# EDGAR Filing Document

**Accession Number:** 0002051024
**File Stem:** 0001398344-26-001130
**Filing Date:** 2026-1
**Character Count:** 1056612
**Document Hash:** c098593cb9575c022a74d967ffad7998
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-001130.hdr.sgml**: 20260123

**ACCESSION NUMBER**: 0001398344-26-001130

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

**PUBLIC DOCUMENT COUNT**: 29

**FILED AS OF DATE**: 20260123

**DATE AS OF CHANGE**: 20260123

**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:** 26557847

**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:** 26557846

**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

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

As filed with the Securities and Exchange Commission on January 23, 2026

Securities Act File No. 333-284356

1940 Act File No. 811-24042

**SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549**

**FORM N-2**

[X] REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933

[X] Pre-Effective Amendment No. 2 <br> [ ] Post-Effective Amendment No.

and

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

[X] Amendment No. 2

**The Champion Fund**

(Exact Name of Registrant as Specified in Charter)

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

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

**Jesse Randall 2000 Central Ave. Boulder, Colorado 80301** (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.**

**PRELIMINARY PROSPECTUS**

**Subject to completion, dated January 23, 2026**

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**The Champion Fund**

**[●], 2026**

The Champion Fund (the "**Fund**") is a newly-organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended, as a non-diversified, closed-end management investment company that operates as an "interval fund."

The Fund's investment objective is to achieve long-term capital appreciation through a strategically managed portfolio that provides investors with exposure to venture capital and private equity investments. In seeking to achieve its investment objective, the Fund intends to primarily invest over time in the in equity securities (*e.g.*, common stock, preferred stock, and equity-linked securities convertible into equity securities) of private operating companies, which are expected to include mid- and late-stage venture-backed companies and middle-market private equity-backed companies. For liquidity management or in connection with implementation of changes in asset allocation or when identifying private investments for the Fund during periods of large cash inflows or otherwise for temporary defensive purposes, the Fund may hold a substantial portion of its assets in cash or cash equivalents, liquid fixed-income securities and other liquid credit instruments, publicly-traded equity securities, mutual funds, money market funds, and exchange-traded funds.

 

The Fund operates as an "interval fund" pursuant to which it will, subject to applicable law, conduct semiannual repurchase offers for 5% of the Fund's outstanding shares ("**Shares**") at net asset value ("**NAV**"). Semiannual Share repurchases will occur in the months of February and August each year, commencing with the first repurchase scheduled for August 2026. The Fund will provide written notification of each repurchase offer to shareholders at least 21 days before the repurchase request deadline (*i.e.*, the date by which shareholders can tender their Shares in response to a repurchase offer), and Shares will be repurchased by the Fund at the NAV calculated no later than the 14th day (or the next business day if the 14th day is not a business day) after such repurchase request deadline (the "**Repurchase Pricing Date**"). Repurchase proceeds will be paid to shareholders tendering Shares, less any early repurchase fee, no later than seven days after the Repurchase Pricing Date. See "Share Repurchases."

The Fund will not be required to repurchase Shares at a shareholder's option, and Shares are not exchangeable for interests, shares, or units of any investment of the Fund. Repurchase offers may be oversubscribed, with the result that Fund shareholders may only be able to have a portion of the Shares they tender repurchased. The Fund does not currently intend to list its Shares for trading on any national securities exchange. For this reason, the Shares are not readily marketable. Although the Fund will make semiannual repurchase offers to repurchase a limited portion of its Shares to try to provide some liquidity to shareholders (with the first such repurchase offer scheduled for August 2026), investors should consider the Shares to be illiquid. See "Risks—Closed-End Fund; Limited Liquidity of Shares; Repurchase Offers Risks" in this prospectus for more information.

**Investing in Shares involves certain risks, including the potential loss of the entire principal amount that you invest. See the "Risks" section of this prospectus for more information. You should carefully consider these risks, together with all other information contained in this prospectus, before deciding whether to invest in the Shares.** 

● **The Fund has no operating history.** 

● **Shares are not listed for trading on any securities exchange, and you should not expect to be able to sell Shares in a secondary market transaction. Shares are subject to substantial restrictions on transferability and resale and may not be transferred or resold except as permitted by the Fund Declaration of Trust. You should consider Shares of the Fund to be an illiquid investment.** 

● **Shares are not redeemable and will not be repurchased by the Fund at the shareholder's option. The Fund does not intend to offer to repurchase Shares until August 2026. Starting in August 2026, the Fund will offer to repurchase 5% of its outstanding Shares twice each year.** 

● **The Fund has no intention to repurchase Shares outside of these semiannual repurchase offers that will begin in August 2026, and these repurchase offers may be oversubscribed.** 

● **If you tender your Shares for repurchase as part of a repurchase offer that is oversubscribed (*i.e.*, because more than 5% of the Fund's outstanding Shares are tendered for repurchase), the Fund will repurchase only a portion of the Shares that you tendered.** 

● **Because Shares are not listed on a securities exchange, and the Fund will only offer to repurchase 5% of its outstanding Shares twice a year starting in August 2026, you should not expect to be able to sell your Shares when and/or in the amount desired, regardless of how the Fund performs. As a result, you may be unable to reduce your exposure to the Fund during any market downturn.** 

● **The Fund is designed for long-term investors only. An investment in the Fund is unlikely to be suitable for you if you will need the money you invest in the Fund within a specified timeframe.** 

● **The amount of distributions that the Fund may pay, if any, is uncertain. There is no assurance that the Fund will be able to maintain a certain level of distributions to shareholders. A portion or all of any Fund distributions may consist of a return of capital.** 

● **The Fund may pay distributions in significant part from sources that may not be available in the future and that are unrelated to the Fund's performance, such as from offering proceeds, borrowings, and amounts from the Fund's affiliates that are subject to repayment by investors.** 

● **The Fund's primary investments are expected to require several years to appreciate in value, and there is no assurance that such appreciation will ever occur.** 

● **Investing in the Shares may be speculative and involve a high degree of risk, including the potential loss of your entire investment in the Fund.** 

The Fund intends to offer its Shares in a continuous offering. The offering price for the Shares will be equal to the Fund's then-current NAV per Share.

The Fund is offering its Shares directly, and has not retained an underwriter, dealer manager, or broker-dealer in connection with the offer and sale of its Shares. The minimum initial investment for Shares is currently $500, with a $50 minimum for subsequent investments. The Fund may waive or modify these investment minimums from time to time.

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| |
|:---|
| Public Offering Price At current NAV<sup>(1)</sup> |
| Initial Sales Charge (Load) None<sup>(2)</sup> |
| Proceeds to the Fund (Before Expenses) Amount invested at current NAV<sup>(3)</sup> |

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<sup>(1)</sup> Shares will initially be offered at an initial public offering price of $20 per Share, and thereafter will be offered on a continuous basis at NAV per Share. See "Plan of Distribution and the Fund's Web App" for additional information.

<sup>(2)</sup> Shares are not subject to any initial sales charges.

<sup>(3)</sup> The Fund's organization and offering costs for its initial 12-month period after launch are estimated to be approximately $250,000. The Fund will continue to incur ongoing offering costs associated with the Fund's continuous offering of Shares. Organizational and offering costs of the Fund paid by the Fund's adviser, Sweater Industries LLC – including with respect to marketing the Fund's Shares – are generally subject to reimbursement by the Fund, subject to the Fund's expense limitation agreement. See the "Fund Expenses" section of this prospectus for more information.

This prospectus sets forth concisely important information about the Fund that you should know before deciding whether to invest in the Shares. Please read this prospectus in its entirety before investing and keep it for future reference. The Fund has filed with the Securities and Exchange Commission ("**SEC**") a statement of additional information dated as of the date of this prospectus, as may be amended ("**SAI**"), containing additional information about the Fund. The SAI is incorporated by reference in its entirety into this prospectus.

We will also file annual, semiannual and quarterly reports, proxy statements, and other information about the Fund with the SEC. This information and the SAI will be available free of charge by contacting us at 2000 Central Ave., Boulder, Colorado 80301, by calling us toll-free at 1-888-577-7987, by emailing us at support@sweaterventures.com, or by accessing the Fund's web application ("**Web App**") available online at www.thechampionfund.com. See "Prospectus Summary—Purchasing Shares; Web App" and "Plan of Distribution and the Fund's Web App." You may also contact us to request additional information about the Fund and to make shareholder inquiries through the Web App or by using the mailing address, telephone number, or email address listed above. The Fund's SAI and other information about the Fund is also available on the SEC's website at http://www.sec.gov.

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

**You should not construe the contents of this prospectus as legal, tax or financial advice. You should consult with your own professional advisors as to the legal, tax, financial or other matters relevant to the suitability of an investment in the Fund.**

**The Fund's Shares do not represent a deposit or an obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency.** 

**Table of Contents**

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| | |
|:---|:---|
| Prospectus Summary | 1 |
| Summary of Fund Fees and Expenses | 9 |
| Financial Highlights | 10 |
| The Fund | 10 |
| Use of Proceeds | 10 |
| Investment Objective, Strategies, and Policies | 11 |
| Risks | 13 |
| Fund Management | 30 |
| Determination of Net Asset Value | 32 |
| Plan of Distribution and the Fund's Web App | 37 |
| Share Repurchases | 40 |
| Borrowing | 43 |
| Distributions | 43 |
| Dividend Reinvestment Plan | 43 |
| Description of the Fund and its Shares | 44 |
| Fund Expenses | 45 |
| Tax Matters | 46 |
| Certain ERISA Matters | 56 |
| Certain Fund Service Providers | 56 |
| Privacy Notice | 58 |

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i

**Prospectus Summary**

*This is only a summary of certain information contained in this prospectus relating to The Champion Fund (the "**Fund**", "**we**," "**our**" or "**us**"). This summary does not contain all of the information that you should consider before investing in our shares. You should review the more detailed information contained elsewhere in this prospectus and in the Statement of Additional Information (the "**SAI**") prior to investing.*

 

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|:---|:---|
| **The Fund** | The Fund is a newly organized Delaware statutory trust that is registered under the Investment Company Act of 1940, as amended (the "**Investment Company Act**"), as a non-diversified, closed-end management investment company. The Fund operates as an "interval fund" and is making a continuous offering of its shares of beneficial interest ("**Shares**"). |
| **Investment Objective and Strategies** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Fund's investment objective is to is to achieve long-term capital appreciation through a strategically managed portfolio that provides investors with exposure to venture capital and private equity investments.<br>The Fund will seek to achieve its investment objective primarily through investing primarily in equity securities (*e.g.*, common stock, preferred stock, and equity-linked securities convertible into equity securities) of private, operating companies, which are expected to include mid- and late-stage venture-backed companies and middle-market private equity-backed companies. (collectively, "**Portfolio Companies**"). The Fund anticipates acquiring interests in Portfolio Companies both directly from the issuer, including through co-investing with other venture capital and private equity funds and other investors, and, to a lesser extent, from third party holders of these interests in secondary transactions. While not a primary strategy, the Fund anticipates that it may also, to a lesser extent, invest Fund assets in professionally managed private venture capital, private equity, and real estate funds ("**Portfolio Funds**").<br>The Fund expects to target investments in companies that focus on sports and athletics, which may include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Minority interests in sports teams, franchises, and leagues, including emerging sports leagues;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Sports technology, such as technology related to performance optimization (*e.g.*, wearable tech and data analytics), fan engagement (*e.g.*, augmented and virtual reality and fan interaction platforms), and operational intelligence (*e.g.*, advance software solutions designed to improve decision-making for sports organizations); <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Hospitality services and assets that connect sports, entertainment, and luxury, which may include interests in companies that hold real estate (such as hotels, restaurants, bars, condos, and similar properties around a sports stadium or other venue); and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Sports healthcare and medical innovations, such as sports medicine, health technology, and holistic care. <br>For liquidity management or in connection with implementation of changes in asset allocation (including following liquidation of an investment) or when identifying private investments for the Fund during periods of large cash inflows or otherwise for temporary defensive purposes, the Fund may hold a substantial portion of its assets in cash or cash equivalents, liquid fixed-income securities and other liquid credit instruments, publicly-traded equity securities, mutual funds, money market funds, and exchange-traded funds. Due to the nature of the private markets for the types of private equity investments in which the Fund will invest and factors such as the competitive nature of the business of identifying and structuring investments of the types contemplated by the Fund and the limited availability of attractive investment opportunities during certain market cycles, the Fund's subadviser, with Champion Advisors LLC (the "**Subadviser**"), expects that it may take up to two years for the Fund to be primarily invested in Portfolio Companies. |

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|  | Although the Fund intends to primarily target investments in the United States, the Fund has the flexibility to invest across varying geographic regions (*e.g.*, North America, Europe, Asia-Pacific, Australia, Africa, and Latin America) and industries, and intends to target primarily mid- and late-stage venture-backed companies and middle-market private equity-backed companies. The allocation of the Fund's assets to different strategies and regions will largely depend on the maturity and depth of the venture- and private equity-backed markets in the applicable strategy or region.<br>For investments in Portfolio Companies, the Fund expects to generally hold these investments until a liquidity event with respect to the Portfolio Company occurs, such as an initial public offering or a merger or acquisition transaction. However, we may determine to continue to hold the securities of a Portfolio Company after a liquidity event, or may sell such securities prior to a liquidity event. The Portfolio Funds in which the Fund anticipates it may invest are expected to generally be organized as limited liability companies or limited partnerships that rely on the exclusions from the definition of an investment company under Section 3(c)(1) or 3(c)(7) of the Investment Company Act. The Fund will invest no more than 15% of its net assets in Portfolio Funds that rely on the exclusion from the definition of an investment company under Sections 3(c)(1) or 3(c)(7) of the Investment Company Act. |
| **Investment Adviser and Subadviser** | Sweater Industries LLC is the Fund's investment adviser (the "**Adviser**"). The Adviser has entered into a subadvisory agreement with the Subadviser, Champion Advisors LLC, pursuant to which the Subadviser will manage the Fund's portfolio and make investment decisions on behalf of the Fund. The Adviser and the Subadviser are each registered as investment advisers with the Securities and Exchange Commission (the "**SEC**") under the Investment Advisers Act of 1940, as amended (the "**Advisers Act**").<br>The Adviser will receive from the Fund a management fee at an annual rate equal to 2.90% of the Fund's average daily calculated net asset value ("**NAV**"), payable monthly in arrears. For its subadvisory services to the Fund, the Subadviser will receive a fee from the Adviser equal to 1.9% -2.3% of the Fund's average calculated NAV, payable monthly in arrears.<br>The Adviser oversees the Subadviser's compliance with the Fund's investment objective, policies, strategies and restrictions, and monitors the Subadviser's adherence to its investment style. The Adviser (not the Fund) pays the Subadviser out of the investment advisory fee that it receives from the Fund. |

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|:---|:---|
|  | The Fund has entered into an Expense Limitation Agreement pursuant to which the Adviser has agreed to waive its management fee and/or reimburse Fund expenses to the extent necessary so that the Fund's total annual operating expenses (excluding any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) ("**Operating Expenses**") do not exceed 4.90% of the Fund's average daily net assets.<br>The Adviser is entitled to seek reimbursement from the Fund of management fees waived and/or Fund expenses paid or reimbursed by the Adviser for a period ending three years after such waiver, payment or reimbursement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the management fees were waived and/or the Fund expenses were paid or reimbursed, or any expense limitation in place at the time the Fund would repay the Adviser, whichever is lower.<br>This contractual expense limitation will remain in effect through January [●], 2027, the one-year anniversary of the date of this prospectus, unless the Fund's Board of Trustees approves its earlier termination. |
| **Board of Trustees** | The Fund's Board of Trustees (the "**Board**") has overall responsibility for monitoring the Fund's investment program and its management and operations. To the extent permitted by applicable law, the Board may delegate any of its rights, powers and authority to, among others, the officers of the Fund, any committee of the Board, or to the Adviser or the Subadviser. |
| **Purchasing Shares; Web App** | In order to open an account with the Fund and purchase Shares, you must first visit and create an account through the Fund's web application, which is available at www.thechampionfund.com (the "**Web App**").<br>The Web App provides step-by-step instructions to open a new account and to fund your purchase of Shares. The application process is completed entirely through the Web App. To open an account and to be able to purchase Shares, you will need to link one of your bank accounts to your Web App account so that you may use electronic funds transfer from your bank account to buy Shares.<br>Once this process has been completed, and the Fund has accepted your application for a new account, you may submit orders to purchase Shares at any time through the Web App. However, Share purchases will only be processed on days the New York Stock Exchange is open, and the purchase price of such Shares will be based on the net asset value per Share next calculated after your completed purchase request and subscription funds are received. For more information, please see "Plan of Distribution and the Fund's Web App."<br>The minimum initial investment is $500, with a $50 minimum for subsequent investments (excluding additional purchases made pursuant to the Fund's dividend reinvestment plan). The Fund may waive or reduce these minimums in the discretion of the Adviser based on the Adviser's consideration of various factors, including the investor's overall relationship with the Adviser or the Subadviser. The Fund, in the sole discretion of the Adviser, may also aggregate the accounts of affiliated investors for purposes of determining satisfaction of these minimum investment amounts. |

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|:---|:---|
| **Use of Proceeds** | The Fund will invest the proceeds from the sale of its Shares on an ongoing basis in accordance with the Fund's investment objective and policies (as described in this prospectus), less Fund fees and expenses (including offering and marketing expenses). It is currently anticipated that, due to nature of the private markets for the types of direct equity investments in which the Fund will invest and factors such as the competitive nature of the business of identifying and structuring investments of the types contemplated by the Fund and the limited availability of attractive investment opportunities during certain market cycles, the Fund will be able to invest all or substantially all of the net proceeds according to its investment objective and policies within two years after receipt of the proceeds, depending on the amount and timing of the proceeds available to the Fund as well as the availability of investments consistent with the Fund's investment objective and policies and prevailing market conditions. Pending the investment of the proceeds pursuant to the Fund's investment objective and policies, the Fund expects to invest a substantial portion of the proceeds of the offering in short-term, high quality debt securities, money market securities (including money market funds), cash or cash equivalents, which may impact returns. In addition, the Fund may maintain a portion of the proceeds of the continuous offering in cash or cash equivalents, liquid fixed-income securities and other liquid credit instruments, publicly-traded equity securities, mutual funds, money market funds, and exchange-traded funds to meet operational needs and the Fund's obligation to repurchase Fund shares. The Fund may be prevented from achieving its investment objective during any time in which the Fund's assets are not substantially invested in Portfolio Companies and Portfolio Funds. |
| **Distributions; Dividend Reinvestment Plan** | Because the Fund intends to qualify annually as a regulated investment company (a "**RIC**") under the Internal Revenue Code of 1986, as amended (the "**Code**"), the Fund intends to distribute at least 90% of its annual net taxable income, if any, to its shareholders. Nevertheless, there can be no assurance that the Fund will pay distributions to shareholders at any particular rate.<br>Shareholders will automatically have all Fund dividends and distributions reinvested in Shares of the Fund in accordance with the Fund's dividend reinvestment plan, unless a shareholder makes an election to receive cash by contacting the Fund's administrator and dividend reinvestment agent, Sweater Services Corps LLC (the "**Administrator**"). All correspondence concerning the Fund's dividend reinvestment plan, including notice of the shareholder's election not to participate in the dividend reinvestment plan, should be directed to the Fund's Administrator in writing at the following mailing address: The Champion Fund c/o Sweater Services Corps LLC, 2000 Central Ave., Boulder, Colorado 80301. Please see "Reinvestment Plan" below for additional information.<br>If you elect to receive dividends in cash, the Fund will typically transfer any Fund dividends through electronic funds transfer to the bank account you have linked to your Fund account through the Web App (although we may ask you to confirm your bank account information through the Web App before sending any cash dividends). |

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|:---|:---|
| **Periodic Repurchase Offers; Early Repurchase Fee** | The Fund is not a liquid investment. No shareholder will have the right to require the Fund to repurchase the shareholder's Shares.<br>The Fund is an interval fund and, as such, has adopted a fundamental policy requiring it to make semiannual (twice a year) repurchase offers pursuant to Rule 23c-3 of the Investment Company Act, with the first such repurchase offer scheduled for August 2026. Each semiannual repurchase offer will be for 5% of the Fund's outstanding Shares at NAV (unless such offer is suspended or postponed in accordance with applicable law, as described below in "Share Repurchases—Suspension or Postponement of Repurchase Offers").<br>Semiannual Share repurchases will occur in the months of February and August each year, commencing with the first repurchase scheduled for August 2026. The Fund will provide written notification of each repurchase offer to shareholders at least 21 days before the repurchase request deadline (*i.e.*, the date by which shareholders can tender their Shares in response to a repurchase offer) (the "**Repurchase Request Deadline**"). The Fund's NAV will be calculated no later than the 14<sup>th</sup> day (or the next Business Day (as defined below) if the 14<sup>th</sup> day is not a Business Day) after the Repurchase Request Deadline. Payment for Shares repurchased pursuant to these offers will be made no later than seven days after the repurchase pricing date. Redemption proceeds will typically be sent by electronic funds transfer to the bank account the shareholder has linked through the Web App, although we may ask you to confirm your bank account information through the Web App before sending your redemption proceeds.<br>The Web App will provide instructions for submitting repurchase requests. All repurchase requests must be submitted through the Web App by the applicable Repurchase Request Deadline. See "Share Repurchases" for additional information.<br>If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the 5% repurchase offer amount, or if shareholders tender an amount of Shares greater than that which the Fund is entitled to purchase, the Fund will repurchase the Shares tendered on a *pro rata* basis, and shareholders will have to wait until the next repurchase offer to submit another repurchase request.<br>A shareholder who tenders some but not all of its Shares for repurchase will be required to maintain a minimum Fund account balance of $500. This minimum may be changed or waived by the Board. Please see "Share Repurchases—Minimum Account Balance" below for additional information.<br>If you tender Shares and the Fund repurchases those Shares within 545 days (approximately 18 months) of the date you originally purchased those Shares, you will generally pay an early repurchase fee according to the following schedule: |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Days after purchase** | **185** | **365** | **545** | **546 or more** |
| **Charge** | 2.0% | 1.5% | 0.5% | 0.0% |

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The early repurchase fee will be based on the value of the Shares repurchased by the Fund. Shares tendered for repurchase will be treated as having been repurchased on a "first in-first out" basis. The Fund will not charge an early repurchase fee on Shares acquired through the Fund's dividend reinvestment plan. In addition, the Fund may waive an early repurchase fee otherwise payable by a shareholder in circumstances where the Board determines that doing so is in the best interests of the Fund. See "Share Repurchases—Early Repurchase Fee" below for additional information.

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|:---|:---|
| **Unlisted Closed-End Fund** | The Fund's Shares are not listed on any securities exchange and you should not expect to be able to sell Shares in a secondary market transaction regardless of how the Fund performs. Shareholders are also subject to transfer restrictions with respect to their Shares. The Fund is designed for long-term investors only and an investment in the Shares, unlike an investment in a traditional exchange-listed closed-end fund, should be considered illiquid.<br>An investment in Shares is not suitable for investors who need access to the money they invest. Unlike shares of open-end funds (commonly known as mutual funds), which generally are redeemable on a daily basis, the Shares will not be repurchased by the Fund at an investor's option. And, unlike traditional listed closed-end funds, the Shares will not be listed on any securities exchange. You should consider your investment goals, time horizon, and risk tolerance before purchasing Shares.<br>Because the Shares are not listed on any securities exchange, are not expected to be traded in the secondary market, and are subject to transfer restrictions, shareholders should not expect to be able to dispose of their investment in the Fund except through the Fund's semiannual repurchase offers (the first of which is scheduled for August 2026), which may be oversubscribed. ***Accordingly, you should consider that you may not be able to sell Shares when and/or in the amount that you desire and therefore may not have access to the funds you invest in the Fund for an indefinite and extended period of time.*** |
| **Fund Administrator** | The Fund has retained Sweater Services Corps LLC (the "**Administrator**") to provide it with certain administrative, fund accounting, and transfer agent services. The Administrator also serves as the Fund's dividend reinvestment agent. The Fund compensates the Administrator for these services and reimburses the Administrator for certain of its out-of-pocket expenses. |
| **Taxes** | The Fund intends to elect and to qualify each year to be treated as a RIC under Subchapter M of the Code. So long as it qualifies as a RIC, the Fund generally will not have to pay corporate level U.S. federal income taxes on any ordinary income or capital gains that the Fund distributes to holders of its Shares as dividends for U.S. federal income tax purposes. For the Fund to qualify as a RIC, the Fund must, among other things, meet certain source-of-income, asset diversification, and distribution requirements. Fund dividends generally will be characterized as ordinary dividend income or capital gains to the shareholders, whether or not they are reinvested in Shares. A portion of the Fund's dividends may be eligible for the reduced U.S. federal income tax rates applicable to "qualified dividend income" for individuals and the dividends received deduction for corporations. The Fund will inform shareholders of the amount and character of its distributions to shareholders. A shareholder that is exempt from federal income tax on its income generally will not be subject to tax on amounts distributed to it by the Fund, provided that such shareholder's acquisition of its Shares is not debt-financed within the meaning of section 514 of the Code.<br>For the purpose of satisfying certain of the requirements for qualification as a RIC, the Fund may be required to "look through" to the character of the income, assets and investments held by certain Portfolio Funds and Portfolio Companies in which the Fund has acquired an interest that are classified as partnerships for U.S. federal income tax purposes. However, Portfolio Funds generally are not obligated to disclose the contents of their portfolios. This lack of transparency may make it difficult for the Subadviser to monitor the sources of the Fund's income and the diversification of its assets, and otherwise comply with Subchapter M of the Code, and ultimately may limit the universe of Portfolio Funds in which the Fund can acquire an interest. Furthermore, although the Fund expects to receive information from each Portfolio Fund regarding its investment performance on a regular basis, in most cases there is little or no means of independently verifying this information. |

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| | |
|:---|:---|
|  | If the Fund fails to qualify as a RIC or fails to distribute an amount generally at least equal to 90% of the sum of its net ordinary income and net short-term capital gains to shareholders in any taxable year, the Fund would be subject to tax as an ordinary corporation on its taxable income (even if such income and gains were distributed to its shareholders) and all distributions out of earnings and profits to shareholders would be characterized as ordinary dividend income. In addition, the Fund could be required to recognize unrealized gains, pay taxes and make distributions (which could be subject to interest charges) before requalifying for taxation as a RIC. |
| **Fiscal and Tax Year** | The Fund's fiscal year for financial reporting purposes is the 12-month period ending on March 31. The Fund's taxable year is the 12-month period ending September 30 (or such other taxable year as may be required under the Code). |
| **Determination of Net Asset Value** | The Fund will generally calculate its NAV as of the close of regular trading (4:00 p.m. Eastern Time) on the New York Stock Exchange (the "**NYSE**") each day the NYSE is open. The Fund's most recent NAV is available through the Fund's Web App.<br>Share purchase requests will be processed at the NAV next calculated after the Fund accepts your purchase request and subscription funds. The price of the Shares increases or decreases on a daily basis according to the NAV of the Shares. In computing the Fund's NAV, Fund investments are valued at their current fair market values determined on the basis of market quotations, if available. Because public market quotations are not typically readily available for most of the Fund's investments, these investments are valued at fair value as determined pursuant to procedures and methodologies approved by the Board of Trustees.<br>Fair value prices are necessarily subjective in nature, and there is no assurance that such a price will be at or close to the price at which the security is next quoted or next trades. See "Determination of Net Asset Value" below for additional information. |
| **Principal Risk Considerations** | An investment in the Fund involves a high degree of risk and may be considered speculative. You should carefully consider the information found in the "Risks" section of this prospectus before deciding to purchase Shares. The following is a discussion of certain of the risks of investing in the Fund.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The Fund is newly formed and has no operating history. The Fund is thus subject to the investment risks and uncertainties associated with any new fund, including the risk that the Fund will not achieve its investment objective. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The Subadviser expects that it may take up to two years for the Fund to become primarily invested in Portfolio Companies and Portfolio Funds. Fund performance may be lower during this "ramp-up" period, and may also be more volatile, than would be the case after the Fund is more fully invested. If the Fund were to fail to successfully implement its investment strategies or achieve its investment objective, or fail to scale to a sustainable size, performance may be negatively impacted, and any resulting liquidation of the Fund could create negative transaction costs for the Fund and tax consequences for investors. There can be no assurance that the Fund will be able to identify, structure, complete and realize upon investments that satisfy its investment objective, or that it will be able to fully invest its offering proceeds.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● The Subadviser has no prior experience managing a registered investment company such as the Fund. The Subadviser may be unable to successfully execute the Fund's investment strategy or achieve the Fund's investment objective.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● There is no public market for Fund Shares and none is expected to develop. Shares are subject to substantial restrictions on transferability. Although the Fund expects to begin making semiannual offers to repurchase its Shares beginning in August 2026 (expected to be limited to no more than 5% of the Fund's outstanding Shares for each such offer), these offers may be oversubscribed and there is no guarantee that you will be able to sell all of the Shares you desire in any semiannual repurchase offer. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● While venture capital investments can offer the potential for significant gains, these investments also involve an extremely high degree of business and financial risk, and can result in substantial losses (including the loss of the entire amount invested). Investments in start-up and growth-stage private companies typically involve significantly greater risks than investments in more mature companies that have traded publicly on an exchange for extended periods of time. Historically, relatively few start-up and growth-stage companies succeed. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;Private companies in which the Fund intends to invest are generally not subject to SEC reporting requirements, are not required to maintain accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;The Fund's investments in Portfolio Companies may be heavily negotiated and may incur significant transactions costs for the Fund. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;●&nbsp;&nbsp;&nbsp;&nbsp;A significant portion of the Fund's investment portfolio will be illiquid investments recorded at fair value as determined in good faith in accordance with policies and procedures approved by the Board and, as a result, there may be uncertainty as to the value of Fund investments and the NAV of Fund Shares.<br>

**Summary of Fund Fees and Expenses**

**Fees and Expenses**

The following table is intended to assist you in understanding the fees and expenses that you would bear directly and indirectly if you buy and hold Fund Shares. The expenses shown in the table below under "Estimated Annual Expenses" are based on estimated amounts for the Fund's fiscal year ended March 31, 2026, and assume that the Fund's average net assets during the year equal $50 million. If the Fund's average net assets for its first fiscal year are less than $50 million, all other things being equal, these expenses would increase as a percentage of net assets attributable to the Shares. There is no assurance that the Fund will sell sufficient Shares to have an average net asset value of $50 million during its first fiscal year. The following table should not be considered a representation of the Fund's future expenses. Actual expenses may be greater or less than shown.

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| | |
|:---|:---|
| **Shareholder Transaction Expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Sales Load (as a percentage of offering price) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Maximum Early Repurchase Fee (as a percentage of repurchased amount)<sup>(1)</sup> | 2.00% |

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| | |
|:---|:---|
| **Estimated Annual Expenses** (as a percentage of average net assets attributable to Shares) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Management Fees | 2.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Expenses<sup>(2)</sup> | 2.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquired Fund Fees and Expenses<sup>(3)</sup> | 0.50% |
| **Total Annual Expenses** | 5.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fee Waiver and/or Expense Reimbursement<sup>(4)</sup> | (0.85)% |
| **Total Annual Expenses** (After Fee Waiver and/or Expense Reimbursement) | 4.90% |

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<sup>(1)</sup> A 2.00% early repurchase fee payable to the Fund applies to Shares tendered to and repurchased by the Fund within the first 185 days the shareholder held the Shares. This early repurchase fee is phased out over 545 days.

<sup>(2)</sup> Other Expenses are based on estimated amounts for the Fund's fiscal year ending March 31, 2026. Other Expenses include, but are not limited to, custody, transfer agency and administration, accounting, organizational, legal, and auditing fees of the Fund for its first fiscal year. Other Expenses also include an estimated 0.50% in annual ongoing Fund offering and marketing expenses.

<sup>(3)</sup> Includes estimated fees and expenses of the Portfolio Funds in which the Fund expects to invest. The 0.50% figure shown as "Acquired Fund Fees and Expenses" reflects operating expenses of these Portfolio Funds—including management fees, administration fees and professional and other direct, fixed fees and expenses of the Portfolio Funds—but *does not include* any performance based fees or allocations paid by Portfolio Funds that are calculated solely on realization and/or distributions of gains (*e.g.*, so-called "carried interest"), or on the sum of such gains and unrealized appreciation of assets distributed in kind, as such fees and allocations for a particular period may be unrelated to the cost of investing in the Portfolio Funds. The Portfolio Funds in which the Fund expects to invest generally charge an annual management fee of 1.00% to 2.00%, and approximately 20% of net profits as a carried interest allocation (the carried interest allocation is not reflected in the Acquired Fund Fees and Expenses figure provided above). The Acquired Fund Fees and Expenses disclosed above are based on historic returns of the types of Portfolio Funds in which the Fund anticipates investing, which may change substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. The Acquired Fund Fees and Expenses are based on estimated amounts for the Fund's fiscal year ending March 31, 2026.

<sup>(4)</sup> The Adviser has contractually agreed to waive its management fee and/or reimburse Fund expenses to the extent necessary so that the Fund's total annual Operating Expenses (which exclude any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) do not exceed 4.90% of the Fund's average daily net assets. For a period not to exceed three years from the date on which a waiver is made, the Adviser may recoup amounts waived or assumed, provided it is able to effect such recoupment and remain in compliance with the expense limitation in place at the time the management fees were waived and/or the Fund expenses were paid or reimbursed, or any expense limitation in place at the time the Fund would repay the Adviser, whichever is lower. This contractual expense limitation will remain in effect through the 4.90%, the one-year anniversary of the date of this prospectus, unless the Board approves its earlier termination.

**Example**

The following examples are intended to help you compare the cost of investing in the Fund with the cost of investing in other funds. Each example assumes that you invest $1,000 in the Fund's Shares, that your investment has a 5% annual return, and that all Fund dividends and distributions are reinvested in the Fund at NAV. Each example also assumes that the Fund's operating expenses (as described and estimated above) remain the same, except that (i) only the first year of each period in each example takes into account the expense waiver and/or reimbursement described above, and (ii) each example reflects the reduction of Fund operating expenses upon completion of recognition of organization and initial offering expenses.

Although your actual costs may be higher or lower, based on these assumptions and assuming you hold all of your Shares at the end of each period, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $49 | $164 | $279 | $567 |

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If, at the end of each period, your Shares are repurchased in full by the Fund, your costs would be:

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| | | | |
|:---|:---|:---|:---|
| **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| $64 | $164 | $279 | $567 |

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 ****

***These examples should not be considered representations of the Fund's future expenses, and the Fund's actual expenses may be greater or less than those shown.*** While the examples assume a 5% annual return, as required by the SEC, the Fund's performance will vary and may result in an annual return greater or less than 5%.

For a more complete description of the various fees and expenses borne directly and indirectly by the Fund, see "Fund Management – [Investment Adviser, Subadviser, Management Contract and Subadvisory Contract]" and "Fund Expenses."

**Financial Highlights**

Because the Fund is newly formed and has just recently commenced operations, a financial highlights table for the Fund has not been included in this prospectus.

**The Fund**

The Fund is a non-diversified, closed-end management investment company that is registered under the Investment Company Act. The Fund is structured as an "interval fund" and continuously offers its Shares at NAV. The Fund was organized as a Delaware statutory trust on December 9, 2024, pursuant to a Certificate of Trust, governed by the laws of the State of Delaware. The Fund has no operating history. The Fund's principal office is located at 2000 Central Ave., Boulder, Colorado 80301.

**Use of Proceeds**

The Fund intends to invest the proceeds of the continuous offering of Shares, net of expenses (including Fund marketing costs and expenses), in accordance with the Fund's investment objective and strategies as stated below. We anticipate that, due to nature of the private markets for the types of investments in which the Fund will invest and factors such as the competitive nature of the business of identifying and structuring investments of the types contemplated by the Fund and the limited availability of attractive investment opportunities during certain market cycles, the Fund will be able to invest all or substantially all of the net proceeds according to its investment objective and policies within two years after receipt of the proceeds, depending on the amount and timing of the proceeds available to the Fund as well as the availability of investments consistent with the Fund's investment objective and policies and prevailing market conditions.

Pending the investment of the proceeds pursuant to the Fund's investment objective and policies, the Fund expects to invest a substantial portion of the proceeds of the offering in short-term, high quality debt securities, money market securities, cash or cash equivalents, which may impact returns. In addition, the Fund may maintain a portion of the proceeds of the continuous offering in cash or cash equivalents, liquid fixed-income securities and other liquid credit instruments, publicly-traded equity securities, mutual funds, money market funds, and exchange-traded funds to meet operational needs and the Fund's obligation to repurchase Fund shares. The Fund may be prevented from achieving its investment objective during any time in which the Fund's assets are not substantially invested in accordance with its investment strategies.

**Investment Objective, Strategies, and Policies**

The Fund's investment objective is to is to achieve long-term capital appreciation through a strategically managed portfolio that provides investors with exposure to venture capital and private equity investments. The Fund's investment objective is non-fundamental and may be changed by the Fund's Board without shareholder approval. There can be no assurance that the Fund will achieve its investment objective.

Venture capital typically involves equity investments in early- through growth-stage startup companies with significant growth potential, often in technology companies. Early to mid-stage companies backed by venture capital typically do not generate regular positive cash at the time of investment and may require multiple rounds of financing before being sold privately or going public. Traditionally, venture capital investments have been predominantly accessible to accredited "angel" investors, qualified purchasers or venture capital firms, where such investors and institutions pool their capital into professionally managed funds that diversify investments across various companies. These venture capital funds are most often privately offered and restricted to institutions, high net worth, and family office investors.

Private equity typically involves equity investments in medium to large sized companies that are past the early growth stage (often associated with venture capital) but are not yet mature, meaning they are typically generating revenue and experiencing significant growth potential. Such companies fall into the "middle market" of company sizes when it comes to private equity investments. This typically involves companies with valuations running from tens of millions to a few hundred million dollars depending on market segment, type and firm definition. The exit pathway(s) for such investments may include mergers and acquisitions, leveraged and management buyouts, as well initial public offerings, depending on market conditions.

The Fund will seek to invest directly in Portfolio Companies alongside venture capital and private equity funds, and other institutional investors, to benefit from larger pools of capital.

The Fund is intended to offer all investors an opportunity to gain exposure to a broad range of venture capital and private equity investment opportunities typically only available to institutional, high net worth and family office investors.

**Investment Strategy**

In seeking to achieve its investment objective, the Fund primarily will invest over time in privately offered equity securities of venture- and private-equity backed operating companies (collectively, "**Portfolio Companies**"). Portfolio Companies the Fund intends to target may include:

● start-up and early growth-stage growth venture-backed companies;

● mature and late-stage venture-backed companies nearing potential liquidity events, such as initial public offerings, asset purchases, and mergers and acquisitions; and

● mature, revenue generating middle-market private equity-backed companies.

The Fund anticipates acquiring interests in Portfolio Companies both directly from the issuer, including through co-investing with other venture capital funds, private equity funds, and other investors, and from third party holders of these interests in secondary transactions. The Fund has the flexibility to invest across various industries and to make investments into Portfolio Companies of various sizes and that are at various stages of growth.

The Fund expects to target investments in companies that focus on sports and athletics and adjacent industries, which may include:

● Minority interests in sports teams, franchises, and leagues, including emerging sports leagues;

● Sports technology, such as technology related to performance optimization (*e.g.*, wearable tech and data analytics), fan engagement (*e.g.*, augmented and virtual reality and fan interaction platforms), and operational intelligence (*e.g.*, advance software solutions designed to improve decision-making for sports organizations);

● Hospitality services and assets that connect sports, entertainment, and luxury, which may include interests in companies that hold real estate (such as hotels, restaurants, bars, condos, and similar properties around a sports stadium or other venue); and

● Sports healthcare and medical innovations, such as sports medicine, health technology, and holistic care.

In addition, and while not a principal strategy, the Fund may invest in professionally managed private venture capital, private equity, and private real estate funds (collectively, "**Portfolio Funds**"). The Fund generally anticipates acquiring interests in Portfolio Funds directly from the issuer, although it may also acquire these interests indirectly from third-party holders in secondary transactions.

The Fund's long-term goal is to primarily make direct investments in select Portfolio Companies, where it would invest in a privately negotiated stake in the equity of the Portfolio Company. During the Fund's initial ramp-up period, however, the Subadviser anticipates that a greater portion of the Fund's investments in Portfolio Companies and Portfolio Funds will be comprised of interests acquired from third party holders of these interests in secondary transactions.

For liquidity management or in connection with implementation of changes in asset allocation (including after liquidating investments) or when identifying private investments for the Fund during periods of large cash inflows (such as upon the Fund's launch) or otherwise for temporary defensive purposes, the Fund may hold a substantial portion of its assets in cash or cash equivalents, liquid fixed-income securities and other liquid credit instruments, publicly-traded equity securities, mutual funds, money market funds, and exchange-traded funds. Due to the nature of the private markets for the types of private equity investments in which the Fund will invest and factors such as the competitive nature of the business of identifying and structuring investments of the types contemplated by the Fund and the limited availability of attractive investment opportunities during certain market cycles, the Subadviser expects that it may take up to two years for the Fund to be primarily invested in Portfolio Companies.

Although the Fund intends to primarily target investments in the United States, the Fund has the flexibility to invest across varying geographic regions (*e.g*., North America, Europe, Asia-Pacific, Australia, Africa, and Latin America) and industries, and intends to target venture-backed and private equity-backed companies. The Fund's Portfolio Managers, Marques Colston and Nicholas Edwards, have experience investing outside the United States, including in venture capital startups located outside of the United States.

The allocation of the Fund's assets to different strategies and regions will largely depend on the maturity and depth of the venture-backed and private equity-backets market in the applicable strategy or region.

The Subadviser expects to use a range of sources to identify potential Portfolio Companies and Portfolio Funds for investment. These sources may include unaffiliated venture capital and private equity managers and investors along with other industry partners with whom it has established relationships. Where appropriate, the Subadviser will look for opportunities to invest in Portfolio Companies alongside these other private investors.

The Fund will invest no more than 15% of its net assets in pooled investment vehicles that would be investment companies but for Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act (measured at the time of investment). The Subadviser anticipates that all or substantially all of the Portfolio Funds in which the Fund will invest will rely on Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act, and thus the Fund will be limited in its ability to invest in Portfolio Funds.

**The Fund May Change Its Investment Strategies, Policies, Restrictions, and Techniques**

Except as otherwise indicated and subject to the provisions of the Investment Company Act, the Fund may change any of its policies, restrictions, strategies, and techniques if the Board believes doing so is in the best interests of the Fund and its shareholders.

**Fundamental and Non-Fundamental Policies** 

The SAI contains a list of the fundamental (those that may not be changed without shareholder approval) and non-fundamental (those that may be changed by the Board without shareholder approval) policies of the Fund under the heading "Investment Objective and Policies."

**Illiquid Securities**

The Fund invests in illiquid securities, including restricted securities (*i.e.*, securities not readily marketable without registration under the Securities Act of 1933, as amended (the "**Securities Act**")) and other securities that are not readily marketable. There is no limit to the percentage of the Fund's net assets that may be invested in illiquid securities, and the Fund expects to invest primarily in illiquid securities.

**Risks**

*Investing in the Fund involves risks, including the risk that you may receive little or no return on your investment, or that you may lose part or all of your investment. Therefore, you should consider carefully the following principal risks before investing in the Fund. The risks described below are not, and are not intended to be, a complete enumeration or explanation of all of the risks involved in an investment in the Fund and the Shares. Prospective investors should read this entire prospectus and consult with their own advisers before deciding whether to invest in the Fund. **The Shares are speculative and illiquid securities involving substantial risk of loss. An investment in the Fund is appropriate only for those investors who do not require a liquid investment, for whom an investment in the Fund does not constitute a complete investment program, and who fully understand and can assume the risks of an investment in the Fund.***

 

**Risk Related to our Business and Structure**

***Limited Operating History***. The Fund is a newly organized and no operating history. The Fund does not currently have any historical financial statements or other meaningful operating or financial data on which potential investors may evaluate the Fund and its performance. An investment in the Fund is therefore subject to all of the risks and uncertainties associated with a new business, including the risk that the Fund will not achieve its investment objective and that the value of any potential investment in Shares could decline substantially as a consequence.

This is the first investment portfolio advised by the Subadviser.

***Closed-End Fund; Limited Liquidity of Shares; Repurchase Offers Risks***. The Fund is a non-diversified, closed-end management investment company designed for long-term investors. The Fund is neither a liquid investment nor a trading vehicle. You should not invest in the Fund if you need a liquid investment. Closed-end funds differ from open-end management investment companies (commonly known as mutual funds) in that investors in a closed-end fund do not have the right to redeem their shares on a daily basis.

The Fund' Shares are not listed for trading on any securities exchange and are not publicly traded. There is currently no secondary market for the Shares, and you should not rely on any secondary market developing for the Shares. Shares are subject to substantial restrictions on transferability.

Although the Fund will be making semiannual offers to repurchase its Shares beginning in August 2026 (each such offer expected to be limited to no more than 5% of the Fund's outstanding Shares), these offers may be oversubscribed and there is no guarantee that you will be able to sell all of the Shares you desire in any semiannual repurchase offer. If a repurchase offer is oversubscribed and the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if shareholders tender an amount of Shares greater than that which the Fund is entitled to purchase, the Fund will repurchase the Shares tendered on a pro rata basis, and shareholders will have to wait until the next repurchase offer to make another repurchase request. As a result, shareholders may be unable to liquidate all or a given percentage of their investment in the Fund during a particular repurchase offer. Some shareholders, in anticipation of a repurchase offer being oversubscribed and subject to proration, may tender more Shares than they wish to have repurchased in a particular semiannual period, thereby increasing the likelihood that proration will occur. A shareholder may be subject to market and other risks, and the NAV of Shares tendered in a repurchase offer may decline between the Repurchase Request Deadline and the date on which the NAV for tendered Shares is determined. Such fluctuations may be exacerbated by currency fluctuations (to the extent the Fund invests in assets denominated in foreign currencies) and other developments. In addition, the repurchase of Shares by the Fund may be a taxable event to shareholders. Additionally, in certain instances, these repurchase offers may be suspended or postponed. See "Share Repurchases."

Semiannual repurchases by the Fund of its Shares typically will be funded from available cash. However, repurchase offers and the need to fund repurchase obligations may affect the ability of the Fund to be fully invested or force the Fund to maintain a higher percentage of its assets in liquid investments, which may harm the Fund's investment performance. In addition, the Fund may be required to sell portfolio securities (including at inopportune times) to satisfy repurchase requests, resulting in increased transaction costs that must be borne by the Fund and its shareholders. The sale of Fund assets to satisfy repurchase requests may also result in higher short-term capital gains for taxable shareholders. Furthermore, diminution in the size of the Fund may limit the ability of the Fund to participate in new investment opportunities or to achieve its investment objective. If the Fund borrows money to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing Fund expenses and reducing any net investment income.

***Non-Diversified Status***. The Fund is a non-diversified fund. As defined in the Investment Company Act, a non-diversified fund may have a significant part of its investments in a smaller number of issuers than can a diversified fund. Having a larger percentage of assets in a smaller number of issuers makes a non-diversified fund, like the Fund, more susceptible to the risk that one single event or occurrence can have a significant adverse impact upon the Fund.

***Reliance on the Adviser and Subadviser***. The Fund has no employees, and instead depends on the investment expertise, skill, and network of business contacts of the Adviser and the Subadviser. The Fund's success depends to a significant extent on the continued service and coordination of the Adviser's and the Subadviser's professionals. The departure of any of the Adviser's or the Subadviser's professionals could have a material adverse effect on the Fund's ability to achieve its investment objective.

The Fund's ability to achieve its investment objective depends on the Subadviser's ability to identify, analyze, invest in, and monitor companies and investments that meet the Fund's investment criteria. The Subadviser's capabilities in structuring the investment process and providing competent, attentive and efficient investment services to the Fund depend on the employment of investment professionals in an adequate number and of adequate sophistication to match the corresponding flow of transactions. To achieve the Fund's investment objective, the Subadviser may need to hire, train, supervise and manage new investment professionals to participate in the Fund's investment selection and monitoring process. The Subadviser may be unable to find investment professionals in a timely manner or at all. Failure to support the Fund's investment process could have a material adverse effect on the Fund's business, financial condition and results of operations. Neither the Adviser nor the Subadviser is required to devote its full time to the business of the Fund, and there is no guarantee or requirement that any investment professional or other employee of the Adviser or the Subadviser will allocate a substantial portion of his or her time to the Fund.

***Offering Risk***. To the extent the Fund is not able to raise sufficient funds through the sale of Shares, the opportunity for the allocation of the Fund's investments among various issuers and industries may be decreased, and the returns achieved on those investments may be reduced as a result of allocating all of the Fund's expenses over a smaller capital base. As a result, the Fund may be unable to achieve its investment objective and an investor could lose some or all of the value of his or her investment in the Shares. In addition, because many of the Fund's expenses are fixed, it is anticipated that shareholders will bear a larger proportionate share of Fund expenses if the Fund does not grow to a significant extent.

***Use of Proceeds***. The Subadviser has significant flexibility in applying the proceeds of the continuous offering of the Fund's Shares, and may use the net proceeds from this offering in ways with which you do not agree, including to market the Fund to other investors, or for purposes other than those contemplated at the time of this offering. There is no assurance that the Subadviser will be able to successfully use the proceeds of this offering within the timeframe contemplated. The Subadviser will also use the proceeds of this offering to pay the Fund's organizational, offering, marketing, and operating expenses, including due diligence expenses of potential new investments, which are substantial. These Fund expenses will lower the Fund's returns. In addition, there is no guarantee that the Fund's offering of Shares will be successful or that the Fund's expense ratio (which is estimated in this prospectus) will decline in future years.

Although the Fund currently intends to invest the proceeds from the sale of the Shares offered hereby as soon as practicable, such investments may be delayed if suitable investments are unavailable at the time. Delays the Fund encounters in the selection, due diligence and acquisition of investments would likely limit the Fund's ability to pay distributions and lower overall returns.

***Expense Risk***. The annual Fund expenses shown in the "Summary of Fund Fees and Expenses" section of this prospectus are estimates and the actual costs of investing in the Fund may be significantly higher than the estimated Fund expenses shown for a variety of reasons, including, for example, if the Fund does not raise sufficient assets in its first year to have an average net asset value of $50 million or if the actual expenses the Fund incurs during its first year exceed its estimates. The Fund has a higher management fee than most other closed-end funds.

***Amount or Frequency of Distributions***. The amount of any distributions that the Fund may pay is uncertain. The Fund expects to pay distributions out of assets legally available for distribution from time to time, at the sole discretion of the Board. Nevertheless, there is no assurance that the Fund will achieve investment results that will allow the Fund to make a specified level of cash distributions or year-to-year increases in cash distributions, or any distributions. The Fund's ability to pay distributions may be adversely affected by the impact of the risks described in this prospectus. All distributions will depend on the Fund's earnings, its net investment income, its financial condition, tax requirements, and such other factors as the Board may deem relevant from time to time.

A portion of the distributions the Fund makes may represent a return of capital for U.S. federal tax purposes. A return of capital generally is a return of your investment in the Fund rather than a return of earnings or gains derived from the Fund's investment activities, and will be made after deduction of the fees and expenses payable in connection with the offering and the Fund's operations, including any fees payable to the Adviser and the Subadviser. See "*Tax Matters*" for additional information.

***Competition for Investment Opportunities Risk.*** The Fund will be competing with other investment companies, investment funds (including private venture capital, private equity, and real estate funds), and institutional investors in making private investments. Many of these competitors are substantially larger and have considerably greater financial, technical, and marketing resources than the Fund. Some competitors may have a lower cost of capital and access to funding sources that are not available to the Fund. In addition, some competitors may have higher risk tolerances or different risk assessments, which could allow them to consider a wider variety of, or different structures for, private investments than the Fund. The Fund may lose investment opportunities if it is unable to match its competitors' pricing, terms, and structure. Furthermore, many competitors are not registered investment companies and are thus not subject to the regulatory restrictions that the Investment Company Act imposes on the Fund. As a result of this competition, the Fund may not be able to pursue attractive private investment opportunities from time to time.

While the Fund is currently the Subadviser's sole client, investment funds that the Subadviser (or an affiliate of the Subadviser) may advise in the future may invest in asset classes similar to those targeted by the Fund. As a result, the Subadviser and/or its affiliates may face conflicts in allocating investment opportunities between the Fund and these other investment funds. For example, an investment opportunity that is suitable for multiple clients of the Subadviser and its affiliates may not be shared among some or all of such clients and affiliates due to the limited scale of the opportunity or other factors, including restrictions imposed by the Investment Company Act or the Fund. Should the Subadviser (or an affiliate of the Subadviser) advise other investment funds in the future that invest in asset classes similar to those targeted by the Fund, the Subadviser intends to allocate investment opportunities to the Fund in a manner it deems to be fair and equitable over time. However, it is possible that over time the Fund would not be able to participate in certain investments made by affiliated investment funds that it might otherwise have desired to participate in.

***Potential Reliance on Projections***. In selecting and monitoring Fund investments, the Subadviser will from time to time rely upon projections, forecasts or estimates developed by the Subadviser or by a Portfolio Company or Portfolio Fund in which the Fund is invested or is considering making an investment concerning the Portfolio Company's or Portfolio Fund's future performance and cash flow. Projections, forecasts and estimates are forward-looking statements and are based upon certain assumptions. Actual events are difficult to predict and beyond the Fund's control, and may differ materially from those assumed. Some important factors which could cause actual results to differ materially from those in any forward-looking statements include changes in interest rates and domestic and foreign business, market, financial or legal conditions, among others. Accordingly, there can be no assurance that estimated returns or projections can be realized or that actual returns or results for the Fund or its investments will not be materially lower than those estimated or targeted.

***Affiliation Risk and Inability to Vote***. The Fund may be precluded from investing in certain Portfolio Companies and Portfolio Funds due to regulatory implications under the Investment Company Act or other laws, rules or regulations, or may be limited in the amount it can invest in the voting securities of a Portfolio Company or Portfolio Fund, in the size of the economic interest it can have in the company or fund, or in the scope of influence it is permitted to have in respect of the management of the company or fund. Should the Fund be required to treat a Portfolio Company or a Portfolio Fund in which it has invested as an "affiliated person" under the Investment Company Act, the Investment Company Act would impose a variety of restrictions on the Fund's dealings with the Portfolio Company or Portfolio Fund. Moreover, these restrictions may arise as a result of investments by future clients of the Subadviser or its affiliates in a Portfolio Company or Portfolio Fund. These restrictions may be detrimental to the performance of the Fund compared to what it would be if these restrictions did not exist, and could impact the universe of investable Portfolio Companies and Portfolio Funds for the Fund. The fact that many Portfolio Companies and Portfolio Funds may have a limited number of investors and a limited amount of outstanding equity heightens these risks.

The Fund may be able to avoid a Portfolio Company or a Portfolio Fund being deemed an "affiliated person" of the Fund by owning less than 5% of the voting securities of such Portfolio Company or Portfolio Fund. To limit its voting interest in a Portfolio Company or a Portfolio Fund, the Fund may enter into contractual arrangements under which the Fund irrevocably waives its rights (if any) to vote its interests in the Portfolio Company or Portfolio Fund. The Fund will not receive any consideration in return for entering into a voting waiver arrangement. These voting waiver arrangements may increase the ability of the Fund and other future clients of the Subadviser to invest in certain Portfolio Companies and Portfolio Funds. However, to the extent the Fund contractually forgoes the right to vote the securities of a Portfolio Company or Portfolio Fund, the Fund will not be able to vote on matters that require the approval of such Portfolio Company's or Portfolio Fund's investors, including matters where the Fund is disadvantaged by its inability to vote.

There are, however, other statutory tests of affiliation (such as on the basis of control) and, therefore, the prohibitions of the Investment Company Act with respect to affiliated transactions could apply in certain situations where the Fund owns less than 5% of the voting securities of a Portfolio Company or Portfolio Fund. If a Portfolio Company or Portfolio Fund is deemed to be an "affiliated person" of the Fund, transactions between the Fund and such Portfolio Company or Portfolio Fund may, among other things, potentially be subject to the prohibitions of Section 17 of the Investment Company Act notwithstanding that the Fund has entered into a voting waiver arrangement.

***Valuation Risk.*** The Fund is subject to valuation risk, which is the risk that one or more of the securities in which the Fund invests are valued and held on the Fund's books at prices that the Fund is unable to obtain upon sale due to factors such as incomplete data, market instability, or human error. The Adviser may, but is not required to, use an independent pricing service or prices provided by dealers to value securities at their market value. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. When market quotations are not available, the Adviser may price such investments pursuant to a number of methodologies, such as computer-based analytical modeling or individual security evaluations. These methodologies generate approximations of market values, and there may be significant professional disagreement about the best methodology for a particular type of financial instrument or different methodologies that might be used under different circumstances. In the absence of an actual market transaction, reliance on such methodologies is essential, but may introduce significant variances in the ultimate valuation of the Fund's investments. Technological issues and/or errors by pricing services or other third-party service providers may also impact the Fund's ability to value its investments and the calculation of the Fund's NAV.

When market quotations are not readily available or are deemed to be inaccurate or unreliable, the Fund values its investments at fair value as determined in good faith pursuant to policies and procedures approved by the Board. Fair value is defined as the amount for which assets could be sold in an orderly disposition over a reasonable period of time, taking into account the nature of the asset. Fair value pricing may require determinations that are inherently subjective and inexact about the value of a security or other asset. As a result, there can be no assurance that fair value priced assets will not result in future adjustments to the prices of securities or other assets, or that fair value pricing will reflect a price that the Fund is able to obtain upon sale, and it is possible that the fair value determined for a security or other asset will be materially different from quoted or published prices, from the prices used by others for the same security or other asset and/or from the value that actually could be or is realized upon the sale of that security or other asset. For example, the Fund's NAV could be adversely affected if the Fund's determinations regarding the fair value of the Fund's investments were materially higher than the values that the Fund ultimately realizes upon the disposal of such investments. Where market quotations are not readily available, valuation may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available.

A substantial portion of the Fund's assets are expected to consist of securities of private companies for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. Such securities are valued by the Fund at fair value as determined pursuant to policies and procedures approved by the Board. In determining fair value, the Adviser is required to consider all appropriate factors relevant to value and all indicators of value available to the Fund. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. The most relevant information may often be provided by the issuer of the securities. Given the nature, timeliness, amount and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated.

The value at which the Fund's investments can be liquidated may differ, sometimes significantly, from the valuations assigned by the Fund. In addition, the timing of liquidations may also affect the values obtained on liquidation. Securities held by the Fund may trade with bid-offer spreads that may be significant. In addition, the Fund will hold privately placed securities for which no public market exists. There can be no guarantee that the Fund's investments could ultimately be realized at the Fund's valuation of such investments. In addition, the Fund's compliance with the asset diversification tests under the Code depends on the fair market values of the Fund's assets, and, accordingly, a challenge to the valuations ascribed by the Fund could affect its ability to comply with those tests or require it to pay penalty taxes in order to cure a violation thereof.

The Fund's NAV is a critical component in several operational matters including computation of advisory and services fees and determination of the price at which the Shares will be offered and at which a repurchase offer will be made. Consequently, variance in the valuation of the Fund's investments will impact, positively or negatively, the fees and expenses shareholders will pay, the price a shareholder will receive in connection with a repurchase offer and the number of Shares an investor will receive upon investing in the Fund. The Fund may need to liquidate certain investments, including illiquid investments, in order to repurchase Shares in connection with a repurchase offer. A subsequent decrease in the valuation of the Fund's investments after a repurchase offer could potentially disadvantage remaining shareholders to the benefit of shareholders whose Shares were accepted for repurchase. Alternatively, a subsequent increase in the valuation of the Fund's investments could potentially disadvantage shareholders whose Shares were accepted for repurchase to the benefit of remaining shareholders. Similarly, a subsequent decrease in the valuation of the Fund's investments after a subscription could potentially disadvantage subscribing investors to the benefit of pre-existing shareholders, and a subsequent increase in the valuation of the Fund's investments after a subscription could potentially disadvantage pre-existing shareholders to the benefit of subscribing investors. For more information regarding the Fund's calculation of its NAV, see "Determination of Net Asset Value."

***Investment Dilution Risk***. The Fund's investors do not have preemptive rights to any Shares the Fund may issue in the future. The Fund's Amended and Restated Declaration of Trust ("**Declaration of Trust**") authorizes it to issue an unlimited number of Shares. The Board may make certain amendments to the Declaration of Trust. After an investor purchases Shares, the Fund expects to sell additional Shares or other classes of Shares in the future or issue equity interests in private offerings. To the extent the Fund issues additional equity interests after an investor purchases its Shares, such investor's percentage ownership interest in the Fund will be diluted.

***Legal, Litigation and Regulatory Action Risk****.* The Fund, the Adviser, the Subadviser, and their affiliates are subject to a number of unusual risks, including changing laws and regulations, developing interpretations of such laws and regulations, and increased scrutiny by regulators and law enforcement authorities. These risks and their potential consequences are often difficult or impossible to predict, avoid or mitigate in advance, and might make some investments unavailable to the Fund. The effect on the Fund, the Adviser, the Subadviser, or any affiliate of any such legal risk, litigation or regulatory action could be substantial and adverse. In addition, any litigation may consume substantial amounts of the Adviser's and/or Subadviser's time and attention, and that time and the devotion of resources to litigation may, at times, be disproportionate to the amounts at stake in the litigation.

***No Independent Underwriter****.* The Fund is conducting the continuous offering of the Fund's Shares without the aid of an independent principal underwriter. Accordingly, Fund shareholders will not have the benefit of an independent due diligence review and investigation of the type normally performed by an independent principal underwriter in connection with the offering of securities.

Certain states impose additional requirements on issuers, and their officers and agents, that offer securities in the state without the use of a principal underwriter, while other states may require certain Fund officers or personnel of the Adviser to register as an "agent", "issuer agent," or similar in the state. Compliance with these requirements creates regulatory risk and extra expenses for the Fund.

***Cyber Security Risk***. With the increased use of technologies such as the Internet to conduct business, the Fund and its service providers, as well as the Web App, are susceptible to operational, information security and related risks. In general, cyber incidents can result from deliberate attacks or unintentional events. Cyber-attacks include, but are not limited to, gaining unauthorized access to digital systems (*e.g.*, through "hacking" or malicious software coding) for purposes of misappropriating assets or sensitive information, corrupting data, or causing operational disruption. Cyber-attacks may also be carried out in a manner that does not require gaining unauthorized access, such as causing denial-of-service attacks on websites (*i.e.*, efforts to make network services unavailable to intended users). Cyber security failures by or breaches of the Web App, the Adviser, the Subadviser, or other Fund service providers (including, but not limited to, fund accountants, custodians, transfer agents and administrators), and the issuers of securities in which the Fund invests, have the ability to cause disruptions and impact business operations, potentially resulting in financial losses, interference with the Fund's ability to calculate its NAV, impediments to trading, the inability of shareholders to transact business, violations of applicable privacy and other laws, regulatory fines, penalties, reputational damage, reimbursement or other compensation costs, or additional compliance costs. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. While the Fund has established business continuity plans in the event of, and risk management systems to prevent, such cyber-attacks, there are inherent limitations in such plans and systems including the possibility that certain risks have not been identified. Furthermore, the Fund cannot control the cyber security plans and systems put in place by service providers to the Fund and issuers in which the Fund invests. As a result, the Fund or its shareholders could be negatively impacted.

The Web App, through its third-party hosting facilities, will electronically store investors' bank information, social security numbers, and other personally-identifiable sensitive data that is submitted through the Web App. Similarly, certain Fund service providers, including the Fund's Administrator, may process, store, and transmit such information. The Fund has procedures and systems in place that it believes are reasonably designed to protect this sensitive information and prevent data losses and security breaches. However, these measures cannot provide absolute security. Any accidental or willful security breach or other unauthorized access could cause shareholders' secure information to be stolen and used for criminal purposes, and shareholders would be subject to increased risk of fraud or identity theft. Because techniques used to obtain unauthorized access or to sabotage systems change frequently and generally are not recognized until they are launched against a target, we and the third-party hosting facilities we use may be unable to anticipate these techniques or to implement adequate preventative measures. Any security breach, whether actual or perceived, could harm the Fund's reputation, resulting in the potential loss of investors and adverse effect on the value of a shareholder's investment in the Fund.

***Opinions and Forward-Looking Statements May Not Be Correct.*** This prospectus and the Fund's marketing materials may contain many opinions and forward-looking statements about the direction and future performance of venture capital, private equity, and real estate markets, and venture capital, private equity, and real estate secondaries and co-investment markets, the relative merits of various investment strategies and investment firms, and the capabilities and competitive strength of the Adviser, the Subadviser, and the Fund. These statements include predictions, statements of belief and expectation, and may include the use of qualitative terms such as "best-of-class," "superior" and "top-tier." Investors should understand that such statements represent the current views of the Adviser, Subadviser, or other third party sources, that other market participants might have differing views, and that the actual events, including the actual future performance of the venture capital, private equity, and real estate markets and venture capital, private equity, and real estate secondaries and co-investment markets and the Fund could differ sharply from the opinions and forward-looking statements contained in the Fund's prospectus and marketing materials. Any such departures could materially affect the performance of the Fund. In addition, the Adviser has not independently verified any of the information provided by third party sources and cannot ensure its accuracy. For all of the reasons set above and others, prospective investors are cautioned not to place undue reliance on opinions, statements, and performance.

**Risks Related to Fund Investments**

***Venture Capital and Private Equity Investing Risks.*** While venture capital and private equity investments offer the opportunity for significant gains, these investments also involve an extremely high degree of business and financial risk and can result in substantial losses. There generally will be little or no publicly available information regarding the status and prospects of Portfolio Companies. For example, Portfolio Companies will generally not be subject to SEC reporting requirements, will generally not be required to maintain accounting records in accordance with accounting principles generally accepted in the United States of America ("**U.S. GAAP**"), and are generally not required to maintain effective internal controls over financial reporting. As a result, the Adviser and the Subadviser may not have timely or accurate information about the business, financial condition and results of operations of the Portfolio Companies in which the Fund invests. Many investment decisions by the Subadviser will be dependent upon the ability to obtain relevant information from non-public sources, and the Subadviser may be required to make decisions without complete information or in reliance upon information provided by third parties that is impossible or impracticable to verify.

Portfolio Companies may have limited financial resources and may be unable to meet their obligations with their existing working capital, which may lead to equity financings, possibly at discounted valuations, in which the Fund's holdings could be substantially diluted if the Fund does not or cannot participate, bankruptcy or liquidation and the reduction or loss of the Fund's investment. Portfolio Companies are also more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on a Portfolio Company and, in turn, on the Fund. At the time of the Fund's investment, a Portfolio Company may lack one or more key attributes (*e.g*., proven technology, marketable product, complete management team, or strategic alliances) necessary for success. In most cases, investments will be long term in nature and may require many years from the date of initial investment before disposition.

The marketability and value of each Portfolio Company investment will depend upon many factors beyond the Subadviser's control. Portfolio Companies may have substantial variations in operating results from period to period, face intense competition, and experience failures or substantial declines in value at any stage. The public market for startup and emerging growth companies is extremely volatile. Such volatility may adversely affect the development of Portfolio Companies, the ability of the Fund to dispose of investments, and the value of investment securities on the date of sale or distribution by the Fund. In particular, the receptiveness of the public market to initial public offerings by the Fund's Portfolio Companies may vary dramatically from period to period. An otherwise successful Portfolio Company may yield poor investment returns if it is unable to consummate an initial public offering at the proper time. Even if a Portfolio Company effects a successful public offering, the Portfolio Company's securities may be subject to contractual "lock-up," securities law or other restrictions, which may, for a material period of time, prevent the Fund from disposing of such securities. Similarly, the receptiveness of potential acquirers to the Fund's Portfolio Companies will vary over time and, even if a Portfolio Company investment is disposed of via a merger, consolidation or similar transaction, the Fund's stock, security or other interests in the surviving entity may not be marketable. There can be no guarantee that any Portfolio Company investment will result in a liquidity event via public offering, merger, acquisition or otherwise. Generally, the investments made by the Fund will be illiquid and difficult to value, and there will be little or no collateral to protect an investment once made.

Following its initial investment in a given Portfolio Company, the Fund may decide to provide additional funds to such portfolio company or may have the opportunity or otherwise need to increase its investment in a Portfolio Company. There is no assurance that the Fund will have the opportunity to make follow-on investments, will make follow-on investments or will have sufficient available funds to make follow-on investments. Any decision by the Fund not to make follow-on investments or its inability to make such investments may have a substantial negative effect on a Portfolio Company in need of such additional capital or may result in a lost opportunity for the Fund to increase its participation in a successful operation.

These same risks will also apply to the venture capital and private equity Portfolio Funds in which the Fund may invest.

***Investment Focus Risk***. The Fund may focus its investments in a limited number of issuers. Focusing the Fund's portfolio in this manner could subject the Fund to a greater degree of risk with respect to the failure of one or a few investments and the Fund's portfolio will be more susceptible to fluctuations in value resulting from poor performance of a limited number of its investments. As a result, the Fund's aggregate return may be volatile and may be affected substantially by the performance of only one or a few holdings.

***Technology Sector (Concentration) Risk***. The Fund's portfolio will be concentrated in securities issued by technology companies and other investments that provide economic exposure to technology companies and, as such, it may be subject to more risks than if it were broadly diversified across additional sectors and industries of the economy. The market prices of interests in technology companies historically have exhibited a greater degree of market risk and price volatility than other types of investments. These investments may fall in and out of favor with investors rapidly, which may cause sudden selling and dramatically lower market prices. Investments in technology companies also may be affected adversely by changes in technology, consumer and business purchasing patterns, short product cycles, falling prices and profits, government regulation, lack of standardization or compatibility with existing technologies, intense competition, aggressive pricing, dependence on copyright and/or patent protection and/or obsolete products or services.

Certain technology companies may face special risks that their products or services may not prove to be commercially successful. Technology companies are also strongly affected by worldwide scientific or technological developments, and as a result, their products may rapidly become obsolete. In addition, because of rapid technological change, the average selling prices of products and some services provided by technology-related sectors have historically decreased over their productive lives. As a result, the average selling prices of products and services offered by the companies that operate in technology-related sectors may decrease over time, which could adversely affect their operating results. Technology companies are also often subject to governmental regulation and may, therefore, be adversely affected by governmental policies. In addition, a rising interest rate environment tends to negatively affect technology companies. In such an environment, those companies with high market valuations may appear less attractive to investors, which may cause sharp decreases in the companies' market prices. Further, technology companies seeking to finance their expansion would have increased borrowing costs, which may negatively impact their earnings.

Technology companies are often smaller companies with less experienced management teams and they may be subject to greater risks than larger companies, such as limited product lines, markets and financial and managerial resources. These risks may be heightened for technology companies in foreign markets. The foregoing factors may negatively impact the value of any equity securities that the Fund may hold, which could in turn materially adversely affect the Fund's business, financial condition and results of operations.

A technology company's failure or inability to obtain, maintain, protect or enforce its proprietary, contractual and/or intellectual property rights, including any unregistered intellectual property, and the costs involved in such action could harm the company's business, financial condition, results of operations and prospects, and could lead to reputational loss with the company's rightsholder partners and potential legal implications if the company is unable to protect and monetize its intellectual property. Failure to obtain intellectual property protection that is sufficiently broad may diminish a company's competitive advantages or interfere with its ability to develop and market products and services.

A technology company may also face claims for intellectual property infringement, which could subject it to unanticipated legal and advisory fees, monetary damages, or limit it in using some of its technologies or providing certain solutions.

***Companies Focused on Sports and Athletics Risk***. Because the Fund intends to invest in companies that focus on sports and athletics and adjacent industries, its performance will be especially sensitive to developments that affect those companies. In general, the success of companies focused on sports and athletics relies on consumer discretionary spending, which generally falls during economic downturns.

● <u>Professional Sports Teams and Leagues</u>. Professional sports teams and leagues are dependent upon the performance and/or popularity of their franchises and compete, in varying respects and degrees, with other sporting events delivered over television networks, radio, the internet and online services, mobile applications and other alternative sources. In addition, professional sports teams and leagues are largely dependent on their ability to attract strong attendance to their professional sports franchises' home games and compete, in certain respects and to varying degrees, with other leisure-time activities and entertainment options such as television, motion pictures, concerts and other live performances, restaurants and nightlife venues, the internet, social media and social networking platforms and online and mobile services, including sites for online content distribution, video on demand and other alternative sources of entertainment. Professional sports companies are also dependent upon their ability to develop, obtain and retain talented players as well as the on-field success of their teams and injuries to players also pose risk. The financial success of many professional sports teams and leagues is dependent on the revenue they derive from the sale of broadcasting rights and any decline could adversely affect the revenue that can be derived from the sale of these broadcasting rights. Economic downturns and other adverse conditions, such as suspension of sports events or limitation on in-person attendance at such events, can negatively affect their operations. Ticket sales and broadcasting revenue in part depend on personal disposable income and consumer and corporate spending. Any economic downturn or other deterioration in economic conditions, such as inflation, slower growth, unemployment levels, credit availability, fuel prices, interest rates, tax rates, trade relations and regulations, or other factors, are likely to have a negative impact on consumer and corporate discretionary spending and otherwise lead companies in affected industries to cut costs in response to these changed circumstances.

● <u>Sports and Athletics Technology Companies</u>. Companies focusing on sports and athletic technologies face the same risks as described above under "*Technology Sector (Concentration) Risk*." In addition, certain sports and athletics technology companies may rely heavily on partnering with specific sports organizations, from which they may acquire specific rights including (inter alia) data and licensing rights. A company's overreliance on or loss of existing relationships with sports organizations, failure to win future tenders for new and/or existing rights packages, inability to meet the cost of rising rights acquisition fees, or failure to renew or expand existing relationships may cause unanticipated costs or loss of competitive advantage or require a company to modify, limit, or discontinue certain offerings, which could materially affect the company's business, financial condition, results of operations, and prospects.

● <u>Hospitality Services and Assets Risks</u>. Companies involved in hospitality and related services connected to or around sports (which may include restaurants, bars, and hotels in and around sports venues) are subject to a number of risks, including many of the risks discussed above with respect to professional sports teams and leagues. These companies typically face intense competition for customers and are rely largely on the success of specific sports teams or sports leagues in drawing fans. These companies are also subject to changes in general and local economic and financial conditions, local real estate market conditions, periodic overbuilding in specific markets, the recurring need for renovation and refurbishment, changes in tax and interest rates, the availability of financing for operating and capital requirements, natural disasters and extreme weather conditions, labor disputes (including league lockouts and similar), and adverse changes in zoning laws and other regulations. Certain of these companies may be dependent on the success of a single location or very few locations.

● <u>Sports and Athletic Healthcare Companies</u>. Healthcare focused companies are subject to the general risks associated with the healthcare sector, including, among others, changes in government regulations, dependence on patents and intellectual property rights, industry and pricing competition, long and costly processes for obtaining new product approval by the U.S. Food and Drug Administration (the "**FDA** "), and extensive research and development, marketing, and sales costs. The revenues, income (or losses), and valuations of healthcare-focused companies can and often do fluctuate suddenly and dramatically, particularly if their products are up for regulatory approval or under regulatory scrutiny. Healthcare-focused companies are typically subject to the risks of new technologies along with competitive pressures and regulations and restrictions imposed by the FDA, the U.S. Environmental Protection Agency, state and local governments, and foreign regulatory authorities.

***Co-Investment Risk***. It is anticipated that the Fund will co-invest in Portfolio Companies sourced by third party investors unaffiliated with either the Fund or its affiliates, such as private venture capital and private equity funds. The Fund's ability to realize a profit on such investments will be particularly reliant on the expertise of the lead investor in the transaction. To the extent that the lead investor in such a co-investment opportunity assumes control of the management of the Portfolio Company, the Fund will be reliant not only upon the lead investor's ability to research, analyze, negotiate and monitor such investments, but also on the lead investor's ability to successfully oversee the operation of the company's business. The Fund's ability to dispose of such investments is typically severely limited, both by the fact that the securities are unregistered and illiquid and by contractual restrictions that may preclude the Fund from selling such investment. Often the Fund may exit such investment only in a transaction, such as an initial public offering or sale of the company, on terms arranged by the lead investor. Such investments may be subject to additional valuation risk, as the Fund's ability to accurately determine the fair value of the investment may depend upon the receipt of information from the lead investor. The valuation assigned to such an investment through application of the Fund's valuation procedures may differ from the valuation assigned to that investment by other co-investors. In some cases, the Fund may pay fees such as placement fees, management fees, administrative fees and/or performance fees to venture capital and private equity fund sponsors in connection with a co-investment transaction in which the Fund participates, which fees would be in addition to the fees charged to the Fund by the Adviser and would be indirectly borne by investors in the Fund.

***Follow-On Investment Risk.*** The Fund's investments in Portfolio Companies may require follow-on investments. The Fund may be required to provide follow-on funding for its Portfolio Companies or have the opportunity to make additional investments in such Portfolio Companies. There can be no assurance that the Fund will have sufficient funds to make any such additional investments. Any decision by the Fund not to make follow-on investments or its inability to make them may have a negative impact on a Portfolio Company in need of such an investment, which could, in turn, have a negative effect on the Fund's returns. To the extent the Fund does not participate in a follow-on investment (which may be due to a number of factors, including not having sufficient uncommitted capital reserves to make the investment or restrictions under the Investment Company Act), then the Fund's interest in the Portfolio Company may be diluted or subordinated to the new capital being invested.

***Private Company Risks.*** Investments in start-up and growth-stage private companies (Portfolio Companies) involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. The Fund may not be able to sell such investments when the Subadviser deems it appropriate to do so because they are not publicly traded. As such, these investments are generally considered to be illiquid until a company's public offering (which may never occur) and are often subject to additional contractual restrictions on resale following any public offering that may prevent the Fund from selling its shares of these companies for a period of time. Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect a late-stage Portfolio Company and delay or prevent such a company from ultimately offering its securities to the public. Even if a Portfolio Company does issue shares in an initial public offering, initial public offerings are risky and volatile and may cause the value of the Fund's investment to decrease significantly. In addition:

● <u>Complex Capital Structures</u> *.* The types of private companies in which the Fund seeks to invest frequently have much more complex capital structures than traditional publicly-traded companies, and may have multiple classes of equity securities with differing rights, including rights with respect to voting and distributions. In addition, it is often difficult to obtain information with respect to private companies' capital structures, and even where the Subadviser is able to obtain such information, there can be no assurance that the information is complete or accurate. In certain cases, private companies may also have preferred stock or senior debt outstanding, which may heighten the risk of investing in the underlying equity of such private companies, particularly in circumstances when the Subadviser has limited information with respect to such capital structures. There can be no assurance that the Fund will be able to adequately evaluate the relative risks and benefits of investing in a particular class of a Portfolio Company's equity securities. Any failure on the Subadviser's part to properly evaluate the relative rights and value of a class of securities in which the Fund invests could cause the Fund to lose part or all of its investment, which in turn could have a material and adverse effect on the Fund's performance.

● <u>Drag-Along Rights</u>. The Portfolio Company securities the Fund acquires (or into which they are convertible) may be subject to drag-along rights, a standard term in a stock purchase agreement that permits a majority stockholder in a company to force minority stockholders to join in the sale of the company on the same price, terms, and conditions as any other seller in the sale. Such drag-along rights could permit other stockholders, under certain circumstances, to force the Fund to liquidate its position in a Portfolio Company at a specified price, which could be, in the Subadviser's opinion, inadequate or undesirable or even below the cost at which the Fund acquired the investment. In this event, the Fund could realize a loss or fail to realize gain in an amount that the Subadviser deems appropriate on the investment. Accordingly, the Fund may not be able to realize gains from its investments, and any gains that the Fund does realize on the disposition of any investments may not be sufficient to offset any other losses it experiences.

***Portfolio Fund Risks***. While not a principal investment company, investments in Portfolio Funds are generally subject to the same risks described elsewhere in this "Risks" section with respect to the Fund's direct investments in Portfolio Companies. Additional risks also apply to the Fund's investment in Portfolio Funds, including:

● <u>Illiquid Investments</u>. Portfolio Fund interests are expected to be illiquid, their marketability may be restricted and the realization of investments from them may take considerable time and/or be costly.

● <u>Valuation Risk</u>. Portfolio Fund interests are ordinarily valued based upon valuations provided by the Portfolio Fund's sponsor or manager, which may be received on a delayed basis. Certain securities in which the Portfolio Funds invest may not have a readily ascertainable market price and are fair valued by the Portfolio Fund's manager. A Portfolio Fund's manager may face a conflict of interest in valuing such securities since their values may have an impact on the manager's compensation. The Fund expects that most Portfolio Funds in which it will invest will require an annual independent audit of their financial statements, which includes testing of portfolio valuations made by the Portfolio Fund's manager. The Subadviser will review and perform due diligence on the valuation procedures used by each Portfolio Fund's manager and monitor the returns provided by the Portfolio Funds. However, neither the Subadviser nor the Board is able to confirm the accuracy of valuations provided by Portfolio Fund managers. Inaccurate valuations provided by Portfolio Funds could materially adversely affect the value of Shares.

● <u>Duplication of Fees</u>. The Fund may pay asset-based fees and performance-based fees in respect of its interests in Portfolio Funds. Such fees and performance-based compensation are in addition to the management fee the Fund pays to the Subadviser. Fund shareholders will indirectly bear their proportionate share of the expenses of the Portfolio Funds, in addition to their proportionate share of the expenses of the Fund. Thus, a Fund shareholder may be subject to higher operating expenses than if the shareholder invested in the Portfolio Funds directly. Shareholders could avoid the additional level of fees and expenses of the Fund by investing directly with the Portfolio Funds, although access to many Portfolio Funds may be limited or unavailable, and may not be permitted for investors who do not meet the substantial minimum net worth and other criteria for investment in Portfolio Funds.

