# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-25-008883
**Filing Date:** 2025-7
**Character Count:** 666077
**Document Hash:** 59b2d9ed579d80b1f388dc6e2b25c5cf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-008883.hdr.sgml**: 20250709

**ACCESSION NUMBER**: 0001999371-25-008883

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 39

**FILED AS OF DATE**: 20250709

**DATE AS OF CHANGE**: 20250709

**EFFECTIVENESS DATE**: 20250709

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23812
- **FILM NUMBER:** 251114046

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Consortio Funds Trust
- **DATE OF NAME CHANGE:** 20220630
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Elevation Series Trust
- **CENTRAL INDEX KEY:** 0001936157

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265972
- **FILM NUMBER:** 251114045

**BUSINESS ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290
- **BUSINESS PHONE:** 7202128740

**MAIL ADDRESS:**
- **STREET 1:** 1700 BROADWAY
- **STREET 2:** SUITE 1850
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80290

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Consortio Funds Trust
- **DATE OF NAME CHANGE:** 20220630

## Series and Classes Contracts Data

### The Disciplined Growth Investors Fund (Series ID: S000093392)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000261609 | The Disciplined Growth Investors Fund |  |

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

As filed with the Securities and Exchange Commission on July 9, 2025

Securities Act Registration No. 333-265972

Investment Company Act Registration No. 811-23812

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

**☐** **&nbsp;&nbsp;&nbsp;&nbsp;Pre-Effective Amendment No. __**

**☒** **Post-Effective Amendment No. 63**

and/or

**REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940**

**☒** **&nbsp;&nbsp;&nbsp;&nbsp;Amendment No. 64**

**Elevation Series Trust**

(Exact Name of Registrant as Specified in Charter)

**1700 Broadway, Suite 1850**

**Denver, CO 80290**

(Address of Principal Executive Offices)

Registrant's Telephone Number, including Area Code: **303-226-4150**

**Nicholas Adams**

**Elevation Series Trust**

**1700 Broadway, Suite 1850**

**Denver, CO 80290**

**The Corporation Trust Company**

**1209 Orange Street**

**Wilmington, DE 19801**

(Name and address of agent for service)

With copy to:

**JoAnn M. Strasser**

**Thompson Hine LLP**

**41 South High Street, 17<sup>th</sup> Floor**

**Columbus, Ohio 43215**

Approximate date of proposed public offering: As soon as practicable after the effective date of the Registration Statement.

It is proposed that this filing will become effective:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ Immediately upon filing
 pursuant to paragraph (b)

☐ On [Date] pursuant to paragraph (b)

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

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

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

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

If appropriate, check the following box:

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

**PROSPECTUS**

**July 9, 2025**

**The Disciplined Growth Investors Fund– DGIFX**

a series of Elevation Series Trust

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

**THE U.S. SECURITIES AND EXCHANGE COMMISSION ("SEC") HAS NOT APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [The Disciplined Growth Investors Fund – Fund Summary](#azoria485aposa001) | 1 |
| [Additional Information About the Fund](#azoria485aposa002) | 7 |
| [Portfolio Holdings Information](#azoria485aposa003) | 13 |
| [Management](#azoria485aposa004) | 13 |
| [How to Buy and Sell Shares](#azoria485aposa005) | 14 |
| [Dividends, Distributions and Taxes](#azoria485aposa006) | 23 |
| [Distribution](#azoria485aposa007) | 27 |
| [Other Information; Additional Notices](#azoria485aposa008) | 27 |
| [Financial Highlights](#azoria485aposa009) | 28 |

---

i

**FUND Summary—The Disciplined Growth Investors Fund** 

**Investment Objective**

The Disciplined Growth Investors Fund (the "Fund") seeks long-term capital growth, and as a secondary objective, modest income with reasonable risk.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

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

---

---

| | |
|:---|:---|
| Management Fees | 0.78% |
| Other Expenses | 0.00% |
| **Total Annual Fund Operating Expenses** | 0.78% |

---

**Example**

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Years** | &nbsp;&nbsp;**5 Years** | &nbsp;&nbsp;**10 Years** |
| &nbsp;&nbsp;$80 | &nbsp;&nbsp;$249 | &nbsp;&nbsp;$433 | &nbsp;&nbsp;$965 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. This rate excludes the value of portfolio securities whose maturities or expiration dates at the time of acquisition were one year or less. For the fiscal year ended April 30, 2025, the Predecessor Fund's (defined below) portfolio turnover rate was 17% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

The Fund pursues its investment objective by investing, under normal conditions, approximately 65% of its assets in equity securities and approximately 35% in fixed-income securities and cash equivalents. The allocation to equity and fixed-income securities may vary widely from time to time, as market conditions warrant. The Fund may invest in both investment-grade and below investment-grade securities. The Fund's fixed-income securities will generally have a weighted average maturity of five to 10 years, although Disciplined Growth Investors, Inc. ("DGI" or the "Adviser") may cause the Fund to invest in fixed-income securities with a weighted average maturity greater than 10 years or less than five years, depending on market conditions. If the Adviser cannot find qualifying investments, the Fund may hold cash and short-term securities. The Adviser seeks to invest primarily in U.S. companies but may invest in foreign companies from time to time.

