# EDGAR Filing Document

**Accession Number:** 0002051024
**File Stem:** 0001398344-26-005419
**Filing Date:** 2026-3
**Character Count:** 33923
**Document Hash:** 19d2699285fcfb898760855654e55c7e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-005419.hdr.sgml**: 20260319

**ACCESSION NUMBER**: 0001398344-26-005419

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260319

**DATE AS OF CHANGE**: 20260319

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Champion Fund
- **CENTRAL INDEX KEY:** 0002051024

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24042
- **FILM NUMBER:** 26774015

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 CENTRAL AVE.
- **CITY:** BOULDER
- **STATE:** CO
- **ZIP:** 80301
- **BUSINESS PHONE:** 1-888-577-7987

**MAIL ADDRESS:**
- **STREET 1:** 2000 CENTRAL AVE.
- **CITY:** BOULDER
- **STATE:** CO
- **ZIP:** 80301
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Champion Fund
- **CENTRAL INDEX KEY:** 0002051024

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-284356
- **FILM NUMBER:** 26774014

**BUSINESS ADDRESS:**
- **STREET 1:** 2000 CENTRAL AVE.
- **CITY:** BOULDER
- **STATE:** CO
- **ZIP:** 80301
- **BUSINESS PHONE:** 1-888-577-7987

**MAIL ADDRESS:**
- **STREET 1:** 2000 CENTRAL AVE.
- **CITY:** BOULDER
- **STATE:** CO
- **ZIP:** 80301

As filed with the Securities and Exchange Commission on March 19, 2026

Securities Act File No. 333-284356<br> 1940 Act File No. 811-24042

**SECURITIES AND EXCHANGE COMMISSION<br> Washington, D.C. 20549**

**FORM N-2**

[X] REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

[X] Pre-Effective Amendment No. 4

[ ] Post-Effective Amendment No.

and

[X] REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940

[X] Amendment No. 4

**The Champion Fund**<br> (Exact Name of Registrant as Specified in Charter)

**2000 Central Ave.<br> Boulder, Colorado 80301**<br> (Address of Principal Executive Offices)

**1-888-577-7987**<br> (Registrant's Telephone Number)

**Jesse Randall<br> 2000 Central Ave.<br> Boulder, Colorado 80301**<br> (Name and Address of Agent for Service)

**Approximate Date of Proposed Public Offering:**

As soon as practicable after the effective date of this Registration Statement.

[X] Check box if any securities being registered on this Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

**Check each box that appropriately characterizes the Registrant:**

[X] Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

[X] Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

[X] New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

**The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until Registrant shall file a further amendment which specifically states that this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until such Registration Statement shall become effective on such date as the Commission, acting pursuant to Section 8(a), may determine.**

**EXPLANATORY NOTE**

The purpose of this Pre-Effective Amendment No. 4 to the Registration Statement under the Securities Act of 1933, as amended, on Form N-2, is to file and add an updated exhibit. Part A (Prospectus) and Part B (Statement of Additional Information) of the Registration Statement are incorporated herein by reference to the [Part A (Prospectus) and Part B (Statement of Additional Information)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0002051024/000139834426004919/fp0097860-1_n2aixbrl.htm) included in Pre-Effective Amendment No. 3 to the Fund's Registration Statement filed on March 9, 2026.

**PART C — OTHER INFORMATION**

**Item 25.** **Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(1)** **Financial Statements** 

Part A: None. The Registrant has not conducted any business as of the date of this filing, other than in connection with its organization

Part B: Financial Statements are included in the Statement of Additional Information filed herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(2)** **Exhibits** 

[(a)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426004919/fp0097860-1_ex99252a.htm) [Second Amended and Restated Agreement and Declaration of Trust<sup>(2)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426004919/fp0097860-1_ex99252a.htm)

[(b)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252b.htm) [Bylaws of Registrant<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252b.htm)

&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) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Refer to Exhibits (a) and (b)

[(e)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252e.htm) [Form of Dividend Reinvestment Plan<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable

---

| | |
|:---|:---|
| [(g)(1)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252g1.htm) | [Form of Investment Management Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252g1.htm) |