● <u>Performance Fees</u>. Performance-based fees charged by Portfolio Fund managers may create incentives for the Portfolio Fund managers to make risky investments, and may be payable by the Fund to a Portfolio Fund manager based on a Portfolio Fund's positive returns even if the Fund's overall returns are negative.

● <u>Unregistered Funds and Managers</u>. Portfolio Funds generally are not registered as investment companies under the Investment Company Act; therefore, the Fund, as an investor in Portfolio Funds, will not have the benefit of the protections afforded by the Investment Company Act. Portfolio Fund managers may not be registered as investment advisers under the Advisers Act, in which case the Fund, as an investor in Portfolio Funds managed by such Portfolio Fund managers, will not have the benefit of certain of the protections afforded by the Advisers Act.

● <u>Limited Operating Histories</u>. The Fund may invest in Portfolio Funds that have only limited operating histories.

● <u>Regulatory Limitations</u>. There is a risk that the Fund may be precluded from acquiring an interest in certain Portfolio Funds due to regulatory implications under the Investment Company Act or other laws, rules and regulations or may be limited in the amount it can invest in voting securities of Portfolio Funds. For example, the Fund is required to disclose the names and current fair market value of its investments in Portfolio Funds on a periodic basis, and a Portfolio Fund may object to public disclosure concerning the Fund's investment and the valuation of such investment. Furthermore, an investment by the Fund could cause the Fund and other funds managed or sub-advised by the Adviser or the Subadviser to become affiliated persons of a Portfolio Fund under the Investment Company Act and prevent them from engaging in certain transactions. The Fund may forego certain voting rights with respect to the Portfolio Funds in an effort to avoid "affiliated person" status under the Investment Company Act. The Adviser or the Subadviser may also refrain from including a Portfolio Fund in the Fund's portfolio in order to address adverse regulatory implications that would arise under the Investment Company Act for the Fund and the Adviser's or the Subadviser's other clients if such an investment was made. In addition, the Fund's ability to invest may be affected by considerations under other laws, rules or regulations.

● <u>Limited Information</u>. Although the Subadviser will seek to receive detailed information from each Portfolio Fund regarding its historical performance and business strategy, in most cases the Subadviser will have little or no means of independently verifying this information. A Portfolio Fund may use proprietary investment strategies that are not fully disclosed to the Subadviser, which may involve risks under some market conditions that are not anticipated by the Subadviser.

● <u>In-Kind Distributions</u>. The Fund may receive from a Portfolio Fund an in-kind distribution of securities that may be illiquid or difficult to value and difficult to dispose of.

● <u>Responding to Capital Calls</u>. The Fund may be required to make incremental contributions pursuant to capital calls issued from time to time by a Portfolio Fund. If the Fund fails to satisfy capital calls to a Portfolio Fund in a timely manner then, generally, it will be subject to significant penalties, including the complete forfeiture of the Fund's investment in the Portfolio Fund.

● <u>Investment Concentration</u>. A Portfolio Fund may focus on a particular industry or sector, which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of industries. Likewise, a Portfolio Fund may focus on a particular country or geographic region, which may subject the Portfolio Fund, and thus the Fund, to greater risk and volatility than if investments had been made in issuers in a broader range of geographic regions.

● <u>Negative Returns</u>. Portfolio Funds may have little or no near-term cash flow available to distribute to its investors, including the Fund. Due to the pattern of cash flows in Portfolio Funds and the illiquid nature of their investments, Investors typically will see negative returns in the early stages of Portfolio Funds. Then as investments are able to realize liquidity events, such as a sale or initial public offering, positive returns will be realized if the Portfolio Fund's investments are successful.

Although the Fund will be an investor in the Portfolio Funds, investors in the Fund will not themselves be equity holders of the Portfolio Funds and will not be entitled to enforce any rights directly against the Portfolio Funds or the Portfolio Fund managers, or assert claims directly against the Portfolio Funds, the Portfolio Fund managers or their respective affiliates. Shareholders will have no right to receive the information issued by the Portfolio Funds that may be available to the Fund as an investor in the Portfolio Funds.

***Fixed-Income Securities Risk.*** As noted above, the Fund may invest in and hold liquid fixed-income securities for liquidity management, in connection with implementation of changes in asset allocation (including following liquidation of an investment), or when identifying private investments for the Fund during periods of large cash inflows or otherwise for temporary defensive purposes. The fixed-income securities in which the Fund may invest are generally subject to the following risks:

● <u>Interest Rate Risk</u>. The market value of fixed income securities in which the Fund may invest can be expected to vary inversely with changes in interest rates. Fluctuations in the market value of fixed income securities subsequent to their acquisition will not affect cash income from such securities but will be reflected in the Fund's NAV.

● <u>Credit Risk</u>. The issuer of a fixed-income security may be unable or unwilling to make interest and/or principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation. If this occurs, or is perceived as likely to occur, the value of the fixed-income security may fall significantly.

● <u>Duration Risk</u>. Duration measures the weighted average term to maturity of a fixed-income security's expected cash flows. In general, fixed-income securities with longer durations are more sensitive to interest rate fluctuations (and thus typically experience higher volatility and are higher risk) than those with shorter durations. Duration also represents the approximate percentage change that the price of a fixed-income security would experience for a 1% change in interest rates. For example, the value of a fixed-income security with a duration of five years would be expected to fall approximately 5% if interest rates rose by 1%, while the value of a fixed-income security with a duration of two years would be expected to fall approximately 2% if interest rates rose by 1%.

The Fund has no set policy regarding the portfolio maturity or duration of the fixed-income securities it may hold. There can be no assurance that the Subadviser's assessment of current and projected market conditions will be correct or that any strategy to adjust the duration or maturity of the fixed-income portion of the Fund's portfolio (if any) will be successful at any given time.

***Publicly Traded Equity Securities Risk.*** Stock markets are volatile, and the prices of equity securities fluctuate based on changes in a company's financial condition and overall market and economic conditions. Although common stocks have historically generated higher average total returns than fixed-income securities over the long-term, common stocks also have experienced significantly more volatility in those returns and, in certain periods, have significantly underperformed relative to fixed-income securities. Common stocks of companies that operate in certain sectors or industries tend to experience greater volatility than companies that operate in other sectors or industries or the broader equity markets. An adverse event, such as an unfavorable earnings report, may depress the value of a particular common stock held by the Fund. A common stock may also decline due to factors which affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. The value of a particular common stock held by the Fund may decline for a number of other reasons which directly relate to the issuer, such as management performance, financial leverage, the issuer's historical and prospective earnings, the value of its assets and reduced demand for its goods and services. Also, the prices of common stocks are sensitive to general movements in the stock market and a drop in the stock market may depress the price of common stocks to which the Fund has exposure. Common stock prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. In addition, common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Common equity securities in which the Fund may invest are structurally subordinated to preferred stock, bonds and other debt instruments in a company's capital structure in terms of priority to corporate income and are therefore inherently more risky than preferred stock or debt instruments of such issuers.

***Other Investment Companies Risks.*** For liquidity management or in connection with implementation of changes in asset allocation or when identifying private investments for the Fund during periods of large cash inflows or otherwise for temporary defensive purposes, the Fund may invest in securities of money market funds, mutual funds, and exchange-traded funds ("**ETFs**"). To the extent that the Fund invests in these other investment companies, there will be some duplication of expenses because the Fund will bear its *pro rata* portion of such funds' management fees and operational expenses in addition to the Fund's own management fees and operational expenses. There is no assurance that a money market fund's, mutual fund's, or ETF's investment objectives will be achieved, and these investments can lose money.

Certain money market funds that operate in accordance with Rule 2a-7 under the Investment Company Act float their net asset value while others seek to reserve the value of investments at a stable net asset value (typically $1.00 per share). An investment in a money market fund, even an investment in a fund seeking to maintain a stable net asset value per share, is not guaranteed, and it is possible for the Fund to lose money by investing in these and other types of money market funds. Shares of ETFs trade on a stock exchange or over-the-counter at a premium or a discount to their net asset value. Accordingly, the price the Fund pays or receives with respect to buying or selling an ETF's shares may be higher or lower than the net asset value of those shares.

***Illiquid Investments and Restricted Securities Risk***. The Fund may invest without limitation in illiquid or less liquid investments or investments for which no secondary market is readily available or which are otherwise illiquid, including private placement securities. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund's NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.

Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act, or that may be sold only in a privately negotiated transaction or pursuant to an exemption from registration. For example, Rule 144A under the Securities Act provides an exemption from the registration requirements of the Securities Act for the resale of certain restricted securities to qualified institutional buyers, such as the Fund. However, an insufficient number of qualified institutional buyers interested in purchasing the Rule 144A-eligible securities that the Fund holds could affect adversely the marketability of certain Rule 144A securities, and the Fund might be unable to dispose of such securities promptly or at reasonable prices. When registration is required to sell a security, the Fund may be obligated to pay all or part of the registration expenses and considerable time may pass before the Fund is permitted to sell a security under an effective registration statement. If adverse market conditions develop during this period, the Fund might obtain a less favorable price than the price that prevailed when the Fund decided to sell. The Fund may be unable to sell restricted and other illiquid investments at opportune times or prices.

***Minority Investor Risks***. The Fund expects in almost all cases to be a minority investor when investing in Portfolio Companies and Portfolio Funds, and will not have the ability to control or influence the operations of such Portfolio Companies and Portfolio Funds, nor will it have the right to remove the managers thereof. Rather, Fund will be reliant on the existing management and boards of directors of such companies and funds, which may include representatives of other unaffiliated investors whose interests may at times conflict with the Fund's interests. The Fund could therefore be adversely affected by actions taken by management or any holders of a majority in interest of the Portfolio Companies and Portfolio Funds in which it invests.

***Non-U.S. Investments Risk***. Non-U.S. securities involve certain factors not typically associated with investing in U.S. securities, including risks relating to: (i) currency exchange matters, including fluctuations in the rate of exchange between the U.S. dollar and the various foreign currencies in which foreign investments are denominated, and costs associated with conversion of investment principal and income from one currency into another; (ii) inflation matters, including rapid fluctuations in inflation rates; (iii) differences between the U.S. and foreign securities markets, including potential price volatility in and relative liquidity of some foreign securities markets, the absence of uniform accounting, auditing and financial reporting standards, practices and disclosure requirements and the potential of less government supervision and regulation; (iv) economic, social and political risks, including potential exchange control regulations and restrictions on foreign investment and repatriation of capital, the risks of political, economic or social instability and the possibility of expropriation or confiscatory taxation; (v) the possible imposition of foreign taxes on income and gains recognized with respect to such securities; and (vi) difficulties in enforcing legal judgements in foreign courts.

Laws and regulations of foreign countries may impose restrictions that would not exist in the United States and may require financing and structuring alternatives that differ significantly from those customarily used in the United States. No assurance can be given that a change in political or economic climate, or particular legal or regulatory risks, including changes in regulations regarding foreign ownership of assets or repatriation of funds or changes in taxation might not adversely affect an investment by the Fund.

In addition, settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement and clearance procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically associated with the settlement of U.S. investments. Communications between the United States and foreign countries may be unreliable, increasing the risk of delayed settlements or losses of security certificates in markets that still rely on physical settlement. If the Fund cannot settle or is delayed in settling a purchase of securities, it may miss attractive investment opportunities and certain of its assets may be uninvested with no return earned thereon for some period. If the Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable for any losses incurred.

***Foreign Currency Risk***. Because the Fund may invest in securities denominated or quoted in currencies other than the U.S. dollar, changes in foreign currency exchange rates may affect the value of securities held by the Fund and the unrealized appreciation or depreciation of investments. Currencies of certain countries may be volatile and therefore may affect the value of securities denominated in such currencies, which means that the Fund's NAV could decline as a result of changes in the exchange rates between foreign currencies and the U.S. dollar. The Subadviser may, but is not required to, elect for the Fund to seek to protect itself from changes in currency exchange rates through hedging transactions depending on market conditions. In addition, certain countries, particularly emerging market countries, may impose foreign currency exchange controls or other restrictions on the transferability, repatriation or convertibility of currency.

The Fund may hold investments located in emerging industrialized or less developed countries. Risks particularly relevant to such emerging markets may include greater dependence on exports and the corresponding importance of international trade, higher risk of inflation, more extensive controls on foreign investment and limitations on repatriation of invested capital, increased likelihood of governmental involvement in, and control over, the economies, decisions by the relevant government to cease its support of economic reform programs or to impose restrictions, and less established laws and regulations regarding fiduciary duties of officers and directors and protection of investors

***Secondary Investments Risks.*** The Fund may acquire interests in Portfolio Companies and Portfolio Funds from third party holders of these interests in secondary transactions ("**Secondary Investments**"). In many cases, the economic, financial and other information available to and used by the Subadviser in selecting and structuring Secondary Investments may have been prepared by the sponsor of the Secondary Investment, may be incomplete or unreliable, and/or may not be verifiable by the Subadviser. The Fund will also not have the opportunity to negotiate the terms of Secondary Investments, including any special rights or privileges. Valuation of Secondary Investments may be difficult because there will generally be no established market for such interests. Moreover, the purchase price of Secondary Investments will be subject to negotiation with the sellers of such interests and may, in certain cases, include the Fund's assumption of certain contingent liabilities. The overall performance of the Fund may depend in part on the accuracy of the information available to the Subadviser, the acquisition price paid by the Fund for the Secondary Investments and the structure of such acquisitions and the Fund's ultimate exposure to any assumed liabilities.

The Fund may have the opportunity to acquire a portfolio of Secondary Investments from a seller on an "all or nothing" basis. Certain of the Secondary Investments in the portfolio may be less attractive than others, and certain of the sponsors of such Secondary Investments may be more familiar to the Fund than others or may be more experienced or highly regarded than others. In such cases, it may not be possible for the Fund to carve out from such purchases those investments that the Subadviser considers (for commercial, tax, legal or other reasons) less attractive.

When the Fund acquires an interest as a Secondary Investment, the Fund may acquire contingent liabilities associated with such interest. Specifically, where the seller has received distributions from the investment and, subsequently, that investment recalls any portion of such distributions, the Fund (as the purchaser of the interest to which such distributions are attributable) may be obligated to pay an amount equivalent to such distributions to such investment. While the Fund may be able, in turn, to make a claim against the seller of the interest for any monies so paid to the investment, there can be no assurance that the Fund would have such right or prevail in any such claim.

The Fund may acquire Secondary Investments as a member of a purchasing syndicate, in which case the Fund may be exposed to additional risks including (among other things): (i) counterparty risk, (ii) reputation risk, (iii) breach of confidentiality by a syndicate member, and (iv) execution risk.

***Due Diligence Risk.*** The Subadviser seeks to conduct reasonable and appropriate analysis and due diligence in connection with investment opportunities. Due diligence may entail evaluation of important and complex business, financial, tax, accounting, environmental and legal issues. Outside consultants, legal advisors, accountants, investment banks and other third parties may be involved in the due diligence process to varying degrees depending on the type of investment, the costs of which will be borne by the Fund. The involvement of third-party advisors or consultants may present a number of risks primarily relating to the Subadviser's reduced control of the functions that are outsourced. In addition, if the Subadviser is unable to timely engage third-party providers, its ability to evaluate and acquire more complex targets could be adversely affected.

When conducting due diligence and making an assessment regarding an investment opportunity, the Subadviser relies on available resources, including information provided by the management of Portfolio Companies, investment advisers of Portfolio Funds, and, in some circumstances, third-party investigations. When co-investing with other investors, the Subadviser may rely on due diligence performed by and information provided by co-investors. The Subadviser's due diligence process may not reveal all facts that may be relevant in connection with an investment made by the Fund. In some cases, only limited information is available about a Portfolio Company or Portfolio Fund in which the Subadviser is considering an investment. There can be no assurance that the due diligence investigations undertaken by the Subadviser will reveal or highlight all relevant facts (including fraud) that may be necessary or helpful in evaluating a particular investment opportunity, or that the Subadviser's due diligence will result in an investment being successful.

In the event of fraud by any Portfolio Company or Portfolio Fund, or by its management or affiliates, the Fund may suffer a partial or total loss of capital invested in that Portfolio Company or Portfolio Fund. There can be no assurance that any such losses will be offset by gains (if any) realized on the Fund's other investments. An additional concern is the possibility of material misrepresentation or omission on the part of the Fund investment or the seller of a Secondary Investment. Such inaccuracy or incompleteness may adversely affect the value of that investment. The Fund will rely upon the accuracy and completeness of representations made by Portfolio Companies and Portfolio Funds, and/or their current or former owners or management, in the due diligence process to the extent reasonable when it makes its investments, but cannot guarantee such accuracy or completeness. Under certain circumstances, payments to the Fund may be reclaimed if any such payment or distribution is later determined to have been a fraudulent conveyance or a preferential payment.

***Expedited Transactions*.** The Subadviser may at times be required to perform investment analyses and make investment decisions on an expedited basis to take advantage of certain investment opportunities. In such cases, the information available to the Subadviser at the time of an investment decision may be limited and the Subadviser may not have access to detailed information regarding the investment opportunity, in each case, to an extent that may not otherwise be the case had the Subadviser been afforded more time to evaluate the investment opportunity. Therefore, no assurance can be given that the Subadviser will have knowledge of all circumstances that may adversely affect an investment.

***Indemnification of Fund Investments, Managers and Others.*** The Fund may agree to indemnify certain of its investments and their respective managers, officers, directors, and affiliates from any liability, damage, cost, or expense arising out of, among other things, acts or omissions undertaken in connection with the management of the particular company or fund. Indemnification of sellers of Secondary Investments may be required as a condition to purchasing such securities. If the Fund were required to make payments (or return distributions) in respect of any such indemnity, the Fund could be materially adversely affected.

***Epidemics, Pandemics, and Public Health Issues***. The Subadviser's business activities as well as the activities of the Fund and its operations and investments could be materially adversely affected by outbreaks of disease, epidemics and public health issues in in the United States and globally.

In particular, a respiratory disease caused by a novel coronavirus, or COVID-19, has spread and is currently spreading rapidly around the world since its initial emergence in December 2019. This pandemic has resulted in closing borders, enhanced health screenings, healthcare service preparation and delivery, quarantines, cancellations, disruptions to supply chains and customer activity, as well as general concern and uncertainty. The impact of this pandemic, and other pandemics and epidemics that may arise in the future, could affect the economies of many nations, individual companies and the market in general in ways that cannot necessarily be foreseen at the present time. In addition, the impact of infectious diseases in developing or emerging market countries may be greater due to less established health care systems. Health crises caused by the novel coronavirus pandemic may exacerbate other pre-existing political, social and economic risks in certain countries. The impact of the pandemic may last for an extended period of time.

***Market Disruption and Geopolitical Risk****.* The occurrence of events similar to those in recent years, such as the aftermath of the war in Iraq, instability in Afghanistan, Pakistan, Egypt, Libya, Syria and the Middle East, international war or conflict (including the Israel-Hamas war), new and ongoing epidemics and pandemics of infectious diseases and other global health events, natural/environmental disasters, terrorist attacks in the United States and around the world, social and political discord, debt crises (such as the Greek crisis), sovereign debt downgrades, the Russian invasion of Ukraine, increasingly strained relations between the United States and a number of foreign countries, including historical adversaries, such as North Korea, Iran, China and Russia, and the international community generally, new and continued political unrest in various countries, such as Venezuela and Spain, the exit or potential exit of one or more countries from the European Union ("**EU**") or the European Monetary Union, and continued changes in the balance of political power among and within the branches of the U.S. government, among others, may result in market volatility, may have long term effects on U.S. and worldwide financial markets, and may cause further economic uncertainties in the United States and worldwide.

Russia launched a large-scale invasion of Ukraine in February 2022. The extent and duration of the military action, resulting sanctions, and resulting future market disruptions, including declines in its stock markets and the value of the ruble against the U.S. dollar, in the region are impossible to predict, but could be significant. Any such disruptions caused by Russian military action or other actions (including cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, could have a severe adverse effect on Russia and the European region, including significant negative impacts on the Russian economy, the European economy and the markets for certain securities and commodities, such as oil and natural gas, and may likely have collateral impacts on such sectors globally as well as other sectors. How long such military action and related events will last cannot be predicted.

China and the United States have each imposed tariffs on the other country's products. In addition, the Trump Administration has recently imposed tariffs on steal and aluminum imported into the United States, and has threatened to impose broad tariffs on goods imported from Canada and Mexico. Canada and Mexico have, in turn, threatened to impose their own tariffs on U.S. goods imported into their countries. These actions may cause a significant reduction in international trade, the oversupply of certain manufactured goods, substantial price reductions of goods, and possible failure of individual companies and/or large segments of Canada's, China's, and Mexico's export industries, which could have a negative impact on the Fund's performance. U.S. companies that source material and goods from Canada, China, and/or Mexico, and those that make large amounts of sales in Canada, China, and/or Mexico, would be particularly vulnerable to an escalation of trade tensions. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline against safe haven currencies, such as the Japanese yen and the Euro. Events such as these and their consequences are difficult to predict, and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future.

The occurrence of any of these above events could have a significant adverse impact on the value and risk profile of the Fund's portfolio. The Fund does not know how long the securities markets may be affected by these and similar events and cannot predict the effects of similar events in the future on the U.S. economy and securities markets. There can be no assurance that similar events and other market disruptions will not have other material and adverse implications.

**Fund Management**

**Fund Board and Officers**

The Fund's Board of Trustees oversees the general conduct of the Fund's business and represent the interests of Fund shareholders. The Board is comprised of four Trustees, and a majority of the Trustees are not deemed to be "interested persons" of the Fund as defined in the Investment Company Act.

The Board periodically reviews the Fund's investment performance and the quality of other services such as administration, custody, and investor services. The Board also reviews the fees paid to the Adviser and the Subadviser for their respective management services, as well as the overall level of the Fund's operating expenses.

The name and business address of the Trustees and officers of the Fund, and their principal occupations and other affiliations during the past five years, are set forth under "Management of the Fund" in the SAI.

**Investment Adviser, Subadviser, Management Contract, and Subadvisory Contract**

The Board has retained the Adviser to be the Fund's investment adviser. The Adviser has, in turn, entered into a subadvisory contract with the Subadviser pursuant to which the Subadviser manages the Fund's portfolio and makes investment decisions. A discussion regarding the basis for the Board's approval of the Fund's management contract with the Adviser and the subadvisory contract between the Adviser and the Subadviser, as described below, will be included in the Fund's first report to shareholders.

The Adviser was formed in July 2021 and is wholly-owned by Sweater Inc., which is controlled by Jesse Randall. The Adviser's address is 2000 Central Ave., Boulder, Colorado 80301.

The Subadviser is newly formed, and this is the first investment portfolio managed by the Subadviser. The Subadviser is ultimately controlled by Marques Colston and Nicholas Edwards. The Subadviser's address is 1000 Town Center Dr. Ste. 300, Oxnard, CA 93036.

Under a management contract between the Fund and the Adviser, subject to such policies as the Board may determine, the Adviser furnishes and manages a continuous investment program for the Fund and makes investment decisions on behalf of the Fund. Subject to the control of the Board, and except for the functions carried out by Fund officers, the Adviser also manages, supervises, and conducts the other affairs and business of the Fund and matters incidental thereto, and places all orders for the purchase and sale of the Fund's portfolio investments.

The management contract between the Fund and the Adviser permits the Adviser to engage a subadviser to manage the Fund's portfolio, pursuant to the Board's approval. Under this authority, and with the Board's approval, the Adviser has engaged and entered into a subadvisory contract with the Subadviser pursuant to which the Subadviser manages the Fund's portfolio and makes investment decisions. The Adviser oversees the Subadviser's compliance with the Fund's investment objective, policies, strategies and restrictions, and monitors the Subadviser's adherence to its investment style. In addition, the Adviser, and not the Fund, pays the Subadviser its subadvisory fee out of the investment advisory fee that the Adviser receives from the Fund.

The management contract between the Fund and the Adviser provides for the Fund to pay a management fee to the Adviser, computed and paid monthly in arrears, at an annual rate of 2.90% of the Fund's average daily NAV (the "**Management Fee**"). Pursuant to the subadvisory agreement between the Adviser and the Subadviser, the Adviser pays to the Subadviser a fee equal to 1.9% -2.3% of the Fund's average calculated NAV, payable monthly in arrears. The amount of the subadvisory fees varies based on the Fund's calculated NAV.

The Adviser has contractually agreed, for at least one year following the date the Fund commences operations, to waive its Management Fee and/or reimburse Fund expenses to the extent necessary so that the Fund's total annual operating expenses (excluding any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) do not exceed 4.90% of the Fund's average daily net assets. The Adviser may recoup amounts of its Management Fee waived and Fund expenses paid or reimbursed in certain circumstances. See "Fund Expenses—Expense Limitation Agreement" below for additional Information.

**Portfolio Manager**

The following officer of the Subadviser is primarily responsible for the day-to-day management of the Fund's portfolio:

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| | | |
|:---|:---|:---|
| **Portfolio Manager** | **Since** | **Title and Positions Held Over Past Five Years** |
| Marques Colston | 2026 | Founding Partner of Champion Venture Partners and Champion Advisors LLC (since 2024); Trustee of the Champion Fund (since 2025); Board Member of Soulpower Acquisition Corp. (since 2025); Founder of Separation OS (since 2025); Founder of Kompete (since 2023); Partner at Main Squeeze Juice Co. Franchising (since 2018). |
| Nicholas Edwards | 2026 | Founding Partner of Champion Venture Partners and Champion Advisors LLC (since 2024); Executive Director and Co-General Partner of BisonX (since 2023); Partner at Myo Impact Company (since 2023); Chief Innovation Officer at Loop Care Platform (2021 – 2023); President and Managing Partner of Eden Equity Partners (2018 – 2021). |

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The SAI provides information about each Portfolio Manager's compensation, other accounts managed by each Portfolio Manager, and each Portfolio Manager's ownership of Fund Shares.

**Control Persons**

A "control person" generally is a person who beneficially owns more than 25% of the voting securities of the Fund or has the power to exercise control over the management or policies of the Fund.

The Subadviser has provided the initial investment in the Fund. Accordingly, as of the date of this prospectus, the Subadviser owned 100% of the Fund's voting securities. For so long as the Subadviser continues to own more than 25% of the Fund's voting securities, it may be deemed to be a "control person" of the Fund for purposes of the Investment Company Act. However, it is expected that as the Fund commences investment operations and its Shares are sold to the public, the Subadviser's control will be diluted until such time as the Fund is controlled by its unaffiliated shareholders.

**Determination of Net Asset Value**

The price of the Fund's Shares is based on its NAV. The NAV per Share equals the total value of the Fund's assets as of the applicable Business Day, less its liabilities (including accrued fees and expenses), divided by the number of its outstanding Shares.

The Fund will generally calculate its NAV as of the close of regular trading (4:00 p.m. Eastern Time) on the New York Stock Exchange (the "**NYSE**") each day the NYSE is open (each, a "**Business Day**").

As discussed in further detail herein, although the Fund will typically determine its NAV on each Business Day, the Fund's calculation of its NAV is subject to valuation risk.

With respect to securities for which market values are not readily available, including securities of Portfolio Companies, Portfolio Funds, and other private investments, it is the Board's responsibility to, in good faith, determine the fair value of such securities. The Board has adopted and approved written policies and procedures (the "**Valuation Procedures**") for the purpose of determining the value of securities held by the Fund, including the fair value of the Fund's investments in private securities, and has delegated to the Adviser general responsibility for determining, in accordance with the Valuation Procedures, the value of the Fund's securities. As a general principle, the fair value of a Fund asset should reflect the amount that the Fund might reasonably expect to receive for the asset from the current sale of that asset in an orderly arm's-length transaction, based on information reasonably available at the time the valuation is made and that the Fund believes to be reliable. The Board reviews certain fair valuation information at its regularly scheduled meetings and also reviews the Valuation Procedures periodically. The Adviser anticipates that a significant portion of the Fund's net assets will be valued at fair value.

***Fair Value***. When market quotations are not readily available or are believed by the Adviser to be unreliable, the Fund's investments are valued at fair value ("**Fair Value Assets**"). Fair Value Assets are valued by the Adviser in accordance with the Valuation Procedures approved by the Board. The Adviser may conclude that a market quotation is not readily available or is unreliable if a security or other asset or liability does not have a price source due to its complete lack of trading, if the Adviser believes a market quotation from a broker-dealer or other source is unreliable, where the security or other asset or liability is only thinly traded or due to the occurrence of a significant event subsequent to the most recent market quotation. For this purpose, a "significant event" may occur if the Adviser determines, in its business judgment prior to or at the time of pricing the Fund's assets or liabilities, that it is likely that the event will cause a material change to the last exchange closing price or closing market price of one or more assets or liabilities held by the Fund.

A substantial portion of the Fund's assets are expected to consist of securities of private companies for which there are no readily available market quotations. The information available in the marketplace for such companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated, and difficult to confirm. Such securities are valued by the Adviser at fair value as determined pursuant to the Valuation Procedures. In determining fair value, the Adviser is required to consider all appropriate factors relevant to value and all indicators of value available to the Adviser. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the price that the Fund might reasonably expect to receive for the security upon its current sale. The most relevant information may often be that information which is provided by the issuer of the securities. Given the nature, timeliness, amount and reliability of information provided by the issuer, fair valuations may become more difficult and uncertain as such information is unavailable or becomes outdated.

Certain investments for which market quotations are not readily available or for which market quotations are deemed not to represent fair value may be valued using a market approach, an income approach, or both approaches, as appropriate. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). The income approach uses valuation techniques to convert future amounts (for example, cash flows or earnings) to a single present amount (discounted). The measurement is based on the value indicated by current market expectations about those future amounts. In following these approaches, the types of factors that we may take into account in determining the fair value of our investments include, as relevant and among other factors: available current business data (*e.g.*, information available through regulatory filings, press releases, news feeds and financial press), including relevant and applicable market trading and transaction comparables; applicable market yields and multiples; information provided by the company (*e.g.*, letters to investors, financials, information provided pursuant to financial document reporting obligations); security covenants; call protection provisions; information rights; the nature and realizable value of any collateral; the portfolio company's ability to make payments; its earnings and discounted cash flows; the markets in which the portfolio company does business; comparisons of financial ratios of peer companies that are public; M&A comparables; and enterprise values.

When determining the price for a Fair Value Asset, the Adviser is required to seek to determine the price that the Fund might reasonably expect to receive from the current sale of that asset or liability in an arm's-length transaction. The price generally may not be determined based on what the Fund might reasonably expect to receive for selling an asset or liability at a later time or if it holds the asset or liability to maturity. Fair value determinations are typically based upon all available factors that the Adviser deems relevant at the time of the determination, and may be based on analytical values determined by the Adviser using proprietary or third-party valuation models.

The Fund's annual audited financial statements, which are prepared in accordance with U.S. GAAP, follow the requirements for valuation set forth in Financial Accounting Standards Board Accounting Standards Codification Topic 820, "Fair Value Measurements and Disclosures" ("**ASC 820**"), which defines and establishes a framework for measuring fair value under U.S. GAAP and expands financial statement disclosure requirements relating to fair value measurements.

The three-level hierarchy for fair value measurement is defined as follows:

● Level 1 – Unadjusted price quotations in active markets/exchanges for identical assets or liabilities that the Fund has the ability to access

● Level 2 – Other observable inputs (including, but not limited to, quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market–corroborated inputs)

● Level 3 – Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's own assumptions used in determining the fair value of investments)

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the overall fair value measurement. The Adviser's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to the investment.

The Fund expects that it will hold a high proportion of Level 3 investments relative to its total investments, which is directly related to the Fund's investment strategy and target investments.

In general, ASC 820 and other accounting rules applicable to investment companies and various assets in which they invest are evolving. Such changes may adversely affect the Fund. For example, the evolution of rules governing the determination of the fair market value of assets or liabilities to the extent such rules become more stringent would tend to increase the cost and/or reduce the availability of third-party determinations of fair market value.

***General Valuation Information***. In determining the market value of portfolio investments, the Fund expects for certain investments to employ independent third party pricing services, which may use, without limitation, a matrix or formula method that takes into consideration market indexes, matrices, yield curves and other specific adjustments. This may result in the securities being valued at a price different from the price that would have been determined had the matrix or formula method not been used. All cash, receivables and current payables are carried on the Fund's books at their face value. The price the Fund could receive upon the sale of any particular portfolio investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. The Fund's ability to value its investment may also be impacted by technological issues and/or errors by pricing services or other third party service providers.

Prices obtained from independent third party pricing services, broker-dealers or market makers to value the Fund's securities and other assets and liabilities are based on information available at the time the Fund values its assets and liabilities. In the event that a pricing service quotation is revised or updated subsequent to the day on which the Fund valued such security, the revised pricing service quotation generally will be applied prospectively. Such determination shall be made considering pertinent facts and circumstances surrounding such revision.

In the event that application of the methods of valuation discussed above result in a price for a security which is deemed not to be representative of the fair market value of such security, the security will be valued by the Adviser pursuant to the Valuation Procedures. All Fund assets and liabilities for which market quotations are not readily available held by the Fund (including restricted securities) are valued at fair value as determined in good faith by the Adviser in accordance with the Valuation Procedures. Any assets and liabilities which are denominated in a foreign currency are translated into U.S. dollars at the prevailing rates of exchange.

***Valuation of Portfolio Funds.***

 ****

<u>Generally</u>. In valuing The Fund's investments in Portfolio Funds, the Adviser, under the supervision of the Board, considers all relevant information to determine the price that the Fund might reasonably expect to receive from the current sale (or redemption in the case of a Portfolio Fund whose interests carry redemption rights) of the interest in the Portfolio Fund in an arms' length transaction. In general, the Adviser will rely primarily on any estimated or actual (as applicable) unaudited values provided by the Portfolio Fund's manager or sponsor if such unaudited values are received in a timely fashion and are believed to be the most reliable and relevant indication of the value of interests in such Portfolio Fund. It is anticipated that these unaudited values will be prepared in accordance with U.S. GAAP, and will, in effect, be the fair value of the Portfolio Fund's assets less such Portfolio Fund's liabilities. The Adviser will give weight to such valuations and any other factors and considerations set forth in the Valuation Procedures as deemed appropriate in each case.

In circumstances where, taking into account the factors and considerations set forth in the Valuation Procedures, the Adviser has reason to believe that the most recent value provided by a Portfolio Fund is not the most reliable and relevant indication of the value of an interest in such Portfolio Fund, the Adviser may adjust such reported value to reflect the fair value of the interest in such Portfolio Fund. Likewise, in circumstances where a Portfolio Fund does not provide a valuation as contemplated above, the factors and considerations set forth in the Valuation Procedures may be the only indicators of the value of an interest in such Portfolio Fund and the Adviser will use such factors, together with other valuation methodologies set forth in the Valuation Procedures that may be relevant, to estimate the fair value of the Fund's interest in such Portfolio Fund.

The Fund generally expects that most Portfolio Funds in which it will invest will comply with U.S. GAAP and provide annual audited financial statements. In general, the Adviser will, prior to investing in any Portfolio Fund, and periodically thereafter, assess such Portfolio Fund's valuation policies and procedures for appropriateness in light of the Fund's obligation to fair value their assets under the Investment Company Act and pursuant to U.S. GAAP (as applicable) for investment companies and will assess the overall reasonableness of the information provided by such Portfolio Fund.

<u>Portfolio Funds</u>. Typically, the Fund expects to receive unaudited values from Portfolio Funds on a quarterly basis and audited values on an annual basis. In general, it is anticipated that such valuation information from these Portfolio Funds will generally be available 60 days or more after each quarter-end and/or 120 or more days after each year-end. Therefore, the most recently provided valuation information from these Portfolio Funds for purposes of calculating the Fund's NAV will typically be adjusted by the Adviser pursuant to the Valuation Procedures to estimate the fair value of the interests in such Portfolio Funds, as described below. The Fund may, but is not required to, engage an independent third party valuation firm to assist to determine or to opine on the reasonableness of the adjusted value.

In general, prior to investing in any Portfolio Fund, and periodically thereafter, the Adviser's due diligence process may include, but not be limited to: (1) review of such fund's unaudited quarterly and audited annual financial statements and other investment reports for any indication of valuation issues; (2) discussions with such fund's management regarding the status of its investment portfolios, which will be conducted on at least a quarterly basis; and/or (3) any other measures deemed appropriate under the circumstances.

In valuing Portfolio Fund investments held in the Fund's portfolio, the Adviser will rely primarily on such unaudited valuation statements received from such funds, as indicated above. It will usually be the case, however, that the most recently reported value by such funds will be as of a date that is significantly earlier than the date as of which the Fund is calculating its NAV. In these circumstances, and in other situations where the Adviser determines that the consideration of the following factors is relevant to determining the value of an interest in a Portfolio Fund, such fund's reported value will generally be adjusted for (1) cash flows to/from such fund due to capital drawdowns/distributions that may have occurred since the date of the most recently available reported values; (2) changes in the valuation of relevant indices; and (3) such other factors that the Adviser deems appropriate, including those set forth in greater detail below, as well as any publicly available information regarding such fund's portfolio companies and/or assets (*i.e.*, idiosyncratic factors).

Other factors that may be relevant in determining the value of an interest in a Portfolio Fund, in addition to those other factors and considerations set forth above and in the Valuation Procedures, include (i) information provided to the Fund or to the Adviser by such fund, or the failure to provide such information as agreed to in such fund's offering materials or other agreements with the Fund; (ii) relevant news and other public sources; (iii) known secondary market transactions in the fund's interests (to the extent deemed a credible indication of value); and (iv) significant market events that may not otherwise be captured by changes in valuation of relevant indices discussed above. As part of the Adviser's ongoing due diligence process, the Adviser will compare its fair valuation of the Fund's interests in a Portfolio Fund to such fund's quarterly valuation statement for that particular period—if provided by the Portfolio Fund—for purposes of determining whether any adjustments to the implementation of the Valuation Procedures should be made going forward, including, for example, any adjustments to the relevant indices discussed above.

***Adjustments***. Although the Valuation Procedures approved by the Board provide that the Adviser may, in certain circumstances, rely primarily on the valuations provided by the Portfolio Fund managers or their administrators, the Adviser will not be able to confirm independently the accuracy of any unaudited valuations provided thereby.

The valuations reported by the managers of the Portfolio Funds, upon which the Fund may in certain circumstances primarily rely in calculating its NAV and NAV per Share, may be subject to later adjustment, based on information reasonably available at that time. The Fund will calculate the Fund's Share price for investors purchasing Shares, pay repurchase proceeds, as well as calculate management and other fees, on the basis of net asset valuations determined using the best information available as of the valuation date. In the event that a Portfolio Fund, in accordance with its valuation procedures, subsequently corrects, revises or adjusts an unaudited estimated or final value that was properly relied upon by the Fund, or properly used by the Fund as a component of determining the fair value of their interest in that Portfolio Fund, the Fund will generally not make any retroactive adjustments to its NAV, or to any amounts paid by the Fund based upon such NAV, to reflect a revised valuation. If, after the Fund pays repurchase proceeds, one or more of the valuations used to determine the NAV on which the repurchase payment is based are revised, the repurchasing shareholder (if the valuations are revised upward) or the remaining shareholders (if the valuations are revised downwards) will bear the risk of such revisions. A repurchasing shareholder will neither receive distributions from, nor will it be required to reimburse, the Fund in such circumstances. This may have the effect of diluting or increasing the economic interest of other shareholders. Such adjustments or revisions, whether increasing or decreasing the NAV at the time they occur, because they relate to information available only at the time of the adjustment or revision, will not affect the amount of the repurchase proceeds received by shareholder who had their Shares repurchased prior to such adjustments and received their repurchase proceeds. As a result, to the extent that such subsequently adjusted valuations from managers or revisions to the NAV of a Portfolio Fund adversely affect the Fund's NAV, the outstanding Shares of the Fund will be adversely affected by prior repurchases to the benefit of shareholders who had their Shares repurchased at a NAV per Share higher than the adjusted amount. Conversely, any increases in the NAV per Share resulting from such subsequently adjusted valuations will be entirely for the benefit of the holders of the outstanding Shares and to the detriment of shareholders who previously had their Shares repurchased at a NAV per Share lower than the adjusted amount. New shareholders, as well as shareholders purchasing additional Shares, may be affected in a similar way because the same principles apply to Share purchases.

***Valuation of Certain Other Assets.***

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<u>Equity Investments Traded on an Exchange</u>. Equity securities traded on a recognized securities exchange (*e.g.*, NYSE), separate trading boards of a securities exchange or through a market system that provides contemporaneous transaction pricing information (an "**Exchange**") are valued via independent pricing services generally at the Exchange closing price or if an Exchange closing price is not available, the last traded price on that Exchange prior to the time as of which the assets or liabilities are valued; however, under certain circumstances other means of determining current market value may be used. If an equity security is traded on more than one Exchange, the current market value of the security where it is primarily traded generally will be used.

<u>Fixed-Income Investments</u>. Fixed-income securities for which market quotations are readily available are generally valued using such securities' current market value. The Fund values fixed-income portfolio securities using the last available bid prices or current market quotations provided by dealers or prices (including evaluated prices) supplied by an independent third-party pricing services, each in accordance with Valuation Procedures approved by the Board. The pricing services may use matrix pricing or valuation models that utilize certain inputs and assumptions to derive values, including transaction data (*e.g.*, recent representative bids and offers), credit quality information, perceived market movements, news, and other relevant information and by other methods, which may include consideration of: yields or prices of securities of comparable quality, coupon, maturity and type; indications as to values from dealers; general market conditions; and other factors and assumptions. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but the Fund may hold or transact in such securities in smaller, odd lot sizes. Odd lots often trade at lower prices than institutional round lots. The amortized cost method of valuation may be used with respect to debt obligations with sixty days or less remaining to maturity unless the Adviser determines such method does not represent fair value. Certain fixed-income investments including asset-backed and mortgage related securities may be valued based on valuation models that consider the estimated cash flows of each tranche of the entity, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

<u>Registered Funds</u>. Shares of mutual funds (*i.e.*, registered open-end funds), including money-market funds, are valued at their reported NAV. Shares of underlying registered exchange-traded closed-end funds or other registered ETFs will be valued at their most recent closing price.

**Plan of Distribution and the Fund's Web App**

This offering is being made directly by us, and we have not retained and do not intend to retain an underwriter, dealer manager, or broker-dealer in connection with the offer and sale of the Shares offered pursuant to this prospectus. We market Fund Shares directly to investors via social media posts and other channels, which direct potential investors to the Web App, where investors may purchase Shares directly from the Fund.

Shares are available for purchase directly from the Fund through the Web App. The Web App is owned and operated by Sweater Inc., the Adviser's parent company.

The minimum initial investment for Fund Shares is $500, with a $50 minimum for subsequent investments. There is no minimum for additional Share purchases made pursuant to the Fund's dividend reinvestment plan. The Fund may waive or reduce these minimums in the discretion of the Adviser based on the Adviser's consideration of various factors, including the investor's overall relationship with the Adviser or the Subadviser. The Fund, in the sole discretion of the Adviser, may also aggregate the accounts of affiliated investors for purposes of determining satisfaction of these minimum investment amounts.

**Getting Started – Opening an Account** 

If you are a new investor, you will need to open an account with the Fund through the Web App before you may purchase Shares. The Web App is available at www.thechampionfund.com and is free to access and use.

The Web App will provide step-by-step instructions to open and fund a new account, and this application process is completed entirely through the Web App. As part of this process, and prior to opening your account, the Fund will collect certain information from you through the Web App in accordance with its anti-money laundering and know-your-customer policies and procedures.

You will need to link one of your bank accounts to the account you create through the Web App prior to purchasing Shares. Share purchases will be funded through electronic funds transfer from your linked bank account. The Fund, through the Web App, will not accept cash, credit card convenience checks, prepaid debit cards, non-bank money orders, travelers checks or checks drawn on foreign banks as forms of payment to purchase Shares. The service provider Sweater Inc. has retained to process electronic transfers from your bank account will charge you a fee for these transfers. Please see the information provided in the Web App for additional information about this fee.

The Fund will also use electronic funds transfer to transfer proceeds from Share repurchases. In addition, if you elect to receive dividends in cash, the Fund will transfer any Fund dividends through electronic funds transfer. In each case, prior to sending any Share repurchase proceeds or cash dividends, we may ask you to confirm your bank account information through the Web App.

We will retain on file the bank information you submit through the Web App for future Share purchases and for sending Share repurchase proceeds (and for payment of any dividends if you elect to receive dividends in cash). When you open a Fund account through the Web App and purchase Shares, it does not create a checking or other bank account relationship with the Fund or any bank.

**Purchasing Shares**

Once we have opened your account, including confirming that you have linked your bank account through the Web App, you may use the Web App to submit orders to purchase Shares at any time. To make a same day investment, your order via the Web App and subscription funds must be received and accepted by us prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time). Share purchase requests will be processed at the NAV next calculated after we accept your purchase request and subscription funds. While the Web App is intended to be the exclusive means through which investors may purchase Shares, if you would like to purchase Shares during any period where the Web App is experiencing a widespread outage, please call us toll-free at 1-888-577-7987 for information about how you may submit orders to purchase Shares outside of the Web App.

Please note that the Fund may stop offering Shares completely or may offer Shares only on a limited basis, for a period of time or permanently. The Fund may also restrict, reject, or cancel purchase orders. When you buy Shares, it does not create a checking or other bank account relationship with the Fund or any bank. The service provider Sweater Inc. has retained to process electronic transfers from your bank account will charge you a fee for these transfers. Please see the information available through the Web App for additional information about this fee.

**Automatic Investment Program – Subsequent Investments**

Shareholders may participate in the Fund's automatic investment program, an investment program that automatically moves money from a shareholder's bank account and invests it in the Fund through the use of monthly electronic funds transfers. Under this program, a shareholder can pre-authorize monthly or more frequent transfers from the shareholder's bank account of a fixed amount to purchase Shares at the NAV next calculated after we receive the funds. The minimum monthly automatic transfer amount is $500.

You will be invited to participate in the Fund's automatic investment program as part of opening your Fund account through the Web App. If you are an existing shareholder, you may establish a new automatic investment program, or modify your existing automatic investment program, at any time through logging into your Web App account and following the step-by-step instructions. There is no fee for participating in the automatic investment program.

**Additional Information about the Web App**

Through the Web App you will be able to obtain or view your account information, access Fund shareholder reports and NAV information, view certain Fund holdings information, buy Fund Shares, establish an automatic investment program, and submit redemption requests.

When registering to open an account through the Web App, you will be asked to accept the terms of an online agreement(s), create a user profile and establish a password for online services. You will be automatically enrolled for electronic delivery of your Fund shareholder documents. This will allow you to receive electronic delivery (through the Web App) of the Fund's prospectuses, annual/semiannual reports to shareholders, and proxy statements, as well as your account(s) statements and trade confirmations, and certain other Fund notices and information. Paper copies of shareholder documents may be requested by shareholders by calling us toll-free at 1-888-577-7987 or by emailing us at support@sweaterventures.com. Using the Web App means you are consenting to sending and receiving personal financial information over the Internet, so you should be sure you are comfortable with the risks.

As long as we and our agents follow reasonable security procedures and act on instructions we reasonably believe are genuine, we will not be responsible for any losses that may occur from unauthorized requests. We will request passwords or other information and also may record calls. We will refuse a telephone request if the caller is unable to provide the requested information or if we reasonably believe the caller is not an individual authorized to act on the account. To help safeguard your account, keep your password confidential and verify the accuracy of your confirmation statements immediately after you receive them. Contact us immediately at 1-888-577-7987 if you believe someone has obtained unauthorized access to your account or password.

**Investor Suitability** 

***An investment in the Fund involves a considerable amount of risk.*** The Fund is intended solely for long-term investment by shareholders who can accept the risks associated with making highly speculative, primarily illiquid investments in privately negotiated transactions. You may lose part or all of the amount you invest in the Fund, and you should therefore not invest in the Fund unless you can readily bear the consequences of such loss. Before making your investment decision, you should (i) consider the suitability of this investment with respect to your investment objectives and personal financial situation and (ii) consider factors such as your personal net worth, income, age, risk tolerance and liquidity needs. In addition, please consider carefully how the Fund's investment strategies fit into your overall investment portfolios, because the Fund is not designed to be, by itself, a well-balanced or complete investment program for any particular investor.

The Fund's Shares should be considered an illiquid investment. You will not be able to tender your Shares to the Fund for repurchase on a daily basis because the Fund is a closed-end fund operating as an interval fund. The Fund will only offer to repurchase a limited portion of its Shares twice a year, with the first such Share repurchase window scheduled for August 2026. The Fund's Shares are not traded on an active market and there is currently no secondary market for the Shares, nor should you rely on a secondary market developing in the future. You should invest in the Fund only money that you can afford to lose, and you should not invest in the Fund money to which you will need access in the short-term or on a frequent basis.

**Transfer Restrictions**

There is no public market for the Shares and none is expected to develop. The Fund does not list its Shares on a stock exchange or similar market. Shares are transferable only in limited circumstances as described below, and liquidity for investments in Shares may be provided only through periodic repurchase offers by the Fund.

If a shareholder attempts to transfer Shares in violation of the Fund's transfer restrictions, described below, the transfer will not be permitted and will be void. An investment in the Fund is therefore suitable only for investors that can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment.

Except as otherwise described below, no person may become a substituted shareholder without the written consent of the Fund. Shares held by a shareholder may be transferred (including any pledge or assignment of shares) only:

● by operation of law as a result of the death, divorce, bankruptcy, insolvency, adjudicated incompetence, dissolution, merger, reorganization or termination of the shareholder; or

● with the written consent of the Fund, which may be withheld in the sole discretion of the Adviser, the Board or their delegate.

Notice to the Fund of any proposed transfer of Shares must include evidence satisfactory to the Fund that the proposed transferee meets any requirements imposed by the Fund with respect to investor eligibility and suitability. Notice of a proposed transfer of Shares must also be accompanied by a properly completed subscription agreement in respect of the proposed transferee. A shareholder transferring Shares may be charged reasonable expenses, including attorneys' and accountants' fees, incurred by the Fund in connection with the transfer. In connection with any request to transfer Shares, the Fund may require the shareholder requesting the transfer to obtain, at the shareholder's expense, an opinion of counsel selected by the Fund as to such matters as the Fund may reasonably request.

The Fund reserves the right to revise the transfer restrictions on Shares at any time. In purchasing Shares, a shareholder agrees to indemnify and hold harmless the Fund, the Board, the Adviser, and each other shareholder and any of their respective affiliates against all losses, claims, damages, liabilities, costs and expenses (including legal or other expenses incurred in investigating or defending against any losses, claims, damages, liabilities, costs and expenses or any judgments, fines and amounts paid in settlement), joint or several, to which those persons may become subject by reason of or arising from any transfer made by that shareholder in violation of the Fund's Declaration of Trust, Bylaws or policies adopted by the Board, or any misrepresentation made by that shareholder or a substituted shareholder in connection with any such transfer.

**Advertising, Sales and other Promotional Materials**

In addition to this prospectus and the other materials included in the Fund's registration statement, subject to limitations imposed by applicable laws and regulations, the Fund expects to use additional advertising, sales and other promotional materials in connection with the continuous offering of Shares. These materials may include (1) information relating to the Fund's registration statement, the past performance of the Fund, articles and public advertisements, and audio-visual materials, and (2) certain quotes from various publications without obtaining the consent of the author or the publication for use of the quoted material in the sales material, in each case only as authorized by the Fund and subject to limitations imposed by applicable laws and regulations. Although these materials will not contain information in conflict with the information provided by the Fund's registration statement and will be prepared with a view to presenting a balanced discussion of risk and reward with respect to the Fund's Shares, these materials will not give a complete understanding of the continuous offering of Shares, the Fund or the Fund's Shares, and are not to be considered part of this prospectus or registration statement. The continuous offering of the Fund's Shares is made only by means of this registration statement and prospective investors must read and rely on the information provided in this registration statement in connection with their decision to invest in the Fund's Shares.

**Share Repurchases**

The Fund is a closed-end interval fund and, to provide limited liquidity and the ability to receive NAV on a disposition of at least a portion of your Shares, makes periodic offers to repurchase Shares. No shareholder will have the right to require the Fund to repurchase its Shares, except as permitted by the Fund's interval structure. No public market for Shares exists, and none is expected to develop in the future. Consequently, and regardless of how the Fund performs, shareholders generally will not be able to liquidate their investment other than as a result of repurchases of their Shares by the Fund, and then only on a limited basis.

The Fund has adopted a fundamental policy—which cannot be changed without shareholder approval—requiring it to offer to repurchase between 5% and 25% of the Fund's outstanding Shares at NAV every six months, unless such offer is suspended or postponed in accordance with regulatory requirements (as discussed below). The Fund currently intends to repurchase 5% of its outstanding shares during each such offer. All requests to repurchase Shares must be submitted through the Web App, and exceptions will only be made where the Web App is experiencing a widespread outage or malfunction (as discussed below under *"Submitting Repurchase Requests*").

**Repurchase Dates**

The Fund expects to commence Share repurchases in the third quarter of 2026, with the initial Repurchase Request Deadline—*i.e.*, the date by which shareholders wishing to tender Shares for repurchase must respond to the repurchase offer—occurring in August 2026, and the Repurchase Offer Notice (defined below) being sent to shareholders in July 2026. The Fund expects the second Repurchase Request Deadline to occur in February 2027, and thereafter that Repurchase Request Deadlines will occur in February and August of each year.

**Repurchase Offer Notices**

For each repurchase offer, the Fund will send, at least 21 days before the Repurchase Request Deadline, a written notice (which is currently expected to be sent through email to the extent permitted by law, including SEC and SEC staff guidance on electronic communications, and subject to rights shareholders may have to elect to receive certain reports and notices in paper) (the "**Repurchase Offer Notice**") to each shareholder setting forth, among other things:

● The percentage of outstanding Shares that the Fund is offering to repurchase (expected to be 5% for each repurchase offer);

● The Repurchase Request Deadline— *i.e.*, the date on which a shareholder's repurchase request is due;

● The date that will be used to determine the Fund's NAV applicable to the repurchase offer (the "**Repurchase Pricing Date** ");

● The date by which the Fund will pay to shareholders the proceeds from their Shares accepted for repurchase;

● The NAV of the Shares as of a date no more than seven days before the date of the Repurchase Offer Notice;

● The procedures by which shareholders may tender their Shares and the right of shareholders to withdraw or modify their tenders before the Repurchase Request Deadline; and

● The circumstances in which the Fund may suspend or postpone the repurchase offer.

This notice may be included in a shareholder report or other Fund document.

**Submitting Repurchase Requests** 

The Web App provides instructions for submitting repurchase requests. All requests to repurchase Shares must be submitted through the Web App at or prior to the applicable Repurchase Request Deadline. ***<u>The Repurchase Request Deadline will be strictly observed</u>*.** If a shareholder fails to submit a repurchase request in good order by the Repurchase Request Deadline, the shareholder will be unable to liquidate Shares until a subsequent repurchase offer, and will have to resubmit a request in the next repurchase offer. Shareholders may withdraw or change a repurchase request with proper instruction submitted to the Fund in good form at any point before the Repurchase Request Deadline. Requests to withdraw or change a repurchase request should be made through the Web App.

While the Web App is intended to be the exclusive means through which repurchase requests may be submitted, the Fund will permit repurchase requests to be submitted manually during any period that the Web App is malfunctioning or otherwise experiencing a widespread outage. If you would like to submit a repurchase request but are unable to do so because the Web App is not working or is malfunctioning, please call us toll-free at 1-888-577-7987 for information about how you may submit your repurchase request outside the Web App.

**Determination of Repurchase Price and Payment for Shares**

The Repurchase Pricing Date will occur no later than the 14<sup>th</sup> day after the Repurchase Request Deadline (or the next Business Day if the 14<sup>th</sup> day is not a Business Day). Payment for all Shares repurchased pursuant to these offers will be made in cash not later than seven days after the Repurchase Pricing Date, and will typically be sent by electronic funds transfer to the bank account you have linked through the Web App (although we may ask you to confirm your bank account information before sending any Share repurchase proceeds).

The Fund's NAV per Share may change materially between the date a Repurchase Offer Notice is issued and the Repurchase Request Deadline, and it may also change materially between the Repurchase Request Deadline and Repurchase Pricing Date. The method by which the Fund calculates its NAV is discussed above under "Determination of Net Asset Value." During the period an offer to repurchase is open, shareholders may obtain more recent NAV information through the Web App.

**Early Repurchase Fee (for those holding Shares less than 546 days)**

If you tender Shares and the Fund repurchases those Shares within 545 days (approximately 18 months) following the purchase date, you will generally pay an early repurchase fee according to the following schedule:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Days after purchase** | **185** | **365** | **545** | **546 or more** |
| Early repurchase fee | 2.0% | 1.5% | 0.5% | 0.0% |

---

The early repurchase fee will be based on the value of the Shares repurchased by the Fund and will be deducted from (and thus reduce) the repurchase proceeds. Shares held longest will be treated as being repurchased first, and Shares held shortest will be treated as repurchased last. The repurchase fee does not apply to Shares that were acquired through reinvestment of distributions. Shares held for more than 545 days are not subject to any repurchase fee.

Repurchase fees are paid to the Fund directly and are intended to offset costs related to the repurchase incurred by the Fund, directly or indirectly, as a result of repurchasing Shares. The Fund may modify the amount of a repurchase fee (but not increase it beyond 2.0%), or the time period for which a repurchase fee applies, at any time. In addition, the Fund may waive an early repurchase fee otherwise payable by a shareholder in circumstances where the Board determines that doing so is in the best interests of the Fund.

**Suspension or Postponement of Repurchase Offers**

The Fund may suspend or postpone a repurchase offer only: (a) if making or effecting the repurchase offer would cause the Fund to lose its status as a RIC under the Code; (b) for any period during which any market on which securities owned by the Fund are principally traded is closed, other than customary weekend and holiday closings, or during which trading in such market is restricted; (c) for any period during which an emergency exists as a result of which disposal by the Fund of securities owned by it is not reasonably practicable, or during which it is not reasonably practicable for the Fund fairly to determine the value of its net assets; or (d) for such other periods as the SEC may by order permit for the protection of Fund shareholders. Any such suspension would require the approval of a majority of the Board (including a majority of the trustees who are not "interested persons" of the Fund) in accordance with Rule 23c-3 of the Investment Company Act. The Fund does not presently expect any of the foregoing conditions to occur in its normal operations.

**Oversubscribed Repurchase Offers**

There is no minimum number of Shares that must be tendered before the Fund will honor repurchase requests. However, the Fund's Board will set for each repurchase offer a maximum percentage of Shares that may be repurchased by the Fund (expected to be 5% of the Fund's outstanding Shares for each repurchase offer). In the event a repurchase offer by the Fund is oversubscribed, the Fund may repurchase, but is not required to repurchase, additional Shares up to a maximum amount of 2% of the outstanding Shares of the Fund. If the Fund determines not to repurchase additional Shares beyond the repurchase offer amount, or if shareholders tender an amount of Shares greater than that which the Fund is entitled to repurchase, the Fund will repurchase the Shares tendered on a *pro rata* basis.

If any Shares that you wish to tender to the Fund are not repurchased because of proration, you will have to wait until the next repurchase offer and resubmit your repurchase request, and your repurchase request will not be given any priority over other shareholders' requests. Thus, there is a risk that the Fund may not purchase all of the Shares you wish to have repurchased in a given repurchase offer or in any subsequent repurchase offer. In anticipation of the possibility of proration, some shareholders may tender more Shares than they wish to have repurchased in a particular repurchase offer, increasing the likelihood of proration.

***There is no assurance that you will be able to have your Shares repurchased when or in the amount that you desire.***

 ****

**Consequences of Repurchase Offers**

From the time the Fund distributes or publishes a Repurchase Offer Notice until the Repurchase Pricing Date for that offer, the Fund must maintain liquid assets at least equal to the percentage of its Shares subject to the repurchase offer (expected to be 5%). The Fund may be required to liquidate investments, including at a time when it may not be advantageous to do so, in order to meet these liquidity requirements, which could cause the Fund to realize losses. The Fund is also permitted to borrow up to the maximum extent permitted under the Investment Company Act to meet repurchase requests.

If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect shareholders who do not tender their Shares by increasing the Fund's expenses and reducing any net investment income. There is no assurance that the Fund will be able sell a significant amount of additional Shares so as to mitigate these effects.

**Minimum Account Balance**

If you tender some but not all of your Shares for repurchase, you will be required to maintain a minimum Fund account balance of $500 after giving effect to the repurchase. If the value of your Fund account falls below $500 as a result of you tendering a portion of your Shares for repurchase, the Fund may repurchase all of your remaining Shares at any time without notice and send you the proceeds. You may incur a tax liability as a result of the Fund repurchasing your Shares.

The Board may change this account minimum balance requirement from time to time, or waive this minimum in whole or in part.

**Borrowing**

The Fund is permitted to borrow, which such borrowing, if any, the Fund anticipates would be used to satisfy requests from shareholders pursuant to the semiannual repurchase offers and otherwise to provide the Fund with temporary liquidity.

The amount that the Fund may borrow will be limited by the provisions of Section 18 of the Investment Company Act, which, among other limitations contained therein relating to the declaration of dividends or distributions, limits the issuance of a "senior security" (as defined in the Investment Company Act) to those instances where immediately after giving effect to such issuance, the Fund will have "net asset coverage" (as defined in the Investment Company) of at least 300%. If the Fund does borrow, interest on the amount borrowed by the Fund will be at prevailing market rates. Notwithstanding the foregoing, the Fund intends to limit its borrowing, if any, and the overall leverage of its portfolio to an amount that does not exceed 33 1/3% of the Fund's gross asset value.

**Distributions**

The Fund intends to elect to qualify annually as a RIC under the Code, and intends to distribute at least 90% of its annual net taxable income to Fund shareholders. For any distribution, the Fund will calculate each shareholder's specific distribution amount for the period using record and declaration dates. From time to time, the Fund may also pay special interim distributions in the form of cash or Shares at the discretion of the Board.

The Fund may finance its cash distributions to Shareholders from any sources of funds available to the Fund, including offering proceeds, borrowings, net investment income from operations, capital gains proceeds from the sale of assets (including investments), non-capital gains proceeds from the sale of assets (including investments), dividends or other distributions paid to the Fund on account of investments by the Fund in Portfolio Companies and/or Portfolio Funds and expense reimbursements from the Adviser. The Fund has not established limits on the amount of funds the Fund may use from available sources to make distributions.

Each year a statement on IRS Form 1099-DIV (or successor form), identifying the character (*e.g*., as ordinary income, qualified dividend income or long-term capital gain) of the distributions, will be sent to Fund shareholders. The Fund's distributions may exceed the Fund's earnings, especially during the period before the Fund has substantially invested the proceeds from its offering of Shares. As a result, a portion of the distributions the Fund makes may represent a return of capital for U.S. federal tax purposes. A return of capital generally is a return of your investment in the Fund rather than a return of earnings or gains derived from the Fund's investment activities, and will be made after deduction of the fees and expenses payable in connection with the offering, including any fees payable to the Adviser and the Subadviser. See "*Tax Matters*" for additional information. ***There can be no assurance that the Fund will be able to pay distributions to shareholders at a specific rate or at all.***

Each Fund shareholders will automatically have all Fund distributions (if any) reinvested in Shares of the Fund issued by the Fund in accordance with the Fund's dividend reinvestment plan, unless the shareholder makes an election to receive Fund distributions in cash. See "*Dividend Reinvestment Plan*," immediately below.

**Dividend Reinvestment Plan**

The Fund will operate under a dividend reinvestment plan administered by the Fund's Administrator as dividend reinvestment agent. Pursuant to the plan, any distributions by the Fund to its shareholders, net of any applicable U.S. withholding tax, will be reinvested in Shares of the Fund.

Shareholders automatically participate in the dividend reinvestment plan, unless and until an election is made to withdraw from the plan on behalf of such participating shareholder. Shareholders who do not wish to have distributions automatically reinvested should so notify the Administrator in writing at The Champion Fund c/o Sweater Services Corps LLC, 2000 Central Ave., Boulder, Colorado 80301.. Such written notice must be received by the Administrator at least 30 days prior to the record date of the distribution or the shareholder will receive such distribution in Shares through the dividend reinvestment plan. Under the dividend reinvestment plan, the Fund's distributions to shareholders are reinvested in full and fractional Shares as described below.

When the Fund declares a distribution, the Administrator, on the shareholder's behalf, will receive additional authorized Shares from the Fund. The number of Shares to be received when distributions are reinvested will be determined by dividing the amount of the distribution by the Fund's NAV per Share as of the date of such distribution.

The Administrator will maintain all shareholder accounts and furnish written confirmations of all transactions in the accounts, including information needed by shareholders for personal and tax records.

Neither the Administrator nor the Fund shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the dividend reinvestment plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither shall they be liable hereunder for any act done in good faith or for any good faith omissions to act, including, without limitation, failure to terminate a participant's account prior to receipt of written notice of his or her death or with respect to prices at which Shares are purchased or sold for the participant's account and the terms on which such purchases and sales are made, subject to applicable provisions of the federal securities laws.

The automatic reinvestment of distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such distributions. See "Tax Matters" below for additional information.

The Fund reserves the right to amend or terminate the dividend reinvestment plan. There is no direct service charge to participants with regard to purchases under the dividend reinvestment plan.

All correspondence concerning the dividend reinvestment plan should be directed to, and additional information may be obtained from, the Administrator at The Champion Fund c/o Sweater Services Corps LLC, 2000 Central Ave., Boulder, Colorado 80301.

If you elect to receive dividends in cash (as described above), the Fund will transfer any Fund dividends through electronic funds transfer to the bank account you have linked to your Fund account through the Web App (although we may ask you to confirm your bank account information through before sending any cash dividends).

**Description of the Fund and its Shares**

The Fund is a statutory trust organized under the laws of the State of Delaware. The Fund is authorized to issue an unlimited number of Shares.

The Fund currently offers one class of Shares. All such Shares are equal as to dividends, assets and voting privileges and have no conversion, preemptive or other subscription rights. Except as permitted by the Fund's interval structure, no shareholders have the right to require repurchase of any Shares by the Fund or to tender Shares to the Fund for repurchase. See the section "Share Repurchases" above.

The Fund's Declaration of Trust provides that the Board may authorize one or more classes of Shares, with Shares of each such class or series having such preferences, voting powers, terms of repurchase, if any, and special or relative rights or privileges (including conversion rights, if any) as the Board may determine. The Board does not have current plans to offer additional classes of Fund Shares, but may in the future.

Each whole Share is entitled to one vote as to any matter on which it is entitled to vote, and each fractional share is entitled to a proportionate fractional vote.

The Fund may be terminated at any time by the action of a majority of the Trustees without shareholder vote or consent. Upon termination of the Fund, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Fund as may be determined by the Trustees, shareholders are entitled to share ratably in all remaining assets of the Fund (except to the extent otherwise required or permitted by the preferences and special or relative rights and privileges of the Shares).

The Fund's Declaration of Trust provides that the Court of Chancery of the State of Delaware or, if that court does not have subject matter jurisdiction, the Superior Court of the State of Delaware, shall be the sole and exclusive forum for any suit, action or proceeding brought by or in the right of any Fund shareholder seeking to enforce any provision of, or based on any matter arising out of, or in connection with, the Fund's Declaration or the Trust, any series or class or any Shares, including any claim of any nature against the Fund or the Fund's Trustees or officers. The Fund's Declaration of Trust further provides that, notwithstanding the foregoing, the U.S. Federal District Courts will be the exclusive forum for causes of action arising under the federal securities laws (other than where the Fund consents in writing to the selection of an alternative forum).

These exclusive forum provisions may increase costs for a Fund shareholder to bring a claim or may prevent a shareholder from bringing a claim in a judicial forum that the shareholder finds convenient or favorable. Further, the enforceability of the provision requiring actions under federal securities laws be brought in U.S. Federal District Courts is questionable. If a court were to find the forum selection provisions contained in the Declaration of Trust to be inapplicable or unenforceable in an action, the Fund may incur additional costs associated with resolving such action in other jurisdictions.

The Fund's Declaration of Trust also requires that a shareholder's right to a jury trial be waived to the fullest extent permitted by law in any suit, action, or proceeding brought in the Superior Court of the State of Delaware. This waiver of a jury trial may limit a shareholder's ability to litigate a claim in a manner that is more favorable to the shareholder.

The foregoing is intended only as a summary and is qualified in its entirety by reference to the full text of the Fund's Declaration of Trust and Bylaws, each as amended, both of which are on file with the SEC.

**Fund Expenses**

**Fund Expenses**

The Fund will pay all of its expenses and/or reimburse the Adviser or its affiliates to the extent they have previously paid such expenses on behalf of the Fund or have incurred expenses in connection with their management of the Fund. In addition to the Management Fee paid by the Fund to the Adviser, Fund expenses include, but are not limited to: (i) interest and taxes related to the Fund's operations and purchase and sale of Fund assets; (ii) brokerage commissions and other transaction expenses in connection with the Fund's purchase and sale of assets; (iii) fees and expenses related to the formation of the Fund, the offering of the Fund's shares, including Fund marketing costs and expenses, and the admission of investors in the Fund; (iv) fees and expenses related to the formation and operation of any subsidiaries of the Fund; (v) fees and expenses related to the investigation and evaluation of Fund investment opportunities (whether or not consummated); (vi) fees and expense related to the acquisition, ownership, management, financing, hedging of interest rates on financings, or sale of portfolio investments; (vii) travel costs associated with investigating and evaluating investment opportunities (whether or not consummated) or making, monitoring, managing or disposing of portfolio investments; (viii) Fund costs of borrowings; (ix) costs of any third parties retained to provide services to the Fund, including costs and fees of the Fund's Administrator, Custodian, independent registered public accounting firm, and legal counsel; (x) premiums for fidelity and other insurance coverage requisite to the Fund's operations; (xi) fees and expenses of the Fund's Independent Trustees (including compensation of the Independent Trustees); (xii) legal, audit and fund accounting expenses; (xiii) custodian and transfer agent fees and expenses; (xiv) expenses incident to the repurchase of the Fund's shares; (xv) fees and expenses related to the registration under federal and state securities laws of Fund Shares; (xvi) expenses of printing and mailing Fund prospectuses, reports, notices and proxy material to shareholders of the Fund; (xvii) all other expenses incidental to holding meetings of the Fund's shareholders; and (xviii) such extraordinary non-recurring expenses as may arise, including litigation affecting the Fund and any obligation which the Fund may have to indemnify its officers and Trustees with respect thereto. The Fund may need to sell Fund investments to pay fees and expenses, which could cause the Fund to realize taxable gains.

As of January 1, 2026, the Fund has incurred approximately $251,000 in expenses in connection with the Fund's organization and offering expenses, and the Fund anticipates incurring additional organizational and offering expenses prior to its launch. The Fund's expenses incurred and to be incurred in connection with the initial offering of its Shares will be amortized by the Fund over the 12-month period beginning on the date the Fund first accepts outside investors. Thereafter, the Fund will also bear directly certain ongoing offering and marketing costs associated with its planned continuous Share offering, which will be expensed as they are incurred. Offering costs cannot be deducted by the Fund or by Fund shareholders for U.S. federal income tax purposes.

The Fund's fees and expenses will decrease the net profits or increase the net losses of the Fund.

The Adviser will bear all of its own ordinary and usual office overhead expenses (including expenses such as office rent) in connection with the Adviser's performance of its duties to the Fund, and the salaries or other compensation of the employees of the Adviser.

**Expense Limitation Agreement** 

The Fund has entered into an Expense Limitation Agreement pursuant to which the Adviser has agreed to waive its Management Fee and/or reimburse Fund expenses to the extent necessary so that the Fund's total annual operating expenses (excluding any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) ("**Operating Expenses**") do not exceed 4.90% of the Fund's average daily net assets.

The Adviser is entitled to seek reimbursement from the Fund of Management Fees waived and/or Fund expenses paid or reimbursed by the Adviser for a period ending three years after such waiver, payment or reimbursement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the management fees were waived and/or the Fund expenses were paid or reimbursed, or any expense limitation in place at the time the Fund would repay the Adviser, whichever is lower.

This contractual expense limitation will remain in effect through January [●], 2027, the one-year anniversary of the date of this prospectus, unless terminated earlier by the Fund's Board upon not less than 30 days' written notice to the Adviser.

**Tax Matters**

The following is a brief summary of certain U.S. federal income tax considerations applicable to the Fund and to an investment in Fund Shares. This summary does not purport to be a complete description of the income tax considerations applicable to an investment in Shares. For example, we have not described tax consequences that may be relevant to certain types of holders subject to special treatment under U.S. federal income tax laws, including shareholders subject to the alternative minimum tax, tax-exempt organizations, insurance companies, dealers in securities, investors subject to Section 1061 of the Code, pension plans and trusts and financial institutions. This summary assumes that investors hold Fund Shares as capital assets (within the meaning of the Code). This summary is based on the Code, U.S. Treasury regulations and administrative and judicial interpretations, each as of the date of this prospectus and all of which are subject to change, possibly retroactively, which could affect the continuing validity of this summary. We have not sought and will not seek any ruling from the Internal Revenue Service ("**IRS**") regarding this offering. This summary does not discuss any aspects of U.S. estate or gift tax or foreign, state or local tax. It does not discuss the special treatment under U.S. federal income tax laws that could result if we invested in tax-exempt securities or certain other investment assets.

A "U.S. shareholder" generally is a beneficial owner of Fund Shares who is for U.S. federal income tax purposes:

● A citizen or individual resident of the United States;

● A corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States or any political subdivision thereof;

● A trust, if a court in the United States has primary supervision over its administration and one or more U.S. persons have the authority to control all decisions of the trust, or the trust has a valid election in effect under applicable U.S. Treasury regulations to be treated as a U.S. person; or

● An estate, the income of which is subject to U.S. federal income taxation regardless of its source.

A "non-U.S. shareholder" generally is a beneficial owner of Fund Shares that is not a U.S. shareholder.

If a partnership (including an entity treated as a partnership for U.S. federal income tax purposes) holds Fund Shares, the tax treatment of a partner in the partnership will generally depend upon the status of the partner and the activities of the partnership. A prospective shareholder that is a partner in a partnership holding Shares should consult his, her or its tax advisers with respect to the purchase, ownership and disposition of Shares.

Tax matters are complicated and the tax consequences to an investor of an investment in Fund Shares will depend on the facts of his, her or its particular situation. We strongly encourage investors to consult their own tax advisers regarding the specific consequences of such an investment, including tax reporting requirements, the applicability of federal, state, local and foreign tax laws, eligibility for the benefits of any applicable tax treaty and the effect of any possible changes in the tax laws.

**Taxation as a Registered Investment Company**

The Fund intends to elect to be treated as a RIC under Subchapter M of the Code. As a RIC, the Fund would generally not be required to pay corporate-level U.S. federal income taxes on any ordinary income or capital gains that it distributes shareholders as dividends. To qualify as a RIC, the Fund must, among other things, meet certain source-of-income and asset diversification requirements (as described below). In addition, in order to obtain RIC tax benefits, the Fund must distribute to its shareholders, for each taxable year, at least 90% of its "investment company taxable income," which is generally Fund ordinary income plus the excess of realized net short-term capital gains over realized net long-term capital losses (the "**Annual Distribution Requirement**").

If the Fund:

● qualifies as a RIC; and

● satisfies the Annual Distribution Requirement,

then the Fund will not be subject to U.S. federal income tax on the portion of its income that it distributes (or is deemed to distribute) to Fund shareholders. The Fund will be subject to U.S. federal income tax at the regular corporate rates on any income or capital gains not distributed (or deemed distributed) to shareholders.

The Fund will be subject to a 4% nondeductible U.S. federal excise tax on certain undistributed income, unless the Fund distributes in a timely manner an amount at least equal to the sum of (i) 98% of the Fund's net ordinary income for each calendar year, (ii) 98.2% of the amount by which the Fund's capital gains exceed its capital losses (adjusted for certain ordinary losses) for the one-year period ending October 31 in that calendar year, and (iii) any income and gains recognized, but not distributed, from previous years on which the Fund paid no corporate-level U.S. federal income tax (the "**Excise Tax Avoidance Requirement**"). While the Fund intends to distribute any income and capital gains in order to avoid imposition of this 4% U.S. federal excise tax, the Fund may not be successful in avoiding entirely the imposition of this tax. In that case, the Fund will be liable for the tax only on the amount by which it does not meet the foregoing distribution requirement.

In order to qualify as a RIC for U.S. federal income tax purposes, the Fund must, among other things:

&nbsp;&nbsp;&nbsp;&nbsp;(i) derive in each taxable year at least 90% of its gross income from (a) dividends, interest, payments with
respect to certain securities loans, and gains from the sale or other disposition of stocks, securities or foreign currencies, or other
income derived with respect to its business of investing in such stocks, securities or currencies, and (b) net income from interests in
"qualified publicly traded partnerships" (as defined in the Code) (the "**90% Income Test** "); and

&nbsp;&nbsp;&nbsp;&nbsp;(ii) diversify its holdings so that, at the end of each quarter of the taxable year,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. at least 50% of the value of the Fund's total assets is represented by cash and cash items (including
receivables), U.S. government securities, the securities of other RICs and other securities, with such other securities of any one issuer
limited for the purposes of this calculation to an amount not greater than 5% of the value of the Fund's total assets and not greater
than 10% of the outstanding voting securities of such issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. not more than 25% of the value of its total assets is invested in the securities (other than U.S. government
securities or the securities of other RICs) of a single issuer, two or more issuers that the Fund controls and that are engaged in the
same, similar or related trades or businesses or one or more "qualified publicly traded partnerships" (as defined in the Code)
(the "**Diversification Tests** ").

The Fund may be required to recognize taxable income in circumstances in which it does not receive cash. For example, if the Fund holds debt obligations that are treated under applicable tax rules as having original issue discount ("**OID**"), such as debt instruments with PIK interest or, in certain cases, increasing interest rates or issued with warrants, the Fund must include in income each year a portion of the OID that accrues over the life of the obligation, regardless of whether cash representing such income is received by us in the same taxable year. The Fund may also have to include in income other amounts that it has not yet received in cash, such as PIK interest and deferred loan origination fees that are paid after origination of the loan. Because any OID or other amounts accrued will be included in the Fund's investment company taxable income for the year of accrual, the Fund may be required to make a distribution to its shareholders in order to satisfy the Annual Distribution Requirement even though the Fund will not have received a corresponding cash payment. As a result, the Fund may have difficulty meeting the Annual Distribution Requirement necessary to qualify for and maintain RIC tax treatment under the Code. The Fund may have to sell some of its investments at times and/or at prices it would not consider advantageous, raise additional debt or equity capital or forgo new investment opportunities for this purpose. If the Fund is not able to obtain cash from other sources, the Fund may fail to qualify for RIC tax treatment and thus become subject to corporate-level income tax.

The Fund is authorized to borrow funds, to sell assets and to make taxable distributions of its stock and debt securities in order to satisfy distribution requirements, although it does not currently intend to do so. The Fund's ability to dispose of assets to meet its distribution requirements may be limited by (i) the illiquid nature of the Fund's portfolio and/or (ii) other requirements relating to the Fund' status as a RIC, including the Diversification Tests. If the Fund disposes of assets in order to meet the Annual Distribution Requirement or the Excise Tax Avoidance Requirement, the Fund may make such dispositions at times that, from an investment standpoint, are not advantageous. If the Fund is unable to obtain cash from other sources to satisfy the Annual Distribution Requirement, the Fund may fail to qualify for tax treatment as a RIC and become subject to tax as an ordinary corporation.

Under the Investment Company Act, the Fund is not permitted to make distributions to its shareholders while Fund debt obligations and other senior securities are outstanding unless certain "asset coverage" tests are met. If the Fund is prohibited from making distributions, it may fail to qualify for tax treatment as a RIC and become subject to tax as an ordinary corporation.

Certain Fund investment practices may be subject to special and complex U.S. federal income tax provisions that may, among other things: (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions; (ii) convert long-term capital gain into short-term capital gain or ordinary income; (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited); (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash; (v) adversely affect the time as to when a purchase or sale of securities is deemed to occur; (vi) adversely alter the characterization of certain complex financial transactions; and (vii) produce income that will not be qualifying income for purposes of the 90% Income Test described above. The Subadviser will monitor Fund transactions and may make certain tax decisions in order to mitigate the potential adverse effect of these provisions.

The Fund may invest a significant portion of its assets in Portfolio Companies and Portfolio Funds that are classified as partnerships for U.S. federal income tax purposes. As a result, the Fund may be required to recognize items of taxable income and gain prior to the time that the Fund receives corresponding cash distributions from a Portfolio Company or Portfolio Fund. In such case, the Fund might have to borrow money or dispose of investments, including interests in the Portfolio Companies and Portfolio Funds, when it is disadvantageous to do so in order to make the distributions required in order to maintain its status as a RIC and to avoid the imposition of a federal income or excise tax. Portfolio Companies and Portfolio Fund classified as partnerships for federal income tax purposes may generate income allocable to the Fund that is not qualifying income for purposes of the 90% Income Test described above. In order to meet the 90% Income Test, the Fund may structure its investments in a way potentially increasing the taxes imposed thereon or in respect thereof. Because the Fund may not have timely or complete information concerning the amount and sources of the income of such a Portfolio Company or Portfolio Fund until such income has been earned by the Portfolio Company or Portfolio Fund or until a substantial amount of time thereafter, it may be difficult for the Fund to satisfy the 90% Income Test.

