain securities and indices may cause the Fund to recognize gains or losses from marking-to-market even though such options may not have lapsed, been closed out, or exercised or such futures contracts may not have been performed or closed out. The tax rules applicable to these contracts may affect the characterization of some capital gains and losses recognized by the Fund as long-term or short-term. Additionally, theFund may be required to recognize gain if an option, futures contract, short sale, or other transaction that is not subject to the mark-to-market rules is treated as a "constructive sale" of an "appreciated financial position" held by the Fund under Section 1259 of the Code. Any net mark-to-market gains and/or gains from constructive sales may also have to be distributed to satisfy the distribution requirements referred to above even though the Fund may receive no corresponding cash amounts, possibly requiring the Fund to dispose of portfolio securities or to borrow to obtain the necessary cash.

Losses on certain options, futures and/or offsetting positions (portfolio securities or other positions with respect to which the Fund's risk of loss is substantially diminished by one or more options or futures contracts) may also be deferred under the tax straddle rules of the Code, which may also affect the characterization of capital gains or losses from straddle positions and certain successor positions as long-term or short-term. Certain tax elections may be available that would enable the Fund to ameliorate some adverse effects of the tax rules described in this paragraph.

Rules governing the tax aspects of synthetic convertible bonds and swap agreements are still developing and are not entirely clear in certain respects. While the Fund intends to account for such transactions in an appropriate manner, there is no guarantee that the Internal Revenue Service (the "IRS") will concur with such treatment. The Fund intends to monitor developments in these areas in order to maintain its qualification as a regulated investment company. The tax rules applicable to options, futures contracts, short sales, swaps and straddles may affect the amount, timing and character of the Fund's income and gains or losses and hence of its distributions to shareholders.

A shareholder may realize a capital gain or capital loss on the sale of shares of the Fund. The tax consequences of a sale depend upon several factors, including the shareholder's adjusted tax basis in the shares sold and the length of time the shares have been held. In general, if Fund shares are sold, redeemed or exchanged, the shareholder will recognize gain or loss equal to the difference between the amount realized on the sale and the shareholder's adjusted tax basis in the shares. Such gain or loss generally will be treated as long-term capital gain or loss if the shares were held for more than one year and otherwise generally will be treated as short-term capital gain or loss.

Please note that shareholders will continue to be responsible for calculating and reporting the cost basis, as well as any corresponding gains or losses, of Fund shares that were purchased prior to January 1, 2012 that are subsequently redeemed, exchanged or sold. Shareholders are encouraged to consult their tax advisors regarding the application of the new cost basis reporting rules to them and, in particular, which cost basis calculation method a shareholder should elect. In addition, because the Fund is not required to, and in many cases does not possess the information to, take into account all possible basis, holding period or other adjustments into account in reporting cost basis information to shareholders, shareholders also should carefully review the cost basis information provided to them by the Fund and make any

additional basis, holding period or other adjustments that are required when reporting these amounts on a federal income tax return.

Under Treasury regulations, if a shareholder recognizes a loss with respect to Fund shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder, in any single taxable year (or greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on Form 8886. Shareholders who own portfolio securities directly are in many cases excepted from this reporting requirement but, under current guidance, shareholders of regulated investment companies are not excepted. A shareholder who fails to make the required disclosure to the IRS may be subject to substantial penalties. The fact that a loss is reportable under these regulations does not affect the legal determination of whether or not the taxpayer's treatment of the loss is proper. Shareholders should consult with their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

The Fund may invest to a significant extent in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investment in debt obligations that are at risk of or in default present special tax issues for the Fund. Tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a workout context are taxable. These and other issues will be addressed by the Fund, in the event it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise tax.

To the extent that the Fund invests in securities of foreign issuers, it may be subject to withholding and other taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to such investments. Tax conventions between certain countries and the U.S. may reduce or eliminate such taxes in some cases. The Fund does not expect to satisfy the requirements for passing through to its shareholders their pro rata shares of qualified foreign taxes paid by the Fund, with the result that shareholders will not be entitled to a tax deduction or credit for such taxes on their own tax returns.

If the Fund acquires any equity interest (under proposed Treasury regulations, generally including not only stock but also an option to acquire stock such as is inherent in a convertible bond) in certain foreign corporations that receive at least 75% of their annual gross income from passive sources (such as interest, dividends, certain rents and royalties, or capital gains) or that hold at least 50% of their assets in investments producing such passive income ("passive foreign investment companies"), the Fund could be subject to U.S. federal income tax and additional interest charges on "excess distributions" received from such companies or on gain from the sale of stock in such companies, even if all income or gain actually received by the Fund is timely distributed to its shareholders. The Fund would not be able to pass through to its shareholders any credit or deduction for such a tax. Elections may generally be available that would ameliorate these adverse tax consequences, but such elections could require the Fund to recognize taxable income or gain (subject to tax distribution requirements) without the concurrent receipt of cash. These investments could also result in the treatment of capital gains from the sale of stock of passive foreign investment companies as ordinary income. The Fund may limit and/or manage its holdings in passive foreign investment companies to limit its tax liability or maximize its return from these investments.

Shareholders that are exempt from U.S. federal income tax, such as retirement plans that are qualified under Section 401 of the Code, generally are not subject to U.S. federal income tax on Fund dividends or distributions or on sales or exchanges of Fund shares. However, a tax-exempt shareholder may recognize unrelated business taxable income if (1) the acquisition of Fund shares was debt financed or (2) the Fund recognizes certain "excess inclusion income" derived from direct or indirect investments (including from an investment in a REIT) in (a) residual interests in a real estate mortgage investment conduit or (b) equity interests in a taxable mortgage pool if the amount of such income that is recognized by the Fund exceeds the Fund's investment company taxable income (after taking into account the deductions for dividends paid by the Fund).

A plan participant whose retirement plan invests in the Fund generally is not taxed on Fund dividends or distributions received by the plan or on sales or exchanges of Fund shares by the plan for U.S. federal income tax purposes. However, subject to certain limited exceptions, distributions to plan participants from a retirement plan account generally are taxable as ordinary income and different tax treatment, including penalties on certain excess contributions and deferrals, certain pre-retirement and post-retirement distributions and certain prohibited transactions, is accorded to accounts maintained as qualified retirement plans. Shareholders and plan participants should consult their tax advisors for more information.

The foregoing discussion relates solely to U.S. federal income tax laws as applicable to shareholders who are U.S. persons (i.e., U.S. citizens or residents, domestic corporations and partnerships, and certain trusts and estates) and hold their shares as capital assets and is not intended to be a complete discussion of all federal tax consequences. Except as otherwise provided, this discussion does not address the special tax rules that may be applicable to particular types of investors, such as financial institutions, insurance companies, securities dealers or tax-exempt or tax-deferred plans, accounts or entities. Shareholders who are not U.S. persons may be subject to a non-resident alien U.S. withholding tax at the rate of 30% or at a lower treaty rate on amounts treated as ordinary dividends (excluding "short-term capital gain dividends" and "interest related dividends") from the Fund and, unless an effective IRS Form W-8 BEN or other authorized certificate is on file, to backup withholding at the rate of 28% on certain other payments from the Fund.

While the Fund does not expect their shares will constitute U.S. real property interests, if the Fund's direct and indirect investments in U.S. real property (which includes investments in REITs and certain other regulated investment companies that invest in U.S. real property) were to exceed certain levels, a portion of that Fund's distributions may be attributable to gain from the sale or exchange of U.S. real property interests. In such case, if a non-U.S. shareholder were to own more than 5% of a class of the Fund's shares within a one-year period prior to such a distribution, the non-U.S. shareholder would be (1) subject to a 35% U.S. federal withholding tax on the portion of the Fund's distributions attributable to such gain, (2) required to file a U.S. federal income tax return to report such gain, and (3) subject to certain "wash sale" rules if the shareholder disposes of Fund shares just prior to a distribution and reacquires Fund shares shortly thereafter. If a non-U.S. shareholder were to own 5% or less of each class of the Fund's shares at all times within such one-year period, any such distribution by the Fund would not be subject to these requirements, but if the distribution might otherwise have been reported as a capital gain dividend or as short-term capital gain dividend to such shareholder, the distribution would be re-characterized as an ordinary dividend and would be subject to the non-resident alien U.S. withholding tax at the 30% rate (or lower treaty rate if applicable). Non-U.S. shareholders should consult their own tax adviser on these matters.

Under the Foreign Account Tax Compliance Act ("FATCA"), the Fund may be required to withhold 30% from payments of dividends and gross redemption proceeds by the Fund to (i) certain foreign financial institutions unless they agree to collect and disclose to the IRS (or in certain cases to their country of residence) information regarding their direct and indirect U.S. account holders, and (ii) certain other foreign entities unless they certify certain information about their direct and indirect U.S. owners.

In order to avoid this withholding, non-exempt foreign financial institutions will have to enter into an agreement with the IRS (unless they are resident in a country that has entered into an intergovernmental agreement with the U.S. that provides for an alternative regime) stipulating that they will (1) provide the IRS with certain information about direct and indirect U.S. account holders (such as the name, address and taxpayer identification number of the holders), (2) will comply with verification and due diligence procedures with respect to the identification of U.S. accounts, (3) report to the IRS certain additional information with respect to U.S. accounts maintained by them, and (4) agree to withhold tax on certain payments made to non-compliant foreign financial institutions or to account holders who fail to provide the required information. Certain other foreign entities will need to provide the name, address, and taxpayer identification number of each substantial (i.e., more than 10%) U.S. owner or a certification of no substantial U.S. ownership, unless certain exceptions apply. A foreign shareholder resident in a country that has entered into an intergovernmental agreement with the U.S. with respect to FATCA will be exempt from FATCA withholding provided that the shareholders and the applicable foreign government comply with the terms of the agreement. A foreign shareholder that invests in the Fund will need to provide the Fund with documentation properly certifying the shareholder's status under FATCA (currently Form W-8BEN-E for entities) to avoid the FATCA withholding. The scope of these requirements is potentially

subject to material change and shareholders are urged to consult their tax advisors regarding the potential applicability of FATCA to their own situation.

Because everyone's tax situation is unique, you should consult your tax adviser regarding the treatment of distributions under the federal, state, local, and foreign tax rules that apply to you, as well as the tax consequences of gains or losses from the sale, exchange, or redemption of your Fund shares.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Deloitte & Touche LLP, 695 Town Center Drive, Suite 1000, Costa Mesa, CA 92626, serves as the Fund's independent registered public accounting firm for the current fiscal year.

**LEGAL COUNSEL**

Thompson Hine LLP, 1919 M Street, NW, Suite 700, Washington, D.C. 20036-1600 serves as the Trust's legal counsel.

**FINANCIAL STATEMENTS**

Because the Fund is newly offered, financial statements are not yet available. In the future, financial statements of the Fund will be included in the Fund's annual and semi-annual reports to shareholders.

**APPENDIX A DESCRIPTION OF BOND RATINGS**

Standard & Poor's Ratings Group. A Standard & Poor's issue credit rating is a forward-looking opinion about the creditworthiness of an obligor with respect to a specific financial obligation, a specific class of financial obligations, or a specific financial program (including ratings on medium-term note programs and commercial paper programs). It takes into consideration the creditworthiness of guarantors, insurers, or other forms of credit enhancement on the obligation and takes into account the currency in which the obligation is denominated. The opinion reflects Standard & Poor's view of the obligor's capacity and willingness to meet its financial commitments as they come due, and may assess terms, such as collateral security and subordination, which could affect ultimate payment in the event of default.

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

Issue credit ratings are based, in varying degrees, on Standard & Poor's analysis of the following considerations:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Likelihood
 of payment—capacity and willingness of the obligor to meet its financial commitment
 on an obligation in accordance with the terms of the obligation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Nature
 of and provisions of the obligation;, and the promise Standard & Poor's imputes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Protection
 afford by, and relative position of, the obligation in the event of bankruptcy, reorganization,
 or other arrangement under the laws of bankruptcy and other laws affecting creditors'
 rights.

Long-Term Issue Credit Ratings:

AAA – An obligation rated 'AAA' has the highest rating assigned by Standard & Poor's. The obligor's capacity to meet its financial commitment on the obligation is extremely strong.

AA – An obligation rated 'AA' differs from the highest-rated obligations only to a small degree. The obligor's capacity to meet its financial commitment on the obligation is very strong.

A – An obligation rated 'A' is somewhat more susceptible to the adverse effects of changes in circumstance and economic conditions than obligations in higher-rated categories. However, the obligor's capacity to meet its financial commitment on the obligation is still strong.

BBB – An obligation rated 'BBB' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

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

BB – An obligation rated 'BB' is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions which could lead to the obligor's inadequate capacity to meet its financial commitment on the obligation.

B – An obligation rated 'B' is more vulnerable to nonpayment than obligations rated 'BB', but the obligor currently has the capacity to meet its financial commitment on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor's capacity or willingness to meet its financial commitment on the obligation.

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

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

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

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

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

Short-Term Issue Credit ratings:

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

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

A-3 – A short-term obligation rated 'A-3' exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity of the obligor to meet its financial commitment on the obligation.

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

C – A short-term obligation rated 'C' is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligator to meet its financial commitment on the obligation.

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

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

Moody's differentiates structured finance ratings from fundamental ratings (i.e., ratings on nonfinancial corporate, financial institution, and public sector entities) on the global long-term scale by adding (sf) to all structured finance ratings. The (sf) indicator was introduced on August 11, 2010 and explained in a special comment entitled, "Moody's Structured Finance Rating Scale." The addition of (sf) to structured finance ratings should eliminate any presumption that such ratings and fundamental ratings at the same letter grade level will behave the same. The (sf) indicator for structured finance security ratings indicates that otherwise similarly rated structured finance and fundamental securities may have different risk characteristics. Through its current methodologies, however, Moody's aspires to achieve broad expected equivalence in structured finance and fundamental rating performance when measured over a long period of time.

Global Long-Term Rating Scale:

Aaa – Obligations rated Aaa are judged to be of the highest quality, subject to the lowest level of credit risk.

Aa – Obligations rated Aa are judged to be of high quality and are subject to very low credit risk.

A – Obligations rated A are judged to be upper-medium grade and are subject to low credit risk.

Baa – Obligations rated Baa are judged to be medium-grade and subject to moderate credit risk and as such may possess certain speculative characteristics.

Ba – Obligations rated Ba are judged to be speculative and are subject to substantial credit risk.

B – Obligations rated B are considered speculative and are subject to high credit risk.

Caa – Obligations rated Caa are judged to be speculative of poor standing and are subject to very high credit risk.

Ca – Obligations rated Ca are highly speculative and are likely in, or very near, default, with some prospect of recovery of principal and interest.

C – Obligations rated C are the lowest rated and are typically in default, with little prospect for recovery of principal or interest.

Global Short-Term Rating Scale:

P-1 – Issuers (or supporting institutions) rated Prime-1 have a superior ability to repay short-term debt obligations.

P-2 – Issuers (or supporting institutions) rated Prime-2 have a strong ability to repay short-term debt obligations.

P-3 – Issuers (or supporting institutions) rated Prime-3 have an acceptable ability to repay short-term obligation.

NP – Issuers (or supporting institutions) rated Not Prime do not fall within any of the Prime rating categories.

Fitch Ratings, Inc. Corporate Finance Obligations – Long-Term Ratings Scales: Ratings of individual securities or financial obligations of a corporate issuer address relative vulnerability to default on an ordinal scale. In addition, for financial obligations in corporate finance, a measure of recovery given default on that liability is also included in the rating assessment. This notably applied to covered bond ratings, which incorporate both an indication of the probability of default and of the recovery given a default of this debt instrument.

The relationship between issuer scale and obligation scale assumes an historical average recovery of between 30%-50% on the senior, unsecured obligations of an issuer. As a result, individual obligations of entities, such as corporations, are assigned ratings higher, lower, or the same of that entity's issuer rating or IDR. At the lower end of the ratings scale, Fitch Ratings now additionally publishes explicit Recovery Ratings in many cases to complement issuer and obligation ratings.

AAA: Highest credit quality. – 'AAA' ratings denote the lowest expectation of credit risk. They are assigned only in cases of exceptionally strong capacity for payment of financial obligations. This capacity is highly unlikely to be adversely affected by foreseeable events.

AA: Very high credit quality. – 'AA' ratings denote expectations of very low credit risk. They indicate very strong capacity for payment of financial commitments. This capacity is not significantly vulnerable to foreseeable events.

A: High credit quality. – 'A' ratings denote expectations of low credit risk. The capacity for payment of financial commitments is considered strong. This capacity may, nevertheless, be more vulnerable to adverse business conditions or economic conditions than is the case for higher ratings.

BBB: Good credit quality. – 'BBB' ratings indicate that expectations of credit risk are currently low. The capacity for payment of financial commitments is considered adequate but adverse business or economic conditions are more likely to impair this capacity.

BB: Speculative. – 'BB' ratings indicate an elevated vulnerability to credit risk, particularly in the event of adverse changes in business or economic conditions over time; however, business or financial alternative may be available to allow financial commitments to be met.

B: Highly speculative. – 'B' ratings indicate that material credit risk is present.

CCC: Substantial credit risk. – 'CCC' ratings indicate that substantial credit risk is present.

CC: Very high levels of credit risk. – 'CC' ratings indicate very high levels of credit risk.

C: Exceptionally high levels of credit risk. – 'C' indicates exceptionally high levels of credit risk.

Defaulted obligations typically are not assigned 'RD' or 'D' ratings, but are instead rated in the 'B' to 'C' rating categories, depending upon their recovery prospects and other relevant characteristics. This approach better aligns obligations that have comparable overall expected loss but varying vulnerability to default and loss.

Fitch Ratings Inc. Corporate Finance Obligations – Short-Term Ratings Scales: A short term issuer or obligation rating is based in all cases on the short-term vulnerability to default of the rated entity or security stream and relates to the capacity to meet financial obligations in accordance with the documentation governing the relevant obligation. Short-Term Ratings are assigned to obligations whose initial maturity is viewed as "short term" based on market convention. Typically, this means up to 13 months for corporate, sovereign, and structured obligations, and up to 36 months for obligations in U.S. public finance markets.

F1: Highest short-term credit quality. – Indicates the strongest intrinsic capacity for timely payment of financial commitments; may have an added "+" to denote any exceptionally strong credit feature.

F2: Good short-term credit quality. – Good intrinsic capacity for timely payment of financial commitments.

F3: Fair short-term credit quality. – The intrinsic capacity for timely payment of financial commitments is adequate.

B: Speculative short-term credit quality. – Minimal capacity for timely payment of financial commitments, plus heightened vulnerability to near term adverse changes in financial and economic conditions.

C: High short-term default risk. – Default is a real possibility.

RD: Restricted Default. – Indicates an entity has defaulted on one or more of its financial commitments, although it continues to meet other financial obligations. Typically applicable to entity ratings only.

D: Default. – Indicates a broad-based default event for an entity, or the default of a short-term obligation.

The Bloomberg Corporate Default Risk Model (DRSK) rating scheme is a hybrid model, in that it combines a statistical approach with a structural model. It uses logistic regression to estimate the probability of default events based on factors that best capture credit risk. DRSK estimates real-world default probabilities (DPs) using a logistic regression of historical realized defaults against a structural model and additional risk factors such as profitability and insolvency.

To facilitate comparing the default risk of different firms, Bloomberg group firms into credit risk buckets, called credit grades. The range of each credit grade's bucket is given in the table below. The ranges were obtained so that the default rate in each range is broadly consistent with the 1- year probability of transition to default across major NRSRO (Nationally Recognized Statistical Rating Organization) ratings of a comparable level. A firm is assigned the credit grade whose range contains the firm's one year default probability. Because the distance to default depends on the market cap, and the market cap fluctuates from day to day with equity price changes, it is possible for a firm's default probability to fluctuate around the boundary between credit grades. If mapped directly to a credit grade, this would cause the credit grade to fluctuate back and forth between two neighboring credit grades. To avoid this, a credit grade transition smoothing technique is utilized. When the default probability for a firm breach one of the barriers defining its current credit grade, the credit grade is only changed if the default probability surpasses this boundary by at least 10% or stays in the new range for at least 90 days.

The table below shows the mapping between alphanumeric credit grades and corresponding ranges of default probabilities expressed in percentage. The associated Wellesley credit rating mapping is also shown, which facilitates comparison with NRSRO ratings. Additionally, Wellesley uses the more conservative 2yr DRSK rating rather than the 1yr rating discussed above.

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| | | |
|:---|:---|:---|
| Investment grade (IG) | Default Probability | Wellesley Mapping |
| IG1 | 0.0000 - 0.0020 | AAA |
| IG2 | 0.0020 - 0.0040 | AA+ |
| IG3 | 0.0040 - 0.0080 | AA |
| IG4 | 0.0080 - 0.0152 | AA- |
| IG5 | 0.0152 - 0.0286 | A+ |
| IG6 | 0.0286 - 0.0529 | A |
| IG7 | 0.0529 - 0.0960 | A- |
| IG8 | 0.0960 - 0.1715 | BBB+ |
| IG9 | 0.1715 - 0.3000 | BBB |
| IG10 | 0.3000 - 0.5200 | BBB- |
| High yield (HY) | Default Probability | Wellesley Mapping |
| HY1 | 0.5200 - 0.8800 | BB+ |
| HY2 | 0.8800 - 1.5000 | BB |
| HY3 | 1.5000 - 2.4000 | BB- |
| HY4 | 2.4000 - 4.0000 | B+ |
| HY5 | 4.0000 - 6.0000 | B |
| HY6 | 6.0000 - 10.0000 | B- |
| Distressed (DS) | Default Probability | Wellesley Mapping |
| DS1 | 10.0000 - 15.0000 | CCC+ |
| DS2 | 15.0000 - 22.0000 | CCC |
| DS3 | 22.0000 - 30.0000 | CCC- |
| DS4 | 30.0000 - 50.0000 | D |
| DS5 | 50.0000 - 100.000 | D |

---

c 2021 Bloomberg Finance L.P.

**APPENDIX B Miller Investment Trust PROXY VOTING POLICIES AND PROCEDURES**

Pursuant to rules established by the SEC under the 1940 Act the Board has adopted formal, written guidelines for proxy voting by the Trust. The Board oversees voting policies and decisions for the Fund of the Trust.

The Fund exercises its proxy voting rights with regard to the companies in the Fund's investment portfolio, with the goals of maximizing the value of the Fund's investments, promoting accountability of a company's management and board of directors to its shareholders, aligning the interests of management with those of shareholders, and increasing transparency of a company's business and operations.

In general, the Board believes that the Adviser, which selects the individual companies that are part of the Fund's portfolio, is the most knowledgeable and best suited to make decisions about proxy votes. Therefore, the Board defers to and relies on the Adviser, as appropriate, to make decisions on casting proxy votes.

The Adviser provides quarterly certifications with respect to its adherence to its proxy voting policies and procedures.

**APPENDIX C Wellesley Asset Management, Inc. PROXY VOTING POLICIES AND PROCEDURES**

Pursuant to Rule 206(4)-6 (17 CFR 275.206(4)-6) and amendments to Rule 204-2 (17 CFR 275.204-2) under the Investment Advisers Act of 1940 (the "Act"), it is a fraudulent, deceptive, or manipulative act, practice or course of business, within the meaning of Section 206(4) of the Act, for an investment adviser to exercise voting authority with respect to client securities, unless (i) the adviser has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interests of its clients, (ii) the adviser describes its proxy voting procedures to its clients and provides copies on request, and (iii) the adviser discloses to clients how they may obtain information on how the adviser voted their proxies.

Because the Fund typically does not hold common stocks and hold almost exclusively fixed income securities, Wellesley (hereinafter "we" or "our") rarely receives proxy solicitations. If it receives proxy solicitations, however, Wellesley endeavors to vote those proxies in the best interest of the Fund's shareholders. In order to fulfill its responsibilities under the Act, Wellesley has adopted the following policies and procedures for proxy voting with regard to companies in investment portfolios of our clients.

**<u>KEY OBJECTIVES</u>**

The key objectives of these policies and procedures recognize that a company's management is entrusted with the day-to-day operations and longer term strategic planning of the company, subject to the oversight of the company's board of directors. While "ordinary business matters" are primarily the responsibility of management and should be approved solely by the corporation's board of directors, these objectives also recognize that the company's shareholders must have final say over how management and directors are performing, and how shareholders' rights and ownership interests are handled, especially when matters could have substantial economic implications to the shareholders.

Therefore, we will pay particular attention to the following matters in exercising our proxy voting responsibilities as a fiduciary for our clients:

*Accountability*. Each company should have effective means in place to hold those entrusted with running a company's business accountable for their actions. Management of a company should be accountable to its board of directors and the board should be accountable to shareholders.

*Alignment of Management and Shareholder Interests*. Each company should endeavor to align the interests of management and the board of directors with the interests of the company's shareholders. For example, we generally believe that compensation should be designed to reward management for doing a good job of creating value for the shareholders of the company.

*Transparency*. Promotion of timely disclosure of important information about a company's business operations and financial performance enables investors to evaluate the performance of a company and to make informed decisions about the purchase and sale of a company's securities.

**<u>DECISION METHODS</u>**

We primarily evaluate proxy proposals based on their likelihood of enhancing profitability of the company and maximizing long-term shareholder value. We generally believe that portfolio managers that invest in and track particular companies have a unique perspective to make decisions with regard to proxy votes. Therefore, we rely on that perspective to make the final decisions on how to cast proxy votes.

No set of proxy voting guidelines can anticipate all situations that may arise. In special cases, we may seek insight and expertise from outside sources as to how a particular proxy proposal will impact the financial prospects of a company, and vote accordingly.

In some instances, a proxy vote may present a conflict between the interests of a client, on the one hand, and our interests or the interests of a person affiliated with us, on the other. In such a case, we will abstain from making a voting decision and will forward all of the necessary proxy voting materials to the client to enable the client to cast the votes.

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

**Election of the Board of Directors**

We believe that good corporate governance generally starts with a board composed primarily of independent directors, unfettered by significant ties to management, all of whose members are elected annually. We also believe that some measure of turnover in board composition typically promotes more independent board action and fresh perspectives on governance. We generally will support a director nominee in an uncontested election (i.e., the nominee is unopposed), except where it appears clearly that a director has failed to exercise reasonable judgment, failed to act to protect shareholder interests, or if the nominee would not promote composition of an independent board (i.e., the nominee is not independent and a majority of the board is not independent). Of greater importance, however, is the skill set of the proposed board member. We will also look at the backgrounds of the directors to gauge their business acumen and any special talent or experience that may add value to their participation on the board.

The election of a company's board of directors is one of the most fundamental rights held by shareholders. Because a classified board structure prevents shareholders from electing a full slate of directors annually, we will pay special attention to efforts to declassify boards or other measures that permit shareholders to remove a majority of directors at any time.

**Approval of Independent Auditors**

We believe that the relationship between a company and its auditors should be limited primarily to the audit engagement, although it may include certain closely related activities that do not raise an appearance of impaired independence.

We will evaluate on a case-by-case basis instances in which the audit firm has a substantial non-audit relationship with a company to determine whether we believe independence has been, or could be, compromised.

**Equity-based compensation plans**

We believe that appropriately designed equity-based compensation plans, approved by shareholders, can be an effective way to align the interests of shareholders and the interests of directors, management, and employees by providing incentives to increase shareholder value. Conversely, we are opposed to plans that substantially dilute ownership interests in the company, provide participants with excessive awards, or have inherently objectionable structural features.

We will generally support measures intended to increase stock ownership by executives and the use of employee stock purchase plans to increase company stock ownership by employees. These may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp; Requiring senior executives to hold stock in a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp; Requiring stock acquired through option exercise to be held for a certain period of time.

These are guidelines, and we consider other factors, such as the nature of the industry and size of the company, when assessing a plan's impact on ownership interests.

**Capital Structure**

The Fund is currently one of the four series of the Trust. The other three series operate as mutual funds. The Trust issues Shares of beneficial interest with no par value. The Board may designate additional series of the Trust.

Each share issued by the Trust has a pro rata interest in the assets of the corresponding Fund. Shares have no pre-emptive, exchange, subscription or conversion rights and are freely transferable. Each Share is entitled to participate equally in

dividends and distributions declared by the Board with respect to the relevant Fund, and in the net distributable assets of such Fund on liquidation.

Each share has one vote with respect to matters upon which a shareholder vote is required consistent with the requirements of the 1940 Act and the rules promulgated thereunder and each fractional Share has a proportional fractional vote. Shares of all Fund vote together as a single class except that if the matter being voted on affects only a particular fund it will be voted on only by that fund, and if a matter affects a particular fund differently from other Fund, that fund will vote separately on such matter. Under Delaware law, the Trust is not required to hold an annual meeting of shareholders unless required to do so under the 1940 Act. The policy of the Trust is not to hold an annual meeting of shareholders unless required to do so under the 1940 Act. All Shares of the Trust have noncumulative voting rights for the election of Trustees. Under Delaware law, Trustees of the Trust may be removed by vote of the shareholders.

Under Delaware law, shareholders of a statutory trust may have similar limitations on liability as shareholders of a corporation.

**<u>CLIENT INFORMATION</u>**

A copy of these Proxy Voting Policies and Procedures is available to our clients, without charge, upon request, by calling 781-416-4000, or by writing us at:

Wellesley Asset Management, Inc.

100 Market Street, Suite 203

Portsmouth, NH 03801

Attn: Chief Compliance Officer

We will send a copy of these Proxy Voting Policies and Procedures within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

In addition, we will provide each client, without charge, upon request, information regarding the proxy votes cast by us with regard to the client's securities.

PART C

OTHER INFORMATION

Item 28. Financial Statements and Exhibits.

(a) Articles
of Incorporation.

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| | |
|:---|:---|
| (a.1) | [Copy of Registrant's Amended and Restated Declaration of Trust was previously filed in Pre-Effective Amendment No. 1 on December 21, 2007 and is incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1414039/000091047207000549/declarationoftrust.htm) |

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(a.2) [Amendment to Schedule A to the Declaration of Trust was filed in Post-Effective Amendment 16 on May 1, 2014 and is incorporated by reference herein.](https://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/amendedschedulea.htm)

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| | |
|:---|:---|
| (a.3) | [Establishment and Designation of Classes of Shares of Beneficial Interest and Certificate of Name Change with respect to Miller Convertible Bond Fund was previously filed in Post-Effective Amendment 14 on December 5, 2013 and is incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1414039/000091047213005133/designationofclasses.htm) |

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| | |
|:---|:---|
| (a.4) | [Establishment and Designation of Series and Classes of Shares with respect to Miller Convertible Plus Fund](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/designationofseries.htm)[and Miller Intermediate Bond Fund was filed in Post-Effective Amendment 16 on May 1, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/designationofseries.htm) |

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| | |
|:---|:---|
| (a.5) | [Establishment and Designation of Series and Classes of Shares with respect to Miller Convertible Total Return ETF is filed herewith.](ex99a5.htm) |

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(b) [By-Laws. Copy of Registrant's By-Laws was previously filed in the Trust's Registration Statement on October 5, 2007 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047207000420/bylaws.htm)

(c) Instruments
Defining Rights of Security Holder. None (other than in the Amended and Restated Declaration of Trust and By-Laws of the Registrant and
the Amended and Restated Rule 18f-3 Plan of the Registrant).

(d) Investment
Advisory Contracts.

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| | |
|:---|:---|
| (d.1) | [Management Agreement for the Miller Convertible Bond Fund was previously filed in Pre-Effective Amendment No. 1 on December 21, 2007 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047207000549/investmentadvisoryagreement.htm) |

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| | |
|:---|:---|
| (d.2) | [Letter Agreement for Class NF Class shares of Miller Convertible Bond Fund was previously filed in Post-Effective Amendment No. 12 on February 28, 2013 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047213000672/exd.htm) |

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| | |
|:---|:---|
| (d.3) | [Management Agreement for the Miller Convertible Plus Fund was previously filed in Post-Effective Amendment No. 17 on July 15, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214003013/investmentadvisoryagreement.htm) |

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(d.4) [Mangement Agreement for the Miller Intermediate Bond Fund was previously filed in Post-Effective Amendment No. 17 on July 15, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214003013/investmentagreemibf.htm)

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| | |
|:---|:---|
| (d.5) | [Addendum to the Management Agreement for the Miller Convertible Bond Fund was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99d5.htm) |

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| | |
|:---|:---|
| (d.6) | [Addendum to the Management Agreement for the Miller Convertible Plus Fund was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99d6.htm) |

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| | |
|:---|:---|
| (d.7) | [Addendum to the Management Agreement for the Miller Intermediate Bond Fund was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99d7.htm) |

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(d.8) [Management Agreement for the Miller Market Neutral Income Fund was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99d7.htm)

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| | |
|:---|:---|
| (d.9) | [Addendum to the Management Agreement for the Miller Market Neutral Income Fund was previously filed in Post-Effective Amendment No. 37 on February 27, 2023 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064223001057/ex99d9.htm) |

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| | |
|:---|:---|
| (d.10) | [Management Agreement for the Miller Convertible Total Return ETF is filed herewith.](ex99d10.htm) |

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(e) [Underwriting Agreement between the Trust and Northern Lights Distributors, LLC, dated February 1, 2019 was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99e.htm)

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| | |
|:---|:---|
| (e.1) | [Amended Schedule A and B to the Underwriting Agreement between the Trust and Northern Lights Distributors, LLC was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99e1.htm) |

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(e.2) [ETF Distribution Agreement between the Trust and Northern Lights Distributors, LLC is filed herewith.](ex99e2.htm)

(f) Bonus
or Profit Sharing Contracts. None.

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| | |
|:---|:---|
| (g.1) | [Custodian Agreement. Custody Agreement with the Bank of New York was previously filed in Pre-Effective Amendment No. 1 on December 21, 2007 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047207000549/bnycustodyagreementrderm.htm) |

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(g.2) [Amendment to the Custody Agreement with the Bank of New York was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99g2.htm)

(g.3) [Second Amendment to the Custody Agreement with the Bank of New York was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99g3.htm)

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| | |
|:---|:---|
| (g.4) | [Custodian Agreement. Custody Agreement with the Bank of New York was previously filed in Pre-Effective Amendment No. 1 on December 21, 2007 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047207000549/bnycustodyagreementrderm.htm) |

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(g.5) [Custody Agreement with the Brown Brothers Harriman & Co. is filed herewith.](ex99g5.htm)

(h) Other
Material Contracts.

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| | |
|:---|:---|
| (h.1) | [Fund Services Agreement with Gemini Fund Services, LLC was previously filed in Post-Effective Amendment No. 5 on February 23, 2011 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047211000191/ex9928h1gfsfundservicesagree.htm) |

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| | |
|:---|:---|
| (h.2) | [Amendment to Fund Services Agreement with Gemini Fund Services, LLC was previously filed in Post-Effective Amendment 16 on May 1, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/revisedappendixiv.htm) |

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(h.3) [Consulting Agreement with Northern Lights Compliance Services, LLC was filed in Post-Effective Amendment 16 on May 1, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/revisedconsultingccoagreemen.htm)

(h.4) [Shareholder Servicing and Processing Plan was previously filed in Post-Effective Amendment 14 on December 5, 2013 and is incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1414039/000091047213005133/shareholderservicingprocessi.htm)

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| | |
|:---|:---|
| (h.5) | [Expense Limitation Agreement for the Miller Intermediate Bond Fund and Miller Convertible Plus Fund was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99h5.htm) |

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(h.6) [Amendment to Fund Services Agreement with Gemini Fund Services, LLC was filed in Post-Effective Amendment No. 22 on February 27, 2017 and is incorporated by reference herein.](http://www.sec.gov/Archives/edgar/data/1414039/000158064217001162/ex9928h6.htm)

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| | |
|:---|:---|
| (h.7) | [Amendment to the Expense Limitation Agreement for the Miller Intermediate Bond Fund and Miller Convertible Plus Fund was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference](https://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99h7.htm) |

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| | |
|:---|:---|
| (h.8) | [Amendment to the Expense Limitation Agreement for the Miller Intermediate Bond Fund was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99h8.htm) |

---

(h.9) [Amendment to Fund Services Agreement with Gemini Fund Services, LLC was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99h9.htm)

(h.10) [Fund Services Agreement with Ultimus Fund Solutions, LLC was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99h10.htm)

(h.11) [ETF Master Services Agreement with Ultimus Fund Solutions, LLC is filed herewith.](ex99h11.htm)

---

| | |
|:---|:---|
| (h.12) | [Amendment to the Expense Limitation Agreement adding Miller Market Neutral Income Fund was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99h11.htm) |

---

---

| | |
|:---|:---|
| (h.13) | [Amendment to the Consulting Agreement with Northern Lights Compliance Services, LLC was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99h12.htm) |

---

(h.14) Derivatives Risk Management Program Support Services Addendum to the Fund Services Agreement with Ultimus Fund Solutions, LLC was previously filed in Post-Effective Amendment No. 38 on February 28, 2025 and is incorporated herein by reference.

(h.15) Amendment to the Expense Limitation Agreement for the Miller Market Neutral Fund was previously filed in Post-Effective Amendment No. 38 on February 28, 2025 and is incorporated herein by reference.

(h.16) Amendment to the Expense Limitation Agreement for the Miller Intermediate Bond Fund was previously filed in Post-Effective Amendment No. 38 on February 28, 2025 and is incorporated herein by reference.

(h.17) [Amendment to the Consulting Agreement with Northern Lights Compliance Services, LLCis filed herewith.](ex99h17.htm)

(i) [Legal Opinion and Consent of Thompson Hine LLP is filed herewith.](ex99i.htm)

(j) Consent
of the Independent Registered Public Accounting Firm. Not applicable.