---

---

| | |
|:---|:---|
| [(g)(2)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252g2.htm) | [Form of Subadvisory Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252g2.htm) |

---

---

| | |
|:---|:---|
| [(g)(3)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252g3.htm) | [Form of Expense Limitation Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252g3.htm) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable

[(j)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252j.htm) [Form of Custody Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252j.htm)

[(k)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252k.htm) [Form of Master Fund Services Agreement<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252k.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) [Opinion and consent of Fund legal counsel<sup>(3)</sup>](fp0098030-1_ex9925l.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Consent of independent registered public accounting firm –
Previously filed as an exhibit to Pre-Effective Amendment No. 3 to the Registrant's Registration Statement on Form N-2 filed on
March 9, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) Not applicable

---

| | |
|:---|:---|
| [(r)(1)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252r1.htm) | [Code of Ethics of the Registrant<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252r1.htm) |

---

---

| | |
|:---|:---|
| [(r)(2)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252r2.htm) | [Code of Ethics of the Investment Adviser<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252r2.htm) |

---

---

| | |
|:---|:---|
| [(r)(3)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252r3.htm) | [Code of Ethics of the Subadviser<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252r3.htm) |

---

[(s)](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252s.htm) [Powers of Attorney<sup>(1)</sup>](https://www.sec.gov/Archives/edgar/data/2051024/000139834426001130/fp0096902-1_ex99252s.htm)

<sup>(1)</sup> Incorporated by reference to the corresponding exhibit of Pre-Effective Amendment No. 2 to the Registrant's Registration Statement on Form N-2 (the "Registration Statement"), filed on January 23, 2026.

<sup>(2)</sup> Incorporated by reference to the corresponding exhibit of Pre-Effective Amendment No. 3 to the Registrant's Registration Statement filed on March 9, 2026.

<sup>(3)</sup> Filed herewith.

C - 1

---

| | |
|:---|:---|
| **Item 26** | **Marketing Arrangements** |

---

Not applicable.

**Item 27.** **Other Expenses of Issuance and Distribution**

The following table sets forth the estimated expenses payable by us in connection with the offering (excluding underwriting discounts and commissions, if any):

---

| | |
|:---|:---|
| Legal Fees | $250000 |
| Printing Fees | $3000 |
| Blue Sky Fees | $25000 |
| Accounting Fees | $5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$283000 |

---

**Item 28.** **Persons Controlled by or Under Common Control with Registrant**

None.

**Item 29.** **Number of Holders of Securities**

The following table sets forth the number of record holders of the Registrant's Shares as of March 1, 2026:

---

| | |
|:---|:---|
| **Title of Class** | **Number of Record Holders** |
| Shares of Beneficial Interest | 1 |

---

**Item 30.** **Indemnification**

Article V of the Registrant's Second Amended and Restated Agreement and Declaration of Trust provides as follows:

5.1 <u>No Personal Liability of Shareholders, Trustees, etc</u>. No Shareholder of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person in connection with Trust Property or the acts, obligations or affairs of the Trust. Shareholders shall have the same limitation of personal liability as is extended to stockholders of a private corporation for profit incorporated under the Delaware General Corporation Law. No Trustee or officer of the Trust shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Trust or its Shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the Trust Property for satisfaction of claims of any nature arising in connection with the affairs of the Trust. If any Shareholder, Trustee or officer, as such, of the Trust, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, he shall not, on account thereof, be held to any personal liability. Any repeal or modification of this Section 5.1 shall not adversely affect any right or protection of a Trustee or officer of the Trust existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