It may not always be clear how the asset diversification rules for RIC qualification will apply to the Fund's investments in Portfolio Companies or Portfolio Funds that are classified as partnerships for federal income tax purposes. In the event that the Fund believes that it is possible that it will fail the Diversification Tests at the end of any quarter of a taxable year, it may seek to take certain actions to avert this failure, including by acquiring additional investments to come into compliance with the Diversification Tests or by disposing of non-diversified assets. Although the Code affords the Fund the opportunity, in certain circumstances, to cure a failure to meet the asset diversification test, including by disposing of non-diversified assets within six months, there may be constraints on the Fund's ability to dispose of its interest in a Portfolio Company or Portfolio Fund that limit use of this cure period.

As a result of the considerations described in the preceding paragraphs, the Fund's intention to qualify and be eligible for treatment as a RIC can limit its ability to acquire or continue to hold positions in Portfolio Companies or Portfolio Funds that would otherwise be consistent with the Fund's investment strategy or could require the Fund to engage in transactions in which it would otherwise not engage, resulting in additional transaction costs and reducing the Fund's return to shareholders.

It is possible that the Fund may invest in non-U.S. entities treated as "passive foreign investment companies" ("**PFICs**") for U.S. federal income tax purposes. If the Fund acquires shares in a PFIC, the Fund may be subject to federal income tax on a portion of any "excess distribution" or gain from the disposition of such shares even if such income is distributed as a taxable dividend by the Fund to its shareholders. Additional charges in the nature of interest may be imposed on the Fund in respect of deferred taxes arising from any such excess distributions or gains. If the Fund invests in a PFIC and elects to treat the PFIC as a "qualified electing fund" under the Code (a "**QEF**"), in lieu of the foregoing requirements, the Fund will be required to include in income each year our proportionate share of the ordinary earnings and net capital gain of the PFIC, even if such income is not distributed to the Fund. Alternatively, the Fund can elect to mark-to-market at the end of each taxable year Fund shares in a PFIC; in this case, the Fund will recognize as ordinary income any increase in the value of such shares, and as ordinary loss any decrease in such value to the extent it does not exceed prior increases included in Fund income. Under either election, the Fund may be required to recognize in a year income in excess of our distributions from PFICs and Fund proceeds from dispositions of PFIC stock during that year, and we must distribute such income to satisfy the Annual Distribution Requirement and the Excise Tax Avoidance Requirement.

Although the Code generally provides that the income inclusions from a QEF will be "good income" for purposes of the 90% Income Test to the extent that the QEF distributes such income to the Fund in the same taxable year to which the income is included in Fund income, the Code does not specifically provide whether these income inclusions would be "good income" for this 90% Income Test if the Fund does not receive distributions from the QEF during such taxable year. The IRS and U.S. Treasury Department have issued regulations that provide that as long as the required income inclusion from a QEF is derived with respect to a RIC's business of investing in stocks, securities, or currencies, the amount will be treated as "good income" for purposes of the 90% Income Test, even if not distributed by the QEF. Therefore, based on these regulations, the Fund should not need to plan for distributions from a QEF to be assured the required income inclusions will be treated as "good income" for purposes of the 90% Income Test. Even though "good income" from a QEF may not be accompanied by a corresponding distribution, the Fund would still be required to take such an income inclusion into account in determining the amount the Fund must distribute in order to satisfy the Annual Distribution Requirement and Excise Tax Avoidance Requirement.

If the Fund holds more than 10% of the shares in a foreign corporation that is treated as a controlled foreign corporation ("**CFC**"), the Fund may be treated as receiving a deemed distribution (taxable as ordinary income) each year from such foreign corporation in an amount equal to our pro rata share of the corporation's income for the tax year (including both ordinary earnings and capital gains), whether or not the corporation makes an actual distribution during such year. This deemed distribution is required to be included in the income of a U.S. Holder of a CFC regardless of whether the shareholder has made a QEF election with respect to such CFC. In general, a foreign corporation will be classified as a CFC if more than 50% of the shares of the corporation, measured by reference to combined voting power or value, is owned (directly, indirectly or by attribution) by U.S. Holders. A "**U.S. Holder**," for this purpose, is any U.S. person that possesses (actually or constructively) 10% or more of the combined voting power of all classes of shares of a corporation or 10% of the value of such corporation. The IRS and U.S. Treasury Department have issued regulations that provide that as long as the required income inclusion from a CFC is derived with respect to a RIC's business of investing in stocks, securities, or currencies, the amount will be treated as "good income" for purposes of the 90% Income Test, even if not distributed by the CFC. If the Fund is treated as receiving a deemed distribution from a CFC (which will be treated as "good income" for purposes of the 90% Income Test), the Fund will be required to include such distribution in its investment company taxable income regardless of whether the Fund receives any actual distributions from such CFC, and the Fund must distribute such income to satisfy the Annual Distribution Requirement and the Excise Tax Avoidance Requirement.

Foreign exchange gains and losses realized by the Fund in connection with certain transactions involving non-dollar debt securities, certain foreign currency futures contracts, foreign currency option contracts, foreign currency forward contracts, foreign currencies, or payables or receivables denominated in a foreign currency are subject to Code provisions that generally treat such gains and losses as ordinary income and losses and may affect the amount, timing and character of distributions to Fund shareholders. Any such transactions that are not directly related to the Fund's investment in securities (possibly including speculative currency positions or currency derivatives not used for hedging purposes) could, under future U.S. Treasury regulations, produce income not among the types of "qualifying income" from which a RIC must derive at least 90% of its annual gross income.

The remainder of this discussion assumes that the Fund qualifies as a RIC and has satisfied the Annual Distribution Requirement.

**Taxation of U.S. Shareholders**

Fund distributions generally are taxable to U.S. shareholders as either dividend income or capital gains. Distributions of Fund "investment company taxable income" (which is, generally, Fund net ordinary income plus realized net short-term capital gains in excess of realized net long-term capital losses) generally will be taxable as dividend income to U.S. shareholders to the extent of the Fund's current or accumulated earnings and profits, whether paid in cash or reinvested in additional Shares. Distributions of Fund net capital gains (which is generally Fund realized net long-term capital gains in excess of realized net short-term capital losses) properly designated by the Fund as "capital gain dividends" will be taxable to a U.S. shareholder as long-term capital gains that are currently taxable at a current maximum rate of 20% in the case of individuals, trusts or estates, regardless of the U.S. shareholder's holding period for his, her or its Shares and regardless of whether paid in cash or reinvested in additional Shares. Distributions in excess of the Fund's earnings and profits first will reduce a U.S. shareholder's adjusted tax basis in such shareholder's Shares and, after the adjusted basis is reduced to zero, will constitute capital gains to the U.S. shareholder.

The Fund may elect to retain any net capital gains or a portion thereof for investment and be subject to tax at corporate rates on the amount retained. In such case, the Fund may designate the retained amount as undistributed net capital gains in a notice to Fund shareholders who will be treated as if each shareholder received a distribution of the pro rata share of such net capital gain, with the result that each shareholder will: (i) be required to report the pro rata share of such net capital gain on the applicable tax return as long-term capital gains; (ii) receive a refundable tax credit for the pro rata share of tax paid by the Fund on the net capital gain; and (iii) increase the tax basis for Fund Shares held by an amount equal to the deemed distribution less the tax credit.

The Fund does not expect that special share distributions that it pays ratably to all investors from time to time, if any, will be taxable. However, in the future, the Fund may distribute taxable dividends that are payable in cash or shares of our common stock at the election of each shareholder. Under certain applicable provisions of the Code and the U.S. Treasury regulations, distributions payable in cash or in shares of stock at the election of shareholders are treated as taxable dividends whether a shareholder elects to receive cash or shares. The IRS has issued private rulings indicating that this rule will apply even where the total amount of cash that may be distributed is limited to no more than 20% of the total distribution. Under these rulings, if too many shareholders elect to receive their distributions in cash, each such shareholder would receive a pro rata share of the total cash to be distributed and would receive the remainder of their distribution in shares of stock. If the Fund decides to make any distributions consistent with these rulings that are payable in part in Fund stock, taxable shareholders receiving such dividends will be required to include the full amount of the dividend (whether received in cash, our stock, or a combination thereof) as ordinary income (or as long-term capital gain to the extent such distribution is properly reported as a capital gain dividend) to the extent of the Fund's current and accumulated earnings and profits for United States federal income tax purposes. As a result, a U.S. shareholder may be required to pay tax with respect to such dividends in excess of any cash received. If a U.S. shareholder sells the Shares it receives as a dividend in order to pay this tax, the sales proceeds may be less than the amount included in income with respect to the dividend, depending on the market price of our stock at the time of the sale.

For purposes of determining (1) whether the Annual Distribution Requirement is satisfied for any year and (2) the amount of dividends paid for that year, the Fund may, under certain circumstances, elect to treat a dividend that is paid during the following taxable year as if it had been paid during the taxable year in question. If the Fund makes such an election, the U.S. shareholder will still be treated as receiving the dividend in the taxable year in which the distribution is made. However, any dividend declared by the Fund in October, November or December of any calendar year, payable to shareholders of record on a specified date in such a month and actually paid during January of the following year, will be treated as if it had been received by the Fund's U.S. shareholders on December 31 of the year in which the dividend was declared.

If an investor purchases Shares shortly before the record date of a distribution, the price of the Shares may include the value of the distribution, in which case the investor will be subject to tax on the distribution even though economically it may represent a return of the investor's investment.

The Fund will inform shareholders of the source and tax status of all distributions promptly after the close of each calendar year.

A U.S. shareholder generally will recognize taxable gain or loss if the shareholder sells or otherwise disposes of his, her or its Shares. The amount of gain or loss will be measured by the difference between such shareholder's adjusted tax basis in the Shares sold and the amount of the proceeds received in exchange. Any gain arising from such sale or disposition generally will be treated as long-term capital gain or loss if the shareholder has held his, her or its Shares for more than one year. Otherwise, it will be classified as short-term capital gain or loss. However, any capital loss arising from the sale or disposition of Shares held for six months or less will be treated as long-term capital loss to the extent of the amount of capital gain dividends received, or undistributed capital gain deemed received, with respect to such Shares. In addition, all or a portion of any loss recognized upon a disposition of Shares may be disallowed if other Shares are purchased (whether through reinvestment of distributions or otherwise) within 30 days before or after the disposition. See "Income from Repurchases of Shares – U.S. Shareholders" below for additional information.

A 3.8% tax is imposed under Section 1411 of the Code on the "net investment income" of certain U.S. citizens and residents and on the undistributed net investment income of certain estates and trusts. Among other items, net investment income generally includes payments of dividends on, and net gains recognized from the sale, exchange, redemption, retirement or other taxable disposition of Shares (unless the Shares are held in connection with certain trades or businesses), less certain deductions. Prospective investors in Fund Shares should consult their own tax advisors regarding the effect, if any, of this tax on their ownership and disposition of Shares.

To the extent the Fund is not treated as a "publicly offered regulated investment company" within the meaning of Section 67(c)(2) of the Code and the Treasury regulations issued thereunder, certain "affected investors" would be unable deduct, for federal income tax purposes, their allocable share of the Fund's "affected RIC expenses." To be treated as a "publicly offered regulated investment company" for this purpose, Fund Shares would need to be (i) continuously offered pursuant to a public offering, (ii) regularly traded on an established securities market, and (iii) held by at least 500 shareholders at all times during the applicable taxable year. Investors that would be subject to the deductibility limitations under these rules include shareholders that are (i) individuals (other than nonresident aliens whose do not treat income from us as effectively connected with the conduct of a U.S. trade or business), (ii) persons such as trusts or estates that compute their income in the same manner as an individual, (iii) and pass-through entities that have one or more partners or members that are described in clauses (i) or (ii). Under temporary U.S. Treasury regulations, such "affected RIC expenses" include those expenses allowed as a deduction in determining our investment company taxable income, less (among other items) registration fees, trustees' fees, transfer agent fees, certain legal and accounting fees and expenses associated with legally required shareholders communications. Shareholders that would be treated as "affected investors" should consult their own tax advisors concerning the applicability such rules to their investment in Fund Shares.

The Fund may be required to withhold federal income tax, or backup withholding from all distributions to any non-corporate U.S. shareholder (1) who fails to furnish us with a correct taxpayer identification number or a certificate that such shareholder is exempt from backup withholding or (2) with respect to whom the IRS notifies us that such shareholder has failed to properly report certain interest and dividend income to the IRS and to respond to notices to that effect. An individual's taxpayer identification number is his or her social security number. Any amount withheld under backup withholding is allowed as a credit against the U.S. shareholder's federal income tax liability, provided that proper information is provided to the IRS.

**Taxation of non-U.S. Shareholders**

Whether an investment in Fund Shares is appropriate for a non-U.S. shareholder will depend upon that person's particular circumstances. An investment in Fund Shares by a non-U.S. shareholder may have adverse tax consequences. Non-U.S. shareholders should consult their tax advisers before investing in Shares.

Distributions of Fund investment company taxable income to non-U.S. shareholders (including interest income and realized net short-term capital gains in excess of realized long-term capital losses, which generally would be free of withholding if paid to non-U.S. shareholders directly) will be subject to U.S. federal withholding tax at a 30% rate (or lower rate provided by an applicable treaty) to the extent of the Fund's current and accumulated earnings and profits unless an applicable exception applies. If the distributions are effectively connected with a U.S. trade or business of the non-U.S. shareholder, and, if an income tax treaty applies, attributable to a permanent establishment in the United States, the Fund will not be required to withhold U.S. federal tax if the non-U.S. shareholder complies with applicable certification and disclosure requirements, although the distributions will be subject to U.S. federal income tax at the rates applicable to U.S. persons. (Special certification requirements apply to a non-U.S. shareholder that is a foreign partnership or a foreign trust, and such entities are urged to consult their own tax advisers.)

In addition, with respect to certain distributions made by RICs to non-U.S. shareholders, no withholding is required and the distributions generally are not subject to U.S. federal income tax if (i) the distributions are properly designated in a notice timely delivered to shareholders as "interest-related dividends" or "short-term capital gain dividends," (ii) the distributions are derived from sources specified in the Code for such dividends, and (iii) certain other requirements are satisfied. Depending on the circumstances, the Fund may designate all, some or none of our potentially eligible dividends as derived from such qualified net interest income or as qualified short-term capital gain, and a portion of our distributions, which may be significant (*e.g.*, interest from non-U.S. sources or any foreign currency gains) would be ineligible for this potential exemption from withholding. Moreover, in the case of Fund Shares held through an intermediary, the intermediary may have withheld U.S. federal income tax even if the Fund designated the payment as derived from such qualified net interest income or qualified short-term capital gain. Hence, no assurance can be provided as to whether any amount of Fund dividends or distributions will be eligible for this exemption from withholding or if eligible, will be reported as such by the Fund.

Actual or deemed distributions of Fund net capital gains to a non-U.S. shareholder, and gains realized by a non-U.S. shareholder upon the sale of Shares, will not be subject to U.S. federal withholding tax and generally will not be subject to U.S. federal income tax unless (i) the distributions or gains, as the case may be, are effectively connected with a U.S. trade or business of the non-U.S. shareholder and, if an income tax treaty applies, are attributable to a permanent establishment maintained by the non-U.S. shareholder in the United States, or (ii) such non-U.S. shareholder is an individual present in the United States for 183 days or more during the year of the distribution or gain.

If the Fund distributes its net capital gains in the form of deemed rather than actual distributions, a non-U.S. shareholder will be entitled to a U.S. federal income tax credit or tax refund equal to the shareholder's allocable share of the tax we pay on the capital gains deemed to have been distributed. In order to obtain the refund, the non-U.S. shareholder must obtain a U.S. taxpayer identification number and file a federal income tax return even if the non-U.S. shareholder would not otherwise be required to obtain a U.S. taxpayer identification number or file a federal income tax return. For a corporate non-U.S. shareholder, distributions (both actual and deemed) and gains realized upon the sale of Shares that are effectively connected to a U.S. trade or business may, under certain circumstances, be subject to an additional "branch profits tax" at a 30% rate (or at a lower rate if provided for by an applicable treaty). Accordingly, investment in Fund Shares may not be appropriate for a non-U.S. shareholder.

A non-U.S. shareholder who is a non-resident alien individual, and who is otherwise subject to U.S. federal withholding tax, may be subject to information reporting and backup withholding of U.S. federal income tax on dividends unless the non-U.S. shareholder provides the Fund or the dividend paying agent with an IRS Form W-8BEN (or an acceptable substitute form) or otherwise meets documentary evidence requirements for establishing that it is a non-U.S. shareholder or otherwise establishes an exemption from backup withholding.

Legislation commonly referred to as the "Foreign Account Tax Compliance Act," or "FATCA," generally imposes a 30% withholding tax on payments of certain types of income to foreign financial institutions ("**FFIs**") unless such FFIs either (i) enter into an agreement with the U.S. Treasury to report certain required information with respect to accounts held by U.S. persons (or held by foreign entities that have U.S. persons as substantial owners) or (ii) reside in a jurisdiction that has entered into an intergovernmental agreement ("**IGA**") with the United States to collect and share such information and are in compliance with the terms of such IGA and any enabling legislation or regulations. The types of income subject to the tax include U.S. source interest and dividends. The information required to be reported includes the identity and taxpayer identification number of each account holder that is a U.S. person and certain transaction activity related to such holder's account. In addition, subject to certain exceptions, this legislation also imposes a 30% withholding on payments to foreign entities that are not FFIs unless the foreign entity certifies that it does not have a greater than 10% U.S. owner or provides the withholding agent with identifying information on each greater than 10% U.S. owner. Depending on the status of a beneficial owner and the status of the intermediaries through which they hold their Shares, beneficial owners could be subject to this 30% withholding tax with respect to dividends paid in respect of Shares. Under certain circumstances, a beneficial owner might be eligible for refunds or credits of such taxes.

Non-U.S. persons should consult their own tax advisers with respect to the U.S. federal income tax and withholding tax, and state, local and foreign tax consequences of an investment in Fund Shares.

**Income from Repurchases of Shares – U.S. Shareholders**

***Generally***

 ****

A U.S. shareholder who participates in a repurchase of Shares will, depending on such U.S. shareholder's particular circumstances, and as set forth further under "Sale or Exchange Treatment" and "Distribution Treatment," be treated either as recognizing gain or loss from the disposition of its Shares or as receiving a distribution from the Fund with respect to its Shares. Under each of these approaches, a U.S. shareholder's realized income and gain (if any) would be calculated differently. Under the "sale or exchange" approach, a U.S. Shareholder generally would be allowed to recognize a taxable loss (if the repurchase proceeds are less than the U.S. shareholder's adjusted tax basis in the Shares tendered and repurchased).

***Sale or Exchange Treatment***

Generally, the tender and repurchase of the Fund's Shares should be treated as a sale or exchange of the Shares by a U.S. shareholder if the receipt of cash:

● results in a "complete termination" of such U.S. shareholder's ownership of Shares in the Fund;

● results in a "substantially disproportionate" redemption with respect to such U.S. shareholder; or

● is "not essentially equivalent to a dividend" with respect to the U.S. shareholder.

In applying each of the tests described above, a U.S. Shareholder must take account of Shares that the U.S. shareholder constructively owns under detailed attribution rules set forth in the Code, which generally treat the U.S. shareholder as owning Shares owned by certain related individuals and entities, and Shares that the U.S. shareholder has the right to acquire by exercise of an option, warrant or right of conversion. U.S. shareholders should consult their tax advisors regarding the application of the constructive ownership rules to their particular circumstances.

A sale of Fund Shares pursuant to a repurchase of Shares by the Fund generally will result in a "complete termination" if either (i) the U.S. shareholder owns none of the Fund's Shares, either actually or constructively, after the Shares are sold pursuant to a repurchase, or (ii) the U.S. shareholder does not actually own any of the Fund's Shares immediately after the sale of Shares pursuant to a repurchase and, with respect to Shares constructively owned, is eligible to waive, and effectively waives, constructive ownership of all such Shares. U.S. shareholders desiring to satisfy the "complete termination" test through waiver of attribution should consult their tax advisors.

A sale of Shares pursuant to a repurchase of Shares by the Fund will result in a "substantially disproportionate" redemption with respect to a U.S. shareholder if the percentage of the then outstanding Shares actually and constructively owned by the U.S. shareholder immediately after the sale is less than 80% of the percentage of the Shares actually and constructively owned by the U.S. shareholder immediately before the sale. If a sale of Shares pursuant to a repurchase fails to satisfy the "substantially disproportionate" test, the U.S. shareholder may nonetheless satisfy the "not essentially equivalent to a dividend" test.

A sale of Shares pursuant to a repurchase of Shares by the Fund will satisfy the "not essentially equivalent to a dividend" test if it results in a "meaningful reduction" of the U.S. shareholder's proportionate interest in the Fund. A sale of Shares that actually reduces the percentage of the Fund's outstanding Shares owned, including constructively, by the shareholder would likely be treated as a "meaningful reduction" even if the percentage reduction is relatively minor, provided that the U.S. shareholder's relative interest in Shares of the Fund is minimal (*e.g.*, less than 1%) and the U.S. shareholder does not exercise any control over or participate in the management of the Fund's corporate affairs. Any person that has an ownership position that allows some exercise of control over or participation in the management of corporate affairs of the Fund will not satisfy the meaningful reduction test unless that person's ability to exercise control over or participate in management of corporate affairs is materially reduced or eliminated.

Substantially contemporaneous dispositions or acquisitions of Fund Shares by a U.S. shareholder or a related person that are part of a plan viewed as an integrated transaction with a repurchase of Shares may be taken into account in determining whether any of the tests described above are satisfied.

If a U.S. shareholder satisfies any of the tests described above, the U.S. shareholder will recognize gain or loss in an amount equal to the difference, if any, between the amount of cash received and such U.S. shareholder's tax basis in the repurchased Shares. Any such gain or loss will be capital gain or loss and will be long-term capital gain or loss if the holding period of the Shares exceeds one year as of the date of the repurchase. Specified limitations apply to the deductibility of capital losses by U.S. shareholders. However, if a U.S. shareholder's tendered and repurchased Shares have previously paid a long-term capital gain distribution (including, for this purpose, amounts credited as an undistributed capital gain) and those Shares were held for six months or less, any loss realized will be treated as a long-term capital loss to the extent that it offsets the long-term capital gain distribution.

Any loss realized on a sale or exchange will be disallowed to the extent the Shares disposed of are replaced within a 61-day period beginning 30 days before and ending 30 days after the disposition of the Shares. In such a case, the basis of the Shares acquired will be increased to reflect the disallowed loss.

***Distribution Treatment***

 ****

If a U.S. shareholder does not satisfy any of the tests described above, and therefore does not qualify for sale or exchange treatment, the U.S. shareholder may be treated as having received, in whole or in part, a taxable dividend, a tax-free return of capital or taxable capital gain, depending on (i) whether the Fund has sufficient earnings and profits to support a dividend and (ii) the U.S. shareholder's tax basis in the relevant Shares. The amount of any distribution in excess of the Fund's current and accumulated earnings and profits, if any, would be treated as a non-taxable return of investment to the extent, generally, of the U.S. shareholder's basis in the Shares remaining. If the portion not treated as a dividend exceeds the U.S. shareholder's basis in the Shares remaining, any such excess will be treated as capital gain from the sale or exchange of the remaining Shares. Any such gain will be capital gain and will be long-term capital gain if the holding period of the Shares exceeds one year as of the date of the exchange. If the tendering U.S. shareholder's tax basis in the Shares tendered and repurchased exceeds the total of any dividend and return of capital distribution with respect to those Shares, the excess amount of basis from the tendered and repurchased Shares will be reallocated pro rata among the bases of such U.S. shareholder's remaining Shares.

Provided certain holding period and other requirements are satisfied, certain non-corporate U.S. shareholders generally will be subject to U.S. federal income tax at a maximum rate of 20% on amounts treated as a dividend. This reduced rate will apply to: (i) 100% of the dividend if 95% or more of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gain from such sales exceeds net long-term capital loss from such sales) in that taxable year is attributable to qualified dividend income; or (ii) the portion of the dividends paid by the Fund to an individual in a particular taxable year that is attributable to qualified dividend income received by the Fund this year if such qualified dividend income accounts for less than 95% of the Fund's gross income (ignoring gains attributable to the sale of stocks and securities except to the extent net short-term capital gains from such sales exceeds net long-term capital loss from such sales) for that taxable year. Such a dividend will be taxed in its entirety, without reduction for the U.S. shareholder's tax basis of the repurchased Shares. To the extent that a tender and repurchase of a U.S. shareholder's Shares is treated as the receipt by the shareholder of a dividend, the shareholder's remaining adjusted basis (reduced by the amount, if any, treated as a return of capital) in the tendered and repurchased Shares will be added to any Shares retained by the shareholder.

To the extent that cash received in exchange for Shares is treated as a dividend to a corporate U.S. shareholder: (i) it may be eligible for a dividends-received deduction to the extent attributable to dividends received by the Fund from domestic corporations, and (ii) it may be subject to the "extraordinary dividend" provisions of the Code. Corporate U.S. shareholders should consult their tax advisors concerning the availability of the dividends-received deduction and the application of the "extraordinary dividend" provisions of the Code in their particular circumstances. No portion of any dividend is expected to be eligible for the dividends received deduction.

If the sale of Shares pursuant to a repurchase of Shares by the Fund is treated as a dividend to a U.S. shareholder rather than as an exchange, the other Fund shareholders, including any non-tendering shareholders, could be deemed to have received a taxable stock distribution if such shareholder's interest in the Fund increases as a result of the repurchase. This deemed dividend would be treated as a dividend to the extent of current or accumulated earnings and profits allocable to it. A proportionate increase in a U.S. shareholder's interest in the Fund will not be treated as a taxable distribution of Shares if the distribution qualifies as an isolated redemption of Shares as described in Treasury regulations. All shareholders are urged to consult with their tax advisors about the possibility of deemed distributions resulting from a repurchase of Shares by the Fund.

**Failure to Qualify as a RIC**

If the Fund fails to qualify for tax treatment as a RIC, and certain amelioration provisions are not applicable, the Fund would be subject to tax on all of its taxable income (including its net capital gains) at regular corporate rates. The Fund would not be able to deduct distributions to its shareholders, nor would such distributions be required. Distributions, including distributions of net long-term capital gain, would generally be taxable to Fund shareholders as ordinary dividend income to the extent of the Fund's current and accumulated earnings and profits. Subject to certain limitations under the Code, the Fund's corporate shareholders would be eligible to claim a dividend received deduction with respect to such dividend; the Fund's non-corporate shareholders would generally be able to treat such dividends as "qualified dividend income," which is subject to reduced rates of U.S. federal income tax. Distributions in excess of the Fund's current and accumulated earnings and profits would be treated first as a return of capital to the extent of the shareholder's tax basis, and any remaining distributions would be treated as a capital gain. In order to requalify as a RIC, in addition to the other requirements discussed above, the Fund would be required to distribute all of its previously undistributed earnings attributable to the period that the Fund failed to qualify as a RIC by the end of the first year that the Fund intends to requalify as a RIC. If the Fund fails to requalify as a RIC for a period greater than two taxable years, the Fund may be subject to regular corporate-level U.S. federal income tax on any net built-in gains with respect to certain of its assets (*i.e.*, the excess of the aggregate gains, including items of income, over aggregate losses that would have been realized with respect to such assets if we had been liquidated) that the Fund elects to recognize on requalification or when recognized over the next five years.

**Certain ERISA Matters**

Because the Fund is registered as an investment company under the Investment Company Act, the Fund's assets will not be considered to be "plan assets" under the Employee Retirement Income Security Act of 1974, as amended ("**ERISA**"), and none of the Adviser, the Subadviser or the Trustees will be considered fiduciaries of any shareholder under ERISA.

**Certain Fund Service Providers**

**Administrator**

The Fund has entered into an Administration and Fund Accounting Agreement with Sweater Services Corps LLC (the Administrator) under which the Administrator performs certain administration and accounting services for the Fund, including, among other things: customary fund accounting services (including computing the Fund's NAV) and assisting the Fund with regulatory filings, tax compliance and other oversight activities. The Administrator also serves as the Fund's dividend reinvestment agent pursuant to the Fund's dividend reinvestment plan. See "Dividend Reinvestment Plan" above.

For its fund accounting, regulatory and legal administrative services, and tax preparation, compliance and reporting services, the Fund pays the Administrator a fee equal to Sweater Services Corps LLC, subject to certain annual caps and minimum payments, as well as certain other fixed, per-filing and transactional fees. The Fund also reimburses the Administrator for certain out-of-pocket expenses and pays the Administrator a fee for transfer agency services. The Administrator is paid out of the assets of the Fund, and therefore these fees and expenses will decrease the net profits or increases the net losses of the Fund. The fees paid to the Administrator and the other terms of the Administration and Fund Accounting Agreement may change from time to time as may be agreed to by the Fund and the Administrator.

The Administrator's principal business address is 2000 Central Ave., Boulder, Colorado 80301.

**Custodian**

Fifth Third Bank, National Association serves as the custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. Assets of the Fund are not held by the Adviser or the Subadviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Fifth Third Bank, National Association or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian. Fifth Third Bank, National Association's principal business address is 38 Fountain Square Plaza, Cincinnati, Ohio 45202.

**Independent Registered Public Accounting Firm**

Tait, Weller & Baker, LLP, located at Two Liberty Place, 50 South 16th Street., Suite 2900, Philadelphia, Pennsylvania 19102, is the Fund's independent registered public accounting firm.

**Legal Counsel**

JVD Consulting, LLC, located at 230 S. Bemiston Ave., Ste. 405, Clayton, Missouri 63105, acts as legal counsel to the Fund and to the Adviser.

**Privacy Notice**

This Privacy Notice of The Champion Fund (the "***Fund***") applies only to investors, or their legal representatives, who are individuals and to certain entities that are essentially "alter egos" of individuals (*e.g.*, revocable grantor trusts, individual retirement accounts or certain estate planning vehicles) that are investing in the Fund primarily for personal, family, or household purposes.

**Our Commitment to Your Privacy:** We are sensitive to the privacy concerns of our investors. We have a policy of protecting the confidentiality and security of information we collect about you. We are providing you with this notice to help you better understand why and how we collect certain personal information, the care with which we treat that information, and how we use that information.

"***Non-public personal information***" is nonpublic information about you that we obtain in connection with providing a financial product or service to you.

**Sources of Non-Public Information:** We collect non-public personal information about you from the following sources:

● Information we receive from you on applications or other forms, including information you submit through the Sweater web application (the "  ***Web App***") in connection with opening and funding a Fund account. This information includes your name, address, social security number or tax identification number, email address, citizenship and residency information, bank account information, and other household information.

● Information about your transactions with us, such as your Fund account balance and transaction history.

● Information captured on the Fund's website and through the Web App, including registration information and any information captured via "cookies."

**Disclosure of Information:** We do not disclose any non-public personal information about you to anyone, except as permitted or required by law or regulation and to our affiliates and service providers, including, but not limited to, the Fund's investment adviser, administrator, transfer agent, vendors engaged to assist the Fund in fulfilling its anti-money laundering and know-your-customer policies and procedures with respect to current and potential Fund investors, and/or consultants. All such companies are contractually or legally obligated to keep the information that we provide to them confidential, and use the information only to provide the services that we have asked them to perform for you and us.

We may also share your non-public personal information with other entities for the following purposes, including among others:

● To respond to a subpoena or court order, judicial process or regulatory inquiry;

● To report suspicious transactions to government agencies and law enforcement officials;

● To protect against fraud; or

● To provide products and services with the consent or direction of the customer.

Except as described above, and except for information we provide to non-affiliated third parties as otherwise required or permitted by law, we do not share non-public information about you with non-affiliated third parties.

**Former Investors:** We maintain non-public personal information of our former Fund investors and apply the same policies that apply to current Fund investors.

**Information Security:** We consider the protection of sensitive information to be a sound business practice, and to that end we employ physical, electronic and procedural safeguards to protect your non-public personal information in our possession or under our control.

**Further Information:** We reserve the right to change our privacy policies and this Privacy Notice at any time. The examples contained in this notice are illustrations only and are not intended to be exclusive. If you have any questions about this Privacy Notice, please contact us at <u>support@sweaterventures.com</u>.

**PRELIMINARY STATEMENT OF ADDITIONAL INFORMATION**

**Subject to completion, dated January 23, 2026**

**The information in this Statement of Additional Information is not complete and may be changed. We may not sell these securities until the registration statement filed with the U.S. Securities and Exchange Commission is effective. This Statement of Additional Information is not an offer to sell these securities and is not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.**

**The Champion Fund**

**[●], 2026**

This Statement of Additional Information ("**SAI**") of The Champion Fund (the "**Fund**") is not a prospectus, but should be read in conjunction with the Fund's prospectus dated [●], 2026, as revised from time to time. You should read the Fund's prospectus prior to purchasing Fund shares. For a free copy of the Fund's current prospectus, please call us toll-free at 1-888-577-7987 or visit our website at www.thechampionfund.com. The information on the Fund's website is not incorporated by reference into this SAI you should not consider it a part of this SAI. The Fund's prospectus and other information about the Fund is also available on the Securities and Exchange Commission's ("**SEC**") website at www.sec.gov.

**Table of Contents**

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| | |
|:---|:---|
| General Information and History | 1 |
| Investment Objective and Policies | 1 |
| Management of the Fund | 3 |
| Fund Expenses | 13 |
| Portfolio Transactions and Brokerage | 14 |
| Control Persons and Principal Shareholders | 14 |
| Custodian | 14 |
| Independent Registered Public Accounting Firm | 14 |
| Report of the Independent Registered Public Accounting Firm | 15 |
| Financial Statements | 15 |

---

i

**General Information and History**

The Fund is registered under the Investment Company Act as a non-diversified, closed-end management investment company that operates as an "interval fund." The Fund was organized as a Delaware statutory trust on December 9, 2024, pursuant to a Certificate of Trust, governed by the laws of the State of Delaware. The Fund has no operating history.

The Fund currently offers one class of shares of beneficial interest in the Fund ("**Shares**"). The Fund may offer additional Share classes in the future, subject to obtaining an exemptive order from the SEC. The Fund may suspend its offering of Shares at any time and may refuse any order to purchase Shares.

Each Share has one vote, with fractional Shares voting proportionally. The Shares are not listed on any securities exchange, there is currently no secondary market for the Shares, and potential shareholders should not rely on a secondary market developing in the future for the Shares. Shareholders will not have the right to redeem their Shares. However, as described in the prospectus, in order to provide some liquidity to shareholders, the Fund will conduct periodic repurchase offers for a portion of its outstanding Shares.

The Fund's Board of Trustees (the "**Board**") has overall responsibility for monitoring and overseeing the Fund's management and operations. Sweater Industries LLC is the Fund's investment adviser (the "**Adviser**"). The Adviser has retained Champion Advisors LLC to act as the Fund's subadviser (the "**Subadviser**").

**Investment Objective and Policies**

The Fund's investment objective and principal investment strategies, along with the principal risks associated with these investment strategies, are set forth in the Fund's prospectus. Certain additional information regarding the Fund's investment program is set forth below.

**Fundamental Policies**

As fundamental investment policies, which may not be changed without the "vote of a majority of the outstanding voting securities" (discussed below):

&nbsp;&nbsp;&nbsp;&nbsp;1. The Fund may not and will not "concentrate" its investments in a particular industry or group of industries, except
 to the extent permitted under the Investment Company Act and the rules and regulations thereunder; provided, however, that the Fund
 will concentrate its investments in the securities of issuers in technology and technology-related industries.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund may not and will not borrow money, except to the extent permitted by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;3. The Fund may not and will not issue senior securities, except to the extent permitted by the Investment
Company Act;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Fund may not and will not underwrite securities issued by other persons, except to the extent that,
in connection with the disposition of its portfolio investments, the Fund may be deemed to be an underwriter under certain federal securities
laws.

&nbsp;&nbsp;&nbsp;&nbsp;5. The Fund may not and will not make loans to the extent prohibited by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Fund may purchase or sell real estate and interests in real estate to the extent permitted under the
Investment Company Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;7. The Fund may not and will not engage in short sales, purchases on margin and the writing of put and call
options to the extent prohibited by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;8. The Fund may not and will not purchase or sell physical commodities or commodity contracts, except to
the extent permitted under the Investment Company Act, the rules and regulations thereunder and any applicable exemptive relief or unless
otherwise acquired as a result of the ownership of securities or instruments, but this restriction shall not prohibit the Fund from purchasing
and selling foreign currency, options, swaps, futures and forward contracts and other financial instruments and contracts, including those
related to indexes, and options on indices, and the Fund may invest in commodity pools and other entities that purchase and sell commodities
and commodity contracts. For purposes of the limitation on commodities, the Fund does not consider foreign currencies or forward contracts
to be physical commodities.

In addition, as a fundamental policy, the Fund will offer to repurchase between 5% and 25% of its outstanding Shares at net asset value every six months, with the first such repurchase occurring scheduled for August 2026, unless suspended or postponed in accordance with Rule 23c-3 under the Investment Company Act.

The Investment Company Act provides that a "vote of a majority of the outstanding voting securities" of an investment company means the affirmative vote of the lesser of (1) more than 50% of the outstanding shares of the investment company, or (2) 67% or more of the investment company's shares present at a meeting if more than 50% of the outstanding fund shares are represented at the meeting in person or by proxy.

***Important Notations Regarding the Fund's Fundamental Policies***. The following notations are not considered to be part of the Fund's fundamental policies and, therefore, are subject to change without shareholder approval.

*Concentration*. Although the Investment Company Act does not define what constitutes "concentration" in an industry or group of industries, under current law as interpreted by the SEC and its staff, any fund that invests more than 25% of its total assets in a particular industry or group of industries (other than securities issued or guaranteed by the U.S. government, its agencies or instrumentalities) is deemed to be "concentrated" in that industry or group of industries. The Fund does not apply this restriction to (i) repurchase agreements collateralized by securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or (ii) securities issued or guaranteed by the U.S. government, its agencies or instrumentalities, including U.S. government agency securities. The Fund will consider the concentration policy of any underlying Portfolio Companies in which the Fund invests for purposes of the Fund's concentration policy. For purposes of the Fund's industry concentration policy, the Adviser may analyze the characteristics of a particular issuer and instrument and may assign an industry classification consistent with those characteristics. For this purpose, technology and technology- related industries include companies operating in the information technology and telecommunication services sectors and in the following industries: internet and catalog retail; media; electrical equipment; biotechnology; health care equipment and supplies; and health care technology. Technology and technology- related industries may also include, in the judgment of the Adviser, companies operating in other sectors, sub-sectors and industries. The Adviser may, but need not, consider industry classifications provided by third parties.

*Borrowing*. With respect to the fundamental policy relating to borrowing money set forth in policy #2 above, the Investment Company Act, including the rules and regulations thereunder, generally prohibits the Fund from borrowing money (other than certain temporary borrowings) unless immediately after the borrowing the value of the Fund's total assets less all liabilities and indebtedness not represented by senior securities (for these purposes, "total net assets") is at least 300% of the senior securities representing indebtedness. Certain trading practices and investments, such as reverse repurchase agreements, may be considered to be borrowings or involve leverage and thus are subject to the Investment Company Act restrictions. The policy in #2 above will be interpreted to permit the Fund to engage in trading practices and investments that may be considered to be borrowing or to involve leverage to the extent permitted by the Investment Company Act and interpretations by the SEC and its staff, and to permit the Fund to segregate or earmark liquid assets or enter into offsetting positions in accordance with the Investment Company Act and interpretations by the SEC and its staff. Under the Investment Company Act, the Fund may not issue senior securities representing stock unless immediately after such issuance the value of the Fund's total net assets is at least 200% of the liquidation value of the Fund's outstanding senior securities representing stock, plus the aggregate amount of any senior securities representing indebtedness. Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.

*General*. For purposes of the Fund's fundamental policies, all percentage limitations on investments will apply at the time of the making of an investment, and will not be deemed violated unless an excess or deficiency occurs immediately after and as a result of such investment.

**Non-Fundamental Policies**

As a non-fundamental investment policy, which may be changed by the Board without shareholder approval, the Fund will invest no more than 15% of its net assets in pooled investment vehicles, including other venture capital funds, that would be investment companies but for Section 3(c)(1) or Section 3(c)(7) of the Investment Company Act (collectively, "**Private Funds**"). This 15% limitation will apply at the time the Fund makes a commitment to invest in a Private Fund, will assume that the full commitment amount has been invested in the applicable Private Fund, and will not be deemed violated unless the Fund exceeds the 15% limitation immediately after and as a result of such commitment.

The Adviser anticipates that all or nearly all of the Portfolio Funds in which the Fund may invest will be Private Funds subject to this 15% restriction. The Fund has adopted this non-fundamental policy because the SEC staff has taken the position that registered closed-end funds that invest more than 15% of their net assets in Private Funds must be limited to "accredited investors" (as that term is defined under Regulation D adopted under the Securities Act of 1933). Should the SEC staff change its position on this matter in the future, the Fund may request that the Board modify or remove this non-fundamental investment restriction.

In addition, the Fund's investment objective is non-fundamental, and may be changed by the Board without shareholder approval.

**Management of the Fund**

The business and affairs of the Fund are managed under the direction of the Fund's Board, which has overall responsibility for monitoring and overseeing the Fund's management and operations. A majority of the members of the Board are persons who are not "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act, each, an "**Independent Trustee**" and, collectively, the "**Independent Trustees**") of the Fund, the Adviser, or the Subadviser. Any vacancy on the Board may be filled by the remaining Trustees, except to the extent the Investment Company Act requires the election of Trustees by shareholders. Subject to the provisions of Delaware law and the Fund's Agreement and Declaration of Trust, the Trustees will have all powers necessary and convenient to carry out this responsibility.

**Trustees and Officers**

The charts below identify the Fund's Trustees and officers as of the date of this SAI. The address of each Trustee and Fund officer is 2000 Central Ave., Boulder, Colorado 80301.

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| | | | |
|:---|:---|:---|:---|
| **Name, Year of Birth, Position(s) held with the Fund, and Length of Service<sup>(1)</sup>** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex Overseen by Trustee<sup>(2)</sup>** | **Other Directorships Held by Trustee** |
| ***Independent Trustees*** |  |  |  |
| David Clute<br> (Born 1971), Trustee since 2025 | Founder and Principal of David Anthony Consulting LLC, providing freelance finance and accounting, consulting, and information technology services (since 2024); Controller at Lift Solutions, a materials handling company (Nov. 2023 – May 2025); Chief Financial Officer of Cleveland University-Kansas City, a private university (Jan. 2022 – Aug. 2023); Director of Finance at University of Colorado, a public university (Nov. 2012 – Dec. 2021). | 1 |  |

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| | | | |
|:---|:---|:---|:---|
| Matthew Lederer<br> (Born 1974), Trustee since 2025 | Vice President Brand Partnerships & Engagement at Comcast, a telecommunications company (since 2007). | 1 |  |
| Tuaranna Smith<br> (Born 1975), Trustee since 2025 | Chief Operating Officer of the NFL Players Association, the labor union representing National Football League (NFL) players (since 2009). | 1 |  |
| ***Interested Trustee*** |  |  |  |
| Marques Colston <sup>(3)</sup><br> (Born 1983), Trustee, President and Principal Executive Officer since 2025 | Partner and Board Member of Champion Venture Partners Inc. (since 2024), a sports-focused holding company; Executive Coach and Consultant at Marques Colston Enterprises LLC, an executive coaching and consulting company (since 2020); Entrepreneur in Residence at University of New Orleans (since 2023); Financial Advisor Hudson Point/B. Riley Wealth Management, an alternative investments firm, (May 2023 to Aug. 2023); Financial Advisor at Janney Mongomery Scott LLC, a financial advisor to athletes (May 2021 to Dec. 2021); Adjunct Professor at University of New Orleans (Aug. 2020 to May 2022); Managing Director at Virtua Health Systems, an external consultant and innovation program (Jan. 2020 to Dec. 2021); Partner and Managing Director of The Players Impact, an athlete investment syndicate (Aug. 2018 to July 2020). | 1 | Director of Soulpower Acquisition Corporation (NYSE: SOUL), a publicly listed Special Purpose Acquisition Company (SPAC) focused on identifying and combining with innovative, high-growth companies in the financial and digital-asset sectors (since 2025). |
| Jesse K Randall <sup>(4)</sup><br> (Born 1983), Trustee since 2025 | Co-Founder and Chief Executive Officer of Sweater Inc., a financial technology firm and parent company of the Adviser, and Co-Founder and Chief Executive Officer of the Adviser. Owner and Chief Executive Officer of Deviant Strategy LLC, a consulting firm serving startup companies. From 2016 to 2019, Chief Executive Officer of Drip LLC, a marketing firm. | 1 | Trustee of Cashmere Fund, a closed-end interval fund. |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Each Trustee serves for an indefinite term, until his or her resignation,
retirement, death or removal.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The "Fund Complex" consists of the Fund only.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Marques Colston is considered to be an "interested person"
of the Fund (as that term is defined by Section 2(a)(19) in the 1940 Act) because of his affiliation with Champion Venture Partners Inc.,
the parent company of the Fund's Subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Mr. Randall is considered to be an "interested person"
of the Fund (as that term is defined by Section 2(a)(19) in the Investment Company Act) based on his positions with the Sweater Industries
LLC, the Fund's investment adviser, and its parent company, Sweater Inc., and because he is an owner of Sweater Inc.

***Additional Officers of the Fund***

 ****

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| | | |
|:---|:---|:---|
| **Name, Year of Birth, Position(s) held with the Fund** | **Length of Service with the Fund** | **Principal Occupation(s) During the Past 5 Years** |
| Robin Riddell<br> (Born 1986), Secretary | Since 2025 | Director of Operations & Valuations. Previously led teams at Carta (June 2017 – Dec. 2022) and PitchBook (Nov. 2012 – May 2017), with a focus on private company valuations, product strategy, finance, and operations. Holds a Master of Finance from the University of St Andrews. |
| Rob Silva<br> (Born 1996), Treasurer and Principal Financial Officer | Since 2025 | Managing Director, Gryphon 17, LLC (since 2023); Director of Fund Administration, Impax Asset Management, LLC (2014-2023); Director of Fund Administration, Pax Ellevate Management, LLC (2014-2021); Treasurer, IDX Funds (since 2024); Assistant Treasurer, Impax Series Trust I (2015-2023); Assistant Treasurer, Impax Series Trust III (2015-2023). |
| Jonathan Van Duren<br> (Born 1982), Chief Compliance Officer | Since 2025 | Founder and Principal of JVD Consulting LLC (since 2024); Counsel at Greenberg Traurig LLP (2021 – 2024); Associate at Bryan Cave Leighton Paisner LLP (2018 – 2021). |

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As of January 1, 2026, the Trustees and Officers of the Fund as a group owned less than one percent of the Fund's outstanding Shares.

**Board Leadership and Structure**

The Board is currently comprised of five Trustees, three of whom are Independent Trustees, which means they are not interested persons of the Fund, the Adviser, or the Subadviser. The Board meets periodically throughout the year to discuss and consider matters concerning the Fund and to oversee the Fund's activities, including its investment performance, compliance program and risks associated with the Fund's activities. The Board has determined that, in light of the small size of the Board and the Fund, the functions typically performed by the chairperson of the Board were not necessary and, as a result, the Board has not designated a chairperson

**Board Standing Committees**

The Board has established two standing committees to facilitate the Trustees' oversight of the management of the Fund: an Audit Committee and a Nomination and Compensation Committee. Each Committee is chaired by an Independent Trustee. The scope of each committee's responsibilities is discussed in greater detail below:

●  ***Audit Committee*** . The Audit Committee's responsibilities include, but are not limited to, assisting the Board's oversight of the preparation of the Fund's financial statements and internal audit functions, and evaluating and reviewing all matters pertaining to the Fund's independent auditors, including their independence. The Committee discharges this oversite by meeting periodically with the Fund's management and with the Fund's independent auditors, and by keeping current on industry developments.

The Committee is comprised of the Fund's three Independent Trustees. David Clute currently serves as Chair of the Committee.

●  ***Nomination and Compensation Committee*** . The Nomination and Compensation Committee is responsible for (i) determining requisite standards or qualifications for nominees to serve as Trustees on the Board; (ii) identifying possible candidates to become members of the Board in the event that a Trustee position is vacated or created, and/or in contemplation of a shareholders' meeting at which one or more Trustees are to be elected; (iii) considering and evaluating such candidates and recommending Trustee nominees for the Board's approval; and (iv) considering and evaluating nominee candidates properly submitted by shareholders on the same basis as it considers and evaluates candidates recommended by other sources.

Shareholders who wish to recommend a nominee to serve as a Trustee on the Board should send nominations to the Secretary of the Fund. Shareholder nomination submissions must be accompanied by all information relating to the recommended nominee that is required to be disclosed in solicitations or proxy statements for the election of Trustees, as well as information sufficient to evaluate the individual's qualifications. Nomination submissions must also be accompanied by a written consent of the individual to stand for election if nominated by the Board and to serve if elected by Fund shareholders. The Committee may also request additional information deemed reasonably necessary for the Committee to evaluate such nominee. The Committee will consider nomination recommendations by Fund shareholders for up to one year from receipt.

In addition, the Committee is responsible for recommending for approval by the Board the structure and levels of compensation and other related benefits to be paid or provided by the Fund to Board members.

The Committee is comprised of the Fund's three Independent Trustees. The Board has determined that, in light of the small size of the Committee and the Fund, the functions typically performed by the chairperson of the Committee were not necessary and, as a result, the Board has not designated a chairperson of the Committee.

The Board has determined that this committee structure allows it to focus more effectively on the oversight of risk as part of its broader oversight of the Fund's affairs. While risk management is the primary responsibility of the Fund's Adviser and Subadviser, the Board regularly receives reports regarding Fund investment risks and compliance risks. The Board's committee structure allows its separate committees to focus on different aspects of these risks and their potential impact on the Fund, and to discuss with the Fund's Adviser and Subadviser how they monitor and control such risks. The Board has adopted a written charter for each Committee. The Board reviews its leadership and committee structure periodically, and believes that its structure is appropriate to enable the Board to exercise its oversight of the Fund.

**Trustee Qualifications**

The Board has determined that each Trustee is qualified to serve as a Trustee of the Fund, based on a review of the experience, qualifications, attributes and skills ("**Qualifications**") of each Trustee, including those listed in the table above and those summarized below. Among the Qualifications common to all Trustees are the ability to review, evaluate and discuss information and proposals provided to them regarding the Fund, the ability to interact effectively with the Adviser and other Fund service providers, and the ability to exercise independent business judgment. Each Trustee's ability to perform his or her duties effectively has been attained through the individual's business and professional experience and accomplishments and the individual's educational background, professional training, and/or other life experiences. Generally, no one factor was decisive in determining that an individual should serve as a Trustee.

The following is a brief summary of certain Qualifications of each Trustee (in addition to the principal occupation(s) during the past five years noted in the table above) that support the conclusion that each individual is qualified to serve as a Trustee:

● <u>David Clute</u> – Mr. Clute's financial and accounting experience, including his service as Chief Financial Officer of a private university and Controller of a buildings supply company, and other experience in consulting and information technology.

● <u>Matthew Lederer</u> – Mr. Lederer's senior executive and corporate experience with Comcast.

● <u>Tuaranna Smith</u> – Ms. Smith's C-level executive experience with the NFL Players Association.

● <u>Marques Colston</u> – Mr. Colston's experience advising and investing in startup companies.

● <u>Jesse K Randall</u> – Mr. Randall's experience as Chief Executive Officer of the Adviser and experience working with startup companies.

**Trustee Ownership of Fund Shares**

The table below shows the dollar range of Fund Shares owned by each Trustee as of the date of this SAI:

---

| | | |
|:---|:---|:---|
| **Name of Trustee** | **Dollar Range of Fund Shares Owned<sup>(1)</sup>** | **Aggregate Dollar Range of**<br> **Equity Securities in All Funds**<br> **Overseen by Trustee in Family of**<br> **Investment Companies<sup>(2)</sup>** |
| Independent Trustees |  |  |
| David Clute |  |  |
| Matthew Lederer |  |  |
| Tuaranna Smith |  |  |
| Interested Trustee |  |  |
| Marques Colston |  |  |
| Jesse K Randall |  |  |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) The Fund had not yet commenced operations as of the date of this
SAI.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The "Family of Investment Companies" consists of the
Fund only.

**Trustee Compensation**

The Fund pays each Independent Trustee an annual retainer of $25,000, which includes compensation for all regular Board and Committee meetings. Independent Trustees are also reimbursed by the Fund for expenses they incur relating to their services as Trustees, including travel and other expenses incurred in connection with attendance at in-person Board and Committee meetings. The Independent Trustees do not receive any other compensation from the Fund. The Fund's two Interested Trustees receive no compensation from the Fund for their respective services.

The table below provides information regarding compensation that the Fund expects to pay to each Independent Trustee during the Fund's initial fiscal period ending March 31, 2026.

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| | | |
|:---|:---|:---|
| **Name of Independent Trustee** | **Aggregate Compensation from the Fund<sup>(1)</sup>** | **Total Compensation from Fund and Fund Complex Paid to Trustees<sup>(2)</sup>** |
| David Clute | $25000 | $25000 |
| Matthew Lederer | $25000 | $25000 |
| Tuaranna Smith | $25000 | $25000 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Estimated compensation to be paid to each Independent Trustee
for the Fund's initial fiscal period ending March 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The "Family of Investment Companies" consists of the
Fund only.

**Contacting the Fund's Trustees**

Fund shareholders desiring to send communications to the Board (or to individual Trustees) should address their correspondence to:

The Champion Fund Trustees

2000 Central Ave.

Boulder, Colorado 80301

**Indemnification of Trustees and Officers**

The Fund's Agreement and Declaration of Trust provides that the Fund will indemnify its Trustees and officers against liabilities and expenses incurred in connection with litigation in which they may be involved because of their offices with the Fund, except if it is determined in the manner specified in the Agreement and Declaration of Trust that they have not acted in good faith in the reasonable belief that their actions were in the best interests of the Fund or that such indemnification would relieve any officer or Trustee of any liability to the Fund or its shareholders by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of his or her duties. The Fund, at its expense, provides liability insurance for the benefit of its Trustees and officers.

**The Fund's Adviser and Subadviser**

<u>The Adviser</u>

Sweater Industries LLC (the Adviser) serves as the Fund's investment adviser. The Adviser was formed in July 2021 and is located at 2000 Central Ave., Boulder, Colorado 80301.

The Adviser is a wholly-owned subsidiary of Sweater Inc., which is controlled by Jesse Randall. Mr. Randall, an affiliate of the Fund by virtue of his position as an officer and Trustee of the Fund as identified above, is presumed to control the Adviser because of his ownership of the outstanding voting securities of Sweater Inc., the Adviser's parent company.

Mr. Randall is also an officer or employee of the Adviser and its affiliates, and will benefit from the management fees paid by the Fund to the Adviser.

<u>The Subadviser</u>

The Adviser has entered into a subadvisory contract with Champion Advisors LLC (the Subadviser) pursuant to which the Subadviser manages the Fund's portfolio and makes investment decisions (the "**Subadvisory Contract**"). The Subadviser was formed in 2025 and is located at 1000 Town Center Dr. Ste. 300, Oxnard, CA 93036.

Marques Colston and Nicholas Edwards are presumed to control the Subadviser because of their respective ownership of the outstanding voting securities of the Subadviser.

**Management Contract and Subadvisory Contract**

<u>Management Contract</u>

Under a Management Contract between the Fund and the Adviser that was approved by the Board and by shareholders, the Adviser furnishes and manages a continuous investment program for the Fund. In this regard, and subject to the supervision of the Board, the Adviser is responsible for (i) developing, implementing and supervising the investment program of the Fund and the composition of its portfolio; (ii) determining the timing and amount of commitments, investments and/or disposals to be made by the Fund, the securities and other investments to be purchased or sold by the Fund in connection therewith; and (iii) arranging for the purchase of securities and other investments for the Fund and the sale or redemption of securities and other investments held in the portfolio of the Fund. Subject to the control of the Board, and except for the functions carried out by Fund officers, the Adviser also manages, supervises, and conducts the other affairs and business of the Fund and matters incidental thereto. The Management Contract permits the Adviser to engage a subadviser to manage the Fund's portfolio, subject to Board and shareholder approval.

The Management Contract sets the fees the Fund pays to the Adviser (described below), describes the expenses that the Fund is responsible to pay to conduct its business, and provides for the Fund to reimburse the Adviser for any third-party charges and out-of-pocked expenses that the Adviser pays that would be the responsibility of the Fund under the Management Contract (unless such reimbursement is waived by the Adviser). For additional information about the expenses borne by the Fund, please see the "Fund Expenses" section of this SAI.

The Management Contract provides that the Adviser will not be liable to the Fund for any error of judgement or mistake of law or for any loss suffered by the Fund, except a loss resulting from a breach of the Adviser's fiduciary duty with respect to the receipt of compensation for services or a loss resulting from the willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties under the Management Contract. The Management Contract also provides for the Fund to indemnify the Adviser (including any member, director, officer, or employee of the Adviser, and certain of their affiliates), to the fullest extent permitted by law, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, or gross negligence, or from reckless disregard by such party of its duties to the Fund. The Management Contract provides that the rights of indemnification provided therein shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law.

The Management Contract provides for an initial one-year term, and will continue in effect thereafter only so long as its continuance is approved at least annually by vote of either the Board or of Fund shareholders and, in either case, by a vote of a majority of the Independent Trustees. The Management Contract may be terminated at any time, without penalty, by vote of the Board or Fund shareholders, or by the Adviser, in each case upon at least 60 days' prior written notice to the Adviser or the Fund (as applicable). This 60-day notice requirement may be waived. In general, the Management Contract may be amended only by a vote of Fund shareholders. The Management Contract also terminates without payment of any penalty in the event of its assignment.

In each of the foregoing cases, the vote of Fund shareholders is the affirmative vote of a "majority of the outstanding voting securities" of the Fund as defined in the Investment Company Act.

A discussion regarding the basis for the Board's approval of the Management Contract is included in the Fund's initial annual or semiannual report to shareholders.

<u>Subadvisory Contract</u>

The Management Contract between the Fund and the Adviser permits the Adviser to engage a subadviser to manage the Fund's portfolio, subject to Board and shareholder approval. Under this authority, and with the Board's and shareholder approval, the Adviser has entered into a Subadvisory Contract with the Subadviser pursuant to which the Adviser has delegated its discretionary investment management responsibilities with respect to the Fund to the Subadviser, subject to oversight of the Adviser.

In connection therewith, and subject to the supervision of the Board and the Adviser, the Subadviser is responsible for: (i) implementing and supervising the investment program of the Fund and the composition of its portfolio; (ii) determining the timing and amount of commitments, investments and/or disposals to be made by the Fund, the securities and other investments to be purchased or sold by the Fund in connection therewith; (iii) arranging for the purchase of securities and other investments for the Fund and the sale or redemption of securities and other investments held in the portfolio of the Fund; all on behalf of the Fund and as described in the Fund's most current effective registration statement on Form N-2 and as the same may thereafter be amended from time to time. The Subadvisory Contract further requires the Subadviser, in the performance of its duties, to in all material respects: (a) satisfy any applicable fiduciary duties it may have to the Fund; (b) monitor the Fund's investments; (c) comply with the provisions of the Fund's Declaration of Trust and By-laws, the stated investment objectives, policies and restrictions of the Fund as such objectives, policies and restrictions may subsequently be changed by the Board and communicated by the Fund or the Adviser to the Sub-Adviser in writing, and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended; and (d) assist in the valuation of portfolio securities held by the Fund as reasonably requested by the Adviser or the Fund.

Under the Subadvisory Contract, the Adviser (and not the Fund) pays the Subadviser for its subadvisory services out of the Adviser's management fee that the Adviser receives from the Fund. The Subadvisory Contract describes the expenses that the Subadviser is not responsible for paying (*i.e*., items that are Fund expenses, as described below in the "Fund Expenses" section), and provides for the Fund to reimburse the Subadviser for any third-party charges and out-of-pocked expenses that the Subadviser pays that would be the responsibility of the Fund under the Management Contract (unless such reimbursement is waived by the Subadviser). For additional information about the expenses borne by the Fund, please see the "Fund Expenses" section of this SAI.

The Subadvisory Contract provides that the Subadviser will not be liable to the Fund for any error of judgement or mistake of law or for any loss suffered by the Fund in connection with the Subadviser's performance under the Subadvisory Contract, except a loss resulting from a breach of the Subadviser's fiduciary duty with respect to the receipt of compensation for services or a loss resulting from the willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties under the Subadvisory Contract. The Subadvisory Contract also provides for the Fund to indemnify the Adviser (including any member, director, officer, or employee of the Subadviser, and certain of their affiliates), to the fullest extent permitted by law, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, or gross negligence, or from reckless disregard by such party of its duties to the Fund. The Subadvisory Contract provides that the rights of indemnification provided therein shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law.

The Subadvisory Contract provides for an initial two-year term, and will continue in effect thereafter only so long as its continuance is approved at least annually by vote of either the Board or of Fund shareholders and, in either case, by a vote of a majority of the Independent Trustees. The Subadvisory Contract may be terminated at any time, without penalty, by the Adviser or the Fund upon giving the Subadviser 60 days' advance written notice thereof, provided that, if terminated by the Fund, such termination must be directed or approved by a vote of a majority of the Fund's Trustees or by the vote of Fund shareholders. The Subadviser may waive this 60 days' prior written notice requirement. The Subadviser may also terminate the Subadvisory Contract at any time, without penalty, upon 60 days' advance written notice to the Fund and the Adviser. The Subadvisory Contract also terminates without payment of any penalty in the event of its assignment.

In each of the foregoing cases, the vote of Fund shareholders is the affirmative vote of a "majority of the outstanding voting securities" of the Fund as defined in the Investment Company Act.

A discussion regarding the basis for the Board's approval of the Subadvisory Contract will be included in the Fund's first annual or semiannual report to shareholders.

**Management Fee and the Subadvisory Fee**

<u>Management Fee</u>

The Management Contract provides for the Fund to pay a management fee to the Adviser, computed and paid monthly, at the annual rate of 2.90% of the Average Daily Net Assets of the Fund (the "**Management Fee**"). Under the Management Contract and the Subadvisory Contract, the "Average Daily Net Assets of the Fund" for each month are determined by taking an average of all of the determinations of such amount during such the month at the close of business on each business day during the month. The Management Fee is payable for each month within 15 business days after the end of such month.

As of the date of this SAI, the Fund had not yet commenced investment operations and, therefore, the Fund has not paid any management fee to the Adviser.

<u>Subadvisory Fee</u>

The Subadvisory Contract provides for the Adviser (and not the Fund) to pay a subadvisory fee to the Subadviser, computed and paid monthly, based on the Average Daily Net Assets of the Fund, at the annual rates set forth below:

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| | |
|:---|:---|
| **Average Daily Net Assets of the Fund** | **Subadvisory Fee Payable to the Subadviser** |
| $1 – $50000000 | 1.90% |
| $50000001 – $100000000 | 2.00% |
| $100000000 – $250000000 | 2.10% |
| $250000000 – $500000000 | 2.20% |
| $500000000 | 2.30% |

---

As of the date of this SAI, the Fund had not yet commenced investment operations and, therefore, the Adviser has not paid any subadvisory fees to the Subadviser.

**Portfolio Management**

<u>Other Accounts Managed by the Portfolio Managers</u>

The following table shows the number and approximate assets of other investment accounts (or portions of investment accounts) (the "**Other Accounts**") that the Fund's portfolio managers managed as of January 1, 2026. Except as noted, none of the other accounts pays a fee based on the account's performance.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio Managers** | **Other SEC-Registered Investment Companies** | **Other SEC-Registered Investment Companies** | **Other Pooled Investment Vehicles** | **Other Pooled Investment Vehicles** | **Other Accounts** | **Other Accounts** |
| | **Number of<br> Accounts** | **Assets** | **Number of<br> Accounts** | **Assets** | **Number of<br> Accounts** | **Assets** |
| Marques Colston | 0 | $0 | 0 | $0 | 0 | $0 |
| Nicholas Edwards | 0 | $0 | 0 | $0 | 0 | $0 |

---

The portfolio managers may have conflicts of interest in managing the Fund and the Other Clients, one or more of which may in the future invest in the same type of or similar securities as the Fund. For example, the portfolio managers may have conflicts of interest in allocating their time and activity between the Fund and the Other Clients that may exist in the future. The portfolio managers may at times give advice or take action with respect to the Other Clients that differs from the advice given with respect to the Fund because of, among other things, differences between the Fund's and the Other Clients' investment policies and limitations, tax ramifications, available capital, and risk constraints. As a policy, the Subadviser and its affiliates will endeavor to allocate investment opportunities among its various client accounts—including the Fund—in a manner they believe to be as equitable as feasible, considering each account's objectives, programs, limitations, and capital available for investment. This may mean that a particular opportunity available to the portfolio managers may not be allocated to the Fund, but to Other Clients.

The Subadviser believes the above conflicts are mitigated to an extent because it has written policies and procedures regarding investment allocation intended to address the fair and equitable treatment of all accounts. The portfolio managers are obligated to adhere to these policies and procedures in their management of the Fund and Other Clients. There is no guarantee, however, that the Fund will not be limited in its investment opportunities as a result of the portfolio managers' management of Other Accounts.

<u>Portfolio Manager Compensation</u>

The portfolio managers receive from the Adviser a fixed annual salary and a discretionary bonus, which is not dependent upon the overall performance of the Fund.

<u>Portfolio Manager Ownership of Fund Shares</u>

The Fund is a newly-organized closed-end management investment company. Accordingly, as of the date of this SAI, none of the portfolio managers beneficially owned any securities issued by the Fund.

**Code of Ethics**

The Fund, the Adviser, and the Subadviser have each adopted codes of ethics pursuant to Rule 17j-1 under the Investment Company Act. These codes permit personnel subject to the respective codes of ethics to invest in securities, including securities that may be purchased or held by the Fund.

The codes of ethics of the Fund, the Adviser, and the Subadviser are each available on the EDGAR Database on the SEC's website at *http://www.sec.gov*, and copies of these codes may also be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

**Proxy Voting Policies**

The Fund's venture capital investments in Portfolio Companies and investments in Portfolio Funds are not expected, in general, to convey traditional voting rights, and the occurrence of corporate governance or other consent or voting matters for this type of investment are anticipated to be substantially less than that encountered in connection with registered securities. The Fund may on occasion, however, receive notices or proposals from Portfolio Companies or Portfolio Funds seeking the consent of or voting by holders, and may also be solicited to vote on other matters relating to Fund investments.

The Board has delegated the voting of proxies and exercise of consent and similar rights with respect to securities held in the Fund's portfolio to the Subadviser, pursuant to the Subadviser proxy voting policies and procedures, subject to oversight by the Adviser. Under these policies, the Subadviser will vote proxies, amendments, consents or similar resolutions related to Fund securities in the best interests of the Fund and its Shareholders. The Subadviser may also abstain from voting where it determines that abstaining from such vote is in the best interests of the Fund and its Shareholders.

A copy of the Subadviser's proxy voting policies and procedures are attached as <u>Appendix A</u> to this SAI.

Information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available:

● without charge, upon request, by calling the Fund toll-free at 1-888-577-7987; and

● on the SEC's website at *www.sec.gov*.

You may also obtain a free copy of the Adviser's proxy voting policies and procedures by calling 1-888-577-7987.

**Fund Expenses**

The Management Contract provides for the Adviser to pay all of its ordinary and usual office overhead expenses (including expenses such as office rent) in connection with the Adviser's performance of its duties under the Management Contract, and the salaries or other compensation of the employees of the Adviser. The Subadvisory Contract similarly provides for the Subadviser to pay all of its ordinary and usual office overhead expenses in connection with the Subadviser's performance of its duties under the Subadvisory Contract, including salaries and other compensation of the employees of the Subadviser. As described below, however, the Fund bears all other expenses incurred in the business and operation of the Fund, including any third party charges and out-of-pocket costs and expenses that are related to the organization, business or operation of the Fund.

In addition to the Management Fee, expenses borne directly by the Fund include, but are not limited to: (i) interest and taxes related to the Fund's operations and purchase and sale of Fund assets; (ii) brokerage commissions and other transaction expenses in connection with the Fund's purchase and sale of assets; (iii) fees and expenses related to the formation of the Fund, the offering of the Fund's shares, including Fund marketing costs and expenses, and the admission of investors in the Fund; (iv) fees and expenses related to the formation and operation of any subsidiaries of the Fund; (v) fees and expenses related to the investigation and evaluation of Fund investment opportunities (whether or not consummated); (vi) fees and expense related to the acquisition, ownership, management, financing, hedging of interest rates on financings, or sale of portfolio investments; (vii) travel costs associated with investigating and evaluating investment opportunities (whether or not consummated) or making, monitoring, managing or disposing of portfolio investments; (viii) Fund costs of borrowings; (ix) costs of any third parties retained to provide services to the Fund; (x) premiums for fidelity and other insurance coverage requisite to the Fund's operations; (xi) fees and expenses of the Fund's Independent Trustees (including compensation of the Independent Trustees); (xii) legal, audit and fund accounting expenses; (xiii) custodian and transfer agent fees and expenses; (xiv) expenses incident to the repurchase of the Fund's shares; (xv) fees and expenses related to the registration under federal and state securities laws of Fund Shares; (xvi) expenses of printing and mailing Fund prospectuses, reports, notices and proxy material to shareholders of the Fund; (xvii) all other expenses incidental to holding meetings of the Fund's shareholders; and (xviii) such extraordinary non-recurring expenses as may arise, including litigation affecting the Fund and any obligation which the Fund may have to indemnify its officers and trustees with respect thereto.

The Fund is required to reimburse the Adviser and the Subadviser, as applicable, for any of the costs and expenses that are an obligation of the Fund that the Adviser or the Subadviser, as applicable, or one of their respective affiliates pays or otherwise incurs on behalf of the Fund, including the costs and expenses described above.

**Expense Limitation Agreement**

The Fund has entered into an Expense Limitation Agreement pursuant to which the Adviser has agreed to waive its Management Fee and/or reimburse Fund expenses to the extent necessary so that the Fund's total annual operating expenses (excluding any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) ("**Operating Expenses**") do not exceed 4.90% of the Fund's average daily net assets.

The Adviser is entitled to seek reimbursement from the Fund of Management Fees waived and/or Fund expenses paid or reimbursed by the Adviser for a period ending three years after such waiver, payment or reimbursement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the management fees were waived and/or the Fund expenses were paid or reimbursed, or any expense limitation in place at the time the Fund would repay the Adviser, whichever is lower.

This contractual expense limitation will remain in effect through [●], 2027, the one-year anniversary of the date of the Fund's prospectus, unless terminated earlier by the Fund's Board upon not less than 30 days' written notice to the Adviser.

**Portfolio Transactions and Brokerage**

Subject to policies established by the Board and the terms of the Subadvisory Contract, the Subadviser is currently responsible for arranging the execution of portfolio transactions on behalf of the Fund. The Subadviser anticipates that a substantial portion of the Fund's purchases of securities will be made directly from the issuer in privately negotiated transactions (*e.g.*, directly from Portfolio Companies and Portfolio Funds). Certain of these transactions may require the Fund to pay a fee or commission to a broker-dealer. The Subadviser may also engage broker-dealers and finders to source potential private investments.

The Subadviser is also authorized to select broker-dealers to execute Fund transactions in publicly-traded securities. The Subadviser is not required and does not execute transactions through any particular broker or dealer, but seeks to obtain the best net results for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), size of the order, execution capability, trading expertise, accuracy of execution, reputation and integrity, fairness in resolving disputes, financial responsibility and responsiveness. While the Subadviser generally seeks reasonable trade execution costs, the Fund will not necessarily pay the lowest spread or commission available, and payment of the lowest commission or spread is not necessarily consistent with obtaining the best price and execution in particular transactions. Subject to applicable legal requirements, the Subadviser may select a broker based partly upon brokerage or research services provided to the Subadviser and the Fund. In return for such services, the Subadviser may cause the Fund to pay a higher commission than other brokers would charge if the Subadviser determines in good faith that the commission is reasonable in relation to the services provided.

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 Subadviser determines in good faith that such commission is reasonable in relation to the value of brokerage and research services provided to the Fund.

As of the date of this SAI, the Fund had not yet commenced investment operations and, therefore, had not incurred any brokerage expenses or paid any brokerage fees.

**Control Persons and Principal Shareholders**

A principal shareholder is any person who owns (either of record or beneficially) 5% or more of the outstanding Shares of any class of a fund. A "control person" generally is a person who beneficially owns more than 25% of the voting securities of a company or has the power to exercise control over the management or policies of such company. A control person may be able to determine the outcome of a matter put to a shareholder vote.

As of the date of this SAI, Champion Capital, LLC, an affiliate of the Sub-Adviser, owns 100% of the outstanding Shares of the Fund, and may therefore be deemed to "control" the Fund. This ownership will fluctuate as other investors subscribe for Shares and as the Fund repurchases Shares in connection with the Fund's periodic repurchase offers.

**Custodian**

Fifth Third Bank, National Association (the "**Custodian**") serves as the custodian of the assets of the Fund and may maintain custody of such assets with U.S. and non-U.S. sub-custodians (which may be banks and trust companies), securities depositories and clearing agencies in accordance with the requirements of Section 17(f) of the Investment Company Act and the rules thereunder. Assets of the Fund are not held by the Adviser or Subadviser or commingled with the assets of other accounts other than to the extent that securities are held in the name of the Custodian or U.S. or non-U.S. sub-custodians in a securities depository, clearing agency or omnibus customer account of such custodian. The Custodian's principal business address is 38 Fountain Square Plaza, Cincinnati, Ohio 45202.

**Independent Registered Public Accounting Firm**

Tait, Weller & Baker, LLP, located at Two Liberty Place, 50 South 16th Street., Suite 2900, Philadelphia, Pennsylvania 19102, is the Fund's independent registered public accounting firm.

**Report of the Independent Registered Public Accounting Firm**

**To Management of The Champion Fund**

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of The Champion Fund (the "Fund") as of September 1, 2025, the related statement of operations for the period January 17, 2025 (date of registration) through September 1, 2025 and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of September 1, 2025 and the results of its operations for the period stated above, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the management of the Fund. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the Fund's auditor since 2025.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provide a reasonable basis for our opinion.

**TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**September 23, 2025**

**Financial Statements**

**THE CHAMPION FUND**

**Statement of Assets and Liabilities**

As of September 1, 2025

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| | | |
|:---|:---|:---|
| ASSETS |  |  |
| Cash | $100000 |  |
| Deferred Organizational & Offering Costs | $251500 |  |
| Total Assets | $351500 |  |
| LIABILITIES: |  |  |
| Accrued Organizational & Offering Costs | $251500 |  |
| Total Liabilities | $251500 |  |
| NET ASSETS |  |  |
| Fund Capital | $100000 |  |
| Total Net Assets | $100000 |  |
| FUND SHARE INFORMATION |  |  |
| Fund shares issued and outstanding (par value $0.00 per share; unlimited authorized) | 5000 | shares |
| Net Asset Value (NAV) per share | $20.00 |  |

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**THE CHAMPION FUND**

**Statement of Operations**

For the Period from January 17, 2025 (Date of Registration) to August 31, 2025

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| | |
|:---|:---|
| INVESTMENT INCOME |  |
| Investment income |  |
| EXPENSES |  |
| Organizational expenses | 250000 |
| Less: Reimbursement by Adviser | (250000) |
| Total Expenses |  |
| NET INVESTMENT INCOME |  |

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See accompanying notes which are an integral part of these financial statements.

**Notes to Financial Statements**

**Note 1 – Organization and Significant Accounting Policies** 

The Champion Fund (the "Fund") was registered on January 17, 2025 as a statutory trust under the laws of the state of Delaware. The Fund is in the process of registering with the Securities and Exchange Commission (the "SEC") as a non-diversified, closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 of the Investment Company Act of 1940 (the "1940 Act"), as amended.

The Fund's investment objective is to generate long-term capital appreciation primarily through an actively managed portfolio that provides investors with exposure to private, venture capital investments. The Fund will seek to achieve its investment objective through investing primarily in equity securities (e.g., common stock, preferred stock, and equity-linked securities convertible into equity securities) of private, operating growth companies ("Portfolio Companies") and, to a lesser extent, interests in professionally managed private venture capital funds ("Portfolio Funds"). The Fund anticipates acquiring interests in the Portfolio Companies both directly from the issuer, including through co-investing with venture capital funds and other investors, and from third party holders of these interests in secondary transactions.

Sweater Industries, LLC, an investment adviser registered under the Investment Advisers Act of 1940 (the "Advisers Act"), as amended, serves as the Fund's investment adviser (the "Adviser"). The Fund's Board of Trustees (the "Board" or "Board of Trustees") has the overall responsibility for the management and supervision of the business operations of the Fund.

The Fund has been inactive except for matters relating to the Fund's establishment, designation, registration of the Fund's shares of beneficial interest ("Shares") under the Securities Act of 1933 and the sale of 5,000 Shares for $100,000 to Champion Capital, LLC, an affiliate of the Sub-Adviser, on August 25, 2025.

Significant accounting policies of the Fund are as follows:

<u>Basis of Presentation</u>

The Fund is an investment company and as a result, maintains its accounting records and has presented these financial statements in accordance with the reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies ("ASC 946"). The policies are in conformity with generally accepted accounting principles ("GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

<u>Use of Estimates</u>

The preparation of the financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of this financial statement. Actual results could differ from those estimates.

<u>Indemnifications</u>

The Fund indemnifies the Fund's officers and Board of Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

However, based on experience, the Fund expects the risk of loss to be remote.

<u>Cash</u>

Cash includes non-interest bearing non-restricted cash with one institution.

<u>Income Taxes</u>

The Fund intends to elect to qualify to be taxed as a "regulated investment company" as defined in Subtitle A, Chapter 1, Subchapter M of the Internal Revenue Code, as amended (the "Code"). No provision has been made for federal income taxes as it is the intention of the Fund to comply with the provisions of the Code applicable to regulated investment companies and to make distributions of income and realized gains sufficient to relieve it from all or substantially all excise and income taxes.

<u>Organizational and Offering Costs</u>

The Fund has agreed to repay the Adviser for any management fees waived and/or Fund expenses the Adviser reimbursed pursuant to the Expense Limitation Agreement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the management fees were waived and/or the Fund expenses were reimbursed, or any expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within three years after the Adviser waived the fee or reimbursed the expense.

Organizational costs consist of the costs of forming the Fund, drafting of bylaws, administration, custody and transfer agency agreements, legal services in connection with the initial meeting of trustees and the Fund's seed audit costs. Offering costs consist of the costs of preparation, review and filing with the SEC the Fund's registration statement (including the Prospectus and the Statement of Additional Information ("SAI")), the costs of preparation, review and filing of any associated marketing or similar materials, the costs associated with the printing, mailing or other distribution of the Prospectus, SAI and/or marketing materials, and the amounts of associated filing fees and legal fees associated with the offering. The aggregate amount of the organizational and offering costs and offering costs as of the date of the accompanying financial statements are estimated to be approximately $251,500.

As of September 1, 2025, $251,500 waived organization and offering costs, are subject to possible recoupment by the Adviser.

**Note 2 – Agreements**

The Fund has entered into an Investment Management Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Investment Adviser receives a fee from the Fund, accrued daily and paid monthly in arrears, at an annual rate equal to 2.90% of the Fund's average daily net assets. Champion Advisors LLC acts as the Fund's Sub-Adviser and assists the Adviser in implementing and supervising the investment program of the Fund and the composition of its portfolio. The Sub-Adviser is paid by the Adviser, and not by the Fund.

The Fund has entered into an Expense Limitation Agreement with the Adviser, pursuant to which the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to the extent necessary so that the Fund's total annual operating expenses (excluding any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) ("Operating Expenses") do not exceed 4.90% of the Fund's average daily net assets. The Fund has agreed to repay the Adviser for any management fees waived and/or Fund expenses the Adviser reimbursed pursuant to the Expense Limitation Agreement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the management fees were waived and/or the Fund expenses.

**Note 3 – Subsequent Events**

In preparing these financial statements, Management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statement.

**Unaudited Financial Statements**

**THE CHAMPION FUND**

**Statement of Assets and Liabilities (Unaudited)**

As of December 1, 2025

---

| | | |
|:---|:---|:---|
| ASSETS |  |  |
| Cash | $100000 |  |
| Deferred Organizational & Offering Costs | $251500 |  |
| Total Assets | $351500 |  |
| LIABILITIES: |  |  |
| Accrued Organizational & Offering Costs | $251500 |  |
| Total Liabilities | $251500 |  |
| NET ASSETS |  |  |
| Fund Capital | $100000 |  |
| Total Net Assets | $100000 |  |
| FUND SHARE INFORMATION |  |  |
| Fund shares issued and outstanding (par value $0.00 per share; unlimited authorized) | 5000 | shares |
| Net Asset Value (NAV) per share | $20.00 |  |

---

**Statement of Operations (Unaudited)**

For the Period from January 17, 2025 (Date of Registration) to August 31, 2025

---

| | |
|:---|:---|
| INVESTMENT INCOME |  |
| Investment income |  |
| EXPENSES |  |
| Organizational expenses | 250000 |
| Less: Reimbursement by Adviser | (250000) |
| Total Expenses |  |
| NET INVESTMENT INCOME |  |

---

See accompanying notes which are an integral part of these financial statements.

See accompanying notes which are an integral part of these financial statements.

**Notes to Unaudited Financial Statements**

**Note 1 – Organization and Significant Accounting Policies** 

The Champion Fund (the "Fund") was registered on January 17, 2025 as a statutory trust under the laws of the state of Delaware. The Fund is in the process of registering with the Securities and Exchange Commission (the "SEC") as a non-diversified, closed-end management investment company that operates as an interval fund pursuant to Rule 23c-3 of the Investment Company Act of 1940 (the "1940 Act"), as amended.