(k) Omitted
Financial Statement. None.

(l) [Initial Capital Agreements. Subscription Agreement between the registrant and the Initial investor was previously filed in Pre-effective Amendment No. 1 on December 21, 2007 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047207000549/subscriptionagreement.htm)

(m) Rule
12b-1 Plan.

---

| | |
|:---|:---|
| (m.1) | [Revised Distribution Plan Pursuant to Rule 12b-1 and the Addendum to the revised plan of Distribution Pursuant to Rule 12b-1 for the Class A Shares of the Miller Convertible Bond Fund was previously filed in Post-effective Amendment No. 1 on February 25, 2009 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047209000115/ex9923m12b1distributionplanc.htm) |

---

---

| | |
|:---|:---|
| (m.2) | [Rule 12b-1 Plan for Class C Shares of the Miller Convertible Bond Fund was previously filed in Post-Effective Amendment No. 3 on December 21, 2009 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047209001060/ex9923m2classc12b1plan.htm) |

---

---

| | |
|:---|:---|
| (m.3) | [Plan of Distribution Pursuant to Rule 12b-1 for Class A shares of the Miller Convertible Plus Fund was filed in Post-Effective Amendment 16 on May 1, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/f12b1planmcpfa.htm) |

---

---

| | |
|:---|:---|
| (m.4) | [Plan of Distribution Pursuant to Rule 12b-1 for Class C shares of the Miller Convertible Plus Fund was filed](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/f12b1planmcpfc.htm)[in Post-Effective Amendment 16 on May 1, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/f12b1planmcpfc.htm) |

---

---

| | |
|:---|:---|
| (m.5) | [Plan of Distribution Pursuant to Rule 12b-1 for Class A shares of the Miller Intermediate Bond Fund was filed in Post-Effective Amendment 16 on May 1, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/f12b1planmibfa.htm) |

---

---

| | |
|:---|:---|
| (m.6.) | [Plan of Distribution Pursuant to Rule 12b-1 for Class C shares of the Miller Intermediate Bond Fund was filed in Post-Effective Amendment 16 on May 1, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/f12b1planmibfc.htm) |

---

---

| | |
|:---|:---|
| (m.7) | [Revised Rule 12b-1 Plan for Class A Shares for the Miller Convertible Bond Fund and the Miller Market Neutral Income Fund was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99m7.htm) |

---

---

| | |
|:---|:---|
| (m.8) | [Revised Rule 12b-1 Plan for Class C Shares for the Miller Intermediate Bond Fund and the Miller Market Neutral Income Fund was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99m8.htm) |

---

---

| | |
|:---|:---|
| (m.9) | [Revised Rule 12b-1 Plan for Shares of the Miller Convertible Total Return ETF is filed herewith.](ex99m9.htm) |

---

(n) Rule
18f-3 Plan.

(n.1) [Amended and Restated Rule 18f-3 Plan was filed in Post-Effective Amendment 16 on May 1, 2014 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000091047214001949/f18f3plan.htm)

(n.2) [Amended and Restated Rule 18f-3 Plan was previously filed in Post-Effective Amendment No. 34 on October 21, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221004948/ex99n2.htm)

(o) Reserved.

(p) Code
of Ethics.

(p.1) [Code of Ethics for the registrant was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99p1.htm)

(p.2) [Code of Ethics for the Adviser was previously filed in Post-Effective Amendment No. 31 on March 1, 2021 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064221000863/wam-codeofethics.htm)

(p.3) [Code of Ethics for the Underwriter was filed in Post-Effective Amendment No. 37 on February 27, 2023 and is incorporated herein by reference.](https://www.sec.gov/Archives/edgar/data/1414039/000158064223001057/ex99p3.htm)

(q) (q.1) [Powers of Attorney dated November 18, 2015 was previously filed on February 26, 2016 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064216007182/ex99-28q.htm)

(q.2) [Powers of Attorney dated October 29, 2019 was previously filed in Post-Effective Amendment No. 29 on February 28, 2020 and is incorporated herein by reference.](http://www.sec.gov/Archives/edgar/data/1414039/000158064220000889/ex99q2.htm)

Item 29. Control Persons. None.

Item 30. Indemnification.

Reference is made to Article VI II, Section 2 of the Registrant's Amended and Restated Agreement and Declaration of Trust, which was previously filed in Pre-Effective Amendment No. 1 on December 21, 2007, and amended pursuant to the Amendment to Schedule A which was filed in Post-Effective Amendment 16**<u>,</u>** and is incorporated by reference herein, that provides for the indemnification of the Registrant's Officers and Trustees, subject to certain limitations of liability. Further, reference is made to Section 8 of the Underwriting Agreement between the Registrant and Northern Lights Distributors, LLC ("NLD"), that provides for the indemnification of NLD and its officers, managers, and

controlling persons, subject to certain limitations. The application of these provisions is limited by the following undertaking set forth in the rules promulgated by the Securities and Exchange Commission:

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

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

Wellesley Investment Advisors, Inc., 100 Market Street, Suite 203, Portsmouth, New Hampshire 03801, adviser to the Miller Convertible Bond Fund, Miller Intermediate Bond Fund, Miller Market Neutral Income Fund and Miller Convertible Total Return ETF, is a registered investment adviser. Additional information about the adviser and its officers is incorporated by reference to the Statement of Additional Information filed herewith, and in the adviser's Form ADV, file number 801-61288.

Item 32. Principal Underwriter.

(a) Northern Lights Distributors, LLC ("NLD"), the principal underwriter of the Registrant, also acts as principal underwriter for the following:

Absolute Core Strategy ETF, Advisor One Funds, Arrow ETF Trust, DWA Tactical ETF, Arrow QVM Equity Factor ETF, Arrow Reserve Capital Management ETF, Arrow Dogs of the World ETF, Arrow DWA Country Rotation ETF, Arrow ETF Trust, Ballast Small/Mid Cap ETF, Boyar Value Fund Inc., Copeland Trust, Humankind Benefit Corporation, Miller Investment Trust, Mutual Fund and Variable Insurance Trust, Mutual Fund Series Trust, New Age Alpha Trust, Northern Lights Fund Trust, Northern Lights Fund Trust II, Northern Lights Fund Trust III, Grandeur Peak Global Trust, Northern Lights Fund Trust IV, Northern Lights Variable Trust, PREDEX, Princeton Private Investment Access Fund, The North Country Funds, The Saratoga Advantage Trust, Tributary Funds, Inc., Two Roads Shared Trust, and Uncommon Investment Funds Trust(b) NLD is registered with Securities and Exchange Commission as a broker-dealer and is a member of the Financial Industry Regulatory Authority ("FINRA"). The principal business address of NLD is 4221 North 203rd Street, Suite 100 Elkhorn, Nebraska 68022-3474. NLD is an affiliate of Ultimus Fund Solutions, LLC. To the best of the Registrant's knowledge, the following are the members and officers of NLD:

---

| | | |
|:---|:---|:---|
| Name | Positions and Offices with Underwriter | Positions and Offices with the Trust |
| Kevin Guerette | President | None |
| Stephen Preston | Treasurer, Chief Compliance Officer, Finance and Operations Principal, and AML Compliance Officer | None |
| William J. Strait | Manager, Secretary, and General Counsel | None |
| Melvin Van Cleave | Chief Information Securities Officer | None |
| David James | Manager | None |

---

(c) The
following table sets forth all commissions and other compensation received, directly or indirectly, from the Funds during the last fiscal
year by each principal underwriter who is *not* an affiliated person of the Funds or any affiliated person of an affiliated person:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fund** | &nbsp;&nbsp;**Net Underwriting<br> Discounts and<br> Commissions** | &nbsp;&nbsp;**Compensation on<br> Redemptions and<br> Repurchases** | &nbsp;&nbsp;**Brokerage<br> Commissions** |
| &nbsp;&nbsp;**Miller Convertible Bond Fund Class A** | &nbsp;&nbsp;$1554 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;**Miller Convertible Bond Fund Class C** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;**Miller Intermediate Bond Fund - Class A** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |
| &nbsp;&nbsp;**Miller Intermediate Bond Fund - Class C** |  |  |  |
| &nbsp;&nbsp;**Miller Convertible Plus ETF** | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$0 &nbsp;&nbsp;\* |

---

\* The Distributor received $0 from the Advisor as compensation for its distribution services to the Funds.

The Distributor also receives 12b-1 fees from the Funds as described under the following section entitled "Rule 12b-1 Plan".

Item 33. Location of Accounts and Records.

All accounts, books and documents required to be maintained by the Registrant pursuant to Section 31(a) of the Investment Company Act of 1940, as amended and Rules 31a-1 through 31a-3 thereunder are maintained at the office of the Registrant, Adviser, Principal Underwriter, Transfer Agent, Fund Accountant, Administrator and Custodian at the addresses stated in the Statement of Additional Information.

Item 34. Management Services. Not applicable.

Item 35. Undertakings. None.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933, as amended, (the "Securities Act") and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Portsmouth, New Hampshire, on the 30<sup>th</sup> day of Janurary, 2026.

---

| | |
|:---|:---|
| Miller Investment Trust | Miller Investment Trust |
| By: | /s/ Michael Miller |
|  | Michael Miller |
|  | Attorney-in-Fact |

---

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

---

| | | |
|:---|:---|:---|
| Name | Title | Date |
| /s/ Michael Miller | President, Principal Executive Officer, Principal Fnancial Officer, and Trustee | January 30, 2026 |
| Michael Blank\* | Trustee | January 30, 2026 |
| Neal Chorney\* | Trustee | January 30, 2026 |
| Daniel Mainzer\* | Trustee | January 30, 2026 |

---

---

| | |
|:---|:---|
| \*By: / | s/ Michael Miller |
|  | Michael Miller |
| Attorney-in-Fact pursuant to Powers of Attorney previously filed on February 28<sup>th</sup>, 2020. | Attorney-in-Fact pursuant to Powers of Attorney previously filed on February 28<sup>th</sup>, 2020. |

---

Exhibit Index

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit No.** |
| [Establishment and Designation of Series and Classes of Shares with respect to Miller Convertible Total Return ETF](ex99a5.htm) | (a.5) |
| [Management Agreement for the Miller Convertible Total Return ETF](ex99d10.htm) | (d.10) |
| [ETF Distribution Agreement between the Trust and Northern Lights Distributors, LLC](ex99e2.htm) | (e.2) |
| [Custody Agreement with the Brown Brothers Harriman & Co.](ex99g5.htm) | (g.5) |
| [ETF Master Services Agreement with Ultimus Fund Solutions, LLC](ex99h11.htm) | (h.11) |
| [Amendment to the Consulting Agreement with Northern Lights Compliance Services, LLC](ex99h17.htm) | (h.17) |
| [Legal Opinion and Consent of Thompson Hine LLP](ex99i.htm) | (i) |
| [Revised Rule 12b-1 Plan for Shares of the Miller Convertible Total Return ETF](ex99m9.htm) | (m.9) |

---

## Ex-99.A

**Establishment of New Fund, its Investment Objectives, Policies, and Restrictions**

**December 10, 2025**

**RESOLVED**, that pursuant to Article III, Section 6 of the Trust's Declaration of Trust, there hereby is established and designated an additional series of the Trust to be called the Miller Convertible Growth ETF, to be considered for all purposes under the Declaration of Trust as a "Series" and to have all the rights and privileges of a Series specified in said Declaration of Trust, respectively; and it was further

**RESOLVED**, that the investment objectives, investment policies and investment limitations with respect to the Miller Convertible Growth ETF be, and the same hereby are, approved with such changes as the officers filing any post-effective amendments to the Trust's Registration Statement with the Securities and Exchange Commission ("SEC") may approve, with the advice of counsel, and such officers are authorized to make such other filings and to take such other actions related to such post-effective amendments deemed necessary or appropriate by the appropriate officers of the Trust; and it was further

**RESOLVED**, that the appropriate officers of the Trust be, and each of them hereby is, authorized to file with the SEC any necessary application for relief from provisions of the Investment Company Act of 1940, as amended (the "1940 Act") and to take all other actions necessary for the establishment of the Miller Convertible Growth ETF and the registration, qualification, issuance and sales of shares of the Miller Convertible Growth ETF with the SEC, including amending and restating any contracts of the Trust to add the Miller Convertible Growth ETF, and to take any or all actions necessary on behalf of the Trust with the securities authorities of all states deemed necessary or appropriate by the appropriate officers of the Trust; and it was further

**RESOLVED**, that the appropriate officers of the Trust be, and each them hereby is, authorized to issue and redeem from time to time shares of beneficial interest in the Miller Convertible Growth ETF, at any time after the effective date and time of the post-effective amendments as the same may be amended from time to time, the requirements of the Trust's Declaration of Trust and By-Laws, and in accordance with applicable law, and that said shares of beneficial interest, when issued for the consideration described in said post-effective amendment, as may be amended from time to time, shall be validly issued, fully paid and non-assessable by the Trust; and it was further

**RESOLVED**, that the appropriate officers of the Trust be, and each of them hereby is, authorized and empowered to take all actions as they or any of them in his or her discretion, with the advice of counsel, may deem necessary or appropriate to carry out the intents and purposes of the foregoing resolutions.

1. Each Fund shall be authorized to invest in cash, securities or property of every nature and kind. Each share of beneficial interest of each Fund ("share") shall be redeemable, shall be entitled to one vote (or fraction thereof in respect of a fractional share) on matters on which shares of that Fund shall be entitled to vote and shall represent a pro rata beneficial interest in the assets allocated to that Fund, all as provided in the Declaration of Trust. The proceeds of sales of shares of each Fund, together with all assets in which such consideration is invested or reinvested, all income, earnings, profits, and proceeds thereof from whatever source derived, and any funds or payments derived from any reinvestment of such proceeds in whatever form the same may be, shall irrevocably be held with respect to that Fund for all purposes, subject only to the rights of creditors with respect to that Fund, unless otherwise required by law. Each share of a Fund shall be entitled to receive its pro rata share of net assets of that Fund upon liquidation of that Fund.

2. Shareholders of each Fund shall vote separately as a class to the extent provided in Rule 18f-3, as from time to time in effect, under the Investment Company Act of 1940.

3. The assets and liabilities of the Trust shall be allocated among the above-referenced Funds as set forth in Section 6 of Article III of the Declaration of Trust, except as provided below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Costs incurred by each Fund in connection with its organization and start-up, including Federal and state registration and qualification fees and expenses of the initial public offering of such Fund's shares, shall (if applicable) be borne by such Fund, provided that such fees and expenses may be and deferred and amortized over the five year period beginning on the date that such Fund commences operations as provided in the Declaration of Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The liabilities, expenses, costs, charges and reserves of the Trust (other than the investment advisory fees or the organizational expenses paid by the Trust) which are not readily identifiable as belonging to any particular Fund shall be allocated among the Funds on an equitable basis as determined by the Trustees.

4. The Trustees (including any successor Trustees) shall have the right at any time and from time to time to reallocate assets and expenses or to change the designation of any Fund now or hereafter created, or to otherwise change the special and relative rights of any such Fund, and to terminate any Fund or add additional Funds, in each case as provided in the Declaration of Trust.

5. The Trust or any Fund may merge or consolidate with or into one or more business trusts or other business entities formed or organized or existing under the laws of the State of Delaware or any other state or the United States or any foreign country or other foreign jurisdiction pursuant to an agreement of merger or consolidation approved by a majority of the Trustees. Upon making provision for the payment of all outstanding obligations, taxes and other liabilities, accrued or contingent, of such Fund, the Trustees shall distribute the remaining assets of such Fund ratably among the holders of the outstanding shares. Upon completion of the distribution of the remaining proceeds or the remaining assets as provided in this paragraph 6, the Fund shall terminate and the Trustees shall be discharged of any and all further liabilities and duties hereunder with respect to

such Fund and the right, title and interest of all parties with respect to such Fund shall be canceled and discharged as provided in the Declaration of Trust.

IN WITNESS WHEREOF, the undersigned has executed this instrument as of this 10<sup>th</sup> day of December 2025.

---

| | |
|:---|:---|
| <u>/s/Michael Miller</u> | <u>/s/Neal Chorney</u> |
| Michael Miller, | Neal Chorney. |
| as Trustee and not individually | as Trustee and not individually |

---

---

| | |
|:---|:---|
| <u>/s/Michael Blank</u> | <u>/s/Daniel Mainzer</u> |
| Michael Blank, | Daniel Mainzer, |
| as Trustee and not individually | as Trustee and not individually |

---

## Ex-99.D

**INVESTMENT ADVISORY AGREEMENT**

TO: Wellesley Asset Management, Inc.

100 Market Street, Suite 203

Portsmouth, NH 03801

Ladies and Gentlemen:

Miller Investment Trust (the "Trust"), with respect to its series, the Miller Convertible Total Return ETF (the "Fund"), herewith confirms our agreement with you.

The Trust currently consists of multiple series of shares, including the Fund, each of which has been established to engage in the business of an open-end management investment company.

You have been selected to act as the sole investment adviser of the Fund and to provide certain other services, as more fully set forth below, and you are willing to act as such investment adviser and to perform such services under the terms and conditions hereinafter set forth. Accordingly, the Trust, with respect to the Fund, agrees with you as follows effective upon the date of the execution of this Agreement.

**1.**  **<u>ADVISORY SERVICES</u>** 

Subject to the supervision of the Board of Trustees of the Trust, you will provide or, in accordance with Section 2, arrange to be provided to the Fund such investment advice as you in your discretion deem advisable and will furnish or arrange to be furnished a continuous investment program for the 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 the Fund, the portfolio securities to be held or sold by the Fund, the amount of leverage, if any, to be employed by the Fund, and the portion of the Fund's assets to be held uninvested, subject always to the Fund's 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.

**2.**  **<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 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.**  **<u>ALLOCATION OF CHARGES AND EXPENSES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 Advisory Fee. As compensation for all services rendered, facilities provided and expenses paid or assumed by the Adviser under this Agreement, the Fund shall pay the Adviser on the last day of each month, or as promptly as possible thereafter, a fee calculated by applying a monthly rate, based on an annual percentage rate, to the Fund's average daily net assets for the month (the "Advisory Fee"). The annual percentage rate applicable to the Fund is set forth in Appendix A to this Agreement, as it may be amended from time to time in accordance with Section 1.3 of this Agreement. If this Agreement shall be effective for only a portion of a month with respect to a Fund, the aforesaid fee shall be prorated for the portion of such month during which this Agreement is in effect for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2. Payments Under the Unitary Fee Arrangement. The Adviser agrees and hereby authorizes the administrator, listed in Appendix A, as agent for the Fund, to promptly, upon the receipt of the Advisory Fee paid by the Fund, listed in Appendix A, fully pay, or instruct any applicable Fund service provider to facilitate the payment of, the Fund expenses for which the Adviser is obligated to pay under this Agreement, including its obligation under Section 2 of this Agreement, to each applicable service provider, and the administrator shall pay any remaining amount of the Advisory Fee to the Adviser.

**4.**  **<u>COMPENSATION OF THE MANAGER</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) The Fund shall pay you, as compensation for your services and expenses assumed hereunder, an investment advisory fee (the <u>"Advisory Fee")</u> computed daily and paid monthly in arrears by the Fund to you. The Advisory Fee shall be based on the average value of the daily Managed Assets of the Fund and paid at an annual rate of 0.85%. If this Agreement terminates before the last day of a month, the Advisory Fee shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month.

(B) "Managed Assets" means the total assets of the Fund, including any assets attributable to borrowings, minus the Fund's accrued liabilities other than such borrowings. The value of the Fund's assets shall be determined for these purposes 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, valuation is suspended for any particular business day, then for the purposes of this Section, the value as last determined prior to such suspension shall be deemed to be the value as of the close of the business day, or as of such other time as the value of such assets may lawfully be determined, on that day.

(C) Waivers. You may from time to time agree not to impose all or a portion of the Advisory Fee otherwise payable hereunder (in advance of the time such fee or a portion thereof would otherwise accrue) and/or undertake to pay or reimburse the Fund for all or a portion of its expenses not otherwise required to be borne or reimbursed by you, subject to such terms regarding recoupment as from time to time agreed to by the Board, including a majority of the Trustees who are not interested persons of you. You may discontinue or modify any such fee reduction or undertaking at any time unless you otherwise agreed to in writing.

**5.**  **<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, if any, retained pursuant to Section 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) 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 Fund 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 is in excess of the amount of 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.

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 Fund. 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-l(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 a 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.**  **<u>PROXY VOTING</u>** 

You will vote, or make arrangements to have voted, 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 a manner that you deem, in good faith, to be in the best interest of the Fund and in accordance with your proxy voting policy. You agree to provide a copy of your proxy voting policy to the Trust prior to the execution of this Agreement, and any amendments thereto promptly.

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

Your services to the Fund pursuant to this Agreement are not to be deemed to be exclusive, and it is understood that you may render investment advice, management and other services to others, including other registered investment companies, which may or may not be a series of the Trust, 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 Fund. For the avoidance of doubt, the rendering of investment advice, management or other services to any client including separate accounts, mutual funds and private funds, pursuant to a substantially similar strategy as that of the Fund will not be deemed to interfere in a material manner.

The Trust and you acknowledge that all rights to the name "Miller" or any variation thereof belong to you or one or more of your affiliates, and that the Trust is being granted a limited license to use such words in the Fund's name or in any class name. In the event you cease to be the adviser to the Fund, the Trust's right to the use of the name "Miller" in the Fund's name and in any class shall automatically cease on the ninetieth 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 "Miller" 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.**  **<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. Notwithstanding any of the foregoing to the contrary, the provisions of this Section shall not be construed so as to provide for the indemnification of you for any liability to the extent (but only to the extent) that such indemnification would be in violation of applicable law or such liability may not be waived, modified or limited under

applicable law, but shall be construed so as to effectuate the provisions of this Section to the fullest extent permitted by law.

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.**  **<u>DURATION AND TERMINATION OF THIS AGREEMENT</u>** 

The term of this Agreement shall begin on the date of this Agreement for the Fund and shall continue in effect with respect to the Fund (and any subsequent fund added pursuant to this Agreement during the initial two-year term of this Agreement) for a 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 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 the 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, as such term is defined in the Act and interpreted thereunder.

**11.**  **<u>AMENDMENT OF THIS AGREEMENT</u>** 

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.**  **<u>LIMITATION OF LIABILITY TO TRUST PROPERTY</u>** 

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 series), 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 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 the Fund) as provided in its Agreement and Declaration of Trust, which is on file with the Securities and Exchange Commission.

**13.**  **<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.

**14.**  **<u>BOOKS AND RECORDS</u>** 

In compliance with the requirements of Rule 3la-3 under the Act, you agree that all records 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.

**15. <u>QUESTIONS OF INTERPRETATION</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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) 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.

**16.**  **<u>NOTICES</u>** 

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 Wellesley Asset Management, Inc., 100 Market Street, Suite 203, Portsmouth, NH 03801.

**17.**  **<u>CONFIDENTIALITY</u>** 

You agree to treat all records and other information relating to the Trust and the securities holdings of the Fund 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 the 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.

**18.**  **<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.

**19.**  **<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 terns.

**20.**  **<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, |
|  | **Miller Investment Trust with respect to the Miller<br> Convertible Total Return ETF** |
|  | By: <u>/s/Michael Miller</u> |
| Dated: January 16, 2026 |  |
|  | Print Name: <u>Michael Miller</u> |
| **ACCEPTANCE:** | Title: <u>Chairman, President, and interested Trustee of the Trust</u> |
| The foregoing Agreement is hereby accepted. |  |
|  | **Wellesley Asset Management, Inc.** |
|  | By: <u>/s/Dawn Baillie</u> |
| Dated: January 16, 2026 | Print Name: <u>Dawn Baillie</u> |
|  | Title: <u>President of Wellesley Asset Management, Inc.</u> |

---

## Ex-99.E

**ETF DISTRIBUTION AGREEMENT**

This ETF Distribution Agreement (this "Agreement") is effective the 10<sup>th</sup> day of December, 2025, between Miller Investment Trust, a Delaware statutory trust (the "Trust"), on behalf of itself and the fund(s) listed on **Schedule B**, as may be amended from time to time (each, a "Fund", and collectively, the "Funds"), and Northern Lights Distributors, LLC a Nebraska limited liability company (the "Distributor").

WHEREAS, the Trust is, registered as an open-end investment management company organized as a statutory trust and comprised of a number of series of securities, each series representing a portfolio of securities, having filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form N-1A under the Securities Act of 1933, as amended (the "1933 Act"), and the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Trust intends to create and redeem shares (the "Shares") of each Fund on a continuous basis only in aggregations of Shares constituting a "Creation Unit" as such term is defined in the registration statement;

WHEREAS, the Shares of each Fund will be listed on one or more national securities exchanges (together, the "Listing Exchanges");

WHEREAS, the Trust desires to retain the Distributor to act as the distributor with respect to the distribution of Creation Units of each Fund;

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

WHEREAS, the Distributor desires to provide the services described herein to the Trust and Funds.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter contained, intending to be legally bound, the Trust, on behalf of itself and the Fund, and the Distributor hereby agree as follows:

*1. <u>Sale of Creation Units; Services</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust grants to the Distributor the exclusive right to sell Creation Units of each Fund listed on **Schedule B** hereto, on the terms and during the term of this Agreement and subject to the registration requirements of the 1933 Act and the rules and regulations of the SEC, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder. Without limiting the foregoing, the Distributor shall perform the distribution services and shall perform the marketing services set forth in **Schedule A**. The Trust acknowledges and agrees that Distributor is and may in the future distribute shares of other investment companies including investment companies having investment objectives similar to those of the Funds. The Trust further understands that existing and future investors in a Fund may invest in shares of such other

investment companies. The Trust agrees that the services that Distributor provides to such other investment companies shall not be deemed in conflict with its duties to the Fund under this Agreement.

(b) Duties of the Distributor

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Distributor shall consult with the Trust or its agent with respect to the production and printing
of prospectuses to be used in connection with creations by Authorized Participants of Creation Units. The Distributor will generally make
it known in the brokerage community that Funds' prospectuses and statements of additional information ("SAI") are available,
including by (i) advising the Listing Exchanges on behalf of its member firms of the same, (ii) making such disclosure in all marketing
and advertising materials prepared and/or filed by the Distributor with FINRA, and (iii) as may otherwise be required by the SEC. The
Distributor shall not bear any costs associated with printing prospectuses, SAIs and other such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Distributor shall review and approve all sales and marketing materials for compliance with applicable
laws and conditions of any applicable exemptive order and file such materials with FINRA as necessary or appropriate. For an additional
fee, the Trust or its investment adviser (the "Adviser") (as applicable) may request an expedited review of advertising materials,
in which case Distributor will use commercially reasonable efforts to have any comments returned the next business day following the date
of submission. Submissions received by Distributor after 12:00 p.m. (noon) Eastern Time on a business day will be deemed received on the
next business day. All sales and marketing materials must be approved, in writing, by the Distributor prior to use, such approval not
to be unreasonably withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. If the Trust, on behalf of any Fund, adopts a distribution and/or shareholder servicing plan(s) pursuant
to Rule 12b-1 under the 1940 Act (the "Plan"), the Distributor shall enter into selling and/or investor servicing agreements
or similar ("Sales and Investor Services Agreements"), consistent with applicable law and the registration statement and prospectus,
with various broker-dealers, to sell Shares and provide services to shareholders. The Distributor agrees that (i) it shall assist in the
administration of any Plan(s); (ii) it shall, at its own expense, set up and maintain a system of recording payments of fees and reimbursement
of expenses disseminated pursuant to this Agreement and other agreements related to any such Plan(s) and, pursuant to the 1940 Act, report
such payment activity to the Trust at least quarterly; (iii) it shall receive from the Trust all distribution and shareholder servicing
fees, as applicable, at the rate and to the extent payable under the terms and conditions set forth in any Plan(s) adopted by the Trust,
applicable to the appropriate class of Shares of each Fund or class of

Shares thereof, as such Plan(s) may be amended from time to time, and subject to any further limitations on such fees as the Board of Trustees of the Trust may impose; and (iv) it shall pay, from the fees received from the Trust pursuant to any such Plan(s), all fees and make reimbursement of all expenses, pursuant to and in accordance with such Plan(s) and any and all Sales and Investor Services Agreements. In no event shall Distributor pay any fees pursuant to any such Plan(s) until it has received payment of such fees from the Trust or the adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Distributor has as of the date hereof, and shall at all times have and maintain, net capital of not
less than that required by Rule 15c3-1 under the 1934 Act, or any successor provision thereto. In the event that the net capital of the
Distributor shall fall below that required by Rule 15c3-1, or any successor provision thereto, the Distributor shall promptly provide
notice to the Trust and the adviser of such event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Distributor agrees to maintain and preserve such records as are required by Section 31 of the 1940
Act and the rules thereunder.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Upon reasonable request by the Trust, the Distributor shall provide the Trust with information relating
to the services provided pursuant to this Agreement as necessary and applicable to enable the Trust to complete required regulatory filings.

*2. <u>Solicitation of Sales</u>*

 

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

*3. <u>Authorized Representations</u>*

The Distributor is not authorized by the Trust to give any information or to make any representations other than those contained in the current registration statements and prospectuses of the Trust filed with the SEC or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust for the Distributor's use. The Distributor may prepare and distribute sales literature and other material as it may deem appropriate, provided that such literature and materials have been prepared in accordance with applicable rules and regulations and approved by the Fund's adviser.

4. *<u>Registration of Shares</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust and Fund agree that they will take all action necessary to register an unlimited number of Shares on Form N-1A. The Trust and Fund shall make available to the Distributor such number of copies of the currently effective prospectus and statement of additional information as the Distributor may reasonably request. The Fund shall furnish to the Distributor copies of all information, financial statements and other papers which the Distributor may reasonably request for use in connection with the distribution of Creation Units of the Fund. The Trust represents and warrants that it has or will have made as of the date on which Distributor begins distributing Creation Units, all applicable filings to exempt the Creation Units from registration under applicable rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees to issue Creation Units of each Fund and to request DTC to record on its books the ownership of the Shares constituting such Creation Units, in accordance with the book-entry system procedures described in the prospectus, in such amounts as the Distributor has requested through the transfer agent in writing or other means of data transmission, as promptly as practicable after receipt by the Trust of the requisite deposit securities and cash component (together with any fees) and acceptance of such order, upon the terms described in the registration statement and Participant Agreement. The Trust may reject any order for Creation Units or stop all receipts of such orders at any time upon reasonable notice to the Distributor, in accordance with the provisions of the prospectus and statement of additional information.

*5. <u>Compensation</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of Distributor's services hereunder, the Fund agrees to cause the Fund's adviser to pay to Distributor the fees and charges set forth on **Schedule B**, attached hereto. Fees will begin to accrue with respect to each Fund on the latter of the date of this Agreement or the date Distributor begins providing services to or on behalf of such Fund. The Distributor may receive compensation from the Fund's adviser related to its services hereunder or for additional services as may be agreed to between the adviser and Distributor in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall bear the cost and expenses of the registration of the Creation Units for sale under the 1933 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from the Trust and the adviser with respect to any services not included under this Agreement, as may be agreed upon by the parties from time to time.

*6. <u>Indemnification of Distributor</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust agrees to indemnify and hold harmless the Distributor and each of its managers and officers and each person, if any, who controls the Distributor within the meaning of Section 15 of the 1933 Act against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages, or expense

and reasonable counsel fees and disbursements incurred in connection therewith), arising by reason of any person acquiring any Shares or Creation Units, based upon (i) the ground that the registration statement, prospectus, shareholder reports or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the statements made not misleading, (ii) the Trust's failure to maintain an effective registration statement and prospectus with respect to Shares of the Fund that are the subject of the claim or demand, (iii) the Trust's failure to properly register Fund Shares under applicable state laws, (iv) instructions given by the Trust, the Trust's failure to perform its duties hereunder or any inaccuracy of its representations, (v) any claim brought under Section 11 of the 1933 Act, or (vi) all actions taken by Distributor hereunder resulting from Distributor's reliance on instructions received from an officer, agent or approved service provider of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no case (i) is the indemnity of the Trust to be deemed to protect the Distributor or any other person against any liability to which the Distributor or such person otherwise would be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of duties or by reason of reckless disregard of obligations and duties under this Agreement ("Disqualifying Conduct") by such party, or (ii) is the Trust to be liable to the Distributor under the indemnity agreement contained in this Section 6 with respect to any claim made against the Distributor or any person indemnified unless the Distributor or other person shall have notified the Trust in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Distributor or such other person (or after the Distributor or the person shall have received notice of service on any designated agent). However, failure to notify the Trust of any claim shall not relieve the Trust from any liability which it may have to the Distributor or any person against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If the Trust elects to assume the defense of any such claim, the defense shall be conducted by counsel chosen by the Trust and satisfactory to the indemnified defendants in the suit whose approval shall not be unreasonably withheld. In the event that the Trust elects to assume the defense of any suit and retain counsel, the indemnified defendants shall bear the fees and expenses of any additional counsel retained by them. If the Trust does not elect to assume the defense of a suit, it will reimburse the indemnified defendants for the reasonable fees and expenses of any counsel retained by the indemnified defendants.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust agrees to notify the Distributor promptly of the commencement of any litigation or proceedings against it or any of its officers or Trustees in connection with the issuance or sale of Shares or Creation Units.

*7. <u>Indemnification of Trust</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor covenants and agrees that it will indemnify and hold harmless the Trust and each of its Trustees and officers and each person, if any, who controls the Trust within

the meaning of Section 15 of the 1933 Act, against any loss, liability, damages, claim or expense (including the reasonable cost of investigating or defending any alleged loss, liability, damages, claim or expense and reasonable counsel fees and disbursements incurred in connection therewith) arising out of or based upon any Disqualifying Conduct by Distributor in connection with the offering and sale of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In no case (i) is the indemnity of the Distributor in favor of the Trust or any other person indemnified to be deemed to protect the Trust or any other person against any liability to which the Trust or such other person would otherwise be subject by reason of Disqualifying Conduct by such party, or (ii) is the Distributor to be liable under its indemnity agreement contained in this Section 7 with respect to any claim made against the Trust or any person indemnified unless the Trust or person, as the case may be, shall have notified the Distributor in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the Trust or upon any person (or after the Trust or such person shall have received notice of service on any designated agent). However, failure to notify the Distributor of any claim shall not relieve the Distributor from any liability which it may have to the Trust or any person against whom the action is brought otherwise than on account of its indemnity agreement contained in this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall be entitled to participate, at its own expense, in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim subject to this indemnity provision, but if the Distributor elects to assume the defense, the defense shall be conducted by counsel chosen by the Distributor and satisfactory to the indemnified defendants whose approval shall not be unreasonably withheld. In the event that the Distributor elects to assume the defense of any suit and retain counsel, the defendants in the suit shall bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any suit, it will reimburse the indemnified defendants in the suit for the reasonable fees and expenses of any counsel retained by them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor agrees to notify the Trust promptly of the commencement of any litigation or proceedings against it or any of its officers in connection with the sale of Shares or Creation Units.

*8. <u>Consequential Damages</u>*

In no event and under no circumstances shall either party to this Agreement be liable to anyone, including, without limitation, the other party, for consequential damages for any act or failure to act under any provision of this Agreement.

*9. <u>Effective Date</u>*

This Agreement shall be effective as of the date first above written, and, unless terminated as provided, shall continue in force through the second anniversary of its effective date, and thereafter from year to year, provided that such annual continuance is approved by (i) either the vote of a majority of the Trustees of the Trust, or the vote of a majority of the outstanding voting securities of the Trust, and (ii) the vote of a majority of those Trustees of the Trust who are not parties to this

Agreement or the Trust's distribution plan or interested persons of any such party ("Qualified Trustees"), cast in person at a meeting called for the purpose of voting on the approval. This Agreement shall automatically terminate in the event of its assignment. As used in this paragraph the terms "vote of a majority of the outstanding voting securities," "assignment" and "interested person" shall have the respective meanings specified in the 1940 Act. In addition, this Agreement may at any time be terminated without penalty by the Trust, by a vote of a majority of Qualified Trustees or by vote of a majority of the outstanding voting securities of the Trust upon sixty days prior written notice to the Distributor or by the Distributor upon sixty days prior written notice to the Trust.

*10. <u>Notices</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery if delivered personally, (b) on the fifth Business Day following the date of mailing, if mailed by registered or certified mail, return receipt requested, postage prepaid to the party to receive such notice, (c) if dispatched via a nationally recognized overnight courier service (delivery receipt requested) with charges paid by the dispatching party, on the later of (i) the first Business Day following the date of dispatch, or (ii) the scheduled date of delivery by such service, or (d) on the date sent by electronic mail if sent during normal business hours of the recipient during a Business Day, and otherwise on the next Business Day, if sent after normal business hours of the recipient, provided that in the case of electronic mail, each notice or other communication shall be confirmed within one Business Day by dispatch of a copy of such notice pursuant to one of the other methods described herein, at the following addresses, or such other address as a party may designate from time to time by notice in accordance with this Section.