With respect to the equity portion of the portfolio, the Adviser seeks to generally invest in mid-sized companies, which the Adviser regards as those with market capitalizations at the time of purchase greater than $1 billion and less than $15 billion. The Adviser employs a "bottom-up" approach to building a portfolio. The Adviser's goal is to find stocks that it believes meet its criteria of sustainable competitive advantage relative to industry peers, long-term superior return on capital coupled with the financial ability to meet reasonable growth objectives. The Adviser will sell a stock through a process of allocating capital to the highest expected returns or if individual security risks become unexpectedly high.

Fixed-income securities generally include corporate debt securities, U.S. Government obligations, mortgage-backed securities and other mortgage-related products and short-term securities.

With respect to the fixed-income portion of the portfolio, the Adviser seeks to identify fundamental growth opportunities in specific fixed-income securities that offer relative value within the fixed- income markets. The Adviser's decision making approach has both "top-down" (including duration/ maturity positioning, yield curve risk and sector/quality risk) and "bottom-up" (including credit research, quantitative analysis and trading) components. The Adviser's sell discipline is managed through a combination of inputs from its maturity, sector and individual selection decisions.

**Principal Risks of Investing in the Fund**

The principal risks of investing in the Fund are summarized below. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. The following risks could affect the value of your investment in the Fund:

● **Managed Portfolio Risk.** When choosing an actively managed mutual fund, it is generally important for investors to evaluate the investment adviser managing the fund. With respect to the Fund, performance of individual securities held by the Fund can vary widely. The investment decisions of the Fund's Adviser may cause the Fund to underperform other investments or benchmark indices. The Fund may also underperform other mutual funds with similar investment strategies. The Fund's Adviser may not buy chosen securities at the lowest possible price or sell securities at the highest possible prices. As with any mutual fund investment, there can be no guarantee that the Fund will achieve its investment goals.

● **Equity Securities Risk.** Equity prices fluctuate and may decline in response to developments at individual companies or general economic conditions including interest rate levels, political events, war, natural disasters and the spread of infectious illness or other public health issues. If the value of Fund's investments goes down and you redeem your shares, you could lose money. While the ability to hold shares through periods of volatility may protect long-term investments from permanent loss, Fund investments might not be profitable either because the market fails to recognize the value or because the Adviser misjudged the value of the investment.

● **Mid-Capitalization Risk.** The Fund may invest significantly in mid-capitalization stocks, which are often more volatile and less liquid than investments in larger companies. The frequency and volume of trading in securities of mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure.

● **Growth Stock Risk.** Securities of companies perceived to be "growth" companies may be more volatile than other stocks and may involve special risks. The price of a "growth" security may be adversely affected if the company does not realize its anticipated potential or if there is a shift in the market to favor other types of securities.

● **Industry Risk.** The Fund may be focused in one industry or group of industries. As a result, the Fund's returns may be considerably more volatile than returns of a fund that does not focus in one industry or group of industries.

● **Non-U.S. Securities Risk.** Non-U.S. securities are subject to the risks of foreign currency fluctuation, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability.

● **Currency Risk.** Fluctuations in exchange rates between the U.S. dollar and non-U.S. currencies may cause the value of the Fund's non-U.S. investments to decline in terms of U.S. dollars. Additionally, certain of the Fund's foreign currency transactions may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency. Funds that may invest in securities denominated in, or which receive revenues in, non-U.S. currencies are subject to this risk.

● **Fixed-Income Securities Risk.** The Fund may hold debt and other fixed-income securities to generate income. Typically, the values of fixed-income securities will change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund's net asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed income securities are also subject to credit risk, prepayment risk, valuation risk and liquidity risk.

● **Allocation Risk.** The asset classes in which the Fund seeks investment exposure can perform differently from each other at any given time (as well as over the long term), so the Fund will be affected by its allocation among equity and fixed-income securities. If the Fund favors exposure to an asset class during a period when that class underperforms, performance may be hurt. During periods of rapidly rising equity price, the Fund might not achieve growth in its share price to the same degree as funds focusing only on stocks. The Fund's investments in stocks may make it more difficult to preserve principal during periods of stock market volatility.