The Fund's investment objective is to generate long-term capital appreciation primarily through an actively managed portfolio that provides investors with exposure to private, venture capital investments. The Fund will seek to achieve its investment objective through investing primarily in equity securities (e.g., common stock, preferred stock, and equity-linked securities convertible into equity securities) of private, operating growth companies ("Portfolio Companies") and, to a lesser extent, interests in professionally managed private venture capital funds ("Portfolio Funds"). The Fund anticipates acquiring interests in the Portfolio Companies both directly from the issuer, including through co-investing with venture capital funds and other investors, and from third party holders of these interests in secondary transactions.

Sweater Industries, LLC, an investment adviser registered under the Investment Advisers Act of 1940 (the "Advisers Act"), as amended, serves as the Fund's investment adviser (the "Adviser"). The Fund's Board of Trustees (the "Board" or "Board of Trustees") has the overall responsibility for the management and supervision of the business operations of the Fund.

The Fund has been inactive except for matters relating to the Fund's establishment, designation, registration of the Fund's shares of beneficial interest ("Shares") under the Securities Act of 1933 and the sale of 5,000 Shares for $100,000 to Champion Capital, LLC, an affiliate of the Sub-Adviser, on August 25, 2025.

Significant accounting policies of the Fund are as follows:

<u>Basis of Presentation</u>

The Fund is an investment company and as a result, maintains its accounting records and has presented these financial statements in accordance with the reporting requirements under Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946, Financial Services – Investment Companies ("ASC 946"). The policies are in conformity with generally accepted accounting principles ("GAAP"), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from these estimates.

<u>Use of Estimates</u>

The preparation of the financial statement in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of this financial statement. Actual results could differ from those estimates.

<u>Indemnifications</u>

The Fund indemnifies the Fund's officers and Board of Trustees for certain liabilities that might arise from their performance of their duties to the Fund. Additionally, in the normal course of business the Fund enters into contracts that contain a variety of representations and warranties and which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

However, based on experience, the Fund expects the risk of loss to be remote.

<u>Cash</u>

Cash includes non-interest bearing non-restricted cash with one institution.

<u>Income Taxes</u>

The Fund intends to elect to qualify to be taxed as a "regulated investment company" as defined in Subtitle A, Chapter 1, Subchapter M of the Internal Revenue Code, as amended (the "Code"). No provision has been made for federal income taxes as it is the intention of the Fund to comply with the provisions of the Code applicable to regulated investment companies and to make distributions of income and realized gains sufficient to relieve it from all or substantially all excise and income taxes.

<u>Organizational and Offering Costs</u>

The Fund has agreed to repay the Adviser for any management fees waived and/or Fund expenses the Adviser reimbursed pursuant to the Expense Limitation Agreement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the management fees were waived and/or the Fund expenses were reimbursed, or any expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within three years after the Adviser waived the fee or reimbursed the expense.

Organizational costs consist of the costs of forming the Fund, drafting of bylaws, administration, custody and transfer agency agreements, legal services in connection with the initial meeting of trustees and the Fund's seed audit costs. Offering costs consist of the costs of preparation, review and filing with the SEC the Fund's registration statement (including the Prospectus and the Statement of Additional Information ("SAI")), the costs of preparation, review and filing of any associated marketing or similar materials, the costs associated with the printing, mailing or other distribution of the Prospectus, SAI and/or marketing materials, and the amounts of associated filing fees and legal fees associated with the offering. The aggregate amount of the organizational and offering costs and offering costs as of the date of the accompanying financial statements are estimated to be approximately $251,500.

As of September 1, 2025, $251,500 waived organization and offering costs, are subject to possible recoupment by the Adviser.

**Note 2 – Agreements**

The Fund has entered into an Investment Management Agreement with the Adviser, pursuant to which the Adviser provides general investment advisory services for the Fund. For providing these services, the Investment Adviser receives a fee from the Fund, accrued daily and paid monthly in arrears, at an annual rate equal to 2.90% of the Fund's average daily net assets. Champion Advisors LLC acts as the Fund's Sub-Adviser and assists the Adviser in implementing and supervising the investment program of the Fund and the composition of its portfolio. The Sub-Adviser is paid by the Adviser, and not by the Fund.

The Fund has entered into an Expense Limitation Agreement with the Adviser, pursuant to which the Adviser has agreed to waive its management fees and/or reimburse Fund expenses to the extent necessary so that the Fund's total annual operating expenses (excluding any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) ("Operating Expenses") do not exceed 4.90% of the Fund's average daily net assets. The Fund has agreed to repay the Adviser for any management fees waived and/or Fund expenses the Adviser reimbursed pursuant to the Expense Limitation Agreement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the management fees were waived and/or the Fund expenses.

**Note 3 – Subsequent Events**

In preparing these financial statements, Management has evaluated subsequent events through the date of issuance of the financial statements included herein. There have been no subsequent events that occurred during such period that would require disclosure or would be required to be recognized in the financial statement.

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

Under Rule 206(4)-6 of the Investment Advisers Act of 1940, it is a fraudulent, deceptive, or manipulative course of business for an investment adviser to exercise voting authority with respect to client securities, unless 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. Under the Rule, the adviser must also disclose its proxy voting policies and procedures to clients and provide them to clients upon request. In addition, the adviser must also provide clients with information on how the adviser voted the proxies on their securities, upon request.

Champion Advisors LLC (the "**Firm**") has authority to vote proxies for its clients is established through the delegation of discretionary authority under its investment advisory contracts or as otherwise delegated to the Firm by the client. These policies and procedures are designed to satisfy the Firm's duties of care and loyalty to its clients with respect to monitoring corporate events and exercising proxy authority in the best interests of such clients. The policies and procedures seek to address potential complexities which may arise in cases where the Firm's interest conflicts or appears to conflict with the interests of its clients and to communicate with clients the methods and rationale whereby the Firm exercises proxy voting authority.

The Firm will reach its voting decisions independently, after appropriate investigation. It does not generally intend to delegate its decision making or to rely on the recommendations of any third party, although it may take such recommendations into consideration. The Firm may consult with such other experts, such as CPA's, investment bankers, attorneys, etc., as it regards necessary to help it reach informed decisions.

The Firm may determine not to vote a proxy if: (1) the effect on the applicable client's economic interests or the value of the portfolio holding is insignificant in relation to its portfolio; (2) the cost of voting the proxy outweighs the possible benefit to the applicable client, including without limitation situations where a jurisdiction imposes share blocking restrictions which may affect the ability to effect transactions in the related securities; or (3) the Firm otherwise has determined that it is consistent with its fiduciary obligations not to vote the proxy.

The Firm serves as the adviser to a closed-end fund under the Investment Company Act of 1940, as amended (the "***1940 Act***"). The fund does not typically invest in other mutual funds or exchange traded funds. The fund does not typically invest in registered equities. If the Fund were to invest in registered equities, this Proxy Voting Policy will be amended to appropriately address the Fund's proxy policy as relevant to registered equities to the extent different than these policies. The fund primarily invests in private companies and, to a lesser extent, private funds, in each case that do not involve many proxy items requiring the Adviser to vote.

If the fund invests in mutual funds (i.e., a fund of funds), the Firm seeks to benefit from the safe harbor of Section 12(d)(1)(F) under the 1940 Act. Section 12(d)(1)(F) requires that shares of underlying investment companies be voted "in the same proportion as the vote of all other holders of such security" ("echo" or "mirror" voting). Accordingly, when voting proxies for the mutual fund, the Firm will vote in the same proportion as all other voting shareholders of the underlying funds.

The Firm will use its internal policies and procedures when collecting information for the Fund to complete and file Form N-PX which is used by the Fund to file reports with the SEC containing the Fund's proxy voting record for the most recent 12-month period ending June 30. This form contains the relevant information to identify the securities issuer, ticker, cusip or other identifying information, dates to include shareholder meeting date and reporting period, the subject matter of the vote, the proposal type, and whether the Firm voted on the matter, a summary of the vote cast (i.e., noting mirror voting). Where a proxy proposal raises a material conflict between the interests of the Firm, any affiliated person(s) of the Firm, or any affiliated person of the Fund, on the one hand, and the Fund's and the Fund's shareholder's interests, on the other, the Firm will resolve the conflict by voting in accordance with the policy guidelines or at the Fund's directive using the recommendation of an independent third party. If the third party's recommendations are not received in a timely fashion, the Firm will abstain from voting.

The CCO or designee is responsible for maintaining accurate records of all proxies voted to include any analysis or supporting document used in completing the Form N-PX. The proxy voting records are maintained in accordance with the the Firm's Books and Records requirements.

**PART C — OTHER INFORMATION**

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) [Amended and Restated Agreement and Declaration of Trust<sup>(1)</sup>](fp0096902-1_ex99252a.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Bylaws of Registrant<sup>(1)</sup>](fp0096902-1_ex99252b.htm)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Form of Dividend Reinvestment Plan<sup>(1)</sup>](fp0096902-1_ex99252e.htm)

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

(g)(1) [Form of Investment Management Agreement<sup>(1)</sup>](fp0096902-1_ex99252g1.htm)

(g)(2) [Form of Subadvisory Agreement<sup>(1)</sup>](fp0096902-1_ex99252g2.htm)

(g)(3) [Form of Expense Limitation Agreement<sup>(1)</sup>](fp0096902-1_ex99252g3.htm)

&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;(i) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) [Form of Custody Agreement<sup>(1)</sup>](fp0096902-1_ex99252j.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) [Form of Master Fund Services Agreement<sup>(1)</sup>](fp0096902-1_ex99252k.htm)

&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>(1)</sup>](fp0096902-1_ex99252l.htm)

&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;(n) [Consent of independent registered public accounting firm](fp0096902-1_ex99252n.htm) <sup>[(1)](fp0096902-1_ex99252n.htm)</sup>

&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;(p) Not applicable

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

(r)(1) [Code of Ethics of the Registrant<sup>(1)</sup>](fp0096902-1_ex99252r1.htm)

(r)(2) [Code of Ethics of the Investment Adviser<sup>(1)</sup>](fp0096902-1_ex99252r2.htm)

(r)(3) [Code of Ethics of the Subadviser<sup>(1)</sup>](fp0096902-1_ex99252r3.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) [Powers of Attorney<sup>(1)</sup>](fp0096902-1_ex99252s.htm)

<sup>(1)</sup> Filed herewith.

---

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

---

Not applicable.

C - 1

**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;**Total:** | $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 January 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.

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.

C - 3

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.

**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.

C - 4

&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;&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;&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;&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.

&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 - 5

**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 23rd day of January, 2026.

---

| | |
|:---|:---|
| **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 23rd day of January, 2026.

---

| | |
|:---|:---|
| **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**

---

| | |
|:---|:---|
| **Exhibit** | **Exhibit Name** |
| [(a)](fp0096902-1_ex99252a.htm) | [Amended and Restated Agreement and Declaration of Trust](fp0096902-1_ex99252a.htm) |
| [(b)](fp0096902-1_ex99252b.htm) | [Bylaws of Registrant](fp0096902-1_ex99252b.htm) |
| [(e)](fp0096902-1_ex99252e.htm) | [Form of Dividend Reinvestment Plan](fp0096902-1_ex99252e.htm) |
| [(g)(1)](fp0096902-1_ex99252g1.htm) | [Form of Investment Management Agreement](fp0096902-1_ex99252g1.htm) |
| [(g)(2)](fp0096902-1_ex99252g2.htm) | [Form of Subadvisory Agreement](fp0096902-1_ex99252g2.htm) |
| [(g)(3)](fp0096902-1_ex99252g3.htm) | [Form of Expense Limitation Agreement<sup>(1)</sup>](fp0096902-1_ex99252g3.htm) |
| [(j)](fp0096902-1_ex99252j.htm) | [Form of Custody Agreement](fp0096902-1_ex99252j.htm) |
| [(k)](fp0096902-1_ex99252k.htm) | [Form of Master Fund Services Agreement](fp0096902-1_ex99252k.htm) |
| [(l)](fp0096902-1_ex99252l.htm) | [Opinion and consent of Fund legal counsel](fp0096902-1_ex99252l.htm) |
| [(n)](fp0096902-1_ex99252n.htm) | [Consent of independent registered public accounting firm](fp0096902-1_ex99252n.htm) |
| [(r)(1)](fp0096902-1_ex99252r1.htm) | [Code of Ethics of the Registrant](fp0096902-1_ex99252r1.htm) |
| [(r)(2)](fp0096902-1_ex99252r2.htm) | [Code of Ethics of the Investment Adviser](fp0096902-1_ex99252r2.htm) |
| [(r)(3)](fp0096902-1_ex99252r3.htm) | [Code of Ethics of the Subadviser](fp0096902-1_ex99252r3.htm) |
| [(s)](fp0096902-1_ex99252s.htm) | [Powers of Attorney](fp0096902-1_ex99252s.htm) |

---

## Exhibit 99.25

**THE CHAMPION FUND**

**AMENDED AND RESTATED**

**AGREEMENT AND DECLARATION OF TRUST**

**Dated as of December 15, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I | ARTICLE I | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.1 | Name. | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;1.2 | Definitions. | 5 |
| ARTICLE II | ARTICLE II | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.1 | Number and Qualification. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.2 | Term and Election | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.3 | Resignation and Removal | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.4 | Vacancies. | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.5 | Meetings | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.6 | Trustee Action by Written Consent | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;2.7 | Officers | 8 |
| ARTICLE III | ARTICLE III | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.1 | General | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.2 | Investments | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.3 | Legal Title | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.4 | Issuance and Repurchase of Shares | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.5 | Borrow Money or Utilize Leverage | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.6 | Delegation; Committees | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.7 | Collection and Payment | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.8 | Expenses | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.9 | By-Laws | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.10 | Miscellaneous Powers | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;3.11 | Further Powers | 10 |
| ARTICLE IV | ARTICLE IV | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.1 | Advisory and Management Arrangements | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.2 | Distribution Arrangements | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;4.3 | Parties to Contract | 11 |
| ARTICLE V | ARTICLE V | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.1 | No Personal Liability of Shareholders, Trustees, etc | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.2 | Mandatory Indemnification | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.3 | No Bond Required of Trustees | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.4 | No Duty of Investigation; No Notice in Trust Instruments, etc | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;5.5 | Trustee's Good Faith Action, Reliance on Experts, etc | 12 |
| ARTICLE VI | ARTICLE VI | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.1 | Beneficial Interest | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.2 | Other Securities | 13 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;6.3 | Rights of Shareholders | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.4 | Exchange and Conversion Privileges | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.5 | Trust Only | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.6 | Issuance of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.7 | Register of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.8 | Transfer Agent and Registrar | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.9 | Transfer of Shares | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;6.10 | Notices | 15 |
| ARTICLE VII | ARTICLE VII | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.1 | Appointment and Duties | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;7.2 | Central Certificate System | 15 |
| ARTICLE VIII | ARTICLE VIII | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.1 | Repurchases by the Trust | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.2 | Redemptions at the Option of the Trust | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.3 | Suspension of Right of Repurchase | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.4 | Redemption of Shares to Qualify as a Regulated Investment Company | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.5 | No Voting of Repurchased Shares | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;8.6 | Disclosure of Holdings | 17 |
| ARTICLE IX | ARTICLE IX | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.1 | Net Asset Value | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.2 | Distributions to Shareholders | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;9.3 | Power to Modify Foregoing Procedures | 17 |
| ARTICLE X | ARTICLE X | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1 | Meetings of Shareholders | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2 | Voting | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3 | Notice of Meeting and Record Date | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.4 | Quorum and Required Vote | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.5 | Proxies, etc | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.6 | Reports | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.7 | Inspection of Records | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;10.8 | Shareholder Action by Written Consent | 19 |
| ARTICLE XI | ARTICLE XI | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.1 | Duration | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.2 | Termination | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.3 | Amendment Procedure | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.4 | Merger, Consolidation and Sale of Assets | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.5 | Subsidiaries | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.6 | Conversion | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.7 | Certain Transactions | 21 |

---

---

| | | |
|:---|:---|:---|
| ARTICLE XII | ARTICLE XII | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.1 | Filing | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.2 | Resident Agent | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.3 | Governing Law | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.4 | Jurisdiction and Waiver of Jury Trial | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.5 | Counterparts | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.6 | Reliance by Third Parties | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.7 | Provisions in Conflict with Law or Regulation | 23 |

---

**THE CHAMPION FUND**

**SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST**

THIS SECOND AMENDED AND RESTATED AGREEMENT AND DECLARATION OF TRUST made as of the 15 day of December, 2025, by the Trustees hereunder, and by the holders of shares of beneficial interest issued hereunder as hereinafter provided.

WHEREAS, this Trust has been formed to carry on business as set forth more particularly hereinafter;

WHEREAS, this Trust is authorized to issue an unlimited number of its shares of beneficial interest, all in accordance with the provisions hereinafter set forth;

WHEREAS, the Trustees have agreed to manage all property coming into their hands as Trustees of a Delaware statutory trust in accordance with the provisions hereinafter set forth;

WHEREAS, the Trust was formed as a statutory trust under the Delaware Statutory Trust Act under the name "The Champion Fund" upon the adoption of the Initial Declaration of Trust and filing of the Certificate of Trust filed on December 9, 2024; and

NOW, THEREFORE the Trustees hereby declare that they will hold all cash, securities and other assets, which they may from time to time acquire in any manner as Trustees hereunder, IN TRUST to manage and dispose of the same upon the following terms and conditions for the benefit of the holders from time to time of Shares in this Trust as hereinafter set forth, and that the Initial Declaration of Trust is hereby amended and restated in its entirety to read as follows:

**ARTICLE I**

**THE TRUST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 <u>Name</u>. This Trust shall be known as "The Champion Fund" and the Trustees shall conduct the business of the Trust under that name or any other name or names as they may from time to time determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.2 <u>Definitions</u>. As used in this Declaration, the following terms shall have the following meanings:

The "<u>1940 Act</u>" refers to the Investment Company Act of 1940 and the rules and regulations promulgated thereunder and exemptions granted therefrom, as amended from time to time. The term "1940 Act" shall be interpreted to allow the Trust to rely on any applicable exemptive, no-action or interpretive relief or other guidance issued by the Commission or its staff.

The terms "<u>Affiliated Person</u>", "<u>Assignment</u>", "<u>Interested Person</u>" and "<u>Principal Underwriter</u>" shall have the meanings given them in the 1940 Act.

"<u>By-Laws</u>" shall mean the By-Laws of the Trust as amended from time to time by the Trustees.

"<u>class</u>" or "<u>class of Shares</u>" refers to the division of Shares into one or more classes as provided in Section 6.1.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"<u>Commission</u>" shall mean the Securities and Exchange Commission.

"<u>Declaration</u>" shall mean this Agreement and Declaration of Trust, as amended, supplemented or amended and restated from time to time.

"<u>Delaware Statutory Trust Act</u>" shall mean the provisions of the Delaware Statutory Trust Act, 12 <u>Del.</u> <u>C.</u> 3801, <u>et</u>. <u>seq</u>., as such Act may be amended from time to time.

"<u>Delaware General Corporation Law</u>" means the Delaware General Corporation Law, 8 <u>Del. C.</u> 100, <u>et</u>. <u>seq</u>., as amended from time to time.

"<u>Fundamental Policies</u>" shall mean the investment policies and restrictions as set forth from time to time in any Registration Statement of the Trust filed with the Commission and designated as fundamental policies therein, as they may be amended from time to time in accordance with the requirements of the 1940 Act.

"<u>Initial Declaration of Trust</u>" shall mean the Agreement and Declaration of Trust of the Trust dated as of December 9, 2024.

"<u>Majority Shareholder Vote</u>" shall mean a vote of "a majority of the outstanding voting securities" (as such term is defined in the 1940 Act) of the Trust with each class and series of Shares voting together as a single class, except to the extent otherwise required by the 1940 Act or this Declaration with respect to any one or more classes or series of Shares, in which case the applicable proportion of such classes or series of Shares voting as a separate class or series, as the case may be, also will be required.

"<u>Person</u>" shall mean and include individuals, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

"<u>Prospectus</u>" shall mean the Prospectus of the Trust, if any, as in effect from time to time under the Securities Act of 1933, as amended.

"<u>series</u>" or "<u>series of Shares</u>" refers to the designation of Shares as one or more series as provided in Section 6.1.

"<u>Shareholders</u>" shall mean as of any particular time the holders of record of outstanding Shares of the Trust, at such time.

"<u>Shares</u>" shall mean the units of beneficial interest into which the beneficial interest in the Trust shall be divided from time to time and includes fractions of Shares as well as whole Shares. In addition, Shares also means any preferred shares or preferred units of beneficial interest which may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series or classes as the context may require.

"<u>Trust</u>" shall mean the trust established by this Declaration, as amended from time to time, inclusive of each such amendment.

"<u>Trust Property</u>" shall mean as of any particular time any and all property, real or personal, tangible or intangible, which at such time is owned or held by or for the account of the Trust or the Trustees in such capacity.

"<u>Trustees</u>" shall mean the trustees in office on the date hereof, and all other persons who at the time in question have been duly elected or appointed and have qualified as trustees in accordance with the provisions hereof and are then in office.

**ARTICLE II**

**TRUSTEES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1 <u>Number and Qualification</u>**.** Prior to a public offering of Shares there may be a sole Trustee. Thereafter, the number of Trustees shall be determined by a duly adopted resolution of the Board of Trustees or by a written instrument signed by a majority of the Trustees then in office, provided that the number of Trustees shall be no less than two or more than fifteen. No reduction in the number of Trustees shall have the effect of removing any Trustee from office prior to the expiration of his term. An individual nominated as a Trustee shall be at least 21 years of age and not older than 80 years of age at the time of nomination and not under legal disability. Trustees need not own Shares and may succeed themselves in office.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2 <u>Term and Election</u>. The Trustees shall be elected at meetings of the Shareholders called by the Board of Trustees from time to time in their sole discretion for that purpose, except as provided in Section 2.4 of this Article or as required by the 1940 Act, and each Trustee elected shall hold office until his or her successor shall have been elected and shall have qualified. The term of office of a Trustee shall terminate and a vacancy shall occur in the event of the death, resignation, retirement, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office, or removal, of a Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3 <u>Resignation and Removal</u>. Any of the Trustees may resign their trust (without need for prior or subsequent accounting) by an instrument in writing signed by such Trustee and delivered or mailed to the Trustees or the Chairperson, if any, the President or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Trustees may be removed (provided the aggregate number of Trustees after such removal shall not be less than the minimum number required by Section 2.1 hereof) for cause only, and not without cause, and only by action taken by a majority of the remaining Trustees followed by the holders of at least seventy-five percent (75%) of the Shares then entitled to vote in an election of such Trustee. Upon the resignation or removal of a Trustee, each such resigning or removed Trustee shall execute and deliver such documents as the remaining Trustees shall require for the purpose of conveying to the Trust or the remaining Trustees any Trust Property held in the name of such resigning or removed Trustee. Upon the incapacity or death of any Trustee, such Trustee's legal representative shall execute and deliver on such Trustee's behalf such documents as the remaining Trustees shall require as provided in the preceding sentence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5 <u>Meetings</u>. Meetings of the Trustees shall be held from time to time upon the call of the Chairperson, if any, or the President or any two Trustees. Regular meetings of the Trustees may be held without call or notice at a time and place fixed by the By-Laws or by resolution of the Trustees. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Trustees orally not less than 24 hours, or in writing not less than 72 hours, before the meeting, but may be waived in writing by any Trustee either before or after such meeting. The attendance of a Trustee at a meeting shall constitute a waiver of notice of such meeting except where a Trustee attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Any time there is more than one Trustee, a quorum for all meetings of the Trustees shall be one-third, but not less than two, of the Trustees. Unless provided otherwise in this Declaration and except as required under the 1940 Act, any action of the Trustees may be taken at a meeting by vote of a majority of the Trustees present (a quorum being present) or without a meeting by written consent of a majority of the Trustees.

Any committee of the Trustees, including an executive committee, if any, may act with or without a meeting. Any time there is more than one member of a committee, and unless otherwise provided in the committee's charter, a quorum for all meetings of any such committee shall be one-third, but not less than two, of the members thereof. Unless provided otherwise in this Declaration or in the committee's charter, any action of any such committee may be taken at a meeting by vote of a majority of the members present (a quorum being present) or without a meeting by written consent of a majority of the members.

With respect to actions of the Trustees and any committee of the Trustees, Trustees who are Interested Persons in any action to be taken may be counted for quorum purposes under this Section and shall be entitled to vote to the extent not prohibited by the 1940 Act.

All or any one or more Trustees may participate in a meeting of the Trustees or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6 <u>Trustee Action by Written Consent</u>. Any action which may be taken by Trustees by vote may be taken without a meeting if that number of the Trustees, or members of a committee, as the case may be, required for approval of such action at a meeting of the Trustees or of such committee consent to the action in writing and the written consents are filed with the records of the meetings of Trustees. Such consent shall be treated for all purposes as a vote taken at a meeting of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7 <u>Officers</u>. The Trustees shall elect a President, a Secretary and a Treasurer and may elect a Chairperson who shall serve at the pleasure of the Trustees or until their successors are elected. The Trustees may elect or appoint or may authorize the Chairperson, if any, or President to appoint such other officers or agents with such powers as the Trustees may deem to be advisable. A Chairperson shall, and the President, Secretary and Treasurer may, but need not, be a Trustee.

**ARTICLE III**

**POWERS AND DUTIES OF TRUSTEES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1 <u>General</u>. The Trustees shall have exclusive and absolute control over the Trust Property and over the business of the Trust to the same extent as if the Trustees were the sole owners of the Trust Property and business in their own right, but with such powers of delegation as may be permitted by this Declaration. The Trustees may perform such acts as in their sole discretion are proper for conducting the business of the Trust. Unless another standard is specified herein, in conducting the business of the Trust and in exercising their rights and powers hereunder, the Trustees may take any actions and make any determinations in their subjective belief that such actions or determinations are in, or not opposed to, the best interest of the Trust. The Trustees have the power to construe and interpret this Declaration and to act upon any such construction or interpretation. Any construction or interpretation of this Declaration by the Trustees and any action taken pursuant thereto and any determination as to what is in the interests of the Trust and the Shareholders made by the Trustees in good faith shall, in each case, be conclusive and binding on all Shareholders and all other Persons for all purposes. The enumeration of any specific power herein shall not be construed as limiting the aforesaid power. Such powers of the Trustees may be exercised without order of or resort to any court. Except as required by federal law including the 1940 Act, neither the Trustees nor any officer of the Trust shall owe any fiduciary duty to the Trust or any series or class or any Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2 <u>Investments</u>. The Trustees shall have power, subject to the Fundamental Policies in effect from time to time with respect to the Trust to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) manage, conduct, operate and carry on the business of an investment company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) subscribe for, invest in, reinvest in, purchase or otherwise acquire, hold, pledge, sell, assign, transfer, exchange, distribute or otherwise deal in or dispose of any and all sorts of property, tangible or intangible, including but not limited to securities of any type whatsoever, whether equity or non-equity, of any issuer, evidences of indebtedness of any person and any other rights, interests, instruments or property of any sort and to exercise any and all rights, powers and privileges of ownership or interest in respect of any and all such investments of every kind and description, including, without limitation, the right to consent and otherwise act with respect thereto, with power to designate one or more Persons to exercise any of said rights, powers and privileges in respect of any of said investments. The Trustees shall not be limited by any law limiting the investments which may be made by fiduciaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.3 <u>Legal Title</u>. Legal title to all the Trust Property shall be vested in the Trustees as joint tenants except that the Trustees shall have power to cause legal title to any Trust Property to be held by or in the name of one or more of the Trustees, or in the name of the Trust, or in the name of any other Person as nominee, custodian or pledgee, on such terms as the Trustees may determine, provided that the interest of the Trust therein is appropriately protected.

The right, title and interest of the Trustees in the Trust Property shall vest automatically in each person who may hereafter become a Trustee upon his due election and qualification. Upon the ceasing of any person to be a Trustee for any reason, such person shall automatically cease to have any right, title or interest in any of the Trust Property, and the right, title and interest of such Trustee in the Trust Property shall vest automatically in the remaining Trustees. Such vesting and cessation of title shall be effective whether or not conveyancing documents have been executed and delivered.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.4 <u>Issuance and Repurchase of Shares</u>. The Trustees shall have the power to issue, sell, repurchase, redeem, retire, cancel, acquire, hold, resell, reissue, classify and/or reclassify, dispose of, transfer, and otherwise deal in, Shares, including Shares in fractional denominations, and, subject to the more detailed provisions set forth in Articles VIII and IX, to apply to any such repurchase, redemption, retirement, cancellation or acquisition of Shares any funds or property whether capital or surplus or otherwise, to the full extent now or hereafter permitted corporations formed under the Delaware General Corporation Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.5 <u>Borrow Money or Utilize Leverage</u>. Subject to the Fundamental Policies in effect from time to time with respect to the Trust, the Trustees shall have the power to borrow money or otherwise obtain credit or utilize leverage to the maximum extent permitted by law or regulation as such may be needed or desired from time to time and to secure the same by mortgaging, pledging or otherwise subjecting as security the assets of the Trust, including the lending of portfolio securities, and to endorse, guarantee, or undertake the performance of any obligation, contract or engagement of any other person, firm, association or corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.6 <u>Delegation; Committees</u>. The Trustees shall have the power, consistent with their continuing exclusive authority over the management of the Trust and the Trust Property, to delegate from time to time to such of their number or to officers, employees or agents of the Trust the doing of such things, including any matters set forth in this Declaration, and the execution of such instruments either in the name of the Trust or the names of the Trustees or otherwise as the Trustees may deem expedient. The Trustees may designate one or more committees which shall have all or such lesser portion of the authority of the entire Board of Trustees as the Trustees shall determine from time to time except to the extent action by the entire Board of Trustees or particular Trustees is required by the 1940 Act. Each committee of the Board of Trustees shall be comprised of one or more members as determined by the Trustees or the members of such committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.7 <u>Collection and Payment</u>. The Trustees shall have power to collect all property due to the Trust; to pay all claims, including taxes, against the Trust Property or the Trust, the Trustees or any officer, employee or agent of the Trust; to prosecute, defend, compromise or abandon any claims relating to the Trust Property or the Trust, or the Trustees or any officer, employee or agent of the Trust; to foreclose any security interest securing any obligations, by virtue of which any property is owed to the Trust; and to enter into releases, agreements and other instruments. Except to the extent required for a corporation formed under the Delaware General Corporation Law, the Shareholders shall have no power to vote as to whether or not a court action, legal proceeding or claim should or should not be brought or maintained derivatively or as a class action on behalf of the Trust or the Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.8 <u>Expenses</u>. The Trustees shall have power to incur and pay out of the assets or income of the Trust any expenses which in the opinion of the Trustees are necessary or incidental to carry out any of the purposes of this Declaration, and the business of the Trust, and to pay reasonable compensation from the funds of the Trust to themselves as Trustees. The Trustees shall fix the compensation of all officers, employees and Trustees. The Trustees may pay themselves such compensation for special services, including legal, underwriting, syndicating and brokerage services, as they in good faith may deem reasonable and reimbursement for expenses reasonably incurred by themselves on behalf of the Trust. The Trustees shall have the power, as frequently as they may determine, to cause each Shareholder to pay directly, in advance or arrears, for charges of distribution, of the custodian or transfer, Shareholder servicing or similar agent, a pro rata amount as defined from time to time by the Trustees, by setting off such charges due from such Shareholder from declared but unpaid dividends or distributions owed such Shareholder and/or by reducing the number of shares in the account of such Shareholder by that number of full and/or fractional Shares which represents the outstanding amount of such charges due from such Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.9 <u>By-Laws</u>. The Trustees shall have the exclusive authority to adopt and from time to time amend or repeal By-Laws for the conduct of the business of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Miscellaneous Powers</u>. The Trustees shall have the power to: (a) employ or contract with such Persons as the Trustees may deem desirable for the transaction of the business of the Trust; (b) enter into joint ventures, partnerships and any other combinations or associations; (c) purchase, and pay for out of Trust Property, insurance policies insuring the Shareholders, Trustees, officers, employees, agents, investment advisors, distributors, selected dealers or independent contractors of the Trust against all claims arising by reason of holding any such position or by reason of any action taken or omitted by any such Person in such capacity, whether or not constituting negligence, or whether or not the Trust would have the power to indemnify such Person against such liability; (d) establish pension, profit-sharing, share purchase, and other retirement, incentive and benefit plans for any Trustees, officers, employees and agents of the Trust; (e) make donations, irrespective of benefit to the Trust, for charitable, religious, educational, scientific, civic or similar purposes; (f) to the extent permitted by law, indemnify any Person with whom the Trust has dealings, including without limitation any advisor, administrator, manager, transfer agent, custodian, distributor or selected dealer, or any other person as the Trustees may see fit to such extent as the Trustees shall determine; (g) guarantee indebtedness or contractual obligations of others; (h) determine and change the fiscal year of the Trust and the method in which its accounts shall be kept; and (i) adopt a seal for the Trust but the absence of such seal shall not impair the validity of any instrument executed on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Further Powers</u>. The Trustees shall have the power to conduct the business of the Trust and carry on its operations in any and all of its branches and maintain offices both within and without the State of Delaware, in any and all states of the United States of America, in the District of Columbia, and in any and all commonwealths, territories, dependencies, colonies, possessions, agencies or instrumentalities of the United States of America and of foreign governments, and to do all such other things and execute all such instruments as they deem necessary, proper or desirable in order to promote the interests of the Trust although such things are not herein specifically mentioned. Any determination as to what is in the interests of the Trust made by the Trustees in good faith shall be conclusive. In construing the provisions of this Declaration, the presumption shall be in favor of a grant of power to the Trustees. The Trustees will not be required to obtain any court order to deal with the Trust Property.

**ARTICLE IV**

**ADVISORY, MANAGEMENT AND DISTRIBUTION ARRANGEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1 <u>Advisory and Management Arrangements</u>. Subject to the requirements of applicable law as in effect from time to time, the Trustees may in their discretion from time to time enter into advisory, administration or management contracts (including, in each case, one or more sub-advisory, sub-administration or sub-management contracts) whereby the other party to any such contract shall undertake to furnish such advisory, administrative and management services with respect to the Trust as the Trustees shall from time to time consider desirable and all upon such terms and conditions as the Trustees may in their discretion determine. Notwithstanding any provisions of this Declaration, the Trustees may authorize any advisor, administrator or manager (subject to such general or specific instructions as the Trustees may from time to time adopt) to exercise any of the powers of the Trustees, including to effect investment transactions with respect to the assets on behalf of the Trust to the full extent of the power of the Trustees to effect such transactions or may authorize any officer, employee or Trustee to effect such transactions pursuant to recommendations of any such advisor, administrator or manager (and all without further action by the Trustees). Any such investment transaction shall be deemed to have been authorized by all of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2 <u>Distribution Arrangements</u>. Subject to compliance with the 1940 Act, the Trustees may retain underwriters and/or placement agents to sell Shares and other securities of the Trust. The Trustees may in their discretion from time to time enter into one or more contracts, providing for the sale of securities of the Trust, whereby the Trust may either agree to sell such securities to the other party to the contract or appoint such other party its sales agent for such securities. In either case, the contract shall be on such terms and conditions as the Trustees may in their discretion determine not inconsistent with the provisions of this Article IV or the By-Laws; and such contract may also provide for the repurchase or sale of securities of the Trust by such other party as principal or as agent of the Trust and may provide that such other party may enter into selected dealer agreements with registered securities dealers and brokers and servicing and similar agreements with persons who are not registered securities dealers to further the purposes of the distribution or repurchase of the securities of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3 <u>Parties to Contract</u>. Any contract of the character described in Sections 4.1 and 4.2 of this Article IV or in Article VII hereof may be entered into with any Person, although one or more of the Trustees, officers or employees of the Trust may be an officer, director, trustee, shareholder, or member of such other party to the contract, and no such contract shall be invalidated or rendered voidable by reason of the existence of any such relationship, nor shall any Person holding such relationship be liable merely by reason of such relationship for any loss or expense to the Trust under or by reason of said contract or accountable for any profit realized directly or indirectly therefrom, provided that the contract when entered into was reasonable and fair and not inconsistent with the provisions of this Article IV or the By-Laws. The same Person may be the other party to contracts entered into pursuant to Sections 4.1 and 4.2 above or Article VII, and any individual may be financially interested or otherwise affiliated with Persons who are parties to any or all of the contracts mentioned in this Section 4.3.

**ARTICLE V**

**LIMITATIONS OF LIABILITY AND INDEMNIFICATION**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2 <u>Mandatory Indemnification</u>. (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 1940 Act) 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;&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;&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 1940 Act) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject to any limitations provided by the 1940 Act 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 1940 Act.

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

**ARTICLE VI**

**SHARES OF BENEFICIAL INTEREST**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1 <u>Beneficial Interest</u>. The beneficial interest in the Trust shall be divided into Shares, par value $0.001 per Share (or such other amount as the Trustees shall determine, including no par value). The Trustees may, without the approval of Shareholders, authorize one or more series of Shares and one or more classes of Shares having such preferences, voting powers, terms of repurchase or redemption, if any, and special or relative rights or privileges (including conversion rights, if any) as the Trustees may determine. The number of Shares of the Trust and each series and class authorized hereunder is unlimited. The Trust is authorized to issue an unlimited number of Shares, and upon the establishment of any series or class as provided herein, the Trust shall be authorized to issue an unlimited number of Shares of each such series and class, unless otherwise determined, and subject to any conditions set forth, by the Trustees. All references to Shares in this Declaration shall be deemed to be Shares of the Trust and of any or all series or classes, as the context may require. All provisions herein relating to the Trust shall apply equally to each series of the Trust and each class, except as the context otherwise requires. Notwithstanding any other provision of this Declaration, including Section 3.8 hereof, all Shares issued hereunder, including Shares issued in connection with a dividend in Shares or a split or reverse split of Shares, shall be fully paid and non-assessable. Except as otherwise provided by the Trustees, Shareholders shall have no preemptive or other right to subscribe to any additional Shares or other securities issued by the Trust. Shares held in the Trust's treasury shall not confer any voting rights on the Trustees and shall not be entitled to any dividends or other distributions declared with respect to the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2 <u>Other Securities</u>. The Trustees may, subject to the Fundamental Policies and the requirements of the 1940 Act, authorize and issue such other securities of the Trust as they determine to be necessary, desirable or appropriate, having such terms, rights, preferences, privileges, limitations and restrictions as the Trustees see fit, including preferred interests, debt securities or other senior securities. To the extent that the Trustees authorize and issue preferred shares of any class or series, they are hereby authorized and empowered to amend or supplement this Declaration as they deem necessary or appropriate, including to comply with the requirements of the 1940 Act or requirements imposed by the rating agencies or other Persons, all without the approval of Shareholders. Any such supplement or amendment shall be filed as is necessary. The Trustees are also authorized to take such actions and retain such persons as they see fit to offer and sell such securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3 <u>Rights of Shareholders</u>. The Shares shall be personal property giving only the rights in this Declaration specifically set forth. The ownership of the Trust Property of every description and the right to conduct any business herein before described are vested exclusively in the Trustees, and the Shareholders shall have no interest therein other than the beneficial interest conferred by their Shares, and they shall have no right to call for any partition or division of any property, profits, rights or interests of the Trust nor can they be called upon to share or assume any losses of the Trust or, subject to the right of the Trustees to charge certain expenses directly to Shareholders, as provided in the last sentence of Section 3.8, suffer an assessment of any kind by virtue of their ownership of Shares. The Shares shall not entitle the holder to preference, preemptive, appraisal, repurchase, redemption, conversion or exchange rights (except as specified in this Section 6.3, in Section 8.1, in Section 11.4, or as specified by the Trustees when creating the Shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.4 <u>Exchange and Conversion Privileges</u>. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class shall have the right to convert such Shares for Shares of one or more other Classes. Subject to the provisions of the 1940 Act and provisions of this Declaration, the Trustees shall have the power and authority to provide that the Shareholders of any Class may exchange their Shares for those of another fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.5 <u>Trust Only</u>. It is the intention of the Trustees to create only the relationship of Trustee and beneficiary between the Trustees and each Shareholder from time to time. It is not the intention of the Trustees to create a general partnership, limited partnership, joint stock association, corporation, bailment or any form of legal relationship other than a trust. Nothing in this Declaration shall be construed to make the Shareholders, either by themselves or with the Trustees, partners or members of a joint stock association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.6 <u>Issuance of Shares</u>. The Trustees, in their discretion, may from time to time without vote of the Shareholders issue Shares including preferred shares that may have been established pursuant to Section 6.2, in addition to the then issued and outstanding Shares and Shares held in the treasury, to such party or parties and for such amount and type of consideration, including cash or property, at such time or times, and on such terms as the Trustees may determine, and may in such manner acquire other assets (including the acquisition of assets subject to, and in connection with the assumption of, liabilities) and businesses. The Trustees may from time to time divide or combine the Shares into a greater or lesser number without thereby changing the proportionate beneficial interest in such Shares. Issuances and redemptions of Shares may be made in whole Shares and/or l/l,000ths of a Share or multiples thereof as the Trustees may determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.7 <u>Register of Shares</u>. A register shall be kept at the offices of the Trust or any transfer agent duly appointed by the Trustees under the direction of the Trustees which shall contain the names and addresses of the Shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of Shareholders. No Shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to him as herein provided, until he has given his address to a transfer agent or such other officer or agent of the Trustees as shall keep the register for entry thereon. The Trustees, in their discretion, may authorize the issuance of share certificates and promulgate appropriate fees therefore and rules and regulations as to their use.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.8 <u>Transfer Agent and Registrar</u>. The Trustees shall have power to employ a transfer agent or transfer agents, and a registrar or registrars, with respect to the Shares. The transfer agent or transfer agents may keep the applicable register and record therein, the original issues and transfers, if any, of the said Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.9 <u>Transfer of Shares</u>. Shares shall be transferable on the records of the Trust only by the record holder thereof or by its agent thereto duly authorized in writing, upon delivery to the Trustees or a transfer agent of the Trust of a duly executed instrument of transfer, together with such evidence of the genuineness of each such execution and authorization and of other matters (including compliance with any securities laws and contractual restrictions) as may reasonably be required. Upon such delivery the transfer shall be recorded on the applicable register of the Trust. Until such record is made, the Shareholder of record shall be deemed to be the holder of such Shares for all purposes hereof and neither the Trustees nor any transfer agent or registrar nor any officer, employee or agent of the Trust shall be affected by any notice of the proposed transfer.

The Trustees may make such rules as they consider appropriate, in their sole discretion, for the transfer of Shares (including any restrictions on the transfer of Shares). Without limiting the authority of the Trustees to make rules (including restrictions) on the transfer of Shares, Shares shall be subject to the transfer restrictions and provisions, if any, described in the Prospectus relating to such Shares as from time to time in effect or as may be disclosed in any public filing of the Trust. Any person becoming entitled to any Shares in consequence of the death, divorce, bankruptcy, insolvency, adjudicated incompetence, dissolution, merger, reorganization or termination of any Shareholder, or otherwise by operation of law, shall be recorded on the applicable register of Shares as the holder of such Shares upon production of the proper evidence thereof to the Trustees or a transfer agent of the Trust, but until such record is made, the Shareholder of record shall be deemed to be the holder of such for all purposes hereof, and neither the Trustees nor any transfer agent or registrar nor any officer or agent of the Trust shall be affected by any notice of such death, divorce, bankruptcy, insolvency, adjudicated incompetence, dissolution, merger, reorganization or termination, or other operation of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 <u>Notices</u>. Any and all notices to which any Shareholder hereunder may be entitled and any and all communications shall be deemed duly served or given if mailed, postage prepaid, addressed to any Shareholder of record at his last known address as recorded on the applicable register of the Trust.

**ARTICLE VII**

**CUSTODIANS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1 <u>Appointment and Duties</u>. The Trustees shall at all times employ a custodian or custodians, meeting the qualifications for custodians for portfolio securities of investment companies contained in the 1940 Act, as custodian with respect to the assets of the Trust. Any custodian shall have authority as agent of the Trust as determined by the custodian agreement or agreements, but subject to such restrictions, limitations and other requirements, if any, as may be contained in the By-Laws of the Trust and the 1940 Act, including without limitation authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) to hold the securities owned by the Trust and deliver the same upon written order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) to receive any receipt for any moneys due to the Trust and deposit the same in its own banking department (if a bank) or elsewhere as the Trustees may direct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) to disburse such funds upon orders or vouchers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) if authorized by the Trustees, to keep the books and accounts of the Trust and furnish clerical and accounting services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) if authorized to do so by the Trustees, to compute the net income or net asset value of the Trust;

all upon such basis of compensation as may be agreed upon between the Trustees and the custodian.

The Trustees may also authorize each custodian to employ one or more sub-custodians from time to time to perform such of the acts and services of the custodian and upon such terms and conditions, as may be agreed upon between the custodian and such sub-custodian and approved by the Trustees, provided that in every case such sub-custodian shall meet the qualifications for custodians contained in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2 <u>Central Certificate System</u>. Subject to such rules, regulations and orders as the Commission may adopt, the Trustees may direct the custodian to deposit all or any part of the securities owned by the Trust in a system for the central handling of securities established by a national securities exchange or a national securities association registered with the Commission under the Securities Exchange Act of 1934, or such other Person as may be permitted by the Commission, or otherwise in accordance with the 1940 Act, pursuant to which system all securities of any particular class of any issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of such securities, provided that all such deposits shall be subject to withdrawal only upon the order of the Trust.

**ARTICLE VIII**

**REPURCHASES OF SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1 <u>Repurchases by the Trust</u>. Unless the Trustees otherwise determine with respect to a particular class at the time of establishing and designating the same, each Shareholder of a particular class shall have the right at such times as may be permitted by the Trustees to require the Trust to repurchase (out of the assets belonging to the applicable class) all or any part of such Shareholder's Shares at the net asset value thereof as of the repurchase pricing date established by the Trustees, less any repurchase fee established by the Trustees in their discretion, and subject to such conditions as the Trustees may determine, which may include establishing a maximum amount of Shares that may be repurchased and prorating Shares tendered for repurchase if the repurchase is oversubscribed. Payment for said Shares shall be made by the Trust to the Shareholder within seven days after the repurchase pricing date established by the Trustees. The repurchase price may in any case or cases be paid in cash or wholly or partly in kind if the Trustees determine that such payment is advisable in the interest of the remaining Shareholders. Subject to the foregoing, the fair value, selection and quantity of securities or other property so paid or delivered as all or part of the repurchase price shall be determined by or under authority of the Trustees. In no case shall the Trust be liable for any delay of any corporation or other Person in transferring securities selected for delivery as all or part of any payment in kind.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2 <u>Redemptions at the Option of the Trust</u>. The Trust shall have the right at its option and at any time to redeem Shares of any Shareholder at the net asset value thereof, unless otherwise permitted by the 1940 Act, for any reason under the terms established by the Trustees from time to time including but not limited to: (i) if at such time such Shareholder owns Shares having an aggregate net asset value of less than an amount determined from time to time by the Trustees; (ii) to the extent that such Shareholder owns Shares equal to or in excess of a percentage of the outstanding Shares determined from time to time by the Trustees; (iii) the failure of a Shareholder to supply a tax identification number or other identification or if the Trust is unable to verify a Shareholder's identity; (iv) the failure of a Shareholder to pay when due the purchase price of Shares; (v) when the Trust is requested or compelled to do so by governmental authority; or (vi) the determination by the Trustees or pursuant to policies and procedures adopted by the Trustees that ownership of Shares is not in the best interest of the remaining Shareholders of the Trust or applicable class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3 <u>Suspension of Right of Repurchase</u>. The Trustees may declare a suspension of the right of repurchase or postpone the date of payment as permitted under the 1940 Act. Such suspension shall take effect at such time as the Trustees shall specify and thereafter there shall be no right of repurchase or payment until the Trustees shall declare the suspension at an end. In the event that the Trust is divided into classes, the provisions of this Section 8.3, to the extent applicable as determined in the discretion of the Trustees and consistent with the 1940 Act, may be equally applied to each such class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4 <u>Redemption of Shares to Qualify as a Regulated Investment Company</u>. If the Trustees shall, at any time and in good faith, be of the opinion that direct or indirect ownership of Shares has or may become concentrated in any Person to an extent that would disqualify the Trust as a regulated investment company under the Code, then the Trustees shall have the power (but not the obligation) by lot or other means deemed equitable by them (i) to call for redemption by any such Person of a number, or principal amount, of Shares sufficient to maintain or bring the direct or indirect ownership of Shares into conformity with the requirements for such qualification and (ii) to refuse to transfer or issue Shares to any Person whose acquisition of Shares in question would result in such disqualification. The redemption shall be effected at the redemption price and in the manner provided herein. The holders of Shares shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares as the Trustees deem necessary to comply with the requirements of any taxing authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5 <u>No Voting of Repurchased Shares</u>. Subject to applicable federal law including the 1940 Act, to the extent so determined by the Trustees, upon repurchase, Shares shall no longer be deemed outstanding or carry any voting rights irrespective of whether a record date for any matter on which Shares were entitled to vote had been set on a date prior to the date on which such Shares were redeemed or repurchased. In making a determination as to which Shares shall be deemed outstanding and carry any voting rights with respect to any matter on which such Shares were entitled to vote prior to redemption or repurchase, subject to applicable federal law including the 1940 Act, the Trustees may, among other things, determine that Shares redeemed or repurchased either before or after a date specified by the Trustees between the record date for such matter and the meeting date for such matter shall be deemed outstanding and retain voting rights, which determination may be made for any reason including that it would not be reasonably practicable to obtain a quorum if all of the Shares redeemed or repurchased after a record date for such matter and before the voting date no longer were deemed outstanding and carried any voting rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6 <u>Disclosure of Holdings</u>. The holders of Shares or other securities of the Trust shall upon demand disclose to the Trustees in writing such information with respect to direct and indirect ownership of Shares or other securities of the Trust as the Trustees deem necessary to comply with the provisions of the Code, the 1940 Act or other applicable laws or regulations, or to comply with the requirements of any other taxing or regulatory authority.

**ARTICLE IX**

**DETERMINATION OF NET ASSET VALUE, NET INCOME AND DISTRIBUTIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1 <u>Net Asset Value</u>. The net asset value of each outstanding Share of the Trust shall be determined at such time or times on such days as the Trustees may determine, in accordance with the 1940 Act. The method of determination of net asset value shall be determined by the Trustees. The power and duty to make the net asset value calculations may be delegated by the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2 <u>Distributions to Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trustees shall from time to time distribute ratably among the Shareholders of any class of Shares, or any series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, such proportion of net profits, surplus (including paid-in surplus), capital, or assets held by the Trustees as they may deem proper or as may otherwise be determined in accordance with this Declaration. Any such distribution may be made in cash or property (including without limitation any type of obligations of the Trust or any assets thereof) or Shares of any class or series or any combination thereof, and the Trustees may distribute ratably among the Shareholders of any class of Shares or series of any such class, in accordance with the number of outstanding full and fractional Shares of such class or any series of such class, additional Shares of any class or series in such manner, at such times, and on such terms as the Trustees may deem proper or as may otherwise be determined in accordance with this Declaration.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Distributions pursuant to this Section 9.2 may be among the Shareholders of record of the applicable class or series of Shares at the time of declaring a distribution or among the Shareholders of record at such later date as the Trustees shall determine and specify.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may always retain from the net profits such amount as they may deem necessary to pay the debts or expenses of the Trust or to meet obligations of the Trust, or as they otherwise may deem desirable to use in the conduct of its affairs or to retain for future requirements or extensions of the business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Inasmuch as the computation of net income and gains for Federal income tax purposes may vary from the computation thereof on the books, the above provisions shall be interpreted to give the Trustees the power in their discretion to distribute for any fiscal year as ordinary dividends and as capital gains distributions, respectively, additional amounts sufficient to enable the Trust to avoid or reduce liability for taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3 <u>Power to Modify Foregoing Procedures</u>. Notwithstanding any of the foregoing provisions of this Article IX, the Trustees may prescribe, in their absolute discretion except as may be required by the 1940 Act, such other bases and times for determining the per share asset value of the Trust's Shares or net income, or the declaration and payment of dividends and distributions as they may deem necessary or desirable for any reason, including to enable the Trust to comply with any provision of the 1940 Act, or any securities exchange or association registered under the Securities Exchange Act of 1934, or any order of exemption issued by the Commission, all as in effect now or hereafter amended or modified.

**ARTICLE X**

**SHAREHOLDERS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 <u>Meetings of Shareholders</u>. The Trust will not hold annual meetings of the Shareholders except as required by applicable law or as determined by a majority of the Trustees. A special meeting of Shareholders may be called at any time by a majority of the Trustees or the President and shall be called by any Trustee for any proper purpose upon written request of Shareholders of the Trust holding in the aggregate not less than fifty-one percent (51%) of the outstanding Shares of the Trust or class or series of Shares having voting rights on the matter, such request specifying the purpose or purposes for which such meeting is to be called. Any shareholder meeting, including a Special Meeting, shall be held within or without the State of Delaware on such day and at such time as the Trustees shall designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 <u>Voting</u>. Shareholders shall have no power to vote on any matter except matters on which a vote of Shareholders is required by applicable law, this Declaration or resolution of the Trustees. This Declaration expressly provides that no matter for which voting is required by the Delaware Statutory Trust Act in the absence of the contrary provision in the Declaration shall require any vote. Except as otherwise provided herein, any matter required to be submitted to Shareholders and affecting one or more classes or series of Shares shall require approval by the required vote of all the affected classes and series of Shares voting together as a single class; provided, however, that as to any matter with respect to which a separate vote of any class or series of Shares is required by the 1940 Act, such requirement as to a separate vote by that class or series of Shares shall apply in addition to a vote of all the affected classes and series voting together as a single class. Shareholders of a particular class or series of Shares shall not be entitled to vote on any matter that affects only one or more other classes or series of Shares. There shall be no cumulative voting in the election or removal of Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 <u>Notice of Meeting and Record Date</u>. Notice of all meetings of Shareholders, stating the time, place and purposes of the meeting, shall be given by the Trustees by mail to each Shareholder of record entitled to vote thereat at its registered address, mailed at least 10 days and not more than 90 days before the meeting or otherwise in compliance with applicable law. Only the business stated in the notice of the meeting shall be considered at such meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than 120 days after the record date. For the purposes of determining the Shareholders who are entitled to notice of and to vote at any meeting the Trustees may, without closing the transfer books, fix a date not more than 90 nor less than 10 days prior to the date of such meeting of Shareholders as a record date for the determination of the Persons to be treated as Shareholders of record for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 <u>Quorum and Required Vote</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The holders of a majority of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the Shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable law, this Declaration or a resolution of the Trustees specifying a greater or a lesser vote requirement for the transaction of any item of business at any meeting of Shareholders, (i) the affirmative vote of a majority of the Shares present in person or represented by proxy and entitled to vote on the subject matter shall be the act of the Shareholders with respect to such matter, and (ii) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a majority of the Shares of such class or series of Shares present in person or represented by proxy at the meeting shall be the act of the Shareholders of such class or series with respect to such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 <u>Proxies, etc</u>. At any meeting of Shareholders, any holder of Shares entitled to vote thereat may vote by properly executed proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Trust as the Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Trustees, proxies may be solicited in the name of one or more Trustees or one or more of the officers or employees of the Trust. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. Only Shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall not be received in respect of such Share. A proxy purporting to be executed by or on behalf of a Shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, he may vote by his guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 <u>Reports</u>. The Trustees shall cause to be prepared at least annually and more frequently to the extent and in the form required by law, regulation or any exchange on which Trust Shares are listed, a report of operations containing a balance sheet and statement of income and undistributed income of the Trust prepared in conformity with generally accepted accounting principles and an opinion of an independent public accountant on such financial statements. Copies of such reports shall be mailed to all Shareholders of record within the time required by the 1940 Act. The Trustees shall, in addition, furnish to the Shareholders at least semi-annually to the extent required by law, interim reports containing an unaudited balance sheet of the Trust as of the end of such period and an unaudited statement of income and surplus for the period from the beginning of the current fiscal year to the end of such period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7 <u>Inspection of Records</u>. No Shareholder shall have any right to inspect any account, book or document of the Trust that is not publicly available, except as conferred by the Trustees. The books and records of the Trust may be kept at such place or places and in such form (including electronic form) as the Trustees may from time to time determine, except as otherwise required by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8 <u>Shareholder Action by Written Consent</u>. Any action which may be taken by Shareholders by vote may be taken without a meeting if the holders entitled to vote thereon of the proportion of Shares required for approval of such action at a meeting of Shareholders pursuant to Section 10.4 consent to the action in writing and the written consents are filed with the records of the meetings of Shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of Shareholders.

**ARTICLE XI**

**TERM OF EXISTENCE; TERMINATION OF**

**TRUST; AMENDMENT; MERGERS, ETC.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1 <u>Duration</u>. Subject to possible termination in accordance with the provisions of Section 11.2 hereof, the Trust shall have perpetual existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2 <u>Termination</u>. (a) The Trust may be dissolved only upon approval of not less than seventy-five percent (75%) of the Trustees. Upon the dissolution of the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust shall carry on no business except for the purpose of winding up its affairs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Trustees shall proceed to wind up the affairs of the Trust and all of the powers of the Trustees under this Declaration shall continue until the affairs of the Trust shall have been wound up, including the power to fulfill or discharge the contracts of the Trust, collect its assets, sell, convey, assign, exchange, merge where the Trust is not the survivor, transfer or otherwise dispose of all or any part of the remaining Trust Property to one or more Persons at public or private sale for consideration which may consist in whole or in part in cash, securities or other property of any kind, discharge or pay its liabilities, and do all other acts appropriate to liquidate its business; provided that any sale, conveyance, assignment, exchange, merger in which the Trust is not the survivor, transfer or other disposition of all or substantially all the Trust Property of the Trust shall require approval of the principal terms of the transaction and the nature and amount of the consideration by Shareholders with the same vote as required to open-end the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) After paying or adequately providing for the payment of all liabilities, and upon receipt of such releases, indemnities and refunding agreements, as they deem necessary for their protection, the Trustees may distribute the remaining Trust Property, in cash or in kind or partly each, among the Shareholders according to their respective rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the winding up and termination of the Trust and distribution to the Shareholders as herein provided, a majority of the Trustees or an authorized officer of the Trust shall execute and lodge among the records of the Trust an instrument in writing setting forth the fact of such termination and shall execute and file a certificate of cancellation with the Secretary of State of the State of Delaware. Upon termination of the Trust, the Trustees shall thereupon be discharged from all further liabilities and duties hereunder, and the rights and interests of all Shareholders shall thereupon cease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trustees may, to the extent they deem appropriate, adopt a plan of liquidation at any time preceding the anticipated termination date, which plan of liquidation may set forth the terms and conditions for implementing the termination of the Trust's existence under this Article XI. Shareholders of the Trust shall not be entitled to vote on or consent to the adoption of any such plan or the termination of the Trust's existence under this Article XI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each class of Shares hereafter created shall have perpetual existence unless terminated upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 vote of the Board of Trustees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The occurrence of a termination event pursuant to any Board of Trustees resolution establishing and designating such class of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.3 <u>Amendment Procedure</u>. (a) Except as provided in subsection (b) of this Section 11.3, this Declaration may be amended, after a majority of the Trustees have approved a resolution therefor, by the affirmative vote required by Section 10.4 of this Declaration. The Trustees also may amend this Declaration without any vote of Shareholders of any class or series to divide the Shares of the Trust into one or more classes or additional classes, or one or more series of any such class or classes, to determine the rights, powers, preferences, limitations and restrictions of any class or series of Shares, to change the name of the Trust or any class or series of Shares, to make any change that does not adversely affect the relative rights or preferences of any Shareholder, as they may deem necessary, or to conform this Declaration to the requirements of the 1940 Act or any other applicable federal laws or regulations including pursuant to Section 6.2 or the requirements of the regulated investment company provisions of the Code, but the Trustees shall not be liable for failing to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No amendment may be made to Section 2.1, Section 2.2, Section 2.3, Section 3.9, Section 5.1, Section 5.2, Section 11.2(a), this Section 11.3, Section 11.4, Section 11.6 or Section 11.7 of this Declaration and no amendment may be made to this Declaration which would change any rights with respect to any Shares of the Trust by reducing the amount payable thereon upon liquidation of the Trust or by diminishing or eliminating any voting rights pertaining thereto (except that this provision shall not limit the ability of the Trustees to authorize, and to cause the Trust to issue, other securities pursuant to Section 6.2), except after a majority of the Trustees have approved a resolution therefor, by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares of each affected class or series outstanding, voting as separate classes or series, unless such amendment has been approved by eighty percent (80%) of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Nothing contained in this Declaration shall permit the amendment of this Declaration to impair the exemption from personal liability of the Shareholders, Trustees, officers, employees and agents of the Trust or to permit assessments upon Shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An amendment duly adopted by the requisite vote of the Board of Trustees and, if required, the Shareholders as aforesaid, shall become effective at the time of such adoption or at such other time as may be designated by the Board of Trustees or Shareholders, as the case may be. A certification signed by any Trustee or an authorized officer of the Trust setting forth an amendment and reciting that it was duly adopted by the Trustees and, if required, the Shareholders as aforesaid, or a copy of the Declaration, as amended, shall be conclusive evidence of such amendment when lodged among the records of the Trust or at such other time designated by the Trustees.

Notwithstanding any other provision hereof, until such time as a Registration Statement under the Securities Act of 1933, as amended, covering the first public offering of Shares of the Trust shall have become effective, this Declaration may be terminated or amended in any respect by the affirmative vote of a majority of the Trustees or by an instrument signed by a majority of the Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.4 <u>Merger, Consolidation and Sale of Assets</u>. Except as provided in Section 11.7, the Trust may merge or consolidate with any other corporation, association, trust or other organization or may sell, lease or exchange all or substantially all of the Trust Property or the property, including its good will, upon such terms and conditions and for such consideration when and as authorized by two-thirds of the Trustees and approved by a Majority Shareholder Vote and any such merger, consolidation, sale, lease or exchange shall be determined for all purposes to have been accomplished under and pursuant to the statutes of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.5 <u>Subsidiaries</u>. Without approval by Shareholders, the Trustees may cause to be organized or assist in organizing one or more corporations, trusts, partnerships, associations or other organizations to take over any or all of the Trust Property or to carry on any business in which the Trust shall directly or indirectly have any interest, and to sell, convey and transfer all or a portion of the Trust Property to any such corporation, trust, limited liability company, association or organization in exchange for the shares or securities thereof, or otherwise, and to lend money to, subscribe for the shares or securities of, and enter into any contracts with any such corporation, trust, limited liability company, partnership, association or organization, or any corporation, partnership, trust, limited liability company, association or organization in which the Trust holds or is about to acquire shares or any other interests.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.6 <u>Conversion</u>. Notwithstanding any other provisions of this Declaration or the By- Laws of the Trust, a favorable vote of a majority of the Trustees then in office followed by the favorable vote of the holders of not less than seventy-five percent (75%) of the Shares of each affected class or series outstanding, voting as separate classes or series, shall be required to approve, adopt or authorize an amendment to this Declaration that makes the Shares a "redeemable security" as that term is defined in the 1940 Act, unless such amendment has been approved by eighty percent (80%) of the Trustees, in which case approval by a Majority Shareholder Vote shall be required. Upon the adoption of a proposal to convert the Trust from a "closed-end company" to an "open-end company" as those terms are defined by the 1940 Act and the necessary amendments to this Declaration to permit such a conversion of the Trust's outstanding Shares entitled to vote, the Trust shall, upon complying with any requirements of the 1940 Act and state law, become an "open-end" investment company. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of the Shares otherwise required by law, or any agreement between the Trust and any national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.7 <u>Certain Transactions</u>. (a) Notwithstanding any other provision of this Declaration and subject to the exceptions provided in paragraph (d) of this Section, the types of transactions described in paragraph (c) of this Section shall require the affirmative vote or consent of a majority of the Trustees then in office followed by the affirmative vote of the holders of not less than seventy-five percent (75%) of the Shares of each affected class or series outstanding, voting as separate classes or series, when a Principal Shareholder (as defined in paragraph (b) of this Section) is a party to the transaction. Such affirmative vote or consent shall be in addition to the vote or consent of the holders of Shares otherwise required by law or by the terms of any class or series of preferred stock, whether now or hereafter authorized, or any agreement between the Trust and any national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The term "Principal Shareholder" shall mean any corporation, Person or other entity which is the beneficial owner, directly or indirectly, of five percent (5%) or more of the outstanding Shares of all outstanding classes or series and shall include any affiliate or associate, as such terms are defined in clause (ii) below, of a Principal Shareholder; provided, however, that such term shall not include any investment company that is sponsored or advised by the Trust's investment adviser. For the purposes of this Section, in addition to the Shares which a corporation, Person or other entity beneficially owns directly, (a) any corporation, Person or other entity shall be deemed to be the beneficial owner of any Shares (i) which it has the right to acquire pursuant to any agreement or upon exercise of conversion rights or warrants, or otherwise (but excluding share options granted by the Trust) or (ii) which are beneficially owned, directly or indirectly (including Shares deemed owned through application of clause (i) above), by any other corporation, Person or entity with which its "affiliate" or "associate" (as defined below) has any agreement, arrangement or understanding for the purpose of acquiring, holding, voting or disposing of Shares, or which is its "affiliate" or "associate" as those terms are defined in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, and (b) the outstanding Shares shall include Shares deemed owned through application of clauses (i) and (ii) above but shall not include any other Shares which may be issuable pursuant to any agreement, or upon exercise of conversion rights or warrants, or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section shall apply to the following transactions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 merger or consolidation of the Trust or any subsidiary of the Trust with or into any Principal Shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The issuance of any securities of the Trust to any Principal Shareholder for cash (other than pursuant to any automatic dividend reinvestment plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 sale, lease or exchange of all or any substantial part of the assets of the Trust to any Principal Shareholder (except assets having an aggregate fair market value of less than two percent (2%) of the total assets of the Trust, aggregating for the purpose of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The sale, lease or exchange to the Trust or any subsidiary thereof, in exchange for securities of the Trust, of any assets of any Principal Shareholder (except assets having an aggregate fair market value of less than two percent (2%) of the total assets of the Trust, aggregating for the purposes of such computation all assets sold, leased or exchanged in any series of similar transactions within a twelve-month period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The provisions of this Section shall not be applicable to (i) any of the transactions described in paragraph (c) of this Section if eighty percent (80%) of the Trustees shall by resolution have approved a memorandum of understanding with such Principal Shareholder with respect to and substantially consistent with such transaction, in which case approval by a Majority Shareholder Vote shall be the only vote of Shareholders required by this Section, or (ii) any such transaction with any entity of which a majority of the outstanding shares of all classes and series of a stock normally entitled to vote in elections of directors is owned of record or beneficially by the Trust and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board of Trustees shall have the power and duty to determine for the purposes of this Section on the basis of information known to the Trust whether (i) a corporation, person or entity beneficially owns five percent (5%) or more of the outstanding Shares of any class or series, (ii) a corporation, person or entity is an "affiliate" or "associate" (as defined above) of another, (iii) the assets being acquired or leased to or by the Trust or any subsidiary thereof constitute a substantial part of the assets of the Trust and have an aggregate fair market value of less than two percent (2%) of the total assets of the Trust, and (iv) the memorandum of understanding referred to in paragraph (d) hereof is substantially consistent with the transaction covered thereby. Any such determination shall be conclusive and binding for all purposes of this Section.

**ARTICLE XII**

**MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1 <u>Filing</u>. This Declaration and any amendment or supplement hereto shall be filed in such places as may be required or as the Trustees deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by a Trustee stating that such action was duly taken in a manner provided herein, and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments contained therein. A restated Declaration, containing the original Declaration and all amendments and supplements theretofore made, may be executed from time to time by a majority of the Trustees and shall, upon insertion in the Trust's minute book, be conclusive evidence of all amendments and supplements contained therein and may thereafter be referred to in lieu of the original Declaration and the various amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2 <u>Resident Agent</u>. The Trust shall maintain a resident agent in the State of Delaware, which agent shall initially be The Corporation Trust Company, Corporation Trust Center, 1209 Orange Street, Wilmington, Delaware 19801. The Trustees may designate a successor resident agent, provided, however, that such appointment shall not become effective until written notice thereof is delivered to the office of the Secretary of the State.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3 <u>Governing Law</u>. This Declaration is executed by the Trustees and delivered in the State of Delaware and with reference to the laws thereof, and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to laws of said State and reference shall be specifically made to the Delaware General Corporation Law as to the construction of matters not specifically covered herein or as to which an ambiguity exists, although such law shall not be viewed as limiting the powers otherwise granted to the Trustees hereunder and any ambiguity shall be viewed in favor of such powers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4 <u>Jurisdiction and Waiver of Jury Trial</u>.

In accordance with Section 3804(e) of the Delaware Statutory Trust Act, any suit, action or proceeding brought by or in the right of any Shareholder or any Person claiming any interest in any Shares seeking to enforce any provision of, or based on any matter arising out of, or in connection with, this Declaration or the Trust, any series or class or any Shares, including any claim of any nature against the Trust, any series or class, the Trustees or officers of the Trust, shall be brought exclusively in the Court of Chancery of the State of Delaware to the extent there is subject matter jurisdiction in such court for the claims asserted or, if not, then in the Superior Court of the State of Delaware, and all Shareholders and other such Persons hereby irrevocably consent to the jurisdiction of such courts (and the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably waive, to the fullest extent permitted by law, any objection they may make now or hereafter have to the laying of the venue of any such suit, action or proceeding in such court or that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum and further, IN CONNECTION WITH ANY SUCH SUIT, ACTION, OR PROCEEDING BROUGHT IN THE SUPERIOR COURT IN THE STATE OF DELAWARE, ALL SHAREHOLDERS AND ALL OTHER SUCH PERSONS HEREBY IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY TO THE FULLEST EXTENT PERMITTED BY LAW; provided, however, that unless the Trust consents in writing to the selection of an alternative forum, the Federal District Courts of the United States of America shall, to the fullest extent permitted by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the U.S. federal securities laws. All Shareholders and other such Persons agree that service of summons, complaint or other process in connection with any proceedings may be made by registered or certified mail or by overnight courier addressed to such Person at the address shown on the books and records of the Trust for such Person or at the address of the Person shown on the books and records of the Trust with respect to the Shares that such Person claims an interest in. Service of process in any such suit, action or proceeding against the Trust or any Trustee or officer of the Trust may be made at the address of the Trust's registered agent in the State of Delaware. Any service so made shall be effective as if personally made in the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5 <u>Counterparts</u>. This Declaration may be simultaneously executed in several counterparts, each of which shall be deemed to be an original, and such counterparts, together, shall constitute one and the same instrument, which shall be sufficiently evidenced by any such original counterpart.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6 <u>Reliance by Third Parties</u>. Any certificate executed by an individual who, according to the records of the Trust, or of any recording office in which this Declaration may be recorded, appears to be a Trustee hereunder, certifying to: (a) the number or identity of Trustees or Shareholders, (b) the name of the Trust, (c) the due authorization of the execution of any instrument or writing, (d) the form of any vote passed at a meeting of Trustees or Shareholders, (e) the fact that the number of Trustees or Shareholders present at any meeting or executing any written instrument satisfies the requirements of this Declaration, (f) the form of any By-Laws adopted by or the identity of any officers elected by the Trustees, or (g) the existence of any fact or facts which in any manner relate to the affairs of the Trust, shall be conclusive evidence as to the matters so certified in favor of any person dealing with the Trustees and their successors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7 <u>Provisions in Conflict with Law or Regulation</u>. (a) The provisions of this Declaration are severable, and if the Trustees shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable laws and regulations, the conflicting provision shall be deemed never to have constituted a part of this Declaration; provided, however, that such determination shall not affect any of the remaining provisions of this Declaration or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of this Declaration shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of this Declaration in any jurisdiction.

[*Remainder of page intentionally left blank. Signature page follows*]

IN WITNESS WHEREOF, the undersigned have caused these presents to be executed as of the day and year first above written.

---

| |
|:---|
| /s/ David Clute |
| David Clute |
| Trustee |
| /s/ Marques Colston |
| Marques Colston |
| Trustee |
| /s/ Matthew Lederer |
| Matthew Lederer |
| Trustee |
| /s/ Jesse Randall |
| Jesse Randall |
| Trustee |
| /s/ Teri Smith |
| Teri Smith |
| Trustee |

---

[*Signature Page to Amended & Restated Agreement and Declaration of Trust*]

## Exhibit 99.25

**The Champion Fund**

**BYLAWS**

**Effective as of December 15, 2025**

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| ARTICLE I |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1. | Chair | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2. | Annual Meetings of Shareholders | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3. | Special Meetings of Shareholders | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4. | Place of Meetings | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5. | Notice of Meetings | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6. | Nature of Business at Meetings of Shareholders | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7. | Nomination of Directors | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8. | Conduct of Meetings | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9. | Postponements; Adjournments | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 10. | Record Date | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11. | Voting | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12. | Quorum | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 13. | Proxies | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 14. | Inspectors of Election | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 15. | Shareholder Action by Written Consent | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 16. | Records at Shareholder Meetings | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 17. | Share Ledger | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 18. | Meetings by Remote Communication | 14 |
| ARTICLE II |  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1. | Number and Qualification | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2. | Term of Office | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3. | Resignation and Removal | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4. | Vacancies | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5. | Meetings | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6. | Quorum | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7. | Required Vote | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8. | Committees | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9. | Director Action by Written Consent | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 10. | Chair; Records | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 11. | Delegation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 12. | Compensation | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 13. | Governance | 19 |
| ARTICLE III |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1. | Officers of the Fund | 19 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2. | Election and Tenure | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3. | Removal and Resignation of Officers | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4. | Chair of the Board of Directors | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5. | Vice Chair of the Board of Directors | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6. | President | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7. | Secretary | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8. | Treasurer and/or Chief Financial Officer | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 9. | Other Officers and Duties | 20 |
| ARTICLE IV |  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1. | No Personal Liability of Directors or Officers | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2. | Mandatory Indemnification | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3. | Good Faith Defined; Reliance on Experts | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4. | Survival of Indemnification and Advancement of Expenses | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5. | Insurance | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6. | Subrogation | 22 |
| ARTICLE V |  | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1. | Shares of Stock | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2. | Transfer Agents, Registrars and the Like | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3. | Transfer of Shares | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 4. | Registered Shareholders | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 5. | Register of Shares | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 6. | Disclosure of Holdings | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 7. | Signatures | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 8. | Lost Certificates | 23 |
| ARTICLE VI |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1. | Filing | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 2. | Governing Law | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 3. | Provisions in Conflict with Law or Regulation | 24 |
| ARTICLE VII |  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Section 1. | Amendment and Repeal of Bylaws | 24 |

---

**THE CHAMPION FUND**

**BYLAWS**

These Bylaws are made and adopted pursuant to the Amended and Restated Agreement and Declaration of Trust, dated as of December 15, 2025, as from time to time amended (hereinafter called the "<u>Charter</u>"), of The Champion Fund (the "<u>Fund</u>").

Definitions. As used in these Bylaws, the following terms shall have the following meanings:

"<u>12(d) Holder</u>" shall have the meaning set forth in Section 1 of Article II.

"<u>1940 Act</u>" shall mean the Investment Company Act of 1940 and the rules and regulations promulgated thereunder, as the same may be modified by any exemptive, no-action or other relief on which the Fund may rely from time to time.

"<u>5% Holder</u>" shall have the meaning set forth in Section 1 of Article II.

"<u>Bylaws</u>" shall mean these Bylaws of the Fund as amended or restated from time to time by the Directors.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder.

"<u>Contested Election</u>" shall mean any election of Directors in which the number of persons nominated for election as Directors in accordance with Section 7 of Article I exceeds the number of Directors to be elected, with the determination that any election of Directors is a Contested Election to be made by the Secretary or other officer of the Fund prior to the time the Fund mails its initial proxy statement in connection with such election of Directors. If, prior to the time the Fund mails its initial proxy statement in connection with such election of Directors, one or more persons nominated for election as a Director are withdrawn such that the number of persons nominated for election as Director no longer exceeds the number of Directors to be elected, such election shall not be considered a Contested Election.

"<u>Directors</u>" and "<u>Board of Directors</u>" shall mean the persons duly elected or appointed to the Board of Trustees of the Fund from time to time, so long as they shall continue in office, and all other persons who at the time in question have been duly elected or appointed and have qualified as directors or trustees in accordance with the provisions hereof and are then in office.

"<u>Disabling Conduct</u>" shall have the meaning set forth in Section 2(a) of Article IV.

"<u>Exchange Act</u>" shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

"<u>immediate family member</u>" shall mean any parent, child, spouse, spouse of a parent, spouse of a child, brother or sister (including step and adoptive relationships).

"<u>Indemnitee</u>" shall have the meaning set forth in Section 2(a) of Article IV.

"<u>Independent Director</u>" shall mean a Director that is not an "<u>interested person</u>" as defined in Section 2(a)(19) of the 1940 Act.

"<u>Independent Non-Party Directors</u>" shall have the meaning set forth in Section 2(b)of Article IV.

"<u>investment company</u>" shall have the meaning set forth in Section 1 of Article II.

"<u>Management Director</u>" shall have the meaning set forth in Section 1 of Article II.

"<u>nominated or seated</u>" shall have the meaning set forth in Section 1 of Article II.

"<u>Non-Management Director</u>" shall have the meaning set forth in Section 1 of Article II.

"<u>Person</u>" shall mean and include natural persons, corporations, partnerships, trusts, limited liability companies, associations, joint ventures and other entities, whether or not legal entities, and governments and agencies and political subdivisions thereof.

"<u>Prohibited Conduct</u>" shall have the meaning set forth in Section 1 of Article II.

"<u>Proposed Nominee</u>" shall have the meaning set forth in Section 7 of Article I.

"<u>Proposed Nominee Associated Person</u>" of any Proposed Nominee shall mean (A) any Person acting in concert with such Proposed Nominee, (B) any direct or indirect beneficial owner of Shares owned of record or beneficially by such Proposed Nominee or Person acting in concert with the Proposed Nominee and (C) any Person controlling, controlled by or under common control with such Proposed Nominee or a Proposed Nominee Associated Person.

"<u>proxy access rules</u>" shall have the meaning set forth in Section 7 of Article I.

"<u>SEC</u>" shall mean the Securities and Exchange Commission.

"<u>Shareholder Associated Person</u>" of any beneficial or record shareholder shall mean (A) any Person acting in concert with such shareholder, (B) any direct or indirect beneficial owner of Shares owned of record or beneficially by such shareholder or any Person acting in concert with such shareholder, (C) any Person controlling, controlled by or under common control with such shareholder or a Shareholder Associated Person and (D) any member of the immediate family of such shareholder or Shareholder Associated Person.

"<u>Shares</u>" shall mean (i) if the Fund is organized as a trust, the units of beneficial interest into which the beneficial interests in the Fund shall be divided from time to time, (ii) if the Fund is organized as a corporation, the shares of stock of the Fund and (iii) if the Fund is organized as a limited liability company, the limited liability company interests of the Fund, and in each case includes fractions of Shares as well as whole Shares. In addition, Shares also means any preferred units of beneficial interest, preferred stock or preferred limited liability company interests which may be issued from time to time, as described herein. All references to Shares shall be deemed to be Shares of any or all series or classes as the context may require.

"<u>Special Counsel</u>" shall mean an "<u>independent legal counsel</u>" as defined in Reg. §270.0-1(a)(6) promulgated under the 1940 Act, and any such counsel shall be (i) selected by a majority of the Independent Non-Party Directors, (ii) if fewer than 50% of the Independent Directors are Independent Non-Party Directors, the regular independent counsel to the Independent Directors, or (iii) if such counsel is not able to act in a capacity contemplated in these Bylaws for ethical or other reasons, counsel selected by such regular independent counsel to the Independent Directors.

"<u>Special Meeting Request</u>" shall have the meaning set forth in Section 3(b)(i) of Article I.

**ARTICLE I**

**SHAREHOLDER MEETINGS**

Section 1. <u>Chair</u>. The Chair, if any, shall act as chair at all meetings of the shareholders. In the Chair's absence, the Vice Chair, if any, shall act as chair at the meeting. In the absence of the Chair and the Vice Chair, the Director or Directors present at each meeting may elect a temporary chair for the meeting, who may be one of themselves. The Chair or the Board of Directors may also appoint any person to act as chair at a meeting.

Section 2. <u>Annual Meetings of Shareholders</u>. The Fund is not required to hold annual meetings of shareholders.

Section 3. <u>Special Meetings of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless otherwise required by binding law or by the Charter, special meetings of shareholders, for any purpose or purposes, may be called by the Board of Directors (or any duly authorized committee) or the President and shall be called by the Secretary for any purpose or purposes, except for the election of Directors, at the request in writing by the shareholders of record of not less than fifty-one percent (51%) of the outstanding Shares of the Fund or class or series of Shares having voting rights on the matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) (i) Any shareholder of record seeking to request a special meeting shall send written notice to the Secretary (the "<u>Special Meeting Request</u>") by registered mail, return receipt requested, requesting the Secretary to call a special meeting. Proof of the requesting shareholder's ownership of Shares at the time of giving the Special Meeting Request must accompany the requesting shareholder's Special Meeting Request. The Special Meeting Request shall set forth the purpose of the meeting and the matters proposed to be acted on at the meeting, shall be signed by one or more shareholders of record (or their duly authorized agents), shall bear the date of signature of each requesting shareholder (or its duly authorized agent) signing the Special Meeting Request and shall set forth all information that each such shareholder of record and, with respect to the beneficial owners of Shares on whose behalf such request is being made, each such beneficial owner of Shares would be required to disclose in a proxy statement or other filings required to be made in connection with solicitations of proxies with respect to the proposed business to be brought before the meeting pursuant to Section 14 of the Exchange Act, as well as additional information required by Article I Section 6(d) of these Bylaws. Upon receiving the Special Meeting Request, the Directors may in their discretion fix a special meeting date, which need not be the same date as that requested in the Special Meeting Request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A shareholder of record providing notice of business proposed to be brought before a special meeting shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 3(b) shall be true and correct as of the record date for determining the shareholders entitled to receive notice of the special meeting and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Fund not later than five (5) business days after the record date for determining the shareholders entitled to receive notice of the special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Board of Directors shall determine the validity of any purported Special Meeting Request received by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Within ten (10) days of receipt of a valid Special Meeting Request, the Secretary shall inform the requesting shareholders of the reasonably estimated cost of preparing and mailing the notice of meeting (including the Fund's proxy materials). The Secretary shall not be required to call a special meeting upon receipt of a Special Meeting Request and such meeting shall not be held unless the Secretary receives payment of such reasonably estimated cost prior to the mailing of any notice of the meeting.