---

| | |
|:---|:---|
| &nbsp;&nbsp; **If to the Trust:**<br>Miller Investment Trust<br> Attn: Michael Miller<br> 100 Market Street, Suite 203<br> Portsmouth, NH 03801<br> Email:<br>With a copy to:<br>Bibb L. Strench, Esq.<br> Thompson Hine LLP<br> 1919 M Street, N.W. Suite 700<br> Washington, D.C. 20036<br> Email: | &nbsp;&nbsp; **If to Distributor:**<br>Northern Lights Distributors, LLC<br> Attn: Legal Department<br> 4221 North 203rd Street, Suite 100<br> Elkhorn, NE 68022<br> legal@ultimusfundsolutions.com |

---

*11*. *<u>Limitation of Liability</u>*

A copy of the Certificate of Trust is on file with the Secretary of State of the State of Delaware and the Trust's Trust Instrument is on file with the Trust. Notice is hereby given that this Agreement is executed on behalf of the Trustees of the Trust as Trustees and not individually and

that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders of the Trust individually but binding only upon the assets and property of the applicable Fund or Trust, as relevant.

This Agreement is executed by or on behalf of the Trust with respect to each of the Funds. It is expressly acknowledged and agreed that the obligations hereunder are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. The Distributor understands that the rights and obligations of each series of shares of the Trust under the Trust Instrument are separate and distinct from those of any and all other series.

*12. <u>Dispute Resolution</u>*

Whenever either party desires to institute legal proceedings against the other concerning this Agreement, it shall provide written notice to that effect to such other party. The party providing such notice shall refrain from instituting said legal proceedings for a period of 60 days following the date of provision of such notice. During such period, the parties shall attempt in good faith to amicably resolve their dispute by negotiation among their executive officers.

*13. <u>Entire Agreement; Amendments</u>*

This Agreement constitutes the entire agreement between the parties hereto and supersedes any prior agreement, draft or proposal with respect to the subject matter hereof. This Agreement or any part hereof may be changed or waived only by an instrument in writing signed by the party against which enforcement of such change or waiver is sought.

*14. <u>Governing Law</u>*

This Agreement shall be governed by and construed in accordance with the laws of the State of Nebraska without giving effect to any conflict of laws or choice of laws rules or principles thereof. To the extent that the applicable laws of the State of Nebraska, or any of the provisions of this Agreement, conflict with the applicable provisions of the 1933 Act or the 1940 Act, these acts shall control.

*15. <u>Counterparts</u>*

This Agreement may be executed in two or more counterparts, all of which shall constitute one and the same instrument. Each such counterpart shall be deemed an original, and it shall not be necessary in making proof of this Agreement to produce or account for more than one such counterpart. This Agreement shall be deemed executed by both parties when any one or more counterparts hereof or thereof, individually or taken together, bears the original or facsimile signatures of each of the parties.

*16. <u>Force Majeure</u>*

No breach of any obligation of a party to this Agreement (other than obligations to pay amounts owed) will constitute an event of default or breach to the extent it arises out of a cause, existing or

future, that is beyond the control and without negligence of the party otherwise chargeable with breach or default, including without limitation: work action or strike; lockout or other labor dispute; flood; war; riot; theft; act of terrorism, earthquake or natural disaster. Either party desiring to rely upon any of the foregoing as an excuse for default or breach will, when the cause arises, give to the other party prompt notice of the facts which constitute such cause; and, when the cause ceases to exist, give prompt notice thereof to the other party.

*17. <u>Severability</u>*

Any provision of this Agreement that is determined to be invalid or unenforceable in any jurisdiction shall be ineffective to the extent of such invalidity or unenforceability in such jurisdiction, without rendering invalid or unenforceable the remaining provisions of this Agreement or affecting the validity or enforceability of such provision in any other jurisdiction. If a court of competent jurisdiction declares any provision of this Agreement to be invalid or unenforceable, the parties agree that the court making such determination shall have the power to reduce the scope, duration, or area of the provision, to delete specific words or phrases, or to replace the provision with a provision that is valid and enforceable and that comes closest to expressing the original intention of the parties, and this Agreement shall be enforceable as so modified.

*18*. *<u>Confidential Information</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor and the Trust (in such capacity, as applicable, the "Receiving Party") acknowledge and agree to maintain the confidentiality of Confidential Information (as hereinafter defined) provided by the Distributor and the Trust (in such capacity, as applicable, the "Disclosing Party") in connection with this Agreement. The Receiving Party shall not disclose or disseminate the Disclosing Party's Confidential Information to any Person other than (a) those employees, agents, contractors, subcontractors and licensees of the Receiving Party, or (b) those employees, agents, contractors, subcontractors and licensees of any agent or affiliate, who have a need to know it in order to assist the Receiving Party in performing its obligations, or to permit the Receiving Party to exercise its rights under this Agreement. In addition, the Receiving Party (a) shall take all reasonable steps to prevent unauthorized access to the Disclosing Party's Confidential Information, and (b) shall not use the Disclosing Party's Confidential Information, or authorize other Persons to use the Disclosing Party's Confidential Information, for any purposes other than in connection with performing its obligations or exercising its rights hereunder. As used herein, "reasonable steps" means steps that a party takes to protect its own, similarly confidential or proprietary information of a similar nature, which steps shall in no event be less than a reasonable standard of care.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "Confidential Information," as used herein, shall mean all business strategies, plans and procedures, proprietary information, methodologies, data and trade secrets, client and customer information, and other confidential information and materials (including, without limitation, any non-public personal information as defined in Regulation S-P) of the Disclosing Party, its affiliates, their respective clients or suppliers, or other Persons with whom they do business, that may be obtained by the Receiving Party from any source or that may be developed as a result of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The provisions of this Section 18 respecting Confidential Information shall not apply to the extent, but only to the extent, that such Confidential Information: (a) is already known to the Receiving Party free of any restriction at the time it is obtained from the Disclosing Party, (b) is subsequently learned from an independent third party free of any restriction and without breach of this Agreement; (c) is or becomes publicly available through no wrongful act of the Receiving Party or any third party; (d) is independently developed by or for the Receiving Party without reference to or use of any Confidential Information of the Disclosing Party; or (e) is required to be disclosed pursuant to an applicable law, rule, regulation, government requirement or court order, or the rules of any stock exchange (provided, however, that the Receiving Party shall advise the Disclosing Party of such required disclosure promptly upon learning thereof in order to afford the Disclosing Party a reasonable opportunity to contest, limit and/or assist the Receiving Party in crafting such disclosure).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Receiving Party shall advise its employees, agents, contractors, subcontractors and licensees, and shall require its agents to advise their employees, agents, contractors, subcontractors and licensees, of the Receiving Party's obligations of confidentiality and non-use under this Section 18, and shall be responsible for ensuring compliance by its employees, agents, contractors, subcontractors and licensees with such obligations. The Receiving Party shall promptly notify the Disclosing Party in writing upon learning of any unauthorized disclosure or use of the Disclosing Party's Confidential Information by such persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon the Disclosing Party's written request following the termination of this Agreement, the Receiving Party promptly shall return to the Disclosing Party, or destroy, all Confidential Information of the Disclosing Party provided under or in connection with this Agreement, including all copies, portions and summaries thereof. Notwithstanding the foregoing sentence, (a) the Receiving Party may retain copies of each item of the Disclosing Party's Confidential Information for purposes of identifying and establishing its rights and obligations under this Agreement, for archival or audit purposes and/or to the extent required by applicable law, and (b) the Distributor shall have no obligation to return or destroy Confidential Information of the Trust that resides on save tapes or other electronic forms; provided, however, that in either case identified above all such Confidential Information retained by the Receiving Party shall remain subject to the provisions of Section 18 for so long as it is so retained. If requested by the Disclosing Party, the Receiving Party shall certify in writing its compliance with the provisions of this paragraph.

*19. <u>Anti-Money Laundering</u>*

The Distributor represents that it has in place anti-money laundering procedures. The Distributor agrees to notify the Trust of any suspicious activity of which it becomes aware relating to transactions involving Shares. Upon reasonable request, the Distributor agrees to provide the Trust with documentation relating to its anti-money laundering policies and procedures.

*20. <u>Use of Name</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall not use the name of the Distributor in any prospectus or statement of additional information, sales literature, and other material relating to the Trust in any manner without the prior written consent of the Distributor (which shall not be unreasonably withheld); provided, however, that the Distributor hereby approves all lawful uses of the names of the Distributor in the prospectus and statement of additional information of the Trust and in all other materials which merely refer in accurate terms to their appointment hereunder or which are required by applicable law, regulations or otherwise by the SEC, FINRA, or any state securities authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor shall not use the name of the Trust in any publicly disseminated materials, including sales literature, in any manner without the prior written consent of the Trust (which shall not be unreasonably withheld); provided, however, that the Fund hereby approves all lawful uses of its name in any required regulatory filings of the Distributor which merely refer in accurate terms to the appointment of the Distributor hereunder, or which are required by applicable law, regulations or otherwise by the SEC, FINRA, or any state securities authority.

*21. <u>Insurance</u>*

The Distributor agrees to maintain liability insurance coverage for distribution activities provided to the Trust hereunder. The Distributor shall notify the Trust of any material claims against it, whether or not covered by insurance that may materially and adversely affect the Trust's rights hereunder.

*22. <u>Representations</u>*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor represents and warrants that: (i) it is duly authorized and licensed under applicable law to carry out the services contemplated herein; (ii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iii) it is entering into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv) it is registered as a broker-dealer under the 1934 Act and a member of FINRA and will notify the Trust's Chief Compliance Officer and adviser immediately in the event of its expulsion or suspension by FINRA; and (v) it is not an "affiliated person" (as defined under the 1940 Act) of the Listing Exchange or any underlying index provider for any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents and warrants that: (i) it is duly organized as a Delaware statutory trust and is and at all times will remain duly authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940 Act; (iii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iv) its entering into this Agreement does not conflict with or constitute a default or require a consent under or breach of any provision of any agreement or document to which the Trust is a party or by which it is bound; (v) the registration statement and each Fund's prospectus, and sales literature and advertisements approved by the adviser or other

materials prepared by or on behalf of the Trust for the Distributor's use ("Sales Literature and Advertisements") have been prepared, and shall be prepared, in all material respects, in conformity with the 1933 Act, the 1940 Act and the rules and regulations of the Commission (the "Rules and Regulations"); and (vi) the registration statement and each Fund's prospectus contain all material statements required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; and (vii) all statements of fact contained therein, or in Sales Literature and Advertisements, are or will be true and correct in all material respects at the time indicated or the effective date, as the case may be, and any Fund's prospectus shall not include any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, not misleading in light of the circumstances in which they are made. The Trust shall not file any amendment to the registration statement or Fund's prospectus without giving the Distributor reasonable notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust's right to file at any time such amendments to the registration statement or any Fund's prospectus as the Trust may deem advisable.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the Trust and Distributor have each duly executed this Agreement, as of the day and year above written.

---

| | |
|:---|:---|
| **Miller Investment Trust** | **Northern Lights Distributors, LLC** |
| By:<u>/s/Michael Miller</u> | By: <u>/s/Kevin Guerette</u> |
| Name: Michael Miller | Name: Kevin Guerette |
| Title: President | Title: President |

---

**Schedule A**

**List of Services**

*FINRA Review* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Review and approve Fund marketing materials (including website) for compliance with SEC & FINRA advertising rules

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct FINRA filing of materials (including website)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Respond to FINRA comments on marketing materials, as necessary

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Provide the adviser with copy of its then-current documentation regarding SEC & FINRA marketing policies

*Contract Management* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate and execute sub-distribution agreements with broker/dealers and authorized participants on behalf of the Fund in accordance with the prospectus

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate and execute operational agreements related to the services contemplated by this Agreement (networking agreements, NSCC redemption agreements, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Coordinate and execute on behalf of the Fund shareholder service and similar agreements to the extent permitted by applicable law, as contemplated by the Trust's distribution and/or shareholder servicing plan and as may be agreed to by the Distributor and the Fund

**Schedule B-1**

**Fee Schedule**

This **Schedule B-1** is part of the ETF Distribution Agreement effective December 10, 2025 (the "Agreement") by and between Miller Investment Trust (the "Trust") and Northern Lights Distributors, LLC ("Distributor"). Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Agreement.

---

| |
|:---|
| &nbsp;&nbsp;**Fund(s)** |
| &nbsp;&nbsp;Miller Convertible Total Return ETF |

---

Each of the above referenced funds a "Fund" and collectively, the "Funds".

**<u>Service Fees:</u>**

[omitted]

**<u>Advertising Review Fees:</u>**

[omitted]

**<u>Reimbursable Expenses:</u>**

[omitted]

**IN WITNESS WHEREOF**, the parties hereto have executed this Schedule to the ETF Distribution Agreement effective as of December 10, 2025.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **MILLER INVESTMENT TRUST**<br> (for the above referenced Fund(s))<br>By: <u>/s/Michael Miller</u><br> Michael Miller<br> President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **NORTHERN LIGHTS DISTRIBUTORS, LLC**<br>By: <u>/s/Kevin Guerette</u><br> Kevin Guerette<br> President |

---

**The undersigned investment adviser (the "Adviser") hereby acknowledges and agrees to the terms of the Agreement and further acknowledges and agrees that:**

(1) Distributor expends substantial time and money, on an ongoing basis, to recruit and train its employees; (2) Distributor's business is highly competitive and is marketed throughout the United States, and (3) if the Adviser were to hire any Distributor employees who are involved in the procurement of the services under the Agreement then Distributor may suffer lost sales and other opportunities and would incur substantial expense in hiring and training replacement(s) for those employees. Accordingly, the Adviser agrees that it, including its respective affiliates and subsidiaries, shall not solicit, attempt to induce or otherwise hire an employee of Distributor for so long as this Agreement is in effect and for a period of two (2) years after termination of this Agreement, unless expressly agreed upon in writing by both parties. In the event that this provision is breached by the Adviser, the Adviser agrees to pay damages to Distributor in the amount of two times the current annual salary of such employee or former employee. For purposes of this provision, "hire" means to employ as an employee or to engage as an independent contractor, whether on a full-time, part-time or temporary basis.

**Wellesley Asset Management, Inc.**

**100 Market Street, Suite 203**

**Portsmouth, NH 03801**

By: /<u>s/Michael Miller</u>

Michael Miller

Chief Executive Officer

## Ex-99.G

**CUSTODIAN AND TRANSFER AGENT AGREEMENT** 

 ****

***THIS AGREEMENT*** (this "**Agreement**") is dated as of _____________, 2025, between **MILLER INVESTMENT TRUST**, a management investment company organized as a Delaware statutory trust and registered with the Commission under the Investment Company Act of 1940 (the "**1940 Act**") (the "**Fund**" on behalf of itself and each of its series listed on <u>Appendix A</u> attached hereto, each a "**Portfolio**"), and **BROWN BROTHERS HARRIMAN & CO.**, a limited partnership formed under the laws of the State of New York ("**BBH&Co."** or, when referring to BBH&Co. in its capacity as custodian, the "**Custodian"** and when referring to BBH&Co. in its capacity as transfer agent, the "**TA"**). References herein to the Fund shall be read to mean the Fund on behalf of itself and/or the respective Portfolio(s), severally and not jointly, as the context requires.

 ****

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

***WHEREAS***, the Fund wishes to employ BBH&Co. to act as custodian and transfer agent for the Fund and to provide related services, all as provided herein, and BBH&Co. is willing to accept such employment, subject to the terms and conditions herein set forth;

***NOW, THEREFORE***, in consideration of the mutual covenants and agreements herein contained, the Fund and BBH&Co. hereby agree, as follows:

1.  ***Appointment of Custodian and Transfer Agent.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 The Fund hereby appoints BBH&Co. as the Fund's custodian, and BBH&Co. hereby accepts such appointment. All Investments of the Fund delivered to and accepted by the Custodian or its agents or Subcustodians shall be dealt with as provided in this Agreement. The duties of the Custodian with respect to the Fund's Investments shall be only as set forth expressly in this Agreement, including any attachments or schedules thereto, which duties are generally comprised of safekeeping and various administrative duties that will be performed in accordance with Instructions and as reasonably required to effect Instructions. The terms of this Agreement shall apply separately and respectively to each Portfolio for which a separate account is maintained on the books of the Custodian. The Parties agree that Sections 2.1-9 and 11-17 and Schedules I and II of the Agreement contain the provisions related to BBH&Co.'s performance as Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 The Fund hereby engages BBH as its transfer agent to perform the obligations set forth in this Agreement, and BBH accepts such engagement. The Parties agree that Sections 2.1, 3 and 10-17 and Schedule III of the Agreement and the Transfer Agency Services Schedule attached hereto contain the provisions related to BBH&Co.'s performance as TA.

2.  ***Representations, Warranties and Covenants of the Fund.*** The Fund hereby represents, warrants and covenants each of the following:

With respect to BBH&Co's appointment as Custodian and TA:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 This Agreement has been, and at the time of delivery of each Instruction, such Instruction will have been, duly authorized, executed and delivered by the Fund. Neither this Agreement, nor any Instruction issued hereunder violates any Applicable Law or conflicts with or constitutes a default under the applicable Portfolio's prospectus, the Fund's articles of organization or other constitutive documents or any agreement, judgment, order or decree to which the Fund is a party or by which the Fund or its Investments is bound.

With respect to BBH&Co's appointment as Custodian:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 By providing an Instruction with respect to the first acquisition of an Investment in a jurisdiction other than the United States of America, the Fund shall be deemed to have confirmed to the Custodian that the Fund has (a) assessed and accepted all material Country, Sanctions or Sovereign Risks and accepted responsibility for their occurrence, (b) made all determinations required to be made by the Fund under the 1940 Act, and (iii) appropriately and adequately disclosed to the respective Portfolio's shareholders, other investors and all persons who have rights in or to such Investments, all material investment risks, including those relating to the custody and settlement infrastructure or the servicing of securities in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 The Fund shall safeguard and shall solely be responsible for the safekeeping of any testkeys, identification codes, passwords, other security devices or statements of account with which the Custodian provides it. If the Fund uses any on-line or similar communications service made available by the Custodian, the Fund shall be solely responsible for ensuring the security of its access to the service and for the use of the service, and shall only attempt to access the service and the Custodian's computer systems as directed by the Custodian. If the Custodian provides any computer software to the Fund relating to the services described in this Agreement, the Fund will only use the software for the purposes for which the Custodian provided the software to the Fund, and will abide by the license agreement accompanying the software and any other security policies which the Custodian provides to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 Notwithstanding anything in this Agreement to contrary effect, the Fund specifically represents and warrants to the Custodian that it shall at all times be principally liable for the repayment of any Advance made by the Custodian under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 By providing an Instruction in respect of an Investment (which Instruction may relate to among other things, the processing of orders and/or settlement of transactions in funds), the Fund hereby (i) authorizes BBH&Co. to complete such documentation as may be required or appropriate to carry out the Instruction, and agrees to be contractually bound to the terms of such documentation "as is" without recourse against BBH&Co.; (ii) represents, warrants and covenants that it has accepted and agreed to comply with all Applicable Law, terms and conditions to which it and/or its Investment may be bound, including without limitation, requirements imposed by the Investment prospectus or offering circular, subscription agreement, any application or other documentation relating to an Investment (e.g., compliance with suitability requirements and eligibility restrictions and requirements that all such documentation relating to the investment has been received, read and understood by the Fund (for itself and its Portfolio)); (iii) acknowledges and agrees that BBH&Co. will not be responsible for the accuracy of any information provided to it by or on behalf of the Fund, or for any underlying commitment or obligation inherent to an Investment; (iv) represents, warrants and covenants that it will not effect any sale, transfer or disposition of Investment(s) held in BBH&Co.'s name by any means other than the issuance of an Instruction by the Fund to BBH&Co.; (v) acknowledges that collective investment schemes (and/or their agent(s)) in which the Fund invests may pay to BBH&Co. certain fees (including without limitation, shareholder servicing and/or trailer fees) in respect of the Fund's investments in such schemes; (vi) agrees that BBH&Co. shall have no obligation or responsibility whatsoever to respond to, or provide capital in connection with any capital calls, letters of intent or other requirements as set out in the prospectus or offering circular of an Investment; (vii) represents, warrants and covenants that it will provide BBH&Co. with such information as is necessary or appropriate to enable BBH&Co.'s performance pursuant to an Instruction or under this Agreement; (viii) undertakes to inform BBH&Co. and to keep the same updated as to any tax withholding or benefit to which an Investment may be subject; (ix) authorizes BBH&Co. to furnish the customer due diligence records maintained by BBH&Co. on the Fund and its beneficial owners upon request of the transfer agent or other agent of an issuer of an Investment; (x) represents and warrants that to the extent the Fund provides BBH&Co. with any personal data or personally identifiable information in connection with an Investment, the Fund will have obtained the consent of the applicable individuals to provide such data and information to BBH&Co. and the fund and to the use of such data and information as described in the applicable account opening, subscription and related fund documentation; (xi) acknowledges that BBH&Co. shall have no obligation to fund any order placed by the Fund for which the Fund does not have sufficient cash on deposit with BBH&Co.; and (xii) agrees that BBH&Co. shall be held harmless for the acts, omissions or any unlawful activity of any agent of the Fund, or any transfer agent or other agent of an Investment in which the Fund may invest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 The Fund represents and warrants that it is not resident in or organized under the laws of any country with which transactions or dealings are prohibited under a Sanctions Regime. The Fund further warrants that it is not owned or controlled by: (i) the government of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) a person or entity resident in or organized under the laws of any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; or (iii) any person or entity on the List of Specially Designated Nationals and Blocked Persons published by OFAC or any comparable Sanctions Regime lists.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.1 The Fund represents and warrants that it conducts ongoing screening of its holdings, relevant transactional activity, and service providers engaged by the Fund, including but not limited to

Authorized Participants and distributors, against lists promulgated by a Sanctions Regime, as such lists are amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6.2 The Fund represents and warrants that it has implemented adequate risk management, control and compliance procedures and systems to ensure that it will not instruct or otherwise cause Custodian to hold any assets in custody that would violate a Sanctions Regime. The Fund further represents it will not instruct Custodian to invest in any asset, nor engage in or facilitate any transaction that would cause Custodian to violate any Sanctions Regime, including any transaction or dealing involving: (i) any country with which transactions or dealings by any person are prohibited under a Sanctions Regime; (ii) any person or entity subject to any Sanctions Regime; or (iii) any assets owned or controlled by a person or entity that is subject to any Sanctions Regime (collectively, "Sanctioned Property"). The Fund further represents and warrants that it has confirmed that relevant service providers engaged by the Fund, including but not limited to Authorized Participants and distributors, have implemented equivalent controls as stated above. The Fund further represents and warrants that it will promptly notify the Custodian in writing if either it or any of the above relevant service providers becomes subject to a Sanctions Regime or if any of the assets custodied by BBH subsequently becomes Sanctioned Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 The Fund represents and warrants that it has developed and implemented an anti-money laundering ("AML") program ("AML Program") that is designed to comply with all applicable AML and terrorist financing laws and regulations, including but not limited to: the United States Bank Secrecy Act, as amended by the USA PATRIOT Act of 2001, and the regulations promulgated thereunder; the 4<sup>th</sup> European Union Anti-Money Laundering Directive; or Financial Action Task Force ("FATF") standards against money laundering and terrorist financing (collectively, "applicable AML laws"). The Fund represents and warrants that its AML Program includes proper due diligence on relevant service providers, including but not limited to Authorized Participants and distributors, and confirmation that such service providers have implemented their own policies and procedures designed to comply with applicable AML Laws. The Fund further represents and warrants that it creates and maintains all records and documentation required by applicable AML laws, including identification and verification records of the Fund's customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.1 The Fund acknowledges that the Custodian is obligated under applicable US AML Laws to obtain, verify and record identifying information about its customers prior to opening an account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.2 The Fund represents and warrants that upon request, it will provide the Custodian with information that the Custodian requires to comply with applicable AML Laws and Sanctions Regimes, including but not limited to, verification regarding the AML and Sanctions Regime controls implemented by the above relevant service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7.3 The Fund further represents and warrants that it will not instruct or otherwise cause Custodian to hold any assets in custody or engage in or facilitate any transaction that would cause Custodian to violate any applicable AML laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8 The Fund represents and warrants that neither it nor any Portfolio is a "Plan" (which term includes (1) employee benefit plans that are subject to the United States ("US") Employee Retirement Income Security Act of 1974, as amended ("ERISA"), or plans, individual retirement accounts and other arrangements that are subject to Section 4975 of the US Internal Revenue Code of 1986, as amended (the "Code"), (2) plans, individual retirement accounts and other arrangements that are subject to the prohibited transaction provisions of Section 406 of ERISA or Section 4975 of the Code, and (3) entities the underlying assets of which are considered to include "plan assets" of such plans, accounts and arrangements), or an entity purchasing shares on behalf of, or with the "plan assets" of, a Plan, and further undertakes to inform BBH&Co. and to keep the same updated as to the status under ERISA or Section 4975 of the Code, each as amended, of the Fund, including its Portfolios, or (4) the assets of any plan or other retirement arrangement or account that is not subject to Section 4975 of the Code or Title I of ERISA but is subject to any U.S. federal, state or local law or regulation or any non-U.S. or other law or regulation that contains one or more provisions that are similar to any of the fiduciary responsibility or prohibited transaction provisions under Title I of ERISA or Section 4975 of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.9 The Fund represents and warrants that it will promptly notify the Custodian in writing if any of the above representations cease to be true.

3.  ***Representation and Warranty of BBH&Co. as Custodian and TA.*** BBH&Co. hereby represents and warrants that this Agreement has been duly authorized, executed and delivered by BBH&Co. and does not and will not violate any Applicable Law or conflict with or constitute a default under BBH&Co.'s limited partnership agreement or any agreement, instrument, judgment, order or decree to which BBH&Co. is a party or by which it is bound.

4.  ***Instructions.*** Unless otherwise explicitly indicated herein, the Custodian shall perform its duties pursuant to Instructions. As used herein, the term **Instruction** shall mean a directive initiated by the Fund, acting through its board of directors or trustees, officers or other Authorized Person, which directive shall conform to the requirements of this Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 ***Authorized Persons.*** For purposes hereof, an **Authorized Person** shall be a person or entity authorized by the Fund to give Instructions to the Custodian by written notices or otherwise for or on behalf of the Fund or Portfolio, as applicable, in accordance with procedures delivered to and acknowledged by the Custodian. The Custodian may treat any Authorized Person as having the full authority of the Fund to issue Instructions hereunder unless the notice of authorization contains explicit limitations as to said authority. The Custodian shall be entitled to rely upon the authority of designated Authorized Persons to give Instructions with respect to the Fund or a Portfolio until it receives appropriate written notice from the Fund to the contrary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 ***Form of Instruction.*** Each Instruction shall be transmitted by such secured or authenticated electro-mechanical means as the Custodian shall make available to the Fund from time to time unless the Fund shall elect to transmit such Instruction in accordance with Subsections 4.2.1 through 4.2.3 of this Section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.1 ***Fund Designated Secured-Transmission Method.*** Instructions may be transmitted through a secured or tested electro-mechanical means identified by the Fund or by an Authorized Person entitled to give Instruction and acknowledged and accepted by the Custodian, it being understood that such acknowledgment shall authorize the Custodian to accept such means of delivery but shall not represent a judgment by the Custodian as to the reasonableness or security of the means utilized by the Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.2 ***Written Instructions.*** Instructions may be transmitted in a writing that bears the manual signature of Authorized Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.3 ***Other Forms of Instruction.*** Instructions may also be transmitted by another means determined by the Fund or Authorized Persons and acknowledged and accepted by the Custodian (subject to the same limits as to acknowledgements as are contained in Subsection 4.2.1, above) including Instructions given orally or by SWIFT or telefax (whether tested or untested).

When an Instruction is given by means established under Subsections 4.2.1 through 4.2.3, it shall be the responsibility of the Custodian to use reasonable care to adhere to any security or other procedures established in writing between the Custodian and the Authorized Person with respect to such means of Instruction, but the Authorized Person shall be solely responsible for determining that the particular means chosen is reasonable under the circumstances. Oral Instructions shall be binding upon the Custodian only if and when the Custodian takes action with respect thereto. With respect to telefax instructions, the parties agree and acknowledge that receipt of legible instructions cannot be assured, that the Custodian cannot verify that authorized signatures on telefax instructions are original or properly affixed, and that the Custodian shall not be liable for losses or expenses incurred through actions taken in reliance on inaccurately stated, illegible or unauthorized telefax instructions. The provisions of Section 4A of the Uniform Commercial Code shall apply to Funds Transfers performed in accordance with Instructions. The Funds Transfer Services Agreement and the BBH Online Terms and Conditions shall each comprise a designation of a means of delivering Instructions for purposes of this Section 4.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 ***Completeness and Contents of Instructions.*** The Authorized Person shall be responsible for assuring the adequacy and accuracy of Instructions. Particularly, upon any acquisition or disposition or other dealing in the Fund's Investments and upon any delivery and transfer of any Investment or moneys, the Authorized Person

initiating the Instruction shall give the Custodian an Instruction with appropriate detail, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.1 The transaction date and the date and location of settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.2 The specification of the type of transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.3 A description of the Investments or moneys in question, including, as appropriate, quantity, price per unit, amount of money to be received or delivered and currency information. Where an Instruction is communicated by electronic means, or otherwise where an Instruction contains an identifying number such as a CUSIP, SEDOL or ISIN number, the Custodian shall be entitled to rely on such number as controlling notwithstanding any inconsistency contained in the Instruction, particularly with respect to Investment description; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.4 The name of the broker or similar entity concerned with execution of the transaction.

If the Custodian determines that an Instruction is either unclear or incomplete, the Custodian may give prompt notice of such determination to the Fund and the Fund shall thereupon amend or otherwise reform the Instruction. In such event, the Custodian shall have no obligation to take any action in response to the Instruction initially delivered until the redelivery of an amended or reformed Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4 ***Timeliness of Instructions.*** In giving an Instruction, the Fund shall take into consideration delays which may occur due to the involvement of a Subcustodian or agent, differences in time zones, and other factors particular to a given market, exchange or issuer. When the Custodian has established specific timing requirements or deadlines with respect to particular classes of Instruction, or when an Instruction is received by the Custodian at such a time that it could not reasonably be expected to have acted on such instruction due to time zone differences or other factors beyond its reasonable control, the execution of any Instruction received by the Custodian after such deadline or at such time (including any modification or revocation of a previous Instruction) shall be at the risk of the Fund.

5. ***Safekeeping of Fund Assets.*** The Custodian shall hold Investments delivered to it or Subcustodians for the Fund in accordance with the provisions of this Section. The Custodian shall not be responsible for (a) the safekeeping of Investments not delivered or that are not caused to be issued to it or its Subcustodians; or, (b) pre-existing faults or defects in Investments that are delivered to the Custodian or its Subcustodians. The Custodian is hereby authorized to hold with itself or a Subcustodian, and to record in one or more accounts, all Investments delivered to and accepted by the Custodian, any Subcustodian or their respective agents pursuant to an Instruction or in consequence of any corporate action or income event. The Custodian shall hold Investments for the account of the Fund and shall segregate Investments from assets belonging to the Custodian and shall cause its Subcustodians to segregate Investments from assets belonging to the Subcustodian in an account held for the Fund or in an account maintained by the Subcustodian generally for non-proprietary assets of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1 ***Use of Securities Depositories.*** The Custodian may deposit and maintain Investments in any Securities Depository, either directly or through one or more Subcustodians appointed by the Custodian. Investments held in a Securities Depository shall be held (a) subject to the agreement, rules, statement of terms and conditions or other document or conditions effective between the Securities Depository and the Custodian or the Subcustodian, as the case may be, and (b) in an account for the Fund or in bulk segregation in an account maintained for the non-proprietary assets of the entity holding such Investments in the Depository. If market practice or the rules and regulations of the Securities Depository prevent the Custodian, the Subcustodian or any agent of either from holding its client assets in such a separate account, the Custodian, the Subcustodian or any agent of either shall as appropriate segregate such Investments for benefit of the Fund or for benefit of clients of the Custodian generally on its own books.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 ***Certificated Assets.*** Investments which are certificated may be held in registered or bearer form: (a) in the Custodian's vault; (b) in the vault of a Subcustodian or agent of the Custodian or a Subcustodian; or (c) in an account maintained by the Custodian, Subcustodian or agent at a Securities Depository; all in accordance with customary market practice in the jurisdiction in which any Investments are held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3 ***Registered Assets***. Investments which are registered may be registered in the name of the Custodian, a Subcustodian, or in the name of the Fund, a Portfolio or a nominee for any of the foregoing, and may be held in any manner set forth in Section 5.2 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4 ***Book Entry Assets.*** Investments which are represented by book-entry may be so held in an account maintained by the Book-Entry Agent on behalf of the Custodian, a Subcustodian, an Agent of the Custodian, or a Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5 ***Replacement of Lost Investments.*** In the event of a loss of Investments for which loss the Custodian is responsible under the terms of this Agreement, the Custodian shall replace such Investment, or in the event that such replacement cannot be effected, the Custodian shall pay to the Fund the fair market value of such Investment based on the last available price as of the close of business in the relevant market on the date that a claim was first made to the Custodian with respect to such loss or such other lesser amount as shall be agreed by the parties.

6. ***Administrative Duties of the Custodian.*** The Custodian shall perform the following administrative duties with respect to Investments of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 ***Purchase of Investments.*** Pursuant to Instruction, Investments purchased for the account of the Fund shall be paid for (a) against delivery thereof to the Custodian or a Subcustodian, as the case may be, either directly or through a Clearing Corporation or a Securities Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (b) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 ***Sale of Investments.*** Pursuant to Instruction, Investments sold for the account of the Fund shall be delivered (a) against payment therefor in cash, by check or by bank wire transfer, (b) by credit to the account of the Custodian or the applicable Subcustodian, as the case may be, with a Clearing Corporation or a Securities Depository (in accordance with the rules of such Securities Depository or such Clearing Corporation), or (c) otherwise in accordance with an Instruction, Applicable Law, generally accepted trade practices, or the terms of the instrument representing such Investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 ***Delivery and Receipt in Connection with Borrowings of the Fund or other Collateral and Margin Requirements.*** Pursuant to Instruction, the Custodian may deliver or receive Investments or cash of the Fund in connection with borrowings or loans by the Fund and other collateral and margin requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 ***Futures and Options.*** If, pursuant to an Instruction, the Custodian shall become a party to an agreement with the Fund and a futures commission merchant regarding margin (**Tri-Party Agreement**), the Custodian shall (a) receive and retain, to the extent the same are provided to the Custodian, confirmations or other documents evidencing the purchase or sale by the Fund of exchange-traded futures contracts and commodity options, (b) when required by such Tri-Party Agreement, deposit and maintain in an account opened pursuant to such Agreement (**Margin Account**), segregated either physically or by book-entry in a Securities Depository for the benefit of any futures commission merchant, such Investments as the Fund shall have designated as initial, maintenance or variation "margin" deposits or other collateral intended to secure the Fund's performance of its obligations under the terms of any exchange-traded futures contracts and commodity options; and (c) thereafter pay, release or transfer Investments into or out of the margin account in accordance with the provisions of such Agreement. Alternatively, the Custodian may deliver Investments, in accordance with an Instruction, to a futures commission merchant for purposes of margin requirements in accordance with Rule 17f-6 under the 1940 Act. The Custodian shall in no event be responsible for the acts and omissions of any futures commission merchant to whom Investments are delivered pursuant to this Section; for the sufficiency of Investments held in any Margin Account; or, for the performance of any terms of any exchange-traded futures contracts and commodity options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 ***Contractual Obligations and Similar Investments.*** From time to time, the Fund's Investments may include Investments that are not ownership interests as may be represented by certificate (whether registered or bearer), by entry in a Securities Depository or by Book-Entry Agent, registrar or similar agent for recording ownership interests in the relevant Investment. If the Fund shall at any time acquire such Investments, including without limitation deposit obligations, loan participations, repurchase agreements and derivative arrangements, the Custodian shall (a) receive and retain, to the extent the same are provided to the Custodian, confirmations or other documents evidencing the arrangement; and (b) perform on the Fund's account in accordance with the

terms of the applicable arrangement, but only to the extent directed to do so by Instruction. The Custodian shall have no responsibility for agreements running to the Fund as to which it is not a party other than to retain, to the extent the same are provided to the Custodian, documents or copies of documents evidencing the arrangement and, in accordance with Instruction, to include such arrangements in reports made to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 ***Exchange of Securities.*** Unless otherwise directed by Instruction, the Custodian shall: (a) exchange securities held for the account of the Fund for other securities in connection with any reorganization, recapitalization, conversion, stock split, change of par value of shares or similar event, and (b) deposit any such securities in accordance with the terms of any reorganization or protective plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 ***Surrender of Securities.*** Unless otherwise directed by Instruction, the Custodian may surrender securities: (a) in temporary form for definitive securities; (b) for transfer into the name of an entity allowable under Section 5.3; and (c) for a different number of certificates or instruments representing the same number of shares or the same principal amount of indebtedness.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 ***Rights, Warrants, Etc.*** Pursuant to Instruction, the Custodian shall (a) deliver warrants, puts, calls, rights or similar securities to the issuer or trustee thereof, or to any agent of the issuer or trustee, for purposes of exercising such rights or selling such securities, and (b) deliver securities in response to any tender offer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 ***Mandatory Corporate Actions.*** Unless otherwise directed by Instruction, the Custodian shall: (a) comply with the terms of all mandatory or compulsory exchanges, calls, tenders, redemptions or similar rights of securities ownership affecting securities held on the Fund's account and promptly notify the Fund of such action; and (b) collect all stock dividends, rights and other items of like nature with respect to such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 ***Income Collection.*** Unless otherwise directed by Instruction, the Custodian shall collect any amount due and payable to the Fund with respect to Investments and promptly credit the amount collected to a Principal or Agency Account; provided, however, that the Custodian shall not be responsible for: (a) the collection of amounts due and payable with respect to Investments that are in default or (b) the collection of cash or share entitlements with respect to Investments that are not registered in the name of the Custodian or its Subcustodians. The Custodian is hereby authorized to endorse and deliver any instrument required to be so endorsed and delivered to effect collection of any amount due and payable to the Fund with respect to Investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 ***Corporate Action Information.*** In fulfilling the duties set forth in Sections 6.6 through 6.10 above, the Custodian shall provide to the Fund such material information pertaining to a corporate action which the Custodian actually receives; provided that the Custodian shall not be responsible for the completeness or accuracy of such information. Information relative to any pending corporate action made available to the Fund via any of the services described in the BBH Online Terms and Conditions shall constitute the delivery of such information by the Custodian. Any advance credit of cash or shares expected to be received as a result of any corporate action shall be subject to actual collection and may be reversed by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 ***Proxy Materials.*** The Custodian shall deliver, or cause to be delivered, to the Fund proxy forms, notices of meeting, and any other notices or announcements materially affecting or relating to Investments received by the Custodian. Notifications and ballots made available to clients via access to BBH's Online portal, BBH Infuse, or delivered electronically to an address or identification furnished by the Client (e.g., ProxyEdge ID) shall constitute the delivery of such information by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 ***Ownership Certificates and Disclosure of the Fund's Interest*.** The Custodian is hereby authorized to execute on behalf of the Fund ownership certificates, affidavits or other disclosure required under Applicable Law or established market practice in connection with the receipt of income, capital gains or other payments by the Fund with respect to Investments, or in connection with the sale, purchase or ownership of Investments.