● **Technology Sector Risk.** To the extent the Fund invests in technology companies, the Fund is particularly vulnerable to factors affecting the technology sector, such as dependency on consumer and business acceptance as new technology evolves, large and rapid price movements resulting from competition, rapid obsolescence of products and services and short product cycles. Many technology companies are small and at an earlier stage of development and, therefore, may be subject to risks such as those arising out of limited product lines, markets and financial and managerial resources.

● **Cash Position Risk.** The Fund may hold cash or short-term instruments, such as interest-bearing savings accounts or demand deposit accounts at banks and investments in money market accounts. During periods when the Fund maintains exposure to cash or short-term instruments, it may not participate in market movements to the same extent that it would if the Fund was more fully invested in equity securities.

● **Corporate Debt Risk.** Corporate debt securities in which the Fund may invest are taxable debt obligations issued by corporations, are subject to the risk of the issuer's inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to factors such as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity. The market value of a debt security generally reacts inversely to interest rate changes. When prevailing interest rates decline, the price of the debt obligation usually rises, and when prevailing interest rates rise, the price usually declines.

● **High Yield Securities Risk.** The Fund may invest in high yield securities. High yield securities generally offer a higher current yield than that available from higher grade issues, but typically involve greater risk. Securities rated below investment grade are commonly referred to as "junk bonds." The ability of issuers of high yield securities to make timely payments of interest and principal may be adversely impacted by adverse changes in general economic conditions, changes in the financial condition of the issuers and price fluctuations in response to changes in interest rates. High yield securities are less liquid than investment grade securities and may be difficult to price or sell.

● **Mortgage-Backed and Asset-Backed Securities Risk.** Mortgage- and asset-backed securities represent interests in "pools" of commercial or residential mortgages or other assets, including consumer loans or receivables. Mortgage- and asset-backed securities tend to be more sensitive to changes in interest rates than other types of debt securities. Investments in mortgage-and asset-backed securities are subject to both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. These risks may reduce the Fund's returns. In addition, investments in mortgage- and asset-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities.

An investment in the Fund is not a deposit of any bank and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation, or any other government agency.

**Performance**

The Fund acquired all of the assets and liabilities of The Disciplined Growth Investors Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax-free reorganization on July 11, 2025. In connection with this acquisition, shares of the Predecessor Fund were exchanged for shares of the Fund. The Predecessor Fund had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance information includes the performance of the Predecessor Fund.

The following information provides some indication of the risks of investing in the Fund by showing how the Predecessor Fund's performance has varied over time.

The bar chart depicts the change in performance from year to year during the periods indicated. If sales charges were included, the returns would be lower. The table compares the Predecessor Fund's average annual returns for the periods indicated to a broad-based securities market index. The index is not actively managed and is not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Predecessor Fund's past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available on the Fund's website at www.dgifund.com.

![](dgifx485apos001.jpg)

During the period shown in the bar chart, the best performance for a quarter was 23.15% (for the quarter ended March 31, 2024) and the worst performance was -19.25% (for the quarter ended March 31, 2020).

The Predecessor Fund's year-to-date return as of June 30, 2025 was -9.70%

**Average Annual Total Returns** <br> **(for the Periods Ended December 31, 2024)** <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **<u>One Year</u>** | **<u>Five Year</u>** | &nbsp;&nbsp;**<u>Ten Year</u>** |
| Return Before Taxes | 20.93% | 12.35% | &nbsp;&nbsp;10.39% |
| Return After Taxes on Distributions | 15.88% | 10.04% | &nbsp;&nbsp;8.84% |
| Return After Taxes on Distributions and Sale of Fund Shares | 15.94% | 9.52% | &nbsp;&nbsp;8.23% |
| **S&P 500 Total Return Index®**<br> (reflects no deductions for fees, expenses, or taxes) | 25.02% | 14.53% | &nbsp;&nbsp;13.10% |

---

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the periods covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax deferred arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management**

---

| | |
|:---|:---|
| *Adviser:* | Disciplined Growth Investors, Inc. ("DGI"). |
| *Portfolio Managers:* | Fred Martin has been a portfolio manager of the Fund since its inception in August 2011. Rob Nicoski has been a portfolio manager of the Fund since its inception in August 2011. Nick Hansen has been a portfolio manager of the Fund since December 2019. Jason Lima has been a portfolio manager of the Fund since October 2021. Mr. Martin, Mr. Nicoski, Mr. Hansen, and Mr. Lima are jointly and primarily responsible for day-to-day management of the Fund's portfolio. |

---

**Purchase and Sale of Shares**

The initial investment minimum for the Fund is either:

● $10,000 or greater as a lump sum investment, no minimum for subsequent purchases

OR

● $100/month or greater if an automatic monthly investment is established with monthly contributions of at least $100 until the account balance reaches $10,000, and the shareholder agrees to e-delivery of account statements and transaction confirmations.