Section 4. <u>Place of Meetings</u>. Any shareholder meeting, including a special meeting, shall be held within or without the state in which the Fund was formed at such place (including by remote communication, as applicable), date and time as the Directors shall designate.

Section 5. <u>Notice of Meetings</u>. Written notice of all meetings of shareholders, stating the place (including that the meeting will be held by remote communication, as applicable), date and time of the meeting, shall be given by the Secretary by mail or as otherwise provided herein to each shareholder of record entitled to vote thereat at its registered address, mailed at least ten (10) days and not more than sixty (60) days before the meeting or otherwise in compliance with applicable binding law. Such notice will also specify the means of remote communications, if any, by which shareholders and proxyholders may be deemed to be present in person and vote at such meeting.

Section 6. <u>Nature of Business at Meetings of Shareholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Only such business (other than nominations for election to the Board of Directors, which must comply with the provisions of Section 7 of this Article I) may be transacted at a meeting of shareholders as is either:

&nbsp;&nbsp;&nbsp;&nbsp;&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) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board of Directors (or any duly authorized committee thereof),

&nbsp;&nbsp;&nbsp;&nbsp;&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) otherwise properly brought before the meeting by or at the direction of the Board of Directors (or any duly authorized committee thereof), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) otherwise properly brought before the meeting by any shareholder of record 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;&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) who is a shareholder of record on the date such shareholder gives the notice provided for in this Section 6 of this Article I and on the record date for the determination of shareholders entitled to notice of and to vote at such meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) who complies with the notice procedures set forth in this Section 6 of this Article I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any other applicable requirements, for business to be properly brought before a meeting by a shareholder, such shareholder of record must have given timely notice thereof in proper written form to the Secretary of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be timely, a record shareholder's notice to the Secretary must be delivered to or be mailed and received at the principal executive offices of the Fund not later than the close of business on the tenth (10th) day following the day on which notice of the date of the meeting was mailed or public disclosure of the date of the meeting was made, whichever first occurs. In no event shall the adjournment or postponement of a meeting, or the public announcement of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a record shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To be in proper written form, a record shareholder's notice to the Secretary must set forth the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each matter such shareholder of record proposes to bring before the meeting, a brief description of the business desired to be brought before the meeting and the reasons for conducting such business at the meeting, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to the record shareholder giving notice and the beneficial owner, if any, on whose behalf the proposal is being 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and address of such person and of any Shareholder Associated 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;&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) (1) the class or series and number of all Shares which are owned beneficially or of record by such person and any Shareholder Associated 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of each nominee holder of Shares owned beneficially but not of record by such person or any Shareholder Associated Person, and the number of such Shares held by each such nominee holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any Shareholder Associated Person, with respect to Shares, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) whether and the extent to which any other transaction, agreement, arrangement or understanding (including any short position or any borrowing or lending of Shares) has been made by or on behalf of such person, or any Shareholder Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock price changes for, such person, or any Shareholder Associated Person, or to increase or decrease the voting power or pecuniary or economic interest of such person, or any Shareholder Associated Person, with respect to Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a description of all agreements, arrangements, or understandings (whether written or oral) between or among such person, or any Shareholder Associated Person, and any other Person or Persons (including their names) in connection with the proposal of such business and any material interest of such person or any Shareholder Associated Person, in such business, including any anticipated benefit therefrom to such person, or any Shareholder Associated 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;&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) a representation that the shareholder of record giving notice intends to appear in person or by proxy at the meeting to bring such business before the meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) information relating to such person or any Shareholder Associated Person that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies by such person with respect to the proposed business to be brought by such person before the meeting pursuant to Section 14 of the Exchange Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A shareholder of record providing notice of business proposed to be brought before a meeting shall further update and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 6 of this Article I shall be true and correct as of the record date for determining the shareholders entitled to receive notice of the meeting and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Fund not later than five (5) business days after the record date for determining the shareholders entitled to receive notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No business (other than nominations for election to the Board of Directors, which must comply with the provisions of Section 7 of this Article I) shall be conducted at a meeting of shareholders except business brought before the meeting in accordance with the procedures set forth in this Section 6 of this Article I. If the chair of a meeting determines that business was not properly brought before the meeting in accordance with the foregoing procedures, the chair shall declare to the meeting that the business was not properly brought before the meeting and such business shall not be transacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Nothing contained in this Section 6 of this Article I shall be deemed to affect any rights of shareholders to request inclusion of proposals in the Fund's proxy statement pursuant to Rule 14a-8 under the Exchange Act (or any successor provision of law).

Section 7. <u>Nomination of Directors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Only persons who are nominated in accordance with the following procedures shall be eligible for election as directors of the Fund. Nominations of persons for election to the Board of Directors may be made only at a special meeting of shareholders called by the Board of Directors (or any duly authorized committee thereof) or the President:

&nbsp;&nbsp;&nbsp;&nbsp;&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) by or at the direction of the Board of Directors (or any duly authorized committee thereof), or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) by any shareholder of record, or group of shareholders of record, 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;&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) who is a shareholder or are shareholders of record on the date such shareholder(s) give the notice provided for in this Section 7 of this Article I and on the record date for the determination of shareholders entitled to notice of and to vote at such special meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) who complies with the notice procedures set forth in this Section 7 of this Article I.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In addition to any other applicable requirements, for a nomination to be made by a shareholder of record, or group of shareholders of record, such shareholder must have given timely notice thereof in proper written form to the Secretary of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To be timely, a record shareholder's notice to the Secretary must be delivered to or be mailed and received at the principal executive offices of the Fund not later than the close of business on the tenth (10th) day following the day on which notice of the date of the special meeting was mailed or public disclosure of the date of the special meeting was made, whichever first occurs. In no event shall the adjournment or postponement of the special meeting, or the public announcement of such an adjournment or postponement, commence a new time period (or extend any time period) for the giving of a shareholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To be in proper written form, a record shareholder's notice to the Secretary must set forth the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each person whom the shareholder of record proposes to nominate for election as a director (a "<u>Proposed Nominee</u>") and any Proposed Nominee Associated 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name, age, business address and residence address of such Proposed Nominee and of any Proposed Nominee Associated 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the principal occupation or employment of such Proposed Nominee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) (1) the class or series and number of all Shares which are owned beneficially or of record, directly or indirectly, by such Proposed Nominee and any Proposed Nominee Associated Person, and the name and address of the record holder(s) of such Shares (if different than the beneficial owner(s)) as they appear on the records 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of each nominee holder of Shares owned beneficially but not of record by such Proposed Nominee or any Proposed Nominee Associated Person, and the number of such Shares held by each such nominee holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest or other transaction has been entered into by or on behalf of such Proposed Nominee, or any Proposed Nominee Associated Person, with respect to Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) whether and the extent to which any other transaction, agreement, arrangement or understanding (including any short position or any borrowing or lending of Shares) has been made by or on behalf of such Proposed Nominee, or any Proposed Nominee Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of share price changes for, such Proposed Nominee, or any Proposed Nominee Associated Person, or to increase or decrease the voting power or pecuniary or economic interest of such Proposed Nominee, or any Proposed Nominee Associated Person, with respect to the Shares,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) a representation as to whether such Proposed Nominee is an "<u>interested person,</u>" as defined under Section 2(a)(19) of the 1940 Act and sufficient information about the Proposed Nominee to permit counsel to the Fund to confirm such representation, including information with respect to each relationship set forth in Section 2(a)(19) of the 1940 Act which may cause such Proposed Nominee to be an interested person of the Fund or a representation that no such relationship exists;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) information to establish to the satisfaction of the Board of Directors that the Proposed Nominee satisfies the director qualifications as set out in Section 1 of Article II; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any other information relating to such Proposed Nominee or Proposed Nominee Associated Person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with solicitations of proxies for election of directors in an election contest pursuant to Section 14 of the Exchange Act (even if an election contest is not involved); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to the shareholder of record giving the notice, and the beneficial owner, if any, on whose behalf the nomination is being 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and record address of such person and of any Shareholder Associated 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;&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) (1) the class or series and number of all Shares which are owned beneficially or of record by such person and any Shareholder Associated 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 name of each nominee holder of Shares of the Fund owned beneficially but not of record by such person or any Shareholder Associated Person, and the number of Shares held by each such nominee holder,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) whether and the extent to which any derivative instrument, swap, option, warrant, short interest, hedge or profit interest or other transaction has been entered into by or on behalf of such person, or any Shareholder Associated Person, with respect to stock of the Fund, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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) whether and the extent to which any other transaction, agreement, arrangement or understanding (including any short position or any borrowing or lending of Shares) has been made by or on behalf of such person, or any Shareholder Associated Person, the effect or intent of any of the foregoing being to mitigate loss to, or to manage risk or benefit of stock price changes for, such person, or any Shareholder Associated Person, or to increase or decrease the voting power or pecuniary or economic interest of such person, or any Shareholder Associated Person, with respect to Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) a description of all agreements, arrangements, or understandings (whether written or oral) between such person, or any Shareholder Associated Person, and any proposed nominee or any other person or persons (including their names) pursuant to which the nomination(s) are being made by such person, and any material interest of such person, or any Shareholder Associated Person, in such nomination, including any anticipated benefit therefrom to such person, or any Shareholder Associated 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;&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) a representation that the shareholder, or group of shareholders, giving notice intends to appear in person or by proxy at the special meeting to nominate the persons named in its notice;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) any other information relating to such person that would be required to be disclosed in a proxy statement or other filings required to be made in connection with the solicitation of proxies for election of directors in an election contest pursuant to Section 14 of the Exchange Act (even if an election contest is not involved).

&nbsp;&nbsp;&nbsp;&nbsp;&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) Such notice must be accompanied by a written consent of each Proposed Nominee to being named as a nominee and to serve as a director if elected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A shareholder of record, or group of shareholders of record, providing notice of any nomination proposed to be made at a special meeting shall further update and supplement such notice so 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;(i) the information provided or required to be provided in such notice pursuant to this Section 7 of this Article I shall be true and correct as of the record date for determining the shareholders entitled to receive notice of the special meeting, and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Fund not later than five (5) business days after the record date for determining the shareholders entitled to receive notice of such special meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) any subsequent information reasonably requested by the Board of Directors to determine that the Proposed Nominee is qualified to act as a Director, including information reasonably requested by the Board of Directors to determine that such Proposed Nominee has met the director qualifications as set out in Section 1 of Article II is provided, and such update and supplement shall be delivered to or be mailed and received by the Secretary at the principal executive offices of the Fund not later than five (5) business days after the request by the Board of Directors for subsequent information regarding director qualifications has been delivered to or mailed and received by such shareholder of record, or group of shareholders of record, providing notice of any nomination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) No person shall be eligible for election as a director of the Fund unless nominated in accordance with the procedures set forth in this Section 7 of this Article I. If the chair of the meeting determines that a nomination was not made in accordance with the foregoing procedures, the chair shall declare to the meeting that the nomination was defective and such defective nomination shall be disregarded.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Notwithstanding any provision of this Section 7 of this Article I to the contrary, a nomination of persons for election to the Board of Directors may be submitted for inclusion in the Fund's proxy materials to the extent required by rules adopted by the SEC providing for such nominations and inclusion and interpretations thereof ("<u>proxy access rules</u>"), and, if such nomination is submitted under the proxy access rules, such submission:

&nbsp;&nbsp;&nbsp;&nbsp;&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) in order to be timely, must be delivered to, or be mailed and received by, the Secretary at the principal executive offices of the Fund not less than the close of business on the tenth (10th) day following the day on which notice of the date of the special meeting was mailed or public disclosure of the date of the special meeting was made, whichever first occurs;

&nbsp;&nbsp;&nbsp;&nbsp;&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) in all other respects, must be made pursuant to, and in accordance with, the terms of the proxy access rules, as in effect at the time of the nomination, or any successor rules or regulations of the SEC then in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) must provide the Fund with any other information required by this Section 7 of this Article I, by applicable binding law, the Charter or a resolution of the Directors for nominations not made under the proxy access rules, except to the extent that requiring such information to be furnished is prohibited by the proxy access rules. The provisions of this paragraph of this Section 7 of this Article I do not provide shareholders of the Fund with any rights, nor impose upon the Fund any obligations, other than the rights and obligations set forth in the proxy access rules.

Section 8. <u>Conduct of Meetings</u>. The Board of Directors of the Fund may adopt by resolution such rules and regulations for the conduct of any meeting of the shareholders as it shall deem appropriate. Except to the extent inconsistent with such rules and regulations as adopted by the Board of Directors, the chair of any meeting of the shareholders shall have the right and authority to prescribe such rules, regulations and procedures and to do all such acts as, in the judgment of such chair, are appropriate for the proper conduct of the meeting. Such rules, regulations or procedures, whether adopted by the Board of Directors or a committee thereof or prescribed by the chair of the meeting, may include, without limitation, the following: (a) the establishment of an agenda or order of business for the meeting; (b) the determination of when the polls shall open and close for any given matter to be voted on at the meeting; (c) rules and procedures for maintaining order at the meeting and the safety of those present; (d) limitations on attendance at and participation in the meeting to shareholders, their duly authorized and constituted proxies or such other persons as the chair of the meeting shall determine; (e) restrictions on entry to the meeting after the time fixed for the commencement thereof; (f) limitations on the time allotted to questions or comments by shareholders; and (g) the extent to which, if any, other participants are permitted to speak.

Section 9. <u>Postponements; Adjournments</u>. The Board of Directors may, prior to a meeting of shareholders being convened, postpone such meeting from time to time to a date not more than 120 days after the original record date. The chair of any meeting of the shareholders may adjourn the meeting from time to time to reconvene at the same or some other place (including that the meeting will be held by remote communication, as applicable), and notice need not be given of any such adjourned meeting if the time and place, if any, thereof and the means of remote communications, if any, by which shareholders and proxyholders may be deemed to be present in person and vote at such adjourned meeting are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Fund may transact any business which might have been transacted at the original meeting. Any adjourned meeting may be held as adjourned one or more times without further notice not later than one hundred and twenty (120) days after the record date. If after the adjournment a new record date is fixed for the adjourned meeting, notice of the adjourned meeting in accordance with the requirements of Section 5 of this Article I shall be given to each shareholder of record entitled to vote at the meeting and each other shareholder entitled to notice of the meeting.

Section 10. <u>Record Date</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purposes of determining the shareholders who are entitled to vote at or otherwise entitled to notice of any meeting, the Directors may, without closing the transfer books, fix a date not more than sixty (60) nor less than ten (10) days prior to the date of such meeting of shareholders as a record date for the determination of the Persons to be treated as shareholders of record for such purposes. The record date shall not precede the date upon which the resolution fixing the record date is adopted by the Directors. If no record date is fixed by the Directors and the stock transfer books are not closed, the record date for determining shareholders entitled to notice of or to vote at a meeting of the shareholders shall be at the close of business on the day immediately preceding the day on which notice is given, or, if notice is waived, at the close of business on the day immediately preceding the day on which the meeting is held. A determination of shareholders entitled to notice of or to vote at a meeting of the shareholders of record shall apply to any adjournment of the meeting; provided, however, that the Directors may fix a new record date for the adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Fund may determine the shareholders entitled to consent to corporate action in writing without a meeting, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted by the Board of Directors, and which record date shall not be more than ten (10) days after the date upon which the resolution fixing the record date is adopted by the Directors. If no record date has been fixed by the Directors and no prior action by the Directors is required by applicable binding law or the Charter to take such action, the record date for determining shareholders entitled to consent to corporate action in writing without a meeting shall be the first date on which a signed written consent setting forth the action taken or proposed to be taken is delivered to the Fund by delivery to its registered office in the state in which the Fund was formed, its resident agent, its principal place of business, or an officer or agent of the Fund having custody of the book in which proceedings of meetings of the shareholders are recorded. Delivery made to the Fund's registered office shall be by hand or by certified or registered mail, return receipt requested. If no record date has been fixed by the Directors and prior action by the Directors is required by applicable binding law or the Charter, the record date for determining shareholders entitled to consent to corporate action in writing without a meeting shall be at the close of business on the day on which the Directors adopts the resolution taking such prior action.

Section 11. <u>Voting</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Shareholders shall have no power to vote on any matter except matters on which a vote of shareholders is required by applicable binding law, the Charter or a resolution of the Directors. Except as otherwise provided herein, any matter required to be submitted to shareholders and affecting one or more classes or series of Shares shall require approval by the required vote of all the affected classes and series of Shares voting together as a single class; provided, however, that as to any matter with respect to which a separate vote of any class or series of Shares is required by the 1940 Act, such requirement as to a separate vote by that class or series of Shares shall apply in addition to a vote of all the affected classes and series voting together as a single class. Shareholders of a particular class or series of Shares shall not be entitled to vote on any matter that affects only one or more other classes or series of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to any provision of applicable binding law, the Charter, these Bylaws or a resolution of the Directors specifying a greater or a lesser vote requirement for the transaction of any item of business that properly comes before any meeting of shareholders (i) with respect to the election of directors, other than a Contested Election, the affirmative vote of a plurality of the Shares represented in person or by proxy at any meeting at which a quorum is present shall be the act of the shareholders with respect to such matter, (ii) with respect to a Contested Election, the affirmative vote of a majority of the Shares outstanding and entitled to vote with respect to such matter at such meeting shall be the act of the shareholders with respect to such matter, (iii) for all other items of business, the affirmative vote of a majority of the Shares represented in person or by proxy at any meeting at which a quorum is present and entitled to vote on the subject matter shall be the act of the shareholders with respect to such matter(s), and (iv) where a separate vote of one or more classes or series of Shares is required on any matter, the affirmative vote of a plurality of Shares of such class or series of Shares represented in person or by proxy at any meeting at which a quorum is present, a majority of the Shares of such class or series of Shares represented in person or by proxy at any meeting in which a quorum is present, or a majority of the Shares of such class or series of Shares outstanding and entitled to vote, as required by the preceding clauses of this paragraph, shall be the act of the shareholders of such class or series with respect to such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Only shareholders of record shall be entitled to vote. Each full Share shall be entitled to one vote and fractional Shares shall be entitled to a vote of such fraction. When any Share is held jointly by several persons, any one of them may vote at any meeting in person or by proxy in respect of such Share, but if more than one of them shall be present at such meeting in person or by proxy, and such joint owners or their proxies so present disagree as to any vote to be cast, such vote shall be cast in accordance with applicable binding law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) There shall be no cumulative voting in the election or removal of Directors.

Section 12. <u>Quorum</u>. The holders of a majority of the Shares entitled to vote on any matter at a meeting present in person or by proxy shall constitute a quorum at such meeting of the shareholders for purposes of conducting business on such matter. The absence from any meeting, in person or by proxy, of a quorum of Shareholders for action upon any given matter shall not prevent action at such meeting upon any other matter or matters which may properly come before the meeting, if there shall be present thereat, in person or by proxy, a quorum of Shareholders in respect of such other matters. A quorum, once established, shall not be broken by the withdrawal of enough votes to leave less than a quorum. If, however, such quorum shall not be present or represented at any meeting of the shareholders, the chair of the meeting shall have power to adjourn the meeting from time to time, in the manner provided in Section 9 of this Article I, until a quorum shall be present or represented.

Section 13. <u>Proxies</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) At any meeting of shareholders, any holder of Shares entitled to vote thereat may vote by properly executed proxy, provided that no proxy shall be voted at any meeting unless it shall have been placed on file with the Secretary, or with such other officer or agent of the Fund as the Directors or Secretary may direct, for verification prior to the time at which such vote shall be taken. Pursuant to a resolution of a majority of the Directors, proxies may be solicited in the name of one or more Directors or one or more of the officers or employees of the Fund. No proxy shall be valid after the expiration of 11 months from the date thereof, unless otherwise provided in the proxy. A proxy purporting to be executed by or on behalf of a shareholder shall be deemed valid unless challenged at or prior to its exercise, and the burden of proving invalidity shall rest on the challenger. If the holder of any such Share is a minor or a person of unsound mind, and subject to guardianship or to the legal control of any other person as regards the charge or management of such Share, such person may vote by their guardian or such other person appointed or having such control, and such vote may be given in person or by proxy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the manner in which a shareholder may authorize another person or persons to act for such shareholder as proxy, the following shall constitute a valid means by which a shareholder may grant such authority:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) A shareholder may execute a writing authorizing another person or persons to act for such shareholder as proxy. Execution may be accomplished by the shareholder or such shareholder's authorized officer, director, employee or agent signing such writing or causing such person's signature to be affixed to such writing by any reasonable means, including, but not limited to, by facsimile signature.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) A shareholder may authorize another person or persons to act for such shareholder as proxy by transmitting or authorizing the transmission of a telegram, cablegram or other means of electronic transmission to the person who will be the holder of the proxy or to a proxy solicitation firm, proxy support service organization or like agent duly authorized by the person who will be the holder of the proxy to receive such transmission, provided that any such telegram, cablegram or other means of electronic transmission must either set forth or be submitted with information from which it can be determined that the telegram, cablegram or other electronic transmission was authorized by the shareholder. If it is determined that such telegrams, cablegrams or other electronic transmissions are valid, the inspectors or, if there are no inspectors, such other persons making that determination shall specify the information on which they relied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any copy, facsimile telecommunication or other reliable reproduction of the writing or transmission authorizing another person or persons to act as proxy for a shareholder may be substituted or used in lieu of the original writing or transmission for any and all purposes for which the original writing or transmission could be used; provided, however, that such copy, facsimile telecommunication or other reproduction shall be a complete reproduction of the entire original writing or transmission.

Section 14. <u>Inspectors of Election</u>. In advance of any meeting of the shareholders, the Board of Directors, by resolution, may appoint one or more inspectors to act at the meeting and make a written report thereof. If inspectors of election are not so appointed, the person acting as chair of any meeting of shareholders may, and on the request of any shareholder or shareholder proxy shall, appoint inspectors of election of the meeting. One or more other persons may be designated as alternate inspectors to replace any inspector who fails to act. If no inspector or alternate is able to act at a meeting of the shareholders, the chair of the meeting shall appoint one or more inspectors to act at the meeting. Unless otherwise required by applicable binding law, inspectors may be officers, employees or agents of the Fund. Each inspector, before entering upon the discharge of the duties of inspector, shall take and sign an oath faithfully to execute the duties of inspector with strict impartiality and according to the best of such inspector's ability. The inspector shall have the duties prescribed by law or assigned by the chair of the meeting and shall take charge of the polls and, when the vote is completed, shall make a certificate of the result of the vote taken and of such other facts as may be required by applicable binding law.

Section 15. <u>Shareholder Action by Written Consent</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any action required or permitted to be taken at any special meeting of shareholders of the Fund may be taken without a meeting, without prior notice and without a vote, if the holders entitled to vote thereon, in the proportion of Shares required for approval of such action at a meeting of shareholders, consent to the action in writing and the written consents are filed with the records of the meetings of shareholders. Such consent shall be treated for all purposes as a vote taken at a meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any such consent shall be delivered to the Fund by delivery to its registered office in the state in which the Fund was formed, its resident agent, its principal place of business, or an officer or agent of the Fund having custody of the book in which proceedings of meetings of the shareholders are recorded. Delivery made to the Fund's registered office shall be by hand or by certified or registered mail, return receipt requested. Every written consent shall bear the date of signature of each shareholder who signs the consent and no written consent shall be effective to take the corporate action referred to therein unless, within sixty (60) days of the earliest dated consent delivered in the manner required by this Article I Section 15 to the Fund, written consents signed in accordance with Section 15(a) of this Article I by holders to take action are delivered to the Fund by delivery to its registered office in the state in which the Fund was formed, its resident agent, its principal place of business, or an officer or agent of the Fund having custody of the book in which proceedings of meetings of the shareholders are recorded. Any copy, facsimile or other reliable reproduction of a consent in writing may be substituted or used in lieu of the original writing for any and all purposes for which the original writing could be used, provided that such copy, facsimile or other reproduction shall be a complete reproduction of the entire original writing.

Section 16. <u>Records at Shareholder Meetings</u>. The officer of the Fund who has charge of the share ledger of the Fund shall prepare and make, at least ten (10) days before every meeting of the shareholders, a complete list of the shareholders of record entitled to vote at the meeting, arranged in alphabetical order, and showing the address of each shareholder and the number of shares registered in the name of each shareholder. Such list shall be open to the examination of any shareholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten (10) days prior to the meeting (i) on a reasonably accessible electronic network, provided that the information required to gain access to such list is provided with the notice of the meeting, or (ii) during ordinary business hours, at the principal place of business of the Fund. In the event that the Fund determines to make the list available on an electronic network, the Fund may take reasonable steps to ensure that such information is available only to shareholders of the Fund. If the meeting is to be held at a place, then a list of shareholders entitled to vote at the meeting shall be produced and kept at the time and place of the meeting during the whole time thereof and may be examined by any shareholder who is present. If the meeting is to be held solely by means of remote communications, then such list shall also be open to the examination of any shareholder during the whole time of the meeting on a reasonably accessible electronic network, and the information required to access such list shall be provided with the notice of the meeting.

Section 17. <u>Share Ledger</u>. The share ledger of the Fund shall be the only evidence as to who are the shareholders entitled to examine the share ledger, the list required by Section 16 of this Article I or the books of the Fund, or to vote in person or by proxy at any meeting of the shareholders.

Section 18. <u>Meetings by Remote Communication</u>. The Board of Directors may, in their sole discretion, determine that a meeting of Shareholders may be held partly or solely by means of remote communications and to the extent so authorized, Shareholders and proxyholders not physically present at a meeting of Shareholders may, by means of remote communications: (a) participate in a meeting of Shareholders; and (b) be deemed present in person and vote at a meeting of Shareholders whether such meeting is to be held at a designated place or solely by means of remote communications. In connection with any such meeting, the Fund shall implement such measures as the Board of Directors deem to be reasonable to verify that each person deemed present and permitted to vote at the meeting by means of remote communications is a Shareholder or proxyholder and to provide such Shareholders and proxyholders a reasonable opportunity to participate in the meeting and to vote on matters submitted to the Shareholders. If any Shareholder or proxyholder votes or takes other action at the meeting by means of remote communications, a record of such vote or other action shall be maintained by the Fund. The Board of Directors may, in their sole discretion, notify Shareholders of any postponement, adjournment or a change of the place of a meeting of Shareholders (including a change to hold the meeting solely by means of remote communication) by a document publicly published, filed or disseminated and, if required, filed by the Fund with the Securities and Exchange Commission without the requirement of any further notice hereunder.

**ARTICLE II**

**<u>DIRECTORS</u>**

Section 1. <u>Number and Qualification</u>. Prior to a public offering of Shares there may be a sole Director. Thereafter, the number of Directors shall be determined by a written instrument signed by a majority of the Directors then in office, provided that the number of Directors shall be no fewer than the lower limit for Directors as stated in the Charter and no more than the upper limit for Directors as stated in the Charter, and the Directors shall satisfy the requirements set forth below in this Section 1 of this Article II. No reduction in the number of Directors shall have the effect of removing any Director from office prior to the expiration of the Director's term. Directors need not own Shares and may succeed themselves in office. Directors who have such present or former associations with the Fund's investment adviser as may cause such person not to be an Independent Director are referred to as "<u>Management Directors</u>". Each Director who is not a Management Director is referred to as a "<u>Non-Management Director.</u>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) After the offering of Shares, only persons satisfying the following qualification requirements applicable to all Directors may be nominated, elected, appointed, qualified or seated ("<u>nominated or seated</u>") to serve as directors:

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Director shall be at least twenty-one (21) years of age and not older than the younger of (A) the mandatory retirement age determined from time to time by the Directors or a committee of the Directors and (B) eighty (80) years of age, in each case at the time the individual is nominated or seated, and not under legal disability;

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Director shall, at the time the individual is nominated or seated, serve as a Director of no more than five (5) companies having securities registered under the Exchange Act (investment companies having the same investment adviser or investment advisers affiliated through a control relationship shall all be counted as a single company for this purpose);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) An individual nominated or seated as a Director shall not have been charged (unless such charges were dismissed or the individual was otherwise exonerated) with a criminal offense involving moral turpitude, dishonesty or breach of trust, or have been convicted or have pled guilty or nolo contendere with respect to a felony under the laws of the United States or any state thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Director shall not be and shall not have been subject to any censure, order, consent decree (including consent decrees in which the respondent has neither admitted nor denied the findings) or adverse final action of any federal, state or foreign governmental or regulatory authority (including self-regulatory organizations), barring or suspending such individual from participation in or association with any investment-related business or restricting such individual's activities with respect to any investment-related business (collectively, "<u>Prohibited Conduct</u>"), nor shall an individual nominated or seated as a Director be the subject of any investigation or proceeding that could reasonably be expected to result in an individual nominated or seated as a Director failing to satisfy the requirements of this paragraph, nor shall any individual nominated or seated as a Director be or have engaged in any conduct which has resulted in, or could have reasonably been expected or would reasonably be expected to result in, the SEC censuring, placing limitations on the activities, functions, or operations of, suspending, or revoking the registration of any investment adviser under Section 203(e) or (f) of the Investment Advisers Act of 1940;

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Director shall not be and shall not have been the subject of any of the ineligibility provisions contained in Section 9(b) of the 1940 Act that would permit, or could reasonably have been expected or would reasonably be expected to permit the SEC by order to prohibit, conditionally or unconditionally, either permanently or for a period of time, such individual from serving or acting as an employee, officer, director, member of an advisory board, investment adviser or depositor of, or principal underwriter for, a registered investment company or affiliated person (as defined in Section 2(a)(3) of the 1940 Act) of such investment adviser, depositor, or principal underwriter; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) An individual nominated or seated as a Director shall not be and shall not have been the subject of any of the ineligibility provisions contained in Section 9(a) of the 1940 Act that would result in, or could have reasonably been expected or would reasonably be expected to result in such individual or a company of which such individual is an affiliated person (as defined in Section 2(a)(3) of the 1940 Act) being ineligible to serve or act in the capacity of employee, officer, director, member of an advisory board, investment adviser, or depositor of any registered investment company, or principal underwriter for any registered investment company, registered unit investment trust, or registered face-amount certificate company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After the offering of Shares, only persons satisfying the following additional qualification requirements applicable to all Non-Management Directors shall be nominated or seated as Non-Management Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Non-Management Director may not be an "<u>interested person</u>" of the Fund as defined under Section 2(a)(19) of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) An individual nominated or seated as a Non-Management Director may not directly or indirectly own, control or hold with the power to vote, or be a member of a group of shareholders party to an agreement, arrangement or practice for sharing information or decisions concerning shareholder actions or the acquisition, disposition or voting of Shares, who together directly or indirectly own, control or hold with the power to vote, 5% or more of the outstanding shares of any class of Shares of the Fund (each such person and each member of such a group, a "<u>5% Holder</u>"), may not control or act in concert with a 5% Holder, and may not be an immediate family member of a 5% Holder or of a person who controls or acts in concert with a 5% Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Non-Management Director may not, and any immediate family member of such nominee may not, be employed or have been employed within the last year by any 5% Holder or any person who controls, is controlled by, is under common control with or acts in concert with a 5% Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Non-Management Director may not, and any immediate family member of such nominee may not, have accepted directly or indirectly, during the year of the election for which such individual is nominated or seated or during the immediately preceding calendar year, any consulting, advisory, or other compensatory fee from any 5% Holder or from any person who controls, is controlled by, is under common control with or acts in concert with any 5% Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Non-Management Director may not, and any immediate family member of such nominee may not, be an officer, director, general partner or managing member (or person performing similar functions) of any 5% Holder or of any person who controls, is controlled by, is under common control with or acting in concert with a 5% Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&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) An individual nominated or seated as a Non-Management Director may not, and any immediate family member of such nominee may not, be employed or employed within the last year by any investment company or any company or companies controlled by an investment company which in the aggregate own (A) more than three percent (3%) of the outstanding voting Shares of the Fund, (B) securities issued by the Fund having an aggregate value in excess of five percent (5%) of the total assets of such investment company and any company or companies controlled by such investment company, (C) securities issued by the Fund and by all other investment companies having an aggregate value in excess of ten percent (10%) of the total assets of the investment company making such investment and any company or companies controlled by the investment company making such investment, or (D) together with other investment companies having the same investment adviser and companies controlled by such investment companies, more than ten percent (10%) of the total outstanding Shares of the Fund (an investment company making such investment(s) and any company or companies controlled by it in the aggregate owning securities in excess of the amounts set forth in (A), (B), (C) or (D) being referred to as a "<u>12(d) Holder</u>"), or by any person who controls, is controlled by, under common control with or acts in concert with a 12(d) Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) An individual nominated or seated as a Non-Management Director may not, and any immediate family member of such nominee may not, have accepted directly or indirectly, during the year of the election for which such individual is nominated or seated, or during the immediately preceding calendar year, any consulting, advisory, or other compensatory fee from any 12(d) Holder or from any person who controls, is controlled by, is under common control with or acts in concert with any 12(d) Holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) An individual nominated or seated as a Non-Management Director may not, and any immediate family member of such nominee may not, be an officer, director, partner or member (or person performing similar functions) of any 12(d) Holder or of any person who controls, is controlled by, is under common control with or acting in concert with a 12(d) Holder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) An individual nominated or seated as a Non-Management Director may not, and any immediate family member of such nominee may not, control or act in concert with any 12(d) Holder or any person who controls, is controlled by, is under common control with or acting in concert with a 12(d) Holder.

Section 2. <u>Term of Office</u>. The term of office of a Director shall be as provided in the Charter. The Directors shall be elected at a special meeting of the shareholders. Each Director elected shall hold office until the next special meeting where his or her successor shall have been elected and shall have qualified. The term of office of a Director shall terminate and a vacancy shall occur in the event of the death, resignation, removal, bankruptcy, adjudicated incompetence or other incapacity to perform the duties of the office of the Director.

Section 3. <u>Resignation and Removal</u>. Any of the Directors may resign (without need for prior or subsequent accounting) by an instrument in writing signed by such Director and delivered or mailed to the Directors, the Chair, if any, the President, or the Secretary and such resignation shall be effective upon such delivery, or at a later date according to the terms of the instrument. Any of the Directors may be removed, provided the aggregate number of Directors after such removal shall not be less than the minimum number set forth in the Charter, only by the proportion of votes of the shareholders or Directors, as applicable, that are set forth in the Charter as the required proportion of votes for the removal of a Director, and with or without cause as may be permitted by the Charter or as required by applicable binding law. Upon the resignation or removal of a Director, each such resigning or removed Director shall execute and deliver to the Fund such documents as may be required by applicable binding law or the Charter or as may be requested by the remaining Directors as being in the best interests of the Fund and the shareholders. Upon the incapacity or death of any Director, such Director's legal representative shall execute and deliver to the Fund on such Director's behalf such documents as the remaining Directors shall require as provided in the preceding sentence.

Section 5. <u>Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Meetings of the Directors shall be held from time to time upon the call of the Chair, if any, the Vice Chair, if any, the President or any two Directors. Regular meetings of the Directors may be held without call or notice at a time and place fixed by the Bylaws or by resolution of the Directors. Notice of any other meeting shall be given by the Secretary and shall be delivered to the Directors orally or by email not less than 24 hours, or otherwise in writing not less than 72 hours, before the meeting, but may be waived in writing by any Director either before or after such meeting. Directors shall provide the Secretary with an email address to which the Secretary may send communications relating to the Fund. The attendance of a Director at a meeting shall constitute a waiver of notice of such meeting, except where a Director attends a meeting for the express purpose of objecting to the transaction of any business on the ground that the meeting has not been properly called or convened. Neither the business to be transacted at, nor the purpose of, any meeting of the Board of Directors need be stated in the notice or waiver of notice of such meeting, and no notice need be given of action proposed to be taken by written consent. Whenever written notice is required by binding law, the Charter or these Bylaws to be given to any Director, such notice may be given by mail, addressed to such Director at such person's address as it appears on the records of the Fund, with postage thereon prepaid, and such notice shall be deemed to be given at the time when the same shall be deposited with a nationally recognized overnight delivery service, or by facsimile or email to a location provided by the Director to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Secretary of the Fund shall act as secretary at each meeting of the Board of Directors and of each committee thereof. In case the Secretary shall be absent from any meeting of the Board of Directors or of any committee thereof, an Assistant Secretary or a person appointed by the chair of the meeting shall act as secretary of the meeting. Notwithstanding the foregoing, the members of each committee of the Board of Directors may appoint any person to act as secretary of any meeting of such committee and the Secretary of the Fund may, but need not if such committee so elects, serve in such capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Unless otherwise provided by applicable binding law, all or any one or more Directors may participate in a meeting of the Directors or any committee thereof by means of a conference telephone or similar communications equipment by means of which all persons participating in the meeting can hear each other; participation in a meeting pursuant to any such communications system shall constitute presence in person at such meeting.

Section 6. <u>Quorum</u>. Any time there is more than one Director, a quorum for all meetings of the Board of Directors shall be one-third, but not less than two, of the Directors. If a quorum shall not be present at any meeting of the Board of Directors or any committee thereof, the Directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting of the time and place of the adjourned meeting, until a quorum shall be present. With respect to actions of the Directors and any committee of the Directors, Directors who are not Independent Directors in any action to be taken may be counted for quorum purposes under this Article II Section 6 and shall be entitled to vote to the extent not prohibited by the 1940 Act.

Section 7. <u>Required Vote</u>. Unless otherwise required or permitted in the Charter or by applicable binding law (including the 1940 Act), any action of the Board of Directors may be taken at a meeting at which a quorum is present by vote of a majority of the Directors present.

Section 8. <u>Committees</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Board of Directors may designate one or more committees of its members. Each member of a committee must meet the requirements for membership, if any, imposed by applicable binding law and the rules and regulations of any securities exchange or quotation system on which the securities of the Fund are listed or quoted for trading. The Board of Directors may designate one or more Directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of any such committee. Subject to the rules and regulations of any securities exchange or quotation system on which the securities of the Fund are listed or quoted for trading, in the absence or disqualification of a member of a committee, and in the absence of a designation by the Board of Directors of an alternate member to replace the absent or disqualified member, the member or members thereof present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another qualified member of the Board of Directors to act at the meeting in the place of any absent or disqualified member. Any Director serving on a committee of the Board of Directors may be removed from such committee at any time by the Board of Directors or by any committee to which such authority is delegated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any committee, to the extent permitted by law and provided in the resolution or charter establishing such committee, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Fund, and may authorize the seal of the Fund, if any, to be affixed to all papers which may require it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any committee of the Directors, including an executive committee, if any, may act with or without a meeting. Any time there is more than one Director on a committee, unless otherwise required by the committee's charter, a quorum for all meetings of any committee shall be one-third, but not less than two, of the members thereof. Unless otherwise required by applicable binding law (including the 1940 Act) or provided in the Charter, these Bylaws or the committee's charter, any action of any such committee may be taken at a meeting at which a quorum is present by vote of a majority of the members present. Each committee shall keep regular minutes and report to the Board of Directors when required.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything to the contrary contained in this Article II Section 8, the resolution of the Board of Directors establishing any committee of the Board of Directors or the charter of any such committee may establish requirements or procedures relating to the governance or operation of such committee that are different from, or in addition to, those set forth in these Bylaws and, to the extent that there is any inconsistency between these Bylaws and any such resolution or charter, the terms of such resolution or charter shall be controlling.

Section 9. <u>Director Action by Written Consent</u>. Subject to the provisions of the 1940 Act, any action which may be taken by Directors by vote may be taken without a meeting if that number of the members of the Board of Directors or of the respective committee, as the case may be, required for approval of such action at a meeting of the Directors or such committee consent to the action in writing or electronic transmission and the written consents or electronic transmission are filed with the records of the meetings of Directors. Such consent shall be treated for all purposes as a vote taken at a meeting of Directors or the committee.

Section 10. <u>Chair; Records</u>. The Chair, if any, shall act as chair at all meetings of the Directors. In absence of the Chair, the Vice Chair, if any, shall act as chair at the meeting. In the absence of the Chair and the Vice Chair, the Directors present shall elect one of their number to act as temporary chair. The results of all actions taken at a meeting of the Directors, or by written consent of the Directors, shall be recorded by the Secretary or, in the absence of the Secretary, an Assistant Secretary or such other person appointed by the Board of Directors as the meeting secretary.

Section 11. <u>Delegation</u>. Unless otherwise provided in the Charter or these Bylaws and except as provided by applicable binding law, the Directors shall have the power to delegate from time to time to such of their number or to one or more officers, employees or agents of the Fund the doing of such things, including any matters set forth in the Charter or these Bylaws, and the execution of such instruments in the name of the Fund.

Section 12. <u>Compensation</u>. The directors may be paid their expenses, if any, of attendance at each meeting of the Board of Directors and may be paid a fixed sum for attendance at each meeting of the Board of Directors or a stated salary for service as director, payable in cash or securities. Members of special or standing committees may be allowed like compensation for service as committee members.

Section 13. <u>Governance</u>. The Board of Directors may from time to time require all its members (including any individual nominated to serve as a Director) to agree in writing as to matters of corporate governance, business ethics and confidentiality while such persons serve as a Director, such agreement to be on the terms and in a form determined satisfactory by the Board of Directors, as amended and supplemented from time to time in the discretion of the Board of Directors.

**ARTICLE III**

**OFFICERS**

Section 1. <u>Officers of the Fund</u>. The Directors shall elect a President, a Secretary and a Treasurer and may elect a Chair and a Vice Chair. Any Chair or Vice Chair shall, and the President, Secretary and Treasurer may, but need not, be a Director. No other officer of the Fund need be a Director. Any two or more of the offices may be held by the same Person, except that after the Fund's initial public offering the same person may not be both President and Secretary.

Section 2. <u>Election and Tenure</u>. The Chair, if any, and Vice Chair, if any, President, Secretary, Treasurer and such other officers as the Directors from time to time may elect shall serve at the pleasure of the Directors or until their successors have been duly elected and qualified. The Directors may fill a vacancy in office or add any additional officers at any time.

Section 3. <u>Removal and Resignation of Officers</u>. Any officer may be removed at any time, with or without cause, by action of a majority of the Directors. This provision shall not prevent the making of a contract of employment for a definite term with any officer and shall have no effect upon any cause of action which any officer may have as a result of removal in breach of a contract of employment. Any officer may resign at any time by notice in writing signed by such officer and delivered or mailed to the Chair, if any, President, or Secretary, and such resignation shall take effect immediately upon receipt by the Chair, if any, President, or Secretary, or at a later date according to the terms of such notice in writing.

Section 4. <u>Chair of the Board of Directors</u>. The Chair of the Board of Directors, if there be one, shall preside at all meetings of the shareholders and of the Board of Directors. The Chair of the Board of Directors shall also perform such other duties and may exercise such other powers as may from time to time be assigned by these Bylaws or by the Board of Directors.

Section 5. <u>Vice Chair of the Board of Directors</u>. The Vice Chair, if there be one, shall perform the duties of the Chair when the Chair is not able to fulfill those duties for any reason.

Section 6. <u>President</u>. The President shall, subject to the control of the Directors, have general supervision, direction and control of the business of the Fund and of its employees and shall exercise such general powers of management as are usually vested in the office of President of a Fund. The President shall have such further authorities and duties as the Directors shall from time to time determine. In the absence or disability of the President, the Directors shall delegate authority to another officer of the Fund to perform all of the duties of the President, and when so acting shall have all the powers of and be subject to all of the restrictions upon the President.

Section 7. <u>Secretary</u>. The Secretary shall maintain the minutes of all meetings of, and record all votes of, shareholders, Directors and committees of Directors, if any. The Secretary shall be custodian of the seal of the Fund, if any, and the Secretary (and any other person so authorized by the Directors) may affix the seal, or if permitted, facsimile thereof, to any instrument executed by the Fund which would be sealed by a business corporation in the state in which the Fund was formed executing the same or a similar instrument and shall attest the seal and the signature or signatures of the officer or officers executing such instrument on behalf of the Fund. The Secretary shall also perform any other duties commonly incident to such office in a business corporation in the state in which the Fund was formed and shall have such other authorities and duties as the Directors shall from time to time determine, including but not limited to calling special meetings of shareholders and providing written notice of all meetings of shareholders.

Section 8. <u>Treasurer and/or Chief Financial Officer</u>. The Directors can nominate a Treasurer and/or Chief Financial Officer, and, except as otherwise directed by the Directors, such officer(s) shall have the general supervision of the monies, funds, securities, notes receivable and other valuable papers and documents of the Fund, and shall have and exercise under the supervision of the Directors and of the President all powers and duties normally incident to the office. Such officer(s) may endorse for deposit or collection all notes, checks and other instruments payable to the Fund or to its order. Such officer(s) shall deposit all funds of the Fund in such depositories as the Directors shall designate. Such officer(s) shall be responsible for such disbursement of the funds of the Fund as may be ordered by the Directors or the President. Such officer(s) shall keep accurate account of the books of the Fund's transactions which shall be the property of the Fund, and which together with all other property of the Fund in such officer(s)'s possession, shall be subject at all times to the inspection and control of the Directors. Unless the Directors shall otherwise determine, such officer(s) shall be the principal accounting officer(s) of the Fund and shall also be the principal financial officer(s) of the Fund. Such officer(s) shall have such other duties and authorities as the Directors shall from time to time determine. Notwithstanding anything to the contrary herein contained, the Directors may authorize any adviser, administrator, manager or transfer agent to maintain bank accounts and deposit and disburse funds of any series of the Fund on behalf of such series.

Section 9. <u>Other Officers and Duties</u>. The Directors may elect or appoint, or may authorize the President to appoint, such other officers or agents with such powers as the Directors may deem to be advisable. Assistant officers shall act generally in the absence of the officer whom they assist and shall assist that officer in the duties of the office. Each officer, employee and agent of the Fund shall have such other duties and authority as may be conferred upon such person by the Directors or delegated to such person by the President. If the Directors elect or appoint, or authorize the President to appoint, a chief executive officer of the Fund, such chief executive officer, subject to direction of the Directors, shall have power in the name and on behalf of the Fund to execute any and all loans, documents, contracts, agreements, deeds, mortgages, registration statements, applications, requests, filings and other instruments in writing, and to employ and discharge employees and agents of the Fund. Unless otherwise directed by the Directors, the chief executive officer shall have full authority and power, on behalf of all of the Directors, to attend and to act and to vote, on behalf of the Fund at any meetings of business organizations in which the Fund holds an interest, or to confer such powers upon any other persons, by executing any proxies duly authorizing such persons. The chief executive officer shall have such further authorities and duties as the Directors shall from time to time determine. In the absence or disability of the chief executive officer, the Directors shall delegate authority to another officer of the Fund to perform all of the duties of the chief executive officer, and when so acting shall have all the powers of and be subject to all of the restrictions upon the chief executive officer.

**ARTICLE IV**

**LIMITATIONS OF LIABILITY AND INDEMNIFICATION**

Section 1. <u>No Personal Liability of Directors or Officers</u>. No Director, advisory board member or officer of the Fund shall be subject in such capacity to any personal liability whatsoever to any Person, save only liability to the Fund or its shareholders arising from bad faith, willful misfeasance, gross negligence or reckless disregard for his or her duty to such Person; and, subject to the foregoing exception, all such Persons shall look solely to the assets of the Fund for satisfaction of claims of any nature arising in connection with the affairs of the Fund. If any Director, advisory board member or officer, as such, of the Fund, is made a party to any suit or proceeding to enforce any such liability, subject to the foregoing exception, such person shall not, on account thereof, be held to any personal liability. Any repeal or modification of the Charter or this Article IV Section 1 shall not adversely affect any right or protection of a Director, advisory board member or officer of the Fund existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

Section 2. <u>Mandatory Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby agrees to indemnify each person who is or was a Director, advisory board member or officer of the Fund (each such person being an "<u>Indemnitee</u>") to the full extent permitted under the Charter. In addition, the Fund may provide greater but not lesser rights to indemnification pursuant to a contract approved by at least a majority of Directors between the Fund and any Indemnitee. Notwithstanding the foregoing, 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 the Indemnitee's position (the conduct referred to in such clauses (i) through (iv) being sometimes referred to herein as "<u>Disabling Conduct</u>"). Furthermore, 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 (A) was authorized by a majority of the Directors or (B) 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, unless otherwise provided in the Charter or in any agreement relating to indemnification between an Indemnitee and the Fund, 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 (A) a majority vote of a quorum of those Directors who are both Independent Directors and not parties to the proceeding ("<u>Independent Non-Party Directors</u>"), that the Indemnitee is entitled to indemnification hereunder, or (B) if such quorum is not obtainable or even if obtainable, if such majority so directs, a Special Counsel in a written opinion concludes that the Indemnitee should be entitled to indemnification hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to any limitations provided by the 1940 Act and the Charter, the Fund 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 Fund or serving in any capacity at the request of the Fund to the full extent permitted for corporations organized under the corporations laws of the state in which the Fund was formed, provided that such indemnification has been approved by a majority of the Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Any repeal or modification of the Charter or Section 2 of this Article IV shall not adversely affect any right or protection of a Director, advisory board member or officer of the Fund existing at the time of such repeal or modification with respect to acts or omissions occurring prior to such repeal or modification.

Section 3. <u>Good Faith Defined; Reliance on Experts</u>. For purposes of any determination under this Article IV, a person shall be deemed to have acted in good faith and in a manner such person reasonably believed to be in the best interests of the Fund, or, with respect to any criminal action or proceeding, to have had no reasonable cause to believe such person's conduct was unlawful, if such person's action is based on the records or books of account of the Fund, or on information supplied to such person by the officers of the Fund in the course of their duties, or on the advice of legal counsel for the Fund or on information or records given or reports made to the Fund by an independent certified public accountant or by an appraiser or other expert or agent selected with reasonable care by the Fund. The provisions of this Article IV Section 3 shall not be deemed to be exclusive or to limit in any way the circumstances in which a person may be deemed to have met the applicable standard of conduct set forth in this Article IV. Each Director and officer or employee of the Fund shall, in the performance of his or her duties, be fully and completely justified and protected with regard to any act or any failure to act resulting from reliance in good faith upon the books of account or other records of the Fund, upon an opinion of counsel selected by the Board of Directors or a committee of the Directors, or upon reports made to the Fund by any of the Fund's officers or employees or by any advisor, administrator, manager, distributor, dealer, accountant, appraiser or other expert or consultant selected with reasonable care by the Board of Directors or a committee of the Directors, officers or employees of the Fund, regardless of whether such counsel or expert may also be a Director.

Section 4. <u>Survival of Indemnification and Advancement of Expenses</u>. The indemnification and advancement of expenses provided by, or granted pursuant to, this Article IV shall, unless otherwise provided when authorized or ratified, continue as to a person who has ceased to be a director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person.

Section 5. <u>Insurance</u>. The Directors may maintain insurance for the protection of the Fund's property, the shareholders, Directors, officers, employees and agents in such amount as the Directors shall deem adequate to cover possible tort liability, and such other insurance as the Directors in their sole judgment shall deem advisable or is required by the 1940 Act.

Section 6. <u>Subrogation</u>. In the event of payment by the Fund to an Indemnitee under the Charter or these Bylaws, the Fund shall be subrogated to the extent of such payment to all of the rights of recovery of the Indemnitee, who shall execute such documents and do such acts as the Fund may reasonably request to secure such rights and to enable the Fund effectively to bring suit to enforce such rights.

**ARTICLE V**

**STOCK**

Section 1. <u>Shares of Stock</u>. Except as otherwise provided in a resolution approved by the Board of Directors, all Shares of the Fund shall be uncertificated Shares.

Section 2. <u>Transfer Agents, Registrars and the Like</u>. The Directors shall have authority to employ and compensate such transfer agents and registrars with respect to the Shares of the Fund as the Directors shall deem necessary or desirable. The transfer agent or transfer agents may keep the applicable register and record therein the original issues and transfers, if any, of the Shares. Any such transfer agents and/or registrars shall perform the duties usually performed by transfer agents and registrars of certificates of stock in a corporation, as modified by the Directors. In addition, the Directors shall have power to employ and compensate such dividend disbursing agents, warrant agents and agents for the reinvestment of dividends as they shall deem necessary or desirable. Any of such agents shall have such power and authority as is delegated to any of them by the Directors.

Section 3. <u>Transfer of Shares</u>. Shares of the Fund shall be transferable in the manner prescribed by the Charter, these Bylaws and applicable binding law. In addition, restrictions on the transfer of Shares may be established by the Board of Directors and set out in the registration statement of the Fund from time to time. Transfers of Shares shall be made on the books of the Fund, and in the case of certificated Shares, only by the person named in the certificate or by such person's attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes; or, in the case of uncertificated Shares, upon receipt of proper transfer instructions from the registered holder of the Shares or by such person's attorney lawfully constituted in writing, and upon payment of all necessary transfer taxes and compliance with appropriate procedures for transferring Shares in uncertificated form; provided, however, that such surrender and endorsement, compliance or payment of taxes shall not be required in any case in which the officers of the Fund shall determine to waive such requirement. If any certificated Shares are issued as provided in Section 1 of this Article V, they may be transferred only by the person named in the certificate or by such person's attorney lawfully constituted in writing and upon the surrender of the certificate therefor, properly endorsed for transfer and payment of all necessary transfer taxes. With respect to certificated Shares, every certificate exchanged, returned or surrendered to the Fund shall be marked "<u>Cancelled,</u>" with the date of cancellation, by the Secretary of the Fund or the transfer agent thereof. No transfer of Shares shall be valid as against the Fund for any purpose until it shall have been entered in the Share records of the Fund by an entry showing from and to whom transferred.

Section 4. <u>Registered Shareholders</u>. The Fund may deem and treat the holder of record of any Shares as the absolute owner thereof for all purposes and shall not be required to take any notice of any right or claim of right of any other person.

Section 5. <u>Register of Shares</u>. A register shall be kept at the offices of the Fund or any transfer agent duly appointed by the Directors under the direction of the Directors which shall contain the names and addresses of the shareholders and the number of Shares held by them respectively and a record of all transfers thereof. Separate registers shall be established and maintained for each class or series of Shares. Each such register shall be conclusive as to who are the holders of the Shares of the applicable class or series of Shares and who shall be entitled to receive dividends or distributions or otherwise to exercise or enjoy the rights of shareholders. No shareholder shall be entitled to receive payment of any dividend or distribution, nor to have notice given to such Person as herein provided, until such Person has given their address to a transfer agent or such other officer or agent of the Directors as shall keep the register for entry thereon.

Section 6. <u>Disclosure of Holdings</u>. The holders of Shares or other securities of the Fund shall upon demand disclose to the Directors in writing such information with respect to direct and indirect ownership of Shares or other securities of the Fund as the Directors deem necessary or appropriate.

Section 7. <u>Signatures</u>. Any or all of the signatures on a certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Fund with the same effect as if such person were such officer, transfer agent or registrar at the date of issue.

Section 8. <u>Lost Certificates</u>. The Board of Directors may direct a new certificate to be issued in place of any certificate theretofore issued by the Fund alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed. When authorizing such issue of a new certificate, the Board of Directors may, in its discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate, or such owner's legal representative, to advertise the same in such manner as the Board of Directors shall require and/or to give the Fund a bond in such sum as it may direct as indemnity against any claim that may be made against the Fund on account of the alleged loss, theft or destruction of such certificate or the issuance of such new certificate.

**ARTICLE VI**

**MISCELLANEOUS**

Section 1. <u>Filing</u>. These Bylaws and any amendment or supplement hereto shall be filed in such places as may be required or as the Directors deem appropriate. Each amendment or supplement shall be accompanied by a certificate signed and acknowledged by the Secretary stating that such action was duly taken in a manner provided herein, and shall, upon insertion in the Fund's minute book, be conclusive evidence of all amendments contained therein.

Section 2. <u>Governing Law</u>. These Bylaws and the rights of all parties and the validity and construction of every provision hereof shall be subject to and construed according to the laws of the state in which the Fund was formed, although such law shall not be viewed as limiting the powers otherwise granted to the Directors hereunder and any ambiguity shall be viewed in favor of such powers.

Section 3. <u>Provisions in Conflict with Law or Regulation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The provisions of these Bylaws are severable, and if the Directors shall determine, with the advice of counsel, that any of such provisions is in conflict with the 1940 Act, the regulated investment company provisions of the Code or with other applicable binding laws and regulations, the conflicting provision shall be deemed never to have constituted a part of these Bylaws; provided, however, that such determination shall not affect any of the remaining provisions of these Bylaws or render invalid or improper any action taken or omitted prior to such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If any provision of these Bylaws shall be held invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall attach only to such provision in such jurisdiction and shall not in any manner affect such provision in any other jurisdiction or any other provision of these Bylaws in any jurisdiction.

**ARTICLE VII**

**AMENDMENT OF BYLAWS**

Section 1. <u>Amendment and Repeal of Bylaws</u>. The Directors shall have the exclusive power to amend or repeal the Bylaws or adopt new Bylaws at any time. Except as may be required by applicable binding law or the Charter, action by the Directors with respect to the Bylaws shall be taken by an affirmative vote of a majority of the Directors. The Directors shall in no event adopt Bylaws which are in conflict with the Charter, and any inconsistency shall be construed in favor of the related provisions in the Charter.

## Exhibit 99.25

**Dividend Reinvestment Plan**

**The Champion Fund**

This Dividend Reinvestment Plan (the "***Plan***") of The Champion Fund (the "***Fund***") provides holders of the Fund's shares of beneficial interest ("***Shares***") enrolled in the Plan ("***Participants***") with a convenient method of purchasing additional Shares by automatically reinvesting all or a portion of cash dividends in Shares. Each holder of Shares ("***Shareholder***") is advised as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Enrollment of Participants</u>. A Shareholder automatically enrolls in and participates in the Plan unless such Shareholder elects otherwise. Shareholders
that wish to opt out of the Plan may do so by making a written election to not participate in the Plan by notifying Sweater Services
Corps LLC (the "  ***Administrator***") in writing at The Champion Fund c/o Sweater Services Corps LLC, 2000 Central
Ave., Boulder, Colorado 80301. Such written notice must be received by the Administrator 30 days prior to the record date of the distribution
or the Shareholder will receive such distribution in additional Shares through the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Plan Administrator</u>. The Administrator acts as administrator of the Plan for each Participant. The Administrator or its delegee will open an account for each Participant under the Plan in the same name as the one in which the Participant's outstanding Shares are registered on the books of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Distributions</u>. When a Participant's income dividends and/or capital gains distributions (collectively, "  ***Distributions***") are reinvested in additional Shares, the Participant will receive an amount of Shares of the Fund equal to the amount of the Distribution on that Participant's Shares divided by the net asset value ("  ***NAV***") per Share determined in connection with payment of that Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Withdrawing from the Plan</u>. A Participant may withdraw from the Plan (*i.e.*, opt-out) at any time by sending written notice to the Administrator at The Champion Fund c/o Sweater Services Corps LLC, 2000 Central Ave., Boulder, Colorado 80301. Upon receipt of such notice, the Administrator will cause the Participant to receive Distributions, if any, in cash. A Shareholder is free to change this election at any time. If, however, a Shareholder requests to change its election within the period that begins 30 days prior to the record date for a Distribution, the request will be effective only with respect to Distributions after such record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Recordkeeping</u>. The Administrator will reflect each Participant's Shares acquired pursuant to the Plan together with the Shares of other Shareholders of the Fund acquired pursuant to the Plan in non-certificated form. Each Participant will be sent a confirmation by the Administrator or its delegee of each acquisition made for its account as soon as practicable, but not later than 60 days after the date thereof. Any Share distributions or split Shares distributed by the Fund on Shares held by the Administrator for Participants will be credited to their accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Amendment or Termination of the Plan</u>. The Plan may be amended or terminated by the Fund at any time upon written notice to the Participants. The Fund reserves the right to suspend or limit at any time the ability of Shareholders to reinvest Distributions, and to require Shareholders to receive all Distributions in cash, or to limit the maximum amount that may be reinvested, either as a dollar amount or as a percentage of Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Taxation</u>: The automatic reinvestment of Distributions will not relieve Participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Distributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Correspondence</u>: All correspondence concerning the Plan should be directed to the Administrator by mail at The Champion Fund c/o Sweater Services Corps LLC, 2000 Central Ave., Boulder, Colorado 80301.

9. <u>Absence of Liability</u>. Neither the Fund nor the Administrator shall have any responsibility or liability beyond the exercise of ordinary care for any action taken or omitted pursuant to the Plan, nor shall they have any duties, responsibilities or liabilities except such as expressly set forth herein. Neither the Fund nor the Administrator shall be liable for any act done in good faith or for any good faith omission to act, including, without limitation, any claims of liability: (a) arising out of the failure to terminate a Participant's account prior to receipt of written notice of such Participant's death, or (b) with respect to prices at which Shares are purchased or sold for the Participant's account and the terms on which such purchases and sales are made.  ***NOTWITHSTANDING THE FOREGOING, LIABILITY UNDER THE U.S. FEDERAL SECURITIES LAWS CANNOT BE WAIVED.*** 

The Fund may elect to make non-cash Distributions to its Shareholders. Such Distributions are not subject to the Plan, and all Shareholders, regardless of whether or not they are Participants in the Plan, will receive such Distributions in additional Shares of the Fund.

Adopted: [●], 2026

## Exhibit 99.25

**INVESTMENT MANAGEMENT AGREEMENT**

The Champion Fund

AGREEMENT made this [●] day of [●], 2025, by and between The Champion Fund, a Delaware statutory trust (the "***Fund***"), and Sweater Industries LLC, a Delaware limited liability company (the "***Adviser***").

WHEREAS, the Adviser has agreed to furnish investment management and other services to the Fund, a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "***1940 Act***"); and

WHEREAS, the Fund and the Adviser wish to enter into this Agreement setting forth the investment management and other services to be performed by the Adviser for the Fund and the terms and conditions under which such services will be performed; and

WHEREAS, this Agreement has been approved in accordance with the provisions of the 1940 Act, and the Adviser is willing to furnish such services upon the terms and conditions herein set forth.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT
AND ACCEPTANCE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby appoints the Adviser to act as Adviser to the Fund for the period and on the terms set forth in this Agreement. The Adviser accepts such appointment and agrees to furnish the services herein set forth for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In rendering services under this Agreement, the Adviser shall have regard to (i) the provisions of the 1940 Act, any rules or regulations thereunder, and other provisions of Federal or state law; (ii) the provisions of the Agreement and Declaration of Trust of the Fund, as amended and restated from time to time (the "  ***Declaration of Trust*** "); (iii) the policies and determinations of the Fund's Board of Trustees (the "  ***Board*** "); (iv) the fundamental policies and investment restrictions of the Fund reflected in the Fund's registration statement on Form N-2 relating to the offering of the Fund's shares, including all exhibits thereto (the "  ***Registration Statement*** "), as such policies and restrictions may, from time to time, be amended; (v) the prospectus and Statement of Additional Information of the Fund in effect from time to time (the "  ***Prospectus and SAI*** "); and (vi) any exemptive relief granted by the U.S. Securities and Exchange Commission (the "  ***SEC*** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DUTIES OF THE ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund employs the Adviser to furnish and manage a continuous investment program for the Fund. The Adviser hereby undertakes and agrees, upon the terms and conditions herein set forth and subject to the supervision of the Board, either directly or indirectly through one or more sub-advisers, to: (i) develop, implement and supervise the investment program of the Fund and the composition of its portfolio; (ii) determine the timing and amount of commitments, investments and/or disposals to be made by the Fund, the securities and other investments to be purchased or sold by the Fund in connection therewith; and (iii) arrange, subject to the provisions of Section 3 hereof, for the purchase of securities and other investments for the Fund and the sale or redemption of securities and other investments held in the portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The securities and other investments purchased or sold by the Fund in connection with the foregoing may include, but are not limited to, shares of capital stock, limited partnership interests, limited liability company interests, warrants, options, bonds, notes, debentures, loans and other securities and equity or debt interests and derivatives thereof of whatever kind, whether or not publicly traded or readily marketable and whether directly or indirectly held.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser may, subject to the provisions of Section 3 hereof, obtain investment information, research or assistance from any other person, firm or corporation to supplement, update or otherwise improve its investment management services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Adviser may hire (subject to the approval of the Fund's Board and, except as otherwise permitted under the terms of any applicable exemptive relief obtained from the SEC, or by rule or regulation, a majority of the outstanding voting securities of the Fund) and thereafter supervise the investment activities of one or more sub-advisers engaged to carry out the investment program of the Fund. The retention of a sub-adviser by the Adviser shall not relieve the Adviser of its responsibilities under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Subject always to the control of the Board and except for the functions carried out by the officers and personnel of the Fund, the Adviser will also manage, supervise and conduct the other affairs and business of the Fund and matters incidental thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Adviser shall discharge the foregoing responsibilities subject to the control of the Fund's Board and in compliance with such policies as the Board may from time to time establish, with the objectives, policies, and limitations for the Fund set forth in the Fund's Registration Statement, and with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. BROKERAGE COMMISSIONS. While not expected to be a primary part of the Fund's investment strategy, to the extent applicable, the Adviser is authorized to select brokers and/or dealers to execute certain purchases and sales of portfolio securities for the Fund and, to the extent that public securities are involved, is directed to use its best efforts to obtain "best execution," considering the Fund's investment objectives, policies, and restrictions as stated in the Fund's Prospectus and SAI, as the same may be amended, supplemented or restated from time to time, and resolutions of the Fund's Board. The Adviser will promptly communicate to the officers and the Board such information relating to portfolio transactions as they may reasonably request. It is understood that the Adviser will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund or be in breach of any obligation owing to the Fund under this Agreement, or otherwise, by reason of its having directed a securities transaction on behalf of the Fund to a broker-dealer in compliance with the provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended, or as described from time to time by the Fund's Prospectus and SAI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. ALLOCATION OF CHARGES AND EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser will pay all of the ordinary and usual office overhead expenses of the Adviser and any of its affiliates (including rent, etc.) in connection with performance of the Adviser's duties under this Agreement and the salaries or other compensation of the employees of the Adviser or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Adviser will not be required to bear any expenses of the Fund other than those specifically allocated to the Adviser in this Section 4. In particular, but without limiting the generality of the foregoing, the Adviser shall not be required to pay, and shall be reimbursed promptly by the Fund if it pays, any third party charges and out-of-pocket costs and expenses that are related to the organization, operation or business of the Fund, including, without limitation, the following: (i) interest and taxes; (ii) brokerage commissions (if any) and other transaction expenses in connection with the Fund's purchase and sale of assets; (iii) fees and expenses related to the formation of the Fund, the offering of the Fund's shares (including Fund marketing expenses), and the admission of investors in the Fund; (iv) fees and expenses related to the formation and operation of any subsidiaries of the Fund; (v) fees and expenses related to the investigation and evaluation of investment opportunities (whether or not consummated); (vi) fees and expense related to the acquisition, ownership, management, financing, hedging of interest rates on financings, or sale of portfolio investments; (vii) travel costs associated with investigating and evaluating investment opportunities (whether or not consummated) or making, monitoring, managing or disposing of portfolio investments; (viii) costs of borrowings of the Fund; (ix) costs of any third parties retained to provide services to the Fund; (x) premiums for fidelity and other insurance coverage requisite to the Fund's operations; (xi) fees and expenses of the Fund's "non-interested" trustees; (xii) legal, audit and fund accounting expenses; (xiii) custodian and transfer agent fees and expenses; (xiv) expenses incident to the repurchase of the Fund's shares; (xv) fees and expenses related to the registration under federal and state securities laws of shares of the Fund for public sale; (xvi) expenses of printing and mailing prospectuses, reports, notices and proxy material to shareholders of the Fund; (xvii) all other expenses incidental to holding meetings of the Fund's shareholders; and (xviii) such extraordinary non-recurring expenses as may arise, including litigation affecting the Fund and any obligation which the Fund may have to indemnify its officers and trustees with respect thereto. Any partner, director, officer or employee of the Adviser or its affiliates who may also serve as officers, trustees or employees of the Fund shall not receive any compensation directly from the Fund for their services, except to the extent the Board shall have specifically approved the payment by the Fund of all or a portion of such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Adviser, or an affiliate of the Adviser, may agree to waive its fees and/or pay or reimburse the expenses of the Fund or otherwise subsidize the Fund to any level that the Adviser, or any such affiliate, may specify. Any such undertaking may be modified or discontinued at any time except to the extent the Adviser explicitly agrees in writing to maintain such undertaking for a specified period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the Adviser or its affiliates incur any costs by assuming expenses that are an obligation of the Fund as set forth herein, the Fund shall promptly reimburse the Adviser for such costs and expenses, except to the extent the Adviser has otherwise explicitly agreed to bear such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. COMPENSATION OF THE ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services provided and the expenses assumed pursuant to this Agreement, the Fund will pay to the Adviser a fee, computed and paid monthly, at the annual rate of 2.9% of the average daily net assets of the Fund. The average daily net assets of the Fund shall be determined by taking an average of all of the determinations of such amount during such month at the close of business on each business day during such month while this Agreement is in effect. Such fee shall be payable for each month within 15 business days after the end of such month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All rights of compensation under this Agreement for services performed as of the termination date shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. BOOKS AND RECORDS. The Adviser will maintain or cause to be maintained all books and records with respect to the securities transactions of the Fund and will furnish to the Fund's Board or cause to be furnished such periodic and special reports as the Board may reasonably request. The Fund and the Adviser agree to furnish to each other, if applicable, current registration statements, proxy statements, reports to shareholders, certified copies of their financial statements, and such other information with regard to their affairs as each may reasonably request. Any records required to be maintained and preserved pursuant to the provisions of Rule 31a-1 and Rule 31a-2 promulgated under the 1940 Act that are prepared or maintained by the Adviser on behalf of the Fund are the property of the Fund and will be provided promptly to the Fund on request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. OTHER ACTIVITIES. Nothing in this Agreement shall limit or restrict the right of any director, member, partner, officer, or employee of the Adviser or its affiliates to engage in any other business or to devote his or her time and attention in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or restrict the right of the Adviser or its affiliates to engage in any other business or to render services of any kind to any other person, corporation, firm, individual or association. The Adviser's services to the Fund pursuant to this Agreement are not deemed to be exclusive and it is understood that the Adviser and its affiliates may render investment advice, management and other services to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. LIMITATION OF LIABILITY AND INDEMNIFICATION OF THE ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser will not be liable for any error of judgment or mistake of law or for any loss suffered by the Adviser or by the Fund in connection with the performance of this Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from the willful misfeasance, bad faith or gross negligence on its part in the performance of its duties or from reckless disregard by it of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall indemnify, to the fullest extent permitted by law, the Adviser, or any member, director, officer or employee of the Adviser, and any of their affiliates, executors, heirs, assigns, successors or other legal representatives, against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund, so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, or gross negligence, or from reckless disregard by such party of its duties to the Fund. The rights of indemnification provided under this Section shall not be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable provisions of this Section to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. PERMISSIBLE INTERESTS. Trustees, agents, and interest holders of the Fund are or may be interested in the Adviser (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers, officers, agents, and interest holders of the Adviser are or may be interested in the Fund as trustees, interest holders or otherwise; and the Adviser (or any successor) is or may be interested in the Fund as an interest holder or otherwise. In addition, brokerage transactions for the Fund may be effected through affiliates of the Adviser if approved by the Fund's Board, subject to the rules and regulations of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. AUTHORITY; NO CONFLICT. The Adviser represents, warrants and agrees that: it has the authority to enter into and perform the services contemplated by this Agreement; and the execution, delivery and performance of this Agreement do not, and will not, conflict with, or result in any violation or default under, any agreement to which Adviser or any of its affiliates are a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. DURATION AND TERMINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date hereof and, unless sooner terminated with respect to the Fund as provided herein, shall continue in effect for a period of two years. Thereafter, if not terminated, this Agreement shall continue in effect with respect to the Fund for successive periods of 12 months, provided such continuance is specifically approved at least annually by both (a) the vote of a majority of the Fund's Board or the vote of a majority of the outstanding voting securities of the Fund at the time outstanding and entitled to vote, and (b) by the vote of a majority of the Fund's trustees who are not parties to this Agreement or interested persons of any party to this Agreement, cast in accordance with the requirements of the 1940 Act or any exemptive or other relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Agreement may be terminated by the Fund at any time, without the payment of any penalty, upon giving the Adviser 60 days' written notice (which notice may be waived by the Adviser), provided that such termination by the Fund shall be directed or approved by the vote of a majority of the trustees of the Fund in office at the time or by the vote of the holders of a majority of the outstanding voting securities of the Fund at the time outstanding and entitled to vote, or by the Adviser on 60 days' written notice (which notice may be waived by the Fund). This Agreement will also immediately terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As used in this Agreement, the terms "  ***majority of the outstanding voting securities*** ," "  ***interested person***" and "  ***assignment***" shall have the same meanings of such terms in the 1940 Act and the rules and regulations thereunder; subject to such exemptions as may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. NOTICE. Any notice under this Agreement shall be in writing to the other party at such address as the other party may designate from time to time for the receipt of such notice, and shall be deemed to be received on the earlier of the date actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Amendment . No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. Any amendment of this Agreement shall be subject to the requirements of the 1940 Act or any exemptive or other relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. SEVERABILITY. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware for contracts to be performed entirely therein without reference to choice of law principles thereof and in accordance with the applicable provisions of the 1940 Act.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed by their duly authorized officers, all as of the day and the year first above written.

The Champion fund

---

| | |
|:---|:---|
| By: |  |
|  | Marques Colston, Trustee, President and Principal Executive Officer |
| Sweater Industries LLC | Sweater Industries LLC |
| By: |  |
|  | Jesse Randall, Chief Executive Officer |

---

## Exhibit 99.25

**INVESTMENT SUB-ADVISORY AGREEMENT**

**Sweater Cashmere Fund**

THIS INVESTMENT SUB-ADVISORY AGREEMENT (this "***Agreement***"), dated ________________, 2025, is between Sweater Industries LLC, a Delaware limited liability company (the "***Adviser***") and a registered investment adviser with the Securities and Exchange Commission ("***SEC***"), and Champion Advisors LLC, a Delaware limited liability company and a registered investment adviser with the SEC (the "***Sub-Adviser***").

WHEREAS, the Adviser and the Sub-Adviser are each registered as investment advisers under the Investment Advisers Act of 1940, as amended (the "***Advisers Act***"); and

WHEREAS, Sweater Cashmere Fund, a Delaware statutory trust (the "***Fund***"), is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "***1940 Act***"); and

WHEREAS, the Fund has retained the Adviser to perform investment advisory services for the Fund under the terms of an investment advisory agreement, dated as of even date herewith, between the Adviser and the Fund (the "***Management Agreement***"), and

WHEREAS, the Management Agreement provides that the Adviser may retain one or more sub-advisers, subject to the approval of the Fund's Board of Trustees (the "***Board***") and, except as otherwise permitted under the terms of any applicable exemptive relief obtained from the SEC, or by rule or regulation, a majority of the outstanding voting securities of the Fund; and

WHEREAS, the Adviser, acting pursuant to the Management Agreement, wishes to retain the Sub-Adviser to provide sub-advisory services to the Fund, and the Sub-Adviser desires to provide such services in accordance with the terms of this Agreement; and

WHEREAS, the Trust's Board has duly consented to and approved the appointment of the Sub-Adviser to provide sub-advisory services to the Fund in the manner and on the terms set out in this Agreement; and

WHEREAS, the Fund's shareholders, in the manner required under the 1940 Act, have approved this Agreement and the Adviser's retention of the Sub-Adviser to provide sub-advisory services to the Fund.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. APPOINTMENT AND ACCEPTANCE.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Acceptance</u>. The Adviser hereby appoints the Sub-Adviser to provide certain sub-investment advisory
and related services to the Fund for the period and on the terms set forth in this Agreement. The Sub-Adviser accepts such appointment
and agrees to furnish the services herein set forth for the compensation herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Independent Contractor</u>. The Sub-Adviser shall, for all purposes herein provided, be deemed an independent
contractor and, unless otherwise expressly provided or authorized, shall have no authority to act for nor represent the Fund or the Adviser
in any way, nor otherwise be deemed an agent of the Fund or the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>The Sub-Adviser's Representations</u>. The Sub-Adviser represents, warrants 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;&nbsp;&nbsp;&nbsp;&nbsp;(i) it has all requisite power and authority to enter into and perform 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;(ii) it has taken all necessary limited liability company action to authorize its execution, delivery and performance
of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) neither it nor any "affiliated person" of it, as such term is defined in Section 2(a)(3) of
the 1940 Act, is subject to any disqualification that would make it unable to serve as an investment adviser to a registered investment
company under Section 9 of the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) it is duly registered as an investment adviser under the Advisers Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) except as otherwise specified herein, it will not delegate any obligation assumed pursuant to this Agreement
to any third party (including any other sub-adviser) without first obtaining the written consent of the Fund and the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the execution, delivery and performance of this Agreement do not, and will not, conflict with, or result
in any violation or default under, any agreement to which the Sub-Adviser or any of its affiliates are a party.

The Sub-Adviser further represents, warrants, and agrees that it shall, at all times during the term of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Use its best judgment and efforts in rendering the advice and services to the Fund as contemplated by
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;(viii) Maintain all licenses and registrations necessary to perform its duties hereunder in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) conform in all material respects to all applicable rules and regulations of the SEC, comply in all material
respects with all policies and procedures adopted by the Board for the Fund and communicated to the Sub-Adviser in writing, and conduct
its activities and operations under this Agreement in all material respects in accordance with any applicable law and regulations of any
governmental authority pertaining to its investment advisory activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Maintain errors and omissions insurance coverage in an amount not less than its current level of coverage
and shall provide written notice to the Fund (x) of any material changes in its insurance policies or insurance coverage; or (y) if any
materials claims will be made on its insurance policies. Furthermore, the Sub-Adviser shall, upon reasonable request, provide the Fund
with any information it may reasonably require concerning the amount of or scope of such insurance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>The Adviser's Representations</u>. The Adviser represents, warrants and agrees that it has all
requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action
to authorize its execution, delivery and performance of this Agreement. The Adviser further represents, warrants and agrees that it has
the authority under the Management Agreement to appoint the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DELIVERY OF DOCUMENTS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser has furnished to the Sub-Adviser copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Declaration of the Trust of the Fund as in effect on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The By-laws of the Fund in effect on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&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 resolutions of the Board approving the engagement of the Sub-Adviser as a sub-adviser to the Fund
and approving the form of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) A certificate from an authorized Fund officer certifying that the Fund has received the necessary approval
of Fund shareholders with respect to the Fund's engagement of the Sub-Adviser as a sub-adviser to the Fund and the form of this
Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Management 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;(vi) The Code of Ethics of the Fund and the Fund's other compliance policies and procedures as currently
in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Current copies of the Fund's Prospectus and Statement of Additional Information.

The Adviser shall furnish the Sub-Adviser from time to time with copies of all material Amendments of or material supplements to the foregoing, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser has furnished or will furnish the Fund with copies of each of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&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 Sub-Adviser's most recent registration statement on Form ADV;

&nbsp;&nbsp;&nbsp;&nbsp;&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) separate lists of persons whom the Sub-Adviser wishes to have authorized to give written and/or oral instructions
to the custodian (the "  ***Custodian***") and accounting agent of 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;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Code of Ethics of the Sub-Adviser as currently in effect; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) complete and accurate copies of any compliance manuals, trading, commission and other reports, insurance
policies, and such other management or operational documents as the Adviser may reasonably request in writing (on behalf of itself or
the Board) in assessing the Sub-Adviser.