With respect to securities issued in the United States of America, the Custodian [ ] may [ ] may not release the identity of the Fund to an issuer which requests such information pursuant to the Shareholder Communications Act of 1985 for the specific purpose of direct communications between such issuer and the Fund. IF NO BOX IS CHECKED, THE CUSTODIAN SHALL RELEASE SUCH INFORMATION UNTIL IT RECEIVES CONTRARY INSTRUCTIONS FROM THE FUND. With respect to securities issued outside

of the United States of America, information shall be released in accordance with law or custom of the particular country in which such security is located.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14. ***Taxes.*** The Custodian shall, where applicable, assist the Fund in the reclamation of taxes withheld on dividends and interest payments received by the Fund. In the performance of its duties with respect to tax withholding and reclamation, the Custodian shall be entitled to rely on the advice of counsel and upon information and advice regarding the Fund's tax status that is received from or on behalf of the Fund without duty of separate inquiry.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 ***Other Dealings.*** The Custodian shall otherwise act as directed by Instruction, including without limitation effecting the free payments of moneys or the free delivery of securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 ***Nondiscretionary Details and Minor Expenses.*** The Custodian shall attend to all nondiscretionary details in connection with the sale or purchase or other administration of Investments, except as otherwise directed by Instruction, and may make payments to itself or others for minor expenses of administering Investments under this Agreement, provided that the Fund shall have the right to request an accounting with respect to such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 ***Use of Agents.*** The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other affiliate, bank, trust company or subcontractor as its agent (each an "**Agent**" and collectively, the "**Agents**"), in addition to Subcustodians, to carry out such provisions of this Agreement as it may from time to time direct, including in connection with use of any Securities System. The Custodian shall exercise reasonable care in the selection and monitoring of such Agents and Subcustodians. The appointment of an Agent shall not relieve the Custodian of its obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 ***Registration Document Completion Service.*** The Fund may appoint the Custodian to further provide registration document completion services for account openings, name changes, conversions, mergers, market-specific licensing renewals, account closings and other events, and for such markets, as may be agreed between each Fund and the Custodian from time to time (the "Registration Services"). The Fund shall pay Custodian such fees as may be agreed between the parties from time to time with respect to the Registration Services in accordance with Section 15 hereof. The Fund further acknowledges and agrees that: (i) as part of the Registration Services, the Custodian will complete registration documentation for the agreed markets on behalf of the Fund and then forward such documentation to the Fund or an Authorized Person for final review and signature on behalf of the Fund; (ii) by the Fund or an Authorized Person signing and submitting the aforementioned documentation to the Custodian on behalf of the Fund (the "Submitted Documents"), the Fund shall be deemed to have confirmed to the Custodian that the Fund has reviewed the Submitted Documents and has determined that all of the information contained therein is accurate and complete; (iii) the submission of the Submitted Documents to the Custodian, shall be deemed an Instruction under Section 4 hereof to open one or more accounts in the referenced market (in accordance with the information provided in the Submitted Documents) and to provide the Submitted Documents and/or the information contained therein to the Subcustodian in the referenced market (and where applicable, for further submission to the relevant Securities Depository, exchanges, regulatory and tax authorities, tax agents and/or brokers in the referenced market).

7. ***Cash Accounts, Deposits and Money Movements.*** Subject to the terms and conditions set forth in this Section 7, the Fund hereby authorizes the Custodian to open and maintain, with itself, Subcustodians or other banking institutions, cash accounts in such currencies as are the currencies of the countries in which the Fund maintains Investments or in such other currencies as the Fund shall from time to time request by Instruction (including, as applicable, in connection with a standing Instruction for the Fund's participation BBH&Co.'s cash management sweep program). Notwithstanding anything in this Agreement to the contrary, the Fund shall be liable as principal for any overdrafts occurring in any cash accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 ***Types of Cash Accounts*.** Cash accounts opened on the books of the Custodian (**Principal Accounts**) shall be opened in the name of the Fund. Such accounts collectively shall be a deposit obligation of the Custodian and shall be subject to the terms of this Section 7 and the general liability provisions contained in Section 9. Cash accounts opened on the books of a Subcustodian may be opened in the name of the Fund or in the name of the Custodian for the Fund or in the name of the Custodian for its customers generally (**Agency Accounts**). Such deposits shall be obligations of the Subcustodian and shall be treated as an Investment of the Fund. Accordingly,

the Custodian shall be responsible for exercising reasonable care in the administration of such accounts, but shall not be liable for their repayment in the event the Subcustodian, by reason of its bankruptcy, insolvency or otherwise, fails to make repayment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1.1 ***Administrative Accounts.*** In connection with the services provided hereunder, the Custodian is hereby directed to open cash accounts on its books and records from time to time for the purposes of receiving subscriptions and/or processing redemptions on behalf of the Fund and/or for the purposes of aggregating, netting and/or clearing transactions (including, without limitation foreign exchange, repurchase agreements, capital stock activity, expense payment) or other administrative purposes, each on behalf of the Fund (each an "Account"). Each such Account shall be subject to the terms and conditions of this Agreement and the Fund shall be liable for the satisfaction of its obligations in connection with each Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 ***Payments and Credits with Respect to the Cash Accounts*.** The Custodian shall make payments from or deposits to any of the cash accounts in the course of carrying out its administrative duties, including but not limited to income collection with respect to the Fund's Investments, and otherwise in accordance with Instructions. The Custodian and its Subcustodians shall be required to credit amounts to the cash accounts only when moneys are actually received in cleared funds in accordance with banking practice in the country and currency of deposit. Any credit made to any Principal or Agency Account before actual receipt of cleared funds shall be provisional and may be reversed by the Custodian in the event such payment is not actually collected. Unless otherwise specifically agreed in writing by the Custodian or any Subcustodian, all deposits shall be payable only at the branch of the Custodian or Subcustodian where the deposit is made or carried.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3 ***Currency and Related Risks.*** The Fund bears the risks of holding or transacting in any currency, including any mark to market exposure associated with a foreign exchange transaction undertaken with the Custodian. The Custodian shall not be liable for any loss or damage arising from the applicability of any law or regulation now or hereafter in effect, or from the occurrence of any event, which may delay or affect the transferability, convertibility or availability of any currency in the country (a) in which such Principal or Agency Accounts are maintained or (b) in which such currency is issued, and in no event shall the Custodian be obligated to make payment of a deposit denominated in a currency during the period during which its transferability, convertibility or availability has been affected by any such law, regulation or event. Without limiting the generality of the foregoing, neither the Custodian nor any Subcustodian shall be required to repay any deposit made at a foreign branch of either the Custodian or Subcustodian if such branch cannot repay the deposit due to a cause for which the Custodian would not be responsible in accordance with the terms of Section 9 of this Agreement unless the Custodian or such Subcustodian expressly agrees in writing to repay the deposit under such circumstances. All currency transactions in any account opened pursuant to this Agreement are subject to exchange control regulations of the United States and of the country where such currency is the lawful currency or where the account is maintained. Any taxes, costs, charges or fees imposed on the convertibility of a currency held by the Fund shall be for the account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4 ***Foreign Exchange Transactions*.** The Custodian shall, subject to the terms of this Section, settle foreign exchange transactions (including contracts, futures, options and options on futures) on behalf and for the account of the Fund with such currency brokers or banking institutions, including Subcustodians, as the Fund may direct pursuant to Instructions. The Custodian may act as principal in any foreign exchange transaction with the Fund in accordance with Section 7.4.2 of this Agreement. The obligations of the Custodian in respect of all foreign exchange transactions (whether or not the Custodian shall act as principal in such transaction) shall be contingent on the free, unencumbered transferability of the currency transacted on the actual settlement date of the transaction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.1 ***Third Party Foreign Exchange Transactions*.** The Custodian shall process foreign exchange transactions (including without limitation contracts, futures, options, and options on futures), where any third party acts as principal counterparty to the Fund on the same basis it performs duties as agent for the Fund with respect to any other of the Fund's Investments. Accordingly the Custodian shall only be responsible for delivering or receiving currency on behalf of the Fund in respect of such contracts pursuant to Instructions. The Custodian shall not be responsible for the failure of any counterparty (including any Subcustodian) in such agency transaction to perform its obligations thereunder. The Custodian (a) shall transmit cash and Instructions to and from the currency broker or banking institution

with which the Fund has executed a foreign exchange contract or option, (b) may make free outgoing payments of cash in the form of Dollars or foreign currency without receiving confirmation of a foreign exchange contract or option or confirmation that the countervalue currency completing the foreign exchange contract has been delivered or received or that the option has been delivered or received, (c) may, in connection with cash payments made to third party currency brokers/dealers for settlement of the Fund's foreign exchange spot or forward transactions, foreign currency swap transactions and similar foreign exchange transactions, process settlements using the facilities of the CLS Bank according to the CLS Bank and the CLS Bank Settlement Member terms and conditions**,** and (d) shall hold in safekeeping all confirmations, certificates and other documents and agreements received by the Custodian and evidencing or relating to such foreign exchange transactions. The Fund accepts full responsibility for its use of third-party foreign exchange dealers and for execution of the foreign exchange contracts and options and understands that the Fund shall be responsible for any and all costs and interest charges which may be incurred by the Fund or the Custodian as a result of the failure or delay of third parties to deliver foreign exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.4.2 ***Foreign Exchange with the Custodian as Principal*.** The Custodian may enter into foreign exchange transactions with the Fund. If a foreign exchange transaction with the Custodian as principal is initiated by Instruction and the parties have not otherwise entered into an agreement specific to such transaction(s), the transaction will be performed and subject to the FX Terms and Conditions (available at: http://www.bbh.com/fxtermsandconditions) incorporated into the BBH Online Terms and Conditions (the "FX Terms and Conditions"), which terms may be updated from time to time in accordance with the procedures set forth in the BBH Online Terms and Conditions. Foreign exchange transactions that occur or are placed on or after the effective date of such updates, as stated in the applicable notice, shall be governed by the FX Terms and Conditions, as so modified. The Fund represents and warrants, each and every time an Instruction to execute a foreign exchange transaction with the Custodian as principal is initiated, that it is an eligible contract participant, as that term is used under the Commodity Exchange Act and the regulations thereunder, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.5 ***Delays*.** If no event of Force Majeure shall have occurred and be continuing and in the event that a delay shall have been caused by the negligence or willful misconduct of the Custodian in carrying out an Instruction to credit or transfer cash, the Custodian shall be liable to the Fund: (a) with respect to Principal Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Custodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected; and, (b) with respect to Agency Accounts, for interest to be calculated at the rate customarily paid on such deposit and currency by the Subcustodian on overnight deposits at the time the delay occurs for the period from the day when the transfer should have been effected until the day it is in fact effected. The Custodian shall not be liable for delays in carrying out Instructions to transfer cash which are not due to the Custodian's own negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6 ***Advances.*** If, for any reason in connection with this Agreement the Custodian or any Subcustodian makes an Advance to facilitate settlement or otherwise for the benefit of the Fund (whether or not any Principal or Agency Account shall be overdrawn either during, or at the end of, any Business Day), the Fund hereby does:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.1 acknowledge that the Fund shall have no right, title or interest in or to any Investments purchased with such Advance or proceeds of such Investments, and that any credit of Investments to an account of Fund shall be provisional, until: (a) the debit of the Principal or Agency Account by Custodian for an amount equal to Advance Costs; and/or (b) if such debit produces an overdraft in such account, reimbursement to the Custodian or Subcustodian for the amount of such overdraft;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.6.2 acknowledge that the Custodian has an automatically perfected statutory security interest in Investments purchased with any such Advance pursuant to Section 9-206 of the Uniform Commercial Code as in effect in the State of New York from time to time;

In addition, in order to secure the obligations of the Fund to pay or perform any and all obligations of the Fund pursuant to this Agreement, including without limitation to repay any Advance made pursuant to this Agreement, the Fund grants to the Custodian a security interest and right of setoff in all Investments and

proceeds thereof (as defined in the Uniform Commercial Code as currently in effect in the State of New York); and agrees to take, and agrees that the Custodian may take, in respect of the security interest referenced above, any further actions that the Custodian may reasonably require.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.7 ***Custodian's Rights*** Neither the Custodian nor any Subcustodian shall be obligated to make any Advance or to allow an Advance to occur to the Fund, and in the event that the Custodian or any Subcustodian does make or allow an Advance, any such Advance and any transaction giving rise to such Advance shall be for the account and risk of the Fund and shall not be deemed to be a transaction undertaken by the Custodian for its own account and risk. If such Advance shall have been made or allowed by a Subcustodian or any other person, the Custodian may assign all or part of its security interest referenced above and any other rights granted to the Custodian hereunder to such Subcustodian or other person. If the Fund shall fail to repay the Advance Costs when due, the Custodian or its assignee, as the case may be, shall be entitled to a portion of the available cash balance in any Agency or Principal Account equal to such Advance Costs, and the Fund authorizes the Custodian, on behalf of the Fund or Portfolio, to pay an amount equal to such Advance Costs irrevocably to such Subcustodian or other person, and to dispose of any property in such Account to the extent necessary to make such payment. Any Investments credited to accounts subject to this Agreement created pursuant hereto shall be treated as financial assets credited to securities accounts under Articles 8 and 9 of the Uniform Commercial Code as in effect in the State of New York from time to time. Accordingly, the Custodian and any Subcustodian shall have the rights and benefits of a secured creditor that is a securities intermediary under such Articles 8 and 9.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.8 ***Integrated Account*.** For purposes hereof, deposits maintained in all Principal Accounts (whether or not denominated in Dollars) shall collectively constitute a single and indivisible current account with respect to the Fund's obligations to the Custodian or its assignee, and balances in the Principal Accounts shall be available for satisfaction of the Fund's obligations under this Section 7. The Custodian shall further have a right of offset against the balances in any Agency Account maintained hereunder to the extent that the aggregate of all Principal Accounts is overdrawn.

8. ***Subcustodians and Securities Depositories*.** Subject to the provisions hereinafter set forth in this Section 8, the Fund hereby authorizes the Custodian to utilize Securities Depositories to act on behalf of the Fund and to appoint from time to time and to utilize Subcustodians. With respect to securities and cash held by a Subcustodian, either directly or indirectly (including by a Securities Depository or Clearing Corporation), notwithstanding any provisions of this Agreement to the contrary, payment for securities purchased and delivery of securities sold may be made prior to receipt of securities or payment, respectively, and securities or payment may be received in a form in accordance with (a) governmental regulations, (b) rules of Securities Depositories and Clearing Corporations, (c) generally accepted trade practice in the applicable local market, (d) the terms and characteristics of the particular Investment, or (e) the terms of Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 ***Domestic Subcustodians and Securities Depositories*.** The Custodian may deposit and/or maintain, either directly or through one or more Agents appointed by the Custodian, Investments of the Fund in any Securities Depository in the United States, including The Depository Trust Company, provided such Depository meets applicable requirements of the Federal Reserve Bank or of the Securities and Exchange Commission. The Custodian may, from time to time, appoint any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations thereunder to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 ***Foreign Subcustodians and Securities Depositories*.** Unless instructed otherwise by the Fund, the Custodian may deposit and/or maintain non-U.S. Investments of the Fund in any non-U.S. Securities Depository provided such Securities Depository meets the requirements of an "eligible securities depository" under Rule 17f-7 promulgated under the 1940 Act, or any successor rule or regulation ("Rule 17f-7") or which by order of the Securities and Exchange Commission is exempted therefrom. Prior to the time that securities are placed with such depository, but subject to the provisions of Section 8.5 below, the Custodian shall have prepared an assessment of the custody risks associated with maintaining assets with the Securities Depository and shall have established a system to monitor such risks on a continuing basis in accordance with Section 8.5. Additionally, the Custodian may, from time to time, appoint (a) any bank, trust company or other entity meeting the requirements of an "eligible foreign custodian**"** under Rule 17f-5 or which by order of the Securities and Exchange Commission is exempted therefrom, or (b) any bank as defined in Section 2(a)(5) of the 1940 Act meeting the requirements of a custodian under Section 17(f) of the 1940 Act and the rules and regulations

thereunder, to act on behalf of the Fund as a Subcustodian for purposes of holding Investments of the Fund outside the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 ***Delegation of Board Review of Subcustodians.*** From time to time, the Custodian may agree to perform certain reviews of Subcustodians and of Subcustodian Contracts as the delegate of the Fund's Board. In such event, the Custodian's duties and obligations with respect to this delegated review will be performed in accordance with the terms of the attached 17f-5 Delegation Schedule to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 ***Board Approval of Foreign Subcustodians*.** Unless and except to the extent that the Board of Trustees has delegated to the Custodian and the Custodian has accepted delegation of review of certain matters concerning the appointment of Subcustodians pursuant to Subsection 8.3, the Custodian shall, prior to the appointment of any Subcustodian for purposes of holding Investments of the Fund outside the United States, obtain written confirmation of the approval of the Board of Trustees or Directors of the Fund with respect to (a) the identity of a Subcustodian, and (b) the Subcustodian agreement which shall govern such appointment, such approval to be signed by an Authorized Person. An Instruction to open an account in a given country shall comprise authorization of the Custodian to hold assets in such country in accordance with the terms of this Agreement. The Custodian shall not be required to make independent inquiry as to the authorization of the Fund to invest in such country.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 ***Monitoring and Risk Assessment of Securities Depositories.*** Prior to the placement of any assets of the Fund with a non-U.S. Securities Depository, the Custodian: (a) shall provide to the Fund or its authorized representative an assessment of the custody risks associated with maintaining assets within such Securities Depository; and (b) shall have established a system to monitor the custody risks associated with maintaining assets with such Securities Depository on a continuing basis and to promptly notify the Fund or its Investment Adviser of any material changes in such risk. In performing its duties under this subsection, the Custodian shall use reasonable care and may rely on such reasonable sources of information as may be available including but not limited to: (i) published ratings; (ii) information supplied by a Subcustodian that is a participant in such Securities Depository; (iii) industry surveys or publications; (iv) information supplied by the depository itself, by its auditors (internal or external) or by the relevant Foreign Financial Regulatory Authority. It is acknowledged that information procured through some or all of these sources may not be independently verifiable by the Custodian and that direct access to Securities Depositories is limited under most circumstances. Accordingly, the Custodian shall not be responsible for errors or omissions in its duties hereunder provided that it has performed its monitoring and assessment duties with reasonable care. The risk assessment shall be provided to the Fund or its Investment Advisor by such means as the Custodian shall reasonably establish. Advices of material change in such assessment may be provided by the Custodian in the manner established as customary between the Fund and the Custodian for transmission of material market information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 ***Responsibility for Subcustodians*.** Except as provided in the last sentence of this Section 8.6, the Custodian shall be liable to the Fund for any loss or damage to the Fund caused by or resulting from the acts or omissions of any Subcustodian to the extent that such acts or omissions would be deemed to be negligence, gross negligence or willful misconduct in accordance with the terms of the relevant subcustodian agreement under the laws, circumstances and practices prevailing in the place where the act or omission occurred. The liability of the Custodian in respect of the countries and Subcustodians designated by the Custodian, from time to time on the Global Custody Network Listing shall be subject to the additional condition that the Custodian actually recovers such loss or damage from the Subcustodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7 ***New Countries.*** The Fund shall be responsible for informing the Custodian sufficiently in advance of a proposed investment which is to be held in a country in which no Subcustodian is authorized to act in order that the Custodian shall, if it deems appropriate to do so, have sufficient time to establish a subcustodial arrangement in accordance herewith. In the event the Custodian is unable to establish such arrangements prior to the time the investment is to be acquired, the Custodian is authorized to designate at its discretion a local safekeeping agent, and the use of the local safekeeping agent shall be at the sole risk of the Fund, and accordingly the Custodian shall be responsible to the Fund for the actions of such agent if and only to the extent the Custodian shall have recovered from such agent for any damages caused the Fund by such agent.

9. ***Responsibility of the Custodian.*** In performing its duties and obligations hereunder, the Custodian shall use reasonable care under the facts and circumstances prevailing in the market where performance is effected, but shall not

be required to take any action which, in the Custodian's reasonable judgment, is in contravention of any Applicable Law, rule or regulation or any order or judgment of any court of competent jurisdiction. Subject to the specific provisions of this Section, the Custodian shall be liable to the Fund for any direct damage incurred by the Fund cause by the Custodian's negligence, bad faith or willful misconduct. In no event shall the Custodian be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if the Custodian has been advised of the possibility of such damages. It is agreed that the Custodian shall have no duty to assess the risks inherent in the Fund's Investments or to provide investment advice with respect to such Investments and that the Fund including its Portfolios as principal shall bear any risks attendant to particular Investments such as failure of counterparty or issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 ***Limitations of Performance*.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.1  ***Force Majeure.*** Notwithstanding anything to the contrary, BBH&Co. shall not be responsible or liable for any failure, hindrance or delay in the performance of its obligations under this Agreement arising out of, or for any loss or damages arising out of, a Force Majeure event. BBH&Co. will use reasonable efforts to perform its obligations under this Agreement notwithstanding such Force Majeure event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1.2 ***Country Risk; Sovereign Risk; AML and Sanctions Risk.*** The Custodian shall not be responsible under this Agreement for any failure to perform its duties and shall not be liable hereunder for any loss or damages in association with such failure to perform, for or in consequence of the following: Country Risk, Sovereign Risk or AML and Sanctions Risk.

**Country Risk** shall mean, with respect to the acquisition, ownership, settlement or custody of Investments in a jurisdiction, all risks relating to, or arising in consequence of, systemic and markets factors affecting the acquisition, payment for or ownership of Investments including (a) the prevalence of crime and corruption, (b) the inaccuracy or unreliability of business and financial information, (c) the instability or volatility of banking and financial systems, or the absence or inadequacy of an infrastructure to support such systems, (d) custody and settlement infrastructure of the market in which such Investments are transacted and held, (e) the acts, omissions and operation of any Securities Depository, (f) the risk of the bankruptcy or insolvency of banking agents, counterparties to cash and securities transactions, registrars or transfer agents, and (g) the existence of market conditions which prevent the orderly execution or settlement of transactions or which affect the value of assets.

**Sovereign Risk** shall mean, in respect of any jurisdiction, including the United States of America, where an Investment is acquired or held hereunder or under a subcustody agreement, (a) any act of war, terrorism, riot, insurrection or civil commotion, (b) the imposition of any investment, repatriation or exchange control restrictions by any Governmental Authority, (c) the confiscation, expropriation or nationalization of any Investments or cash deposits by any Governmental Authority, whether de facto or de jure, (d) any devaluation or revaluation of the currency, (e) the imposition of taxes, levies or other charges affecting Investments or cash deposits, (f) any change in the Applicable Law, or (g) any other economic or political risk incurred or experienced.

**AML and Sanctions Risk** shall mean, with respect to the acquisition, ownership, settlement or custody of Investments, all risks relating to, or arising in consequence of the Custodian complying with one or more Sanctions Regimes or applicable AML Laws, including, but not limited to, the risk that if Custodian reasonably believes it has come in contact with a sanctioned party, or has come into possession or control of any Sanctioned Property as a result of its performance of this Agreement, Custodian may be required by one or more Sanctions Regime to block (i.e. prevent further movement of) such Sanctioned Property and report any related activity to relevant government authorities. The Fund acknowledges that if multiple Sanctions Regimes apply (including OFAC), the Custodian will comply with the most restrictive of the applicable regimes. The Fund also acknowledges that the Custodian shall not be liable hereunder for any loss or damage caused by any delays or refusals to process a transaction that result from Custodian's obligation to ensure compliance with applicable AML Laws and Sanctions Regimes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2. ***Limitations on Liability*.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.1 ***Failure of Third Parties.*** The Custodian shall not be liable for any loss, claim, damage or other liability arising from the failure of any third party including: (a) any issuer of Investments or Book-Entry Agent or other agent of an issuer; (b) any counterparty with respect to any Investment, including any issuer of exchange-traded or other futures, option, derivative or commodities contract; (c) any Investment Advisor or other agent of the Company; (d) any Digital Asset Custodian or other service provider responsible for safekeeping, holding in custody or providing asset services in respect of Digital Assets; or (e) any other third parties similarly beyond the control or choice of the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.2 ***Information Sources.*** The Custodian may rely upon information received from issuers of Investments or agents of such issuers, information received from Subcustodians and from other commercially reasonable sources such as commercial data bases and the like, but shall not be responsible for specific inaccuracies in such information, provided that the Custodian has relied upon such information in good faith, or for the failure of any commercially reasonable information provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2.3 ***Reliance on Instruction; Restricted Securities*.** The Custodian shall not be liable for any loss, claim, damage or other liability arising from (a) action by the Custodian or the Subcustodian in accordance with an Instruction, even when such action conflicts with, or is contrary to any provision of, the Fund's trust instrument, certificate of trust or by-laws or other constitutive documents, Applicable Law, or actions by the trustees, directors or shareholders of the Fund, or (b) limitations inherent in the rights, transferability or similar investment characteristics of a given Investment of the Fund.

10. ***Transfer Agency Services.*** Subject to the specific provisions of this Section, the TA shall not be liable to the Fund for any damage incurred by the Fund or a Portfolio unless such damages arise from the TA's (or its employees', officers' or other agents') negligence, bad faith or willful misconduct. In no event shall the TA be liable hereunder for any special, indirect, punitive or consequential damages arising out of, pursuant to or in connection with this Agreement even if advised of the possibility of such damages. BBH&Co. will provide the transfer agency services described in Schedule III hereto pursuant to the following terms and conditions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 ***Limitations on Liability***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.1 TA shall not be held accountable or liable to the Fund, or any third party if TA is unable to perform its responsibilities in accordance with this Agreement as a result of (i) any errors in the Services based upon or arising out of information received in a timely or untimely manner by TA either (a) from a source which TA was authorized to rely upon pursuant to a relevant Schedule hereto, or (b) from a source which in TA's reasonable judgment was as an appropriate source for such information, (ii) relevant information known to the Fund which would impact the Services but which is not communicated by the Fund or its agent to TA, or (iii) the suspension, discontinuance or termination of the transmission of information by information providers for any reason, provided TA shall have made reasonable commercial efforts to procure such transmission. The Fund hereby acknowledges and agrees that TA shall neither guarantee nor make any warranties whatsoever, with respect to the sources referenced above and to the accuracy or completeness of their information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.2 The Fund acknowledges and agrees that nothing herein is intended to diminish the responsibility of third parties, including without limitation, its clients, custodian banks, brokers, and pricing and administrative agents, under their respective contractual and/or business arrangements with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.3 TA shall incur no liability with respect to any telecommunications, equipment or power failures, or any failures to perform or delays in performance by postal or courier services or third-party information providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.4 TA shall in no event be required to advance or expend its own funds in connection with the services provided hereunder, or take any action which is in contravention of any applicable law, rule or regulation or any order or judgment of any court of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.5 The Fund shall review the Services performed by TA under this Agreement promptly and periodically and shall notify TA of any improper performance, discrepancy or error therein. Unless the

Fund provides written notice of any such discrepancy or error within a reasonable time after such Services are performed, the Services shall be deemed to have met the duties and standards set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.6 In no event shall the TA be liable for the acts or omission of the CNS Clearing Process, DTC, NSCC or any securities depository, clearing corporation, exchange or communications service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.7 Without limiting the generality of any of the foregoing provisions, in no event shall TA be liable for any taxes, penalties, fines, costs, charges or fees imposed on the Fund in connection with the Services hereunder unless otherwise agreed between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.8 In no event shall TA be responsible for providing investment management services or advice or legal advice under this Agreement, nor shall TA be liable for the investment management services and advice received or given by the Fund or the legal advice received by the Fund from its counsel or other legal counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1.9 Without limiting the generality of any of the foregoing provisions, the TA shall have no liability for any damages arising out of (i) the failure of any Authorized Participant to perform its obligations under a Participant Agreement ("Participant Agreement" defined for this purpose as any Participant Agreement between the Distributor and an Authorized Participant acknowledged by the Administrator); (ii) activities or statements of sales or wholesaler personnel who are employed by any distributor (or its affiliates); or (iii) the failure of any Authorized Participant to deposit with the Custodian sufficient collateral, or to provide additional collateral upon request by the TA, in connection with the monitoring services provided for herein on Schedule III; or (b) any errors in the computation of collateral requirements based upon or arising out of quotations or information received by the TA from the Fund's accounting agent or any other source on which the TA reasonably relies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 ***Instructions***. TA shall not be liable for, and shall be indemnified by the Fund against any and all losses, costs, damages or expenses arising from or as a result of, any action taken or omitted in reliance upon Instructions (as hereinafter defined) or upon any other written notice, request, direction, instruction, certificate or other instrument believed by it to be genuine and signed or authorized by the proper party or parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.1 Instructions shall mean a written request, direction, instruction or certification signed or initialed on behalf of the Fund by one or more Authorized Persons. Authorized Persons may be identified by name, title or position. Telephonic and other oral instructions or instructions given by facsimile transmission may be given by any one of the Authorized Persons. Such instructions shall be considered Instructions if TA reasonably believes them to have been given by an Authorized Person. In no event shall Instructions be in the form of electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.2 Where Instructions are conveyed through facsimile transmissions, the Fund hereby acknowledges that (i) receipt of legible instructions cannot be assured, (ii) TA cannot verify that authorized signatures on facsimile Instructions are original, and (iii) TA shall not be responsible for losses or expenses incurred through actions taken in reliance on such Instructions. The Fund agrees that such facsimile Instructions shall be conclusive evidence of the Fund's Instruction to TA to act or to omit to act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2.3 Instructions given orally will be confirmed by written Instructions in the manner set forth above in Section 10.2.1, including by facsimile, but the lack of such confirmation shall in no way affect any action taken by TA in reliance upon such oral Instructions. The Fund authorizes TA to tape record any and all telephonic or other oral Instructions given to TA by or on behalf of the Fund (including any of its officers, directors, trustees, employees or agents or any investment manager or adviser or person or entity with similar responsibilities which is authorized to give Instructions on behalf of the Fund to TA). The Fund agrees to solicit valid written or other consent from any of its employees in respect to telephonic recordings to the extent such consent is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 ***Representations of TA.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.1 TA represents that it is a registered transfer agent under the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.2 TA has established pursuant to the Bank Secrecy Act, and other U.S. laws and regulations applicable to it, Anti-Money Laundering (AML) compliance programs, including but not limited to: (1) the development of internal policies, procedures, and controls; (2) the designation of a compliance officer; (3) the implementation of ongoing employee training programs; and (4) the creation of an independent audit function to test such programs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.3 TA has a customer identification program (CIP) consistent with the rules under section 326 of the USA Patriot Act. TA. For the avoidance of doubt, DTC is exempt from CIP requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3.4 TA: (i) has in place policies and procedures reasonably designed to ensure compliance with the transfer agent rules of the Securities Exchange Act of 1934, as amended; (ii) and will maintain appropriate records in accordance with said transfer agent rules.

11. ***Indemnification.*** The Fund hereby indemnifies BBH&Co. as TA and Custodian (and each Subcustodian), and their respective Agents, nominees and the partners, employees, officers and directors, and agrees to hold each of them harmless from and against all claims and liabilities, including counsel fees and taxes, incurred or assessed against any of them in connection with the performance of this Agreement and any Instruction. If a Subcustodian or any other person indemnified under the preceding sentence, gives written notice of claim to the Custodian, the Custodian shall promptly give written notice to the Fund. The provisions of this paragraph shall survive the termination of this Agreement.

12.  ***Reports and Records.*** BBH&Co. shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 create and maintain records relating to the performance of its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 make available to the Fund, its auditors, agents and employees, upon reasonable request and during normal business hours of the Fund and BBH&Co., all records maintained by BBH&Co. pursuant to Section 12.1 above, subject, however, to all reasonable security requirements of BBH&Co. then applicable to the records of its customers generally; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 make available to the Fund all Electronic Reports; it being understood that BBH&Co. shall not be liable hereunder for the inaccuracy or incompleteness thereof or for errors in any information included therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 The Fund shall examine all records, howsoever produced or transmitted, promptly upon receipt and notify BBH&Co. promptly of any discrepancy or error. Unless the Fund delivers written notice of any such discrepancy or error within a reasonable time after its receipt of the records, the records shall be deemed to be true and accurate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 The Fund acknowledges that the Custodian obtains information on the value of assets from outside sources which may be utilized in certain reports made available to the Fund. The Custodian deems such sources to be reliable but the Fund acknowledges and agrees that the Custodian does not verify such information nor make any representations or warrantees as to its accuracy or completeness and accordingly shall be without liability in selecting and using such sources and furnishing such information.