5.2 <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust hereby agrees to indemnify each person who at any time serves as a Trustee or officer of the
Trust (each such person being an "indemnitee") against any liabilities and expenses, including amounts paid in satisfaction
of judgments, in compromise or as fines and penalties, and reasonable counsel fees reasonably incurred by such indemnitee in connection
with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative
or investigative body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened,
while acting in any capacity set forth in this Article V by reason of his having acted in any such capacity, provided, however, that
no indemnitee shall be indemnified hereunder against any liability to any person or any expense of such indemnitee arising by reason of
(i) willful misfeasance, (ii) bad faith, (iii) gross negligence, or (iv) reckless disregard of the duties involved
in the conduct of his position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein
as "disabling conduct"). Notwithstanding the foregoing, with respect to any action, suit or other proceeding voluntarily prosecuted
by any indemnitee as plaintiff, indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by
such indemnitee (1) was authorized by a majority of the Trustees or (2) was instituted by the indemnitee to enforce his or her
rights to indemnification hereunder in a case in which the indemnitee is found to be entitled to such indemnification. The rights to indemnification
set forth in this Declaration shall continue as to a person who has ceased to be a Trustee or officer of the Trust and shall inure to
the benefit of his or her heirs, executors and personal and legal representatives. No amendment or restatement of this Declaration or
repeal of any of its provisions shall limit or eliminate any of the benefits provided to any person who at any time is or was a Trustee
or officer of the Trust or otherwise entitled to indemnification hereunder in respect of any act or omission that occurred prior to such
amendment, restatement or repeal.

C - 2

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, no indemnification shall be made hereunder unless there has been a determination
(i) by a final decision on the merits by a court or other body of competent jurisdiction before whom the issue of entitlement to
indemnification hereunder was brought that such indemnitee is entitled to indemnification hereunder or, (ii) in the absence of such
a decision, by (1) a majority vote of a quorum of those Trustees who are neither "interested persons" of the Trust (as
defined in Section 2(a)(19) of the Investment Company Act of 1940) nor parties to the proceeding (" <u>Disinterested Non-Party Trustees</u> "),
that the indemnitee is entitled to indemnification hereunder, or (2) if such quorum is not obtainable or even if obtainable, if such
majority so directs, independent legal counsel in a written opinion concludes that the indemnitee should be entitled to indemnification
hereunder. All determinations to make advance payments in connection with the expense of defending any proceeding shall be authorized
and made in accordance with the immediately succeeding paragraph (c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall make advance payments in connection with the expenses of defending any action with respect
to which indemnification might be sought hereunder if the Trust receives a written affirmation by the indemnitee of the indemnitee's
good faith belief that the standards of conduct necessary for indemnification have been met and a written undertaking to reimburse the
Trust unless it is subsequently determined that the indemnitee is entitled to such indemnification and if a majority of the Trustees determine
that the applicable standards of conduct necessary for indemnification appear to have been met. In addition, at least one of the following
conditions must be met: (i) the indemnitee shall provide adequate security for his undertaking, (ii) the Trust shall be insured
against losses arising by reason of any lawful advances, or (iii) a majority of a quorum of the Disinterested Non-Party Trustees,
or if a majority vote of such quorum so direct, independent legal counsel in a written opinion, shall conclude, based on a review of readily
available facts (as opposed to a full trial-type inquiry), that there is substantial reason to believe that the indemnitee ultimately
will be found entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rights accruing to any indemnitee under these provisions shall not exclude any other right which any
person may have or hereafter acquire under this Declaration, the By-Laws of the Trust, any statute, agreement, vote of stockholders
or Trustees who are "disinterested persons" (as defined in Section 2(a)(19) of the Investment Company Act of 1940) or
any other right to which he or she may be lawfully entitled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the Investment Company Act of 1940 and this Declaration, the Trust
shall have the power and authority to indemnify and provide for the advance payment of expenses to employees, agents and other Persons
providing services to the Trust or serving in any capacity at the request of the Trust to the full extent corporations organized under
the Delaware General Corporation Law may indemnify or provide for the advance payment of expenses for such Persons, provided that such
indemnification has been approved by a majority of the Trustees.

5.3 <u>No Bond Required of Trustees</u>. No Trustee shall, as such, be obligated to give any bond or other security for the performance of any of his duties hereunder.