The Sub-Adviser shall furnish the Fund from time to time with copies of all material amendments of or material supplements to the foregoing, if any. Additionally, the Sub-Adviser shall provide to the Fund such other documents relating to its services under this Agreement as the Adviser may reasonably request on a periodic basis. Such amendments or supplements shall be provided within 30 days of the time such materials became available to the Sub-Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. PROVISION OF INVESTMENT SUB-ADVISORY SERVICES

Subject always to the supervision of the Board and the Adviser, the Sub-Adviser will act as sub-adviser for, and manage on a discretionary basis the investment and reinvestment of the assets of the Fund. In connection therewith, and subject to the supervision of the Board and the Adviser, the Sub-Adviser shall (i) implement and supervise the investment program of the Fund and the composition of its portfolio; (ii) determine the timing and amount of commitments, investments and/or disposals to be made by the Fund, the securities and other investments to be purchased or sold by the Fund in connection therewith; (iii) arrange, subject to the provisions of <u>Section 4</u> hereof, for the purchase of securities and other investments for the Fund and the sale or redemption of securities and other investments held in the portfolio of the Fund; all on behalf of the Fund and as described in the Fund's most current effective registration statement on Form N-2 and as the same may thereafter be amended from time to time. In the performance of its duties, the Sub-Adviser will in all material respects (a) satisfy any applicable fiduciary duties it may have to the Fund; (b) monitor the Fund's investments; (c) comply with the provisions of the Fund's Declaration of Trust and By-laws, as amended from time to time and communicated by the Fund or the Adviser to the Sub-Adviser in writing, the stated investment objectives, policies and restrictions of the Fund as such objectives, policies and restrictions may subsequently be changed by the Board and communicated by the Fund or the Adviser to the Sub-Adviser in writing, and those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended; and (d) assist in the valuation of portfolio securities held by the Fund as reasonably requested by the Adviser or the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. BROKERAGE COMMISSIONS. While not expected to be a primary part of the Fund's investment strategy,
to the extent applicable, and subject always to the supervision of the Board and the Adviser, the Sub-Adviser is authorized to select
brokers and/or dealers to execute certain purchases and sales of portfolio securities for the Fund and, to the extent that public securities
are involved, is directed to use its best efforts to obtain "best execution," considering the Fund's investment objectives,
policies, and restrictions as stated in the Fund's Prospectus and Statement of Additional Information, as the same may be amended,
supplemented or restated from time to time, and resolutions of the Fund's Board. The Sub-Adviser will promptly communicate to the
Adviser and the Board such information relating to portfolio transactions as they may reasonably request. It is understood that the Sub-Adviser
will not be deemed to have acted unlawfully, or to have breached a fiduciary duty to the Fund or be in breach of any obligation owing
to the Fund under this Agreement, or otherwise, by reason of its having directed a securities transaction on behalf of the Fund to a broker-dealer
in compliance with the provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended, or as described from time to time
by the Fund's Prospectus and Statement of Additional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. PROXY VOTING AND RELATED MATTERS

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Adviser hereby delegates to the Sub-Adviser the Adviser's discretionary authority to exercise
voting and consent rights with respect to the securities and investments of the Fund, <u>provided</u>, <u>however</u>, that the Fund or
the Adviser may require, upon request, that the Sub-Adviser vote proxies and related consents for the Fund in accordance with the Fund's
or the Adviser's proxy voting policies. Absent specific instructions to the contrary provided to it by the Fund or the Adviser,
and subject to its receipt of all necessary voting materials, the Sub-Adviser shall vote all proxies and similar consents with respect
to investments of the Fund in accordance with the Adviser's proxy voting policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser shall maintain and preserve a record, in an easily-accessible place for a period of not
less than five years (or longer, if required by law), of the Sub-Adviser's voting procedures, of the Sub-Adviser's actual
votes, and such other information required for the Fund to comply with any rules or regulations promulgated by the SEC. The Sub-Adviser
shall supply updates of this record to the Adviser or any authorized representative of the Adviser, or to the Fund, on a quarterly basis
(or more frequently, upon the request of the Adviser or the Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. ALLOCATION OF CHARGES AND EXPENSES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Sub-Adviser will pay all of the ordinary and usual office overhead expenses of the Sub-Adviser and
any of its affiliates (including rent) in connection with performance of the Sub-Adviser's duties under this Agreement and the salaries
or other compensation of the employees and other professionals of the Sub-Adviser or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Sub-Adviser shall not be required to bear any expenses of the Fund other than those specified in <u>Section 6(a)</u> hereof and such other expenses specifically assumed by the Sub-Adviser in writing. Without limiting the generality of the foregoing,
the Sub-Adviser shall not be required to pay, and shall be reimbursed promptly by the Fund if it pays, any third party charges and out-of-pocket
costs and expenses that are related to the organization, operation or business of the Fund, including, without limitation, the following:
(i) interest and taxes; (ii) brokerage commissions (if any) and other transaction expenses in connection with the Fund's purchase
and sale of assets; (iii) fees and expenses related to the offering of the Fund's shares (including Fund marketing expenses), and
the admission of investors in the Fund; (iv) fees and expenses related to the formation and operation of any subsidiaries of the Fund;
(v) fees and expenses related to the investigation and evaluation of investment opportunities (whether or not consummated); (vi) fees
and expense related to the acquisition, ownership, management, financing, hedging of interest rates on financings, or sale of portfolio
investments; (vii) travel costs associated with investigating and evaluating investment opportunities (whether or not consummated) or
making, monitoring, managing or disposing of portfolio investments; (viii) costs of borrowings of the Fund; (ix) costs of any third parties
retained to provide services to the Fund; (x) premiums for fidelity and other insurance coverage requisite to the Fund's operations;
(xi) fees and expenses of the Fund's "non-interested" trustees; (xii) legal, audit and Fund accounting expenses; (xiii)
Custodian and transfer agent fees and expenses; (xiv) expenses incident to the repurchase of the Fund's shares; (xv) fees and expenses
related to the registration under federal and state securities laws of shares of the Fund for public sale; (xvi) expenses of printing
and mailing prospectuses, reports, notices and proxy material to shareholders of the Fund; (xvii) all other expenses incidental to holding
meetings of the Fund's shareholders; and (xviii) such extraordinary non-recurring expenses as may arise, including litigation affecting
the Fund and any obligation which the Fund may have to indemnify its officers and trustees with respect thereto. Any partner, director,
officer or employee of the Sub-Adviser or its affiliates who may also serve as officers, trustees or employees of the Fund shall not receive
any compensation directly from the Fund for their services, except to the extent the Board shall have specifically approved the payment
by the Fund of all or a portion of such compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser may, with the Board's approval, agree to waive its fees and/or pay or reimburse
the expenses of the Fund or otherwise subsidize the Fund to any level that the Sub-Adviser, or any such affiliate, may specify. Any such
undertaking may be modified or discontinued at any time except to the extent the Sub-Adviser explicitly agrees in writing to maintain
such undertaking for a specified period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the extent the Sub-Adviser or its affiliates incur any costs by assuming expenses that are an obligation
of the Fund as set forth herein, the Fund shall promptly reimburse the Sub-Adviser for such costs and expenses, except to the extent the
Sub-Adviser has otherwise explicitly agreed to bear such expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. COMPENSATION OF THE SUB-ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the services provided and the expenses assumed pursuant to this Agreement, the Adviser will pay to
the Sub-Adviser a fee, based on the Average Daily Net Assets of the Fund, computed and paid monthly, at the annual rates set forth on <u>Schedule A</u> attached to this Agreement, as from time to time amended. The Fund's "Average Daily Net Assets" shall
be determined by taking an average of all of the determinations of such amount during such month at the close of business on each business
day during such month while this Agreement is in. Such fee shall be payable for each month within 20 business days after the end of such
month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Sub-Adviser serves for less than the whole of a month, the foregoing compensation will be prorated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser may agree to waive its fees and/or pay or reimburse the expenses of the Fund or otherwise
subsidize the Fund to any level that the Sub-Adviser may specify. Any such undertaking may be modified or discontinued at any time except
to the extent the Sub-Adviser explicitly agrees in writing to maintain such undertaking for a specified period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All rights of compensation under this Agreement for services performed as of the termination date shall
survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. FURTHER RESPONSIBILITIES AND OBLIGATIONS OF THE SUB-ADVISER. The Sub-Adviser further agrees that it:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) will use the same degree of skill and care in providing services to the Fund as it uses in providing services
to other accounts for which it has investment responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) will report to the Adviser and to the Board on a quarterly basis and will make appropriate persons available
for the purpose of reviewing with representatives of the Adviser and the Board on a regular basis at such times as the Adviser or the
Board may reasonably request in writing regarding the management of the Fund, including, without limitation, review of the general investment
strategies of the Fund, the performance of the Fund's investment portfolio in relation to relevant standard industry indices and
general conditions affecting the marketplace, and will provide various other reports from time to time as reasonably requested by the
Adviser or the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) will prepare and maintain such books and records with respect to the Fund's securities and other
transactions for the Fund's investment portfolio as required for registered investment advisers performing such services under applicable
law, the Fund's compliance policies and procedures (as provided to the Sub-Adviser in writing) or as otherwise requested by the
Adviser or the Board in writing, and will prepare and furnish the Adviser and the Board such periodic and special reports as the Adviser
or the Board may request in writing from time to time. The Sub-Adviser further agrees that all records that it maintains for the Fund
are the property of the Fund, and the Sub-Adviser will surrender promptly to the Fund any such records upon the request of the Adviser
or the Board (provided, however, that the Sub-Adviser shall be permitted to retain copies thereof); and shall be permitted to retain originals
(with copies to the Fund) to the extent required under Rule 204-2 of the Advisers Act or other applicable law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) will monitor the pricing of portfolio securities, and events relating to the issuers of those securities
and the markets in which the securities trade in the ordinary course of managing the portfolio securities of the Fund, and will notify
the Adviser promptly of any issuer-specific or market events or other situations that occur (particularly those that may occur after the
close of a foreign market in which the securities may primarily trade but before the time at which the Fund's investments are priced
on a given day) that may materially impact the pricing of one or more securities in Sub-Adviser's portion of the portfolio. In addition,
Sub-Adviser will at the Adviser's request assist the Adviser in evaluating the impact that such an event may have on the net asset
value of the Fund and in determining a recommended fair value of the affected security or securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. OTHER ACTIVITIES. Nothing in this Agreement shall limit or restrict the right of any director, member,
manager, officer, or employee of the Sub-Adviser or its affiliates to engage in any other business or to devote his or her time and attention
in part to the management or other aspects of any other business, whether of a similar nature or a dissimilar nature, nor to limit or
restrict the right of the Sub-Adviser or its affiliates to engage in any other business or to render services of any kind to any other
person, corporation, firm, individual or association. The Sub-Adviser's services to the Fund pursuant to this Agreement are not
deemed to be exclusive and it is understood that the Sub-Adviser and its affiliates may render investment advice, management and other
services to others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. LIMITATION OF LIABILITY AND INDEMNIFICATION OF THE SUB-ADVISER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except for losses resulting from the Sub-Adviser's breach of fiduciary duty with respect to the
receipt of compensation for services or losses resulting from the willful misfeasance, bad faith or gross negligence on its part in the
performance of the Sub-Adviser's duties or from reckless disregard by the Sub-Adviser of its duties under this Agreement, the Sub-Adviser
will not be liable for any error of judgment or mistake of law or for any loss suffered by the Adviser or by the Fund in connection with
the performance of this Agreement, including, without limitation, any loss incurred by the Adviser or the Fund as a result of any action
taken or failure to act by the Sub-Adviser in good faith reliance upon (i) information, instructions or requests, whether oral or written,
that the Sub-Adviser reasonably believes were made by a duly authorized person of the Adviser or the Fund; (ii) the written advice of
counsel to the Fund or the Adviser; and (iii) any written instruction or certified copy of any resolution of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund shall indemnify, to the fullest extent permitted by law, the Sub-Adviser, or any member, manager,
officer or employee of the Sub-Adviser, and each and all of their affiliates, executors, heirs, assigns, successors or other legal representatives,
against any liability or expense to which the person may be liable that arises in connection with the performance of services to the Fund,
so long as the liability or expense is not incurred by reason of the person's willful misfeasance, bad faith, or gross negligence,
or from reckless disregard by such party of its duties to the Fund. The rights of indemnification provided under this Section shall not
be construed so as to provide for indemnification of any aforementioned persons for any losses (including any liability under Federal
securities laws which, under certain circumstances, impose liability even on persons that act in good faith) to the extent (but only to
the extent) that such indemnification would be in violation of applicable law, but shall be construed so as to effectuate the applicable
provisions of this Section to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This <u>Section 10</u> shall survive the expiration or earlier termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. PERMISSIBLE INTERESTS. Trustees, agents, and interest holders of the Fund and the Adviser are or may be
interested in the Sub-Adviser (or any successor thereof) as members, managers, officers, or interest holders, or otherwise; members, managers,
officers, agents, and interest holders of the Sub-Adviser are or may be interested in the Fund as trustees, interest holders or otherwise;
and the Sub-Adviser (or any successor) is or may be interested in the Fund as an interest holder or otherwise. In addition, brokerage
transactions for the Fund may be effected through affiliates of the Sub-Adviser if approved by the Fund's Board, subject to the
rules and regulations of the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. DURATION AND TERMINATION.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall become effective on the date hereof and, unless sooner terminated as provided herein,
shall continue in effect for a period of two (2) consecutive years from the effective date of this Agreement. Thereafter, if not terminated,
this Agreement shall continue in effect with respect to the Fund for successive periods of 12 months, provided such continuance is specifically
approved at least annually by both (a) the vote of a majority of the Fund's Board or the vote of a majority of the outstanding voting
securities of the Fund at the time outstanding and entitled to vote, and (b) by the vote of a majority of the Fund's trustees who
are not parties to this Agreement or interested persons of any party to this Agreement, cast in accordance with the requirements of the
1940 Act or any exemptive or other relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Agreement may be terminated at any time without the payment of any
penalty by the Adviser or the Fund upon giving the Sub-Adviser 60 days' written notice thereof (which notice may be waived by the
Sub-Adviser), provided that such termination by the Fund shall be directed or approved by the vote of a majority of the trustees of the
Fund in office at the time or by the vote of the holders of a majority of the outstanding voting securities of the Fund at the time outstanding
and entitled to vote, or by the Adviser on 60 days' written notice (which notice may be waived by the Fund). This Agreement will
also immediately terminate in the event of its assignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Sub-Adviser may terminate this Agreement at any time and without the payment of any penalty upon sixty
(60) days' written notice to the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As used in this Agreement, the terms "  ***majority of the outstanding voting securities*** ,"
"  ***interested person***" and "  ***assignment***" shall have the same meanings of such terms in
the 1940 Act and the rules and regulations thereunder; subject to such exemptions as may be granted by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. THE FUND AS A THIRD-PARTY BENEFICIARY. The parties hereto acknowledge and agree that the Fund is a third-party
beneficiary as to the covenants, obligations, representations, and warranties undertaken by the Sub-Adviser under this Agreement and as
to the rights and privileges to which the Adviser is entitled pursuant to this Agreement, and that the Fund is entitled to all of the
rights and privileges associated with such third-party-beneficiary status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. NOTICE. Any notice under this Agreement shall be in writing to the other party at such address as the
other party may designate from time to time for the receipt of such notice, and shall be deemed to be received on the earlier of the date
actually received or on the fourth day after the postmark if such notice is mailed first class postage prepaid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. Amendment . No provision of this Agreement may be changed,
waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change,
waiver, discharge or termination is sought. Any amendment of this Agreement shall be subject to the requirements of the 1940 Act or any
exemptive or other relief therefrom.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. SEVERABILITY. If any provision of this Agreement shall be held or made invalid by a court decision, statute,
rule or otherwise, the remainder of this Agreement shall not be affected thereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware for contracts to be performed entirely therein without reference to choice of law principles thereof and in accordance with
the applicable provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. CHANGE OF CONTROL. The Adviser shall notify the Sub-Adviser in writing at least sixty (60) days in advance
of any change of control of the Adviser, as defined in the 1940 Act. The Sub-Adviser shall notify the Adviser and the Fund at least sixty
(60) days in advance of any change of control of the Sub-Adviser, as defined in the 1940 Act.

[*Signature Page Follows*]

IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be duly executed as of the day and the year first above written.

---

| |
|:---|
| Champion Advisors LLC |
| By: |
| Name: |
| Title: |
| Sweater Industries LLC |
| By: |
| Name: |
| Title: |

---

[*Signature Page to Sub-Advisory Agreement*]

**<u>Schedule A</u>**

**Sub-Advisory Fee**

---

| | |
|:---|:---|
| **Average Daily Net Assets of the Fund** | **Subadvisory Fee Payable to the Sub-Adviser** |
| $1 – $50000000 | 1.90% |
| $50000001 – $100000000 | 2.00% |
| $100000000 – $250000000 | 2.10% |
| $250000000 – $500000000 | 2.20% |
| $500000000 | 2.30% |

---

## Exhibit 99.25

**EXPENSE LIMITATION AGREEMENT**

The Champion Fund

2000 Central Ave.

Boulder, Colorado 80301

Ladies and Gentlemen:

Sweater Industries LLC (the "***Adviser***") hereby agrees to waive its management fees and/or reimburse expenses of the Jetstream Venture Fund (the "***Fund***") to the extent necessary so that the Fund's total annual operating expenses (exclusive of any taxes, interest, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation or reorganization costs, but inclusive of organizational costs and offering costs) ("***Operating Expenses***") do not exceed 4.90% of the Fund's average daily net assets. This contractual waiver will continue through one-year anniversary of the effective date of the Fund's registration statement on Form N-2 (the "***Limitation Period***").

The Fund agrees to repay the Adviser for any management fees waived and/or Fund expenses the Adviser reimburses pursuant to this Expense Limitation Agreement, provided the repayments do not cause the Fund's Operating Expenses to exceed the expense limitation in place at the time the management fees were waived and/or the Fund expenses were reimbursed, or any expense limitation in place at the time the Fund repays the Adviser, whichever is lower. Any such repayments must be made within three years after the Adviser waived the fee or incurred the expense.

This Agreement may be terminated during the Limitation Period solely by the Fund's Board of Trustees upon not less than 30 days' written notice to the Adviser.

Very truly yours,

---

| | |
|:---|:---|
| **SWEATER INDUSTRIES LLC** | **SWEATER INDUSTRIES LLC** |
| By: |  |
| Name: | Jesse Randall |
| Title: | President |
| Agreed and accepted | Agreed and accepted |
| **THE CHAMPION FUND** | **THE CHAMPION FUND** |
| By: |  |
| Name: | Marques Colston |
| Title: | Trustee, President and Principal Executive Officer |

---

## Exhibit 99.25

![](fp0096902-1_01.jpg)

**Custody Agreement**

This Custody Services Agreement (collectively with all schedules, exhibits, amendments, and addenda hereto, this "Agreement") is made by and between **Fifth Third Bank, National Association**, 38 Fountain Square Plaza, MD 1090X9, Cincinnati, OH 45202 ("Fifth Third" or "Custodian"), and the undersigned company ("Company"), and is made effective as of the date assets are first received by Fifth Third. Alternatively, if Fifth Third already holds the assets, this Agreement is effective upon the date this Agreement is executed by both client and Fifth Third.

Custodian and Company hereby agree as follows:

**WITNESSETH:**

WHEREAS, the Company desires that the Securities and cash of each of the investment portfolios identified in Exhibit A hereto (such investment portfolios are individually referred to herein as a "Fund" and, collectively, as the "Funds"), be held and administered by the Custodian pursuant to this Agreement; and

WHEREAS, the Company is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Custodian represents that it is a bank having the qualifications prescribed in Section 26(a)(i) of the 1940 Act;

NOW, THEREFORE, in consideration of the mutual agreements herein made, the Company and the Custodian hereby agree as follows:

**ARTICLE I<br> DEFINITIONS**

Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

1.1 "<u>Account(s)</u>" means the custodial account maintained by the Custodian pursuant to this Agreement established in the name of and on behalf of the Company.

1.2 "<u>Applications</u>" means, collectively, the CAD Application, the Online Channel Access Agreement and the Channel Service Schedule Investment Advisor.

1.3 "<u>Authorized Person</u>" means any Officer or other person duly authorized by resolution of the Board to give Oral Instructions and Written Instructions on behalf of the Company and named in such resolutions of the Board, certified by an Officer, as may be received by the Custodian from time to time.

1.4 "<u>Bank</u>" means Fifth Third Bank, National Association.

1.5 "<u>Bank Services</u>" means services and products the Custodian or its affiliates provide to the Company that can be accessed through the Applications.

1.6 "<u>Board</u>" means the Company's board of directors or board of trustees, as applicable, and the directors or trustees from time to time serving under the Company's then-current organizational documents.

1.7 "<u>Book-Entry System</u>" means a system of tracking ownership of securities where no certificate is given to investors.

Classification: Restricted

---

| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

1.8 "<u>Business Day</u>" means any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the Company computes the net asset value of the Fund.

1.9 "<u>Channel Access Application</u>" means the then-current Access Channels and Channel Services made available to the Company by the Custodian.

1.10 "<u>Channel Access System</u>" means the overall concept or program, including the then-current systems, computers and communication facilities made available to the Company, which enables access to, and online management of, Bank Services.

1.11 "<u>Channel Access Interface</u>" means the methodology by which the Company uses the Channel Access Application to create an online connection to the Channel Access System, which will allow the Company to give Instructions and perform Transactions from a remote location.

1.12 "<u>Channel Services</u>" means the then-current access made available by the Custodian for the Company to give Instructions and perform Transactions pursuant to an Online Channel Access Agreement, which must be entered into separately between Custodian and the Company.

1.13 "<u>Commodity Exchange Act</u>" means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

1.14 "<u>Commodity Futures Trading Commission</u> ("CFTC") means an independent U.S. federal agency established by the Commodity Futures Trading Commission Act of 1974.

1.15 "<u>Corporate Action Information</u>" means all information communicated to the Company related to Corporate Actions.

1.16 "<u>Corporate Actions</u>" means any actions undertaken by or relating to an issuer of Securities that has an effect upon the Company or a Fund including, without limitation, the inception of Court Actions.

1.17 "<u>Custody Account</u>" means any account in the name of the Fund, which is provided for in Section 3.2 below.

1.18 "<u>Company Profile Schedule</u>" means Schedule B, Part A and Part B or a certain Company Profile Schedule (Including Account Disclosures and Consents) form subsequently executed by Company and delivered to Custodian in which Company provides certain information and makes certain elections.

1.19 "<u>Deposits</u>" has the same meaning as provided in the Federal Deposit Insurance Act, 12 U.S. Code § 1813(l), and refers to those Deposits held by Fifth Third Bank, National Association.

1.20 "<u>DTC</u>" means the Depository Trust Corporation.

<u>1.21 "E-Sign Act</u>" means United States Electronic Signatures in Global and National Commerce Act, P.L. 106-229.

1.22 "<u>Eligible Foreign Custodian</u>" means an entity that is incorporated or organized under the laws of a country, other than the United States, and that is a Qualified Foreign Bank (an organization entitled to certain exemptions from the nonbanking activities restrictions of the Bank Holding Company Act of 1956 [12 U.S.C. § 1841 et seq.], including for certain limited commercial and industrial activities in the United States) or a majority-owned direct or indirect subsidiary of a U.S. bank or bank-holding company.

1.23 "<u>FDIC</u>" means Federal Deposit Insurance Corporation.

1.24 "<u>FINRA</u>" means The Financial Industry Regulatory Authority.

1.25 "<u>Foreign Depository</u>" means (a) Euroclear, (b) Clearstream Banking, societe anonyme, (c) each Eligible Securities Depository as defined in Rule 17f-7 under the Investment Company Act of 1940, as amended, identified to the Company from time to time, and (d) the respective successors and nominees of the foregoing.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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1.26 "<u>Institutional Delivery System (IDS)</u>" means a trade confirmation and affirmation system provided by the DTC.

1.27 "<u>Instruction(s)</u>" means, collectively, Written Instructions and Oral Instructions, in a form and format acceptable to the Custodian, submitted by the Company and successfully received by the Custodian through the Applications or otherwise, which comply with all applicable requirements of the Custodian and the terms of this Agreement, which requests that a task be performed on behalf of the Company.

1.28 "<u>Interfaces</u>" means, collectively, the CAD Interface and the Channel Access Interface.

1.29 "<u>Investment Advisor</u>" means a person or business regulated by the Securities and Exchange Commission that provides investment advice or counsel, and is governed by the Investment Advisors Act of 1940.

1.30 "<u>Manuals</u>" means on-line or printed user manuals that describe the process and assist with the use of the Applications.

1.31 "<u>Offeror</u>" means a person or entity making a proposal to enter into a contract.

1.32 "<u>Officer</u>" means the President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Company.

1.33 "<u>Online Channel Access Agreement</u>" is a separate agreement that may be entered into between the Company and the Custodian, which provides the Company access to various websites or portals as well as direct access to, and management of, Bank Services provided by the Custodian.

1.34 "<u>Options Clearing Corporation</u>" means an organization established in 1972 to process and guarantee the transactions in options that take place on the organized exchanges.

1.35 "<u>Oral Instructions</u>" means Instructions orally transmitted to and accepted by the Custodian because such instructions are: (i) reasonably believed by the Custodian to have been given by an Authorized Person, (ii) recorded and kept among the records of the Custodian made in the ordinary course of business and (iii) orally confirmed by the Custodian.

1.36 "<u>Proper Instructions</u>" means Oral Instructions or Written Instructions. Proper Instructions may include recurring or continuous event only if they are written instructions.

1.37 "<u>Property</u>" means the property listed on a certain receipt(s) or as indicated on the confirmation separately supplied by the Custodian to the Company in connection with this Agreement, which may include, without limitation, common and preferred stocks, bonds, debentures, notes, money market instruments or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for any of the foregoing, or evidencing any other rights or interests therein. Administrative Assets and Shadow Posted Assets are not Property of the Account.

1.38 "<u>Securities</u>" shall include, without limitation, common and preferred stocks, bonds, call options, put options, debentures, notes, bank certificates of deposit, bankers' acceptances, mortgage-backed securities, other money market instruments or other obligations, and any certificates, receipts, warrants or other instruments or documents representing rights to receive, purchase or subscribe for the same, or evidencing or representing any other rights or interests therein, or any similar property or assets that the Custodian has the facilities to clear and to service.

1.39 "<u>Securities Depository</u>" means The Depository Trust Company and (provided that the Custodian shall have received a copy of a resolution of the Board, certified by an Officer, specifically approving the use of such clearing agency as a depository for the Fund) any other clearing agency registered with the Securities and Exchange Commission under Section 17A of the Securities and Exchange Act of 1934 (the "1934 Act"), which acts as a system for the central handling of Securities where all Securities of any particular class or series of an issuer deposited within the system are treated as fungible and may be transferred or pledged by bookkeeping entry without physical delivery of the Securities.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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1.40 "<u>Shares</u>" means the units of beneficial interest issued by the Company, including without limitation, units of beneficial interest in a Fund.

1.41 "<u>Specified Country</u>" means each country listed on Schedule A attached hereto and each country, other than the United States, constituting the primary market for a security with respect to which the Company has given settlement instruction to the Custodian.

1.42 "<u>System(s)</u>" means, collectively, the CAD System and the Channel Access System.

1.43 "<u>Transactions</u>" means the Custodian's performance of certain tasks pursuant to Instructions.

1.44 "<u>Company ID</u>" means a Company-specific user identification code.

1.45 "<u>Voluntary Corporate Actions</u>" means those Corporate Actions for which security holders are entitled or required to make an election or decision among alternative courses of action such as, among other things, certain tender offers, conversions, distributions or exchanges that are voluntary by their terms.

1.46 "<u>Voluntary Election Instructions</u>" means those messages timely delivered from the Company to the Custodian through the CAD System unambiguously identifying the Company's election or decision among alternative courses of action triggered by the occurrence of a Voluntary Corporate Action.

1.47 "<u>Written Instructions</u>" means (i) written communications actually received by the Custodian and signed by one or more persons as the Board shall have from time to time authorized, or (ii) communications by telex or any other such system from a person or persons reasonably believed by the Custodian to be an Authorized Person, (iii) communications transmitted electronically through the Institutional Delivery System (IDS), or (iv) communications transmitted through the use of Applications, as more fully set forth in Exhibit B, or any other similar electronic instruction system acceptable to Custodian and approved by resolutions of the Board, a copy of which, certified by an Officer, shall have been delivered to the Custodian.

**ARTICLE II**

**APPOINTMENT OF THE CUSTODIAN**

2.1 <u>Appointment</u>. The Company and Fund(s) hereby constitutes and appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Company at any time during the period of this Agreement, provided that such Securities or cash at all times shall be and remain the property of the Company.

2.2 <u>Acceptance</u>. The Custodian hereby accepts appointment as such custodian and agrees to perform the duties thereof as hereinafter set forth and in accordance with the 1940 Act as amended. Except as specifically set forth herein, the Custodian shall have no liability and assumes no responsibility for any non-compliance by the Company or a Fund of any laws, rules or regulations.

2.3 <u>Scope of Services</u>. The Custodian may make changes to the services pursuant to this Agreement and/or the Fee Agreement based upon, but not limited to: technological developments; legislative, regulatory, third party Depository or sub custodian operational changes; or the introduction of new services by the Custodian. The Custodian will notify the Company of any changes to this Agreement that will affect the Company at least 30 days prior to the effective date of such changes.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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2.4 <u>Foreign Custody</u>. If applicable and or necessary the Custodian hereby accepts the delegation of responsibilities with respect to each Specified Country and agrees in performing the responsibilities as a foreign custody manager to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of the Company's assets would exercise. The Custodian shall provide to the Board at such times as reasonable and appropriate based on the circumstances of the Company and any of the Company's foreign custody arrangements, written reports notifying the Board of the placement of assets of the Company with a particular Foreign Depository within a Specified Country and of any material change in the arrangements (including the contract governing such arrangements) with respect to assets of such Company with any Foreign Depository. Under U.S. federal law, any part of a Fund kept by either the Custodian or any sub-custodians or Depositories in foreign locations (outside of the U.S.) is not insured by the FDIC. In the event of the liquidation of the Custodian, any sub-custodian, or any Depository, foreign branch deposits have a lesser preference than U.S. deposits, and such foreign deposits are subject to cross-border risks.

2.5 <u>Data Security</u>. The Company will cause all persons using the Applications, or otherwise, to treat all applicable user and authorization codes, passwords and authentication keys with extreme care, and it will establish internal control and safekeeping procedures to restrict the availability of the same to persons duly authorized to give Instructions. The Company acknowledges that it has the sole responsibility to assure that only persons duly authorized use the Applications and that the Custodian shall not be responsible nor liable for any hack of the Custodian's systems using any Company log-in or account information or for any other unauthorized use thereof.

2.6 <u>SEC Shareholder Communications Disclosure</u>. The Securities and Exchange Commission (SEC) has adopted a rule that requires the Custodian, as holder of securities, to contact the Company, the beneficial owner having authority to vote those securities, to determine whether the Company would like the Custodian to provide the Company's name, address and share position to companies whose shares the Custodian holds for the Company's benefit. With respect to Securities and Exchange Commission Rule 14b-2 under the U.S. Shareholder Communications Act, regarding disclosure of beneficial owners to issuers of securities, unless the Company objects on the Customer Profile Schedule, or to the Custodian elsewhere in writing, the Custodian will release said information to requesting companies.

**ARTICLE III**

**CUSTODY OF CASH AND SECURITIES**

3.1 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Company, except Securities maintained in a Securities Depository or Book-Entry System, shall be physically segregated from other Securities and non-cash property in the possession of the Custodian and shall be identified as subject to this Agreement.

3.2 <u>Custody Account</u>. The Custodian shall open and maintain in its trust department a custody account in the name of the Company, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of the Company that are delivered to it.

3.3 <u>Appointment of Agents</u>. In its discretion, the Custodian may appoint, and at any time remove, any domestic bank or trust company that has been approved by the Board, which approval shall not be unreasonably withheld, and is qualified to act as a custodian under the 1940 Act, as sub-custodian to hold Securities and cash of the Company and to carry out such other provisions of this Agreement as it may determine, and may also open and maintain one or more banking accounts with such a bank or trust company (any such accounts to be in the name of the Custodian and subject only to its draft or order), provided, however, that the appointment of any such agent shall not relieve the Custodian of any of its obligations or liabilities under this Agreement.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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3.4 <u>Appointment of Foreign Agents</u>. Except as may otherwise be agreed upon in writing, Assets of the Company shall, when required, at all times be maintained in custody of a Foreign Depository. With respect to holding the Company assets with an Eligible Foreign Custodian, it is expressly understood and agreed that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian will endeavor, to the extent feasible, to hold securities in the country or other jurisdiction in which the principal
trading market for such Securities is located, where such Securities are to be presented for cancellation and/or payment and/or registration,
or where such Securities are acquired;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cash which is maintained in a foreign country will be in any currency which may be legally held in such
country and may be held in non-interest bearing accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Foreign Depositories may hold Securities in central securities depositories or clearing agencies in which
such participates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Unless otherwise agreed to in writing by the parties hereto or otherwise required by local law or practice, Securities deposited with
a Foreign Depository will be held in a single account in the name of the Custodian or its designee sub-custodian as custodian or trustee
for its customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Settlement of and payment for Securities received for, and delivered from the Company may be made in accordance with the customary
or established securities trading or securities processing practices and procedures in the jurisdiction or market in which the transaction
occurs, including without limitation, the delivery of Securities to a purchaser, broker, dealer or their prospective agents either against
a receipt for future payment or without any payment (so-called "free delivery"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Company is solely responsible for the payment of and the reclamation, where applicable, of taxes. The Custodian will, however,
cooperate with the Company in connection with the Company's payment or reclamation of taxes and shall make the necessary filings
in connection with obtaining tax exemptions and tax reclamations, which are available to the Company.

3.5 <u>Delivery of Assets to the Custodian</u>. The Company shall deliver, or cause to be delivered, to the Custodian all of the Company's applicable Securities, cash and other assets, including (a) all payments of income, payments of principal and capital distributions received by the Company with respect to such Securities, cash or other assets owned by the Company at any time during the period of this Agreement, and (b) all cash received by the Company for the issuance, at any time during such period, of shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

3.6 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Company in a Securities Depository or in a Book-Entry System, subject to the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to a deposit of Securities of the Company in any Securities Depository or Book-Entry System, the Company shall deliver to the
Custodian a resolution of the Board, certified by an Officer, authorizing and instructing the Custodian on an on-going basis to deposit
in such Securities Depository or Book-Entry System all Securities eligible for deposit therein and to make use of such Securities Depository
or Book-Entry System to the extent possible and practical in connection with its performance hereunder, including, without limitation,
in connection with settlements of purchases and sales of Securities, loans of Securities, and deliveries and returns of collateral consisting
of Securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities of the Company kept in a Book-Entry System or Securities Depository shall be kept in an account ("Depository Account")
of the Custodian in such Book-Entry System or Securities Depository, which includes only assets held by the Custodian as a fiduciary,
custodian or otherwise for customers.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The records of the Custodian and the Custodian's account on the books of the Book-Entry System and Securities Depository as
the case may be, with respect to Securities of the Company maintained in a Book-Entry System or Securities Depository shall, by Book-Entry,
or otherwise identify such Securities as belonging to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If Securities purchased by the Company for a Fund are to be held in a Book-Entry System or Securities Depository, the Custodian shall
pay for such Securities upon (i) receipt of advice from the Book-Entry System or Securities Depository that such Securities have been
transferred to the Depository Account, and (ii) the making of an entry on the records of the Custodian to reflect such payment and transfer
for the account of such Company. If Securities sold by the Company are held in a Book-Entry System or Securities Depository, the Custodian
shall transfer such Securities upon (i) receipt of advice from the Book-Entry System
or Securities Depository that payment for such Securities has been transferred to the Depository Account, and (ii) the making of an entry
on the records of the Custodian to reflect such transfer and payment for the account of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Upon request, the Custodian shall provide the Company with copies of any report (obtained by the Custodian from a Book-Entry System
or Securities Depository in which Securities of any Fund is kept) on the internal accounting controls and procedures for safeguarding
Securities deposited in such Book-Entry System or Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding any other provision in this Agreement, the Company hereby represents and warrants, which representations and warranties
shall be continuing and shall be deemed to be reaffirmed upon any delivery of a certificate or any giving of Oral Instructions, Instructions,
or Written Instructions, as the case may be, that the Company or its investment adviser has determined that the custody arrangements of
each Foreign Depository provide reasonable safeguards against the custody risks associated with maintaining assets with such Foreign Depository
within the meaning of Rule 17f-7 under the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Anything to the contrary in this Agreement notwithstanding, the Custodian shall be liable to the Company for any loss or damage to
the Company resulting (i) from the use of a Book-Entry System or Securities Depository by reason of any gross negligence or willful misconduct
on the part of the Custodian or any sub-custodian appointed pursuant to Section 3.3 or 3.4 above or any of its or their employees, or
(ii) from failure of the Custodian or any such sub-custodian to enforce effectively such rights as it may have against a Book-Entry System
or Securities Depository. At its election, the Company shall be subrogated to the rights of the Custodian with respect to any claim against
a Book-Entry System or Securities Depository or any other person for any loss or damage to the Company arising from the use of such Book-Entry
System or Securities Depository, if and to the extent that the Company has been made whole for any such loss or damage.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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3.7 <u>Disbursement of Moneys from Custody Accounts</u>. Upon receipt of Proper Instructions, the Custodian shall disburse moneys from the Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For the purchase of Securities for the Company but only upon compliance with Section 4.1 of this Agreement and only (i) in the case
of Securities (other than options on Securities, futures contracts and options on futures contracts), against the delivery to the Custodian
(or any sub-custodian appointed pursuant to Section 3.3 or 3.4 above) of such Securities registered as provided in Section 3.10 below
in proper form for transfer, or if the purchase of such Securities is effected through a Book-Entry System or Securities Depository, in
accordance with the conditions set forth in Section 3.6 above; (ii) in the case of options on Securities, against delivery to the Custodian
(or such sub-custodian) of such receipts as are required by the customs prevailing among dealers in such options; (iii) in the case of
futures contracts and options on futures contracts, against delivery to the Custodian (or such sub-custodian) of evidence of title thereto
in favor of the Company or any nominee referred to in Section 3.10 below; and (iv) in the case of repurchase or reverse repurchase agreements
entered into between the Company and a bank, which is a member of the Federal Reserve System, or between the Company and a primary dealer
in U.S. Government securities, against delivery of the purchased Securities either in certificate form or through an entry crediting the
Custodian's account at a Book-Entry System or Securities Depository for the account of the Company with such Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In connection with the conversion, exchange or surrender, as set forth in Section 3.8(f) below, of Securities owned by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For the payment of any dividends or capital gain distributions declared by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In payment of the redemption price of Shares as provided in Article V below;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) For the payment of any expense or liability incurred by the Company, including but not limited to the following payments for the account
of a Company: interest taxes administration, investment management, investment advisory, accounting, auditing, transfer agent, custodian,
trustee and legal fees; and other operating expenses of the Company; in all cases, whether or not such expenses are to be in whole or
in part capitalized or treated as deferred expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For transfer in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with rules of The Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) For transfer in accordance with the provisions of any agreement among the Company, the Custodian, and a futures commission merchant
registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission and/or
any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the funding of any uncertificated time deposit or other interest-bearing account with any banking institution (including the Custodian),
which deposit or account has a term of one year or less; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For any other proper purposes, but only upon receipt, in addition to Proper Instructions, of a copy of a resolution of the Board,
certified by an Officer, specifying the amount and purpose of such payment, declaring such purpose to be a proper corporate purpose, and
naming the person or persons to whom such payment is to be made.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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3.8 <u>Delivery of Securities from Custody Accounts</u>. Upon receipt of Proper Instructions, the Custodian shall release and deliver Securities from a Custody Account but only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Upon the sale of Securities for the account of a Fund but only against receipt of payment therefore in cash, by certified or cashier's
check or bank credit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In the case of a sale effected through a Book-Entry System or Securities Depository, in accordance with the provisions of Section
3.6 above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To an Offeror's depository agent in connection with tender or other similar offers for Securities of a Fund; provided that,
in any such case, the cash or other consideration is to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) To the issuer thereof or its agent (i) for transfer into the name of the Company, the Custodian or any sub-custodian appointed pursuant
to Section 3.3 or 3.4 above, or of any nominee or nominees of any of the foregoing, or (ii) for exchange for a different number of certificates
or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new Securities
are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the broker selling Securities, for examination in accordance with the "street delivery" custom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the
issuer of such Securities, or pursuant to provisions for conversion contained in such Securities, or pursuant to any deposit agreement,
including surrender or receipt of underlying Securities in connection with the issuance or cancellation of depository receipts; provided
that, in any such case, the new Securities and cash, if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Upon receipt of payment therefore pursuant to any repurchase or reverse repurchase agreement entered into by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Upon the exercise of warrants, rights or similar Securities, provided, however, that in any such case, the new Securities and cash,
if any, are to be delivered to the Custodian;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) For delivery in connection with any loans of Securities of a Fund, but only against receipt of such collateral as the Company shall
have specified to the Custodian in Proper Instructions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) For delivery as security in connection with any borrowings by the Company on behalf of a Fund requiring a pledge of assets by such
Fund, but only against receipt by the Custodian of the amounts borrowed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Company or a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) For delivery in accordance with the provisions of any agreement among the Company, the Custodian and a broker-dealer registered under
the 1934 Act and a member of FINRA, relating to compliance with the rules of The Options Clearing Corporation and of any registered national
securities exchange (or of any similar organization or organizations) regarding escrow or other arrangements in connection with transactions
by the Company on behalf of a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) For delivery in accordance with the provisions of any agreement among the Company (on behalf of a Fund), the Custodian, and a futures
commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading
Commission and/or any contract market (or any similar organization or organizations) regarding account deposits in connection with transactions
by the Company (on behalf of a Fund); or

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For any other proper corporate purposes, but only upon receipt,
in addition to Proper Instructions, of a copy of a resolution of the Board, certified by an Officer, specifying the Securities to be
delivered, setting forth the purpose for which such delivery is to be made, declaring such purpose to be a proper corporate purpose,
and naming the person or persons to whom delivery of such Securities shall be made.

3.9 <u>Actions Not Requiring Proper Instructions</u>. Unless otherwise instructed by the Company, the Custodian shall with respect to all Securities held for a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to Section 7.4 below, collect on a timely basis all income and other payments to which<br>
the Company is entitled either by law or pursuant to custom in the securities business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Present for payment and, subject to Section 7.4 below, collect on a timely basis the amount payable upon all Securities which may
mature or be called, redeemed, or retired, or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Endorse for collection, in the name of the Company, checks, drafts and other negotiable instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Surrender interim receipts or Securities in temporary form for Securities in definitive form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Execute, as Custodian, any necessary declarations or certificates of ownership under the federal income tax laws or the laws or regulations
of any other taxing authority now or hereafter in effect, and prepare and submit reports to the Internal Revenue Service ("IRS")
and to the Company at such time, in such manner and containing such information as is prescribed by the IRS;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Hold for a Fund, either directly or, with respect to Securities held therein, through a Book-Entry System or Securities Depository,
all rights and similar securities issued with respect to Securities of the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In general, and except as otherwise directed in Proper Instructions, attend to all non-discretionary details in connection with the
sale, exchange, substitution, purchase, transfer and other dealings with Securities and assets of the Company.

3.10 <u>Registration and Transfer of Securities</u>. All Securities held for a Fund that are issued or issuable only in bearer form shall be held by the Custodian in that form, provided that any such Securities shall be held in a Book-Entry System for the account of the Company on behalf of a Fund, if eligible therefore. All other Securities held for the Company may be registered in the name of the Company on behalf of such Fund, the Custodian, or any sub-custodian appointed pursuant to Section 3.3 above, or in the name of any nominee of any of them, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof; provided, however, that such Securities are held specifically for the account of the Company on behalf of a Fund. The Company shall furnish to the Custodian appropriate instruments to enable the Custodian to hold or deliver in proper form for transfer, or to register in the name of any of the nominees hereinabove referred to or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of a Fund.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

3.11 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian shall maintain, by Company, complete and accurate records with respect to Securities, cash or other property held for
the Company, including:

&nbsp;&nbsp;&nbsp;&nbsp;&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. journals or other records of original entry containing an itemized daily record in detail of all receipts and deliveries of Securities
and all receipts and disbursements of cash;

&nbsp;&nbsp;&nbsp;&nbsp;&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. ledgers (or other records) reflecting Securities in transfer, Securities in physical possession, monies and Securities borrowed and
monies and Securities loaned (together with a record of the collateral therefor and substitutions of such collateral), dividends and interest
received, and dividends receivable and interest accrued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. canceled checks and bank records related thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian shall keep such other books and records of the Company as the Company shall reasonably request, or as may be required
by the 1940 Act, including, but not limited to those necessary to comply with Section 3.1 and Rule 31a-1 and Rule 31a-2 promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All such books and records maintained by the Custodian shall (i) be maintained in a form acceptable to the Company and in compliance
with rules and regulations of the Securities and Exchange Commission, (ii) be the property of the Company and at all times during the
regular business hours of the Custodian be made available upon request for inspection by duly authorized Officers, employees or agents
of the Company and employees or agents of the Securities and Exchange Commission, and (iii) if required to be maintained by Rule 31a-1
under the 1940 Act, be preserved for the periods prescribed in Rule 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Custodian agrees to comply with all Company obligations requiring the examination of the Securities and investments held in the
Account, which conduct of such examinations are the responsibility of the Company. The Company acknowledges and agrees that it must comply
with all legal requirements for annual, semi-annual, and any other required examinations by an independent public accountant.

3.12 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Company with a daily activity statement by Fund and a summary of all transfers to or from the Custody Account on the day following such transfers. At least monthly and from time to time, the Custodian shall furnish the Company with a detailed statement, by Fund, of the Securities and moneys held for the Company under this Agreement. Express or tacit approval of such statement or report implies acceptance of the various entries listed therein and approval of any reservations made by the Custodian. Thereafter, the Company assumes the responsibility to correct any and all errors.

3.13 <u>Other Reports by the Custodian</u>. The Custodian shall provide the Company with such reports as the Company may reasonably request from time to time on the internal accounting controls and procedures for safeguarding Securities, which are employed by the Custodian or any sub-custodian appointed pursuant to Section 3.3 or 3.4 above.

3.14 <u>Proxies</u>. The Custodian, with respect to all Securities, however registered, shall cause the proxy voting rights to be exercised by the Company or its designee. With respect to securities issued outside of the United States, at the request of the Company, the Custodian or it's agent will provide the Company or it's designee with access of global proxy services (the cost of which will be paid by the Company). Other than providing access to such provider of global proxy services, the Custodian or its agent shall have no obligation with respect to voting such proxies.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

3.15 <u>Information on Corporate Actions</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Custodian will promptly notify the Company of Corporate Actions limited to those Securities registered in nominee name and to
those Securities held at a Depository or sub-custodian acting as agent for the Custodian. The Custodian will be responsible only if the
notice of such Corporate Actions is published by Xcitek (the data source behind Corporate Actions), DTC, or received by first class mail
from the transfer agent. For market announcements not yet received and distributed by the Custodian's services, the Company will
inform its custody representative with appropriate instructions. The Custodian will, upon receipt of the Company's response within
the required deadline, affect such action for receipt or payment for the Company. For those responses received after the deadline, the
Custodian will affect such action for receipt or payment, subject to the limitations of the agent(s) affecting such actions. The Company
shall review all Corporate Action Information made available to the Company by the Custodian via the CAD System. The Company may elect
not to provide Voluntary Election Instructions in response to a Voluntary Corporate Action. The Custodian has no duty to ensure that the
Company provides a response or Voluntary Election Instructions in response to a Voluntary Corporate Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Custodian will promptly notify the Company for put options only if the notice is received by first class mail from the agent.
The Company will provide or cause to be provided to the Custodian with all relevant information contained in the prospectus for any security
which has unique put/option provisions and provide the Custodian with specific tender instructions at least ten business days prior to
the beginning date of the tender period.

3.16 <u>Securities Class Action Services</u>. The Custodian will only provide notification of any class action to the Company. Custodian's reporting will be based on its actual knowledge of securities that the Company has deposited with the Custodian during the term of the current Custody Agreement. Securities held by the Company elsewhere or not in the account at the time Custodian began to provide custody services are deemed to be outside of the actual knowledge of Fifth Third. The Custodian will have no responsibility to file claims on behalf of the Company.

3.17 <u>Lien or Charge</u>. Except as explicitly agreed by the Company as set forth herein, no Securities or other investments held in the Account will be subject to any lien or charge in favor of the Custodian.

**ARTICLE IV**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

4.1 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Company, Written Instructions shall be delivered to the Custodian, specifying (a) the name of the issuer or writer of such Securities, and the title or other description thereof, (b) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (c) the date of purchase and settlement, (d) the purchase price per unit, (e) the total amount payable upon such purchase, and (f) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by a Fund pay out of the moneys held for the account of such Fund the total amount specified in such Written Instructions to the person named therein. The Custodian shall not be under any obligation to pay out moneys to cover the cost of a purchase of Securities for a Fund, if in the relevant Custody Account there is insufficient cash available to settle the purchase of Securities in the Fund.

4.2 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In each and every case where payment for the purchase of Securities for a Fund is made by the Custodian in advance of receipt for the account of the Fund of the Securities purchased but in the absence of specific Proper Instructions to so pay in advance, the Custodian shall be liable to the Fund for such Securities to the same extent as if the Securities had been received by the Custodian.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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4.3 <u>Sale of Securities</u>. Promptly upon each sale of Securities by a Fund, Written Instructions shall be delivered to the Custodian, specifying (a) the name of the issuer or writer of such Securities, and the title or other description thereof, (b) the number of shares, principal amount (and accrued interest, if any), or other units sold, (c) the date of sale and settlement (d) the sale price per unit, (e) the total amount payable upon such sale, and (f) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Company as specified in such Written Instructions, the Custodian shall deliver such Securities to the person specified in such Written Instructions. Subject to the foregoing, the Custodian may accept payment in such form as shall be satisfactory to it, and may deliver Securities and arrange for payment in accordance with the customs prevailing among dealers in Securities.

4.4 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.3 above or any other provision of this Agreement, the Custodian, when instructed to deliver Securities against payment, shall be entitled, if in accordance with generally accepted market practices and procedures in the foreign or domestic jurisdiction in which the transaction occurs, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Company shall bear the risk that final payment for such Securities may not be made or that such Securities may be returned or otherwise held or disposed of by or through the person to whom they were delivered, and the Custodian shall have no liability for any of the foregoing.

4.5 <u>Payment for Securities Sold, Etc</u>. In its sole discretion and from time to time, the Custodian may credit the relevant Custody Account, prior to actual receipt of final payment thereof, with (i) proceeds from the sale of Securities which it has been instructed to deliver against payment, (ii) proceeds from the redemption of Securities or other assets of the Company, and (iii) income from cash, Securities or other assets of the Company. Any such credit shall be conditional upon actual receipt by the Custodian of final payment and may be reversed if final payment is not actually received in full. The Custodian may, in its sole discretion and from time to time, permit the Company to use funds so credited to its Custody Account in anticipation of actual receipt of final payment. Any such funds shall be repayable immediately upon demand made by the Custodian at any time prior to the actual receipt of all final payments in anticipation of which funds were credited to the Custody Account.

4.6 <u>Advances by the Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Company or its designee to facilitate the settlement of a Company transaction on behalf of a Fund in its Custody Account. In consideration of the services to be rendered pursuant to this agreement, the Company shall pay the Custodian in accordance with the Fee Schedule annexed hereto as Exhibit C. A compensating balance arrangement will be in place for each Custody Account for the Company. Cash balance credits will be calculated daily in the Custody Account for each Fund. The monthly aggregate cash balance credit will offset the monthly aggregate overdraft balances. The net aggregate credit or overdraft balance amount will be applied to the monthly custody fee invoice for each Fund. No more than one months' custody fee can be offset by any month's net cash balance credit.

4.7 <u>Non-Advisory Role</u>. In relation to this Agreement, the Custodian does not recommend any particular advisory service or products, nor does Custodian offer any such advice regarding the nature, potential value, or suitability of any particular security or investment strategy. The Company acknowledges that all purchases, sales, investments, Instructions and Transactions are initiated and performed independently by the Company at the Company's sole risk. The Company further acknowledges that, unless an investment consists of an insured deposit account maintained at Custodian, no such purchases, sales, investments, Instructions or Transactions will be insured or guaranteed by the Custodian or any governmental or regulatory agency. The Company agrees that the Custodian provides no service in relation to, and therefore has no duty or responsibility to, the following: (i) question Instructions or make any suggestions to the Company regarding such Instructions; (ii) supervise or make recommendations with respect to investments or the retention of cash and Securities; (iii) advise the Company regarding any default in the payment of principal or income of any Security; or (iv) evaluate or report to the Company regarding the financial condition of any broker, agent or other party to which the Custodian is instructed to deliver cash and Securities or cash. The Custodian is permitted to rely upon Instructions from an investment advisor, if such investment advisor is designated in writing by the Company, to provide Instructions to disburse cash from the Company if such Instructions are given in connection with or in accordance with Securities trading activity. Any other Instructions to disburse cash from the Company's account must come from an Authorized Person, but excluding any investment advisor designated by the Company. No investment advisor will have any authority to provide the Custodian with any instruction to disburse cash from the Company's account on behalf of the Company except as contemplated above.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**ARTICLE V**

**REDEMPTION OF SHARES**

From such funds as may be available for the purpose in the relevant Custody Account, and upon receipt of Proper Instructions specifying that the funds are required to redeem Shares, the Custodian shall wire each amount specified in such Proper Instructions to or through such bank as the Company may designate with respect to such amount in such Proper Instructions. Upon effecting payment or distribution in accordance with proper Instruction, the Custodian shall not be under any obligation or have any responsibility thereafter with respect to any such paying bank.

**ARTICLE VI**

**SEGREGATED ASSETS**

Certain Fund Transactions (e.g., when-issued securities, delayed delivery transactions, and reverse repurchase agreements) require the Fund to segregate liquid assets sufficient to cover the future liability involved in these transactions. The Fund's Investment Advisor will instruct the Custodian to segregate those assets on the Custodian's books. The Custodian need not physically segregate the assets. The Custodian may note on its books that the selected assets are "segregated." The Advisor will review the value of the segregated assets and will instruct the Custodian to place additional assets in the Segregated Asset status if the value of the assets falls below the commitment value of the Fund. The Custodian will provide internet report access to authorized representatives of the Advisor. The Advisor will review the Custodian's report for compliance.

**ARTICLE VII**

**CONCERNING THE CUSTODIAN**

7.1 <u>Standard of Care</u>. The Custodian shall be held to the exercise of reasonable care in carrying out its obligations under this Agreement, and shall be without liability to the Company for any loss, damage, cost, expense (including attorneys' fees and disbursements), liability or claim unless such loss, damages, cost, expense, liability or claim arises from gross negligence, bad faith or willful misconduct on its part or on the part of any sub-custodian appointed pursuant to Section 3.3 above. The Custodian will not be liable for special incidental or punitive damages. The Custodian shall be entitled to rely on and may act upon advice of counsel on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall promptly notify the Company of any action taken or omitted by the Custodian pursuant to advice of counsel. The Custodian shall not be under any obligation at any time to ascertain whether the Company is in compliance with the 1940 Act, the regulations thereunder, the provisions of the Company's charter documents or by-laws, or its investment objectives and policies as then in effect.

With respect to each Foreign Depository, Custodian shall exercise reasonable care, prudence, and diligence

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to provide the Fund with an analysis of the custody risks associated with maintaining assets with the
Foreign Depository, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to monitor such custody risks on a continuing basis and promptly notify the Fund of any material change
in such risks. The Fund acknowledges and agrees that such analysis and monitoring shall be made on the basis of, and limited by, information
gathered from sub-custodians or through publicly available information otherwise obtained by the Custodian, and shall not include any
evaluation of Country Risks. As used herein the term "Country Risks" shall mean with respect to any Foreign Depository:

&nbsp;&nbsp;&nbsp;&nbsp;&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 financial infrastructure of the country in which it is organized,

&nbsp;&nbsp;&nbsp;&nbsp;&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. such country's prevailing settlement 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;&nbsp;&nbsp;&nbsp;&nbsp;iii. nationalization, expropriation or other governmental actions,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. such country's regulation of the banking or securities industry,

&nbsp;&nbsp;&nbsp;&nbsp;&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. currency controls, restrictions, devaluations or fluctuations, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. market conditions, which affect the order execution of securities transactions or affect the value of securities.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

7.2 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Company or any money represented by a check, draft or other instrument for the payment of money, until the Custodian or its agents actually receive such cash or collect on such instrument.

7.3 <u>No Responsibility for Title, Etc</u>. So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received or delivered by it pursuant to this Agreement.

7.4 <u>Limitation on Duty to Collect</u>. The Custodian shall not be required to enforce collection, by legal means or otherwise, of any money or property due and payable with respect to Securities held for the Company if such Securities are in default or payment is not made after due demand or presentation.

7.5 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument received by it in writing, orally, electronically, by facsimile, by email, by bank wire, or by other means, and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Oral Instructions and/or any Written Instructions actually received by it pursuant to this Agreement, so long as the Custodian believes in good faith that such Instructions have been given by an Authorized Person or agent acting on behalf of the Company. The Custodian is further authorized to rely and act upon Instructions transmitted electronically through the Applications, the Institutional Delivery System (IDS) as may then be available through DTC, a customer data entry system acceptable to the Custodian, or any other similar electronic instruction system acceptable to the Custodian. The Custodian will not be liable for any failure to execute Instructions or failure to receive Securities due to incorrect, incomplete, conflicting or untimely instructions. The Custodian, in its discretion, is authorized to accept and act upon Instructions from the Company, whether given orally by telephone or otherwise (including the Custodian's callback procedures where applicable), which the Custodian in good faith believes to be genuine. The Custodian's records will be conclusive as to the content of any such Instruction, regardless of whether confirmation is received. The Custodian has established cut-off times for receipt of Instructions, which shall be made available to the Company. If the Custodian receives an Instruction after its established cut-off time, the Custodian shall attempt to act upon the Instruction on the day requested if the Custodian deems it practicable to do so or otherwise as soon as practicable after that day.

7.6 <u>Confidential Records</u>. The Custodian shall treat all records and information relating to the Company as confidential, except that it may disclose such information after prior approval of the Company, such approval not to be unreasonably withheld. The Custodian will be authorized to disclose any information regarding the Company that is required to be disclosed by any law, governmental regulation or court order in effect without having received the Company's prior approval. The Custodian acknowledges that the records and information relating to the Company and its accounts may include sensitive information, which may consist of information from the Company concerning its former, current or prospective clients. Such information may include but is not limited to non-public, personally identifiable information as defined in data protection laws or regulations, including without limitation Title V of the Gramm-Leach-Bliley Act (Pub. L. 106-102). The Custodian agrees to use commercially reasonable means including data security policies and procedures that are designed to assure the security and confidentiality of such information and to prevent unauthorized access to or disclosure thereof.

7.7 <u>Express Duties Only</u>. The Custodian shall have no duties or obligations whatsoever except such duties and obligations as are specifically set forth in this Agreement, and no covenant or obligation shall be implied in this Agreement against the Custodian.

7.8 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information, by the Company, to the entity or entities appointed by the Company to keep the books of account of the Company and/or compute the value of the assets of the Company. The Custodian shall take all such reasonable actions as the Company may from time to time request to enable the Company to obtain, from year to year, favorable opinions from the Company's independent accountants with respect to the Custodian's activities hereunder in connection with (a) the preparation of the Company's report on Form N-1A and Form N-SAR and any other reports required by the Securities and Exchange Commission, and (b) the fulfillment by the Company of any other requirements of the Securities and Exchange Commission.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**ARTICLE VIII**

**INDEMNIFICATION**

8.1 <u>Indemnification</u>. The Company shall indemnify and hold harmless the Custodian and any sub-custodian appointed pursuant to Section 3.3 or 3.4 above, and any nominee of the Custodian or of such sub-custodian from and against any loss, damage, cost, expense (including attorneys' fees and disbursements), liability (including, without limitation, liability arising under the Securities Act of 1933, the 1934 Act, the 1940 Act, and any state or foreign securities and/or banking laws) or claim arising directly or indirectly (a) from the fact that Securities are registered in the name of any such nominee, or (b) from any action or inaction by the Custodian or such sub-custodian (i) at the request or direction of or in reliance on the advice of the Company, or (ii) upon Proper Instructions, or (c) generally, from the performance of its obligations under this Agreement or any sub-custody agreement with a sub-custodian appointed pursuant to Section 3.3 or 3.4 above or, in the case of any such sub-custodian, from the performance of its obligations under such custody agreement, provided that neither the Custodian nor any such sub-custodian shall be indemnified and held harmless from and against any such loss, damage, cost, expense, liability or claim arising from the Custodian's or such sub-custodian's gross negligence, bad faith or willful misconduct.

8.2 <u>Indemnity to be Provided</u>. If the Company requests the Custodian to take any action with respect to Securities, which may, in the opinion of the Custodian, result in the Custodian or its nominee becoming liable for the payment of money or incurring liability of some other form, the Custodian shall not be required to take such action until the Company shall indemnify and have provided a separate agreement to indemnify the Custodian in an amount and form satisfactory to the Custodian.

**ARTICLE IX**

**FORCE MAJEURE**

Neither the Custodian nor the Company shall be liable for any failure or delay in performance of its obligations under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including, without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; strikes; pandemics; epidemics; riots; power failures; computer failure; any quarantines or closures ordered by governmental entities or agencies; and any such circumstances beyond its reasonable control as may cause interruption; loss or malfunction of utility; transportation; computer (hardware or software) or telephone communication service; accidents; labor disputes; acts of civil or military authority; governmental actions; or inability to obtain labor, material, equipment or transportation; provided, however, that the Custodian in the event of a failure or delay shall use its best efforts to ameliorate the effects of any such failure or delay. Notwithstanding the foregoing, the Custodian shall maintain sufficient disaster recovery procedures to minimize interruptions.

**ARTICLE X**

**EFFECTIVE PERIOD; TERMINATION**

10.1 <u>Effective Period</u>. This Agreement shall become effective as of the date first set forth above and shall continue in full force and effect until terminated as hereinafter provided.

10.2 <u>Termination</u>. Either party hereto may terminate this Agreement by giving to the other party a notice in writing specifying the date of such termination, which shall be not less than ninety (90) days after the date of the giving of such notice. If a successor custodian shall have been appointed by the Board, the Custodian shall, upon receipt of a written notice of acceptance by the successor custodian, on such specified date of termination (a) deliver directly to the successor custodian all Securities (other than Securities held in a Book-Entry System or Securities Depository) and cash then owned by the Company and held by the Custodian as custodian, and (b) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Company at the successor custodian, provided that the Company shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement. The Company may at any time immediately terminate this Agreement in the event of the appointment of a conservator or receiver for the Custodian by regulatory authorities in the State of Ohio or upon the happening of a like event at the direction of an appropriate regulatory agency or court of competent jurisdiction.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

10.3 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Company on or before the date of termination specified pursuant to Section 10.2 above, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which is (a) a "Bank" as defined in the 1940 Act, (b) has aggregate capital, surplus and undivided profits as shown on its then most recent published report of not less than $25 million, and (c) is doing business in New York, New York, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Company at such bank or trust company all Securities of the Company held in a Book-Entry System or Securities Depository. Upon such delivery and transfer, such bank or trust company shall be the successor custodian under this Agreement and the Custodian shall be relieved of all obligations under this Agreement. If, after reasonable inquiry, the Custodian cannot find a successor custodian as contemplated in this Section 10.3, then the Custodian shall have the right to deliver to the Company all Securities and cash then owned by the Company and to transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the Company. Thereafter, the Company shall be deemed to be its own custodian with respect to the Company and the Custodian shall be relieved of all obligations under this Agreement.

**ARTICLE XI**

**COMPENSATION OF THE CUSTODIAN**

In consideration of the services to be rendered pursuant to this Agreement, the Company shall pay the Custodian in accordance with the Fee Schedule annexed hereto as Exhibit C, which Fee Schedule may be amended by the Custodian from time to time upon thirty (30) days' prior written notice to the Company. Any objections, corrections, or adjustments to a bill must be raised within 12 months of the billing date. After the 12-month period, all bills will be considered final.

In addition, the Company shall be responsible for and shall reimburse the Custodian for all costs and expenses incurred by the Custodian in connection with this Agreement, including (without limiting the generality of the foregoing) all brokerage fees and costs and transfer taxes incurred in connection with the purchase, sale or disposition of the Property, and all income taxes or other taxes of any kind whatsoever which may be levied or assessed under existing or future laws upon or in respect to the Property, and all other similar expenses related to the administration of the Accounts incurred by the Custodian in the performance of its duties hereunder (including reasonable attorney's fees and expenses).

Fees and reimbursement for costs and expenses shall be paid monthly. The Custodian will submit an itemized statement to the Company each month. In the event the Custodian does not receive such payment within sixty (60) days of the date of such statement, the Custodian is hereby authorized to debit the Cash Accounts for such fees, costs and expenses.

**ARTICLE XII**

**LIMITATION OF LIABILITY AND WARRANTIES**

12.1 OTHER THAN THE EXPRESS WARRANTIES (IF ANY) MADE IN THIS AGREEMENT, THE CUSTODIAN DISCLAIMS ALL WARRANTIES INCLUDING, WITHOUT LIMITATION, ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE WITH RESPECT TO THE APPLICATIONS, AND ALL PRODUCTS AND SERVICES PROVIDED HEREUNDER. Without limiting the foregoing, the Custodian shall not be liable for lost profits, lost business or any incidental, consequential or punitive damages (whether or not arising out of circumstances known or foreseeable by the Custodian) suffered by the Company, its customers or clients, or any third party in connection with any of the products or services made available hereunder. The Custodian's liability under this Agreement shall in no event exceed an amount equal to the lesser of (i) actual monetary damages incurred by the Company or (ii) an amount not to exceed one-half of the net fees paid to the Custodian within the prior three calendar months immediately preceding the date on which the Custodian received a written notice from the Company regarding such damages. In no event shall the Custodian be liable for any matter beyond its reasonable control, or for damages or losses wholly or partially caused by the Company, or its employees or agents, or for any damages or losses, which could have been avoided or limited by the Company giving prompt written notice to the Custodian. The Company shall bring no cause of action, regardless of form, more than one year after the cause of action arose.

12.2 The Custodian represents and warrants that (i) assuming execution and delivery of this Agreement by the Company, this Agreement is the Custodian's legal, valid and binding obligation, and (ii) it has full power and authority to enter into and has taken all necessary Corporate Action to authorize the execution of this Agreement.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

12.3 The Company represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) it has full authority and power, and has obtained all necessary authorizations
and consents, to deposit and control the cash and securities in the accounts, to use the Custodian as its custodian in accordance with
the terms of this Agreement, and to borrow money (either short term or
intraday borrowings in order to settle transactions prior to receipt of covering funds), grant a lien over cash and securities, and enter
into foreign exchange transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) assuming execution and delivery of this Agreement by the Custodian, this Agreement is the Company's legal, valid and binding
obligation, enforceable against the Company in accordance with its terms and it has full power and authority to enter into and has taken
all necessary corporate action to authorize the execution of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) it has not relied on any written representation made by the Custodian or any person on its behalf, and acknowledges that this Agreement
sets out to the fullest extent the duties of the Custodian; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the cash and securities deposited in the Company's accounts are not subject to any encumbrance or security interest whatsoever
and the Company undertakes that, so long as liabilities are outstanding, it shall not create or permit to subsist any encumbrance or security
interest over such cash and securities or cash.

12.4 The Company is an entity organized under the laws of the state in which it was formed, and is in good standing and registered to do business therein and in all legally-required jurisdictions. The obligations of the Company entered into in the name of the Company or on behalf thereof by any member of the Board, Officers, employees or agents are made not individually, but in such capacities, and are not binding upon any member of the Board, Officer, employee, agent or shareholder of the Company or the funds personally, but bind only the assets of the Company, and all persons dealing with any of the funds of the Company must look solely to the assets of the Company belonging to such Fund for the enforcement of any claims against the Company.

**ARTICLE XIII<br> NOTICES**

Unless otherwise specified herein, all demands, notices, instructions, and other communications to be given hereunder shall be in writing and shall be sent or delivered to the address set forth after its name herein below:

**To the Company: «/WorkItem/Response[@configId='33001']»**

Attention:<br> Address:<br> Telephone:<br> Facsimile:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**To the Custodian:** | Fifth Third Bank, National Association |
|  | Institutional Trust & Custody |
|  | Mail Drop 1090X9 |
|  | 38 Fountain Square Plaza |
|  | Cincinnati, Ohio 45263 |
|  | Telephone: 866-719-0014 |
|  | Facsimile: 513-534-4735 |

---

or at such other address as either party shall have provided to the other by notice given in accordance with this Article XIII. Writing shall include transmission by or through teletype, facsimile, central processing unit connection, on-line terminal and magnetic tape.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**ARTICLE XIV**

**MISCELLANEOUS**

14.1 <u>Governing Law.</u> This Agreement will be governed by and construed according to the laws of the State of Ohio. The parties hereby consent to service of process, personal jurisdiction, and venue in the state and federal courts located in Cincinnati, Hamilton County, Ohio, and select such courts as the exclusive forum with respect to any action or proceeding brought to enforce any liability or obligation under this Agreement provided, however, that the parties agree that all questions regarding the validity of electronic signatures, contracts, and other records and to electronic delivery of notices and records of transactions shall be governed by the E-Sign Act or, to the extent applicable, by the laws of the State of Ohio, including the Ohio Uniform Electronic Transactions Act, found at O.R.C. § 1306.01-23., et seq.

14.2 <u>Electronic Signatures</u>. The parties agree that this Agreement, including any amendments or corresponding documents related hereto, unless prohibited by law, may be electronically signed, which is defined as an electronic sound, symbol or process, attached to or logically associated with a contract or other record and executed or adopted by a person with the intent to sign the record. The parties agree that the electronic signatures appearing on this Agreement and any corresponding documents related hereto, are the same as handwritten signatures for purposes of validity, enforcement, and admissibility, and shall be deemed an original. Notwithstanding any other provision in this Agreement to the contrary, the parties hereby agree to the use of electronic signatures on contracts and other records, to electronic delivery of notices, and records of transactions, and that the E-Sign Act applies to the fullest extent possible to validate their ability to conduct business by electronic means. The parties represent, warrant and covenant that electronic signatures on contracts, and other records submitted by Company to Custodian are created using software and proceses that create valid, enforceable, and effective E-Signatures in compliance with the E-Sign Act or to the extend applicable, by the laws of the State of Ohio, including the Ohion Uniform Electronic Transactions Act, found at ORC § 1306.01-23., et seq.

14.3 <u>Insurance</u>. The Company acknowledges that the Custodian shall not be required to maintain any insurance coverage specifically for the benefit of the Company. The Custodian will, however, provide summary information regarding its own general insurance coverage to the Company upon written request.

14.4 <u>USA Patriot Act Disclosure</u>. Section 326 of the USA Patriot Act requires the Custodian to implement reasonable procedures to verify the identity of any person that opens a new account with it. Accordingly, the Company acknowledges that Section 326 of the USA Patriot Act and the Custodian's identity verification procedures require the Custodian to obtain information which may be used to confirm the Company's identity including without limitation the Company's name, address and organizational documents. The Company may also be asked to provide information about its financial status such as its current audited and unaudited financial statements. The Company agrees to provide the Custodian with and consents to the Custodian obtaining from third parties any such identifying and financial information required as a condition of opening an account with or using any service provided by the Custodian.

14.5 <u>Compliance With OFAC</u>. The Company warrants that neither the Company nor any of its subsidiaries nor, to the knowledge of the Company, any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is currently the subject of any sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department ("OFAC"); and the Company agrees that it will not directly or indirectly use the proceeds of the Account to lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, for the purpose of financing the activities of any person or entity currently the subject of any sanctions administered by OFAC.

14.6 <u>FDIC Insurance for Beneficial Owners</u>. The Custodian may determine that the Company has opened an Account holding Property which may include, in whole or in part, Deposits on behalf of the beneficial owner(s) of the funds in the Account (for example, as an agent, nominee, guardian, executor, custodian or funds held in some other capacity for the benefit of others), and that those beneficial owners may be eligible for "pass-through" insurance from the FDIC. This means the Deposits held in the Account could qualify for more than the standard maximum deposit insurance amount (currently $250,000 per depositor in the same ownership right and capacity). The Custodian may determine that this Account holding Deposits may have transactional features (such as accounts with check writing capability and/or the use of debit cards) as defined in § 370.2(j) of the FDIC's Rules and Regulations at https://www.fdic.gov/regulations/laws/rules/2000-9200.html#fdic2000part370.2. In order to comply with § 370.5(a), the Company, as the Account holder must be able to provide a record of the interests of the beneficial owner(s) in accordance with the FDIC's requirements as specified below. Following these procedures may minimize the delay that these depositors may face when accessing their FDIC-insured funds. The FDIC has published a guide that describes the process to follow and the information the Company will need to provide in the event the Custodian fails. In addition, the FDIC published an addendum to the guide, section VIII, which is a good resource to understand the FDIC's alternative recordkeeping requirements for pass-through insurance. The addendum sets forth the expectations of the FDIC to demonstrate eligibility for pass-through insurance coverage of any deposit accounts or deposits, including those with transactional features. The addendum will provide information regarding the records the Company should keep on the beneficial owners of the funds, identifying information for those owners, and the format in which to provide the records to the FDIC upon the Custodian's failure. That information can be accessed on the FDIC's website at https://www.fdic.gov/deposit/deposits/brokers/part-370-appendix.html. The Company agrees to cooperate fully with Custodian and the FDIC in connection with determining the insured status of funds in such accounts at any time. In the event of the Custodian's failure, the Company agrees to provide the FDIC with the information described above in the required format within 24 hours of the Custodian failure for all accounts with transactional features and any other accounts to which the Company will need rapid access. As soon as the FDIC is appointed, a hold may be placed on the Company's account so that the FDIC can conduct the deposit insurance determination; that hold will not be released until the FDIC obtains the necessary data to enable the FDIC to calculate the deposit insurance. The Company understands and agrees that the Company's failure to provide the necessary data to the FDIC may result in a delay in receipt of insured funds and legal claims against the Company from the beneficial owners of the funds in the account. If the Company does not provide the required data, the Company's Account may be held or frozen until the information is received, which could delay when the beneficial owners would receive funds. Notwithstanding other provisions in this Agreement, this Section survives after the FDIC is appointed as the Custodian's receiver and the FDIC is considered a third party beneficiary of this Section.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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14.7 <u>Independent Contractor</u>. This Agreement is not a contract of employment and nothing contained in this Agreement shall be construed to create the relationship of joint venture, partnership, or employment between the parties.

14.8 <u>References to the Custodian</u>. The Company shall not circulate any printed matter, which contains any reference to the Custodian without the prior written approval of the Custodian, excepting printed matter contained in the prospectus, or statement of additional information or its registration statement for the Company and such other printed matter as merely identifies the Custodian as custodian for the Company. The Company shall submit printed matter requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for printing.

14.9 <u>No Waiver</u>. No failure by either party hereto to exercise, and no delay by such party in exercising, any right hereunder shall operate as a waiver thereof. The exercise by either party hereto of any right hereunder shall not preclude the exercise of any other right, and the remedies provided herein are cumulative and not exclusive of any remedies provided at law or in equity.

14.10 <u>Entire Agreement</u>. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements, understandings, and representations regarding the subject matter of this Agreement. From time to time, Custodian may amend, add to, or change the terms of this Agreement, provided that such modification does not create new obligations for the Company and does not materially diminish any services provided by Custodian (unless as mandated by state or federal law, regulation or agency). The Custodian will give the Company notice of an amendment by any reasonable means permitted by law, including electronic notice. Any amendments will be effective on the date indicated in the notice; provided, that if an effective date is not indicated, the effective date will be thirty (30) calendar days from the date the notice was sent or posted. If the Company does not wish to be bound by any amendment to this Agreement, the Company may close the Account before the effective date of such amendment. The Company's continued use of the Account after the effective date shall be deemed acceptance and agreement to the amendment. A change in Custodian's interest rates or security or operating procedures does not constitute an amendment of this Agreement, and Custodian may effect such changes at any time without prior notice to the Company. Provided further, the Company may execute a new Customer Profile Schedule which will be effective upon the Company's delivery to Custodian and Custodian's acceptance of the new Customer Profile Schedule. This Agreement is for the benefit of, and may be enforced only by, Custodian and Company and their respective successors and permitted transferees and assignees, and is not for the benefit, of and may not be enforced by, any third party. Notwithstanding any other provision in this Agreement, this document may be amended in writing with the consent of both parties.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

14.11 <u>Counterparts</u>. This Agreement may be executed in one or more counterparts and by the parties hereto on separate counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

14.12 <u>Severability</u>. If any provision of this Agreement shall be invalid, illegal or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions shall not be affected or impaired thereby.

14.13 <u>Successors and Assigns</u>. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by either party hereto without the written consent of the other party hereto.

14.14 <u>Headings</u>. The headings of sections in this Agreement are for convenience of reference only and shall not affect the meaning or construction of any provision of this Agreement.

[S*ignature Page Follows*]

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed and delivered in its name and on its behalf by its representatives thereunto duly authorized, all as of the day and year first above written.