13.  ***Miscellaneous.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.1 ***Powers of Attorney, etc.*** The Fund will promptly execute and deliver, upon request, such proxies, powers of attorney or other instruments as may be necessary or desirable for the Custodian to provide, or to cause any Subcustodian to provide, custody services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.2 ***Entire Agreement; Amendment.*** This Agreement constitutes the entire understanding and agreement of the parties hereto and supersedes any other oral or written agreements heretofore in effect between the Fund and BBH&Co. with respect to the subject matter hereof. No provision of this Agreement may be amended or terminated except by a statement in writing signed by the party against which enforcement of the amendment or termination is sought, provided, however, that an Instruction shall, whether or not such Instruction shall constitute a waiver, amendment or modification for purposes hereof, be deemed to have been accepted by

BBH&Co. when it commences actions pursuant thereto or in accordance therewith. In the event of a conflict between the terms of this Agreement and the terms of a service level agreement or other operating agreement in place between the parties from time to time, the terms of this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.3 ***Binding Effect; Assignment.*** This Agreement shall be binding upon and shall inure to the benefit of BBH&Co. and the Fund and their successors and assignees, provided that the Fund may not assign this Agreement without the prior written consent of BBH&Co. Each party agrees that only the parties to this Agreement and/or their successors in interest shall have a right to enforce the terms of this Agreement. Accordingly, no client of the Fund or other third party shall have any rights under this Agreement and such rights are explicitly disclaimed by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.4 ***GOVERNING LAW, JURISDICTION AND VENUE.*** THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW PRINCIPLES OF SUCH STATE. THE PARTIES HERETO IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS LOCATED IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN. THE FUND IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING IN ANY OF THE AFORESAID COURTS AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. Furthermore, each party hereto hereby irrevocably waives any right that it may have to trial by jury in any action, proceeding or counterclaim arising out of or relating to this Agreement or the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 ***Notices.*** Notices and other writings contemplated by this Agreement, other than Instructions, shall be delivered (a) by hand, (b) by first class registered or certified mail, postage prepaid, return receipt requested, (c) by a nationally recognized overnight courier, or (d) by facsimile transmission, provided that any notice or other writing sent by facsimile transmission shall also be mailed, postage prepaid, to the party to whom such notice is addressed. All such notices shall be addressed, as follows:

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| |
|:---|
| If to the Fund: |
| Miller Investment Trust |
| Attention: |
| Telephone: |
| Facsimile: |
| Email: |

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| | |
|:---|:---|
| If to BBH&Co.: | If to BBH&Co.: |
| Brown Brothers Harriman & Co. | Brown Brothers Harriman & Co. |
| 50 Post Office Square | 50 Post Office Square |
| Boston, Massachusetts 02110-1548 | Boston, Massachusetts 02110-1548 |
| Attn: Office of the General Counsel | Attn: Office of the General Counsel |
| Telephone: | (617) 772-1818 |
| Facsimile: | (617) 772-2235, |

---

or such other address as the Fund or BBH&Co. may have designated in writing to the other. Notices given by BBH&Co. pursuant to Section 13.13 may also be given by electronic mail to the email address of any Authorized Person. The Fund agrees that such notices given by electronic mail shall be conclusively

presumed to have been delivered and received by the Fund as of the date such electronic mail was sent by BBH&Co., as recorded by BBH&Co.'s systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.6 ***Headings.*** Paragraph headings included herein are for convenience of reference only and shall not modify, define, expand or limit any of the terms or provisions hereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.7 ***Severability.*** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.8 ***Counterparts.*** This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and which collectively shall be deemed to constitute only one instrument. Delivery of an executed counterpart of this Agreement by facsimile transmission or other electronic mail transmission (e.g. ".pdf" or ".tif") shall be effective as delivery of a manually executed counterpart of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.9 ***Confidentiality.*** The parties hereto agree that each shall treat confidentially the terms and conditions of this Agreement and all information provided by each party to the other regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or obtaining services pursuant to this Agreement (and offering, rendering or obtaining related BBH&Co. services) and, except as may be required in carrying out this Agreement (including, without limitation, disclosure to Subcustodians or Agents appointed by the Custodian), shall not be disclosed to any third party without the prior consent of such providing party. The foregoing shall not be applicable to any information that is publicly available when provided or thereafter becomes publicly available other than through a breach of this Agreement, or that is required to be disclosed by or to any regulator of BBH&Co. or any Agent or Subcustodian, any Regulatory Authority, any auditor or attorney of the parties hereto, or by judicial or administrative process or otherwise by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.10 ***Tape-recording.*** The Fund on behalf of itself and its Customers authorizes BBH&Co. to tape record any and all telephonic or other oral instructions given to BBH&Co. by or on behalf of the Fund, including from any Authorized Person. This authorization will remain in effect until and unless revoked by the Fund in writing. The Fund further agrees to solicit valid written or other consent from any of its employees with respect to telephone communications to the extent such consent is required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.11 ***Counsel/ Certified Public Accountant*.** In fulfilling its duties hereunder, BBH&Co. shall be entitled to receive and act upon the advice of (i) counsel and/or a certified public accountant regularly retained by BBH&Co. in respect of such matters, (ii) counsel and/or a certified public accountant for the Fund or (iii) such counsel or certified public accountant as the Fund and BBH&Co. may agree upon, with respect to all matters, and BBH&Co. shall be without liability for any action reasonably taken or omitted pursuant to such advice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.12 ***Conflict.*** Nothing contained in this Agreement shall prevent BBH&Co. and its associates from (i) dealing as a principal or an intermediary in the sale, purchase or loan of the Fund's Investments to, or from BBH&Co. or its associates; (ii) acting as a custodian, a subcustodian, a trustee, an agent, securities dealer, an investment manager or in any other capacity for any other client whose interests may be adverse to the interest of the Fund; or (iii) buying, holding, lending, and dealing in any way in any assets for the benefit of its own account, or for the account of any other client whose interests may be adverse to the Fund notwithstanding that the same or similar assets may be held or dealt in by, or for the account of the Fund by BBH&Co.. The Fund hereby voluntarily consents to, and waives any potential conflict of interest between BBH&Co. and/or its associates and the Fund, and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) BBH&Co. and/or its associates' engagement in any such transaction shall not disqualify the Custodian from continuing to perform as the custodian of the Fund, including its Portfolios, under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) BBH&Co. and/or its associates shall not be under any duty to disclose any information in connection with any such transaction to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) BBH&Co. and/or its associates shall not be liable to account to the Fund, including its Portfolios, for any profits or benefits made or derived by or in connection with any such transaction,; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the Fund shall use all reasonable efforts to disclose this provision, among other provisions in this Agreement, to its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.13 ***BBH Online Terms and Conditions.*** Use of the BBH Infuse™ (f/k/a WorldView®) portal, any future release thereof or successor thereto (the "Portal"), and the products and services available through the Portal (the "Online Services") are subject to additional terms and conditions, which are available at: <u>bbh.com/onlineterms</u>, as such may be updated from time to time (the "BBH Online Terms and Conditions") and which are incorporated herein by reference. Without limiting any provision of this Agreement or the BBH Online Terms and Conditions, the Fund is responsible for all use of the Online Services by its authorized users (including employees, officers, directors, agents, consultants, contractors and any third parties given access to the Online Services by or on behalf of the Fund), and for ensuring that all such persons comply with the BBH Online Terms and Conditions. BBH&Co. will inform the Fund of any updates to the BBH Online Terms and Conditions in accordance with the procedures set forth therein.

14.  ***Definitions.*** The following defined terms will have the respective meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;14.1.  ***Advance(s)*** shall mean any extension of credit by or through the Custodian or by or through any
 Subcustodian and shall include, without limitation, amounts due to the Custodian as the principal
 counterparty to any foreign exchange transaction with the Fund as described in Section 7.4.2
 hereof, or paid to third parties for account of the Fund or in discharge of any expense,
 tax or other item payable by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;14.2.  ***Advance Costs*** shall mean any Advance, interest on the Advance and any related expenses, including
 without limitation any mark to market loss of the Custodian or Subcustodian on any Investment
 to which Section 7.6.1 applies.

&nbsp;&nbsp;&nbsp;&nbsp;14.3.  ***Agency Account(s)*** shall mean any deposit account opened on the books of a Subcustodian or
 other banking institution in accordance with Section 7.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;14.4.  ***Agent(s)*** shall have the meaning set forth in Section 6.17 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;14.5.  ***Applicable Law*** shall mean with respect to each jurisdiction, all (a) laws, statutes, treaties,
 regulations, guidelines (or their equivalents); (b) orders, interpretations, licenses and
 permits; and (c) judgments, decrees, injunctions, writs, orders and similar actions by a
 court of competent jurisdiction; compliance with which is required or customarily observed
 in such jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;14.6.  ***Authorized Person(s)*** shall mean any person or entity authorized to give Instructions on behalf
 of the Fund in accordance with Section 4.1 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;14.7.  ***BBH Online Terms and Conditions*** shall have the meaning set forth in Section 12.13 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;14.8.  ***Book-Entry Agent(s)*** shall mean an entity acting as agent for the issuer of Investments for purposes
 of recording ownership or similar entitlement to Investments, including without limitation
 a transfer agent or registrar.

&nbsp;&nbsp;&nbsp;&nbsp;14.9.  ***Clearing Corporation*** shall mean any entity or system established for purposes of providing
 securities settlement and movement and associated functions for a given market(s).

&nbsp;&nbsp;&nbsp;&nbsp;14.10.  ***Digital Asset*** shall mean any interest in any type of digital or electronic record that is
 used as a medium of exchange or a form of digitally or electronically stored value that would
 require the Custodian to use cryptographic techniques, distributed ledger technology, digital
 wallets and/or other similar computational means in its custody of such asset, including
 without limitation any electronic money or "virtual currency" under 23 CRR-NY
 200.2(p). Appendix B hereto applies to any and all Digital Assets that the Company may own
 or acquire during the term of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;14.11.  ***Delegation Schedule*** shall mean any separate schedule entered into between the Custodian and
 the Fund or its authorized representative with respect to certain matters concerning the
 appointment and administration of Subcustodians delegated to the Custodian pursuant to Rule
 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;14.12.  ***Electronic Reports*** shall mean any reports prepared by the Custodian and remitted to the Fund
 or its authorized representative via the internet or electronic mail.

&nbsp;&nbsp;&nbsp;&nbsp;14.13.  ***Force Majeure*** shall mean (a) acts of God, earthquakes, fires, floods, storms, water or
 wind damage, or other elements of nature; accidents or explosions; wars or acts of war, enemy
 actions, insurrections, rebellions, riots, terrorism, sabotage, revolutions, or civil commotions
 or disorders or other acts attributable to economic or political factors or other civil or
 military disturbances; outbreaks, epidemics, pandemics (including but not limited to COVID-19),
 public health emergencies, any governmental order or corporate order or any requirement relating
 thereto; interruptions, loss or malfunctions of utilities, transportation, computer (hardware
 or software), or communications service(s); any strikes, lock-outs, work stoppages, or other
 labor disputes; governmental actions; any provision of any present or future law, regulation
 or order of a federal, state, municipal, local, territorial, provincial or other governmental
 department, regulatory authority, self-regulatory organization or legislative, judicial or
 administrative body, including any political subdivision thereof, or of any securities depository
 or clearing agency; inability to obtain material, equipment or transportation; any disruption
 of, or suspension of trading in, the securities, commodities or foreign exchange markets
 or transactions; or any encumbrance on the transferability of, convertibility, or ability
 to hold a currency or a currency position; or any delay or disruption resulting from or reflecting
 the occurrence of any Country, AML and Sanctions or Sovereign Risk, or (b) any other circumstance
 or event which is unforeseeable or beyond the reasonable control of the Custodian, regardless
 of whether such circumstance or event is of a nature or type described in (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;14.14.  ***Foreign Custody Manager*** shall mean the Fund's foreign custody manager appointed pursuant
 to Rule 17f-5 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;14.15.  ***Foreign Financial Regulatory Authority*** shall have the meaning given by Section 2(a)(50) of
 the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;14.16.  ***Funds Transfer Services Agreement*** shall mean any separate agreement entered into between
 the Custodian and the Fund with respect to certain matters concerning the processing of payment
 orders from Principal Accounts of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;14.17. **G *lobal Custody Network Listing*** shall mean the Countries and Subcustodians approved for Investments
 in non-U.S. Markets.

&nbsp;&nbsp;&nbsp;&nbsp;14.18.  ***Instruction(s)*** shall have the meaning assigned in Section 4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;14.19.  ***Investment Advisor*** shall mean any person or entity who is an Authorized Person to give Instructions
 with respect to the investment and reinvestment of the Fund's Investments.

&nbsp;&nbsp;&nbsp;&nbsp;14.20.  ***Investment(s)*** shall mean any investment asset of the Fund, including without limitation securities,
 bonds, notes, and debentures as well as receivables, derivatives, contractual rights or entitlements
 and other intangible assets, but shall not include any Principal Account.

&nbsp;&nbsp;&nbsp;&nbsp;14.21.  ***Margin Account*** shall have the meaning set forth in Section 6.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;14.22.  ***OFAC*** shall mean the US Treasury Department's Office of Foreign Assets Control.

&nbsp;&nbsp;&nbsp;&nbsp;14.23. 13.22  ***Principal Account(s)*** shall mean deposit accounts of the Fund carried on the books of BBH&Co.
 as principal in accordance with Section 7 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;14.24.  ***Sanctions or Sanctions Regime(s)*** shall mean any governmental sanctions against countries, persons
 and entities that are imposed at any time by the US, the European Union and its member states,
 the United Nations, the UK or any other jurisdiction, which Custodian must comply with.

&nbsp;&nbsp;&nbsp;&nbsp;14.25.  ***Securities Depository*** shall mean a central or book entry system or agency established under
 Applicable Law for purposes of recording the ownership and/or entitlement to investment securities
 for a given market that, if a foreign Securities Depository, meets the definitional requirements
 of Rule 17f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;14.26.  ***Subcustodian(s)*** shall mean each foreign bank appointed by the Custodian pursuant to Section 8 hereof,
 but shall not include Securities Depositories.

&nbsp;&nbsp;&nbsp;&nbsp;14.27.  ***Tri-Party Agreement*** shall have the meaning set forth in Section 6.4 hereof.

&nbsp;&nbsp;&nbsp;&nbsp;14.28.  ***1940 Act*** shall mean the Investment Company Act of 1940.

15.  ***Compensation.*** The Fund agrees to pay to BBH&Co. a fee in an amount set forth in the fee letter between the Fund and BBH&Co. as Custodian and between the Fund and BBH&Co. as TA, in effect on the date hereof or as amended from time to time, and (b) all out-of-pocket expenses incurred by BBH&Co, ,. for account or benefit of the Fund, including its Portfolios, and payable from time to time, including the fee and expense of all Subcustodians and other amounts paid by the Custodian to a third party.

16. ***Termination.*** This Agreement may be terminated by either party in accordance with the provisions of this Section. The provisions of this Agreement and any other rights or obligations incurred or accrued by any party hereto prior to termination of this Agreement shall survive any termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.1 ***Term, Notice and Effect***. This Agreement shall have an initial term of three (3) years from the date hereof. Thereafter, this Agreement shall automatically renew for successive one (1) year periods unless either party terminates this Agreement by written notice effective no sooner than seventy-five (75) days following the date that notice to such effect shall be delivered to the other party at its address set forth in Section 13.5 hereof. Notwithstanding the foregoing provisions, either party may terminate this Agreement at any time (a) for cause, which is a material breach of the Agreement not cured within 60 days, in which case termination shall be effective upon written receipt of notice by the non-terminating party, or (b) upon thirty (30) days written notice to the other party in the event that either party is adjudged bankrupt or insolvent, or there shall be commenced against such party a case under any applicable bankruptcy, insolvency, or other similar law now or hereafter in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.2 ***Notice and Succession.*** In the event a termination notice is given by a party hereto, all reasonable costs and expenses associated with any required systems, facilities, procedures, personnel, and other resourced modifications as well as the movement of any records or materials and the conversion thereof shall be paid by the Fund for which services shall cease to be performed hereunder. Furthermore, to the extent that it appears impracticable given the circumstances to effect an orderly transfer and conversion of assets from BBH&Co. to a successor within the time specified in the notice of termination as aforesaid, BBH&Co. and the Fund agree that this Agreement shall remain in full force and effect for such reasonable period as may be required to complete necessary arrangements with a successor and the Custodian shall be entitled to continue to be paid fees hereunder until such transfer and conversion are complete.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.3 ***Successor Custodian*.** In the event of the appointment of a successor custodian, it is agreed that the Investments of the Fund held by the Custodian or any Subcustodian shall be delivered to the successor custodian in accordance with reasonable Instructions. The Custodian agrees to cooperate with the Fund in the execution of documents and performance of other actions necessary or desirable in order to facilitate the succession of the new custodian. If no successor custodian shall be appointed, the Custodian shall in like manner transfer the Fund's Investments in accordance with Instructions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.4 ***Delayed Succession of Custodian.*** If no Instruction has been given as of the effective date of termination, Custodian may at any time on or after such termination date and upon ten (10) consecutive calendar days written notice to the Fund either (a) deliver the Investments of the Fund, including its Portfolios, held hereunder to the Fund at the address designated for receipt of notices hereunder; or (b) deliver any investments held hereunder to a bank or trust company having a capitalization of $2,000,000 USD equivalent and operating under the Applicable Law of the jurisdiction where such Investments are located, such delivery to be at the risk of the Fund. In the event that Investments or moneys of the Fund remain in the custody of the Custodian or its Subcustodians after the date of termination owing to the failure of the Fund to issue Instructions with respect to their disposition or owing to the fact that such disposition could not be accomplished in accordance with such Instructions despite diligent efforts of the Custodian, the Custodian shall be entitled to compensation for its services hereunder and the provisions of this Agreement shall remain in full force and effect until disposition in accordance with this Section is accomplished.

17. ***Compliance Policies and Procedures.*** To assist the Fund in complying with Rule 38a-1 of the 1940 Act, BBH&Co. represents that it has adopted written policies and procedures reasonably designed to prevent violation of the federal securities laws in fulfilling its obligations under the Agreement and that it has in place a compliance program to monitor its compliance with those policies and procedures. BBH&Co will upon request provide the Fund with information about its compliance program.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this Agreement to be duly executed as of the date first above written.

The undersigned acknowledges that (I/we) have received a copy of this document.

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|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **MILLER INVESTMENT TRUST** |

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APPENDIX A

TO

CUSTODIAN AND TRANSFER AGENT AGREEMENT

Dated as of ___________, 2025

The following is a list of Portfolios for which the Custodian shall serve under the Custodian and Transfer Agent Agreement dated as of ____________, 2025, as amended from time to time:

**Miller Convertible Growth ETF**

APPENDIX B

TO

CUSTODIAN AND TRANSFER AGENT AGREEMENT

The Fund acknowledges and agrees with the Custodian that, with respect to any Digital Asset the Fund may from time to time own or acquire during the term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) No
 Digital Asset will become subject to this Agreement except as expressly set forth in this
 Appendix B, and the Fund will not attempt, and will ensure no issuer or agent of the Fund
 or any third-party attempts, to deliver or provide access to such Digital Asset to the Custodian,
 any of its Subcustodians or any of the Custodian's agents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 Custodian will have no responsibility for safekeeping the Digital Asset in any manner, and
 will not accept any access to, possession of or control over, any private keys or other authentication
 devices or methods associated with any ownership, custody, possession or control of Digital
 Asset held by or for the Fund or any other person, account or entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Custodian may, upon the Fund's specific written request, provide the Fund or its Investment
 Advisor with names of third-party service providers (if any) unaffiliated with the Custodian
 of whom the Custodian is aware may provide custody or safekeeping services for the Digital
 Asset (all such service providers, the "**Digital Asset Custodians**") but
 the Custodian's provision of the name of any Digital Asset Custodian does not constitute
 the recommendation, referral, endorsement or any other view of the Custodian of said Digital
 Asset Custodian and the Custodian expressly disclaims any responsibility or liability for
 products and services offered or provided by any Digital Asset Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Without
 limiting the generality of the foregoing, the Fund acknowledges that any such list of Digital
 Asset Custodians will be subject to specific disclaimers that the Custodian deems appropriate,
 including the following:

"*Brown Brothers Harriman & Co. is not in the business of acting as custodian for Digital Assets. The specialist custodians referenced here ("Digital Asset Custodians") are third parties and not hired by, or affiliated with, Brown Brothers Harriman & Co. or any of its subsidiaries or other affiliates ("BBH" or "us"). BBH's provision of these names is not an endorsement or recommendation that you hire any or all of them. You may receive information from the Digital Asset Custodians, including but not limited to service descriptions, capabilities and fee arrangements. Please note that BBH has not participated in the development of this information, nor has BBH checked for accuracy or otherwise reviewed that information. You rely on that information at your own risk. We make no representations or warranties as to, and shall have no liability for, the acts and omissions of the Digital Asset Custodian, including but not limited to those acts or omissions related or pertaining to your contract with the Digital Asset Custodian or the third-party's performance, or failure to perform, under any such contract. You may also select a third-party not currently listed here as a Digital Asset Custodian and BBH will work with that Digital Asset Custodian so long as consistent with applicable laws and the third-party establishes responsible technical connectivity (e.g., through API) so that BBH may receive information sufficient to permit BBH to fulfill its reporting obligations to you under your separate contract with BBH."*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Fund may provide the Custodian with an Instruction to receive Digital Asset position statements
 from a Digital Asset Custodian and to post the relevant positions stated therein to the Custodian's
 records for record-keeping purposes only (no Digital Asset positions will be in BBH's
 custody) and to report information contained in said records to the Fund through BBH Infuse™,
 or its successor client communication portal for recordkeeping purposes only,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The
 Fund acknowledges and agrees that by providing such recordkeeping:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Custodian has no contractual or other relationship with any Digital Asset Custodian allowing
 the Custodian to carry out transactions or enforce any failure on the Digital Asset Custodian's
 part to affect, maintain or transfer Digital Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 Custodian shall not have any obligation to reconcile the Digital Asset with any third party,
 or to provide any other services referred to in the Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The
 Custodian makes no representations as to, and shall not be responsible for, or required to
 verify, (A) the validity, legality, enforceability, due authorization, effectiveness, recordability,
 insurability, sufficiency, value, form, substance, or genuineness of any of the Digital Asset
 positions reported by the Custodian; (B) the collectability, ownership (including any defect
 in such ownership), registration, insurability, validity, transferability, value, effectiveness,
 perfection, priority or suitability of any Digital Assets and further, (C) Custodian shall
 have no obligation to determine that any of such Digital Asset position statements delivered
 to the Custodian have been actually recorded or registered in the Fund's name or that
 they are other than what they purport to be on their face.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 Custodian will not act as a financial intermediary with respect to any Digital Assets recorded
 in such record keeping accounts and that such recordkeeping account shall not be a Securities
 Account as defined in NY UCC 8-501 and the inclusion of any Digital Assets in such record-keeping
 account will not create a Securities Entitlement as defined in NY UCC 8-102(17) in favor
 of the Fund or otherwise. The Fund acknowledges that the Custodian has no ability to control
 the disposition of the Digital Asset or otherwise control any income distributions due to
 the Fund in relation to Digital Asset. As a result of the foregoing, the Fund will be treated
 as not holding the Digital Asset through the Custodian.

**SCHEDULE I: 17f-5 DELEGATION SCHEDULE**

By its execution of this Delegation Schedule dated as of _____________, 2025, between **MILLER INVESTMENT TRUST**, a management investment company registered with the Securities and Exchange Commission (the **Commission**) under the Investment Company Act of 1940, as amended (the **1940 Act**), acting through its Board of Directors/Trustees or its duly appointed representative (the **Fund**), hereby appoints **BROWN BROTHERS HARRIMAN & CO.**, a New York limited partnership with an office in Boston, Massachusetts (the **Delegate**) as its delegate to perform certain functions with respect to the custody of Fund's Assets outside the United States.

1. <u>Maintenance of Fund's Assets Abroad</u>. The Fund, acting through its Board or its duly authorized representative, hereby instructs the Delegate pursuant to the terms of the Custodian and Transfer Agent Agreement dated as of the date hereof executed by and between the Fund and the Delegate (the **Custodian Agreement**) to place and maintain the Fund's Assets in countries outside the United States in accordance with Instructions received from the Fund's Investment Advisor. Such instruction shall constitute an Instruction under the terms of the Custodian Agreement. The Fund acknowledges that (a) the Delegate shall perform services hereunder only with respect to the countries where it accepts delegation as Foreign Custody Manager as indicated on the Delegate's Global Custody Network Listing; (b) depending on conditions in the particular country, advance notice may be required before the Delegate shall be able to perform its duties hereunder in or with respect to such country (such advance notice to be reasonable in light of the specific facts and circumstances attendant to performance of duties in such country); and (c) nothing in this Delegation Schedule shall require the Delegate to provide delegated or custodial services in any country, and there may from time to time be countries as to which the Delegate determines it will not provide delegation services.

2. <u>Delegation</u>. Pursuant to the provisions of Rule 17f-5 under the 1940 Act as amended, the Board hereby delegates to the Delegate, and the Delegate hereby accepts such delegation and agrees to perform only those duties set forth in this Delegation Schedule concerning the safekeeping of the Fund's Assets in each of the countries as to which it acts as the Board's delegate. The Delegate is hereby authorized to take such actions on behalf of or in the name of the Fund as are reasonably required to discharge its duties under this Delegation Schedule, including, without limitation, to cause the Fund's Assets to be placed with a particular Eligible Foreign Custodian in accordance herewith. The Fund confirms to the Delegate that the Fund or its Investment Adviser has considered the Sovereign Risk and prevailing Country Risk as part of its continuing investment decision process, including such factors as may be reasonably related to the systemic risk of maintaining the Fund's Assets in a particular country, including, but not limited to, financial infrastructure, prevailing custody and settlement systems and practices (including the use of any Securities Depository in the context of information provided by the Custodian in the performance of its duties as required under Rule 17f-7 and the terms of the Custodian Agreement governing such duties), and the laws relating to the safekeeping and recovery of the Fund's Assets held in custody pursuant to the terms of the Custodian Agreement.

3. <u>Selection of Eligible Foreign Custodian and Contract Administration</u>. The Delegate shall perform the following duties with respect to the selection of Eligible Foreign Custodians and administration of certain contracts governing the Fund's foreign custodial arrangements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Selection of Eligible Foreign Custodian</u>. The Delegate shall place and maintain the Fund's Assets with an Eligible Foreign Custodian, provided that the Delegate shall have determined that the Fund's Assets will be subject to reasonable care based on the standards applicable to custodians in the relevant market after considering factors relevant to the safekeeping of such assets including without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Eligible Foreign Custodian's practices, procedures, and internal controls, including, but not limited to, the physical protections available for certificated securities (if applicable), the controls and procedures for dealing with any Securities Depository, the method of keeping custodial records, and the security and data protection practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Whether the Eligible Foreign Custodian has the requisite financial strength to provide reasonable care for the Fund's Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Eligible Foreign Custodian's general reputation and standing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Whether the Fund will have jurisdiction over and be able to enforce judgments against the Eligible Foreign Custodian, such as by virtue of the existence of any offices of such Eligible Foreign Custodian in the United States or such Eligible Foreign Custodian's appointment of an agent for service of process in the United States or consent to jurisdiction in the United States.

<br> The Delegate shall be required to make the foregoing determination to the best of its knowledge and belief based only on information reasonably available to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Contract Administration</u>. The Delegate shall cause that the foreign custody arrangements with an Eligible Foreign Custodian shall be governed by a written contract that the Delegate has determined will provide reasonable care for Fund assets based on the standards applicable to custodians in the relevant market. Each such contract shall, except as set forth in the last paragraph of this subsection (b), include provisions that provide:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) That the Fund's Assets will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Eligible Foreign Custodian or its creditors except a claim of payment for their safe custody or administration or, in the case of cash deposits, liens or rights in favor of creditors of such Custodian arising under bankruptcy, insolvency or similar laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) That beneficial ownership of the Fund's Assets will be freely transferable without the payment of money or value other than for safe custody or administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) That adequate records will be maintained identifying the Fund's Assets as belonging to the Fund or as being held by a third party for the benefit of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) That the Fund's independent public accountants will be given access to those records described in

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) above or confirmation of the contents of such records; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) That the Delegate will receive sufficient and timely periodic reports with respect to the safekeeping of the Fund's Assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing the Fund's Assets.

Such contract may contain, in lieu of any or all of the provisions specified in this Section 3(b), such other provisions that the Delegate determines will provide, in their entirety, the same or a greater level of care and protection for the Fund's Assets as the specified provisions, in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Limitation to Delegated Selection</u>. Notwithstanding anything in this Delegation Schedule to the contrary, the duties under this Section 3 shall apply only to Eligible Foreign Custodians selected by the Delegate and shall not apply to Securities Depositories or to any Eligible Foreign Custodian that the Delegate is directed to use pursuant to Section 7 of this Delegation Schedule.

4. <u>Monitoring</u>. The Delegate shall establish a system to monitor at reasonable intervals (but at least annually) the appropriateness of maintaining the Fund's Assets with each Eligible Foreign Custodian that has been selected by the Delegate pursuant to Section 3 of this Delegation Schedule. The Delegate shall monitor the continuing appropriateness of placement of the Fund's Assets in accordance with the criteria established under Section 3(a) of this Delegation Schedule. The Delegate shall monitor the continuing appropriateness of the contract governing the Fund's arrangements in accordance with the criteria established under Section 3(b) of this Delegation Schedule.

5. <u>Reporting</u>. At least annually and more frequently as mutually agreed between the parties, the Delegate shall provide to the Board written reports specifying placement of the Fund's Assets with each Eligible Foreign Custodian selected by the Delegate pursuant to Section 3 of this Delegation Schedule and shall promptly report on any material changes to such foreign custody arrangements. Delegate will prepare such a report with respect to any Eligible Foreign Custodian that the Delegate has been instructed to use pursuant to Section 7 of this Delegation Schedule only to the extent specifically agreed with respect to the particular situation.

6. <u>Withdrawal of Fund's Assets</u>. If the Delegate determines that an arrangement with a specific Eligible Foreign Custodian selected by the Delegate under Section 3 of this Delegation Schedule no longer meets the requirements of said Section, Delegate shall withdraw the Fund's Assets from the non-complying arrangement as soon as reasonably practicable; provided, however, that if in the reasonable judgment of the Delegate, such withdrawal would require liquidation of any of the Fund's Assets or would materially impair the liquidity, value or other investment characteristics of the Fund's Assets, it shall be the duty of the Delegate to provide information regarding the particular circumstances and to act only in accordance with Instructions of the Fund or its Investment Advisor with respect to such liquidation or other withdrawal.

7. <u>Direction as to Eligible Foreign Custodian</u>. Notwithstanding this Delegation Schedule, the Fund, acting through its Board, its Investment Advisor or its other Authorized Representative, may direct the Delegate to place and maintain the Fund's Assets with a particular Eligible Foreign Custodian, including without limitation with respect to investment in countries as to which the Custodian will not provide delegation services. In such event, the Delegate shall be entitled to rely on any such instruction as an Instruction under the terms of the Custodian Agreement and shall have no duties under this Delegation Schedule with respect to such arrangement save those that it may undertake specifically in writing with respect to each particular instance.

8. <u>Standard of Care</u>. In carrying out its duties under this Delegation Schedule, the Delegate agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for safekeeping the Fund's Assets would exercise.

9. <u>Representations</u>. The Delegate hereby represents and warrants that it is a U.S. Bank and that this Delegation Schedule has been duly authorized, executed and delivered by the Delegate and is a legal, valid and binding agreement of the Delegate.

The Fund hereby represents and warrants that its Board of Trustees has determined that it is reasonable to rely on the Delegate to perform the delegated responsibilities provided for herein and that this Delegation Schedule has been duly authorized, executed and delivered by the Fund and is a legal, valid and binding agreement of the Fund.

10. <u>Effectiveness; termination</u>. This Delegation Schedule shall be effective as of the date on which this Delegation Schedule shall have been accepted by the Delegate, as indicated by the date set forth below the Delegate's signature. This Delegation Schedule may be terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Such termination shall be effective on the 30th calendar day following the date on which the non-terminating party shall receive the foregoing notice. The foregoing to the contrary notwithstanding, this Delegation Schedule shall be deemed to have been terminated concurrently with the termination of the Custodian Agreement.

11. <u>Notices</u>. Notices and other communications under this Delegation Schedule are to be made in accordance with the arrangements designated for such purpose under the Custodian Agreement unless otherwise indicated in a writing referencing this Delegation Schedule and executed by both parties.

12. <u>Definitions</u>. Capitalized terms not otherwise defined in this Delegation Schedule have the following meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Country Risk</u> – shall have the meaning set forth in the Custodian Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Eligible Foreign Custodian</u> - shall have the meaning set forth in Rule 17f-5(a)(1) of the 1940 Act and shall also include a U.S. Bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Fund's Assets</u> - shall mean any of the Fund's investments (including foreign currencies) for which the primary market is outside the United States, and such cash and cash equivalents as are reasonably necessary to effect the Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Instructions</u> - shall have the meaning set forth in the Custodian Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Securities Depository</u> - shall have the meaning set forth in Rule 17f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Sovereign Risk</u> - shall have the meaning set forth in the Custodian Agreement.

g . <u>U.S. Bank</u> - shall mean a bank which qualifies to serve as a custodian of assets of investment companies under Section 17(f) of the 1940 Act.

13. <u>Governing Law and Jurisdiction</u>. This Delegation Schedule shall be construed in accordance with the laws of the State of New York. The parties hereby submit to the exclusive jurisdiction of the Federal courts sitting in the State of

New York or the Commonwealth of Massachusetts or of the state courts of either such State or such Commonwealth.

14. <u>Fees</u>. Delegate shall perform its functions under this Delegation Schedule for the compensation determined under the Custodian Agreement.

15. <u>Integration</u>. This Delegation Schedule sets forth all of the Delegate's duties with respect to the selection and monitoring of Eligible Foreign Custodians, the administration of contracts with Eligible Foreign Custodians, the withdrawal of assets from Eligible Foreign Custodians and the issuance of reports in connection with such duties. The terms of the Custodian Agreement shall apply generally as to matters not expressly covered in this Delegation Schedule, including dealings with the Eligible Foreign Custodians in the course of discharge of the Delegate's obligations under the Custodian Agreement.

**IN WITNESS WHEREOF**, each of the parties hereto has caused this 17f-5 Delegation Schedule to be duly executed as of the date first above written.

The undersigned acknowledges that (I/we) have received a copy of this document.

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| **BROWN BROTHERS HARRIMAN & CO.** | **MILLER INVESTMENT TRUST** |

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By:   By:   <br> Name: Name: <br> Title: Title:

**SCHEDULE II: US MONEY MARKET FUND INVESTMENTS SCHEDULE TO CUSTODIAN AND <br> TRANSFER AGENT AGREEMENT**

**TERMS & CONDITIONS**

**FOR PROCESSING ORDERS IN U.S. MONEY MARKET FUNDS ("US MMF T&C")**

This US MMF T&C supplements the Custodian and Transfer Agent Agreement between Miller Investment Trust ("Client") and Brown Brothers Harriman & Co. ("BBH") dated __________, 2025, as amended from time to time (the "Custodian Agreement"), and provides terms and conditions related to Instructions to BBH thereunder to process orders in and custody shares of U.S. registered investment companies that hold themselves out as money market funds ("MMFs"), if any. Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Custodian Agreement.

US MMFs are subject to various requirements under Rule 2a-7 under the Investment Company Act of 1940 (the "1940 Act"), as adopted by the Securities and Exchange Commission on July 23, 2014 (as further amended from time-to-time, "Rule 2a-7").

The MMFs will disclose in their prospectus and statement of additional information, as amended from time to time, that the MMFs are subject to certain limitations and restrictions pursuant to amendments to Rule 2a-7, including provisions relating to the calculation of net asset values ("NAVs"), imposition of liquidity fees on redemptions ("liquidity fees") or the temporary suspension of redemptions (a "redemption gate"), and shareholder eligibility requirements.

If Client provides BBH with an Instruction to process orders for transactions in MMFs and/or requires BBH to service shares of MMFs, Client shall assist and cooperate with BBH, the MMFs and the MMFs' agents to comply with Rule 2a-7. Without limitation on the foregoing, fund order processing and custody of shares of MMFs are subject to the following additional terms and conditions.

**2)** **<u>Orders in MMFs</u>**.

&nbsp;&nbsp;&nbsp;&nbsp;a) Any
 Instruction by the Client to purchase any MMF shall be based on the gross dollar amount of
 the value of shares to be purchased.

&nbsp;&nbsp;&nbsp;&nbsp;b) Any
 Instruction by the Client for subscriptions, exchanges or redemption orders in any MMF shall
 be made gross and shall not net any subscription, exchange or redemption orders in any MMF,
 including any orders originating from underlying customers of the Client, if any.

**3)** **<u>Liquidity Fees and Gates.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;a) Client
 (and not BBH) will be responsible for reviewing any disclosure on a MMF website providing
 notice to shareholders and prospective shareholders of liquidity of the MMF and when liquidity
 fees or redemption gates are imposed or lifted and Client agrees that BBH is not responsible
 for notifying the Client of the imposition by an MMF of any such event or re-confirming the
 Client's intent to transact in a MMF when a liquidity fee or redemption gate is in
 effect.

&nbsp;&nbsp;&nbsp;&nbsp;b) If
 a liquidity fee is implemented by a MMF, BBH will not be directly responsible for calculating
 or withholding the liquidity fee, but will apply any liquidity fee calculated and withheld
 by the MMF from any order as notified by the MMF or Distributor to BBH.

&nbsp;&nbsp;&nbsp;&nbsp;c) If
 a redemption gate is implemented by a MMF, Client acknowledges and agrees that any redemption
 or exchange orders in the MMF made by Client while the redemption gate is in effect may be
 rejected by the MMF, and that BBH is responsible for rejecting only those orders that BBH
 has been notified have been rejected by the MMF or its agents. Client shall endeavor not
 to instruct BBH to place an order for a redemption in a MMF when a redemption gate is in
 effect for such MMF.

**4)** **<u>Retail MMFs.</u>**

BBH does not support and is not responsible for the order processing, purchase, exchange, redemption, settlement, custody or other servicing of shares of Retail MMFs (as defined in Rule 2a-7(a)(25)). Client shall

establish policies, procedures and internal controls reasonably designed to ensure that it does not, and shall not, submit any request or other instruction to BBH to purchase or exchange shares of a Retail MMF.

**5)** **<u>No Agency.</u>**

With respect to orders in a MMF:

&nbsp;&nbsp;&nbsp;&nbsp;a) BBH
 generally elects not serve as the MMF's dealer, agent, or designee for purposes of
 Rule 22c-1 under the 1940 Act in connection with the receipt of orders;

&nbsp;&nbsp;&nbsp;&nbsp;b) Accordingly,
 the MMF will apply a NAV calculation based on the time that the MMF accepts the order in
 good form from BBH, and not the time the Client instructs BBH to process the order; and

&nbsp;&nbsp;&nbsp;&nbsp;c) Neither
 BBH nor the MMF or its distributor is responsible for any losses arising from orders accepted
 by BBH before, but received and accepted by the MMF after, a NAV calculation time, or imposition
 of a liquidity fee or redemption gate.

Any order for shares in a MMF placed and held in custody by BBH will be made in reliance upon the terms hereof.

\*\*\* \*\*\* \*\*\*

**SCHEDULE III: TRANSFER AGENT SERVICES SCHEDULE**

BBH&Co. shall perform the following transfer agency services for the Fund and, where applicable, the Fund's Portfolios. As used herein, the term Fund incorporates and includes the term Portfolio:

I. <u>Issuance and Redemption of Unit Baskets</u>. It is agreed and understood that the Fund, and TA on the Fund's behalf, shall issue and redeem Share Baskets of the Fund in blocks of __________ shares ("Shares") ("Creation Baskets" and "Redemption Baskets," respectively, and generically, "Baskets") to and from such persons as are identified by the Fund as "Authorized Participants."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Pursuant to such purchase orders that BBH&Co. as the Index Receipt Agent shall receive from [Insert Distributor Name], LLC ("Distributor") and pursuant to the procedures set forth in the Authorized Participant Agreement entered into by the Fund, TA shall transfer appropriate trade instructions to the Custodian and pursuant to such orders register the appropriate number of book entry only Shares in the name of The Depository Trust Company ("DTC") or its nominee as a unitholder (each an Authorized Participant) of the Fund and deliver the Basket.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Pursuant to such redemption orders that Index Receipt Agent shall receive from the Distributor, pursuant to the procedures set forth in the Authorized Participant Agreement entered into by the Fund, TA shall transfer appropriate trade instructions to the Custodian and, pursuant to such orders, redeem the appropriate number of Shares that are delivered to the designated DTC Participant Account of the Custodian for redemption and debit such Shares from the account of the Authorized Participant on the register of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. On behalf of the Fund, TA shall issue Creation Baskets for settlement with purchasers through DTC as the purchaser is authorized to receive. Beneficial ownership of Shares shall be shown on the records of DTC and DTC Participants and not on any records maintained by TA. In issuing Shares through DTC to an Authorized Participant, TA shall be entitled to rely upon the latest Instructions that are received from the Distributor by TA as Index Receipt Agent concerning the issuance and delivery of such Shares for settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. TA shall not issue on behalf of the Fund any Shares where it has received an Instruction from the Fund or the Distributor or written notification from any federal or state authority that the sale of the Shares has been suspended or discontinued, and TA shall be entitled to rely upon such Instructions or written notification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Upon the issuance of Shares as provided herein, TA shall not be responsible for the payment of any original issue or other taxes, if any, required to be paid by the Fund or the Distributor in connection with such issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Shares may be redeemed in accordance with the procedures set forth in the relevant Authorized Participant Agreement and TA shall duly process all redemption requests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. TA will act only upon Instruction from the Fund and/or the Distributor in addressing any failure in the delivery of cash, securities and/or Shares in connection with the issuance and redemption of Shares.