The initial investment minimum for IRA and Roth IRA accounts is either:

● The annual maximum IRA or Roth IRA contribution amounts allowed by the IRS. As of the date of this Prospectus, the annual maximum is $7,000.

OR

● $100/month or greater as an Automatic Investment Plan ("AIP")

In the event that the aforementioned monthly contributions lapse prior to the account balance reaching $10,000, the Fund reserves the right to liquidate the account and return proceeds to the shareholder, provided that the Fund also may, upon satisfactory demonstration of hardship, make exceptions to the liquidation policy in the event of a lapse in monthly contributions.

Purchases, exchanges and redemptions may be made on any business day through certain broker-dealers or other financial intermediaries, the Fund's website at www.dgifund.com, by telephone at 855-DGI-FUND (855-344-3863) or by regular mail to the DGI Fund c/o Paralel Technologies LLC, PO Box 2170, Denver, CO, 80201.

**Tax Information**

The Fund's distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts. See "Dividends, Distributions, and Taxes – Dividends and Distributions" for more information.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.

**Additional Information About the Fund**

**Additional Information About the Fund's Investment Objective.** 

The Fund seeks long-term capital growth, and as a secondary objective, modest income with reasonable risk. While there is no assurance that the Fund will achieve its investment objective, it endeavors to do so by following the strategies and policies described in this Prospectus.

The Fund's investment objective and/or the Fund's principal investment strategies may be changed by the Board of Trustees (the "Board") without shareholder approval upon written notice to shareholders.

**Additional Information About the Fund's Investment Strategies.** 

The Fund pursues its investment objective by investing, under normal conditions, approximately 65% of its assets in equity securities and approximately 35% in fixed-income securities and cash equivalents. The allocation to equity and fixed-income securities may vary widely from time to time, as market conditions warrant. The Fund may invest in both investment-grade and below investment-grade securities. The Fund's fixed-income securities will generally have a weighted average maturity of five to 10 years, although Disciplined Growth Investors, Inc. ("DGI" or the "Adviser") may cause the Fund to invest in fixed-income securities with a weighted average maturity greater than 10 years or less than five years, depending on market conditions. If the Adviser cannot find qualifying investments, the Fund may hold cash and short-term securities. The Adviser seeks to invest primarily in U.S. companies but may invest in foreign companies from time to time

With respect to the equity portion of the portfolio, the Adviser seeks to generally invest in mid-sized companies, which the Adviser regards as those with market capitalizations at the time of purchase greater than $1 billion and less than $15 billion. The Adviser employs a "bottom-up" approach to building a portfolio. The Adviser's goal is to find stocks that it believes meet its criteria of sustainable competitive advantage relative to industry peers, long-term superior return on capital coupled with the financial ability to meet reasonable growth objectives. The Adviser will sell a stock through a process of allocating capital to the highest expected returns or if individual security risks become unexpectedly high.

Fixed-income securities generally include corporate debt securities, U.S. Government obligations, mortgage-backed securities and other mortgage-related products and short-term securities. With respect to the fixed-income portion of the portfolio, the Adviser seeks to identify fundamental growth opportunities in specific fixed-income securities that offer relative value within the fixed- income markets. The Adviser's decision making approach has both "top-down", (including duration/ maturity positioning, yield curve risk and sector/quality risk) and "bottom-up" (including credit research, quantitative analysis and trading) components. The Adviser's sell discipline is managed through a combination of inputs from its maturity, sector and individual selection decisions.

**Principal Securities in which the Fund Invests**

*Equity Securities* 

Equity securities are securities which signify ownership interest in a corporation and represent a claim on part of the corporation's assets and earnings. Equity securities may include common stocks, preferred stocks, convertible securities, equity interests in non-U.S. investments or trusts, depositary receipts, equity interests in publicly traded limited partnerships/units and other equity investments. The Fund may invest in equity or equity-related securities and equipment lease certificates, equipment trust certificates and conditional sales contracts or limited partnership interests.

*Mid-Sized Company Securities* 

Mid-sized company securities involve greater risk and price volatility than larger, more established companies because they tend to have more limited product lines, markets and financial resources, such as access to capital, and may be dependent on a smaller and more inexperienced management group. In addition, mid-sized company securities may trade less frequently than securities of larger companies, making the prices of these securities subject to greater volatility.