[*Signature Page to Custody Agreement*]

<u> "Company" Name of Legal Entity:</u>   <br> <u>Tax ID of Business</u>  

To be executing during onboarding

<u>Authorized Signature:</u>   <u>Print Name:</u>   <br> <u>Title:</u>   <u>Date:</u>  

FIFTH THIRD BANK:

<u>Authorized Signature:</u>   <u>Print Name:</u>   <br> <u>Title:</u>   <u>Date: </u>  

Investments and investment services are offered through or are made available by one or more of Fifth Third Bancorp's indirect

subsidiaries. Investments and Investment Services:

<u>Are Not FDIC Insured</u> <u>Offer No Bank Guarantee</u> <u>May Lose Value</u> <br> <u>Are Not Insured By Any Federal Government Agency</u> <u>Are Not A Deposit</u>

Fifth Third Bank, National Association

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**<u>EXHIBIT A</u>**

**TO THE CUSTODY AGREEMENT BETWEEN<br> «/WorkItem/Response[@configId='33001']»<br> AND FIFTH THIRD BANK**

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| | |
|:---|:---|
| NAME OF FUND | DATE |

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To be executing during onboarding

<u>Authorized Signature:</u>   <u>Print Name:</u>   <br> <u>Title:</u>   <u>Date:</u>  

FIFTH THIRD BANK:

<u>Authorized Signature:</u>   <u>Print Name:</u>   <br> <u>Title:</u>   <u>Date: </u>  

Investments and investment services are offered through or are made available by one or more of Fifth Third Bancorp's indirect

subsidiaries. Investments and Investment Services:

<u>Are Not FDIC Insured</u> <u>Offer No Bank Guarantee</u> <u>May Lose Value</u> <br> <u>Are Not Insured By Any Federal Government Agency</u> <u>Are Not A Deposit</u>

Fifth Third Bank, National Association

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**<u>EXHIBIT B</u>**

**TO THE CUSTODY AGREEMENT BETWEEN<br> «/WorkItem/Response[@configId='33001']»<br> AND FIFTH THIRD BANK**

The terms and conditions of this Exhibit B apply (to the extent they are applicable based upon the Company's election) to the Company electing to subscribe to the Applications as specified herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. In consideration of the fees and charges paid by the Company in connection with using the services pursuant to this Agreement, Custodian hereby grants a nonexclusive and nontransferable license during the term of this Agreement to the Company to use the Applications subject to any separate agreements required by the Custodian, including but not limited to the Manuals or Online Channel Access Agreement. The Company acknowledges that the Custodian retains full exclusive ownership of the Applications and the Company shall not grant any license or right to use the Applications without the prior written consent of Custodian, which consent may be withheld in its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Use of the Applications requires the Company to obtain proper identification codes. The Company may request establishment on the applicable Application of the Company ID to be used by the Company and its employees when accessing the applicable Application via the applicable Interface. The Company ID setup and standard maintenance will be performed at Custodian's convenience and in accordance with Custodian's general timeframes and scheduling. The Company shall provide Custodian with prompt written notice of all the Company IDs that are no longer active should be deleted and/or should otherwise be changed. Although not obligated to, Custodian reserves the right at its option and without notice to suspend the password on a the Company ID or deactivate and/or delete any the Company ID if it has not successfully logged on to the applicable System in a sixty day period (or other interval determined from time to time by Custodian), if it has shown suspicious activity or if Custodian determines that there is or may be a violation of Custodian's then current security procedures or standards involving the applicable System or the Company's access to the same. Custodian reserves the right (but shall not have any obligation) to request that the Company designate in writing those employees or agents of the Company who may authorize establishment of the Company IDs on the applicable System. However, the Company shall be solely responsible for any unauthorized access to the applicable System and the Company's data therein via the applicable Interface where such access includes but is not limited to theft, unauthorized the Company, employee or agent access, action taken on behalf of the Company or at the request of the Company's employees or agents (even if not authorized) and/or failure to notify Custodian in writing and independently verify suspension of a password on a the Company ID or inactivation and/or deletion of a the Company ID.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. In addition to the covenants and obligations of the Company stated elsewhere in this Agreement, the Company further acknowledges and agrees:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Upon the termination of this Agreement, the Company shall, at its own cost and expense, deliver any printed
versions of any manuals, documentation or writings, along with any copies thereof, pertaining to the use of the Applications or the Interfaces
to a location designated by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Company will cause all persons utilizing the Interfaces to treat all applicable user and authentication
codes and passwords with extreme care.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Custodian is hereby irrevocably authorized to act in accordance with and rely upon Instructions received
by it through the Interfaces. The Company shall be solely responsible for the quality, accuracy, and adequacy of all information and Instructions
supplied to Custodian via the Interfaces or otherwise provided to Custodian hereunder, and Custodian shall not be liable for any damage,
loss or expense whatsoever resulting to the Company or its customers as a result of the lack of quality, inaccuracy or inadequacy of such
information other than as may arise from a defect in the Interfaces or the Applications involving Custodian's receipt of such information.
The Company will establish and maintain adequate audit controls to monitor the quality and delivery of such data.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&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 Company shall comply with all federal, state and local laws and regulations applicable to its business
operations or to the Company as a result of this Agreement and will acquire all the rights and licenses deemed necessary by Custodian
for Custodian to interface with the Company, or vice versa, and for Custodian to provide the services contemplated 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;e. The Company shall be solely responsible for all record keeping as may be required of it under any federal,
state or local laws and regulations. Except as hereinafter provided or as may be required under any federal, state or local laws and regulations,
Custodian shall not be obligated to retain any records of any services performed hereunder for a period beyond seven calendar days after
delivery of the records to the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Company agrees to the following general provisions related to the Applications:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Except for the Applications themselves, the Company shall obtain and maintain at its own cost and expense
all equipment and services, including but not limited to its computer systems, communications services, Internet access accounts, dedicated
line or direct dial-up equipment necessary for the Company to access and utilize the Applications via the Interfaces. Custodian shall
not be responsible for the reliability or availability of any such equipment or services including but not limited to any third party
access providers. The Company further agrees to obtain and utilize computer systems and communications equipment, which meet the minimum
specifications for using the Interfaces and the Applications, set forth in this Agreement, the Manuals, or the Online Channel Access 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;b. The Company acknowledges that neither the services pursuant to this Agreement nor any information provided
to the Company by the Custodian through the Applications is intended to supply tax, investment or legal advice. Although
the Applications may provide information that may lead to recommendations about how and where to invest and what to buy, none of these recommendations are developed
or endorsed by Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Company agrees to pay all taxes of whatever nature including, but not limited to, any income, franchise,
sale, use, property, transfer, excise and other taxes now or hereafter imposed by any governmental body or agency upon the Company's
accessing the Applications via the Interfaces and the Company's use of the services pursuant to this Agreement, but excluding any
taxes payable by Custodian on the receipt of fees 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;d. The Company assumes full responsibility for the consequences of any and all use, misuse or unauthorized
use of the Applications, the Interfaces, the Manuals, or the services pursuant to this Agreement whether by the Company's personnel
or others who gain access as provided to the Company, lawfully or unlawfully, to the Applications, the Interfaces, the Manuals, or the
services pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Custodian shall not be obligated to act upon, or be liable for failure to act upon, any Instruction, Transaction,
or modification or cancellation thereof received by Custodian via the Interfaces that is not performed in accordance with the Manuals,
the Online Channel Access Agreement and/or 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;f. The Company shall not copy or modify, or by its action or inaction permit to be copied or modified, the
Applications or any other part of the Interfaces, whether in printed or computer data form. The Company agrees to abide by all copyright
laws regarding the use and possession of the Applications and all other related software applications associated with the Interfaces.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Company hereby represents, acknowledges and agrees that it is fully informed of the protections and
risks associated with the various methods of transmitting Instructions to Custodian and that there may be more secure methods of transmitting
Instructions to Custodian than the method(s) selected by the Company hereunder. The Company hereby agrees that the security procedures
(if any) to be followed in connection with the Company's transmission of Instructions via the Interfaces provide to the Company
a commercially reasonable degree of protection in light of the Company's particular needs and circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&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. In the event the Interfaces are provided by or through one or more third parties (e.g., through the Internet
access provider, a third party carrier, etc.), the Company acknowledges and agrees that Custodian shall have no responsibility or liability
whatsoever for any actions or inactions of such third parties, including, but not limited to, inability to access the Applications, interruption
in access to the Applications, or error or inaccuracies in data received by the Company. Not limiting the generality of the foregoing,
Custodian's only obligation will be to make available the Applications in accordance with Custodian's usual and customary
standards in effect from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. services pursuant to this Agreement provided via the Applications shall be provided via the applicable
CAD Interface or Channel Access Interface in accordance with the terms, conditions and procedures contained in this Agreement, in the
of relevant Manuals, or in the Online Channel Access Agreement, as applicable and which, if applicable, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. The Company will seek to resolve errors, which may result from its use of the Systems, including errors
as to its customers and will provide, promptly upon request, any information not otherwise restricted which is requested in connection
with such errors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. Custodian and the Company shall maintain knowledgeable personnel and procedures to resolve disputes between
and among any of the parties connected with the Applications. Such disputes would be those relating to the proper and timely receipt and
delivery of Instructions, Account information, Corporate Action information or Voluntary Election Instructions, including but not limited
to, disputes arising out of the failure of any of the parties in connection with the Company's use of the Applications or the Company's
violation of the provisions contained in the Manuals, Online Channel Access Agreement, or any applicable law or regulation. The Company
shall be solely responsible for compliance with all applicable federal, state and local statutes, rules and regulations relating to error
resolution, if any.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**<u>EXHIBIT C</u>**

**<u>FEE SCHEDULE</u>**

\*\*This page intentionally left blank, a separate fee agreement to be executed by the Client and Fifth Third has<br> been included with the signing ceremony.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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

**FIFTH THIRD BANK<br> GLOBAL CUSTODY NETWORK<br> COUNTRIES AND SUB-CUSTODIANS<br> FOR**

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| | |
|:---|:---|
| **COUNTRY** | **SUB-CUSTODIAN** |
| Argentina | Banco Rio de la Plata, SA |
| Australia | Commonwealth Bank of Australia, Ltd. |
| Austria | Bank Austria AG |
| Bangladesh | Standard Chartered Bank |
| Belgium | Banque Bruxelles Lambert |
| Bermuda | The Bank of Bermuda |
| Botswana | SCMB (Stanbic Bank Botswana) |
| Brazil | The Bank of Boston |
| Bulgaria | ING Bank Sofia |
| Canada | Royal Bank of Canada |
| Chile | The Bank of Boston |
| China | Standard Chartered Bank |
| Colombia | Cititrust |
| Croatia | Privredna Banka |
| Cyprus | Bank of Cyprus |
| Czech Republic | Ceskoslovenska Obchodni Bank |
| Denmark | Den Danske Bank |
| EASDAQ | Banque Bruxelles Lambert |
| Ecuador | Citibank |
| Egypt | Citibank |
| Estonia | Hansabank |
| Euromarkets | Euroclear |
| Finland | Merita Bank, Ltd. |
| France | Banque Paribas |
| Germany | Dresdner Bank |
| Ghana | SCMB (Merchant Bank of Ghana Ltd.) |
| Greece | Paribas, Athens |
| Hong Kong | Hongkong and Shanghai Banking Corp. |
| Hungary | Citibank Budapest |
| Iceland | Landsbanki |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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| | |
|:---|:---|
| India | State Bank of India |
| Indonesia | Hongkong and Shanghai Banking Corp. |
| Ireland | Allied Irish Banks Plc. |
| Israel | Bank Leumi LE- Israel B.M. |
| Italy | Banca Commerciale Italiana |
| Ivory Coast | Societe Generale de Banques en Cote d'Ivoire |
| Japan | Bank of Tokyo Mitsubishi Ltd. |
| Jordan | The British Bank of Middle East |
| Kenya | SCMB (Stanbic Bank of Kenya Ltd) |
| Latvia | Societe Generale |
| Lebanon | The British Bank of the Middle East |
| Lithuania | Vilniaus Bankas |
| Luxembourg | Banque Internationale a Luxembourg |
| Malaysia | Hongkong Bank Malaysia Berhad |
| Mauritius | Hongkong and Shanghai Banking Corp. |
| Mexico | Banco Nacional de Mexico |
| Morocco | Banque Commerciale du Maroc |
| Namibia | SCMB (Stanbic Bank Nambia Ltd.) |
| Netherlands | Mees Pierson |
| New Zealand | ANZ Banking Group Ltd. |
| Nigeria | SCMB (Stanbic Bank Nigeria Ltd.) |
| Norway | Den Norske Bank |
| Oman | The British Bank of the Middle East) |
| Pakistan | Standard Chartered Bank |
| Peru | Citibank NA |
| Philippines | Hongkong and Shanghai Banking Corp |
| Poland | Bank Handlowy W Warszawie |
| Portugal | Banco Comercial Portugues |
| Romania | ING Bank- Bucharest Branch |
| Russia (Min Fin only) | Bank for Foreign Trade |
| Russia (Equities & Bonds) | Unexim Bank |
| Russia (Equities) | Credit Suisse First Bonston Ltd- Moscow |
| Singapore | Development Bank of Singapore |
| Slovakia | Ceskoslovenska Obchodna Banka |
| Slovenia | Banka |
| South Africa | Standard Bank of South Africa |
| South Korea | Standard Chartered Bank |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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| | |
|:---|:---|
| Spain | Banco Bilbao Vizcaya |
| Sri Lanka | Standard Chartered Bank |
| Swaziland | SCMB (Stanbic Bank Swaziland Ltd) |
| Sweden | Skandinaviska Enskilda Banken |
| Switzerland | Union Bank of Switzerland |
| Taiwan | Hongkon and Shanghai Banking Corp. |
| Thailand | Standard Chartered Bank |
| Tunisia | Banque Internationale Arabe de Tunisie |
| Turkey | Ottoman Bank |
| Ukraine | Bank Ukraina |
| United Kingdom | The Bank of New York |
| Uruguay | BankBoston |
| Venezuela | Citibank NA |
| Zambia | SCMB (Stanbic Bank Zambia LTd) |
| Zimbabwe | SCMB (Stanbic Bank Zimbabwe Ltd) |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**<u>Schedule B – Company Profile Schedule</u>**

**Part A – Elections**

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| |
|:---|
| **Additional Account Services to be used, which may require additional Agreements** |
| Clearwater Analytics |
| Pledged Accounting Services |
| Segregated Global Account |
| Accounting Interface |
| BankSafe Only Account |
| Securities Lending |
| Planned Giving Services (Gift Wrap) |
| Retirement Plan Distributions (Paying Agent) |
| Fund Track |
| FAS 157 or GASB 72 Information Reporting Confirm Year End: |
| GlobeTax Enhanced Services (Limited Services are standard) |
| Other (Describe): |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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| | |
|:---|:---|
| **SEC Shareholder Communications Disclosure** (All accounts must complete) | **SEC Shareholder Communications Disclosure** (All accounts must complete) |
| The Securities and Exchange Commission (SEC) has adopted a rule that requires Fifth Third Bank, as holder of securities, to contact Customer, the beneficial owner having authority to vote those securities, to determine whether Customer would like Fifth Third Bank to provide Customer's name, address and share position to companies whose shares Fifth Third Bank holds for Customer's benefit. If Customer does not object, Fifth Third Bank will release the above information to requesting companies and Customer will receive annual and quarterly reports, proxies, and other corporate communications directly from these companies. These companies are prohibited from using Customer's name and address for any purpose other than corporate communications. If Customer does object to such release or to the receipt of shareholder information, Fifth Third Bank will not release Customer's shareholder status to requesting companies. | The Securities and Exchange Commission (SEC) has adopted a rule that requires Fifth Third Bank, as holder of securities, to contact Customer, the beneficial owner having authority to vote those securities, to determine whether Customer would like Fifth Third Bank to provide Customer's name, address and share position to companies whose shares Fifth Third Bank holds for Customer's benefit. If Customer does not object, Fifth Third Bank will release the above information to requesting companies and Customer will receive annual and quarterly reports, proxies, and other corporate communications directly from these companies. These companies are prohibited from using Customer's name and address for any purpose other than corporate communications. If Customer does object to such release or to the receipt of shareholder information, Fifth Third Bank will not release Customer's shareholder status to requesting companies. |
| | Customer objects to Fifth Third Bank releasing Customer's name to companies. |
| | Customer does not object to Fifth Third Bank releasing Customer's name to companies. (Default) |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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| |
|:---|
| **Cash Management** |
| For Non-ERISA Accounts where Fifth Third Bank does not have sole investment discretion: The cash management vehicle selected during discussion with Fifth Third Bank is indicated below. If a cash management vehicle is not selected during discussion with Fifth Third Bank, the customer hereby directs the use of the Federated Government Obligations Fund Premier (Ticker: GOFXX ACI: 99FEDGOP6).<br>Entities that are required to complete a W-8 must select a non-sweep investment during discussions with Fifth Third Bank OR if choosing a Sweep vehicle may only elect BankSafe.<br>For ERISA or IRA accounts, where Fifth Third does not have sole investment discretion: The cash management vehicle selected during discussion with Fifth Third Bank is indicated below. If a cash management vehicle is not selected during discussion with Fifth Third Bank, the customer hereby directs the use of the Federated Government Obligations Fund Premier (Ticker: GOFXX ACI: 99FEDGOP6).<br>Fifth Third Bank maintains a deposit account program called BankSafe for which Fifth Third Bank may receive compensation. BankSafe balances are FDIC insured investments and considered demand deposit accounts for FDIC insurance purposes. The BankSafe interest rate paid is at least the calculated average using the seven-day yield for three specific high quality treasury and/or government money market mutual funds. BankSafe Premium and BankSafe Plus may be available to designated accounts with significant balances. The interest rate for BankSafe Premium and BankSafe Plus includes an additional bonus rate, which at times may be 0%. Fifth Third Bank in its sole discretion may make changes to the treasury and/or governmental money market funds periodically. Fifth Third Bank may use BankSafe and BankSafe Premium/Plus funds to support other bank products and receives compensation based on the difference in the interest rate earned on those other bank products and the BankSafe rate. With respect to BankSafe in fiduciary accounts and to the extent that those balances are not insured by the Federal Deposit Insurance Corporation, collateral will be set aside equal to the amount of the uninsured balances. The selection of a cash management vehicle is made below.<br>Deposit and credit products provided by Fifth Third Bank, National Association.<br>Member FDIC. ![](fp0096902-1_02.jpg) Equal Housing Lender. |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**Cash Management Election**

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| |
|:---|
| SWEEP Vehicle: Invest/Withdraw from the following cash management option: |
| DDA Interface: |
| INTRADAY SWEEP Vehicle: Invest/Withdraw from the following cash management option: |
| MANUAL SWEEP Vehicle: |
| Daily Settlement via Wire: |
| Net Settlement as directed by Customer: |

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**Note: If this Custody Agreement is for an omnibus account and a retail fund is selected for the sweep vehicle, a Natural Citizen Form will be required to disclose that the account is eligible for a retail fund.**

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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| |
|:---|
| **Proxy Communication (Select one below)** |
| Banksafe Only<br> *(Customer is not required to indicate an authorized individual to vote proxies)* |
| Forward proxies to the Investment Manager/Advisor indicated on the Authorized Signer document if proxy voting is selected (individuals may be named on another document supplied by the Investment Manager/Advisor). This only applies to accounts with an Investment Manager/Advisor. Accounts managed by the client will follow one of the 2 other options below. |
| Forward all proxies to the "Company Contacts" selected on the Authorized Signer document, and the client will vote, execute and mail all proxies. to the address specified in the proxy voting materials. |
| Forward all proxies to our proxy service provider indicated in the "Other Party Contacts" on the Authorized Signer document (individuals may be named on another document supplied by the Investment Manager/Advisor), at the mailing address and contact information below to be executed and voted on our behalf: |
| **Proxy Service Provider Information (Company Name, Contact Name, Address, Phone and Email)<br>**  |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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| |
|:---|
| **Mutual Fund Dividend Reinvestment (Select one below)** |
| Banksafe Only<br> *(If selected, customer is not required to make any mutual fund dividend election)* |
| An Investment Manager/Advisor determines how mutual fund dividends will be managed at the account level (not per mutual fund asset) for all or a portion of accounts in the relationship. The Investment Manager/Advisor ***must*** complete the **"Fifth Third Bank N.A.-Mutual Fund Dividend Elections Standing Instructions"** form that will be supplied to them by Fifth Third Bank. This election pertains to any mutual fund assets transferring to Fifth Third and in the event that there are no mutual fund assets transferring at account opening, this election must be made for any future mutual fund purchases at the trust account level that the Investment Manager/Advisor will be managing. Should no election be made on the "Standing Instruction Mutual Fund Dividend Reinvestment" form the default election of Cash Dividends/Cash Capital Gains(Cash/Cash) will be applied to the account(s). |
| The Client determines how mutual fund dividends will be managed at the trust account level (not per mutual fund asset) for all or a portion of trust account(s) in the relationship. The Client ***must*** complete the **"Fifth Third Bank N.A.-Mutual Fund Dividend Elections Standing Instructions – Client Elections"** form that will be supplied to them by Fifth Third Bank. This election pertains to any mutual fund assets transferring to Fifth Third and in the event that there are no mutual fund assets transferring at account opening, this election must be made for any future mutual fund purchases at the trust account level that the Client will be managing. Should no election be made on the "Standing Instruction Mutual Fund Dividend Reinvestment" form the default election of Cash Dividends/Cash Capital Gains will be applied to the account(s). |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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| |
|:---|
| **Selection of Cost Basis Write Down Method** |
| Fifth Third Bank is required to identify the cost basis of shares traded of certain securities and to report the cost basis of securities sold. We are required to report the holding period for those securities as to whether they are short or long term in addition to the gross proceeds of sales to the IRS. As an account owner of a directed account You have the right to select the method used to identify the cost basis when securities are traded. Please select the Cost Basis Write down method You would prefer to use when selling securities in this account. In the event that no Write Down Method is chosen, the account will be defaulted to Maximum Loss/Minimum Gain. Should You desire to use a different cost basis for an individual transaction or change the account method in the future, you may do so by contacting Your relationship manager.<br>**FOR CUSTODY ACCOUNTS, DIRECTED TRUSTS, OR OTHER ACCOUNTS FOR WHICH FIFTH THIRD BANK DOES NOT HAVE SOLE INVESTMENT DISCRETION ("NON-MANAGED ACCOUNTS") ONLY;** Below, please select the Cost Basis Write Down method you would prefer to use when selling securities in this account. If no selection is made below, the current default method for your type of account will be used. For information on the default for your type of account, please contact your Relationship Manager. Should you desire to use a different cost basis for an individual transaction or change the method in the future, you may do so by contacting your Relationship Manager. |

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| | |
|:---|:---|
| **First In First Out** - Shares are sold based on Acquistion Date with the least recently acquired shares being sold first. | **Maximum Gain Minimum Loss** - Shares are sold based on Cost Per Share in an order that will take gains first (largest to smallest) then losses second (smallest to largest) |
| **Last In First Out** - Shares are sold based on Acquistion Date with the most recently acquired shares being sold first | **Minimum Gain Maximum Loss** - Shares are sold based on Cost Per Share in an order that will take gains first (smallest to largest) then losses second (largest to smallest) |
| **Max ST Loss, Max LT Loss, MIN LT Gains, Min ST Gains** - Shares are sold based on Cost Per Share in an order that will take short-term losses first (largest to smallest), long-term losses second (largest to smalles), then long-term gains (smallest to largest) followed by short-term gains (smallest to largest) | **Maximum Loss Minimum Gain** - Shares are sold based on Cost Per Share in an order that will take losses first (largest to smallest) then gains second (smallest to largest) |
| **Average Write Down Method** - Calculates the cost basis of investments by dividing the total cost of all shares by the total number of shares, giving you an average cost per share. This method simplifies tracking your investment costs over time. | |

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Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**<u>Schedule B – Company Profile Schedule</u>**

**Part B – Disclosures and Consents**

**<u>Cash Management Practices</u>**

In the event a transaction requested by the Client results in an overdraft in the available income or principal cash balance in the account, Fifth Third Bank may, in its sole discretion, withhold subsequent cash balances received from the investments until such time as Fifth Third Bank has recouped costs incurred due to the overdraft. (Note: Overdraft policy does not apply to ERISA and Non-ERISA retirement plans.)

**<u>Mutual Fund Fee Sharing Arrangements and Subcontractors</u>**

Mutual funds and/or ETFs not managed or associated with Fifth Third Bank or its affiliates, may be used as an investment vehicle. Fifth Third Bank or its affiliates may receive compensation for certain services provided to these funds from time to time. Descriptions of these fees are contained in the respective mutual fund and/or ETF prospectus or are available upon request. In certain circumstances and for all ERISA accounts, revenue sharing will be returned to the account.

In the performance of its duties, Fifth Third Bank may utilize subcontractors. For mutual fund Fifth Third Bank utilizes Matrix Settlement & Clearance Services, LLC ("MSCS") and Charles Schwab and Company for mutual fund processing and settlements services. The companies receive compensation in the form of an administrative service charge that is calculated as a percentage of revenue sharing from the funds in your account.

**<u>Broker Confirmations</u>**

Fifth Third Bank will render monthly or quarterly statements of receipts and disbursements together with a statement listing the market value of all assets held under the terms of this Agreement. Client expressly waives Client's right under Federal Reserve Board Regulation H to receive copies of broker/dealer confirmations on all securities trading on this account. Upon Client's request, however, Fifth Third Bank will make available at no additional cost, a Transaction Advice Statement in the form of a broker/dealer confirmation.

**<u>Unlawful Internet Gambling Enforcement Act Notification</u>**

Commercial/Business Customers. Restricted transactions are prohibited from being processed through any Fifth Third Bank account or relationship. A restricted transaction includes, but is not limited to, any transaction or transmittal involving any credit, funds, instrument, or proceeds that any person engaged in the business of betting or wagering knowingly accepts, in connection with the participation of another person in unlawful Internet gambling. It includes credit or the proceeds or extension of credit (including credit extended by use of a credit card); electronic fund transfers or funds transmitted by or through a money transmitting business; or a check, draft or similar instrument that is drawn on or payable at or through any financial institution. Unlawful Internet gambling means to place, receive, or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received, or otherwise made.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**<u>Fee Schedule Acknowledgement</u>**

Client acknowledges that Client has received the Schedule of Fees currently in effect for Client's account(s), including a schedule of fees for any special services that may be provided on Client's behalf.

**<u>Fifth Third Privacy Policy (only applicable to individuals and sole proprietorships)</u>**

As a client of Fifth Third Bank you must receive a copy of the "Privacy Policy for Consumers" when opening an account. Fifth Third may make changes to these notices from time to time. Privacy policies are available to you at https;//www.53.com/content/fifth-third/en/privacy-security.html or by searching Privacy at www.53.com.

**<u>Soft Dollar Arrangements</u>**

When appropriate under its discretionary authority and consistent with its duty to seek best execution, Fifth Third Bank directs trades for client accounts to brokers who provide the firm with brokerage and research services. Section 28(e) of the Securities Exchange Age of 1934 ("Exchange Act") provides a safe harbor to money managers who use the commission dollars of their advised accounts to obtain investment research and brokerage services ("soft dollars"), provided that certain conditions are met. Such conditions allow an adviser money manager to pay more than the lowest available commission for brokerage services if it determines in good faith that: (1) the brokerage and research services fall within the definitions set forth in the Exchange Act; (2) the brokerage and research services provide lawful and appropriate assistance in the investment decision-making process; and (3) the commission paid is reasonable in relation to the brokerage and research services provided. The receipt of brokerage and research services in exchange for soft dollars benefits Fifth Third Bank by allowing it to supplement its own research and analysis activities, to receive the views and information from research experts, and to gain access to persons having special expertise on certain companies, industries, areas of the economy, and market factors. Such brokerage and research services are provided to Fifth Third Bank in connection with its investment decision-making responsibilities and they enhance the firm's capability to discharge those responsibilities. Brokerage and research services acquired with soft dollars include, but are not limited to: written and oral reports on the economy, industries, sectors and individual company or issuers; appraisals and analysis relating to markets and economic factors; statistical information, accounting and tax considerations; political analyses; reports on legal developments affecting portfolio securities; information on technical market actions; credit analysis; on-line quotations, trading techniques, and other trading systems; risk measurements; analyses of corporate responsibility issues; research related on-line news services; seminars; on-set visits; asset allocation software; pricing; indices data; and financial and market database services.

Fifth Third Bank selects brokers based on an assessment of their ability to provide quality executions and its belief that the research, information, and other eligible services provided by these brokers benefit client accounts. It is not possible to place a precise dollar value on the special executions or on the brokerage and research services Fifth Third Bank receives from brokers. Accordingly, brokers selected by the firm are paid commissions for effecting portfolio transactions for client accounts that may be in excess of amounts other brokers would have charged for effecting similar transactions.

The use of client commissions to pay for research and brokerage services presents Fifth Third Bank with a potential conflict of interest because it receives a benefit that it does not have to pay for from its resources, and it could be incented to select brokers based on receiving brokerage and research services rather than receiving the most favorable execution price. In addition, Fifth Third Bank shares brokerage and research services obtained with soft dollars with our Registered Investment Adviser affiliates which may benefit from such research without contributing to the commissions with which such research was acquired. Our Registered Investment Adviser affiliates also share certain information, including third-party research, with us even though our clients may not have contributed to the commissions that helped produce or acquire such information. Also, analysts and portfolio managers in the Equity and Fixed Income Departments across Fifth Third Bank and our Registered Investment Adviser affiliates may share investment ideas and strategies exclusive to their respective firms or departments, which may be paid for with soft dollars generated by that firm or department. We believe that, in the aggregate and over time, sharing the research and brokerage products and services benefit our clients and assist us in fulfilling our overall duty to our clients.

Selected products or services provided by brokers have administrative, marketing, or other uses and do not constitute brokerage research services within the meaning of the Exchange Act. These are referred to as "mixed-use" products and services. Fifth Third Bank evaluates mixed-use products and services and attempts to make a reasonable allocation of the cost of these products or services according to the intended purpose, including the number of users or the amount of time that different functions utilize the product or service. A conflict of interest can arise in allocating the cost of mixed-use items between research and non-research products and services. The portion of a product or service attributable to eligible brokerage or research services will be paid through brokerage commissions generated by client transactions, the remaining cost of the product or service will be paid by Fifth Third Bank from its own resources.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

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| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

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**<u>Trade Error Policy\*</u>**

In the event that Fifth Third Bank makes an error in placing a securities trade in an IRA account, an ERISA account, or in an account for which Fifth Third is responsible for investment management discretion (managed account) resulting in settled positions that differ from the intended positions, Fifth Third Bank will correct the transactions in the account. If the corrections result in a loss to the account, Fifth Third Bank will reimburse the account from Fifth Third Bank's own funds. In the event that transactions result in a gain, the account will retain the gain to the extent it had the cash or securities on hand to settle the trade. Settled gains attributable to cash or securities in excess of the account's available cash or securities at the time of settlement will be retained by Fifth Third. In the event that Fifth Third makes an error in placing a trade in a directed account, that is not an IRA or subject to ERISA, and results in settled positions that differ from the position intended by the client's direction, Fifth Third will correct the transactions to reflect the client's instructions, with losses absorbs and gains retained by Fifth Third Bank. In the event that Fifth Third makes an error in placing a trade in an account that is not an IRA or subject to ERISA that involves multiple transactions occurring in a single business day, Fifth Third Bank will calculate a net gain or loss across the account and apply the same gain/loss procedures as described above. In the event that Fifth Third experiences, for whatever reason, an interruption in its ability to execute trades, Fifth Third Bank will execute on a best efforts basis and may not obtain execution prices generally available during the period of interruption.

**<u>Computing of Market Value\*</u>**

In computing the market value of any investment of an Account for which Fifth Third Bank has investment responsibility or trustee discretion, each security listed on a national securities exchange shall be valued at the last sale price on the Valuation Date. Listed stock not traded on such date and any unlisted stock regularly traded in the over-the-counter market shall be valued at the latest available bid price reflected by quotations furnished to Fifth Third Bank by such sources as deemed appropriate by Fifth Third Bank. Money market accounts and bank accounts, if any, shall be valued as of the Valuation Date.

Any other assets shall be valued in such manner as shall be determined in good faith by Fifth Third Bank to reflect its fair value, in accordance with generally accepted accounting standards.

The market value of assets in accounts not managed by Fifth Third Bank that cannot be readily obtained through a national security exchange or other similar pricing service shall be provided by the account owner to Fifth Third Bank on a periodic basis. Fifth Third Bank shall have no obligation to endeavor to verify or independently confirm the values. and may rely on these valuations. Any valuation shall not be deemed to be a guarantee of any kind by Fifth Third Bank regarding the value of the assets in the custodian account.

**<u>GlobeTax Services Fees (Foreign Tax Withholding Reclamation)</u>**

As part of your investment strategy, the account may invest in global (foreign) securities through the use of American Depository Receipts (ADRs) and/or Canadian shares. Income generated from these investments may be subject to the withholding of foreign taxes prior to being paid into your account. In order to recover a portion of the withholding, Fifth Third Bank has engaged Globe Tax Services, Inc. (GlobeTax), a worldwide leader in cross-border withholding tax recovery, for those recovery services. All accounts are being automatically enrolled in the basic level of foreign tax reclamation services offered by GlobeTax. GlobeTax charges a fee of 8% of the benefit received per beneficial owner for the basic level of services. As a part of GlobeTax's services, please note that personal/corporate information on the owner's or beneficial interest holders will be shared with the particular foreign taxing authority where the claim is being filed. GlobeTax offers an enhanced level of services for those accounts that may need additional support for recovery services. You may contact your Relationship Manager if you want to evaluate the enhanced services and fees associated with the enhanced services.

**<u>Loans to Trust or Investment Management Accounts</u>**

A conflict of interest may exist when Fifth Third Bank, as lender, makes a loan to the grantor of a revocable trust or to the principal of an investment management account, where the assets of the account securing the loan are managed by Fifth Third Bank, because the Bank may optimize the account's investment performance to ensure that the Bank, as lender, has sufficient loan collateral to protect the Bank. In order to address this potential conflict, lending from Fifth Third Bank to revocable trusts and/or investment management accounts is isolated from the fiduciary area of the Bank. Lending arrangements such as these are established in coordination with the commercial and/or private bank lending departments of Fifth Third Bank to protect against such conflict.

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

---

| | |
|:---|:---|
| **Company Tax ID: «/WorkItem/Response[@configId='33477']»** | **Company Name: «/WorkItem/Response[@configId='33001']»** |

---

**<u>Important Information About Opening an Account</u>**

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.

**<u>Acknowledgement:</u>**

By signing this Custody Services Agreement, the customer confirms that the information provided in this Schedule B - Customer Profile Schedule, including Part A and Part B is accurate and complete and consents to the use of the cash management vehicle elected above of the default absent an election. The client consents to the shareholder communication selected in Schedule B Part B unless Fifth Third is notified otherwise in writing.

For Bank Use Only (Account Opening Document Review)

Authorized Signer's Resolution Fifth Third Bank National Association September 2024

Classification: Restricted

## Exhibit 99.25

**MASTER FUND SERVICES AGREEMENT**

This Agreement (the "**Master Services Agreement**" or "**Agreement**"), dated _________, 2025, is between **The Champion Fund** (the "**Fund**"), a Delaware statutory trust, and **Sweater Services Corps LLC** ("**Service Provider**" or "**Sweater**"), an Delaware limited liability company.

This Agreement is intended to replace in its entirety any earlier dated investment company services agreement between Service Provider and the Fund with respect to the Portfolio(s) set forth in Addendum A attached hereto and any other such investment company services agreement with respect to any fund set forth in Addendum A shall be deemed terminated upon the effectiveness of this Agreement.

**<u>Background</u>**

The Fund is a closed-end management investment company registered under the Investment Company Act of 1940, as amended (the "**1940 Act**"), and it desires that Service Provider perform certain services for each of its Portfolio(s) listed on Addendum A (individually referred to herein as a "**Fund**"). Service Provider is willing to perform such services on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the promises and agreements of the parties contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

**<u>Terms and Conditions</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Retention of Service Provider

The Fund retains Service Provider to act as the service provider on behalf of the Fund for the services set forth in each addendum to this Agreement (each, an "**Addendum**") selected below (collectively, the "**Services**"), which are incorporated by reference into this Agreement. Service Provider accepts such engagement to perform the selected Services.

[X] Fund Accounting Addendum (Addendum B)

[X] Fund Administration Addendum (Addendum C)

[X] Transfer Agent and Shareholder Servicing Addendum (Addendum D)

Each selected Addendum is incorporated by reference into this Agreement.

The Fund and Service Provider hereby acknowledge that, in order to carry out the services set forth in each Addendum, Service Provider must necessarily rely on the provision of data or other information from third parties, including, but not limited to, investment adviser(s), sub-advisers, prime brokers, custodians, legal counsel, and independent accountants. The Fund and Service Provider therefore agree that, in the event of a third party's refusal or inability to provide such data or other information as is necessary to carry out Service Provider' services under this Agreement or any Addendum, Service Provider will not be in breach of this Agreement for its failure to provide the service(s) to the extent that Service Provider' failure to provide such service(s) was a result of the third party's refusal or inability to provide such data or other information as was necessary for Service Provider to carry out the service(s).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Allocation of Charges and Expenses** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1*** Service Provider shall furnish at its own expense the executive, supervisory, clerical personnel and office
space necessary to perform its obligations under this Agreement. Service Provider shall also pay all compensation of any officers of the
Fund who are affiliated persons of Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2*** Subject to Section 19, the Fund assumes and shall pay or cause to be paid all other expenses of the 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,
proxy statements and related materials, all expenses incurred in connection with issuing and redeeming shares, 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
out-of-pocket expenses of each Trustee of the Fund (each a "**Trustee**" and collectively, the "**Trustees** ")
who are not affiliated persons of Service Provider or the investment adviser(s) to the Fund, insurance premiums, interest, brokerage costs,
litigation and other extraordinary or nonrecurring expenses, and all fees and charges of investment advisers to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compensation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1*** The Fund shall pay for the Services to be provided by Service Provider under this Agreement in accordance
with, and in the manner set forth in, the fee letter set forth in attached Addendum E (the "**Fee Letter** "), which may
be amended from time to time with the written consent of all parties hereto. The Fee Letter is incorporated by reference into this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2*** If this Agreement becomes effective subsequent to the first day of a month, Service Provider' 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, Service Provider' 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 Fund shall promptly pay Service
Provider' compensation for the preceding month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Service Provider as mutually agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4*** In the event that any fees are disputed, the Fund shall, on or before the due date, pay all undisputed
amounts due hereunder and notify Service Provider in writing of any disputed fees that it is disputing in good faith. Payment for such
disputed fees shall be due on or before the tenth business day after the day on which the Fund and Service Provider resolve the applicable
dispute.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Reimbursement of Expenses** 

In addition to paying Service Provider the fees described in each Fee Letter, the Fund agrees to reimburse Service Provider for its actual out-of-pocket expenses in providing services hereunder, if applicable, including without limitation the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1*** Reasonable travel and lodging expenses incurred by officers and employees of Service Provider in connection
with attendance at meetings of the Fund's Board of Trustees (the "**Board**") or any committee thereof and shareholders'
meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2*** All freight and other delivery charges incurred by Service Provider in delivering materials on behalf
of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3*** All direct telephone, telephone transmission and telecopy or other electronic transmission expenses incurred
by Service Provider in communication with the Fund, the Fund's investment adviser(s) or custodian, counsel for the Fund, counsel
for the Fund's independent Trustees, the Fund's independent accountants, dealers or others as required for Service Provider
to perform the Services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4*** The cost of obtaining primary and secondary security market quotes and any securities data from pricing
agents approved by the Fund, including but not limited to the cost of fair valuation services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.5*** The cost of electronic or other methods of storing records and materials;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.6*** All fees and expenses incurred in connection with any licensing of software, subscriptions to databases,
custom programming or systems modifications, in each case to the extent required to provide any special reports or services requested
by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.7*** Any expenses Service Provider shall incur at the direction of an officer of the Fund thereunto duly authorized
other than an employee or other affiliated person of Service Provider who may otherwise be named as an authorized representative of the
Fund for certain purposes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.9*** Any additional expenses reasonably incurred by Service Provider in the performance of its duties and obligations
under this Agreement other than those described in Section 2.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Maintenance of Books and Records; Record Retention** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1*** Service Provider 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 1940 Act.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2***  ***Ownership of Records*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Service Provider agrees that all such books, records, and other data (except computer programs and procedures)
developed to perform the Services (collectively, "**Client Records**") shall be the property 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;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Service Provider agrees to provide the Client Records of the Fund upon reasonable request, and to make
such books and records available for inspection by the Fund, or its regulators at reasonable times.

&nbsp;&nbsp;&nbsp;&nbsp;&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.* Service Provider agrees to furnish to the Fund, at the expense of the Fund, all Client Records in the
electronic or other medium in which such material is then maintained by Service Provider as soon as practicable after any termination
of this Agreement. Unless otherwise required by applicable law, rules, or regulations, Service Provider shall promptly turn over to the
Fund or, upon the written request of the Fund, destroy the Client Records maintained by Service Provider pursuant to this Agreement. If
Service Provider is required by applicable law, rule, or regulation to maintain any Client Records, it will provide the Fund with copies
as soon as reasonably practical after the termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3*** Service Provider agrees to keep confidential all Client Records, which shall for all purposes be Confidential
Information of the Fund under Section 16.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4*** If Service Provider is requested or required to divulge such information by duly constituted authorities
or court process, Service Provider shall, unless prohibited by law, promptly notify the Fund of such request(s) so that the Fund may seek
an appropriate protective order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Subcontracting** 

Service Provider may, at its expense, and with notice to the Fund's management, subcontract with any entity or person concerning the provision of the Services; provided, however, that Service Provider shall not be relieved of any of its obligations under this Agreement by the appointment of such subcontractor, and provided further that Service Provider shall be responsible, to the extent provided in Section 10, for all acts of a subcontractor as if such acts were its own.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Effective Date** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1*** This Agreement shall become effective as of the date first written above with
respect to the 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;&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 the
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) (collectively with the Agreement Effective Date, the "**Addendum Effective Date** ").

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Term** 

This Agreement shall continue in effect with respect to the Fund, unless earlier terminated by either party with respect to a Fund as provided under this Section 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1***  ***Initial Term.*** The initial term for the Fund is as defined in the applicable Fee Letter (the
" **Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2***  ***Renewal Terms.*** A renewal term for the Fund is as defined in the applicable Fee Letter (a
" **Renewal Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3***  ***Termination.*** A party may terminate this Agreement with respect to the Fund under the following
circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&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.* *Termination for Good Cause.* Subject to Section 8.3(D), during the Initial Term or a Renewal Term
of a Fee Letter, a party (the "**Terminating Party**") may only terminate the 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;&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;&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 (as defined
under the 1940 Act) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 un-appealable 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;*B.* *Out-of-Scope Termination.* If the Fund demands services that are beyond the scope of this Agreement
and any incorporated Addendum, and the parties cannot agree on appropriate terms relating to such out-of-scope services, Service Provider
may terminate this Agreement with respect to the Fund upon 60 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&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.* *End-of-Term Termination.* A party can terminate this Agreement with respect to a Fund 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&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.* *Early Termination.* Any termination with respect to the Fund, other than termination under Section
8.3.A-C or 8.3.F, is deemed an "**Early Termination**" and shall be subject to an "**Early Termination Fee** "
payable by the Fund's or at the direction of the Fund's board of Trustees the Fund's investment adviser, as described
in the applicable Fee Letter. Any Early Termination Fee shall not be duplicative with fees paid through the end of the month in which
service was terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* *Transition.* Upon termination of this Agreement with
respect to the Fund, Service Provider will cooperate with any reasonable request of the Fund to affect a prompt transition to a new service
provider selected by the Fund. Service Provider shall be entitled to collect from the Fund, or at the direction of the board of
the Fund from the adviser to the Fund, the compensation described in each applicable Fee Letter through the end of the month in which
Services are terminated. Service Provider shall also be entitled to collect from the Fund as to which Service Provider' services
are being terminated, in addition to any applicable Early Termination Fee, (1) the amount of all of Service Provider' cash disbursements reasonably made for services in connection with Service Provider' activities in
effecting such termination, including without limitation, the delivery to the Fund or its designees the Fund's property, records,
instruments, and documents, and (2) a post-termination de-conversion services of $25,000 per Fund. The de-conversion fee does not include
any fees charged by existing vendors (e.g., Envision Financial Services), the new servicer, proxy fees, legal fees or audit fees, which
shall be borne by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*F.* *Liquidation.* Upon termination of this Agreement
with respect to the Fund due to the liquidation of the Fund, Service Provider shall be entitled to collect from the Fund the compensation
described in each applicable Fee Letter through the end of the month in which services are terminated. Service Provider shall also be
entitled to collect from the applicable investment adviser for the Fund as to which Service Provider' services are being terminated
(1) the amount of all of Service Provider' cash disbursements reasonably made for services in connection with Service Provider' activities in effecting such termination, including without limitation, the delivery
to the Fund or its designees the Fund's property, records, instruments, and documents, and (2) a liquidation fee for post-termination
liquidation services of $15,000 per Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*G.* *Final Payment.* Any unpaid compensation, reimbursement of expenses, or Early Termination Fee is
due to Service Provider within 15 calendar days of the termination date provided in the notice of termination.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Additional Classes of Shares** 

In the event that the Fund establishes one or more classes of shares after the Agreement Effective Date, each such class of shares shall become a class of shares of the Fund (if applicable), under this Agreement and shall be added to Addendum A, but in each case only upon approval of this agreement on behalf of the Fund, by the Board.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standard of Care; Limits of Liability; Indemnification** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 directly or indirectly out of such party's failure to perform its duties under this Agreement to the extent
such damages, losses or costs arise directly or indirectly out of its willful misfeasance, bad faith, gross negligence in the performance
of its duties, or reckless disregard of its obligations and duties hereunder; provided, however, that the Fund shall not have any liability
for any failure to perform its duties hereunder caused in any way by an employee or other affiliated person of Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*A.* Service Provider 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) performing Services or duties pursuant to any instruction, notice, or other instrument that Service Provider
reasonably believes to be genuine and to have been signed or presented by a duly authorized representative of the Fund or any Fund (other
than by an employee or other affiliated person of Service 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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) using valuation information provided by the Fund'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;&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 Service Provider' reasonable control; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) any error, action or omission by the Fund (other than an error, action or omission caused by an employee
or other affiliated person of Service Provider) or other past or current service 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;&nbsp;&nbsp;&nbsp;&nbsp;*B.* Service Provider may apply to the Fund at any time for instructions and may consult with counsel for the
Fund, counsel for the Fund's independent Trustees, and with accountants and other experts with respect to any matter arising in
connection with Service Provider' duties or the Services. Service Provider 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.

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&nbsp;&nbsp;&nbsp;&nbsp;&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.* A copy of the Fund's Agreement and Declaration of Trust is on file with the Secretary of the **State of Delaware**, and notice is hereby given that this Agreement is executed on behalf of the Fund and not the Trustees individually and that the obligations of this Agreement are not
binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the Fund
and Service Provider shall look only to the assets of the Fund for the satisfaction of such obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&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.* Service Provider shall not be held to have notice of any change
of authority of any officer, agent, representative or employee of any of the Fund's investment advisers or any of the Fund's
other service providers until receipt of written notice thereof from the investment adviser or other service provider. As used in this
Agreement, the term "**investment adviser**" includes all sub-advisers or person performing similar services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*E.* The Board has and retains primary responsibility for oversight
of all compliance matters relating to the Fund including but not limited to compliance with the 1940 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 the Fund relating to the portfolio investments as set forth in the prospectus and statement of additional
information. Service Provider' monitoring and other functions hereunder shall not relieve the Board of its primary responsibility
for overseeing such compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&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.*** **In no event shall either party be liable to the other for trading losses, lost revenues, special, incidental, punitive, indirect, consequential or exemplary damages or lost profits, whether or not such damages were foreseeable or the other party was advised of the possibility thereof. 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;&nbsp;&nbsp;&nbsp;&nbsp;***10.3 Indemnification***

&nbsp;&nbsp;&nbsp;&nbsp;&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.* Each party (the "**Indemnifying Party**") agrees to indemnify, defend, and protect the
other party, including its trustees or directors, officers, employees, and other agents (collectively, the "**Indemnitees** "),
and shall hold the Indemnitees harmless from and against any actions, suits, claims, losses, damages, liabilities, and reasonable costs,
charges, expenses (including attorney fees and investigation expenses) (collectively, "**Losses**") arising directly or
indirectly 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; provided, however, that in each case
neither party shall have any obligation to indemnify the other party for any Losses caused by the other party's willful misfeasance,
bad faith or gross negligence.

&nbsp;&nbsp;&nbsp;&nbsp;&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.* Notwithstanding the foregoing provisions, the Fund shall indemnify Service Provider for Service Provider'
Losses arising from circumstances under Section 10.2.A; provided, however, that the Fund shall not have any obligation to indemnify Service
Provider hereunder for Losses arising under Section 10.2.A that were caused by Service Provider' willful misfeasance, bad faith
or gross negligence.

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&nbsp;&nbsp;&nbsp;&nbsp;&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.* Upon the assertion of a claim for which either party may be required to indemnify the other, the party
seeking indemnification shall promptly notify the other party of such assertion and shall keep the other party advised with respect to
all developments concerning such claim. The party who may be required to indemnify shall have the option to participate with the party
seeking indemnification in the defense of such claim or to defend against said claim in its own name or in the name of the other party.
The party seeking indemnification shall in no case confess any claim or make any compromise in any case in which the other party may be
required to indemnify it except with the other party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***10.4*** The provisions of this Section 10 shall survive termination of
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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, pandemics, national emergencies, labor difficulties, fire, flood, catastrophe, acts of God, insurrection, war, riots, or (unless such failures are within Service Provider' reasonable control) failure of the mails, transportation, communication, or power supply. Losses resulting in part by a breach of Section 12.3(a)-(c) will not be deemed hereunder to be beyond the reasonable control of Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Representations and Warranties** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***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;&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;&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, and any of its personnel
performing services on its behalf under this Agreement will be 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;&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;&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 the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* 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.

&nbsp;&nbsp;&nbsp;&nbsp;&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)* 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, and such violation of Applicable Law is likely to have a material adverse effect on its representations, warranties
or obligations under this Agreement, it shall promptly notify the other party of such violation.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.2***  ***Representations of the Fund*.** The Fund 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;&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, the Fund that is then in existence has
authorized unlimited shares, and (2) no shares of the Fund will be offered to the public until the Fund's registration statement
under the Securities Act of 1933, as amended (the "**Securities Act** "), and the 1940 Act has been declared or becomes
effective.

AZ

&nbsp;&nbsp;&nbsp;&nbsp;&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)* To the knowledge of the Trust and the Fund, the Trust's Agreement and Declaration of Trust (the
" **Declaration of Trust** "), Bylaws, and registration statement 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* Each of the employees of Service Provider that serve or has served at any time as an officer of the Fund,
including the CCO, President, Treasurer, Secretary and the AML Compliance Officer, shall be covered by the Fund's Directors &
Officers/Errors & Omissions insurance policy (the "**Policy**") and shall be subject to the provisions of the Fund's
Declaration of Trust and Bylaws regarding indemnification of its officers. The Fund shall provide Service Provider with proof of current
coverage, including a copy of the Policy, and shall notify Service Provider immediately should the Policy be cancelled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&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)* Any officer of the Fund shall be considered an individual who is authorized to provide Service Provider
with instructions and requests on behalf of the Fund (an "**Authorized Person**") (unless such authority is limited in
a writing from the Fund and received by Service Provider) 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 Service Provider the names of the Authorized Persons
from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***12.3***  ***Representations of the Service Provider.*** Service
Provider 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* It will 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 Service
Provider' services under this Agreement, will provide certifications with respect to material violations of the Compliance Program
and any material deficiencies or changes therein, as may be reasonably requested by the Fund.

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&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)* It shall develop and maintain a plan for recovery from force majeure events consistent with the plan then
generally in effect across Service Provider' client base, which plan shall include contractual arrangements with appropriate parties
making reasonable provision for emergency use of electronic data processing equipment (the "**DRBCP** "). During the term
of this Agreement, the DRBCP shall not be modified in a manner that would be reasonably likely to impair the responsiveness of Service
Provider or the implementation of such DRBCP, or to materially reduce Service Provider' business continuity or preparation for a
disaster recovery event (including as to testing and reporting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* It shall develop and maintain policies and procedures designed to protect the security of Confidential
Information (defined below) received pursuant to this Agreement ()"**Data Security Policies** "). During the term of this
Agreement, the Data Securities Policies shall not be modified in a manner that would be reasonably likely to materially reduce the security
of Confidential Information provided to Service Provider hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* It will promptly notify the Fund in writing if it: (i) is served with or otherwise receives a formal notice
of investigation from a regulatory body with jurisdiction over Service Provider, or if Service Provider receives a judgment with respect
to any regulatory matter before or by any court, public board or body (including, without limitation, federal or state regulators) (an
" **Oversight Body**") related in any manner to services of the type provided to the Fund hereunder; or (ii) receives a
deficiency letter from an Oversight Body citing Service Provider for potential violations of any Applicable Laws (each such notice of
investigation, final judgment or deficiency letter, a "**Regulatory Notice** "). Service Provider will, no later than the
next meeting of the Board, provide the Fund with a written summary of material legal matters in such Regulatory Notice and, to the extent
applicable, Service Provider' response(s) thereto. In responding to any requests from an Oversight Body, Service Provider will take
reasonable steps to maintain the confidentiality of any Confidential Information of the Fund provided to the Oversight Body (e.g., requesting
confidentiality pursuant to appropriate provisions under the Freedom of Information Act and similar acts or laws), and will maintain and
provide to the Fund on request copies of any records provided to an Oversight Body pertaining to the Fund, unless such disclosure would
constitute a violation of Applicable Laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Insurance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.2***  ***Notice of Claims.*** As it relates to the Services provided under this Agreement, each party shall notify the other party of any material claims against the
notifying party under such insurance, whether or not the party is covered by insurance, and, if requested by the non-notifying party,
the notifying party shall aggregate and disclose all outstanding claims against the notifying party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***13.3***  ***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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Information Provided By The Fund** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.1***  ***Prior to the Agreement Effective Date.*** Prior to the Agreement Effective Date, the Fund will
furnish to Service Provider the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* copies of the Agreement and 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the Fund's Bylaws and any amendments thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Fund to execute and deliver this Agreement and authorization for specified officers of the Fund to instruct
Service Provider thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&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)* a list of all the officers of the Fund, together with specimen signatures of those officers who are authorized
to instruct Service Provider in all matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* the Trust's registration statement on Form N-2 and all amendments thereto filed with the SEC pursuant
to the Securities Act and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* the Trust's notification of registration under the 1940 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(G)* an accurate current list of shareholders of the Fund, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(H)* copies of the current plan of distribution adopted by the Fund under Rule 12b-1 under the 1940 Act for
the Fund, if 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;&nbsp;&nbsp;&nbsp;&nbsp;*(I)* copies of the current investment advisory agreement and current investment sub-advisory agreement, if
applicable, 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;&nbsp;&nbsp;&nbsp;&nbsp;*(J)* copies of the current underwriting agreement 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;&nbsp;&nbsp;&nbsp;&nbsp;*(K)* contact information for the Fund's service providers, including but not limited to, the Fund's
administrator, custodian, transfer agent, independent accountants, legal counsel, underwriter and chief compliance officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(L)* a copy of procedures adopted by the Fund in accordance with Rule 38a-1 under the 1940 Act.

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The parties will deem such documents delivered if they are publicly available to Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***14.2***  ***After the Agreement Effective Date.*** After the Agreement Effective Date, the Fund will furnish to Service Provider any
amendments to the items listed in Section 14.1. The parties will deem such documents delivered if they are publicly available to Service
Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Compliance with Law** 

The Fund 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 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; provided, however, that the foregoing shall not eliminate any liability of Service Provider under Section 10.1.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Privacy and Confidentiality** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 (each either existing or potential). Confidential Information includes, but is not limited to:

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&nbsp;&nbsp;&nbsp;&nbsp;&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)* 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* any unpublished information concerning research activities and plans, customers, clients, shareholders,
strategies and plans, costs, operational techniques;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(C)* any unpublished financial information, including information concerning revenues, profits and profit margins,
and costs or expenses; and

 

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

Notwithstanding the foregoing, the following information shall not be deemed to be Confidential Information: (a) information that was in the public domain at or subsequent to the time such Confidential Information was communicated to the Receiving Party by the Disclosing Party through no fault of the Receiving Party; (b) information that was received form a source independent of Disclosing Party and rightfully in the Receiving Party's possession free of any obligation of confidence at or subsequent to the time such Confidential Information was communicated to the Receiving Party by the Disclosing Party; and (c) information that was developed by the Receiving Party or its employees, as the case may be, independently of and without reference to any Confidential Information communicated to the Receiving Party by the Disclosing Party.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Fund. "**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** ").

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&nbsp;&nbsp;&nbsp;&nbsp;&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;&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 Disclosing Party's 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* Each party 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;&nbsp;&nbsp;&nbsp;&nbsp;(1) The Receiving Party will hold all Disclosing Party's Confidential Information it obtains in strictest
confidence and will use and permit use of Disclosing Party's Confidential Information solely for the purposes of this Agreement;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Without limiting the foregoing, the Receiving Party shall apply at least the same degree of reasonable
care used for its own confidential and proprietary information to avoid disclosure or use of Disclosing Party's Confidential Information
under this Agreement;

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Receiving Party may disclose or provide access only to its responsible employees or agents who have
a need to know and are under adequate confidentiality agreements or arrangements, and the Receiving Party or its employees may make copies
of Disclosing Party's Confidential Information only to the extent reasonably necessary to carry out the obligations under this Agreement;
and

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 of Disclosing Party's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***16.4***  ***Severability.*** This provision and the obligations under this Section 16 shall survive termination
of the Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Press Release** 

Within the first 60 days of the Agreement Effective Date, the Fund agrees to review in good faith a press release (in any format or medium) announcing the Agreement with Service Provider; provided that Service Provider must obtain the Fund's prior written consent prior to publication of such release, which consent may only be reasonably denied by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Non-Exclusivity** 

The services of Service Provider rendered to the Fund are not deemed exclusive. Except to the extent necessary to perform Service Provider' obligations under this Agreement, nothing herein shall be deemed to limit or restrict Service Provider' right, or the right of any of Service Provider' managers, officers or employees who also may be a trustee, officer or employee of the Fund, or persons who are otherwise affiliated persons of the Fund 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. Limitation of Trustee and Fund Liability**

It is expressly agreed that the obligations of the Fund under this Agreement shall not be binding upon any of the Trustees, shareholders, nominees, officers, agents or employees of the Fund, personally, but bind only the Fund property of the Fund. The execution and delivery of this Agreement have been authorized by the Trustees of the Fund and signed by an officer of the Fund, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer 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 property of the Fund. The assets and liabilities of the Fund are separate and distinct from the assets and liabilities of each other Fund and no Fund shall be liable for or charged for any debt, obligation or liability of any other Fund. If a matter relates only to a particular Fund, that Fund shall be solely responsible for all liabilities connection with such matter, and Service Provider agrees to look solely to the assets of such Fund for the payment or performance thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Arbitration** 

To the extent permitted by law, in the event of a dispute between or among the parties relating to or arising out of this Agreement or the relationship of the parties hereto, the parties will submit the matter to arbitration in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA. The parties further agree that any contract, agreement or understanding between a party and its designees hereunder shall contain a provision binding the designee to the terms of this Arbitration Provision.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.1*** Arbitration will be held in accordance with the rules and regulations of the Code of Arbitration Procedure
adopted by FINRA, except (a) in the event that FINRA is unwilling to accept jurisdiction of the matter, such arbitration will be held
in accordance with the rules and regulations of the American Arbitration Association under the Commercial Arbitration Procedures then
in effect, and (b) in the event that a non-party to this Agreement brings an arbitration relating to or arising out of this Agreement,
then the entire dispute shall be arbitrated in Louisville, Kentucky, and the parties and their designees agree to submit to the jurisdiction
of such arbitration forum. In the event that (x) a non-party initiates a judicial proceeding relating to, or arising out of, this Agreement,
and (y) such claim cannot be compelled to arbitration, and (z) a party or its designee asserts a claim against another party or its designee
in connection with such proceeding, then the entire dispute shall be litigated in that court, and the parties and their designees agree
to submit to the jurisdiction of the court in that judicial proceeding.

**15 \|** P a g e

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.2*** If the arbitration is brought by a party, the number of arbitrators will be three, and they will be selected
in accordance with the rules and regulations of the Code of Arbitration Procedure adopted by FINRA, or American Arbitration Association
under the Commercial Arbitration Procedures then in effect, as appropriate. To the extent possible, the arbitrators shall be attorneys
specializing in securities law. The arbitration shall be governed by the Federal Arbitration Act, 9 U.S.C. Sections 1-16, to the exclusion
of state laws inconsistent therewith, and judgment upon the award may be entered in any court having jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.3*** The parties and their respective designees will each bear their own expenses, including legal and expert
fees, if any, with respect to the arbitration. The arbitrator will designate the party and/or designee to bear the costs of the arbitration
forum and arbitrator's fees or the respective amounts of such costs to be borne by each party and/or their designees. Any costs
or fees, including attorney's fees, involved in enforcing the award shall be fully assessed against and paid by the party and/or
designee resisting or preventing enforcement of the award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***20.4*** Nothing in this Section 20 will prevent the parties from resorting to judicial proceedings or otherwise
for injunctive relief to prevent or limit irreparable harm or injury to such a party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Notices** 

Any notice provided under this Agreement shall be sufficiently given when either delivered personally by hand or received by facsimile, electronic mail, or certified mail at the following address.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.1***  ***If to the Fund:*** 

The Champion Fund

2000 Central Ave.

Boulder, Colorado 80301<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***21.2***  ***If to Service Provider:*** 

Sweater Services Corps LLC

Attn: Jesse Randall

2000 Central Ave

Boulder, CO 80301

E-mail: jkr@sweaterventures.com

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **General Provisions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.1***  ***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.

**16 \|** P a g e

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.2***  ***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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.3***  ***Amendments.*** The parties may only amend 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;&nbsp;&nbsp;&nbsp;&nbsp;***22.4 Assignments***

&nbsp;&nbsp;&nbsp;&nbsp;&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)* Except as provided in this Section 22.4, 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;&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 Fund because of reorganization, recapitalization, or change of domicile.

&nbsp;&nbsp;&nbsp;&nbsp;&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)* Unless the Agreement is terminated in accordance with Section 8 of this Agreement, Service Provider 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
Service Provider provides to the Fund at least 30 days' prior written notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* This Agreement shall be binding upon, and shall inure to the benefit of, the parties and their respective
successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.5***  ***Governing Law.*** This Agreement shall be construed in accordance with the laws of the State
of Delaware and the applicable provisions of the 1940 Act. To the extent that the applicable laws of the State of Delaware, or any of
the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control.

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.6***  ***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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.7***  ***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 the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***22.8***  ***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.***

**17 \|** P a g e

The parties duly executed this Agreement as of _______, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **By:** | **The Champion Fund** | **By:** | **Sweater Services Corps LLC** |
| **Name:** |  | **Name:** | Jesse Randall |
| **Title:** |  | **Title:** | Chief Executive Officer |

---

**18 \|** P a g e

**ADDENDUM A**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated ____________________, 2025**

**<u>Fund Portfolio(s)</u>**

The Champion Fund

Addendum A Page 1 of 4

**ADDENDUM B**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated ____________, 2025**

**<u>Fund Accounting Addendum</u>**

This Fund Accounting Addendum, dated _________________, 2025, is between The Champion Fund (the "**Fund**"), on behalf of the Portfolio(s) listed on Addendum A to the Master Services Agreement, dated ______________, 2025, and Sweater Services Corps LLC ("**Service Provider**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Fund Accounting Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Performance of Daily Accounting Services** 

Service Provider shall perform the following accounting services daily the Fund, each in accordance with the Fund's prospectus and statement of additional information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2*** obtain security prices from independent pricing services, or if such quotes are unavailable, then obtain
such prices from the Fund's fair value committee or investment adviser, or the investment adviser's designee, as approved
by the Fund's Board of Trustees (hereafter referred to as "**Board** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3*** verify and reconcile with the Fund's custodian cash and all daily activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4*** compute, as appropriate, the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5*** review daily the net asset value calculation and dividend factor (if any) for the Fund prior to release
to shareholders, check and confirm the net asset values and dividend factors for reasonableness and deviations, and distribute net asset
values and/or yields to NASDAQ and such other entities as directed by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6*** determine unrealized appreciation and depreciation on securities held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7*** accrue income of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8*** amortize premiums and accrete discounts on securities purchased at a price other than face value, if requested
by the Fund;

Addendum B Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9*** update fund accounting system to reflect rate changes, as received/obtained by Service Provider, on variable
interest rate instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10*** record investment trades received in proper form from the Fund or its authorized agents on the industry
standard T+1 basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11*** calculate the Fund's expenses based on instructions from the Fund's administrator;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12*** accrue expenses of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13*** determine the outstanding receivables and payables for all (1) security trades, (2) Fund share transactions
and (3) income and expense accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.14*** provide accounting reports in connection with the Fund's regular annual audit and other audits and
examinations by regulatory agencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.15*** provide such periodic reports as agreed to by the parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.16*** prepare and maintain the following records upon receipt of information in proper form from the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.17*** 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.18.*** assist the Fund's independent registered public accounting firms with the preparation and filing
of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.19.*** 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 the Fund, if applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.20.*** calculate for the Fund share class, as applicable, accruals of shareholder servicing fees and/or distributions
fees under Rule 12b-1 under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.21.*** cooperate with, and take all reasonable actions in the performance of its duties under this Agreement,
to ensure that all necessary information is made available to the Fund's independent public accountants in connection with any audit
or the preparation of any report requested by the Fund.

Addendum B Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Additional Accounting Services** 

Service Provider shall also perform the following additional accounting services for the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1***  ***Financial Statements.*** Service Provider may provide monthly (or as frequently as may reasonably
be requested by the Fund's investment adviser) a set of Financial Statements for the Fund. For purposes of this Fund Accounting
Addendum, "**Financial Statements**" include the following: (A) Statement of Assets and Liabilities; (B) Statement of Operations;
(C) Statement of Changes in Net Assets; (D) Financial Highlights; (E) Security Purchases and Sales Journals; and (F) Fund Holdings Reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.***  ***Other Information.*** Provide accounting information for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* federal and state income tax returns and federal excise tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(B)* the Fund's reports with the SEC on Forms N-CEN, N-PORT, N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;&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)* registration statements on Form N-2 and other filings relating to the registration of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(D)* Service Provider' monitoring of the Fund's status as a regulated investment company under
Subchapter M of the Internal Revenue Code, as amended (the "**Internal Revenue Code** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(E)* annual audit by the Fund's independent accountants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(F)* examinations performed by the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.***  ***Other Services*** 

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(A)* as appropriate, compute the Fund's yields, total return, expense ratios, and portfolio turnover
rate, and any other financial ratios required by regulatory filings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Special Reports and Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1*** Service Provider may provide additional special reports upon the request of the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.*** Service Provider may provide such other similar services with respect to a Fund as may be reasonably requested
by the Fund, which may result in an additional charge, the amount of which shall be agreed upon between the parties prior to such services
being provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.*** For special cases, the parties hereto may amend the procedures or services set forth in this Agreement
as may be appropriate or practical under the circumstances, and Service Provider may conclusively assume that any special procedure or
service which has been approved by the Fund 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 applicable regulatory body.

Addendum B Page 3 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Tax Matters** 

Service Provider does not provide tax advice. Nothing in the Master Services Agreement or this Fund Accounting Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Forms N-CEN and N-PORT** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1*** If Service Provider also provides fund administration to the Fund, Service Provider will prepare and file
with the SEC the reports on Forms N-CEN and N-PORT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2*** If Service Provider does not provide fund administration to the Fund, Service Provider will provide the
fund administrator with accounting information for Forms N-CEN and N-PORT.

The parties duly executed this Fund Accounting Addendum as of __________, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **By:** | **The Champion Fund** | **By:** | **Sweater Services Corps LLC** |
| **Name:** |  | **Name:** | Jesse Randall |
| **Title:** |  | **Title:** | Chief Executive Officer |

---

Addendum B Page 4 of 4

**ADDENDUM C**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated _________, 2025**

**<u>Fund Administration Addendum</u>**

This Addendum, dated __________, 2025, is between The Champion Fund (the "**Fund**"), on its own behalf and on behalf of the Portfolio(s) listed in Addendum A to that certain Master Services Agreement dated ___________, 2025, and Sweater Services Corps LLC ("**Service Provider**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Fund Administration Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Regulatory Reporting** 

Service Provider shall provide the Fund with regulatory reporting services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** prepare, in consultation with Fund counsel, and supervise the filing of annual updates to prospectuses
and statements of additional information in the Fund's registration statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** prepare and file with the SEC (i) the reports for the Fund on Forms N-CSR, N-PORT, and N-CEN; and (ii)
all required notices or other filings pursuant to Rule 24f-2 under, or Section 17(g) of, the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** prepare such reports, notice filing forms and other documents (including reports regarding the sale and
redemption of shares of the Fund 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 Fund's shares with state securities authorities, monitor the sale of Fund 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 Fund to make a continuous offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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,
to ensure that the necessary information is made available to the SEC or any other regulatory authority in connection with any regulatory
audit of the Fund or any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Regulatory Administration** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** Prepare agendas, resolutions, participation lists for four regularly scheduled quarterly meetings of the
Board, on behalf of the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** Coordinate the collection and publication of board materials for four regularly scheduled quarterly meetings
of the Board, on behalf of the Fund and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** Attend quarterly board meetings and the regularly scheduled meetings of the audit and other standing committees
that occur on the same dates as the regularly scheduled quarterly Board meetings.

Addendum C Page 1 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** Draft and circulate for comment the minutes for four quarterly board meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.5.*** Coordinate the preparation and filing the annual amendments to the Trust's Registration Statement
on Form N-2, including any supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.6.*** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Shareholder Communications** 

Service Provider shall develop and prepare, with the assistance of the Fund'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 Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Corporate Governance** 

Service Provider shall provide the following services to the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.*** provide individuals reasonably acceptable to the Fund's Board of Trustees (the "**Board** ")
to serve as officers of the Fund, who will be responsible for the management of certain of the Fund's affairs as determined and
under supervision by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.*** coordinate the acquisition of and maintain fidelity bonds and directors and officers/errors and omissions
insurance policies for the Fund in accordance with the requirements of the 1940 Act and as such bonds and policies are approved by the
Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.*** maintain the Fund's governing documents and any amendments thereto, including the Agreement and
Declaration of Trust, By-laws and minutes of the Board and committee meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Other Services** 

Service Provider shall provide all necessary office space, equipment, personnel, and facilities for handling the affairs of the Fund; and shall provide such other services as the Fund may reasonably request that Service Provider perform consistent with its obligations under the Master Services Agreement and this Fund Administration Addendum:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** administer contracts on behalf of the Fund with, among others, the Fund's investment adviser(s),
distributor, custodian, transfer agent and fund accountant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** assist the Fund's investment adviser(s) and the Fund's Chief Compliance Officer in monitoring
the Fund for compliance with applicable limitations as imposed by the 1940 Act and the rules and regulations thereunder or set forth in
the Fund's then current prospectus or statement of additional information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** perform all reasonable and customary administrative services and functions of the Fund to the extent such
administrative services and functions are not provided to the Fund by other agents of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** furnish advice and recommendations with respect to other aspects of the business and affairs of the Fund,
as the Fund and Service Provider shall determine desirable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** prepare and maintain the Fund's operating budget to determine proper expense accruals to be charged
to the Fund in order to calculate its daily net asset value;

Addendum C Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.6.*** 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.7.*** calculate performance data of the Fund, including the Fund's
yields, total return, expense ratios and portfolio turnover rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.8.*** assist the Fund's independent registered public accounting firms with the preparation and filing
of the Fund's tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.9.*** research and calculate the qualified dividend rate for income and short-term capital gain distributions
and produce supplemental tax information letters for the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.10.*** advise the Fund and its Board on matters concerning the Fund and its affairs including making recommendations
regarding dividends and distributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.11.*** monitor the Fund's status as a regulated investment company under Subchapter M of the Internal Revenue
Code, as amended (the "**Internal Revenue Code** ")

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.12.*** calculate the allocation of Fund expenses as instructed by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.13.*** administer the accumulation and disbursement for the Fund share class, as applicable, of amounts to be
paid by the Fund as shareholder servicing fees and/or distributions fees under Rule 12b-1 under the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.14.*** administer all disbursements for a Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.15.*** upon request, assist the Fund in the evaluation and selection of other service providers, such as independent
public accountants, printers and EDGAR providers.

For special cases, the parties hereto may amend the procedures or services set forth in this Agreement as may be appropriate or practical under the circumstances, and Service Provider may conclusively assume that any special procedure or service which has been approved by the Fund 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. Liquidity Risk Management Program**.

Rule 22e-4 under the 1940 Act only applies to registered open-end management investment companies. In the event liquidity rules are amended or apply to the Fund, Service Provider will assist in the adoption. Service Provider shall provide the following services:

 ****

**Implementation Phase (as applicable)** 

● Help develop and implement the Fund's written LRMP.

● Ongoing Services (as applicable)

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Tax Matters** 

Service Provider does not provide tax advice. Nothing in the Master Services Agreement or this Fund Administration Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

Addendum C Page 3 of 4

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Legal Representation** 

Notwithstanding any provision of the Master Services Agreement or this Fund Administration Addendum to the contrary, Service Provider will not be obligated to provide legal representation to the Fund, including by attorneys that are employees of Service Provider. The Fund acknowledges that in-house Service Provider attorneys exclusively represent Service Provider and rely on outside counsel retained by the Fund to review all services provided by in-house Service Provider attorneys and to provide independent judgment on the Fund's behalf. The Fund acknowledges that because no attorney-client relationship exists between in-house Service Provider attorneys and the Fund, any information provided to Service Provider attorneys may not be privileged and may be subject to compulsory disclosure under certain circumstances. Service Provider represents that it will maintain the confidentiality of information disclosed to its in-house attorneys on a best efforts basis.

The parties duly executed this Fund Accounting Addendum as of __________, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **By:** | **The Champion Fund** | **By:** | **Sweater Services Corps LLC** |
| **Name:** |  | **Name:** | Jesse Randall |
| **Title:** |  | **Title:** | Chief Executive Officer |

---

Addendum C Page 4 of 4

**ADDENDUM D**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated ____________, 2025**

**<u>Transfer Agent and Shareholder Services Addendum</u>**

This Addendum, dated _____________, 2025, is between The Champion Fund (the "**Fund**"), on its own behalf and on behalf of the Portfolio(s) listed on Addendum A to that certain Master Services Agreement, dated _____________, 2025, Sweater Services Corps LLC ("**Service Provider**")**.** Capitalized terms used but not defined herein shall have the meanings set forth in the Master Services Agreement.

**<u>Transfer Agent and Shareholder Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Shareholder Transactions** 

Service Provider shall provide the Fund with shareholder transaction services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.1.*** process shareholder purchase, redemption, exchange, and transfer orders in accordance with conditions
set forth in the applicable Fund's prospectus(es) applying all applicable redemption or other miscellaneous fees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.2.*** set up of account information, including address, account designations, dividend and capital gains options,
taxpayer identification numbers, banking instructions, automatic investment plans, systematic withdrawal plans and cost basis disposition
method,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.3.*** assist shareholders making changes to their account information included in 1.2;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.4.*** issue trade confirmations in compliance with Rule 10b-10 under the Securities Exchange Act of 1934, as
amended (the "**1934 Act** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.5.*** issue quarterly statements for shareholders, interested parties, broker firms, branch offices and registered
representatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.6.*** act as a service agent and process income dividend and capital gains distributions, including the purchase
of new shares, through dividend reimbursement and appropriate application of backup withholding, non-resident alien withholding and Foreign
Account Tax Compliance Act ()"**FATCA**") withholding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.7.*** record the issuance of shares and maintain pursuant to Rule 17Ad-10(e) of the 1934 Act a record of the
total number of shares of the Fund which are authorized, based upon data provided to it by the Fund, and issued and outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.8.*** perform such services as are required to comply with Rules 17a-24 and 17Ad-17 of the 1934 Act (the "**Lost Shareholder Rules** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.9.*** provide cost basis reporting to shareholders on covered shares (shares purchased after 1/1/2012), as required;

Addendum D Page 1 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.10.*** withholding taxes on non-resident alien accounts, pension accounts and in accordance with state requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.11.*** prepare and produce all tax forms and mail to shareholders (1099R, 1099Div, 5498), Coordinate and test
electronic filings to the IRS using FIRE system;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.12.*** administer and perform all other customary services of a transfer agent, including, but not limited to,
answering routine customer and dealer inquiries regarding shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***1.13.*** process all standing instruction orders (Automatic Investment Plans ()"**AIPs**") and Systematic
Withdrawal Plan ()"**SWPs**") including the debit of shareholder bank information for automatic purchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Shareholder Information Services** 

Service Provider shall provide the Fund with shareholder information services, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.1.*** make information available to shareholder servicing unit and other remote access units regarding trade
date, share price, current holdings, yields, and dividend information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.2.*** produce detailed history of transactions through duplicate or special order statements upon request;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.3.*** provide mailing labels for distribution of financial reports, prospectuses, proxy statements or marketing
material to current shareholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***2.4.*** respond as appropriate to all inquiries and communications from shareholders relating to shareholder accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Compliance Reporting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1.***  ***Regulatory Reporting.*** Service Provider agrees to provide reports to the federal and applicable
state authorities, including the SEC, and to the Fund's Auditors. Applicable state authorities are those governmental agencies located
in states in which the Fund is registered to sell shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2.***  ***IRS Reporting.*** Service Provider will prepare and distribute appropriate Internal Revenue
Service ()"**IRS**") forms for shareholder income and capital gains (including the calculation of qualified income), sale
of fund shares, distributions from retirement accounts and education savings accounts, fair market value reporting on IRAs, contributions,
rollovers and conversions to IRAs and education savings accounts and required minimum distribution notifications and issue tax withholding
reports to the IRS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3.***  ***Market Timing Reports.*** Service Provider will provide quarterly market timing reports for
the Fund these are reviewed daily as part of the serving teams responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Anti-Money Laundering Services**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.1.***  ***AML Compliance Officer*** . Service Provider agrees to provide an officer or employee of the
Service Provider to serve as the Fund's AML Compliance Officer subject to approval by the Fund's Board of Trustees. The AML
Compliance Officer will carry out the role and responsibilities of Fund's AML Compliance Program (the "**AML Program** ")
and will endeavor to provide an annual third-party report on the operation of the Fund's AML Program.

Addendum D Page 2 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.2.***  ***Delegated AML Services and Reporting*** . Service Provider agrees to accept delegation of the
following elements of the Fund's AML Program with respect to direct shareholders of the Fund: (i) no cash policy; (ii) screening
for prohibited shareholders; (iii) customer identification program; (iv) customer due diligence; (v) correspondent account due diligence
(vi) suspicious activity monitoring and reporting; (vii) information sharing compliance (viii) "travel rule" recordkeeping
(ix) anti-money laundering training and (x) anti-money laundering related record keeping (collectively, the "**AML Delegated Duties** ").
Service Provider will provide quarterly board reporting on the foregoing services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.3.***  ***Limitation on Delegation*** . The Fund acknowledges and agrees that in accepting the delegation
hereunder, Service Provider is agreeing to perform only the AML Delegated Duties, as may be amended from time to time, and is not undertaking
and shall not be responsible for any other aspect of the AML Program or for the overall compliance by the Fund with the Bank Secrecy Act,
as amended by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of
2001 ("USA PATRIOT Act") and the regulations thereunder (collectively, the "**AML Regulations**") or for any
other matters that have not been delegated hereunder. Additionally, the parties acknowledge and agree that the Transfer Agent shall only
be responsible for performing the AML Delegated Duties with respect to the ownership of, and transactions in, shares in the Fund for which
Service Provider maintains the applicable Shareholder records (*e.g.,* direct shareholders).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***4.4.***  ***Consent to Examination*** . In connection with the performance by Service Provider of the Delegated
AML Services, Service Provider understands and acknowledges that the Fund remains responsible for assuring compliance with the AML Regulations,
and that the records the Service Provider maintains for the Fund relating to the AML Program may be subject, from time to time, to examination
and/or inspection by federal regulators in order that the regulators may evaluate such compliance. Service Provider hereby consents to
such examination and/or inspection and agrees to cooperate with such federal examiners in connection with their review. For purposes of
such examination and/or inspection, Service Provider will use its best efforts to make available, during normal business hours and on
reasonable notice all required records and information for review by such examiners.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Dealer/Load Processing** 

For the Fund with a share class that charges a sales load (either front-end or back-end), Service Provider will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.1.*** provide reports for tracking rights of accumulation and purchases made under a Letter of Intent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.2.*** account for separation of shareholder investments from transaction sale charges for purchase of Fund shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.3.*** calculate fees due under Rule 12b-1 plans for distribution and marketing expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.4.*** track sales and commission statistics by dealer and provide for payment of commissions on direct shareholder
purchases; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***5.5.*** applying appropriate Front End Sales Load ()"**FESL**") breakpoint and Contingent Deferred
Sales Charges ()"**CDSCs**") automatically during trade processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Shareholder Account Maintenance** 

For each direct shareholder account, Service Provider agrees to perform the following services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.1.*** maintain all shareholder records for each account in the Fund;

Addendum D Page 3 of 5

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.2.*** as dividend disbursing agent, on or before the payment date of any dividend or distribution, notify the
Fund's custodian of the estimated amount of cash required to pay such dividend or distribution; prepare and distribute to shareholders
any funds to which they are entitled by reason of any dividend or distribution and in the case of shareholders entitled to receive additional
shares of the Fund by reason of any such dividend or distribution, make appropriate credit to their respective accounts and prepare and
mail to such shareholders a confirmation statement with respect to such shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.3.*** issue customer statements on a scheduled cycle, and provide duplicate second- and third-party copies if
required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.4.*** record shareholder account information changes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***6.5.*** maintain account documentation files for each shareholder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Other Services** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.1.*** Service Provider shall perform other services for the Fund that are mutually agreed upon in a writing
signed by the parties for mutually agreed fees, if any, and all out-of-pocket expenses incurred by Service Provider; provided, however
that the Fund may retain third parties to perform such other services. These services may include performing internal audit examination;
mailing the annual reports of the Fund; preparing an annual list of shareholders; custom reporting; and mailing notices of shareholders'
meetings, proxies, and proxy statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***7.2.*** For special cases, the parties hereto may amend the procedures or services set forth in this Agreement
as may be appropriate or practical under the circumstances, and Service Provider may conclusively assume that any special procedure or
service which has been approved by the Fund 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 applicable regulatory body.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **National Securities Clearing Corporation Processing** 

Should the Fund choose to become registered under the Securities Act, the Service Provider will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.1.*** process accounts through Networking and the purchase, redemption, transfer and exchange of shares in such
accounts through Fund/SERV (Networking and Fund/SERV being programs operated by the National Securities Clearing Corporation (the "**NSCC** ")
on behalf of NSCC's participants, including the Fund), in accordance with, instructions transmitted to and received by Service Provider
by transmission from NSCC on behalf of broker-dealers and banks which have been established by, or in accordance with the instructions
of authorized persons, as hereinafter defined on the dealer file maintained by Service Provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.2.*** issue instructions to the Fund's custodian for the settlement of transactions between the Fund and
NSCC (acting on behalf of its broker-dealer and bank participants);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.3.*** provide account and transaction information from the affected Fund's records on an appropriate computer
system in accordance with NSCC's Networking and Fund/SERV rules for those broker-dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***8.4.*** maintain shareholder accounts through Networking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Tax Matters** 

Service Provider does not provide tax advice. Nothing in the Master Services Agreement or this Transfer Agent and Shareholder Services Addendum shall be construed or have the effect of rendering tax advice. It is important that the Fund consult a professional tax advisor regarding its individual tax situation.

Addendum D Page 4 of 5

The parties duly executed this Fund Accounting Addendum as of ____________, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **By:** | **The Champion Fund** | **By:** | **Sweater Services Corps LLC** |
| **Name:** |  | **Name:** | Jesse Randall |
| **Title:** | President | **Title:** | Chief Executive Officer |

---

Addendum D Page 5 of 5

**ADDENDUM E**

**to the**

**Master Services Agreement**

**between**

**Fund**

**and**

**Service Provider** 

**dated ______________, 2025**

**<u>Service Fee Letter</u>**

This Fee Letter (this "**Fee Letter**") applies to the Services provided by Sweater Services Corps LLC ("**Service Provider**") to The Champion Fund (the "**Fund**") for the Portfolio(s) listed on Addendum A, pursuant to that certain Master Services Agreement dated _____________, 2025 (the "**Agreement**"). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Fees** 

For the services provided under the Fund Accounting and Fund Administration Addendums, Service Provider shall be entitled to receive a fee and reimbursable expenses from the Fund on the first business day following the end of each month, or at such time(s) as Service Provider shall request and the parties hereto shall agree. Annual Fees are computed over a 12-month period beginning with the commencement date of this Fee Letter and each 12-month period thereafter. The Fees are computed daily and payable monthly, along with any out-of-pocket expenses. The Fund agrees to pay all fees within 30 days of receipt of each invoice. Service Provider retains the right to charge monthly interest of 1.5% on any amounts that remain unpaid beyond such 30-day period. Acceptance of such late charge shall in no event constitute a waiver by Service Provider of the Fund's default or prevent Service Provider from exercising any other rights and remedies available to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** **Minimum Fees** per Fund for Fund Accounting and Administration services (the "Base Fees")

---

| | |
|:---|:---|
| **Annual Fee** | **Fund Net Asset Level** |
| **$85000** | **Minimum Fee** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** **Variable Fees** per Fund for Fund Accounting services (the "Fund Accounting Variable Fees")

---

| | |
|:---|:---|
| **Basis Points on Daily Net Assets** | **Fund Net** **Asset Level** |
| **Minimum fee; or** | **If less than calculated fee** |
| **12 basis points; plus** | **First $250 million;** |
| **10 basis points; plus** | **Next $250 million (up to $500 million);** |
| **8 basis points; plus** | **Next $500 million (up to $1 billion);** |
| **6 basis points** | **Over $1 billion** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** **Flat Fees** for Regulatory Administration Services (the "Regulatory Administration Fees")

For the services provided under the Regulatory Administration within the Fund Administration Service Addendum, Service Provider shall be entitled to receive a fee and reimbursable expenses from the Fund on the first business day following the end of each month, or at such time(s) as Service Provider shall request and the parties hereto shall agree. Annual Fees are computed over a 12-month period beginning with the commencement date of this Fee Letter and each 12-month period thereafter. The Fees are computed daily and payable monthly, along with any out-of-pocket expenses. The Fund agrees to pay all fees within 30 days of receipt of each invoice. Service Provider retains the right to charge monthly interest of 1.5% on any amounts that remain unpaid beyond such 30-day period. Acceptance of such late charge shall in no event constitute a waiver by Service Provider of the Fund's default or prevent Service Provider from exercising any other rights and remedies available to it.