II. <u>Recordkeeping</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. In satisfying its obligations under the Agreement, TA shall record the issuance of Creation Baskets and maintain, pursuant to Rule 17Ad6(b) under the Securities Exchange Act of 1934, as amended, a record of the total number of Creation Baskets that are authorized, issued and outstanding based upon data provided to TA by the Fund or the Distributor. TA shall also provide the Fund on a regular basis with the total number of Shares authorized, issued and outstanding; provided however that TA shall not be responsible for monitoring the issuance of such Shares or compliance with any laws relating to the validity of the issuance or the legality of the sale of such Shares.

III. <u>Services Related to the Monitoring of Cash Collateral.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Monitor
 the collateralization levels as set forth in Authorized Participant Agreements in connection
 with cash collateral posted by Authorized Participants in connection with Creation Basket
 activity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Mark
 to market daily the value of such cash collateral using a pricing source from the Fund's
 accounting agent or any other source on which the TA reasonably relies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Monitor
 collateral levels daily and communicate calls for additional collateral to the Authorized
 Participants as necessary based upon daily collateral requirement calculations using ratios
 set forth in Participant Agreements.

**FUNDS TRANSFER SERVICES AGREEMENT** 

**("FTSA")**

**Date: __________, 2025**

In accordance with any custodian agreement, administration agreement, and/or any other agreement in which funds transfers are contemplated (as amended, restated, supplemented, modified, and otherwise in effect from time to time, each an "Agreement", and collectively, the "Agreements") between **MILLER INVESTMENT TRUST** ("**Client**"), and **BROWN BROTHERS HARRIMAN & CO.** and/or any of its affiliates (collectively, "**BBH**"), the Client acknowledges and accepts the following terms and conditions in respect of all funds transfers effected by BBH and BBH is willing to effect such funds transfers subject to the terms and conditions set forth in this FTSA. References to UCC 4A shall mean Article 4A of the Uniform Commercial Code as currently in effect in the State of New York.

In consideration of the mutual covenants and agreements herein contained, the Client and BBH hereby agree, as follows:

1. <u>Definitions</u>.
 As used in this FTSA, the following terms shall have the meanings set forth below (such

meanings to be equally applicable to both the singular and plural forms of the terms defined). Terms not otherwise defined herein shall have the meanings accorded to them in the applicable Agreement.

"**Authorized Instructors**" refers to individuals designated by the Client or its agent in the APD as authorized to <u>give</u> FT Instructions.

"**Authorized Person**" refers collectively to any individual authorized by the Client or its agent to give (i.e., Authorized Instructor) and/or verify (i.e., Authorized Verifier) FT Instructions, on the relevant cash account as set forth in the APD.

"**Authorized Persons Document**" or "**APD**" means a form acceptable to BBH whereby the Client or its agent designates Authorized Person(s) and the entitlements the Client or its agent has granted such person(s) with respect to the relevant cash account. The APD includes the names, phone numbers, email addresses, and/or fax numbers of Authorized Instructors and/or Authorized Verifiers (as applicable), and any other information that BBH may require from time to time.

"**Authorized Verifiers**" refers to individuals designated by the Client or its agent in the APD as authorized to <u>verify</u> FT Instructions.

"**BBH Designated Security Procedure**" means the security procedures that BBH makes available to the Client as set forth in Appendix A attached hereto (as amended from time to time by BBH, "Appendix A").

"**Callback Procedure**" has the meaning set forth in Appendix A.

"**Client Designated Security Procedure**" means an alternate security procedure, as set forth in Appendix A, that the Client elects to use to transmit and authenticate an FT Instruction in lieu of a BBH Designated Security Procedure.

"**Designated Security Procedure**" refers, collectively, to Client Designated Security Procedures and BBH Designated Security Procedures.

"**FT Instructions**" refers to Instructions or Proper Instructions, as applicable and as defined in an applicable Agreement, made in the name of the Client in relation to a payment order as defined in UCC 4A, whether such payment order is a Fed wire payment order or other funds transfer, including a book transfer.

2. <u>Execution of Payment Orders</u>. BBH will execute each FT Instruction, whether denominated in United States dollars or other applicable currency, received by BBH, provided that the Client has sufficient available funds on deposit at BBH and provided that the FT Instruction: (a) is received by BBH in the manner specified herein; (b) complies with any written instructions and restrictions set forth in the APD; (c) is verified in accordance with a Designated Security Procedure; and (d) contains sufficient data to enable BBH to process such FT Instruction.

3. <u>Transmission of Payment Orders and Designated Security Procedures</u>. An FT Instruction must be transmitted by secured or authenticated means; set forth in Appendix A are the "security procedures" within the meaning of UCC 4A for verifying the authenticity of payment orders within the meaning of UCC 4A. BBH offers to the Client BBH Designated Security Procedures which Client may elect from time to time in a separate election form (each an "**Election Form**"). Alternatively, the Client may elect in an Election Form to transmit an FT Instruction in accordance with a Client Designated Security Procedure. In electing to transmit an FT Instruction via a Client Designated Security Procedure, Client (a) agrees to be bound by the transaction(s) or payment order(s) specified on said FT Instruction, whether or not authorized, and accepted by BBH in compliance with such Client Designated Security Procedure, and (b) accepts the risk associated with such Client Designated Security Procedure and confirms it is commercially reasonable for the transmission and authentication of the FT Instruction. BBH may accept a Client Designated Security Procedure but takes no responsibility for the reasonableness or security of the means utilized by Client.

The Client and BBH agree that BBH will verify the authenticity of the Client's FT Instructions pursuant to the Designated Security Procedures elected by the Client. Client agrees that, so long as BBH acts in good faith and complies with the Designated Security Procedure selected by the Client, an FT Instruction issued in the Client's name and accepted by BBH in compliance with the Designated Security Procedure selected by the Client shall be binding on the Client and the Client shall be responsible for payment of the transferred amount, even if the transfer request was not actually initiated or authorized by the Client or its Authorized Person.

The Client may elect, in the Election Form, to choose the relevant Designated Security Procedures for FT Instructions for itself and each of Client's Authorized Persons, or to permit its Authorized Persons to select the Designated Security Procedures such Authorized Person(s) will use for FT Instructions in an Election Form, in which case the Client agrees that any such selection by an Authorized Person shall be deemed to have been chosen by the Client, even if the Client had not chosen such Designated Security Procedure for its own use. The Client agrees that the totality of the Designated Security Procedures elected by the Client and its Authorized Persons are authorized by the Client for FT Instructions. Subject to any set-up requirements set forth in the Designated Security Procedure, a new, or changes to an existing, Election Form shall be effective once BBH has a reasonable opportunity to act thereon (which shall be not later than two (2) banking days after receipt by BBH).

4. <u>Rejection of Payment Orders; Rescission of Designated Security Procedure</u>. BBH will notify the Client of BBH's rejection of an FT Instruction. Such notice may be given in writing, electronically (including via email, BBH's online portal Infuse<sup>TM</sup>, etc.) or orally by telephone. In the event BBH fails to execute a properly executable FT Instruction and fails to give the Client notice of BBH's non-execution, BBH shall be liable only for the Client's actual damages and only to the extent that such damages are recoverable under UCC 4A. BBH may decide to no longer accept FT Instructions using a particular Designated Security Procedure, or to do so only on revised terms. In such a case, BBH will provide prior written notice to the Client or such Authorized Person of such decision or revision of terms.

5. <u>Cancellation or Amendment of Payment Orders</u>. The Client may cancel or amend an FT Instruction but BBH shall have no liability for BBH's failure to act on a cancellation or amendment of an FT Instruction unless BBH has received such cancellation FT Instruction or amendment FT Instruction at a time and in a manner affording BBH reasonable opportunity to act prior to BBH's execution of the original FT Instruction. Any cancellation or amendment of an FT Instruction shall be sent and verified by a Designated Security Procedure elected by the Client or an Authorized Person.

6. <u>Preauthorized Repetitive Payment Orders</u>. The Client may establish with BBH a process to preauthorize certain repetitive payments or transfers. The Client acknowledges that prior to the issuance of any repetitive payment order, an Authorized Person must (a) request that BBH approve and set-up an appropriate repetitive payment order, and (b) complete such documentation as BBH may require, including a separate Preauthorized Repetitive Payment Order (**PPO**) form. The PPO shall be delivered to BBH in writing through a Designated Security Procedure, and will become effective after (i) the PPO has been authenticated in the manner required under the Designated Security Procedure and (ii) BBH shall have had a reasonable opportunity to act thereon (which shall be no later than two (2) banking days after receipt by BBH). BBH will perform a callback in accordance with the Callback Procedure to verify the authorization and details of the payment order at the time an Authorized Person establishes the repetitive payment order, but shall not perform a callback (or other authentication) prior to executing an individual payment order thereunder.

The PPO may take the form of either:

&nbsp;&nbsp;&nbsp;&nbsp;(i) A  ***standing instruction*** in which the Client provides in the PPO all required information
 for an FT Instruction (except for the transfer date and amount) on a "standing instructions"
 basis. The Client may from time-to-time instruct BBH to make a payment under the PPO, through
 a Designated Security Procedure, which instruction shall reference the repetitive line number
 (a number assigned to it by BBH after execution of the PPO), details of the payment, the
 transfer date and the amount of the transfer. BBH will verify the authenticity of this standing
 instruction in a manner required under the Designated Security Procedure elected by the Client
 or Authorized Person (but will not perform a callback or other authentication prior to executing
 individual payments thereunder). An instruction from the Client confirming the transfer date
 and the amount to be paid pursuant to the PPO shall be an FT Instruction for purposes of
 this FTSA; or

&nbsp;&nbsp;&nbsp;&nbsp;(ii) A  ***recurring instruction*** in which the Client provides all required information
 for an FT Instruction with an instruction to process such payments with a specific frequency.
 Such a recurring instruction shall be an FT Instruction for purposes of this FTSA. BBH will
 not perform a callback prior to executing a payment under a recurring instruction.

7. <u>Errors in Payment Orders; Liability of the Parties</u>. The purpose of using a Designated Security Procedure is to verify the authenticity of
any FT Instruction and not to detect errors or omissions. Therefore, BBH is not responsible for detecting any Client error or omission
contained in any FT Instruction. In the event that the FT Instruction either (a) identifies the beneficiary by both a name and an identifying
bank or account number and the name and number identify different persons or entities, or (b) identifies any bank by both a name and
an identifying number and the number identifies a person or entity different from the bank identified by name, then execution of the
relevant payment order, payment to the beneficiary, cancellation of the payment order or actions taken by BBH or any bank in respect
of such payment order may be made solely on the basis of the number.

BBH shall not be liable for interest on the amount of any FT Instruction that was not authorized or was erroneously executed unless the Client so notifies BBH within thirty (30) calendar days following the Client's receipt of notice that such FT Instruction was processed. Any compensation payable in the form of interest shall be payable in accordance with UCC 4A. If BBH receives and acts upon an FT Instruction issued in the name of the Client that was not authorized by the Client, the liability of the parties will be governed by the applicable provisions of UCC 4A. Notwithstanding anything in this FTSA and the Agreements to the contrary, BBH shall in no event be liable for any consequential, indirect, special or punitive damages under this FTSA, including any loss of profits, whether or not such damages relate to services covered by UCC 4A, even if BBH was advised of the possibility of such damages.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Cut-Off Time</u>. If an FT Instruction is not received prior to BBH's respective published deadline for funds transfers or is received on a non-banking day in the country of the currency instructed, it will be treated as received on the next banking day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Miscellaneous</u>. The Client hereby agrees on behalf of itself and its Authorized Persons, including any respective agent, employee, or officer thereof, that BBH may (but has no obligation to) record, without further notice, telephone calls that relate to any FT Instruction. BBH does not recommend the sending of FT Instructions by facsimile, telephonic, e-mail or other Client Designated Security Procedure. In addition, to the extent the Client uses email to transmit FT Instructions or any other information under this FTSA, the Client is solely responsible to ensure emails are sent via secure means, such as by way of example only, via transport layer security. BY ELECTING TO SEND FT INSTRUCTIONS BY FACSIMILE, TELEPHONIC, E-MAIL OR OTHER CLIENT DESIGNATED SECURITY PROCEDURE, THE CLIENT ACKNOWLEDGES THAT THE LIMITATIONS OF LIABLITY APPLICABLE TO BBH, THE INDEMNIFICATION OBLIGATION, AND HOLD HARMLESS TERMS GIVEN BY THE CLIENT IN THIS FTSA AND IN THE AGREEMENTS INCLUDE ALL CLAIMS, LOSSES, DAMAGES AND COSTS (INCLUDING BUT NOT LIMITED TO ATTORNEYS' FEES) ARISING THEREFROM OR RELATING THERETO.

The Client hereby indemnifies BBH, and its respective agents, nominees and the partners, employees, officers and directors, and agrees to hold each of them harmless from and against all claims and liabilities, including counsel fees and taxes, incurred or assessed against any of them in connection with the performance of this FTSA and the execution of any FT Instruction to the extent not covered under UCC 4A. The provisions of this paragraph shall survive the termination of this Agreement.

THIS FTSA SHALL BE CONSTRUED IN ACCORDANCE WITH, AND BE GOVERNED BY THE LAWS OF, THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CONFLICTS OF LAW OF SUCH STATE. THE PARTIES HERETO IRREVOCABLY CONSENT TO THE EXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE FEDERAL COURTS LOCATED IN NEW YORK CITY IN THE BOROUGH OF MANHATTAN. THE CLIENT IRREVOCABLY WAIVES ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING IN ANY OF THE AFORESAID COURTS AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. FURTHERMORE, EACH PARTY HERETO IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS FTSA OR THE TRANSACTIONS CONTEMPLATED HEREBY.

This FTSA, together with the Appendix A and Election Form (as may be amended from time to time), constitutes the entire agreement between the Client and BBH with respect to the subject matter hereof. Accordingly, this FTSA supersedes any other oral or written agreements heretofore in effect among the Client and BBH with respect to any funds transfers.

[*remainder of page intentionally left blank*]

IN WITNESS WHEREOF, each of the parties hereto has caused this FTSA to be duly executed as of the date first set forth above.

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| | |
|:---|:---|
| **BROWN BROTHERS HARRIMAN & CO.** | **MILLER INVESTMENT TRUST** |

---

By:   By:   <br> Name: Name: <br> Title: Title:

Appendix A

To The

FUNDS TRANSFER SERVICES AGREEMENT ("FTSA")

Designated Security Procedures

Prior to the initiation of an FT Instruction, the Client will complete and sign an APD, in which the Client will provide to BBH: (a) required information about each Authorized Person, and (b) the entitlements granted to such person(s) by the Client. This Appendix A to the FTSA may be updated from time to time by BBH by electronic mail to the email address of any Authorized Person, in the event BBH determines it will no longer offer a particular Designated Security Procedure, will do so only on revised terms, or will offer a new Designated Security Procedure. The Client (or its Authorized Person(s)) will choose the Designated Security Procedure(s) in an Election Form. Terms not defined herein shall have the same meaning as set forth in the FTSA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>BBH Designated Security Procedure</u>. BBH offers the following BBH Designated Security Procedures
 to the Client for use in communicating FT Instructions to BBH:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>BBH Infuse™ Payment Products</u>. The Client may submit FT Instructions through BBH Infuse™ Payment Products (or any successor thereto, "BBH Infuse"), which are BBH proprietary on-line payment order authorization facilities with built-in multi-factor authentication procedures. BBH and the Client shall each be responsible for maintaining the confidentiality of passwords or other codes used by them in connection with BBH Infuse. BBH will act on FT Instructions received through BBH Infuse without duty of further verification unless the Client notifies BBH that its password is not secure. Access to, and use of, BBH Infuse are subject to the terms and conditions available at: www.bbh.com/onlineterms, as updated from time to time and which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>SWIFT (Society for Worldwide Interbank Financial Telecommunication) Transmission</u>. The Client may submit FT Instructions through SWIFT. BBH and the Client shall comply with SWIFT's authentication procedures. The Client is responsible for maintaining the confidentiality of passwords, codes and credentials, and for securing the systems and applications, used in <u>connection</u> with SWIFT authentication. BBH will act on FT Instructions received via SWIFT provided the instruction is authenticated by the SWIFT system until the Client notifies BBH in writing to cease acting on FT Instructions received via SWIFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>sFTP (Secure File Transmission Protocol)</u>. The Client may upload FT Instructions through a secure file transmission protocol ("sFTP"), which includes multi-factor authentication processes and encryption of the complete transmission. The Client is responsible for maintaining the confidentiality of passwords or other codes used in connection with sFTP. BBH will act on FT <u>Instructions</u> received through sFTP without duty of further verification unless the Client notifies BBH in writing that its credentials have been compromised. As a prerequisite to receiving FT Instructions via sFTP, BBH and the Client shall have conducted testing and confirmed that the FT Instructions sent via sFTP can be processed in good time and order; once such testing and confirmation is satisfactory to the Client and BBH, BBH will act on FT Instructions received via sFTP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Written Instruction with PIN Verified Callback</u>. The Client may elect to send an FT Instruction that bears the signature of an Authorized Instructor (a) in an original writing to an address designated by BBH from time-to-time for such purposes, (b) by fax to a fax number designated by BBH from time-to-time for such purposes, or (c) in PDF format by email to an email address designated by BBH from time-to-time for such purposes. The authenticity of that FT Instruction shall be deemed conclusive if verified by BBH as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon
 BBH's receipt of the document containing the FT Instruction, BBH shall identify the
 name of the instructor to verify if it is a named Authorized Instructor. BBH shall rely on
 the purported identity of the instructor but will not perform signature verification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BBH
will perform a callback to a telephone number set forth in the APD attributable to an Authorized Verifier during which the Authorized
Verifier provides a personal identification

number, one-time identification code, or password (collectively, a "**PIN**") or other authentication information to verify that the FT Instruction is properly authorized and to verify certain FT Instruction details (such as the account name or number, the amount, and/or the beneficiaries account name or number) (such an authentication process, a "**Callback Procedure**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If,
 however, (1) the FT Instruction does not on its face appear to originate from an Authorized
 Instructor (e.g., because the name of the instructor identified by BBH on the FT Instruction
 is not an Authorized Instructor) or (2) during the Callback Procedure, BBH is unable to reach
 an individual designated as an Authorized Verifier, or an Authorized Verifier cannot verify
 relevant FT Instruction details, BBH will reject the FT Instruction and shall notify the
 Client of the rejection (in accordance with the FTSA).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Client
 Designated Security Procedure - Client may send an FT Instruction through such other means,
 and subject to such additional security procedures, as may be elected by Client (or by an
 Authorized Person), if such means is acknowledged and accepted by BBH via the issuance of
 an updated Appendix A to Client (or an Authorized Person) referencing the relevant procedure
 (each a "**Client Designated Security Procedure** "); it being understood that
 BBH's acknowledgment shall authorize it to accept such means of delivery but shall
 not represent a judgment by BBH as to the reasonableness or security of the means utilized
 by Client or such Authorized Person.

**FUNDS TRANSFER SERVICES AGREEMENT DESIGNATED SECURITY PROCEDURES ELECTION FORM**

Reference is made to the Funds Transfer Services Agreement dated as of _________, 2025 by and between Miller Investment Trust (the "Client") and BROWN BROTHERS HARRIMAN & CO. and/or any of its affiliates ("BBH") (as amended, restated, supplemented, modified, and otherwise in effect from time to time, the "Agreement" or the "FTSA"). Terms not otherwise defined herein shall have the meanings accorded to them in the FTSA.

By making a selection or selections below by affirmatively marking a checkbox, the Client is agreeing to the security procedures, as more fully described in the FTSA related to such method (collectively, the "Designated Security Procedures"), each of which is designed to verify the authenticity of an FT Instruction. By not affirmatively marking a checkbox below, Client is excluding such Designated Security Procedure with respect to FT Instructions.

**BBH Designated Security Procedures**.

**☐** BBH Infuse™ Payment Products.

**☐** Society for Worldwide Interbank Financial Telecommunication ("SWIFT") Transmission.

**☐** sFTP (Secure File Transmission Protocol).

**☐** Written Instruction with PIN Verified Callback.

**Client Designated Security Procedures**.

Client agrees that there are currently no Client Designated Security Procedures selected.

**Client Authorization / Agent Authorization**.

Pursuant to Section 3 of the FTSA, the Client hereby confirms to BBH (select only one):

**☐** that Client has chosen all the permitted Designated Security Procedures for FT Instructions for itself and Client's Authorized Persons; **or**

**☐** that Client's Authorized Persons are permitted to select the Designated Security Procedures such Authorized Person will use for FT Instructions, Client acknowledges and consents to the Designated Security Procedure(s) selected by one or more such Authorized Person(s), and Client authorizes BBH to accept from such Authorized Person(s) the selection and use of such Designated Security Procedure or Designated Security Procedures.

IN WITNESS WHEREOF, the Client has caused this Election Form to be duly executed as of _________, 2025.

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| |
|:---|
| **MILLER INVESTMENT TRUST** |
| By: |
| Name: |
| Title: |
| Date: |

---

**FUNDS TRANSFER DESIGNATED SECURITY PROCEDURES ELECTION FORM**

**Third Party Authorized Persons**

Reference is made to the funds transfer services arrangements (the "FT Arrangements") the undersigned's underlying client Miller Investment Trust (the "Client") has made with BROWN BROTHERS HARRIMAN & CO. and/or any of its affiliates ("BBH") under a funds transfer services agreement, custody agreement and/or any other agreement which governs Client's use of funds transfers (the "Agreements").

By making a selection or selections below by affirmatively marking a checkbox, the undersigned, as the Client's third party authorized person (an "Authorized Person"), is agreeing to the security procedures as more fully described in Exhibit A attached hereto (collectively, the "Designated Security Procedures"), each of which is designed to verify the authenticity of a funds transfer instruction delivered to BBH ("FT Instruction(s)"). By not affirmatively marking a checkbox below, the undersigned Authorized Person is excluding such Designated Security Procedure with respect to FT Instructions.

**BBH Designated Security Procedures**.

**☐** BBH Infuse™ Payment Products.

**☐** Society for Worldwide Interbank Financial Telecommunication ("SWIFT") Transmission.

**☐** sFTP (Secure File Transmission Protocol).

**☐** Written Instruction with PIN Verified Callback.

**Client Designated Security Procedures**.

The undersigned Authorized Person agrees that there are currently no Client Designated Security Procedures selected.

IN WITNESS WHEREOF, each of the undersigned has caused this election form to be duly executed as of _________, 2025.

---

| |
|:---|
| [Insert Legal entity name of Authorized Person] |
| By: |
| Name: |
| Title: |
| Date: |

---

Appendix A

To The

FUNDS TRANSFER DESIGNATED SECURITY PROCEDURES ELECTION FORM

THIRD PARTY AUTHORIZED PERSONS

Designated Security Procedures

Prior to the initiation of an FT Instruction, the Authorized Person will complete and sign an APD (defined below), in which the Authorized Person will provide to BBH: (a) required information about each person authorized to act on behalf of the Authorized Person, and (b) the entitlements granted to such person(s) by the Authorized Person. This Appendix A to the Funds Transfer Designated Security Procedures Election Form ("Election Form") may be updated from time to time by BBH by electronic mail to the email address of any Authorized Person, in the event BBH determines it will no longer offer a particular Designated Security Procedure, will do so only on revised terms, or will offer a new Designated Security Procedure. The Authorized Person(s) will choose the Designated Security Procedure(s) in an Election Form. Terms not defined herein shall have the same meaning as set forth in the Election Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>BBH Designated Security Procedure</u>. BBH offers the following BBH Designated Security Procedures
 to the Authorized Person(s) for use in communicating FT Instructions to BBH:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>BBH Infuse™ Payment Products</u>. The Authorized Person(s) may submit FT Instructions through
 BBH Infuse™ Payment Products (or any successor thereto, "BBH Infuse"),
 which are BBH proprietary on-line payment order authorization facilities with built-in multi-factor
 authentication procedures. BBH and the Authorized Person(s) shall each be responsible for
 maintaining the confidentiality of passwords or other codes used by them in connection with
 BBH Infuse. BBH will act on FT Instructions received through BBH Infuse without duty of further
 verification unless the Authorized Person(s) notifies BBH that its password is not secure.
 Access to, and use of, BBH Infuse are subject to the terms and conditions available at: www.bbh.com/onlineterms,
 as updated from time to time and which are incorporated herein by reference.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Society for Worldwide Interbank Financial Telecommunication ("SWIFT") Transmission</u>.
 The Authorized Person(s) may submit FT Instructions through SWIFT. BBH and the Authorized
 Person(s) shall comply with SWIFT's authentication procedures. The Authorized Person(s)
 is responsible for maintaining the confidentiality of passwords, codes and credentials, and
 for securing the systems and applications, used in connection with SWIFT authentication.
 BBH will act on FT Instructions received via SWIFT provided the instruction is authenticated
 by the SWIFT system until the Authorized Person(s) notifies BBH in writing to cease acting
 on FT Instructions received via SWIFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>sFTP (Secure File Transmission Protocol)</u>. The Authorized Person(s) may upload FT Instructions
 through a secure file transmission protocol ("sFTP"), which includes multi-factor
 authentication processes and encryption of the complete transmission. The Authorized Person(s)
 is responsible for maintaining the confidentiality of passwords or other codes used in connection
 with sFTP. BBH will act on FT Instructions received through sFTP without duty of further
 verification unless the Authorized Person(s) notifies BBH in writing that its credentials
 have been compromised. As a prerequisite to receiving FT Instructions via sFTP, BBH and the
 Authorized Person(s) shall have conducted testing and confirmed that the FT Instructions
 sent via sFTP can be processed in good time and order; once such testing and confirmation
 is satisfactory to the Authorized Person(s) and BBH, BBH will act on FT Instructions received
 via sFTP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Written Instruction with PIN Verified Callback</u>. The Authorized Person(s) may elect to send an
 FT Instruction that bears the signature of an Authorized Instructor (a) in an original writing
 to an address designated by BBH from time-to-time for such purposes, (b) by fax to a fax
 number designated by BBH from time-to-time for such purposes, or (c) in PDF format by email
 to an email address designated by BBH from time-to-time for such purposes. The authenticity
 of that FT Instruction shall be deemed conclusive if verified by BBH as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Upon BBH's receipt of the document containing the FT Instruction, BBH shall identify the name of the instructor to verify if it is a named Authorized Instructor. BBH shall rely on the purported identity of the instructor but will not perform signature verification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) BBH will perform a callback to a telephone number set forth in the APD attributable to an Authorized Verifier during which the Authorized Verifier provides a personal identification number, one-time identification code, or password (collectively, a "PIN") or other authentication information to verify that the FT Instruction is properly authorized and to verify certain FT Instruction details (such as the account name or number, the amount, and/or the beneficiaries account name or number) (such an authentication process, a "**Callback Procedure**"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) If, however, (1) the FT Instruction does not on its face appear to originate from an Authorized Instructor (e.g., because the name of the instructor identified by BBH on the FT Instruction is not an Authorized Instructor) or (2) during the Callback Procedure, BBH is unable to reach an individual designated as an Authorized Verifier, or an Authorized Verifier cannot verify relevant FT Instruction details, BBH will reject the FT Instruction and shall notify the Authorized Person(s) of the rejection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Client Designated Security Procedure</u> – The Authorized Person(s) may send an FT Instruction
 through a Client Designated Security Procedure, in lieu of a BBH Designated Security Procedure.

As used herein, the following terms shall have the meanings set forth below (such meanings to be equally applicable to both the singular and plural forms of the terms defined). Terms not otherwise defined herein shall have the meanings accorded to them in the applicable Agreement.

"**Authorized Instructors**" refers to individuals designated by the Client or its agent in the APD as authorized to <u>give</u> FT Instructions.

"**Authorized Person**" refers collectively to any individual authorized by the Client or its agent to give (i.e., Authorized Instructor) and/or verify (i.e., Authorized Verifier) FT Instructions, on the relevant cash account as set forth in the APD.

"**Authorized Persons Document**" or "**APD**" means a form acceptable to BBH whereby the Client or its agent designates Authorized Person(s) and the entitlements the Client or its agent has granted such person(s) with respect to the relevant cash account. The APD includes the names, phone numbers, email addresses, and/or fax numbers of Authorized Instructors and/or Authorized Verifiers (as applicable), and any other information that BBH may require from time to time.

"**Authorized Verifiers**" refers to individuals designated by the Client or its agent in the APD as authorized to <u>verify</u> FT Instructions.

"**BBH Designated Security Procedure**" means the security procedures that BBH makes available to the Client as set forth in Appendix A attached hereto (as amended from time to time by BBH, "Appendix A").

"**Callback Procedure**" has the meaning set forth in Appendix A.

"**Client Designated Security Procedure**" means an alternate security procedure, as set forth in Appendix A, that the Client elects to use to transmit and authenticate an FT Instruction in lieu of a BBH Designated Security Procedure, which is subject to additional security procedures, if such means is acknowledged by BBH via the issuance of an updated Appendix A to Client (and the Authorized Person) referencing the relevant procedure; it being understood that BBH's acknowledgment shall authorize it to accept such means of delivery but shall not represent a judgment by BBH as to the reasonableness or security of the means utilized by Client or such Authorized Person.

"**Designated Security Procedure**" refers, collectively, to Client Designated Security Procedures and BBH Designated Security Procedures.

"**FT Instructions**" refers to Instructions or Proper Instructions, as applicable, made in the name of the Client in relation to a payment order as defined in UCC 4A, whether such payment order is a Fed wire payment order or other funds transfers, including a book transfer.

[Client Letterhead]

CMS INSTRUCTION

Brown Brothers Harriman & Co.

140 Broadway<br> New York, New York 10005

Ladies and Gentlemen:

Reference is made to a custodian agreement between Miller Investment Trust, for itself and each of its series/portfolios identified on Exhibit A hereto (each, the "Client") and Brown Brothers Harriman & Co. ("BBH"), dated ___________, 2025, as amended or supplemented from time to time (the "Custodian Agreement"). Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Custodian Agreement.

The Client agrees to participate in the Brown Brothers Harriman & Co. Cash Management Services Sweep ("CMS Sweep"). The Client hereby instructs BBH to place, on each local business day (with respect to the applicable currencies, referred to herein as a "Business Day"), Client end-of-day demand deposit balances (representing uninvested cash resulting from the administration of Client's investment transaction(s) and income receipt(s)) in the accounts and currencies identified in Exhibit A ("Excess Cash") into overnight deposits (each, a "Deposit") with one or more deposit institutions selected by Client as set forth in Exhibit B, including BBH (the "Eligible Institutions"). Client acknowledges that BBH has other clients that participate in the CMS Sweep (together with Client, the "clients") and that BBH can use the CMS Sweep to place BBH cash in Deposits.

Client hereby instructs BBH to debit Excess Cash from Client's cash account(s) at the end of each Business Day, place the Excess Cash in the Deposits of one or more Eligible Institutions, and then credit Client's cash account(s) after receipt from the Eligible Institution(s) of the Excess Cash the following Business Day. With respect to each Eligible Institution, Excess Cash debited from Client's cash account(s) will be placed in a pooled deposit designated as a client deposit and will be marked on the books of the Eligible Institution as "Deposit for BBH RIC Customers" or similar name indicating BBH is acting in its capacity as agent for such clients. BBH will use sub-accounting to identify the principal and amount of interest each Client has earned and is payable with respect to each deposit placed with an Eligible Institution.

BBH will place Client's Excess Cash with an Eligible Institution based on, among other factors, any limitations identified in Exhibit B, as amended from time-to-time and accepted by BBH, the amount of Excess Cash available, the Eligible Institutions willing to accept Deposits and the deposit-taking capacity of each Eligible Institution. BBH then randomly allocates Client's Excess Cash among that Business Day's participating Eligible Institutions.

Each Business Day, BBH calculates a base rate of return with respect to each currency placed in a Deposit ("Base Rate"). This calculation takes into account a variety of factors, including but not limited to relevant overnight and short-term reference rates, the range of distribution between and among the interest rates paid by each Eligible Institution (not to include BBH) on their respective Deposits, and the weighted average distribution of interest rates on the Deposits. The net daily return to a Client is equal to the Base Rate, less any then applicable commission charged by BBH to the Client and Client authorizes BBH to make such deductions. On a sweep to an Eligible Institution other than BBH (an agency sweep), BBH's compensation is the commission, adjusted to reflect the difference, if any, between the Deposit yield and the Base Rate. On a

sweep to BBH (a principal sweep), BBH earns as a bank of deposit. Client may access information concerning Deposit placements and net daily returns through the BBH Infuse reporting tool.

At the request of the Client or an Authorized Person, BBH will credit earnings received (subject to deductions by BBH as authorized by Client in the above paragraph or as otherwise contemplated in connection with the custodian arrangement) on a daily or monthly basis or as otherwise agreed to with the Client or an Authorized Person. If monthly, BBH will post all daily client earnings to an omnibus demand deposit account ("Omnibus Deposit Account"). BBH will maintain records of the underlying ownership of each deposit representing the earnings due to each client and will transfer the value to Client once each month or as otherwise instructed by the Client or other authorized party of the Client. At all times, Client's balance in the Omnibus Deposit Account will constitute a general deposit obligation of BBH.

The Client acknowledges and agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 Client has full authority to execute this CMS Instruction. Client's Board of Directors
 or Trustees, as the case may be, has made all determinations and Client has received all
 approvals necessary to participate in the CMS Sweep and to hold cash in each account (identified
 in Exhibit A) with an Eligible Institution to which such Client's Excess Cash is transferred
 pursuant to this CMS Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) This
 CMS Instruction is not in conflict with, or contrary to (a) any provision(s) of Client's
 documents of formation, and any other corporate or publicly available documents, (b) any
 contractual agreement or arrangement that may apply to the Excess Cash, or (c) any legal
 requirements relating to the custody or management of Client assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Client
 is solely responsible for providing the information necessary for BBH to perform the services
 under this CMS Instruction and for assuring the adequacy, accuracy and timeliness of all
 such information, including, without limitation, any relevant investment limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The
 list of Eligible Institutions set forth in Exhibit B represents those deposit institutions
 with which BBH has arranged the capability to place Deposits. Client, and not BBH, is solely
 responsible for selecting the Eligible Institutions, and adding or removing an Eligible Institution,
 in each case, based on Client's determination as to the credit quality of and other
 risks associated with the Eligible Institution. BBH makes no representation or warranty with
 respect to the credit quality or risks associated with any deposit institution other than
 BBH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) BBH
 can allocate Client's Excess Cash to one, some or all of Client's Eligible Institutions,
 including allocating all of Client's Excess Cash to BBH, subject to, among other factors,
 any limitations identified in Exhibit B, as amended from time-to-time and accepted by BBH,
 as well as the availability of deposit-taking capacity at each Eligible Institution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) BBH
 is not liable to Client for (a) any violation of Client's investment policies or guidelines,
 or of other limitations with respect to Client's powers to invest, make expenditures,
 encumber securities, borrow or take similar actions affecting Client, or (b) any special,
 indirect, punitive or consequential damages arising out of, pursuant to or in connection
 with, this CMS Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The
 Eligible Institutions are not serving as Subcustodians or Securities Depositories (each term
 as defined in the Custodian Agreement) of BBH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) This
 CMS Instruction (including the Exhibits thereto) is an Instruction (or Proper Instruction)
 (as defined in the Custodian Agreement) and all representations, warranties and covenants

made by Client in the Custodian Agreement with respect to an Instruction (or Proper Instruction) are incorporated herein. Each Deposit constitutes an Investment (as defined in the Custodian Agreement) subject to all provisions applicable to Investments in the Custodian Agreement. BBH's services pursuant to this CMS Instruction do not constitute investment advice and BBH is not acting as an investment advisor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The
 Custodian Agreement's indemnification provisions are applicable to any actions taken
 by, or omissions of, BBH under this CMS Instruction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) This
 CMS Instruction is a standing Instruction (or Proper Instruction), and Client will notify
 BBH in writing of any and all amendments to this CMS Instruction, including but not limited
 to any changes to Exhibits A and B, which amendment will take effect on the next Business
 Day after BBH receives and accepts the written amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Notwithstanding
 any other provision in this CMS Instruction and without limiting any provision under the
 Custodian Agreement, in addition to the terms and conditions imposed by each Eligible Institution
 relative to its Deposits, Deposits placed in a particular jurisdiction, whether at BBH or
 one or more other Eligible Institutions, are subject to any and all risks associated with:
 opening an account (through BBH as agent) and holding cash in the relevant jurisdiction with
 one or more Eligible Institutions; creditor rights, banking, currency and related risks in
 that jurisdiction; and Country and Sovereign Risk (as each term is defined in the Custodian
 Agreement) in such jurisdiction. These risks are exclusively for, and at all times risks
 undertaken by, the Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) For
 all Eligible Institutions listed in Exhibit B (other than BBH), Excess Cash placed with any
 such Eligible Institution is not a liability of, or guaranteed by, BBH, and BBH is not responsible
 for any losses or other damages incurred by Client or any shareholder of Client in the event
 of the insolvency or failure of any such Eligible Institution, or as a result of delays in
 repayment of, or failure to pay, principal or interest. Any such losses or damages are exclusively
 and at all times those of Client.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) BBH
 conducts, or in the future may conduct, other activities and have other relationships with
 Eligible Institutions, and may place its own monies in Deposits at Eligible Institutions.
 Client may now, or in the future, enter into business relationships with the Eligible Institutions.
 Nothing in this CMS Instruction prevents BBH or the Client from entering into or maintaining
 such relationships with Eligible Institutions, even if they were to create an actual or potential
 conflict with the services provided or received pursuant to this CMS Instruction.