Mid-sized company securities may appreciate faster than those of larger, more established companies for many reasons. For example, mid-sized companies tend to have younger product lines whose distribution and revenues are still maturing.

*Corporate Debt Securities* 

The Fund may invest in both investment-grade and below investment-grade corporate debt securities with weighted average maturity of five to 10 years, although the Adviser may cause the Fund to invest in corporate debt securities with a weighted average maturity greater than 10 years or less than five years, depending on market conditions.

*U.S. Government Securities* 

The Fund may invest in U.S. Government securities with weighted average maturity of five to 10 years, although the Adviser may cause the Fund to invest in U.S. Government securities with a weighted average maturity greater than 10 years or less than five years, depending on market conditions. U.S. Government securities include those issued directly by the U.S. Treasury and those issued or guaranteed by various U.S. Government agencies and instrumentalities. Some government securities are backed by the "full faith and credit" of the United States. Other government securities are backed only by the rights of the issuer to borrow from the U.S. Treasury. Others are supported by the discretionary authority of the U.S. Government to purchase the obligations. Certain other government securities are supported only by the credit of the issuer. For securities not backed by the full faith and credit of the United States, the Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment.

**Other Investment Policies** 

*Temporary Defensive Positions/ Cash Positions* 

The Fund may depart from its principal investment strategies in response to adverse market, economic or political conditions by taking temporary defensive positions in short-term debt securities or cash and cash equivalents. For example, when the Adviser believes that market conditions are unfavorable for profitable investing, or when the Adviser is otherwise unable to locate attractive investment opportunities, the Fund's cash or similar investments may increase. When the Fund's investments in cash or similar investments increase, it may not participate in market advance or declines to the same extent that it would if the Fund remained more fully invested. Under such circumstances, the Fund may not achieve its investment objective.

*Illiquid Investments* 

The Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment is a security or other position that cannot be disposed of quickly in the normal course of business (within seven days). For example, some securities are not registered under U.S. securities laws and cannot be sold to the U.S. public because of SEC regulations (these are known as "restricted securities"). Under procedures utilized by the valuation designee, certain restricted securities may be deemed liquid and will not be counted toward this 15% limit.

*Investment Limitations* 

Except with respect to the illiquid investment restrictions set forth above and as otherwise required by the 1940 Act and the rules and regulations thereunder, all limitations on Fund investments listed in this Prospectus will apply at the time of investment. The Fund would not violate these limitations unless an excess or deficiency occurs or exists immediately after and as a result of an investment. Unless otherwise indicated, references to assets in the percentage limitations on the Fund's investments refer to total assets.

**Additional Information About the Fund's Principal Risks.** An investment in the Fund entails risks. The Fund could lose money, or its performance could trail that of other investment alternatives. The following provides additional information about the Fund's principal risks. It is important that investors closely review and understand these risks before making an investment in the Fund. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears.

● **Allocation Risk.** The asset classes in which the Fund seeks investment exposure can perform differently from each other at any given time (as well as over the long term), so the Fund will be affected by its allocation among equity and fixed-income securities. If the Fund favors exposure to an asset class during a period when that class underperforms, performance may be hurt. Because the Fund's portfolio will be balanced and normally consist of 65% equities and 35% fixed-income, during periods of rapidly rising equity prices, the Fund might not achieve growth in its share price to the same degree as funds focusing only on stocks. Likewise, compared to a portfolio focused solely on fixed-income securities, the Fund's investments in stocks may make it more difficult to preserve principal during periods of stock market volatility when it might be more favorable to be invested more heavily in fixed-income securities. There have been times of extreme capital market disturbance when fixed-income and equity securities have lost value.

● **Cash Position Risk.** The Fund may hold cash or short-term instruments, such as interest-bearing savings accounts or demand deposit accounts at banks and investments in money market accounts for many reasons including, (i) as part of the Adviser's strategy in order to take advantage of investment opportunities as they arise, (ii) when the portfolio managers believe that market conditions are unfavorable for profitable investing for the Fund, (iii) when the portfolio managers are otherwise unable to locate attractive investment opportunities for the Fund, (iv) as a temporary measure in order to meet redemption requests, or (v) as a defensive measure in response to adverse market or economic conditions. During periods when the Fund maintains exposure to cash or short-term instruments, it may not participate in market movements to the same extent that it would if the Fund was more fully invested in equity securities.

● **Corporate Debt Risk.** Corporate debt securities are taxable debt obligations issued by corporations, are subject to the risk of the issuer's inability to meet principal and interest payments on the obligations and may also be subject to price volatility due to factors such as market interest rates, market perception of the creditworthiness of the issuer and general market liquidity. The market value of a debt security generally reacts inversely to interest rate changes. When prevailing interest rates decline, the price of the debt obligation usually rises, and when prevailing interest rates rise, the price usually declines.