C - 3

5.4 <u>No Duty of Investigation; No Notice in Trust Instruments, etc</u>. No purchaser, lender, transfer agent or other person dealing with the Trustees or with any officer, employee or agent of the Trust shall be bound to make any inquiry concerning the validity of any transaction purporting to be made by the Trustees or by said officer, employee or agent or be liable for the application of money or property paid, loaned, or delivered to or on the order of the Trustees or of said officer, employee or agent. Every obligation, contract, undertaking, instrument, certificate, Share, other security of the Trust, and every other act or thing whatsoever executed in connection with the Trust shall be conclusively taken to have been executed or done by the executors thereof only in their capacity as Trustees under this Declaration or in their capacity as officers, employees or agents of the Trust. The Trustees may maintain insurance for the protection of the Trust Property, the Shareholders, Trustees, officers, employees and agents in such amount as the Trustees shall deem adequate to cover possible tort liability, and such other insurance as the Trustees in their sole judgment shall deem advisable or as required by the Investment Company Act of 1940.

5.5 <u>Trustee's Good Faith Action, Reliance on Experts, etc</u>. The exercise in good faith by the Trustees of their powers and discretions hereunder shall be binding upon everyone interested. The Trustees may rely in good faith upon advice of counsel or other experts with respect to the meaning and operation of this Declaration and their duties as Trustees hereunder, and shall be under no liability for any act or omission in accordance with such advice; provided the Trustees shall be under no liability for failing to follow such advice. A Trustee shall be fully protected in relying in good faith upon the records of the Trust and upon information, opinions, reports or statements presented by another Trustee or any officer, employee or other agent of the Trust, or by any other Person as to matters the Trustee believes in good faith are within such other Person's professional or expert competence, including information, opinions, reports or statements as to the value and amount of the assets, liabilities, profits or losses of the Trust or any series or class, or the value and amount of assets or reserves or contracts, agreements or other undertakings that would be sufficient to pay claims and obligations of the Trust or any series or class or to make reasonable provision to pay such claims and obligations, or any other facts pertinent to the existence and amount of assets from which distributions to Shareholders or creditors of the Trust might properly be paid. The appointment, designation or identification of a Trustee as a Chairperson of the Board of Trustees, a member or chair of a committee of the Trustees, an expert on any topic or in any area (including an audit committee financial expert), or the lead independent Trustee, or any other special appointment, designation or identification of a Trustee, shall not impose on that person any standard of care or liability that is greater than that imposed on that person as a Trustee in the absence of the appointment, designation or identification, and no Trustee who has special skills or expertise, or is appointed, designated or identified as aforesaid, shall be held to a higher standard of care by virtue thereof.

Reference is also made to Section 8 of the Registrant's Investment Management Agreement, a form of which is filed as Exhibit (g)(1) to this Registration Statement. Reference is also made to Section 10 of the Investment Sub-Advisory Agreement, a form of which is filed as Exhibit (g)(2).

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

A description of any other business, profession, vocation, or employment of a substantial nature in which the investment adviser and subadviser of the Registrant, and each member, director, executive officer, or partner of any such investment adviser and the subadviser, is or has been, at any time during the past two fiscal years, engaged in for his or her own account or in the capacity of member, trustee, officer, employee, partner or director, is set forth in the Registrant's Prospectus in the section titled "Fund Management."

**Item 32.** **Location of Accounts and Records**

The books, accounts and records of the Registrant required by Section 31(a) under the Investment Company Act of 1940, as amended and the rules promulgated thereunder, are maintained at the office of the Registrant at 2000 Central Ave., Boulder, Colorado 80301.

**Item 33.** **Management Services**

Not applicable.

C - 4

**Item 34.** **Undertakings**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) To file, during any period in which offers or sales are being made, a post-effective amendment to
the registration statement: (i) to include any prospectus required by Section 10(a)(3) of the 1933 Act; (ii) to reflect
in the Prospectus any facts or events after the effective date of the registration statement (or the most recent post-effective amendment
thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the registration statement;
and (iii) to include any material information with respect to the plan of distribution not previously disclosed in the registration
statement or any material change to such information in the registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That, for the purpose of determining any liability under the 1933 Act, each such post-effective amendment
shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of those securities at
that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each prospectus filed pursuant to Rule 497(b), (c), (d) or (e) under the 1933 Act as part
of a registration statement relating to an offering, other than prospectuses filed in reliance on Rule 430A under the 1933 Act, shall
be deemed to be part of and included in the registration statement as of the date it is first used after effectiveness. Provided, however,
that no statement made in a registration statement or prospectus that is part of the registration statement or made in a document incorporated
or deemed incorporated by reference into the registration statement or prospectus that is part of the registration statement will, as
to a purchaser with a time of contract of sale prior to such first use, supersede or modify any statement that was made in the registration
statement or prospectus that was part of the registration statement or made in any such document immediately prior to such date of first
use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) That for the purpose of determining liability of the Registrant under the 1933 Act to any purchaser in
the initial distribution of securities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) any preliminary prospectus or prospectus of the undersigned Registrant relating to the offering required
to be filed pursuant to Rule 497 under the 1933 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the portion of any advertisement pursuant to Rule 482 under the 1933 Act relating to the offering
containing material information about the undersigned Registrant or its securities provided by or on behalf of the undersigned Registrant;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) any other communication that is an offer in the offering made by the undersigned Registrant to the purchaser.