This CMS Instruction shall be construed in accordance with, and is governed by, the laws of the State of New York, without giving effect to the conflicts of laws of such state. In the event of a conflict between the terms of this CMS Instruction and the Custodian Agreement, this CMS Instruction will prevail. The undersigned irrevocably consents to the exclusive jurisdiction of the courts of the State of New York and the federal courts located in New York City in the Borough of Manhattan. The parties hereby waive the right to trial by jury in any judicial proceedings involving any matter in any way arising out of, related to, or connected with this CMS Instruction.

BBH may terminate the CMS Sweep, and Client may terminate this CMS Instruction, in either case, by providing the other party with prior written notice. Termination will become effective one business day after receipt. Representations (i)-(iv), (vi), (ix), (xi)-(xiii) and the provisions in this CMS Instruction regarding governing law, jurisdiction and dispute resolution will survive the termination of this CMS Instruction. Notices

contemplated by this Instruction shall be delivered in accordance with the Notice delivery provisions in the Custodian Agreement and shall be addressed, as follows:

If to the Client: Miller Investment Trust Attn: Telephone: If to the Custodian: Brown Brothers Harriman & Co. 140 Broadway New York, New York 10005 Attn: Treasury Department Telephone: (212) 493-1818

**MILLER INVESTMENT TRUST**

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

<u>Exhibit A: List of Accounts and Currencies</u>

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Account Name** | &nbsp;&nbsp;**Account Number** | &nbsp;&nbsp;**Currency** |
| &nbsp;&nbsp;(1) |  |  |  |
| &nbsp;&nbsp;(2) |  |  |  |
| &nbsp;&nbsp;(3) |  |  |  |
| &nbsp;&nbsp;(4) |  |  |  |
| &nbsp;&nbsp;(5) |  |  |  |
| &nbsp;&nbsp;(6) |  |  |  |
| &nbsp;&nbsp;(7) |  |  |  |
| &nbsp;&nbsp;(8) |  |  |  |
| &nbsp;&nbsp;(9) |  |  |  |
| &nbsp;&nbsp;(10) |  |  |  |

---

**MILLER INVESTMENT TRUST**

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

<u>Exhibit B – Eligible Institutions Selected by the Client</u>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Country** | &nbsp;&nbsp; **Branches of the Following Institutions** | &nbsp;&nbsp;**Account Level <br> Limitation (if any)** |
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;Australia and New Zealand Banking Group Ltd. | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Australia | &nbsp;&nbsp;National Australia Bank Limited | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;Bank of Montreal | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;Bank of Nova Scotia | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;Canadian Imperial Bank of Commerce | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Canada | &nbsp;&nbsp;Royal Bank of Canada | &nbsp;&nbsp;$|
| &nbsp;&nbsp;China | &nbsp;&nbsp;China Construction Bank Corp. | &nbsp;&nbsp;$|
| &nbsp;&nbsp;China | &nbsp;&nbsp;Industrial & Commercial Bank of China Ltd. | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Finland | &nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;$|
| &nbsp;&nbsp;France | &nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;$|
| &nbsp;&nbsp;France | &nbsp;&nbsp;HSBC Continental Europe | &nbsp;&nbsp;$|
| &nbsp;&nbsp;France | &nbsp;&nbsp;Société Générale | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Germany | &nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Hong Kong | &nbsp;&nbsp;The Hongkong and Shanghai Banking Corp, Ltd | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;Sumitomo Mitsui Banking Corporation | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;Sumitomo Mitsui Trust Bank, Limited | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Japan | &nbsp;&nbsp;MUFG Bank, Ltd. | &nbsp;&nbsp;$|
| &nbsp;&nbsp;The Netherlands | &nbsp;&nbsp;ING Bank NV | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Norway | &nbsp;&nbsp;DnB Bank ASA | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Singapore | &nbsp;&nbsp;DBS Bank Ltd | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Spain | &nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;$|
| &nbsp;&nbsp;Sweden | &nbsp;&nbsp;Skandinaviska Enskilda Banken AB | &nbsp;&nbsp;$|
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;Barclays Bank plc | &nbsp;&nbsp;$|
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;HSBC Bank plc | &nbsp;&nbsp;$|
| &nbsp;&nbsp;United Kingdom | &nbsp;&nbsp;Standard Chartered Bank | &nbsp;&nbsp;$|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;Citibank NA | &nbsp;&nbsp;$|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;JPMorgan Chase Bank NA | &nbsp;&nbsp;$|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;The Bank of New York Mellon | &nbsp;&nbsp;$|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;Wells Fargo Bank NA | &nbsp;&nbsp;$|
| &nbsp;&nbsp;United States | &nbsp;&nbsp;Brown Brothers Harriman & Co. | &nbsp;&nbsp;No Limit Permitted |

---

In order to exclude an Eligible Institution from the approved list, please either cross-off, or strikethrough the Institution name. Brown Brothers Harriman & Co. may not be removed.

**MILLER INVESTMENT TRUST**

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Date: |

---

## Ex-99.H

**ETF MASTER SERVICES AGREEMENT**

This ETF Master Services Agreement (this "**Agreement**"), dated December 10, 2025, is between **Miller Investment Trust** (the "**Trust**"), a Delaware statutory trust, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"), a limited liability company organized under the laws of the state of Ohio.

**<u>Background</u>**

The Trust is an investment company registered or to be registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), and it desires that Ultimus perform certain services for each of its series listed on Schedule A (as amended from time to time) (individually referred to herein as a "**Fund**" and collectively as the "**Funds**"). Ultimus is willing to perform such services on the terms and conditions set forth in this Agreement.

**<u>Terms and Conditions</u>**

**1.** **Retention of Ultimus** 

The Trust retains Ultimus to act as the service provider on behalf of each Fund for the services set forth in each Addendum selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Ultimus accepts such employment to perform the selected Services.

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Fund
Accounting Addendum

&nbsp;&nbsp;&nbsp;&nbsp;⌧ Fund
Administration Addendum

**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Ultimus
 shall furnish at its own expense the executive, supervisory, and clerical personnel necessary
 to perform its obligations under this Agreement. Ultimus shall also pay all compensation
 of any officers of the Trust who are affiliated persons of Ultimus, except when such person
 is serving as the Trust's chief compliance officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** The
 Trust, on behalf of each Fund, assumes and shall pay or cause to be paid all other expenses
 of the Trust or a Fund not otherwise allocated under this Section 2, including, without limitation:
 organization costs; taxes; expenses for legal and auditing services; the expenses of preparing
 (including typesetting), printing, and mailing reports, prospectuses, statements of additional
 information, information statements, proxy statements, and related materials; all expenses
 incurred in connection with Fund purchase and redemption transactions; licensing fees for
 the index on which the Funds are based ()"**Index** "); securities exchange
 listing fees and fees associated with the calculation and dissemination of the Index and
 indicative optimized portfolio value ()"**IOPV** "); transfer agent, dividend
 disbursing agent, and index receipt agent fees; the costs of custodial services; the cost
 of initial and ongoing registration or qualification of the shares under federal and state
 securities laws; fees and reimbursable expenses of Trustees who are not affiliated persons
 of Ultimus or the investment adviser(s) to the Trust; insurance premiums; interest; brokerage
 costs; litigation; other extraordinary or nonrecurring expenses; and all fees and charges
 of investment advisers to the Trust.

**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** The
 Trust, on behalf of each Fund, shall pay for the Services to be provided by Ultimus under
 this Agreement in accordance with, and in the manner set forth in, the fee letter attached
 to each addendum (each a "**Fee Letter** "), which may be amended from time
 to time. Each Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** If
 this Agreement becomes effective subsequent to the first day of a month, Ultimus' compensation
 for that part of the month in which the Agreement is in effect shall be prorated in a manner
 consistent with the calculation of the fees as set forth in the applicable Fee Letter. If
 this Agreement terminates before the last day of a month, Ultimus' compensation for
 that part of the month in which the Agreement is in effect shall be equal to a full calendar
 month's worth of fees as calculated in a manner consistent with the calculation of
 the fees as set forth in the applicable Fee Letter. The Trust shall promptly pay Ultimus'
 compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** In
 the event that the U.S. Securities and Exchange Commission (the "**SEC** "),
 Financial Industry Regulatory Authority, Inc. ()"**FINRA** "), or any other
 regulator or self-regulatory authority adopts regulations and requirements relating to the
 payment of fees to service providers or which would result in any material increases in costs
 to provide the Services under this Agreement, the parties agree to negotiate in good faith
 amendments to this Agreement in order to comply with such requirements and provide for additional
 compensation for Ultimus as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4.*** In
 the event that any fees are disputed, the Trust shall, on or before the due date, pay all
 undisputed amounts due hereunder and notify Ultimus in writing of any disputed fees which
 it is disputing in good faith. Payment for such disputed fees shall be due on or before the
 tenth (10<sup>th</sup>) business day after the day on which Ultimus provides to the Trust
 documentation which reasonably supports the disputed charges.

**4.** **Reimbursement of Expenses** 

In addition to paying Ultimus the fees described in each Fee Letter, the Trust, on behalf of each Fund, agrees to reimburse Ultimus for its actual reimbursable expenses in providing services hereunder, if applicable, including, without limitation, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Reasonable
 travel and lodging expenses incurred by officers and employees of Ultimus in connection with
 attendance at meetings of the Trust's Board of Trustees (the "**Board** ")
 or any committee thereof and shareholders' meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** All
 freight and other delivery charges incurred by Ultimus in delivering materials on behalf
 of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** All
 direct telephone, telephone transmission and telecopy or other electronic transmission expenses
 incurred by Ultimus in communication with the Trust, the Trust's investment adviser(s)
 or custodian, counsel for the Trust or a Fund, counsel for the Trust's independent
 Trustees, the Trust's independent accountants, dealers or others as required for Ultimus
 to perform the Services;

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 2 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** The
 cost of obtaining secondary security market quotes and any securities data, including, but
 not limited to, the cost of fair valuation services and the cost of obtaining corporate action
 related data and securities master data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** All
 fees and expenses incurred in connection with any licensing of software, subscriptions to
 databases, custom programming or systems modifications required to provide any special reports
 or services requested by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** Any
 expenses Ultimus shall incur at the direction of an officer of the Trust thereunto duly authorized
 other than an employee or other affiliated person of Ultimus who may otherwise be named as
 an authorized representative of the Trust for certain purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** A
 reasonable allocation of the costs associated with the preparation of Ultimus' Service
 Organization Control 1 Reports ()"**SOC 1 Reports** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** A
 reasonable allocation of the cost of GainsKeeper<sup>®</sup> software, used by Ultimus
 to track wash loss deferrals for both fiscal (855) and excise tax provisioning; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** Any
 additional expenses reasonably incurred by Ultimus in the performance of its duties and obligations
 under this Agreement.

**5.** **Maintenance of Books and Records** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** Ultimus
 shall maintain and keep current the accounts, books, records and other documents relating
 to the Services as may be required by applicable law, rules, and regulations, including Federal
 Securities Laws as defined under Rule 38a-1 under the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.***  ***Ownership/Retention/Destruction of Records*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 agrees that all such books, records, and other data (except computer programs and procedures)
 developed to perform the Services (collectively, the "**Client Records** ")
 shall be the property of the Trust or Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* The
 Trust, on behalf of each Fund, agrees to reimburse Ultimus for the cost of maintaining the
 Client Records, which shall include any storage, copying, transmission, and/or destruction
 of the Client Records as provided for hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Ultimus
 will keep the Client Records for so long as may be required by applicable law, rules, and
 regulations, including Federal Securities Laws, and upon expiration of any such required
 holding period will destroy the Client Records at the Trust's or Funds' expense
 in accordance with Ultimus' Records Destruction Policy. If the Trust or Fund does not
 want the Client Records destroyed, the Trust or Fund may request in writing that Ultimus
 preserve the Client Records, whereupon Ultimus will continue to store the Client Records
 at the Trust's or Funds' expense until such time as otherwise notified by the
 Trust or Fund in writing.

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 3 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus
 agrees to provide the Client Records to the Trust or a Fund, at the expense of the Trust
 or Fund, upon reasonable request, and to make such books and records available for inspection
 by the Trust, a Fund, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* Ultimus
 agrees to furnish to the Trust (if this Agreement is terminated in whole), a Fund or Funds
 (if this Agreement is terminate only with respect to such Fund(s)), or to such other third-party
 as the Trust or such Fund(s) may direct, at the expense of the Trust or such Fund(s), all
 Client Records in the electronic or other medium in which such material is then maintained
 by Ultimus as soon as reasonably practicable after any such termination of this Agreement.
 If Ultimus is required by applicable law, rule, or regulation to maintain any Client Records,
 it will provide the Trust, such Fund(s), or such other third-party as the Trust or such Fund(s)
 may direct with copies of the Client Records as soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* If
 this Agreement is terminated as a result of the liquidation of the Trust or any Fund, Ultimus
 will destroy all Client Records of the liquidating Trust and/or Fund(s) (as applicable) upon
 the expiration of any such required holding period required by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** Ultimus
 agrees to keep confidential all Client Records, except when requested to divulge such information
 by duly constituted authorities or court process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** If
 Ultimus is requested or required to divulge such information by duly constituted authorities
 or court process, Ultimus shall, unless prohibited by law, promptly notify the Trust or Fund
 of such request(s) so that the Trust or Fund may seek, at the expense of the Trust or Fund,
 an appropriate protective order.

**6.** **Subcontracting** 

Ultimus may, at its expense, subcontract with any entity or person concerning the provision of the Services; provided, however, that Ultimus shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and that Ultimus shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor.

**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** This
 Agreement shall become effective as of the date first above written with respect to each
 Fund in existence on such date (or, if a particular Fund is not in existence on that
 date, on the date such Fund commences operation) (the "**Agreement Effective Date** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** Each
 Addendum shall become effective as of the date first written in the Addendum with respect
 to each Fund in existence on such date (or, if a particular Fund is not in existence
 on that date, on the date such Fund commences operation).

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 4 of 17

**8.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.***  ***Initial Term.*** This Agreement shall continue in effect, unless earlier terminated by either
 party as provided under this Section 8, for a period of three (3) years from the date first
 above written (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.***  ***Renewal Terms.*** Immediately following the Initial Term this Agreement shall automatically
 renew for successive one-year periods (a "**Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.***  ***Termination.*** A party may terminate this Agreement under the following circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* *Termination for Good Cause.* During the Initial Term or a Renewal Term, a party (the "**Terminating Party**") may only terminate this Agreement against the other party (the "**Non-Terminating Party"**) for good cause. For purposes of this Agreement, "**good cause** "
 shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a
 material breach of this Agreement by the Non-Terminating Party that has not been cured or
 remedied within 30 days after the Non-Terminating Party receives written notice of such breach
 from the Terminating Party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the
 Non-Terminating Party takes a position regarding compliance with Federal Securities Laws
 that the Terminating Party reasonably disagrees with, the Terminating Party provides 30 days'
 prior written notice of such disagreement, and the parties fail to come to agreement on the
 position within the 30-day notice period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a
 final and unappealable judicial, regulatory, or administrative ruling or order in which the
 Non-Terminating Party has been found guilty of criminal or unethical behavior in the conduct
 of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) the
 authorization or commencement of, or involvement by way of pleading, answer, consent, or
 acquiescence in, a voluntary or involuntary case under the Bankruptcy Code of the United
 States Code, as then in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if
 the Board approves liquidation of a Fund, this Agreement may be terminated with respect to
 such Fund only, and such termination shall be deemed to be for "good cause";
 provided that this Agreement remains in full force and effect with respect to all non-liquidating
 Funds; the only exception being if the liquidating Fund is the last or only Fund in the Trust,
 in which event this Agreement shall be terminated in its entirety upon liquidation of that
 sole remaining Fund and such termination shall be deemed to be for "good cause".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Trust or Fund demands services that are beyond the scope of this
 Agreement and/or a Fund's investment strategy, structure, holdings, or other aspects
 of a Fund's operations deviate in any material respect from those Ultimus understood
 to exist during the initial due diligence and onboarding stage, such that Ultimus is (or
 will be)

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 5 of 17

required to employ resources, whether in the form of additional man hours, investment or otherwise, beyond what was originally anticipated by Ultimus (collectively, the "**Out-of-Scope Services**"), and the parties cannot agree on appropriate terms relating to such Out-of-Scope Services, Ultimus may terminate this Agreement upon not less than 90 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* *End-of-Term Termination.* A party can terminate this Agreement at the end of the Initial Term or a
 Renewal Term by providing written notice of termination to the other party at least 90 days
 prior to the end of the Initial Term or then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* *Early Termination.* Any termination of this Agreement in whole or in part other than termination
 under Section 8.3.A-C is deemed an "**Early Termination.**" The Trust or Fund(s)
 effecting such Early Termination shall be subject to an "**Early Termination Fee** "
 equal to the pro rated fee amount due to Ultimus through the end of the then-current term
 as calculated in the applicable Fee Letter, including the repayment of any negotiated discounts
 provided by Ultimus during the term of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Final Payment **.*** Any unpaid compensation, reimbursement of expenses, or Early Termination
 Fee is due to Ultimus within 15 calendar days of the termination date provided in the notice
 of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.***  ***No Waiver.*** Failure by either party to terminate this Agreement for a particular cause
 shall not constitute a waiver of its right to subsequently terminate this Agreement for the
 same or any other cause.

**9.** **Additional Funds** 

In the event that the Trust establishes one or more series of shares after the Agreement Effective Date, each such series shall become, at the discretion of the Trust and Ultimus, a Fund under this Agreement and shall be added to Schedule A and the applicable Fee Letter(s) as appropriate.

**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.1.***  ***Standard of Care.*** Each party's duties are limited to those expressly set forth in this Agreement
 and the parties do not assume any implied duties. Each party shall use its best efforts in
 the performance of its duties and act in good faith in performing the Services or its obligations
 under this Agreement. Each party shall be liable for any damages, losses or costs arising
 out of such party's failure to perform its duties under this Agreement to the extent
 such damages, losses or costs arise out of its willful misfeasance, bad faith, gross negligence
 in the performance of its duties, or reckless disregard of its obligations and duties hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.2.***  ***Limits of Liability*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Ultimus
 shall not be liable for any Losses (as defined below) arising from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing
 Services or duties pursuant to any oral, written, or electric instruction, notice, request,
 record, order, document, report, resolution, certificate, consent,

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 6 of 17

data, authorization, instrument, or item of any kind that Ultimus reasonably believes to be genuine and to have been signed, presented, or furnished by a duly authorized representative of the Trust or any Fund (other than an employee or other affiliated persons of Ultimus who may otherwise be named as an authorized representative of the Trust for certain purposes);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) operating
 under its own initiative, in good faith and in accordance with the standard of care set forth
 herein, in performing its duties or the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) using
 valuation information provided by the Trust's approved third-party pricing service(s)
 or the investment adviser(s) to the Fund for the purpose of valuing a Fund's portfolio
 holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any
 default, damages, costs, loss of data or documents, errors, delay, or other loss whatsoever
 caused by events beyond Ultimus' reasonable control, including, without limitation,
 corrupt, faulty or inaccurate data provided to Ultimus by third-parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any
 error, action or omission by the Trust or other past or current service provider; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) any
 failure to properly register any Fund's shares in accordance with the Securities Act
 or any state blue sky laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Ultimus
 may apply to the Trust at any time for instructions and may consult with counsel for the
 Trust or a Fund, counsel for the Trust's independent Trustees, and with accountants
 and other experts with respect to any matter arising in connection with Ultimus' duties
 or the Services. Ultimus shall not be liable or accountable for any action taken or omitted
 by it in good faith in accordance with such instruction or with the reasonable opinion of
 such counsel, accountants, or other experts qualified to render such opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* A
 copy of the Trust's Agreement and Declaration of Trust (the "**Declaration of Trust**") is on file with the Secretary of State (or equivalent authority) of the
 state in which the Trust is organized, and notice is hereby given that this instrument is
 executed on behalf of the Trust and not the Trustees individually and that the obligations of this instrument are
 not binding upon any of the Trustees, officers or shareholders individually but are binding
 only upon the assets and property of the Trust (or if the matter relates only to a particular
 Fund, that Fund), and Ultimus shall look only to the assets of the Trust (or the particular
 Fund, as applicable), for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* Ultimus
 shall not be held to have notice of any change of authority of any officer, agent, representative
 or employee of the Trust or any Fund, the Trust's or any Fund's investment adviser
 or any of the Trust's or Fund's other service providers until receipt of written
 notice thereof from the Trust or Fund (as applicable). As used in this Agreement, the term
 "**investment adviser** "
 includes all sub-advisers or persons performing similar services.

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 7 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The
 Board has and retains sole responsibility for oversight of all compliance matters relating
 to the Funds, including, but not limited to, compliance with the Investment Company Act,
 the Internal Revenue Code of 1986, as amended (the "**Internal Revenue Code** "),
 the USA PATRIOT Act of 2001, the Sarbanes Oxley Act of 2002 and the policies and limitations
 of each Fund relating to the portfolio investments as set forth in the prospectus and statement
 of additional information. Ultimus' monitoring and other functions hereunder shall
 not relieve the Board of its primary day-to-day responsibility for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* To
 the maximum extent permitted by law, the Trust agrees to limit Ultimus' liability for
 the Trust's Losses (as defined below) to an amount that shall not exceed the total
 compensation received by Ultimus under this Agreement during the most recent rolling 12-month
 period or the actual time period this Agreement has been in effect if less than 12 months.
 This limitation shall apply regardless of the cause of action or legal theory asserted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***G.*** **In no event shall Ultimus be liable for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or Ultimus was advised of the possibility thereof. Ultimus shall not be liable for any corrupt, faulty or inaccurate data provided to Ultimus by any third-parties (including, without limitation, any investment adviser to the Funds) for use in delivering Ultimus' Services to the Trust or a Fund and Ultimus shall have no duty to independently verify and confirm the accuracy of third-party data. The parties acknowledge that the other parts of this Agreement are premised upon the limitation stated in this section.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.3.***  ***Indemnification*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Each
 party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect
 the other party, including its trustees, directors, managers, officers, employees, and other
 agents (collectively, the "**Indemnitees**" and each an "**Indemnitee** "),
 and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses,
 damages, liabilities, and reasonable costs, charges, and expenses (including attorney fees
 and investigation expenses) (collectively, "**Losses**") arising out of (1)
 the Indemnifying Party's failure to exercise the standard of care set forth above unless
 such Losses were caused in part by the Indemnitees own willful misfeasance, bad faith or
 gross negligence; (2) any violation of Applicable Law (defined below) by the Indemnifying
 Party or its affiliated persons or agents relating to this Agreement and the activities thereunder;
 and (3) any material breach by the Indemnifying Party or its affiliated persons or agents
 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Notwithstanding
 the foregoing provisions, the Trust or Fund shall indemnify Ultimus for Ultimus' Losses
 arising from circumstances under Section 10.2.A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*C.* Upon
 the assertion of a claim for which either party may be required to indemnify the other, the
 Indemnitee shall promptly notify the Indemnifying Party of such assertion, and shall

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 8 of 17

keep the Indemnifying Party advised with respect to all developments concerning such claim. Notwithstanding the foregoing, the failure of the Indemnitee to timely notify the Indemnifying Party shall not relieve the Indemnifying Party of its indemnification obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*D.* The
 Indemnifying Party shall have the option to participate with the Indemnitee in the defense
 of such claim or to defend against said claim in its own name or in the name of the Indemnitee.
 The Indemnitee shall in no case confess any claim or make any compromise in any case in which
 the Indemnifying Party may be required to indemnify the Indemnitee except with the Indemnifying
 Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4.*** The
 provisions of this Section 10 shall survive termination of this Agreement.

**11.** **Force Majeure.** 

Neither party will be liable for Losses, loss of data, delay of Services, or any other issues caused by events beyond its reasonable control, including, without limitation, delays by third party vendors and/or communications carriers, acts of civil or military authority, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, pandemics, failure of the mails, transportation, communication, or power supply.

**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.1.***  ***Joint Representations.*** Each party represents and warrants, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It
 is a corporation, partnership, trust, or other entity duly organized and validly existing
 in good standing under the laws of the jurisdiction in which it is organized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* To
 the extent required by Applicable Law (defined below), it is duly registered with all appropriate
 regulatory agencies or self-regulatory organizations and such registration will remain in
 full force and effect for the duration of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* For
 the duties and responsibilities under this Agreement, it is currently and will continue to
 abide by all applicable federal and state laws, including, without limitation, federal and
 state securities laws; regulations, rules, and interpretations of the SEC and its authorized
 regulatory agencies and organizations, including FINRA; and all other self-regulatory organizations
 governing the transactions contemplated under this Agreement (collectively, "**Applicable Law** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It
 has duly authorized the execution and delivery of this Agreement and the performance of the
 transactions, duties, and responsibilities contemplated by this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* This
 Agreement constitutes a legal obligation of the party, subject to bankruptcy, insolvency,
 reorganization, moratorium, and other laws of general application affecting the rights and
 remedies of creditors and secured parties.

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 9 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* Whenever,
 in the course of performing its duties under this Agreement, it determines that a violation
 of Applicable Law has occurred, or that, to its knowledge, a possible violation of Applicable
 Law may have occurred, or with the passage of time could occur, it shall promptly notify
 the other party of such violation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2.***  ***Representations of the Trust.*** The Trust represents and warrants, which representations and warranties
 shall be deemed to be continuing throughout the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* (1)
 as of the close of business on the Agreement Effective Date, each Fund that is then in existence
 has authorized unlimited shares, and (2) no shares of any Fund will be offered to the public
 until the Trust's registration statement under the Securities Act of 1933, as amended
 (the "**Securities Act** "), and the Investment Company Act, has been declared
 or becomes effective and all required state securities law filings have been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* It
 shall cause the investment adviser(s) and sub-advisers, prime broker, custodian, legal counsel,
 independent accountants, and other service providers and agents, past or present, for each
 Fund to cooperate with Ultimus and to provide it with such information, data, documents,
 and advice relating to the Fund as appropriate or requested by Ultimus, in order to enable
 Ultimus to perform its duties and obligations under this Agreement. To the extent the Trust,
 the Fund, the investment adviser(s) or any other service provider to the Fund is/are unable
 to supply Ultimus with all of the information necessary for Ultimus to perform the Services,
 Ultimus will not be able to fully perform the Services and will not be responsible for such
 failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* The
 Trust's Agreement and Declaration of Trust, Bylaws, registration statement and each
 Fund's organizational documents, and prospectus are true and accurate and will remain
 true and accurate at all times during the term of this Agreement in conformance with applicable
 federal and state securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Each
 of the employees of Ultimus that serves or has served at any time as an officer of the Trust,
 including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall
 be covered by the Trust's Directors & Officers/Errors & Omissions insurance
 policy (the "**Policy**") and shall be subject to the provisions of the Trust's
 Declaration of Trust and Bylaws regarding indemnification of its officers. The Trust shall
 provide Ultimus with proof of current coverage, including a copy of the Policy, and shall
 notify Ultimus immediately should the Policy be canceled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* Any
 officer of the Trust shall be considered an individual who is authorized to provide Ultimus
 with instructions and requests on behalf of the Trust (an "**Authorized Person** ")
 (unless such authority is limited in a writing from the Trust and received by Ultimus) and
 has the authority to appoint additional Authorized Persons, to limit or revoke the authority
 of any previously designated Authorized Person, and to certify to Ultimus the names of the
 Authorized Persons from time to time.

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 10 of 17

**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.1.***  ***Maintenance of Insurance Coverage.*** Each party agrees to maintain throughout the term of this
 Agreement professional liability insurance coverage of the type and amount reasonably customary
 in its industry. Upon
 request, a party shall furnish the other party with pertinent information concerning the
 professional liability insurance coverage that it maintains. Such information shall include
 the identity of the insurance carrier(s), coverage levels, and deductible amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2.***  ***Notice of Termination.*** A party shall promptly notify the other party should any of the notifying party's insurance
 coverage be canceled or reduced. Such notification shall include the date of change and the
 reasons therefore.

**14.** **Information Provided by the Trust** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1.***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Trust
 will furnish to Ultimus the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies
 of the Declaration of Trust and of any amendments thereto, certified by the proper official
 of the state in which such document has been filed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the
 Trust's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* certified
 copies of resolutions of the Board covering the approval of this Agreement, authorization
 of a specified officer of the Trust to execute and deliver this Agreement and authorization
 for specified officers of the Trust to instruct Ultimus thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* a
 list of all the officers of the Trust, together with specimen signatures of those officers
 who are authorized to instruct Ultimus in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the
 Trust's registration statement and all amendments thereto filed with the SEC pursuant
 to the Securities Act and the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the
 Trust's notification of registration under the Investment Company Act on Form N-8A
 as filed with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* each
 Fund's listing notice from the applicable securities exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* the
 Trust's current prospectus and statement of additional information for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* an
 accurate, current list of shareholders of each existing series of the Trust, if applicable,
 showing each shareholder's address of record, number of shares owned and whether such
 shares are represented by outstanding share certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies
 of the current plan of distribution adopted by the Trust under Rule 12b-1 under the Investment
 Company Act for each Fund, if applicable;

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 11 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* copies
 of the current investment advisory agreement and current investment sub-advisory agreement(s),
 if applicable, for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* copies
 of the current underwriting agreement for each Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(M)* contact
 information for each Fund's service providers, including, but not limited to, the Fund's
 administrator, custodian, transfer agent and/or index receipt agent, independent accountants,
 legal counsel, underwriter, lead market maker, securities exchange where shares will be listed,
 and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(N)* a
 copy of procedures adopted by the Trust in accordance with Rule 38a-1 under the Investment
 Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2.***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Trust will
 furnish to Ultimus any amendments to the items listed in Section 14.1.

**15.** **Compliance with Law** 

The Trust assumes full responsibility for the preparation, contents, and distribution of each prospectus of a Fund and further agrees to comply with all applicable requirements of the Federal Securities Laws and any other laws, rules and regulations of governmental authorities having jurisdiction over the Trust or a Fund, including, but not limited to, the Internal Revenue Code, the USA PATRIOT Act of 2001, and the Sarbanes-Oxley Act of 2002, each as amended.

**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.1.***  ***Definition of Confidential Information.*** The term "**Confidential Information** "
 shall mean all information that either party discloses (a "**Disclosing Party** ")
 to the other party (a "**Receiving Party** "), whether in writing, electronically,
 or orally and in any form (tangible or intangible), that is confidential, proprietary, or
 relates to clients or shareholders purchasing or redeeming in-kind. Confidential Information
 includes, but is not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* any
 information concerning technology, such as systems, source code, databases, hardware, software,
 programs, applications, engaging protocols, routines, models, displays, and manuals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any
 unpublished information concerning research activities and plans, customers, clients, shareholders
 purchasing or redeeming in-kind, authorized participants, strategies and plans, costs, and
 operational techniques;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any
 unpublished financial information, including information concerning revenues, profits and
 profit margins, and costs or expenses; and

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 12 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Customer
 Information (as defined below).

Confidential Information is deemed confidential and proprietary to the Disclosing Party regardless of whether such information was disclosed intentionally or unintentionally, or marked appropriately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.2.***  ***Definition of Customer Information.*** Any Customer Information will remain the sole and exclusive
 property of the Trust. "**Customer Information**" shall mean all non-public,
 personally identifiable information as defined by Gramm-Leach-Bliley Act of 1999, as amended,
 and its implementing regulations (*e.g.*, SEC Regulation S-P and Federal Reserve Board
 Regulation P) (collectively, the "**GLB Act** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.3.***  ***Treatment of Confidential Information*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Each
 party agrees that at all times during and after the terms of this Agreement, it shall use,
 handle, collect, maintain, and safeguard Confidential Information in accordance with (1)
 the confidentiality and non-disclosure requirements of this Agreement; (2) the GLB Act, as
 applicable and as it may be amended; and (3) such other Applicable Law, whether in effect
 now or in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Without
 limiting the foregoing, the Receiving Party shall apply to any Confidential Information at
 least the same degree of reasonable care used for its own confidential and proprietary information
 to avoid unauthorized disclosure or use of Confidential Information under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each
 party further agrees that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 Receiving Party will hold all Confidential Information it obtains in strictest confidence
 and will use and permit use of Confidential Information solely for the purposes of this Agreement
 or as otherwise provided for in this Agreement, and consistent therewith, may disclose or
 provide access to its responsible employees or agents who have a need to know and are under
 adequate confidentiality agreements or arrangements and make copies of Confidential Information
 to the extent reasonably necessary to carry out its obligations under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Notwithstanding
 the foregoing, the Receiving Party may release Confidential Information as permitted or required
 by law or approved in writing by the Disclosing Party, which approval shall not be unreasonably
 withheld and may not be withheld where the Receiving Party may be exposed to civil or criminal
 liability or proceedings for failure to release such information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Additionally,
 Ultimus may provide other Confidential Information typically supplied in the investment company
 industry as mutually agreed to companies that track or report price, performance or other
 information regarding investment companies; and

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 13 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The
 Receiving Party will immediately notify the Disclosing Party of any unauthorized disclosure
 or use, and will cooperate with the Disclosing Party to protect all proprietary rights in
 any Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4.***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination
 of this Agreement.

**17.** **Press Release** 

Within the first 60 days following the Agreement Effective Date, the Trust agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Ultimus; provided that Ultimus must obtain the Trust's written consent prior to publication of such release, which consent shall not be unreasonably denied by the Trust.

**18.** **Non-Exclusivity** 

The services of Ultimus rendered to the Trust are not deemed to be exclusive. Except to the extent necessary to perform Ultimus' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Ultimus' right, or the right of any of Ultimus' managers, officers or employees who also may be a trustee, officer or employee of the Trust, or persons who are otherwise affiliated persons of the Trust to engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other person.

**19.** **Arbitration** 

Any controversy or claim arising out of or relating to this Agreement, or the breach thereof, shall be settled by arbitration in Cincinnati, Ohio, according to the Commercial Arbitration Rules of the American Arbitration Association, and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof.

This arbitration provision shall be enforced and interpreted exclusively in accordance with applicable federal law, including the Federal Arbitration Act. Any costs, fees, or taxes involved in enforcing the award shall be fully assessed against and paid by the party resisting enforcement of said award. The prevailing party shall also be entitled to an award of reasonable attorneys' fees and costs incurred in connection with the enforcement of this Agreement.

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 14 of 17

**20.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by electronic mail, overnight delivery, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1.***  ***If to the Trust:*** 

Miller Investment Trust

Attn: Michael Miller

100 Market Street, Suite 203

Portsmouth, NH 03801

Email:

With a copy to:

Bibb L. Strench, Esq.

Thompson Hine LLP

1919 M Street, N.W. Suite 700

Washington, D.C. 20036

Email:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2.***  ***If to Ultimus:*** 

Ultimus Fund Solutions, LLC

Attn: General Counsel

225 Pictoria Drive, Suite 450

Cincinnati, OH 45246

Email: legal@ultimusfundsolutions.com

**21.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1.***  ***Incorporation by Reference.*** This Agreement and its addendums, schedules, exhibits, and other documents
 incorporated by reference express the entire understanding of the parties and supersede any
 other agreement between them relating to the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2.***  ***Conflicts.*** In the event of any conflict between this Agreement and any appendices or Addendum
 thereto, this Agreement shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.3.***  ***Amendments.*** The parties may only amend, modify, or waive all or part of this Agreement by written
 amendment or waiver signed by both parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.4.***  ***Assignments.*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* Except
 as provided in this Section 21.4, this Agreement and the rights and duties hereunder shall
 not be assignable by either of the parties except by the specific written consent of the
 non-assigning party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* The
 terms and provisions of this Agreement shall become automatically applicable to any investment
 company that is the successor to the Trust because of reorganization, recapitalization, or
 change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Ultimus
 may, to the extent permitted by law and in its sole discretion, assign all its rights
 and interests in this Agreement to an affiliate, parent, subsidiary or to the purchaser of
 substantially all of its business, provided that Ultimus provides the Trust at least 90 days'
 prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This
 Agreement shall be binding upon, and shall inure to the benefit of, the parties and their
 respective successors and permitted assigns.