● **Currency Risk.** This is the risk that fluctuations in exchange rates between the U.S. dollar and non-U.S. currencies may cause the value of the Fund's non-U.S. investments to decline in terms of U.S. dollars. Additionally, certain of the Fund's foreign currency transactions may give rise to ordinary income or loss to the extent such income or loss results from fluctuations in the value of the foreign currency. See "FEDERAL INCOME TAXES" below. Funds that may invest in securities denominated in, or which receive revenues in, non-U.S. currencies are subject to this risk.

● **Equity Securities Risk.** The Fund invests primarily in common stocks or securities convertible to common stocks. Equity investments are subject to declines in a company's share price or in the overall stock market. Equity prices fluctuate and may decline in response to developments at individual companies or general economic conditions including interest rate levels, political events, war, natural disasters and the spread of infectious illness or other public health issues. The value of your investment in the Fund fluctuates daily with stock price movements and, upon redemption, may be worth more or less than what you paid. The Fund seeks to minimize this risk of loss of capital by (i) seeking a substantial margin of safety for securities purchases in terms of the extent to which the Fund's appraised value for a security exceeds the corresponding price, and (ii) limiting investments to companies believed to have identifiable, sustainable competitive advantages that will allow them to produce free cash flow and earn superior cash returns on capital. While the ability to hold shares through periods of volatility may protect long-term investors from permanent loss, there is a risk that investments may never reach what the Fund believes are their true values, either because the market fails to recognize that value or because the Fund did not accurately predict the true value. Loss of money is, therefore, a risk of investing in the Fund.

● **Fixed-Income Securities Risk.** The Fund may hold debt and other fixed-income securities to generate income. Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that their value will generally decline as prevailing interest rates rise, which may cause the Fund's net asset value to likewise decrease, and vice versa. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk and liquidity risk. Credit risk is risk that the fixed-income issuer fails to timely pay interest or principal when due. Prepayment risk is risk that when interest rates fall, borrowers refinance and pay off outstanding fixed-income securities forcing holders of fixed-income securities to replace such securities at a lower interest rate. Liquidity and valuation risks are risks that the Fund may not be able to sell a fixed-income security due to little or no trading volume, absence of market makers or legal restrictions limiting the Fund's ability to sell a security at the time of the Fund's choosing.

● **Growth Stock Risk.** Securities of companies perceived to be "growth" companies may be more volatile than other stocks and may involve special risks. The price of a "growth" security may be materially adversely affected if the company does not realize its anticipated potential or if there is a shift in the market to favor other types of securities.

● **High Yield Securities Risk.** The Fund may invest in high yield securities. High-yield/high-risk bonds, or "junk" bonds, are bonds rated below investment-grade by the primary rating agencies, such as Standard & Poor's, Fitch and Moody's, or are unrated bonds of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment-grade bonds. Issuers of high-yield/high-risk bonds may not be as strong financially as those issuing bonds with higher credit ratings and are more vulnerable to real or perceived economic changes, political changes or adverse developments specific to the issuer. In addition, the junk bond market can experience sudden and sharp price swings. Further, secondary markets for high-yield securities are less liquid than the market for investment-grade securities. Therefore, it may be more difficult to value the securities because valuation may require more research, and elements of judgment may play a larger role in the valuation because there is less reliable, objective data available.

● **Industry Risk.** Industry risk is the possibility that a group of related securities will decline in price due to industry- specific developments. Companies in the same or similar industries may share common characteristics and are more likely to react similarly to industry-specific market or economic developments. The Fund's investments, if any, in multiple companies in particular industry increase the Fund's exposure to the risks associated with the particular industry.

● **Managed Portfolio Risk.** As an actively managed portfolio, the value of each Fund's investments could decline because the financial condition of an issuer may change (due to such factors as management performance, reduced demand or overall market changes), financial markets may fluctuate or overall prices may decline, or the Adviser's investment techniques could fail to achieve the Fund's investment objective.