(4) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for the purpose of determining any liability under the Securities Act, the information omitted from the
form of prospectus filed as part of this registration statement in reliance upon Rule 430A and contained in a form of prospectus
filed by the Registrant under Rule 424(b)(1) under the Securities Act shall be deemed to be part of this registration statement
as of the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for the purpose of determining any liability under the Securities Act, each post-effective amendment
that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Not applicable.

C - 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Insofar as indemnification for liabilities arising under the 1933 Act may be permitted to directors, 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 the 1933 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 director, officer, or controlling person of the Registrant in the successful defense of any action,
suit, or proceeding) is asserted by such director, officer, or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the 1933 Act and will be governed
by the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) The Registrant undertakes to send by first-class mail or other means designed to ensure equally prompt
delivery within two business days of receipt of a written or oral request, any Prospectus or Statement of Additional Information.

C - 6

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, on the 19th day of March, 2026.

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| | |
|:---|:---|
| **Jetstream Venture Fund Fund** | **Jetstream Venture Fund Fund** |
| By: | /s/ Marques Colston |
|  | Marques Colston (|
|  | Trustee, President, and Principal Executive Officer |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following person in the capacities indicated on the 19<sup>th</sup> day of March, 2026.

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| | |
|:---|:---|
| **Name** | **Capacity** |
| /s/ Marques Colston | Trustee, President, and Principal Executive Officer |
| Marques Colston |  |
| /s/ Rob Silva \* | Treasurer and Principal Financial Officer |
| Rob Silva |  |
| /s/ David Clute \* | Trustee |
| David Clute |  |
| /s/ Matthew Lederer \* | Trustee |
| Matthew Lederer |  |
| /s/ Jesse Randall \* | Trustee |
| Jesse Randall |  |
| /s/ Teri Smith \* | Trustee |
| Teri Smith |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ Jonathan Van Duren |
|  | Jonathan Van Duren |
|  | As Attorney-in-Fact |

---

**Exhibit Index**

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| | |
|:---|:---|
| **Exhibit** | **Exhibit Name** |
| [(l)](fp0098030-1_ex9925l.htm) | [Opinion and consent of Fund legal counsel](fp0098030-1_ex9925l.htm) |

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## Exhibit 99.25

March 19, 2026

The Champion Fund

2000 Central Ave.

Boulder, Colorado 80301

Dear Board Members:

This letter is in response to your request for our opinion in connection with the filing of Pre-Effective Amendment No. 4 to the Registration Statement, Securities Act File No. 333-284356 and 1940 Act File No. 811-24042 (the <u>"Registration Statement</u>"), of The Champion Fund (the "<u>Fund</u>").

We have examined a copy of the Fund's Certificate of Trust, Amended and Restated Declaration of Trust, the Fund's Bylaws, the Fund'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 Fund 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 Pre-Effective Amendment No. 4 is effective for purposes of applicable federal and state securities laws, the shares of the Fund, if issued in accordance with the then current Prospectus and Statement of Additional Information of the Fund, will be legally issued, fully paid and non-assessable.

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to Pre-Effective Amendment No. 4 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 Fund and its shareholders, and may not be relied upon by any other person or organization without our prior written approval.

Very truly yours,

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| |
|:---|
| /s/ JVD Consulting, LLC |
| JVD Consulting, LLC |

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