Addendum E Page 1 of 4

---

| | |
|:---|:---|
| **Annual Fee** | |
| **$25000** | **Fixed Fee** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** **Minimum fees per Transfer Agent Services (the "TA Fees")** 

---

| | |
|:---|:---|
| **Annual Fee** | **Fund Net Asset Level** |
| **$25000** | **Minimum Fee** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Variable Fees for Transfer Agent Services (the "TA Fees")** 

For the services provided under the Transfer Agent and Shareholder Services Addendums, Service Provider shall be entitled to receive a fee and reimbursable expenses from the Fund on the first business day following the end of each month, or at such time(s) as Service Provider shall request and the parties hereto shall agree. The Fees are computed daily and payable monthly, along with any out-of-pocket expenses. The Fund agrees to pay all fees within 30 days of receipt of each invoice. Service Provider retains the right to charge monthly interest of 1.5% on any amounts that remain unpaid beyond such 30-day period. Acceptance of such late charge shall in no event constitute a waiver by Service Provider of the Fund's default or prevent Service Provider from exercising any other rights and remedies available to it.

---

| | |
|:---|:---|
| **Basis Points on Daily Net Assets** | **Fund Net** **Asset Level** |
| **Minimum fee; or** | **If less than calculated fee** |
| **$0.75 / investor / mth; plus** | **First 30,000 investors;** |
| **$0.65 / investor / mth; plus** | **Next 15,000 investors (up to 45,000);** |
| **$0.55 / investor / mth; plus** | **Next 15,000 investors (up to 60,000);** |
| **$0.45 / investor / mth** | **Over 60,000 investors** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6** **Out of Pocket N-CSR, N-CEN, and N-PORT, Pricing** 

The Fund agrees to pay the Service Provider $9,500 annually (billed monthly) for handling the Fund's Form N-CSR, N-CEN, and N-PORT filing obligations. Additionally, the Service Provider will be reimbursed for the out-of-pocket cost of filings, in accordance with Section 2 of this Fee Letter.

Addendum E Page 2 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7** **22c-2 Compliance, CIP/OFAC, Data Retention, etc.** 

The Fund agrees to pay Service Provider $9,380 annually (billed monthly) for daily Rule 22c-2 reviews and related quarterly board reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** **Tax Services** 

The Fund (each Fund when applicable) agrees to pay Service Provider $9,500 annually (billed monthly) for preparation and review of Fund's tax provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.8** **Officer Services** 

The Fund agrees to pay Service Provider $15,000 annually (billed monthly) for Principal Financial Officer and AML Officer services. Officer Service fee covers appointments for all officer roles listed in this section.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Reimbursable Expenses** 

The Fund will also reimburse Service Provider for certain third-party expenses incurred by Service Provider on the Fund's behalf, including, but not limited to, travel expenses to attend the Fund's Board meetings and any other expenses approved by the Fund. In addition, the Fund will be responsible for the Fund's normal operating expenses, including but not limited to, federal and state filing fees, EDGARIZATION fees, insurance premiums, typesetting and printing of the Fund's public documents, pricing services, legal fees, audit fees, fees and expenses of the Fund's other vendors and providers, third-party data costs and data services, such as those required to complete Forms N-PORT and N-CEN or to meet the requirements of Rules 30a-1 and 30b1-9 under the 1940 Act, and any other out-of-pocket expenses, and the Fund will reimburse Service Provider for any such expenses to the extent incurred by Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Term** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.1***  ***Initial Term.*** The initial term for a Fund shall continue in effect from its commencement
date (or the date of this Fee Letter, whichever is later) for three years, estimated through April 1, 2028 (the "**Initial Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.2***  ***Renewal Terms.*** After the Initial Term, this Fee Letter shall automatically renew with respect
to a Fund for successive one-year periods (each a "**Renewal Term** "). After the Initial Term, Service Provider may annually
increase the minimum fee listed in section 1.1 above by an amount not to exceed the average annual change for the prior calendar year
in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the "CPI-U") plus 1.5%;
provided that Service Provider gives notice of such increase to the Fund's Board of Trustees and the Adviser, not less than 75 days
prior to the start of the new Term, to be effective on the first day of the new Term. Any CPI-U increases not charged in any given year
may be included in prospective CPI-U fee increases in future years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.3***  ***Termination.*** Service Provider or the Fund may terminate the Agreement entirely or on behalf
of a Fund as set forth in the Agreement. Any such termination shall be treated, for purposes of this Fee Letter, as a termination of this
Fee Letter with respect to the Fund as to which the termination applies, in which case, the Fund shall be responsible for payment of any
amounts required to be paid by the Fund under the Agreement, including without limitation any reimbursements for cash disbursements made
by Service Provider and any fee for post-termination, de-conversion or liquidation services.

Addendum E Page 3 of 4

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***3.4***  ***Liquidation.*** Upon termination of the Agreement with respect to a Fund due to the liquidation
of the Fund, Service Provider shall be entitled to collect from the Fund or the Adviser the compensation described in this Fee Letter
through the end of the month of liquidation, and the amount of all of Service Provider's cash disbursements for services in connection
with Service Provider's activities in effecting such termination, including without limitation, the delivery to the Fund or its
designees the Fund's property, records, instruments, and documents, and any fee for post-termination liquidation services. Liquidation
fees for post-termination liquidation services are $25,000 per Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Early Termination Fee** 

During the Initial Term, the Early Termination fee per Fund is $2,500 per month remaining in the Initial Term or Renewal Term, as applicable, as set forth in Section 3.1 above plus 0.20% on the average net assets during the month immediately prior to the month in which notice of early termination was provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Amendment** 

The parties may only amend this Fee Letter by written amendment signed by both parties. The parties duly executed this Fund Accounting Fee Letter _____________, 2025.

The parties duly executed this Fund Accounting Addendum as of _____________, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **By:** | **The Champion Fund** | **By:** | **Sweater Services Corps LLC** |
| **Name:** |  | **Name:** | Jesse Randall |
| **Title:** | President | **Title:** | Chief Executive Officer |

---

Addendum E Page 4 of 4

## Exhibit 99.25

January 20, 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. 2 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. 2 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 a POS EX filing. 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,

---

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

---

## Exhibit 99.25

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the references to our firm in the Pre-Effective Amendment No. 2 to the Registration Statement on Form N-2A of The Champion Fund and to the use of our report dated September 23, 2025 on the financial statements of The Champion Fund.

**/s/ TAIT, WELLER & BAKER LLP**

**Philadelphia, Pennsylvania**

**January 21, 2026**

## Exhibit 99.25

**Fund Code of Ethics ("1940 Act Code of Ethics")**

<u>Purpose of the Code of Ethics</u>

The Champion Fund (the "Fund") has adopted this Code of Ethics (the "Code") to set forth guidelines and procedures that promote ethical practices and conduct by all of the Fund's Access Persons, as defined below, and to ensure compliance with the Federal Securities Laws. To the extent that any such individuals are subject to compliance with the separately maintained Code of Ethics of the Fund's Adviser, Subadviser, or Fund Administrator (collectively the "Service Providers"), as applicable, whose Codes of Ethics complies with Rule 17j- 1, compliance by such individuals with the provisions of the Code of the applicable Service Providers shall constitute compliance with this Code. This Code is based on the principle that, each Access Person of the Fund will conduct such activities in accordance with to the following principles:

● To be dutiful in placing the interests of the Fund's shareholders first and before their own;

● all personal securities transactions must be conducted consistent with this Code of Ethics and in such a manner as to avoid any actual or potential conflict of interest or any abuse of an individual's position of Fund and responsibility; and

● adhere to the fundamental standard that Access Persons shall not take inappropriate advantage of their position.

Any violation of this Code must be reported promptly to the Fund's Chief Compliance Officer ("CCO"). Failure to do so will be deemed a violation of the Code.

<u>Legal Requirement</u>

Pursuant to Rule 17j-1(b) of the Investment Company Act of 1940 (the "1940 Act"), it is unlawful for any Access Person to:

● employ any device, scheme or artifice to defraud the Fund;

● make any untrue statement of a material fact to the Fund or fail to state a material fact necessary in order to make the statements made to the Fund, in light of the circumstances under which they were made, not misleading;

● engage in any act, practice, or course of business which operates or would operate as a fraud or deceit upon the Fund; or

● engage in any manipulative practice with respect to the Fund, in connection with the purchase or sale (directly or indirectly) by such Access Person of a security "held or to be acquired" by the Fund.

<u>Definitions</u>

All definitions have the same meaning as explained in Rule 17j-1 or Section 2(a) of the 1940 Act and are summarized below.

---

| | |
|:---|:---|
| **Access Person** | Any officers, Trustees, general partner or employee of the Fund or of a Fund's Investment Adviser or Subadviser (or of any entity in a control relationship to the Fund or Investment Adviser or Subadviser) who, in connection with his/her regular functions or duties, makes participates in, or obtains information regarding the purchase or sale of Covered Securities by the Fund, or whose functions relate to the making of any recommendations with respect to such purchases or sales. |
| **Automatic Investment Plan** | A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined schedule and allocation. An Automatic Investment Plan includes a dividend reinvestment plan. |

---

---

| | |
|:---|:---|
| **Beneficial Ownership** | In general, and subject to the specific provisions of Rule 16a- 1(a)(2) under the Securities Exchange Act of 1934 (the "Exchange Act"), as amended, having or sharing, directly or indirectly, through any contract arrangement, understanding, relationship, or otherwise, a direct or indirect "pecuniary interest" in the security. |
| **Connected Persons** | Adult children or parents living at home, and any relative, person or entity for whom the Access Person directs the investments or securities trading unless otherwise specified. |
| **Control** | Shall have the same meaning as that set forth in Section 2(a)(9) of the Exchange Act. Covered Security – shall be any security except that it does not include:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Direct obligations of the Government of the United States;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Bankers' acceptances, bank certificates of deposit, commercial paper and high-quality short-term debt instruments, including repurchase agreements; and<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Shares issued by open-end Fund (excluding open-end exchange-traded Fund). |
| **De Minimis Security** | Securities issued by any company included in the Standard and Poor's 500 Stock Index and in an amount less than $10,000. |
| **Exchange-Traded Fund** | An open-end registered investment company that is not a unit investment Fund, and that operates pursuant to an order from the SEC exempting it from certain provisions of the 1940 Act permitting it to issue securities that trade on the secondary market. Examples of open-end exchange-traded Fund include, but are not limited to: Select Sector SPDRS; iShares; PowerShares; etc. |
| **Fund** | An investment company registered under the 1940 Act. |
| **Independent Trustees** | Those Trustees of the Fund that would not be deemed an "interested person" of the Fund, as defined in Section 2(a)(19)(A) of the 1940 Act. |
| **Initial Public Offering** | An offering of securities registered under the Securities Act of 1933 (the "Securities Act"), the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Act. |
| **Limited Offering** | An offering that is exempt from registration pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act. |
| **Covered Security** | Any security in which an employee or access person could have a beneficial interest and is subject to reporting and trading restrictions to prevent conflicts of interest or insider trading. See below for examples. |
| **Restricted Trustee** | Each Trustee of the Fund who is not also a director, officer, partner, employee or controlling person of any one or more of the Fund's investment advisers, administrator, custodian, or transfer agent. |

---

A **Covered Security** includes:

Equity Securities

Debt Securities/Instruments

Options and Derivatives

Mutual Funds (advised by Adviser or Subadviser)

Private Offerings

Unit Investment Trusts (UITs)

**Exclusions from Covered Securities:**

US Government Obligations

Bankers' Acceptances and CDs

Commercial Paper

Mutual Funds (not advised by Adviser or Subadviser)

Money Market Funds

Security Held or to be Acquired by the Fund means:

● Any Covered Security which, within the most recent fifteen (15) days:

● Is or has been held by the Fund; or

● Is being or has been considered by the Fund or its Investment Advisor for purchase by the Fund; and

● Any option to purchase or sell, and any security convertible into or exchangeable for, a Covered Security.

**Personal Securities Transactions**

No Access Person of the Fund shall engage in any act, practice or course of business that would violate the provisions of Rule 17j-1 as set forth above, or in connection with any personal investment activity, engage in conduct inconsistent with this Code.

***Restrictions on Personal Securities Transactions By Access Persons Other Than Restricted Trustees and Persons Covered Under an Equivalent Code of Ethics of the Fund's Service Provider.***

 ****

Except as provided below, no Access Person who is not a Restricted Trustee or Restricted Officer may buy or sell Covered Securities for his or her personal portfolio or the portfolio of a member of his or her immediate family without obtaining authorization from the Fund's CCO prior to effecting such security transaction.

\*If an Access Person has questions as to whether purchasing or selling a security for his or her personal portfolio or the portfolio of a member of his or her immediate family requires prior authorization, the Access Person should consult the Fund's CCO for clearance or denial of clearance to trade prior to effecting any securities transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Pre-clearance approval under paragraph (a) will expire at the
close of business on the trading day after the date on which the authorization is received, and the Access Person is required to renew
clearance for the transaction if the trade is not completed before the authority expires.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o No clearance will be given to an Access Person other than a Restricted Trustee to purchase or sell any
Covered Security (1) on a day when any Fund of the Fund has a pending "buy" or "sell" order in that same Covered Security
until that pending "buy" or "sell" order is executed or withdrawn or (2) when the Fund Compliance Officer has been
advised by the Adviser that the same Covered Security is being considered for purchase or sale for any portfolio of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The pre-clearance requirement contained above shall not apply to the following securities ("Exempt
Securities"):

● Securities that are not Covered Securities;

● De Minimis Securities;

● Securities purchased or sold in any account over which the Access Person has no direct or indirect influence or control;

● Securities purchased or sold in a transaction which is non-volitional on the part of either the Access Person or the Fund;

● Securities acquired as a part of an Automatic Investment Plan;

● Securities acquired upon the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired; and

● Securities which the Fund is not permitted to purchase under the investment objectives and policies set forth in the Fund's then current prospectus(es) under the Securities Act of 1933 or the Fund's registration statement on Form N-1A, provided that prior to a transaction by an Access Person such securities have been approved for inclusion in a list of securities which are not permissible for purchase by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o The pre-clearance requirement contained shall apply to all purchases of a beneficial interest in any security
through an Initial Public Offering or a Limited Offering by any Access Person who is also classified as Investment Personnel. A record
of any decision and the reason supporting such decision to approve the acquisition by Investment Personnel of Initial Public Offerings
or Limited Offerings shall be made by the Compliance Officer.

<u>Restrictions on Personal Securities Transactions by Restricted Trustees.</u>

The Fund recognizes that a Restricted Trustee does not have on-going, day- to-day involvement with the operations of the Fund. In addition, it has been the practice of the Fund to give information about securities purchased or sold by the Fund or considered for purchase or sale by the Fund to Restricted in materials circulated more than 15 days after such securities are purchased or sold by the Fund or are considered for purchase or sale by the Fund. Accordingly, the Fund believes that less stringent controls are appropriate for Restricted Trustees, as follows:

● The securities pre-clearance requirement contained in section IV above shall only apply to a Restricted Trustee if he or she knew or, in the ordinary course of fulfilling his or her official duties as a Trustee, should have known, that during the 15-day period before the transaction in a Covered Security (other than an Exempt Security) or at the time of the transaction that the Covered Security purchased or sold by him or her other than an Exempt Security was also purchased or sold by the Fund or considered for the purchase or sale by the Fund.

● If the pre-clearance provisions of the preceding paragraph apply, no clearance will be given to a Restricted Trustee to purchase or sell any Covered Security (1) on a day when any portfolio of the Fund has a pending "buy" or "sell" order in that same Covered Security until that order is executed or withdrawn or (2) when a Compliance Officer has been advised by the Adviser that the same Covered Security is being considered for purchase or sale for any portfolio of the Fund.

**Code of Ethics Reporting Requirements**

The Fund CCO or designee shall monitor all personal trading activity of all Access Persons as deemed appropriate and covered by this Code. An Access Person of a Fund who is also an Access Person of the Fund's principal underwriter, affiliates or Adviser may submit such reporting requirements via the forms prescribed by any such separate Code of Ethics provided that the associated forms comply with the requirements of Rule 17j-1(d)(1) of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Initial/Ongoing Disclosure of Personal Brokerage Accounts**.
Within ten (10) days of the commencement of employment or at the commencement of a relationship with the Fund, all Access Persons, except
Independent Trustees, are required to submit to the Chief Compliance Officer a report stating the names and account numbers of all of
their personal brokerage accounts, brokerage accounts of any Connected Persons, and any brokerage accounts which they control or in which
they or a Connected Person has Beneficial Ownership. Such report must contain the date on which it is submitted and the information in
the report must be current as of a date no more than forty-five (45) days prior to that date. In addition, if a new brokerage account
is opened during the course of the year, the Chief Compliance Officer must be notified immediately. The information required by the above
paragraph must be provided to the Chief Compliance Officer on an annual basis. Disclosure of an account shall cover, at a minimum, all
accounts at a broker-dealer, bank or other institution opened during the quarter and provide the following information:

● the name of the broker, dealer or bank with whom the Access Person has established the account;

● the date the account was established;

● the date that the report is submitted by the Access Person.

Each of these accounts is required to furnish duplicate confirmations and statements to the Chief Compliance Officer. Such statements and confirms as an Access Person of the Fund may be sent to the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Holdings Report**. Within ten (10) days of becoming an Access Person (and with information that is
current as of a date no more than forty-five (45) days prior to the date that the person becomes an Access Person), each Access Person,
except Independent Trustees, must submit (i) a holdings report that must contain, at a minimum, the title and type of Security, and as
applicable, the exchange ticker symbol or CUSIP number, number of shares, and principal amount of each Covered Security in which the Access
Person has any direct or indirect Beneficial Ownership and (ii) the name of any broker, dealer or bank with whom the Access Person maintained
an account in which any securities were held for the Access Person's direct or indirect benefit as of the date they became an Access
Person. This report must state the date on which it is submitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Quarterly Transaction Reports**. All Access Persons, except Independent Trustees, shall report to
the Chief Compliance Officer or designee the following information with respect to transactions in a Covered Security in which such person
has, or by reason of such transaction acquires, any direct or indirect Beneficial Ownership in the Covered Security:

● The date of the transaction, the title, and as applicable the exchange ticker symbol or CUSIP number, interest rate and maturity date, number of shares, and the principal amount of each Covered Security;

● The nature of the transaction (i.e., purchase, sale or any other type of acquisition or disposition);

● The price of the Covered Security at which the transaction was effected;

● The name of the broker, dealer, or bank with or through whom the transaction was effected; and

● The date the Access Person Submits the Report.

Reports pursuant to this section of this Code shall be made no later than thirty (30) days after the end of the calendar quarter in which the transaction to which the report relates was effected, and shall include a certification that the reporting person has reported all Personal Securities Transactions required to be disclosed or reported pursuant to the requirements of this Code. Confirmations and Brokerage Statements sent directly to the appropriate address noted above is an acceptable form of a quarterly transaction report.

<u>Review of Reports</u>

The CCO of the Fund, or designee, shall be responsible for reviewing the reports received, maintaining a record of the names of the persons responsible for reviewing these reports, and as appropriate and reporting to the board of Trustees:

● any transaction that appears to evidence a possible violation of this Code; and

● apparent violations of the reporting requirements stated herein.

The CCO of the Fund shall review the reports referenced hereunder and shall determine whether the policies established in Sections IV and V of this Code have been violated, and what sanctions, if any, should be imposed on the violator. Sanctions include but are not limited to a letter of censure, suspension or termination of the employment of the violator, or the unwinding of the transaction and the disgorgement of any profits.

The CCO and the Board of Trustees of the Fund shall review the operation of this Code at least annually. All material violations of this Code and any sanctions imposed with respect thereto shall periodically be reported to the Board of Trustees of the Fund.

<u>Certification</u>

Each Access Person will be required to certify annually that he/she has read and understood the provisions of this Code and will abide by them. Each Access Person will further certify that he/she has disclosed or reported all personal securities transactions required to be reported under the Code. A form of such certification is attached below:

*I certify that I have read and understand the Code of Ethics of and recognize that I am subject to it. [if an employee of the Adviser] I further certify I will fulfill my personal securities holdings and transactions reporting obligations through the procedures of the Adviser with respect to covered securities.*

Before the Board of Trustees of the Fund may approve the Code of Ethics, the Fund must certify to the Board that the Fund has adopted procedures reasonably necessary to prevent Access Persons from violating this Code. Such certification shall be submitted to the Board of Trustees at least annually.

**Sarbanes-Oxley Code of Ethics for Chief Executive and Senior Financial Officers**

The Champion Fund (the "Fund") is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate financial disclosure in compliance with applicable law. This Code of Ethics, applicable to the Fund's Principal Executive Officer, Principal Financial Officer and Treasurer (or persons performing similar functions) (together, "Senior Officers"), sets forth specific policies to guide such individuals in the performance of their duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner; and you have leadership responsibilities that include creating a culture of high ethical standards and commitment to compliance, maintaining a work environment that encourages employees to raise concerns, and promptly addressing employee compliance concerns.

The Code of Ethics of the Fund pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (the "1940 Act Code of Ethics"), which this Code of Ethics is intended to supplement, sets forth the fundamental principles and key policies and procedures that govern the conduct of all of us in our business as registered investment companies.

<u>Compliance with Laws, Rules and Regulations</u>

You are required to comply with the laws, rules and regulations that govern the conduct of our business and to report any suspected violations in accordance with the section below entitled "Violations" Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

<u>Reporting and Accountability</u>

All Covered Officers will be held accountable for adherence to the Code. Each Covered Officer must, upon the Trust's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he/she has received, read and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

<u>Conflicts of Interest</u>

Senior Officers are expected to dedicate their best efforts to advancing the Fund's interests and to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that you are subject to inherent conflicts of interest because certain officers are also officers of Sweater Industries, LLC (the "Adviser") as well as the Fund. Your obligation to conduct the Fund's business in an honest and ethical manner includes the ethical handling of actual or apparent conflicts of interest between personal and business relationships. A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Fund. The 1940 Act Code of Ethics, the Adviser's and the Fund's allocation procedures and the other policies of the Fund are designed to ensure the ethical handling of such conflicts. As a result, it is incumbent on you to be familiar with the 1940 Act Code of Ethics, the Adviser's and Fund's allocations procedures and other rules and regulations under the 1940 Act as well as the policies of the Fund. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest where you are receiving a personal benefit, you should act in accordance with the letter and the spirit of the 1940 Act Code of Ethics and/or the Fund's or the Adviser's other applicable policies and procedures. If you are in doubt as to the application or interpretation of any of these, you should make full disclosure of all facts and circumstances to and obtain the prior written approval of the Secretary of the Fund.

<u>Disclosures</u>

It is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission ("SEC") and in all other public communications made by the Fund. As a Senior Officer, you are required to promote compliance with this policy by all employees and to abide by the Fund's standards, policies and procedures designed to promote compliance with this Code of Ethics.

<u>Violations</u>

If you know of or suspect a violation of applicable laws, regulations, policies, procedures or this Code of Ethics, you must immediately report that information to the Chairman of the Audit Committee of the Fund verbally, in writing or by other means necessary. No one will be subject to retaliation when making any such report in good faith report of an actual or suspected violation.

Violations of this Code of Ethics may result in disciplinary action, up to and including discharge. The Board of Trustees shall determine, or shall designate appropriate persons to determine, appropriate action in response to violations of this Code.

<u>Waivers of Code of Ethics</u>

Any waiver of this Code, including an implicit waiver, granted to a Senior Officer may be made only by the Board of Trustees or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law.

<u>No Rights Created</u>

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund's Senior Officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

## Exhibit 99.25

**1. Introduction** 

This Code of Ethics (the "Code") has been adopted by Sweater Industries, LLC ("Sweater" or the "Adviser", "we" or "our")) to satisfy our fiduciary obligations and comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and with Rule 17j-1 of the Investment Company Act ("IA Act").

The Code applies to all Sweater Supervised Persons as defined in the Advisers Act Section 202(a)(25). The Advisers Act defines Supervised Persons to mean any partner, officer, director (or other person occupying a similar status or performing similar functions), employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser, defined herein as ("Employees"). All Employees are responsible for complying and being familiar with this Code and Sweater's Compliance Manual as a requirement of their employment.

Sweater and its Employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct, and are subject to certain laws, rules and regulations governing personal securities trading, conflicts of interest, and treatment of client assets and information. The Code is designed to reinforce Sweater's reputation for integrity by avoiding even the appearance of impropriety in the conduct of our business. This Code was developed to promote the highest standards of behavior and ensure compliance with applicable laws.

Failure to comply with the provisions of the Code may result in serious sanctions including, but not limited to, disgorgement of profits for applicable personal trading activities, termination of employment, personal criminal or civil liability and referral to law enforcement agencies or other regulatory agencies.

Sweater has appropriately appointed a Chief Compliance Officer ("CCO"). All Employees are required to promptly report any known violations of the Code to the CCO. This includes, without limitation, violations that come to their attention that may have been inadvertent and/or violations that other Employees may have committed. The CCO or designee will promptly investigate the matter and take action if needed. There will be no retribution for making such a report, to the CCO, or a regulator, and every effort will be made to protect the identity of the reporting individual to the extent permitted by law.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Employees in their conduct. In those situations where a Supervised Person may be uncertain as to the intent or purpose of the Code, they are advised to consult with the CCO. All questions arising in connection with personal securities trading should be resolved in favor of the client, even at the expense of the interests of Employees. Each Supervised Person is responsible for knowing their responsibilities under the Code. This Code does not supersede additional responsibilities Employees may have under other policies as required by the SEC or for those individuals registered with FINRA.

Sweater is required to provide each Employees with a copy of this Code and any amendments. All Employees must provide Sweater with a written acknowledgment of their receipt of this Code and any amendments no less than annually.

*Fiduciary Obligations*

Sweater and its Employees are subject to the following specific fiduciary obligations when dealing with Clients:

● the duty to have a reasonable, independent basis for investments chosen;

● the duty to obtain best execution for a Client's transactions;

● the duty to ensure that investment advice is suitable to meeting the Client's objectives; and

● a duty to be loyal to Clients.

In meeting its fiduciary responsibilities to its Clients, Sweater expects every Supervised Person to demonstrate the highest standards of ethical conduct for continued employment with Sweater.

**2. Applicability** 

*Sweater Employees* 

This Code is applicable to all Sweater Employees as required by the applicable rules, regulations, or as determined by the CCO. All Sweater Employees, are deemed to be Supervised Persons and Access Persons, as defined by the Advisers Act and defined in Appendix A, and are subject to additional restrictions, limitations, reporting requirements, or other policies and procedures.

To ensure consistency, Sweater decided to apply the definitions of Employees and Access Persons equally to all involved with the Adviser. This means that every partner, officer, director and employee of Sweater (which might also include independent contractors and temporary employees) will be classified as Access Persons, and also as Employees.

*Connected Persons* 

The Code applies to Supervised Person's spouse or domestic partner, minor children, immediate family members residing in the same household as the Supervised Person (e.g., adult children or parents living at home), and any relative, person or entity for whom the Supervised Person directs the investments or securities trading unless otherwise specified (collectively, "Connected Persons").

**3. Compliance with Laws and Regulations** 

All Employees must comply with applicable federal securities laws and the following activities are examples of violations of these laws:

● to defraud such client in any manner;

● to mislead such client, including making a statement that omits material facts;

● to engage in any act, practice or course of conduct which operates or would operate as fraud or deceit upon such client;

● to engage in any manipulative practice with respect to such client; or

● to engage in any manipulative practice with respect to securities, including price manipulation.

**4. General Standards of Business Conduct** 

Employees must at all times comply with the following standards of business conduct:

● *Clients Come First.* Employees owe Clients a duty of loyalty and must avoid serving the Adviser's or their own personal interests ahead of the Clients. A Supervised Person may not induce or cause a client to take action, or not to take action, for the Adviser's or the Supervised Person's own benefit, rather than for the benefit of the client. The Adviser must make full and fair disclosure of all material facts, particularly where the interests of the Adviser or a Supervised Person may conflict with those of a client.

● *Avoid Taking Advantage.* Employees may not trade on the basis of inside information, usurp investment opportunities that should properly be made available to the firm's Clients, or otherwise use their knowledge of the Adviser's investment activities to profit on such activities at the expense of the firm's Clients.

● *Avoid Inappropriate Relationships.* In addition, Employees must avoid engaging in outside business activities and the receipt of investment opportunities, perquisites, or gifts from persons seeking to do business with the Adviser that could call into question a Supervised Person's ability to exercise independent judgment in the best interests the Adviser's Clients.

● *Compliance with Applicable Law.* Employees must comply with all applicable laws that apply to the business of the Adviser.

Doubtful situations should at all times be resolved in favor of the Client. Technical compliance with the Code's procedures will not automatically insulate from scrutiny any activities that indicate an abuse of these governing principles.

**5. Conflicts of Interest** 

It is Sweater's policy that all Employees have a responsibility and duty to identify and escalate any potential conflicts of interest that they, or the Adviser, may be subject to. Conflicts of interest will be managed in accordance with the following policy and guidelines.

*Conflict of Interest Defined* 

A conflict of interest should be construed broadly to include anything that might give the Adviser or any Supervised Person a financial or other incentives to act in a manner that is contrary to the best interests of the Adviser's Clients. Conflicts may exist even when no wrong has been done. The opportunity to act improperly may be enough to create a potential conflict of interest. The following are examples of situations that may give rise to a conflict of interest:

● using the Adviser's premises, assets, information or influence for personal gain;

● accepting special favors as a result of your position with the Adviser from any person or organization with which the Adviser has a current or potential business relationship;

● competing with the Adviser or a client for the purchase or sale of property, services or other interests;

● having or acquiring an interest in a transaction involving the Adviser or a client;

● receiving a personal loan or guarantee of an obligation as a result of your position with the Adviser;

● working for a competitor of the Adviser while a Supervised Person; or

● directing securities-related business to a broker-dealer or other service provider owned or managed by, or that employs, a relative or friend.

*Management of Conflicts of Interest* 

The CCO, in consultation with legal counsel if determined necessary, shall be responsible for determining the most appropriate response to a conflict of interest in accordance with the following guidelines:

● In general, to the extent a conflict of interest is of a nature that is already covered by the existing policy and procedure in this Code, the Sweater Compliance Manual, or a Client's governing documents, such conflict of interest shall therefore be addressed and resolved in accordance with the most appropriate application of available policies and procedures.

● To the extent a conflict of interest may not be addressed in an appropriate manner under existing policies and procedures, the CCO shall determine the best means of addressing the conflict in accordance with the Adviser's fiduciary obligations towards its client. The CCO shall also determine:

● what the Adviser's disclosure obligations to Clients may be; and

● whether the informed consent of any client(s) may be necessary under applicable law or the governing documents relating to the Clients.

**6. Insider Trading** 

The misuse of Material Nonpublic Information, or inside information, constitutes fraud under the securities laws of the United States and many other countries. Employees that are made aware of Material Nonpublic Information, or inside information may not trade, recommend, and must refrain from selling those securities whether personally or on behalf of others, including Clients and Connected Persons.

Sweater and all Employees are prohibited from engaging in securities transactions for themselves or for others (including Clients) on the basis of inside information. The Adviser and all Employees are also prohibited from disseminating inside information to others who may use that knowledge to trade securities ("tipping"). These prohibitions apply to all Employees which extends to activities within and outside of their duties at the Adviser and apply to transactions in the securities of any company, and not just those held by Clients.

**7. MyComplianceOffice** 

Sweater utilizes MyComplianceOffice ("MCO") for its Employees and Access Persons to disclose and report information as required by this Code, including:

● reporting personal brokerage accounts;

● reporting personal holdings and transactions in Reportable Securities;

● obtaining Sweater's approval before investing in an initial public offering ("IPO"), private placement, limited offerings and/or Reportable Securities;

● attesting to Sweater's Code of Ethics and Compliance Manual;

● pre-approval and reporting of outside business activities; and

● pre-approval and disclosure of political contributions exceeding the de minimis exception.

**8. Political Contributions** 

Sweater has implemented the following restrictions to adhere to the "Pay-to-Play" Rule (Rule 206(4)-5) and to mitigate any associated risks.

● Employees and their Connected Persons must receive pre-cleara n ce before making political contributions in excess of $350 to candidates or incumbents for state or local elections in which the Employee or Connected Person is eligible to vote.

● Employees and their Connected Persons must receive pre-clearance before making political contributions in excess of $150 to candidates or incumbents for state or local elections in which the Employee or Connected Person is ineligible to vote.

Upon commencement of employment, the CCO, or Designee, may request reporting of all recent political contributions, if applicable. The disclosure should include contributions made by Connected Persons as well. The report should include the individual or election committee receiving the contribution, the office for which the individual is running, the current elected office held (if any), the dollar amount of the contribution or value of the donated item and whether or not the Supervised Person is eligible to vote for the candidate. Contributions to Political Action Committees (PACs) and political parties should not be included in the reporting unless Sweater is engaged in or considering engaging in business with an individual or organization which would be a beneficiary of such contribution.

**9. Personal Trading Requirements and Restrictions** 

**Pre-clearance for Reportable Securities and Exempt Transactions** 

Sweater developed its policy to prohibit its Access Persons from knowingly engaging in a security transaction at any point in which Sweater is actively considering, or trading in the same or equivalent security for a Client.

**Watch List** 

Sweater will maintain a Watch List consisting of the full universe of listed securities Sweater may consider transacting in for a Client. Pre-clearance is not required for Reportable Securities that are not on the Watch List; however, such transactions must be reported through Access Person's Quarterly Transaction Report.

**It is the responsibility of all Access Persons to review the Watch List before transacting to ensure adherence with the pre-clearance Code exemption in all applicable instances.** 

The Watch List will be maintained as a shared online file which will be made available by Sweater to all

Access Persons. Each Access Person is responsible for ensuring that any Reportable Securities that may be purchased or sold within their non-exempt Personal Trading accounts, as well as the accounts of their Connected Persons, are properly pre-cleared before transacting when a Reportable Security is represented on the Watch List.

Pre-clearance requests must be submitted and approved with direct emails to and from the CCO. A Designee will approve the CCO's personal trades. Sweater's CCO is responsible for approving any preclearance request for a security on the Watch List. Such request will only be approved if Sweater is not actively trading or does not have immediate plans to trade the security in a Client account, among other determining factors.

Any granted approval is valid for one trading day after receiving approval to execute the trade, unless the approval is revoked for any reason by the CCO. If the request is made on a non-trading day, the preclearance approval is valid for the following trading day.

**Restricted List** 

Members of the Compliance Committee may place certain securities on a "restricted list." Access Persons are prohibited from personally, or on behalf of an advisory account, purchasing or selling these securities during any period they are listed. Securities issued by companies about which Sweater is expected to regularly have material, nonpublic information should generally be placed on the restricted list. A Member of the Compliance Committee shall take steps to immediately inform all Access Persons of the securities listed on the restricted list.

**Exempt Transactions** 

The following transactions are exempt and do not require pre-clearance in any instance:

● Participation in an ongoing automatic investment plan including 401K plans or an issuer's dividend reinvestment or stock purchase plan;

● Participation in any transaction over which no Supervised Person had any direct or indirect influence or control, involuntary transactions (such as mergers, inheritances, gifts, etc.); and

● Shares of registered open-end investment companies other than shares of any open-end investment companies for which Sweater acts as the advisor or sub-adviser.

**Limit Orders** 

Sweater prohibits its Access Persons from placing a "good until cancelled" order or any limit order for a Reportable Security on Sweater's Watch List. Pending "good until cancelled" orders for securities placed on the Watch List should be cancelled by the Access Person, and the pre-approval process should be followed.

**Pre-Clearance for IPOs, Private Placements or Limited Offerings** 

Rule 204A-1(c) requires Sweater Access Persons to obtain Sweater's approval in all instances and without exception, before directly or indirectly acquiring beneficial ownership in any security in an initial public offering, private placement or limited offering. Pre-clearance requests must be submitted and approved with direct emails to and from the CCO. A Designee will approve the CCO's personal trades.

**Reporting Requirements** 

Sweater's Employees are subject to Initial, Quarterly and Annual Reporting requirements for personal account investing.

Under Rule 204A-1 Employees are required to disclose the existence of any account in which Reportable Securities transactions can be effected, as well as any account for a Connected Person.

Accounts and transactions will be subject to periodic review to identify potential conflicts. All Initial, Quarterly and Annual Reporting requirements must be completed in MCO.

**Initial Holdings Report** 

Within ten (10) calendar days of being designated as, or determined to be, a Supervised Person (which may be upon hire), each Supervised Person must provide a statement of all Reportable Securities Holdings and Reportable Accounts, including those of Connected Persons, via MCO. The information must be current as of a date not more than 45 days prior to the individual becoming a Supervised Person. More specifically, each Supervised Person must provide the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the title, number of shares and principal amount of each Reportable Security in which the Supervised Person has any direct or indirect Beneficial Ownership; 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;● the name of any Financial Institution with whom the Supervised Person maintains an account in which any securities were held for the direct or indirect benefit of the Supervised Person.

**Quarterly Transaction Report** 

Each Sweater Supervised Person is required to affirm all non-Exempt Reporting quarterly transactions via MCO within thirty (30) calendar days of each calendar quarter end. Exempt Reporting transactions are any transaction with respect to securities held in accounts over which the Access Person, or Connected Person, has no direct or indirect influence or control.

**Annual Holdings Report** 

Each Supervised Person is required to annually affirm in MCO a list of all Reportable Securities holdings and Personal Trading accounts, both exempt and non-exempt, which is current as of a date not more than 45 days prior to the date the report is submitted. This affirmation must be received no later than January 30th of every year.

The table below is designed as a guide for all Access Persons regarding their responsibilities for personal transactions that must be pre-cleared, and the accounts that are subject to disclosure and reporting requirements, or are deemed exempt.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Personal Trading Requirements (for accounts with trading discretion)*** | ***Personal Trading Requirements (for accounts with trading discretion)*** | ***Personal Trading Requirements (for accounts with trading discretion)*** | ***Personal Trading Requirements (for accounts with trading discretion)*** | ***Personal Trading Requirements (for accounts with trading discretion)*** |
| Security / Holding (or derivatives of) | Reportable per<br> Code of Ethics | Pre-clearance<br> **ALWAYS**<br> Required | Pre-clearance<br> **NEVER**<br> Required | Pre-clearance<br> Required<br> ***(per Watch List)*** |
| **Registered Fund Clients** | **YES** | **X** | | |
| Closed-end funds | YES | | | **X** |
| Commodities, futures (non-equity) | **NO** | | | **X** |
| Corporate Bonds | YES | | | **X** |
| ETFs/UITs | YES | | | **X** |
| Futures/options, currency futures | YES | | | **X** |
| Hedge Funds | YES | | | **X** |
| Initial Public Offering | YES | **X** | | |
| Municipal Bonds | YES | | | **X** |
| Open-end funds (not managed by Sweater) | NO | | **X** | |
| Private Placements/Limited Offerings | YES | **X** | | |
| REITs | YES | | | **X** |
| Shares issued by MM funds | **NO** | | **X** | |
| Stocks | YES | | | **X** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Account Reporting Requirements*** | ***Account Reporting Requirements*** | ***Account Reporting Requirements*** | ***Account Reporting Requirements*** | ***Account Reporting Requirements*** |
| Account Type | Reportable per<br> Code of Ethics | Initial<br> Disclosure | Quarterly Transactions | Annual Affirmation |
| Employee Brokerage Account (discretion) | YES | **X** | **X** | **X** |
| Employee Brokerage Account (no discretion) | YES | **X** |  | **X** |
| 529 Savings Plans | **NO** |  |  |  |
| Connected Person Brokerage Account (discretion) | YES | **X** | **X** |  |
| Connected Person Brokerage Account (no discretion) | YES | **X** |  | **X** |
| Employee/Connected Account (no Reportable Securities) | **NO** |  |  |  |

---

**10. Gifts and Entertainment** 

Gifts or Entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipient's independent business judgment.

Employees are required to follow the standards below regarding the acceptance or giving of gifts and entertainment with respect to all Business Partners. Employees are expected to avoid any gifts or entertainment that:

● could create an apparent or actual conflict;

● is excessive or would reflect unfavorably on Sweater or its Clients; or

● would be inappropriate or disreputable nature.

Modest gifts and favors, which would not be regarded by others as improper, may be accepted or given on an occasional basis. Entertainment that satisfies these requirements and conforms to generally accepted business practices is also permissible.

Where there is a law or rule that applies to the conduct of a particular business or the acceptance of gifts of even nominal value, the law or rule must be followed.

A "Gift" is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or event tickets if the giver does not attend. No Supervised Person may receive any gift, service or other thing of excessive value from any person or entity that does business with or on behalf of Sweater. No Supervised Person may give or offer any gift of excessive value, determined to be amounts in excess of $500, to existing Clients, prospective Clients, or any entity that does business with or on behalf of Sweater without pre-approval by the CCO. Employees may not accept a gift of cash or a cash-equivalent in any amount.

"Entertainment" is a meeting, meal or other activity where both the Supervised Person and the business partner are present and have the opportunity to discuss business or any participant's employer bears the cost. It does not include events that have been organized by Sweater directly, such as receptions following an industry gathering or multi-client entertainment. If the Business Partner will not be present for the event it will be considered a gift. No Supervised Person may provide or accept extravagant or excessive entertainment to or from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of Sweater. A Supervised Person may provide or accept a business entertainment event, such as dinner, a sporting event, golf outings, etc. provided that such activities involve no more than customary amenities and the person or entity providing the entertainment is present.

A "Business Partner," for the purpose of this Code, includes all current Clients, Portfolio Companies, and vendors with which Sweater conducts business, any potential Clients, Portfolio Companies, or vendors with whom Sweater could engage in business with, any registered broker-dealers, and any firms under contract to do business with Sweater.

Supervised Persons who are also Registered Representatives are required to follow the more restrictive FINRA thresholds for gifts and entertainment.

*Disclosure of Gifts and Entertainment* 

For the purposes of disclosure of gifts and entertainment the following are exempt:

● usual and customary promotional items (e.g., T-shirts, caps, or pens marked with the vendor's logo);

● gifts or entertainment of nominal value (Gifts $500 or less, Entertainment $500 or less per person per event);

● attendance and participation at industry sponsored events; or

● usual and customary gifts given to or by Employees based on a personal relationship (e.g., the vendor and Supervised Person have a family relationship that preceded interaction at the Adviser).

---

| | |
|:---|:---|
| **Gifts Given to or Received by Employees** | **Approval or Disclosure Required** |
| Gifts given or received from the same Business Partner which are valued in aggregate less than $500/twelve-month period | no approval required |
| Gifts given or received from the same Business Partner which are valued in aggregate equal to or more than $500/twelve-month period | approval required |
| **Entertainment provided for or by Employees** | **Approval or Disclosure Required** |
| Entertainment provided to a Supervised Person valued under $500 per person per event | no approval required |
| Entertainment provided to a Supervised Person at equal/more than $500 per person per event | approval required |

---

**11. Outside Business Activities** 

Without receiving approval via MCO, no Supervised Person shall:

● accept, directly or indirectly, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of the Adviser or a client from any Person, firm, corporation or association, other than the Adviser or an affiliate thereof.

● acquire, directly or indirectly, any equity or other ownership or financial interest in any other organization engaged in any securities, financial or related business, except for (i) a minority equity or other ownership or other financial interest in any business that is publicly traded, or (ii) an equity or other ownership or financial interest through any account over which the Supervised Person has no direct or indirect influence or control.

Employees must receive approval via MCO prior to engaging in any outside business activity that involves:

● a time commitment that would prevent the Supervised Person from performing his or her duties for the Adviser or that would otherwise be restricted or prohibited by the governing documents of a client;

● active participation in any business in the financial services industry or otherwise in competition with the Adviser; or

● serving as a director, officer, or general partner of any business, corporation, or partnership (excluding family-owned businesses and charitable, professional and non-profit organizations).

An outside business activity may never:

● present a substantial risk of confusing Clients or the public as to the capacity in which the Supervised Person is acting;

● pose a reputational risk for the Adviser;

● inappropriately influence a Supervised Person's business dealings or otherwise create a conflict of interest vis-à-vis the interests of the Adviser or its Clients; or

● involve use of information relating to the Adviser, any client or other proprietary information.

**Code of Ethics Appendix A - Glossary of Defined Terms**

***Access Person* -** Anyone associated with Sweater or its affiliates who:

● Has access to non-public information regarding any Clients' Transactions, or non-public information regarding the portfolio holdings of any fund(s) of a client or any Sweater services;

● Is involved in making Securities Transactions recommendations to Clients, or has access to such recommendations that are non-public;

● In connection with his or her regular functions or duties, makes, participates in or obtains information regarding a Client's Transactions or whose functions relate to the making of any recommendations with respect to a Client's Transactions;

● Obtains information regarding a Client's Transactions or whose functions relate to the making of any recommendations with respect to a Client's Transactions;

● Any other person designated by the CCO as necessary.

For purposes of this Code all Employees (defined below) are considered Access Persons and subject to reporting and restrictions as defined by the Advisers Act.

***Account*** – Any accounts in which Securities (as defined below) transactions can be effected including:

● Any accounts held by any Supervised Person;

● Accounts of the Supervised Person's immediate family members (any relative by blood or marriage) living in the Supervised Person's household or is financially dependent;

● Accounts held by any other related individual over whose account the Supervised Person has discretionary control;

● Any other account where the Supervised Person has discretionary control and materially contributes; and

● Any account in which the Supervised Person has a direct or indirect beneficial interest, such as trusts and custodial accounts or other accounts in which the Supervised Person has a beneficial interest or exercises investment discretion.

***Automatic Investment Plan*** – A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined scheduled and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

***Beneficial Ownership*** – For purposes of the Code, "Beneficial Ownership" or "Beneficial Interest" shall be interpreted in the same manner as it would be in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 ("Exchange Act") in determining whether a person is subject to the provisions of Section 16 under the Exchange Act and the rules and regulations there under. Generally speaking, beneficial ownership encompasses those situations where the beneficial owner has the right to enjoy some economic benefits which are substantially equivalent to ownership regardless of who is the registered owner. This would include, but is not limited to:

● Securities which a person holds for his or her own benefit either in bearer form, registered in his or her own name or otherwise, regardless of whether the securities are owned individually or jointly;

● Securities held in the name of a member of his or her immediate family sharing the same household;

● Securities held by a trustee, executor, administrator, custodian or broker;

● Securities owned by a general partnership of which the person is a member or a limited partnership of which such person is a general partner;

● Securities held by a corporation which can be regarded as a personal holding company of a person; and • Securities recently purchased by a person and awaiting transfer into his or her name.

***Chief Compliance Officer ("CCO")*** – The CCO as referenced is Robin Riddell, so designated by Sweater. The CCO may designate additional individuals, where appropriate, to operate in the capacity of the CCO as outlined in this Code.

***Client*** –The Jetstream Venture Fund, the Cashmere Fund, The Champion Fund, and any additional registered investment company to which Sweater may provide investment advice in the future.

***Designee*** –any member of Sweater's Compliance Committee or a 3rd Party Compliance Consultant. The Compliance Committee is supported by PINE Advisor Solutions ("PINE"), Sweater's 3rd party compliance consultant. PINE may act as a Designee for certain tasks as deemed appropriate by the CCO.

***Employee*** – Employees of Sweater including directors, officers, any temporary worker, or other personnel as designated by the CCO.

***Material Nonpublic Information –*** Any information that has not been publicly disseminated, or that was obtained legitimately while acting in a role of trust or confidence of an issuer or that was obtained wrongfully from an issuer or such person acting in a role of trust or confidence that a reasonable investor would consider important in making a decision to buy, hold or sell a company's securities. Regardless of whether it is positive or negative, historical or forward looking, any information that a reasonable investor could expect to affect a company's stock price. Material Nonpublic Information may include:

● Projections of future earnings or losses;

● News of a possible merger, acquisition or tender offer;

● Significant new products or services or delays in new product or service introduction or development;

● Plans to raise additional capital through stock sales or otherwise;

● The gain or loss of a significant customer, partner or supplier;

● Discoveries, or grants or allowances or disallowances of patents;

● Changes in management;

● News of a significant sale of assets;

● Impending bankruptcy or financial liquidity problems; or

● Changes in dividend policies or the declaration of a stock split

***Reportable Securities*** – Rule 204A-1 treats all securities as reportable securities, with five exceptions designed to exclude securities that appear to present little opportunity for the type of improper trading on behalf of a Supervised Person in which the restrictions are designed to mitigate and /or uncover:

● Transactions and holdings in direct obligations of the Government of the United States.

● Money market instruments — bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments.

● Shares of money market funds.

● Transactions and holdings in shares of other types of mutual funds, unless the adviser or a control affiliate acts as the investment adviser or principal underwriter for the fund.

● Transactions in units of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated mutual funds.

***Securities Transactions –*** The term "Securities Transactions" as used within this Code typically refers to the purchase and/or sale of Securities, (as defined herein), by a Supervised Person. Securities Transactions shall include any gift of Covered Securities that is given or received by the Supervised Person, including any inheritance received that includes Covered Securities.

***Supervised Persons***– The Advisers Act defines "Supervised Person" to mean any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. For purposes of this Code all Supervised Persons are considered Employees, and all Employees are Access Persons (defined above).

## Exhibit 99.25

**1. Introduction** 

This Code of Ethics (the "Code") has been adopted by Champion Advisors LLC ("Champion" or the "Adviser", "we" or "our")) to satisfy our fiduciary obligations and comply with Rule 204A-1 under the Investment Advisers Act of 1940 ("Advisers Act") and with Rule 17j-1 of the Investment Company Act ("IA Act").

The Code applies to all Champion Supervised Persons as defined in the Advisers Act Section 202(a)(25). The Advisers Act defines Supervised Persons to mean any partner, officer, director (or other person occupying a similar status or performing similar functions), employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser, defined herein as ("Employees"). All Employees are responsible for complying and being familiar with this Code and Champion's Compliance Manual as a requirement of their employment.

Champion and its Employees are prohibited from engaging in fraudulent, deceptive or manipulative conduct, and are subject to certain laws, rules and regulations governing personal securities trading, conflicts of interest, and treatment of client assets and information. The Code is designed to reinforce Champion's reputation for integrity by avoiding even the appearance of impropriety in the conduct of our business. This Code was developed to promote the highest standards of behavior and ensure compliance with applicable laws.

Failure to comply with the provisions of the Code may result in serious sanctions including, but not limited to, disgorgement of profits for applicable personal trading activities, termination of employment, personal criminal or civil liability and referral to law enforcement agencies or other regulatory agencies.

Champion has appropriately appointed a Chief Compliance Officer ("CCO"). All Employees are required to promptly report any known violations of the Code to the CCO. This includes, without limitation, violations that come to their attention that may have been inadvertent and/or violations that other Employees may have committed. The CCO or designee will promptly investigate the matter and take action if needed. There will be no retribution for making such a report, to the CCO, or a regulator, and every effort will be made to protect the identity of the reporting individual to the extent permitted by law.

The provisions of the Code are not all-inclusive. Rather, they are intended as a guide for Employees in their conduct. In those situations where a Supervised Person may be uncertain as to the intent or purpose of the Code, they are advised to consult with the CCO. All questions arising in connection with personal securities trading should be resolved in favor of the client, even at the expense of the interests of Employees. Each Supervised Person is responsible for knowing their responsibilities under the Code. This Code does not supersede additional responsibilities Employees may have under other policies as required by the SEC or for those individuals registered with FINRA.

Champion is required to provide each Employees with a copy of this Code and any amendments. All Employees must provide Champion with a written acknowledgment of their receipt of this Code and any amendments no less than annually.

*Fiduciary Obligations* 

Champion and its Employees are subject to the following specific fiduciary obligations when dealing with Clients:

● the duty to have a reasonable, independent basis for investments chosen;

● the duty to obtain best execution for a Client's transactions;

● the duty to ensure that investment advice is suitable to meeting the Client's objectives; and

● a duty to be loyal to Clients.

In meeting its fiduciary responsibilities to its Clients, Champion expects every Supervised Person to demonstrate the highest standards of ethical conduct for continued employment with Champion.

**2. Applicability** 

*Champion Employees* 

This Code is applicable to all Champion Employees as required by the applicable rules, regulations, or as determined by the CCO. All Champion Employees, are deemed to be Supervised Persons and Access Persons, as defined by the Advisers Act and defined in Appendix A, and are subject to additional restrictions, limitations, reporting requirements, or other policies and procedures.

To ensure consistency, Champion decided to apply the definitions of Employees and Access Persons equally to all involved with the Champion. This means that every partner, officer, director and employee of Champion (which might also include independent contractors and temporary employees) will be classified as Access Persons, and also as Employees.

*Connected Persons* 

The Code applies to Supervised Person's spouse or domestic partner, minor children, immediate family members residing in the same household as the Supervised Person (e.g., adult children or parents living at home), and any relative, person or entity for whom the Supervised Person directs the investments or securities trading unless otherwise specified (collectively, "Connected Persons").

**3. Compliance with Laws and Regulations** 

All Employees must comply with applicable federal securities laws and the following activities are examples of violations of these laws:

● to defraud such client in any manner;

● to mislead such client, including making a statement that omits material facts;

● to engage in any act, practice or course of conduct which operates or would operate as fraud or deceit upon such client;

● to engage in any manipulative practice with respect to such client; or

● to engage in any manipulative practice with respect to securities, including price manipulation.

**4. General Standards of Business Conduct** 

Employees must at all times comply with the following standards of business conduct:

● *Clients Come First.* Employees owe Clients a duty of loyalty and must avoid serving the Adviser's or their own personal interests ahead of the Clients. A Supervised Person may not induce or cause a client to take action, or not to take action, for the Adviser's or the Supervised Person's own benefit, rather than for the benefit of the client. The Adviser must make full and fair disclosure of all material facts, particularly where the interests of the Adviser or a Supervised Person may conflict with those of a client.

● *Avoid Taking Advantage.* Employees may not trade on the basis of inside information, usurp investment opportunities that should properly be made available to the firm's Clients, or otherwise use their knowledge of the Adviser's investment activities to profit on such activities at the expense of the firm's Clients.

● *Avoid Inappropriate Relationships.* In addition, Employees must avoid engaging in outside business activities and the receipt of investment opportunities, perquisites, or gifts from persons seeking to do business with the Adviser that could call into question a Supervised Person's ability to exercise independent judgment in the best interests the Adviser's Clients.

● *Compliance with Applicable Law.* Employees must comply with all applicable laws that apply to the business of the Adviser.

Doubtful situations should at all times be resolved in favor of the Client. Technical compliance with the Code's procedures will not automatically insulate from scrutiny any activities that indicate an abuse of these governing principles.

**5. Conflicts of Interest** 

It is Champion's policy that all Employees have a responsibility and duty to identify and escalate any potential conflicts of interest that they, or the Adviser, may be subject to. Conflicts of interest will be managed in accordance with the following policy and guidelines.

*Conflict of Interest Defined* 

A conflict of interest should be construed broadly to include anything that might give the Adviser or any Supervised Person a financial or other incentives to act in a manner that is contrary to the best interests of the Adviser's Clients. Conflicts may exist even when no wrong has been done. The opportunity to act improperly may be enough to create a potential conflict of interest. The following are examples of situations that may give rise to a conflict of interest:

● using the Adviser's premises, assets, information or influence for personal gain;

● accepting special favors as a result of your position with the Adviser from any person or organization with which the Adviser has a current or potential business relationship;

● competing with the Adviser or a client for the purchase or sale of property, services or other interests;

● having or acquiring an interest in a transaction involving the Adviser or a client;

● receiving a personal loan or guarantee of an obligation as a result of your position with the Adviser;

● working for a competitor of the Adviser while a Supervised Person; or

● directing securities-related business to a broker-dealer or other service provider owned or managed by, or that employs, a relative or friend.

*Management of Conflicts of Interest* 

The CCO, in consultation with legal counsel if determined necessary, shall be responsible for determining the most appropriate response to a conflict of interest in accordance with the following guidelines:

● In general, to the extent a conflict of interest is of a nature that is already covered by the existing policy and procedure in this Code, the Champion Compliance Manual, or a Client's governing documents, such conflict of interest shall therefore be addressed and resolved in accordance with the most appropriate application of available policies and procedures.

● To the extent a conflict of interest may not be addressed in an appropriate manner under existing policies and procedures, the CCO shall determine the best means of addressing the conflict in accordance with the Adviser's fiduciary obligations towards its client. The CCO shall also determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o what the Adviser's disclosure obligations to Clients may be; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o whether the informed consent of any client(s) may be necessary under applicable law or the governing documents
relating to the Clients.

**6. Insider Trading** 

The misuse of Material Nonpublic Information, or inside information, constitutes fraud under the securities laws of the United States and many other countries. Employees that are made aware of Material Nonpublic Information, or inside information may not trade, recommend, and must refrain from selling those securities whether personally or on behalf of others, including Clients and Connected Persons.

Champion and all Employees are prohibited from engaging in securities transactions for themselves or for others (including Clients) on the basis of inside information. The Adviser and all Employees are also prohibited from disseminating inside information to others who may use that knowledge to trade securities ("tipping"). These prohibitions apply to all Employees which extends to activities within and outside of their duties at the Adviser and apply to transactions in the securities of any company, and not just those held by Clients.

**7. MyComplianceOffice** 

Champion utilizes MyComplianceOffice ("MCO") for its Employees and Access Persons to disclose and report information as required by this Code, including:

● reporting personal brokerage accounts;

● reporting personal holdings and transactions in Reportable Securities;

● obtaining Champion's approval before investing in an initial public offering ("IPO"), private placement, limited offerings and/or Reportable Securities;

● attesting to Champion's Code of Ethics and Compliance Manual;

● pre-approval and reporting of outside business activities; and

● pre-approval and disclosure of political contributions exceeding the de minimis exception.

**8. Political Contributions** 

Champion has implemented the following restrictions to adhere to the "Pay-to-Play" Rule (Rule 206(4)-5) and to mitigate any associated risks.

● Employees and their Connected Persons must receive pre-clearance before making political contributions in excess of $350 to candidates or incumbents for state or local elections in which the Employee or Connected Person is eligible to vote.

● Employees and their Connected Persons must receive pre-clearance before making political contributions in excess of $150 to candidates or incumbents for state or local elections in which the Employee or Connected Person is ineligible to vote.

Upon commencement of employment, the CCO, or Designee, may request reporting of all recent political contributions, if applicable. The disclosure should include contributions made by Connected Persons as well. The report should include the individual or election committee receiving the contribution, the office for which the individual is running, the current elected office held (if any), the dollar amount of the contribution or value of the donated item and whether or not the Supervised Person is eligible to vote for the candidate. Contributions to Political Action Committees (PACs) and political parties should not be included in the reporting unless Champion is engaged in or considering engaging in business with an individual or organization which would be a beneficiary of such contribution.

**9. Personal Trading Requirements and Restrictions** 

**Pre-clearance for Reportable Securities and Exempt Transactions** 

Champion developed its policy to prohibit its Access Persons from knowingly engaging in a security transaction at any point in which Champion is actively considering, or trading in the same or equivalent security for a Client.

**Watch List** 

Champion will maintain a Watch List consisting of the full universe of listed securities Champion may consider transacting in for a Client. Pre-clearance is not required for Reportable Securities that are not on the Watch List; however, such transactions must be reported through Access Person's Quarterly Transaction Report.

**It is the responsibility of all Access Persons to review the Watch List before transacting to ensure adherence with the pre-clearance Code exemption in all applicable instances.** 

The Watch List will be maintained as a shared online file which will be made available by Champion to all

Access Persons. Each Access Person is responsible for ensuring that any Reportable Securities that may be purchased or sold within their non-exempt Personal Trading accounts, as well as the accounts of their Connected Persons, are properly pre-cleared before transacting when a Reportable Security is represented on the Watch List.

Pre-clearance requests must be submitted and approved with direct emails to and from the CCO. A Designee will approve the CCO's personal trades. Champion's CCO is responsible for approving any preclearance request for a security on the Watch List. Such request will only be approved if Champion is not actively trading or does not have immediate plans to trade the security in a Client account, among other determining factors.

Any granted approval is valid for one trading day after receiving approval to execute the trade, unless the approval is revoked for any reason by the CCO. If the request is made on a non-trading day, the preclearance approval is valid for the following trading day.

**Restricted List** 

Members of the Compliance Committee may place certain securities on a "restricted list." Access Persons are prohibited from personally, or on behalf of an advisory account, purchasing or selling these securities during any period they are listed. Securities issued by companies about which Champion is expected to regularly have material, nonpublic information should generally be placed on the restricted list. A Member of the Compliance Committee shall take steps to immediately inform all Access Persons of the securities listed on the restricted list.

**Exempt Transactions** 

The following transactions are exempt and do not require pre-clearance in any instance:

● Participation in an ongoing automatic investment plan including 401K plans or an issuer's dividend reinvestment or stock purchase plan;

● Participation in any transaction over which no Supervised Person had any direct or indirect influence or control, involuntary transactions (such as mergers, inheritances, gifts, etc.); and

● Shares of registered open-end investment companies other than shares of any open-end investment companies for which Champion acts as the advisor or sub-adviser.

**Limit Orders** 

Champion prohibits its Access Persons from placing a "good until cancelled" order or any limit order for a Reportable Security on Champion's Watch List. Pending "good until cancelled" orders for securities placed on the Watch List should be cancelled by the Access Person, and the pre-approval process should be followed.

**Pre-Clearance for IPOs, Private Placements or Limited Offerings** 

Rule 204A-1(c) requires Champion Access Persons to obtain Champion's approval in all instances and without exception, before directly or indirectly acquiring beneficial ownership in any security in an initial public offering, private placement or limited offering. Pre-clearance requests must be submitted and approved with direct emails to and from the CCO. A Designee will approve the CCO's personal trades.

**Reporting Requirements** 

Champion's Employees are subject to Initial, Quarterly and Annual Reporting requirements for personal account investing.

Under Rule 204A-1 Employees are required to disclose the existence of any account in which Reportable Securities transactions can be effected, as well as any account for a Connected Person.

Accounts and transactions will be subject to periodic review to identify potential conflicts. All Initial, Quarterly and Annual Reporting requirements must be completed in MCO.

**Initial Holdings Report** 

Within ten (10) calendar days of being designated as, or determined to be, a Supervised Person (which may be upon hire), each Supervised Person must provide a statement of all Reportable Securities Holdings and Reportable Accounts, including those of Connected Persons, via MCO. The information must be current as of a date not more than 45 days prior to the individual becoming a Supervised Person. More specifically, each Supervised Person must provide the following information:

● the title, number of shares and principal amount of each Reportable Security in which the Supervised Person has any direct or indirect Beneficial Ownership; and

● the name of any Financial Institution with whom the Supervised Person maintains an account in which any securities were held for the direct or indirect benefit of the Supervised Person.

**Quarterly Transaction Report** 

Each Champion Supervised Person is required to affirm all non-Exempt Reporting quarterly transactions via MCO within thirty (30) calendar days of each calendar quarter end. Exempt Reporting transactions are any transaction with respect to securities held in accounts over which the Access Person, or Connected Person, has no direct or indirect influence or control.

**Annual Holdings Report** 

Each Supervised Person is required to annually affirm in MCO a list of all Reportable Securities holdings and Personal Trading accounts, both exempt and non-exempt, which is current as of a date not more than 45 days prior to the date the report is submitted. This affirmation must be received no later than January 30th of every year.

The table below is designed as a guide for all Access Persons regarding their responsibilities for personal transactions that must be pre-cleared, and the accounts that are subject to disclosure and reporting requirements, or are deemed exempt.

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Personal Trading Requirements (for accounts with trading discretion)*** | ***Personal Trading Requirements (for accounts with trading discretion)*** | ***Personal Trading Requirements (for accounts with trading discretion)*** | ***Personal Trading Requirements (for accounts with trading discretion)*** | ***Personal Trading Requirements (for accounts with trading discretion)*** |
| Security / Holding (or derivatives of) | Reportable per<br> Code of Ethics | Pre-clearance<br> **ALWAYS**<br> Required | Pre-clearance<br> **NEVER**<br> Required | Pre-clearance<br> Required<br> ***(per Watch List)*** |
| **The Champion Fund** | **YES** | **X** | | |
| Closed-end funds | YES | | | **X** |
| Commodities, futures (non-equity) | **NO** | | | **X** |
| Corporate Bonds | YES | | | **X** |
| ETFs/UITs | YES | | | **X** |
| Futures/options, currency futures | YES | | | **X** |
| Hedge Funds | YES | | | **X** |
| Initial Public Offering | YES | **X** | | |
| Municipal Bonds | YES | | | **X** |
| Open-end funds (not managed by Champion) | NO | | **X** | |
| Private Placements/Limited Offerings | YES | **X** | | |
| REITs | YES | | | **X** |
| Shares issued by MM funds | **NO** | | **X** | |
| Stocks | YES | | | **X** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Account Reporting Requirements*** | ***Account Reporting Requirements*** | ***Account Reporting Requirements*** | ***Account Reporting Requirements*** | ***Account Reporting Requirements*** |
| Account Type | Reportable per<br> Code of Ethics | Initial<br> Disclosure | Quarterly <br> Transactions | Annual <br> Affirmation |
| Employee Brokerage Account (discretion) | YES | **X** | **X** | **X** |
| Employee Brokerage Account (no discretion) | YES | **X** |  | **X** |
| 529 Savings Plans | **NO** |  |  |  |
| Connected Person Brokerage Account (discretion) | YES | **X** | **X** |  |
| Connected Person Brokerage Account (no discretion) | YES | **X** |  | **X** |
| Employee/Connected Account (no Reportable Securities) | **NO** |  |  |  |

---

**10. Gifts and Entertainment**

Gifts or Entertainment may create an actual or apparent conflict of interest, which could affect (or appear to affect) the recipient's independent business judgment.

Employees are required to follow the standards below regarding the acceptance or giving of gifts and entertainment with respect to all Business Partners. Employees are expected to avoid any gifts or entertainment that:

● could create an apparent or actual conflict;

● is excessive or would reflect unfavorably on Champion or its Clients; or

● would be inappropriate or disreputable nature.

Modest gifts and favors, which would not be regarded by others as improper, may be accepted or given on an occasional basis. Entertainment that satisfies these requirements and conforms to generally accepted business practices is also permissible.

Where there is a law or rule that applies to the conduct of a particular business or the acceptance of gifts of even nominal value, the law or rule must be followed.

A "Gift" is anything of value that is given with the intent to foster a legitimate business relationship. Gifts can include merchandise such as wine, gift baskets, or event tickets if the giver does not attend. No Supervised Person may receive any gift, service or other thing of excessive value from any person or entity that does business with or on behalf of Champion. No Supervised Person may give or offer any gift of excessive value, determined to be amounts in excess of $500, to existing Clients, prospective Clients, or any entity that does business with or on behalf of Champion without pre-approval by the CCO. Employees may not accept a gift of cash or a cash-equivalent in any amount.

"Entertainment" is a meeting, meal or other activity where both the Supervised Person and the business partner are present and have the opportunity to discuss business or any participant's employer bears the cost. It does not include events that have been organized by Champion directly, such as receptions following an industry gathering or multi-client entertainment. If the Business Partner will not be present for the event it will be considered a gift. No Supervised Person may provide or accept extravagant or excessive entertainment to or from a client, prospective client, or any person or entity that does or seeks to do business with or on behalf of Champion. A Supervised Person may provide or accept a business entertainment event, such as dinner, a sporting event, golf outings, etc. provided that such activities involve no more than customary amenities and the person or entity providing the entertainment is present.

A "Business Partner," for the purpose of this Code, includes all current Clients, Portfolio Companies, and vendors with which Champion conducts business, any potential Clients, Portfolio Companies, or vendors with whom Champion could engage in business with, any registered broker-dealers, and any firms under contract to do business with Champion.

Supervised Persons who are also Registered Representatives are required to follow the more restrictive FINRA thresholds for gifts and entertainment.

*Disclosure of Gifts and Entertainment*

For the purposes of disclosure of gifts and entertainment the following are exempt:

● usual and customary promotional items (e.g., T-shirts, caps, or pens marked with the vendor's logo);

● gifts or entertainment of nominal value (Gifts $500 or less, Entertainment $500 or less per person per event);

● attendance and participation at industry sponsored events; or

● usual and customary gifts given to or by Employees based on a personal relationship (e.g., the vendor and Supervised Person have a family relationship that preceded interaction at the Adviser).

---

| | |
|:---|:---|
| **Gifts Given to or Received by Employees** | **Approval or Disclosure Required** |
| Gifts given or received from the same Business Partner which are valued in aggregate less than $500/twelve-month period | no approval required |
| Gifts given or received from the same Business Partner which are valued in aggregate equal to or more than $500/twelve-month period | approval required |
| **Entertainment provided for or by Employees** | **Approval or Disclosure Required** |
| Entertainment provided to a Supervised Person valued under $500 per person per event | no approval required |
| Entertainment provided to a Supervised Person at equal/more than $500 per person per event | approval required |

---

**11. Outside Business Activities**

Without receiving approval via MCO, no Supervised Person shall:

● accept, directly or indirectly, compensation of any nature as a bonus, commission, fee, gratuity or other consideration in connection with any transaction on behalf of the Adviser or a client from any Person, firm, corporation or association, other than the Adviser or an affiliate thereof.

● acquire, directly or indirectly, any equity or other ownership or financial interest in any other organization engaged in any securities, financial or related business, except for (i) a minority equity or other ownership or other financial interest in any business that is publicly traded, or (ii) an equity or other ownership or financial interest through any account over which the Supervised Person has no direct or indirect influence or control.

Employees must receive approval via MCO prior to engaging in any outside business activity that involves:

● a time commitment that would prevent the Supervised Person from performing his or her duties for the Adviser or that would otherwise be restricted or prohibited by the governing documents of a client;

● active participation in any business in the financial services industry or otherwise in competition with the Adviser; or

● serving as a director, officer, or general partner of any business, corporation, or partnership (excluding family-owned businesses and charitable, professional and non-profit organizations).

An outside business activity may never:

● present a substantial risk of confusing Clients or the public as to the capacity in which the Supervised

&nbsp;&nbsp;&nbsp;&nbsp;● Person is acting;

● pose a reputational risk for Champion;

● inappropriately influence a Supervised Person's business dealings or otherwise create a conflict of interest vis-à-vis the interests of the Adviser or its Clients; or

● involve use of information relating to the Adviser, any client or other proprietary information.

**Code of Ethics Appendix A - Glossary of Defined Terms**

***Access Person* -** Anyone associated with Champion or its affiliates who:

● Has access to non-public information regarding any Clients' Transactions, or non-public information regarding the portfolio holdings of any fund(s) of a client or any Champion services;

● Is involved in making Securities Transactions recommendations to Clients, or has access to such recommendations that are non-public;

● In connection with his or her regular functions or duties, makes, participates in or obtains information regarding a Client's Transactions or whose functions relate to the making of any recommendations with respect to a Client's Transactions;

● Obtains information regarding a Client's Transactions or whose functions relate to the making of any recommendations with respect to a Client's Transactions;

● Any other person designated by the CCO as necessary.

For purposes of this Code all Employees (defined below) are considered Access Persons and subject to reporting and restrictions as defined by the Advisers Act.

***Account*** – Any accounts in which Securities (as defined below) transactions can be effected including:

● Any accounts held by any Supervised Person;

● Accounts of the Supervised Person's immediate family members (any relative by blood or marriage) living in the Supervised Person's household or is financially dependent;

● Accounts held by any other related individual over whose account the Supervised Person has discretionary control;

● Any other account where the Supervised Person has discretionary control and materially contributes; and

● Any account in which the Supervised Person has a direct or indirect beneficial interest, such as trusts and custodial accounts or other accounts in which the Supervised Person has a beneficial interest or exercises investment discretion.

***Automatic Investment Plan*** – A program in which regular periodic purchases (or withdrawals) are made automatically in (or from) investment accounts in accordance with a predetermined scheduled and allocation. An Automatic Investment Plan includes a dividend reinvestment plan.

***Beneficial Ownership*** – For purposes of the Code, "Beneficial Ownership" or "Beneficial Interest" shall be interpreted in the same manner as it would be in Rule 16a-1(a)(2) under the Securities Exchange Act of 1934 ("Exchange Act") in determining whether a person is subject to the provisions of Section 16 under the Exchange Act and the rules and regulations there under. Generally speaking, beneficial ownership encompasses those situations where the beneficial owner has the right to enjoy some economic benefits which are substantially equivalent to ownership regardless of who is the registered owner. This would include, but is not limited to:

● Securities which a person holds for his or her own benefit either in bearer form, registered in his or her own name or otherwise, regardless of whether the securities are owned individually or jointly;

● Securities held in the name of a member of his or her immediate family sharing the same household;

● Securities held by a trustee, executor, administrator, custodian or broker;

● Securities owned by a general partnership of which the person is a member or a limited partnership of

● which such person is a general partner;

● Securities held by a corporation which can be regarded as a personal holding company of a person; and • Securities recently purchased by a person and awaiting transfer into his or her name.

***Chief Compliance Officer ("CCO")*** – The CCO as referenced is Jonathan van Duren, so designated by Champion. The CCO may designate additional individuals, where appropriate, to operate in the capacity of the CCO as outlined in this Code.

***Client*** –The Champion Fund.

***Designee*** –any member of Champion's Compliance Committee or a 3rd Party Compliance Consultant.

***Employee*** – Employees of Champion including directors, officers, any temporary worker, or other personnel as designated by the CCO.

***Material Nonpublic Information –*** Any information that has not been publicly disseminated, or that was obtained legitimately while acting in a role of trust or confidence of an issuer or that was obtained wrongfully from an issuer or such person acting in a role of trust or confidence that a reasonable investor would consider important in making a decision to buy, hold or sell a company's securities. Regardless of whether it is positive or negative, historical or forward looking, any information that a reasonable investor could expect to affect a company's stock price. Material Nonpublic Information may include:

● Projections of future earnings or losses;

● News of a possible merger, acquisition or tender offer;

● Significant new products or services or delays in new product or service introduction or development;

● Plans to raise additional capital through stock sales or otherwise;

● The gain or loss of a significant customer, partner or supplier;

● Discoveries, or grants or allowances or disallowances of patents;

● Changes in management;

● News of a significant sale of assets;

● Impending bankruptcy or financial liquidity problems; or

● Changes in dividend policies or the declaration of a stock split

***Reportable Securities*** – Rule 204A-1 treats all securities as reportable securities, with five exceptions designed to exclude securities that appear to present little opportunity for the type of improper trading on behalf of a Supervised Person in which the restrictions are designed to mitigate and /or uncover:

● Transactions and holdings in direct obligations of the Government of the United States.

● Money market instruments — bankers' acceptances, bank certificates of deposit, commercial paper, repurchase agreements and other high quality short-term debt instruments.

● Shares of money market funds.

● Transactions and holdings in shares of other types of mutual funds, unless the adviser or a control affiliate acts as the investment adviser or principal underwriter for the fund.

● Transactions in units of a unit investment trust if the unit investment trust is invested exclusively in unaffiliated mutual funds.

***Securities Transactions –*** The term "Securities Transactions" as used within this Code typically refers to the purchase and/or sale of Securities, (as defined herein), by a Supervised Person. Securities Transactions shall include any gift of Covered Securities that is given or received by the Supervised Person, including any inheritance received that includes Covered Securities.

***Supervised Persons***– The Advisers Act defines "Supervised Person" to mean any partner, officer, director (or other person occupying a similar status or performing similar functions), or employee of an investment adviser, or other person who provides investment advice on behalf of the investment adviser and is subject to the supervision and control of the investment adviser. For purposes of this Code all Supervised Persons are considered Employees, and all Employees are Access Persons (defined above).

## Exhibit 99.25

**POWER OF ATTORNEY**

I, the undersigned Trustee of The Champion Fund (the "<u>Fund</u>"), do hereby constitute and appoint Marques Colston, Robin Riddell, Jesse K Randall, and Jonathan Van Duren, each individually, as my true and lawful attorney-in-fact and agent (each an "<u>Attorney-in-Fact</u>") with power of substitution or resubstitution, in any and all capacities in the furtherance of the business and affairs of the Fund: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Investment Company Act of 1940 and the Securities Act of 1933 (together the "<u>Acts</u>"), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any Registration Statement of the Fund on Form N-2 pursuant to the Acts, and any and all amendments thereto; and (ii) to execute any and all federal or state regulatory filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, the Fund.

The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall be revocable at any time by a writing signed by the undersigned and shall terminate automatically with respect to all Attorneys-in-Fact named above if the undersigned ceases to be a Trustee of the Fund.

**WITNESS** my hand on the date set forth below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ David Clute | Trustee | December 15, 2025 |

---

David Clute

**POWER OF ATTORNEY**

I, the undersigned Trustee of The Champion Fund (the "<u>Fund</u>"), do hereby constitute and appoint Robin Riddell, Jesse K Randall, and Jonathan Van Duren, each individually, as my true and lawful attorney-in-fact and agent (each an "<u>Attorney-in-Fact</u>") with power of substitution or resubstitution, in any and all capacities in the furtherance of the business and affairs of the Fund: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Investment Company Act of 1940 and the Securities Act of 1933 (together the "<u>Acts</u>"), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any Registration Statement of the Fund on Form N-2 pursuant to the Acts, and any and all amendments thereto; and (ii) to execute any and all federal or state regulatory filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, the Fund.

The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall be revocable at any time by a writing signed by the undersigned and shall terminate automatically with respect to all Attorneys-in-Fact named above if the undersigned ceases to be a Trustee of the Fund.

**WITNESS** my hand on the date set forth below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Marques Colston | Trustee; President and Principal Executive Officer | December 15, 2025 |

---

Marques Colston

**POWER OF ATTORNEY**

I, the undersigned Trustee of The Champion Fund (the "<u>Fund</u>"), do hereby constitute and appoint Marques Colston, Robin Riddell, Jesse K Randall, and Jonathan Van Duren, each individually, as my true and lawful attorney-in-fact and agent (each an "<u>Attorney-in-Fact</u>") with power of substitution or resubstitution, in any and all capacities in the furtherance of the business and affairs of the Fund: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Investment Company Act of 1940 and the Securities Act of 1933 (together the "<u>Acts</u>"), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any Registration Statement of the Fund on Form N-2 pursuant to the Acts, and any and all amendments thereto; and (ii) to execute any and all federal or state regulatory filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, the Fund.

The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall be revocable at any time by a writing signed by the undersigned and shall terminate automatically with respect to all Attorneys-in-Fact named above if the undersigned ceases to be a Trustee of the Fund.

**WITNESS** my hand on the date set forth below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Matthew Lederer | Trustee | December 15, 2025 |

---

Matthew Lederer

**POWER OF ATTORNEY**

I, the undersigned Trustee of The Champion Fund (the "<u>Fund</u>"), do hereby constitute and appoint Marques Colston, Robin Riddell, Jesse K Randall, and Jonathan Van Duren, each individually, as my true and lawful attorney-in-fact and agent (each an "<u>Attorney-in-Fact</u>") with power of substitution or resubstitution, in any and all capacities in the furtherance of the business and affairs of the Fund: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Investment Company Act of 1940 and the Securities Act of 1933 (together the "<u>Acts</u>"), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any Registration Statement of the Fund on Form N-2 pursuant to the Acts, and any and all amendments thereto; and (ii) to execute any and all federal or state regulatory filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, the Fund.

The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall be revocable at any time by a writing signed by the undersigned and shall terminate automatically with respect to all Attorneys-in-Fact named above if the undersigned ceases to be a Trustee of the Fund.

**WITNESS** my hand on the date set forth below.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Teri Smith | Trustee | December 15, 2025 |

---

Teri Smith

**POWER OF ATTORNEY**

I, the undersigned Trustee of The Champion Fund (the "<u>Fund</u>"), do hereby constitute and appoint Marques Colston, Robin Riddell, and Jonathan Van Duren, each individually, as my true and lawful attorney-in-fact and agent (each an "<u>Attorney-in-Fact</u>") with power of substitution or resubstitution, in any and all capacities in the furtherance of the business and affairs of the Fund: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Investment Company Act of 1940 and the Securities Act of 1933 (together the "<u>Acts</u>"), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any Registration Statement of the Fund on Form N-2 pursuant to the Acts, and any and all amendments thereto; and (ii) to execute any and all federal or state regulatory filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, the Fund.

The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall be revocable at any time by a writing signed by the undersigned and shall terminate automatically with respect to all Attorneys-in-Fact named above if the undersigned ceases to be a Trustee of the Fund.

**WITNESS** my hand on the date set forth below.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Jesse K Randall | Trustee | December 15, 2025 |

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Jesse K Randall

**POWER OF ATTORNEY**

I, the undersigned Treasurer and Principal Financial Officer of The Champion Fund (the "<u>Fund</u>"), do hereby constitute and appoint Robin Riddell, Jesse K Randall, and Jonathan Van Duren, each individually, as my true and lawful attorney-in-fact and agent (each an "<u>Attorney-in-Fact</u>") with power of substitution or resubstitution, in any and all capacities in the furtherance of the business and affairs of the Fund: (i) to execute any and all instruments which said Attorney-in-Fact may deem necessary or advisable or which may be required to comply with the Investment Company Act of 1940 and the Securities Act of 1933 (together the "<u>Acts</u>"), and any other applicable federal securities laws, or rules, regulations or requirements of the U.S. Securities and Exchange Commission in respect thereof, in connection with the filing and effectiveness of any Registration Statement of the Fund on Form N-2 pursuant to the Acts, and any and all amendments thereto; and (ii) to execute any and all federal or state regulatory filings, including all applications with regulatory authorities, state charter or organizational documents and any amendments or supplements thereto, to be executed by, on behalf of, or for the benefit of, the Fund.

The undersigned hereby grants to each Attorney-in-Fact full power and authority to do and perform each and every act and thing contemplated above, as fully and to all intents and purposes as the undersigned might or could do in person, and hereby ratifies and confirms all that said Attorneys-in-Fact, individually or collectively, may lawfully do or cause to be done by virtue hereof.

This Power of Attorney shall be revocable at any time by a writing signed by the undersigned and shall terminate automatically with respect to all Attorneys-in-Fact named above if the undersigned ceases to be an officer of the Fund.

**WITNESS** my hand on the date set forth below.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Rob Silva | Treasurer and Principal Financial Officer | December 15, 2025 |

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Rob Silva