● **Mortgage-Backed and Asset-Backed Securities Risk.** Rising interest rates tend to extend the duration of, or reduce the rate of prepayments on, both mortgage-backed and asset-backed, making them more sensitive to changes in interest rates ("extension risk"). As a result, in a period of rising interest rates, the price of mortgage-backed securities may fall, causing the Fund that holds mortgage-backed securities to exhibit additional volatility. Mortgage-backed securities are also subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce the Fund's returns because the Fund will have to reinvest that money at lower prevailing interest rates. Investments in mortgage-backed securities, including those comprised of subprime and non-agency mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

Commercial Mortgage Backed Securities ("CMBS") are subject to certain other risks. The market for CMBS developed more recently than that for Residential Mortgage Backed Securities ("RMBS") and is relatively small in terms of outstanding principal amount of issues compared to the RMBS market. CMBS are also subject to risks associated with a lack of standardized terms, shorter maturities than residential mortgage loans, and payment of all or substantially all of the principal at maturity, rather than regular amortization of principal. Moreover, the type and use of a particular commercial property may add to the risk of CMBS investments. Adverse changes in economic conditions and circumstances are more likely to have an adverse impact on mortgage-backed securities secured by loans on commercial properties than on those secured by residential properties.

Similarly, the value of the Fund's investments in asset-backed securities may be adversely affected by changes in interest rates, factors concerning the interests in and structure of the issuer or originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds, or other credit or liquidity enhancements, and/or the market's assessment of the quality of the underlying assets. Generally, the originating bank or credit provider is neither the obligor nor the guarantor of the security, and interest and principal payments ultimately depend upon payment of the underlying loans by individuals. The Fund could incur a loss if the underlying loans are not paid. In addition, most asset-backed securities are subject to prepayment risk in a declining interest rate environment. The impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility. Rising interest rates tend to extend the duration of asset-backed securities, making them more volatile and sensitive to changing interest rates.

● **Mid-Capitalization Risk.** The Fund may invest significantly in mid-capitalization stocks, which are often more volatile and less liquid in larger companies. The frequency and volume of trading in securities of mid-size companies may be substantially less than is typical of larger companies. Therefore, the securities of mid-size companies may be subject to greater and more abrupt price fluctuations. In addition, mid-size companies may lack the management experience, financial resources and product diversification of larger companies, making them more susceptible to market pressures and business failure.

● **Non-U.S. Securities Risk.** Investments in non-U.S. securities may experience additional risks compared to investments in securities of U.S. companies. The securities markets of many non-U.S. countries are relatively small, with a limited number of issuers and securities. Furthermore, non-U.S. taxes also could detract from performance. Companies based in non-U.S. countries may not be subject to accounting, auditing and financial reporting standards and practices as stringent as those in the United States. Therefore, their financial reports may present an incomplete, untimely or misleading picture of a non-U.S. company, as compared to the financial reports of U.S. companies. Nationalization, expropriations or confiscatory taxation, currency blockage, political changes or diplomatic developments can cause the value of the Fund's investments in a non-U.S. country to decline. In the event of nationalization, expropriation or other confiscation, the Fund could lose its entire investment in that country.

● **Technology Sector Risk.** To the extent the Fund invests in technology companies, the Fund is particularly vulnerable to factors affecting the technology sector, such as dependency on consumer and business acceptance as new technology evolves, large and rapid price movements resulting from competition, rapid obsolescence of products and services and short product cycles. Many technology companies are small and at an earlier stage of development and, therefore, may be subject to risks such as those arising out of limited product lines, markets and financial and managerial resources.

**Portfolio Holdings Information**

A complete description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio holdings is available in the Fund's Statement of Additional Information (the "SAI").

**Management**

**Investment Adviser**

Disciplined Growth Investors, Inc. (the "Adviser"), subject to the authority of the Board of Trustees, is responsible for the overall management and administration of the Fund's business affairs. The Adviser began managing domestic equity and balanced portfolios in February 1997 and is registered with the Securities and Exchange Commission as an investment adviser. The Adviser's principal address is Fifth Street Towers, Suite 2550, 150 South Fifth Street, Minneapolis, Minnesota 55402.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary fee for the services and facilities it provides at the annual rate of 0.78% of the Fund's average daily net assets. The management fee is paid on a monthly basis. The current term of the Advisory Agreement is one year. The Board may extend the advisory agreement for additional one-year terms. The Board of Trustees, shareholders of the Fund or the Adviser may terminate the Advisory Agreement upon sixty (60) days' notice.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business.

A discussion regarding the basis for the Board of Trustees' approval of the Fund's Advisory Agreement will be available in the Fund's semi-annual report to shareholders for the period ended October 31, 2025.

**Portfolio Managers** 

The portfolio managers are jointly and primarily responsible for the day-to-day operation of the Fund.

*Fred Martin, CFA*

Mr. Martin is Lead Portfolio Manager of DGI. Fred has been a portfolio manager of the Fund since its inception in August 2011. Fred founded DGI in 1997.

*Rob Nicoski, CFA*

Mr. Nicoski is Chief Investment Officer & Lead Portfolio Manager of DGI since its inception in August 2011. Rob has been with DGI since 2003.