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 15 of 17

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.5.***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the state of
 Ohio and the applicable provisions of the Investment Company Act. To the extent that the
 applicable laws of the state of Ohio, or any of the provisions herein, conflict with the
 applicable provisions of the Investment Company Act, the latter shall control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.6.***  ***Headings.*** Section and paragraph headings in this Agreement are included for convenience only
 and are not to be used to construe or interpret this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.7.***  ***Multiple Counterparts.*** This Agreement may be executed in two or more counterparts, each of
 which when executed shall be deemed to be an original, but such counterparts shall together
 constitute but one and the same instrument. A signed copy of this Agreement delivered by
 email or other means of electronic transmission will be deemed to have the same legal effect
 as delivery of an original, signed copy of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.8.***  ***Severability.*** If any part, term or provision of this Agreement is held to be illegal, in conflict
 with any law or otherwise invalid, the remaining portion or portions shall be considered
 severable and not be affected by such determination, and the rights and obligations of the
 parties shall be construed and enforced as if the Agreement did not contain the particular
 part, term or provisions held to be illegal or invalid.

***Signatures are located on the next page.***

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 16 of 17

The parties duly executed this Agreement as of December 10, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller Investment Trust** |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/Michael Miller | By: | /s/Gary Tenkman |
| Name: | Michael Miller | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Miller Investment Trust <br> Ultimus ETF Master Services Agreement <br> December 10, 2025 Page 17 of 17

**SCHEDULE A**

**to the**

**ETF Master Services Agreement**

**between**

**Miller Investment Trust**

**and**

**Ultimus Fund Solutions, LLC**

**dated December 10, 2025**

**<u>Fund Portfolio(s)</u>**

**Miller Convertible Total Return ETF**

**<u>Fund Accounting Addendum</u>**

**for**

**Miller Investment Trust**

This Fund Accounting Addendum, dated December 10, 2025, is between **Miller Investment Trust** (the "**Trust**"), on its own behalf and on behalf of the Funds listed on Schedule A to that certain ETF Master Services Agreement, dated December 10, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the ETF Master Services Agreement.

**<u>Fund Accounting Services</u>**

**1.** **Performance of Daily Accounting Services** 

Ultimus shall perform the following accounting services daily for each Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** calculate
 the net asset value per share utilizing prices obtained from the sources described in subsection
 1.2 below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** obtain
 security prices from independent pricing services, or if such quotes are unavailable and/or
 have been subject to override by the Fund's investment adviser, then obtain such prices
 from each Fund's investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** verify
 and reconcile with the Funds' custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** compute,
 as applicable, each Fund's net income and realized capital gains, dividend payables,
 dividend factors, and weighted average portfolio maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** accrue
 income of each Fund based upon income estimates obtained from independent pricing services,
 or if such income estimates are unavailable, then upon income estimates obtained from each
 Fund's investment adviser or its designee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** record
 investment trades received in proper form from each Fund or its authorized agents on the
 industry standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** calculate
Fund expenses based on instructions from each Fund's administrator or entity approved by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** process
 share creations and redemptions with each Fund's transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** maintain
 create/redeem records to the extent they are not otherwise maintained by other services providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** determine
 the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions
 and (3) income and expense accounts;

Miller Investment Trust <br> Fund Accounting Addendum <br> December 10, 2025 Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** provide
 system generated accounting reports in connection with each Fund's regular annual audit
 and other audits and examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** provide
 such ad hoc periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** prepare
 and maintain the following records upon receipt of information in proper form from each Fund
 or its authorized agents: (1) cash receipts journal; (2) cash disbursements journal; (3)
 dividend record; (4) purchase and sales-portfolio securities journals; (5) subscription and
 redemption journals; (6) security ledgers; (7) broker ledger; (8) general ledger; (9) daily
 expense accruals; (10) daily income accruals; (11) securities and monies borrowed or loaned
 and collateral therefore; (12) foreign currency journals; and (13) trial balances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14.*** provide
 information typically supplied in the investment company industry to companies that track
 or report price, performance or other information with respect to investment companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15.*** provide
 accounting information to each Fund's independent registered public accounting firm
 for preparation of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16.*** cooperate
 with, and take reasonable actions in the performance of its duties under this Agreement,
 so that all necessary information is made available to each Fund's independent public
 accountants in connection with any audit or the preparation of any report requested by the
 Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17.*** provision
 of basket services in connection with ETF creation and redemption unit processing, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. receive
 Portfolio Listing File from investment adviser and create PCF (Portfolio Composition File)
 in NSCC Format;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. apply
 mandatory corporate actions to PCF;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. basket
 valuation and calculation of estimated and actual cash components;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. transmit
 PCF to each Fund and investment adviser as instructed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. distribute
 PCF in NSCC file format to custodian for dissemination to NSCC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. calculate
 and communicate slippage in accordance with established procedure.

**2.** **Accounting Services Related to Odd Lot Pricing** 

If, in addition to those services described under Section 1 [Performance of Daily Accounting Services] of this Fund Accounting Addendum, the Trust or a Fund's investment adviser informs Ultimus that one or more Fund(s) holds or will hold any security in a quantity constituting an odd lot (as opposed to a round lot), Ultimus will undertake to perform such additional procedures as are determined necessary by the Board to price such security, including, if applicable, the application of a discount to the pricing obtained from any independent pricing service(s); provided, however, that any such additional procedures to be performed in connection with securities held in quantities constituting an odd lot, are clearly delineated in a written odd lot pricing methodology and procedure approved by the Board; it being further understood and agreed by the parties hereto that Ultimus shall be compensated in the form of an odd lot pricing fee for performing such additional procedures, and, notwithstanding anything in the Agreement to the contrary, including, without limitation, any duty of care or indemnification obligation that Ultimus might otherwise owe to the Trust or any Fund, Ultimus will not be liable for any NAV error that may arise out of any incorrect, incomplete, or missing data provided to Ultimus by the Fund's investment adviser or any sub-adviser

Miller Investment Trust <br> Fund Accounting Addendum <br> December 10, 2025 Page 2 of 5

to the Fund as part of any odd lot pricing procedures approved by the Board, and the Trust hereby agrees to indemnify Ultimus for and hold Ultimus harmless from any such liability.

**3.** **Derivatives Risk Management Program Support Services** 

Ultimus may, at the election of the Trust, provide certain of the Funds with the Derivatives Risk Management Program Support Services described below, in accordance with Rule 18f-4 under the Investment Company Act ("**Rule 18f-4**"):

&nbsp;&nbsp;&nbsp;&nbsp;a. Manage
 derivatives-specific data, update security master files, and load each Fund's portfolio
 composition and derivatives-specific data into Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;b. Deliver
 daily derivatives exposure and value-at-risk ()"**VaR**") reports generated
 by the Confluence software to each Fund's investment adviser ()"**Adviser** ")
 and the Trust's Chief Compliance Officer and make available reporting for weekly stress
 testing and back-testing calculations performed by the Confluence software;

&nbsp;&nbsp;&nbsp;&nbsp;c. Provide
 Adviser access to the Confluence software in order that Adviser may calculate derivatives
 exposure for each Fund it advises and make other derivatives risk management calculations
 as required by Rule 18f-4 (e.g., daily VaR calculations, weekly back-testing, and weekly
 stress-testing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Provide Adviser a board reporting template; and

&nbsp;&nbsp;&nbsp;&nbsp;e. Provide
 the Board access to an independent derivatives expert (a "**Derivatives Expert** ")
 capable of supporting the Board's efforts in effecting compliance oversight as required
 by Rule 18f-4 and the Trust's related Derivatives Risk Management Program.

In providing the Derivatives Risk Management Program Support Services, in each instance where Ultimus has committed to provide Adviser with access to VaR reports or other derivatives related information, Adviser may, with Ultimus' consent, elect to have Ultimus deliver the same reports and information to an Ultimus approved third party 18f-4 service provider/designee; with the understanding that delivery of such information to such third party 18f-4 service provider/designee may incur additional fees.

Alternatively, the Trust may elect to forego receipt of the Derivatives Risk Management Program Support Services and instead deliver (or cause to be delivered) to Ultimus derivatives data required to be reported monthly on Form N-PORT, in which case Ultimus' services (the "**18f-4/N-PORT Support Services**") will be limited to taking receipt of that derivatives data, manually loading that data into its reporting system, and reporting the required derivatives information on Form N-PORT monthly.

The Adviser has and retains sole responsibility for identifying derivative securities. Ultimus' provision of Derivatives Risk Management Program Support Services or 18f-4/N-PORT Support Services hereunder shall not relieve the Adviser of such responsibilities, and under no circumstances will Ultimus share in those responsibilities except as expressly agreed upon in this Fund Accounting Addendum.

**4.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** Ultimus
 may agree (but shall be under no obligation) to provide additional special reports upon the
 request of the Trust or a Fund's investment adviser, which may result in an additional
 charge, the amount of which shall be agreed upon by the parties prior to the reports being
 made available.

Miller Investment Trust <br> Fund Accounting Addendum <br> December 10, 2025 Page 3 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** Ultimus
 may agree (but shall be under no obligation) to provide such other similar services with
 respect to a Fund as may be reasonably requested by the Trust, which may result in an additional
 charge, the amount of which shall be agreed upon between the parties prior to such services
 being provided.

***Signatures are located on the next page.***

Miller Investment Trust <br> Fund Accounting Addendum <br> December 10, 2025 Page 4 of 5

The parties duly executed this Fund Accounting Addendum as of December 10, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller Investment Trust**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/Michael Miler | By: | /s/Gary Tenkman |
| Name: | Michael Miller | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Miller Investment Trust <br> Fund Accounting Addendum <br> December 10, 2025 Page 5 of 5

**<u>Fund Accounting Fee Letter</u>**

**for**

**the Funds listed on Schedule A**

**each a series of**

**Miller Investment Trust**

This Fund Accounting Fee Letter (this "**Fee Letter**") applies to the Services provided by **Ultimus Fund Solutions, LLC** ("**Ultimus**") to **Miller Investment Trust** (the "**Trust**") for the Funds listed on Schedule A (individually referred to herein as a "**Fund**" and collectively as the "**Funds**") pursuant to that certain ETF Master Services Agreement dated December 10, 2025, and the Fund Accounting Addendum dated December 10, 2025 (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**[omitted]**

***Signatures are located on the next page.***

Miller Investment Trust <br> Fund Accounting Fee Letter <br> December 10, 2025 Page 1 of 2

The parties duly executed this Fund Accounting Fee Letter dated December 10, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller Investment Trust**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/Michael Miller | By: | /s/Gary Tenkman |
| Name: | Michael Miller | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

The undersigned investment adviser (the "**Adviser**") hereby acknowledges and agrees to the terms of the Agreement.

---

| | |
|:---|:---|
|  | **Wellesley Asset Management, Inc.** |
| By: | /s/Michael Miller |
| Name: | Michael Miller |
| Title: | Chief Executive Officer |

---

Miller Investment Trust <br> Fund Accounting Fee Letter <br> December 10, 2025 Page 2 of 2

**<u>Fund Administration Addendum</u>**

**for**

**Miller Investment Trust**

This Fund Administration Addendum, dated December 10, 2025, is between **Miller Investment Trust** (the "**Trust**"), on its own behalf and on behalf of the Funds listed in Scheduled A to that certain ETF Master Services Agreement dated December 10, 2025, and **Ultimus Fund Solutions, LLC** ("**Ultimus**"). Capitalized terms used but not defined herein shall have the meanings set forth in the ETF Master Services Agreement.

**<u>Fund Administration Services</u>**

**1.** **Regulatory Reporting** 

Ultimus shall provide the Trust with regulatory reporting services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** prepare,
 in consultation with Trust counsel, the annual updates (as well as supplements) to the Trust's
 registration statement filed on Form N-1A pursuant to Section 8 of the Investment Company
 Act, and coordinate through a financial printer the filing of such annual updates (as well
 as supplements to such documents) with the Securities and Exchange Commission (the "**SEC** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** prepare
and file with the SEC (i) the reports for the Trust on Forms N-CSR, N-PORT, and N-CEN (as applicable), (ii) Form N-PX, (iii) annual Fidelity
Bond Filing (Rule 17g-1), and (iv) all required notices pursuant to Rule 24f-2 under the Investment Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** prepare
 such reports, notice filing forms and other documents (including reports regarding the sale
 of shares of the Trust as may be required in order to comply with federal and state securities
 law) as may be necessary or desirable to make notice filings relating to the Trust's
 shares with state securities authorities, monitor the sale of Trust shares for compliance
 with state securities laws, and file with the appropriate state securities authorities compliance
 filings as may be necessary or convenient to enable the Trust to offer its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** cooperate
 with, and take all reasonable actions in the performance of its duties under this Agreement,
 so that the necessary information is made available to, the SEC or any other regulatory authority
 or applicable securities exchange in connection with any regulatory audit of the Trust or
 any Fund.

**2.** **Shareholder Communications** 

Ultimus shall develop and prepare, with the assistance of the Trust's investment adviser(s) and other service providers, communications to shareholders, including the annual and semiannual reports to shareholders, coordinate the printing and mailing of prospectuses, notices and other reports to Trust shareholders.

Miller Investment Trust <br> Fund Administration Addendum <br> December 10, 2025 Page 1 of 5

**3.** **Corporate Governance** 

Ultimus shall provide the following services to the Trust and its Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.*** provide
individuals reasonably acceptable to the Board to serve as officers of the Trust, including, without limitation, individuals to serve
as assistant treasurer, secretary, and assistant secretary, who will be responsible for the management of certain of the Trust's
affairs as determined and under supervision by the Board; depending on the nature and scope of any such officer appointment, Ultimus
may be entitled to an additional fee (as set forth in the Fund Administration Fee Letter);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** coordinate
the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions insurance policies for the Trust in accordance
with the requirements of the Investment Company Act and as such bonds and policies are approved by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** in
consultation with legal counsel to the Trust, the investment adviser, officers of the Trust and other relevant parties, collect, prepare
and disseminate digital materials for quarterly meetings of the Board, including agendas and selected financial information as agreed
upon by the Trust and Ultimus from time to time; attend and participate in quarterly Board meetings to the extent requested by the Board;
and prepare or cause to be prepared minutes of the quarterly meetings of the Board. As agreed upon by the Trust and Ultimus from time
to time, Ultimus may provide the services described in this paragraph 3.3 in connection with a total of four (4) Board meetings each
year (one Board meeting each quarter), with any such work for additional Board meetings being performed at Ultimus' then current
hourly rate for such Board meeting and preparatory services. [omitted]

**4.** **Other Services** 

Ultimus shall provide all necessary office space, equipment, personnel, and facilities for handling the affairs of the Trust; and shall provide the following services if reasonably requested by the Trust and if such services are consistent with Ultimus' obligations under the ETF Master Services Agreement and this Fund Administration Addendum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** administer
 contracts on behalf of the Trust with, among others, the Trust's investment adviser(s),
 distributor, custodian, transfer agent, index receipt agent, and fund accountant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** assist
 the Trust, each Fund's investment adviser(s) and the Trust's Chief Compliance
 Officer in monitoring the Trust and its Funds for compliance with applicable limitations
 as imposed by the Investment Company Act and the rules and regulations thereunder or set
 forth in the Trust's or any Fund's then current prospectus or statement of additional
 information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** coordinate
 with each Fund's service providers to facilitate the setup of the Fund on applicable
 securities exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.*** arrange
 for vendors to provide and post each Fund's IOPV, as applicable, and other information
 required by exemptive orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5.*** prepare
 and maintain the Trust's operating budget to determine proper expense accruals to be
 charged to each Fund in order to calculate its daily net asset value;

Miller Investment Trust <br> Fund Administration Addendum <br> December 10, 2025 Page 2 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6.*** prepare,
 or cause to be prepared, expense and financial reports, including Fund budgets, expense reports,
 pro-forma financial statements, expense and profit/loss projections and fee waiver/expense
 reimbursement projections on a periodic basis as mutually agreed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7.*** assist
 each Fund's independent registered public accounting firm with the preparation and
 filing of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.8.*** research
 and calculate the qualified dividend rate for income and short-term capital gain distributions
 and assist in the production of supplemental tax information letters for each Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9.*** advise
 the Trust and its Board on matters concerning the Trust and its affairs including performing
 calculations with respect to dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.10.*** Monitor
 Fund holdings and operations for  **<u>post-trade compliance</u>** with the Prospectus
 and Statement of Additional Information, SEC statutes, rules, regulations and policies and
 at the direction of the Fund's independent public accountants and Trust counsel, monitor
 Fund holdings for compliance with IRS taxation limitations and restrictions and applicable
 Federal Accounting Standards Board rules, statements and interpretations; provide periodic
 compliance reports to each investment adviser or sub-adviser to the Trust, and assist the
 Trust, the Adviser and each sub-adviser to the Trust (collectively referred to as "**Advisers** ")
 in preparation of periodic compliance reports to the Trust, as applicable. Post-trade compliance
 testing will be performed in accordance with testing policies and procedures, which in Ultimus'
 sole determination, are reasonably designed to comport with industry standard post-trade
 compliance testing practices. Because such post-trade compliance testing is performed using
 fund accounting data and data provided by third-party sources, including, without limitation
 the Adviser(s), its accuracy is dependent upon the accuracy of such data, and the Trust agrees
 and acknowledges that Ultimus is not liable for the accuracy or inaccuracy of such data.
 The Trust further agrees and acknowledges that the post-trade compliance testing performed
 by Ultimus shall not relieve the Trust or the Adviser(s) of their responsibilities with respect
 to fund portfolio compliance, including on a pre-trade basis, and that Ultimus shall not
 be held liable for any act or omission of the Trust or the Adviser with respect to fund portfolio
 compliance. Moreover, and notwithstanding the foregoing, Ultimus' ability and therefor
 its obligation to perform post-trade compliance testing shall be wholly-dependent upon its
 timely receipt from third-party sources, including as applicable the Adviser(s), of all data
 necessary in Ultimus' sole determination to properly perform such post-trade compliance
 testing, and, should Ultimus determine it to be necessary, the Adviser(s) shall be required
 to arrange for Ultimus to have secure look-through access to private fund holdings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.11.*** administer
 all disbursements for a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.12.*** upon
 request, assist each Fund in the evaluation and selection of other service providers, such
 as independent public accountants, printers and EDGAR providers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.13.*** provide
 the Fund(s), with an end-to-end solution to prepare and transmit annual and semi-annual shareholder
 reports designed to be compliant with the SEC's tailored shareholder reporting

Miller Investment Trust <br> Fund Administration Addendum <br> December 10, 2025 Page 3 of 5

requirements (the "**Tailored Shareholder Report Services**"). Funds will be provided tailored shareholder report ("**TSR**") templates to choose from. A Fund may, upon written notification to Ultimus, opt out of the Tailored Shareholder Report Services, in which event, Ultimus will extract from Ultimus' systems the data required to prepare a TSR and deliver that data in an electronic format to the Fund or its designee (the "**Data Extract Only Services**").

For special cases, the parties hereto may amend the procedures or services set forth in the ETF Master Services Agreement as may be appropriate or practical under the circumstances, and Ultimus may conclusively assume that any special procedure or service which has been approved by the Trust does not conflict with or violate any requirements of its Agreement and Declaration of Trust or then-current prospectuses, or any rule, regulation or requirement of any regulatory body.

**5.** **Additional Regulatory Services** 

Ultimus may provide other regulatory services not specifically listed herein upon such terms and for such fees as the parties hereto agree. Such other regulatory services may include, without limitation, (i) the drafting of initial registration statements and amendments thereto pursuant to Rule 485(a) under the Securities Act of 1933, (ii) the drafting of proxy statements and related materials in connection with the Trust's shareholder meetings, and (iii) the preparation of materials for, attendance at, and drafting of minutes for organizational and special Board meetings.

**6.** **Tax Matters** 

Ultimus does not provide tax advice. Nothing in the ETF Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Trust or a Fund consult a professional tax advisor regarding its individual tax situation.

**7.** **Legal Representation** 

Notwithstanding any provision of the ETF Master Services Agreement or this Fund Administration Addendum to the contrary, Ultimus will not provide legal representation to the Trust or any Fund, including through the use of attorneys that are employees of, or contractually engaged by, Ultimus. The Trust acknowledges that in-house Ultimus attorneys exclusively represent Ultimus and will rely on outside counsel retained by the Trust to review all services provided by in-house Ultimus attorneys and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between in-house Ultimus attorneys and the Trust, any information provided to Ultimus attorneys will not be privileged and may be subject to compulsory disclosure under certain circumstances. Ultimus represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

***Signatures are located on the next page.***

Miller Investment Trust <br> Fund Administration Addendum <br> December 10, 2025 Page 4 of 5

The parties duly executed this Fund Administration Addendum as of December 10, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller Investment Trust**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/Michale Miller | By: | /s/Gary Tenkman |
| Name: | Michael Miller | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

Miller Investment Trust <br> Fund Administration Addendum <br> December 10, 2025 Page 5 of 5

**<u>Fund Administration Fee Letter</u>**

**for**

**the Funds listed on Schedule A**

**each a series of**

**Miller Investment Trust**

This Fund Administration Fee Letter (this "**Fee Letter**") applies to the Services provided by **Ultimus Fund Solutions, LLC** ("**Ultimus**") to **Miller Investment Trust** (the "**Trust**") for the Funds listed on Schedule A (individually referred to herein as a "**Fund**" and collectively as the "**Funds**") pursuant to that certain ETF Master Services Agreement dated December 10, 2025, and the Fund Administration Addendum dated December 10, 2025 (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

**1.** **Fees** 

[omitted]

**2.** **Reimbursable Expenses** 

[omitted]

3. Online
Web Services

[omitted]

**4.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1***  ***Initial Term.*** This Fee Letter shall continue in effect, unless earlier terminated under Section
 4.3 below, until the expiration of the Agreement's Initial Term (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2***  ***Renewal Terms.*** Immediately following the Initial Term, this Fee Letter shall automatically
 renew for successive one-year periods (each a "**Renewal Term**") unless Ultimus,
 the Trust, or the Adviser gives written notice of termination at least 90 days prior to the
 end of the Initial Term or the then-current Renewal Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3***  ***Termination.*** Ultimus or the Trust may terminate the Agreement entirely or on behalf of a Fund
 as set forth in the Agreement. Any such termination shall be treated as a termination of
 this Fee Letter with respect to each Fund as to which the termination applies, in which case
 the subject Fund(s) or the Adviser shall be responsible for payment of any amounts required
 to be paid under the Agreement, including, without limitation, any applicable Early Termination
 Fee, any reimbursements for cash disbursements made by Ultimus and any fee for deconversion
 or liquidation services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4***  ***Early Termination.*** Any Early Termination under the Agreement with respect to fund administration
 services shall subject the subject Fund(s) or the Adviser to paying an "**Early Termination Fee**" equal to the fee amounts due to Ultimus through the end of the then-current
 term as calculated in this Fee Letter, including the repayment of any negotiated discounts
 provided by Ultimus during the then-current term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5***  ***Deconversion.*** [omitted]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6***  ***Liquidation.*** In the event any Fund is liquidated, Ultimus shall be entitled to collect from the
 Trust or the Adviser the amount of all of Ultimus' cash disbursements reasonably made
 for services in connection with Ultimus' activities in effecting such liquidation,
 including, without limitation, the delivery to the Trust or its

designees of the Trust's property, records, instruments, and documents, and a reasonable fee for fund administration liquidation services of not less than $1,500 per Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7***  ***Restructuring.*** [omitted]

**5.** **Fee Increases** 

[omitted]

**6.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by all the parties.

***Signatures are located on the next page.***

The parties duly executed this Fund Administration Fee Letter dated December 10, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Miller Investment Trust**<br> on its own behalf and on behalf of the Funds |  | **Ultimus Fund Solutions, LLC** |
| By: | /s/Michael Miller | By: | /s/Gary Tenkman |
| Name: | Michael Miller | Name: | Gary Tenkman |
| Title: | President | Title: | Chief Executive Officer |

---

The undersigned investment adviser (the "**Adviser**") hereby acknowledges and agrees to the terms of the Agreement.

---

| | |
|:---|:---|
|  | **Wellesley Asset Management, Inc.** |
| By: | /s/Michael Miller |
| Name: | Michael Miller |
| Title: | Chief Executive Officer |

---

## Ex-99.H

**AMENDMENT NO. 2 TO**

**CONSULTING AGREEMENT**

THIS AMENDMENT NO. 2 TO CONSULTING AGREEMENT (this "Amendment"), effective as of December 10, 2025, by and among Miller Investment Trust, a registered investment company organized as a Delaware statutory trust (the "Trust"), and Northern Lights Compliance Services, LLC, a Nebraska limited liability company ("NLCS").

WHEREAS, the Trust and NLCS are parties to that certain Consulting Agreement effective January 1, 2021, as amended, by and among the Trust and NLCS (the "Consulting Agreement").

WHEREAS, the parties desire to amend the Consulting Agreement as described herein.

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

1. <u>Amendments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Schedule I</u> hereby is deleted in its entirety and replaced with <u>Schedule I</u> attached hereto,
 as the same may be amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Appendix A</u> hereby is deleted in its entirety and replaced with <u>Appendix A</u> attached hereto,
 as the same may be amended from time to time.

2. <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except
 as amended hereby, the Consulting Agreement shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This
 Amendment may be executed in two or more counterparts, each of which shall be deemed an original,
 but all of which together shall constitute one and the same instrument.

*Signature Page Follows*

IN WITNESS WHEREOF, each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| **MILLER INVESTMENT TRUST** | **MILLER INVESTMENT TRUST** | **NORTHERN LIGHTS COMPLIANCE** | **NORTHERN LIGHTS COMPLIANCE** |
| | | **SERVICES, LLC** | **SERVICES, LLC** |
| By: |  | By: |  |
|  | Michael Miller |  | Martin R. Dean |
|  | President |  | President |

---

**The undersigned investment adviser hereby acknowledges and agrees to the terms of the Consulting Agreement.**

---

| | |
|:---|:---|
| **Name of Adviser:** | Wellesley Asset Management, Inc. |
| **Address of Adviser:** | 100 Market Street, Suite 203 |
|  | Portsmouth, NH 03801 |

---

---

| | |
|:---|:---|
| **By:** |  |
| **Name:** | **Michael Miller** |
| **Title:** | **Chief Executive Officer** |

---

**SCHEDULE I**

**as of December 10, 2025**

Miller Convertible Bond Fund

Miller Intermediate Bond Fund

Miller Market Neutral Income Fund

Miller Convertible Total Return ETF

**APPENDIX A –PAYMENT**

This <u>Appendix A</u> is part of the Consulting Agreement (the "Agreement"), effective January 1, 2021, as amended, between NORTHERN LIGHTS COMPLIANCE SERVICES, LLC ("NLCS"), and MILLER INVESTMENT TRUST. Capitalized terms used herein that are not otherwise defined shall have the same meanings ascribed to them in the Agreement.

**1.**  **<u>Standard Service Fees:</u>** 

[omitted]

**2.**  **<u>Additional Fees:</u>** 

● [omitted]

Thehe following Funds shall be subject to the Complex Fund fee:

---

| |
|:---|
| **Complex Funds:** |
| Miller Market Neutral Income Fund |
| Miller Convertible Total Return ETF |

---

**3.**  **<u>Anti-Money Laundering Fees:</u>** 

[omitted]

*Signature Page Follows*

IN WITNESS WHEREOF, the parties hereto have executed this **Appendix A** to the Agreement effective December 10, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **MILLER INVESTMENT TRUST** | **MILLER INVESTMENT TRUST** | **NORTHERN LIGHTS COMPLIANCE** | **NORTHERN LIGHTS COMPLIANCE** |
| | | **SERVICES, LLC** | **SERVICES, LLC** |
| By: | /s/ Michael Miller | By: | /s/ Martin Dean |
|  | Michael Miller |  | Martin R. Dean |
|  | President |  | President |

---

**The undersigned investment adviser hereby acknowledges and agrees to the terms of the Agreement.**

---

| | |
|:---|:---|
| **Name of Adviser:** | Wellesley Asset Management, Inc. |
| **Address of Adviser:** | 100 Market Street, Suite 203 |
|  | Portsmouth, NH 03801 |

---

---

| | | |
|:---|:---|:---|
| **By:** | **/s/ Michael Miller** | **/s/ Michael Miller** |
| **Name:** | **Name:** | **Michael Miller** |
| **Title:** | **Title:** | **Chief Executive Officer** |

---

## Ex-99.I

![](image_001.jpg)

January 30, 2026

Miller Investment Trust

100 Market Street, Suite 203

Portsmouth, NH 03801

Gentlemen:

This letter is in response to your request for our opinion in connection with the filing of Post-Effective Amendment No. 43 to the Registration Statement, File Nos. 333-146552 and 811-22131 (the "Registration Statement"), of Miller Investment Trust (the "Trust").

We have examined a copy of the Trust's Agreement and Declaration of Trust, 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, we are of the opinion that, after Post-Effective Amendment No. 43 is effective for purposes of applicable federal and state securities laws, the shares of each fund listed on the attached Exhibit A (the "Funds"), if issued in accordance with the then current Prospectus and Statement of Additional Information of the applicable Fund, will be legally issued, fully paid and non-assessable.

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

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to Post-Effective Amendment No. 43 to the Registration Statement. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Trust and its shareholders and may not be relied upon by any other person or organization without our prior written approval. We further hereby consent to the reference to us in the Prospectus and in the Statement of Additional Information.

Very truly yours,

<u>-/s/ THOMPSON HINE LLP</u>

THOMPSON HINE LLP

![](image_002.jpg)

![](image_003.jpg)

**EXHIBIT A**

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;1. Miller Convertible Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;2. Miller Convertible Plus Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;3. Miller Convertible Total Return ETF |
| &nbsp;&nbsp;&nbsp;&nbsp;4. Miller Intermediate Bond Fund |
| &nbsp;&nbsp;&nbsp;&nbsp;5. Miller Market Neutral Income Fund |

---

## Ex-99.M

**ETF DISTRIBUTION PLAN** 

**PURSUANT TO RULE 12B-1**

**UNDER THE INVESTMENT COMPANY ACT OF 1940**

**MILLER INVESTMENT TRUST**

Adopted: January 16, 2026

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

WHEREAS, the Board of Trustees of the Trust ("Trustees") desires to adopt a plan of distribution pursuant to rule l2b-1 under the 1940 Act with respect to the shares of beneficial interest ("Shares") of the series listed on Schedule A (each a "Fund", collectively, the "Funds"), and the Trustees have determined that there is a reasonable likelihood that adoption of this ETF Distribution Plan (the "Plan") will benefit each Fund and holders of such Fund's Shares.

NOW, THEREFORE, on behalf of each Fund, the Trust hereby adopts this Plan in accordance with rule 12b-1 under the 1940 Act on the following terms and conditions (capitalized terms not otherwise defined herein have the meanings assigned thereto in the Trust's registration statement under the 1940 Act and under the Securities Act of 1933, as amended, as such registration statement is amended by any amendments thereto at the time in effect).

SECTION 1. The Trust has adopted this Plan to enable the Trust to directly or indirectly bear expenses relating to the distribution of the Shares of the Trust.

SECTION 2. With respect to each Fund, the Trust may pay a monthly fee up to the amount set forth in Schedule A ("Limit") to finance any activity primarily intended to result in the sale of Shares as described in the Trust's registration statement ("Creation Units") of each Fund or the provision of investor services, including but not limited to (a) compensation paid to registered representatives of the Funds' distributor ("the "Distributor") and other persons that have entered into agreements with the Distributor, (b) salaries and other expenses of the Distributor or other parties relating to selling or servicing efforts, including travel, communications and the provision of sales personnel, (c) expenses of organizing and conducting sales seminars, printing of prospectuses, statements of additional information and reports for other than existing shareholders, (d) preparation and distribution of advertising materials and sales literature and other marketing and sales promotion expenses, (e) distribution and/or shareholder service assistance through financial institutions and intermediaries such as banks, savings and loan associations, insurance companies and investment counselors, broker-dealers, and the affiliates and subsidiaries of the Trust's service providers, (f) delivering any notices of shareholder meetings and proxy statements accompanying such notices in connection with general and special meetings of interest holders of the Trust, and/or (g) ongoing services to shareholders which facilitate the continued retention of investors as shareholders of a Fund.

The Distributor may use all or any portion of the amount received pursuant to this Plan to compensate securities dealers or other persons that are Authorized Participants ("third parties") for providing distribution assistance, including broker-dealer and shareholder support and educational and promotional services, pursuant to agreements with the Distributor, or to pay any of the expenses associated with other activities authorized under this paragraph. All expenses covered by this Plan shall be deemed incurred whether paid directly by the Distributor or by a third party to the extent reimbursed therefor by the Distributor.

Fees shall be payable by the Trust on behalf of any Fund regardless of whether such fees are greater or less than the actual expenses incurred by the Distributor or third party with respect to such Fund during the relevant period. Although the Fund is not permitted to pay any expenses in excess of the relevant Limit, such excess expenses may be reimbursed during any of the Fund's subsequent three fiscal years, *provided and to the extent that* the current expenses plus the excess expenses do not exceed the Limit for that subsequent year and are approved in the manner provided in Section 3 herein.

SECTION 3. Nothing in this Plan shall operate or be construed to prohibit or limit additional compensation derived from sales charges or other sources that may be paid to the Distributor pursuant to the aforementioned Distribution Agreement. In addition, nothing in this Plan shall operate or be construed to limit the extent to which the Trust's investment adviser or any other person, other than the Trust, may incur costs and bear expenses associated with the distribution of Shares of a Fund. It is recognized that the Trust's investment adviser and other persons may use its advisory revenues, past profits and other resources to make payments to the Distributor with respect to any expenses incurred in connection with the distribution of Shares. Accordingly, the Trust's investment adviser and other persons, directly or indirectly, may from time to time make payments to third parties who engage in the sale of Shares or render shareholder support or transfer agency services. If such payments are deemed to be indirect financing of an activity primarily intended to result in the sale of shares issued by a Fund within the context of rule 12b-1 under the 1940 Act, such payments shall be deemed to be authorized by this Plan.

SECTION 4. This Plan shall not take effect with respect to any Fund until it has been approved, together with any related agreements, by votes of the majority of both (a) the Trustees and (b) the Qualified Trustees (as defined in Section 10 herein), cast in person at a meeting of the Trustees called for the purpose of voting on this Plan or such agreement.

SECTION 5. This Plan shall continue in effect for a period of more than one year after it takes effect, only for so long as such continuance is specifically approved at least annually in the manner provided in Section 4 herein for the approval of this Plan.

SECTION 6. Any person authorized to direct the disposition of monies paid or payable by the Trust pursuant to this Plan or any related agreement shall provide to the Trustees, at least quarterly, a written report of the amounts so expended and the purposes for which such expenditures were made.

SECTION 7. This Plan may be terminated at any time, without payment of any penalty, by the vote of a majority of the Qualified Trustees or by vote of a majority of the outstanding voting securities of the Shares of the Funds.

SECTION 8. All agreements with any person relating to implementation of this Plan shall be in writing, and any agreement related to this Plan shall provide (a) that such agreement may be terminated at any time, without payment of any penalty, by the vote of a majority of the Qualified Trustees or by the vote of a majority of the outstanding voting securities of the Shares of the Funds, on not more than 60 days written notice to any other party to the agreement; and (b) that such agreement shall terminate automatically in the event of its assignment.

SECTION 9. This Plan may not be amended to increase materially the amount of distribution expenses permitted with respect to any Fund pursuant to Section 2 hereof without the approval of Shareholders holding a majority of the outstanding voting securities of the Shares of the Fund, and all material amendments to this Plan shall be approved in the manner provided in Part (b) of Section 4 herein for the approval of this Plan.

SECTION 10. As used in this Plan, the term "Qualified Trustees" shall mean those Trustees of the Trust who are not interested persons of the Trust, and have no direct or indirect financial interest in the operation of this Plan or any agreements related to it. The terms "assignment," "interested person," and "majority of the outstanding voting securities" shall have the respective meanings specified in the 1940 Act and the rules and regulations thereunder, subject to such exemptions as may be granted by the Securities and Exchange Commission.

SECTION 11. While this Plan is in effect, the selection and nomination of those Trustees who are not interested persons of the Trust within the meaning of section 2(a)(19) of the 1940 Act shall be committed to the discretion of the Trustees then in office who are not interested persons of the Trust.

SECTION 12. This Plan shall not obligate the Trust or any other party to enter into an agreement with any particular person.

SECTION 13. If any provision of the Plan shall be held or made invalid, the remainder of the Plan shall not be affected thereby.

SECTION 14. The Trust shall preserve copies of this Plan, each agreement related hereto and each report referred to in Section 6 hereof for a period of at least six years, the first two years in an easily accessible place.

**SCHEDULE A**

**MILLER INVESTMENT TRUST**

**Date Last Amended: January 16, 2026**

The following series of Miller Investment Trust are subject to this Plan, at the fee rates specified:

---

| | |
|:---|:---|
| &nbsp;&nbsp;<u>Fund</u> | &nbsp;&nbsp;<u>Fee (as a Percentage of Average Daily Net Assets of the Fund)\*</u> |
| Miller Convertible Total Return ETF | &nbsp;&nbsp;0.25% |

---

\* The determination of daily net assets shall be made at the close of business each day throughout the month and computed in the manner specified in the then current Prospectus for the determination of the net asset value of Creation Units. Plan payments shall be made within ten (10) days of the end of each calendar month unless otherwise agreed by the parties and approved or ratified by the Trustees.

***Signature page follows*** 

**Acknowledged and Approved by:**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Miller Investment Trust:**<br>By_________________<br> Michael Miller<br> President | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Northern Lights Distributors, LLC:**<br>By: _______________________<br> Kevin Guerette<br> President |

---