*Nick Hansen, CFA, CAIA*

Mr. Hansen is Lead Portfolio Manager of DGI. Nick has been a portfolio manager of the Fund since December 2019. Nick has been with DGI since 2006.

*Jason Lima, CFA*

Mr. Lima Lead Portfolio Manager of DGI. Jason has been a portfolio manager of the Fund since October 2021. Jason has been with DGI since 2011.

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

**How to Buy and Sell Shares**

**Classes of Shares**

The Fund currently offers one class of shares.

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

***Investment Minimums***

The initial investment minimum for the Fund is either:

● $10,000 or greater as a lump sum investment, no minimum for subsequent purchases

OR

● $100/month or greater if an automatic monthly investment is established with monthly contributions of at least $100 until the account balance reaches $10,000, and the shareholder agrees to e-delivery of account statements and transaction confirmations.

The initial investment minimum for IRA and Roth IRA accounts is either:

● The annual maximum IRA or Roth IRA Contribution Amounts allowed by the IRS.

OR

● $100/month or greater as an AIP and the $6,500 investment will be waived.

In the event that the aforementioned monthly contributions lapse prior to the account balance reaching $10,000, the Fund reserves the right to liquidate the account and return proceeds to the shareholder, provided that the Fund also may, upon satisfactory demonstration of hardship, make exceptions to the liquidation policy in the event of a lapse in monthly contributions.

Investors generally may meet the minimum investment amount by aggregating multiple accounts within the Fund. There is no subsequent investment minimum.

The Fund reserves the right to waive or change investment minimums.

Purchases, exchanges and redemptions may be made on any business day through certain broker-dealers or other financial intermediaries, the Fund's website at www.dgifund.com, by telephone at 855-DGI-FUND (855-344-3863), by facsimile at (720) 798-5535, or by regular mail to the DGI Fund c/o Paralel Technologies LLC, PO Box 2170, Denver, CO, 80201.

An annual IRA and Coverdell Education Savings Account maintenance fee of $10.00 for accounts held directly with the Fund is charged by the custodian on an annual basis.

**Determination of NAV**

The price of a share of the Fund is based on the net asset value ("NAV") of such Fund. The NAV is determined as of the close of regular trading on the New York Stock Exchange ("NYSE") (usually 4:00 p.m., Eastern time) every day the NYSE is open for trading. The NYSE is closed on the following holidays: New Year's Day, Martin Luther King, Jr. Day, President's Day, Good Friday, Memorial Day, Juneteenth, Independence Day, Labor Day, Thanksgiving Day and Christmas Day. The NAV per share is calculated by taking the total value of the Fund's assets, subtracting its liabilities, and then dividing by the number of shares that have already been issued. This is a standard calculation and forms the basis for all transactions involving buying, selling, or reinvesting in shares.

The Fund's investments are valued according to market value. When a market quote is not readily available, the security's value is based on fair value as determined by the Adviser, subject to the applicable requirements of the 1940 Act and the rules and regulations promulgated thereunder, as described below.

**Fair Value Pricing**

The Adviser has been designated by the Board as the valuation designee for the Fund pursuant to Rule 2a-5 under the 1940 Act. In its capacity as valuation designee, the Adviser has adopted procedures and methodologies to fair value Fund securities whose market prices are not "readily available" or are deemed to be unreliable. For example, such circumstances may arise when: (i) a security has been de- listed or has had its trading halted or suspended; (ii) a security's primary pricing source is unable or unwilling to provide a price; (iii) a security's primary trading market is closed during regular market hours; or (iv) a security's value is materially affected by events occurring after the close of the security's primary trading market.

Generally, when fair valuing a security held by the Fund, the Adviser will take into account all reasonably available information that may be relevant to a particular valuation including, but not limited to, fundamental analytical data regarding the issuer, information relating to the issuer's business, recent trades or offers of the security, general and/or specific market conditions and the specific facts giving rise to the need to fair value the security. Fair value determinations are made in good faith by the adviser and in accordance with the adviser's fair value methodologies. Due to the subjective and variable nature of determining the fair value of a security or other investment, there can be no assurance that the Adviser's fair value will match or closely correlate to any market quotation that subsequently becomes available or the price quoted or published by other sources. In addition, the Adviser may not be able to obtain the fair value assigned to the security upon the sale of such security.

**Book Entry**

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

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

**Frequent Purchases and Redemptions of Shares**

The Fund is intended for long-term investors. The Board of Trustees has adopted policies and procedures to restrict market timing. "Market timing" refers to a pattern of frequent purchases and sales of the Fund's shares, often with the intent of earning arbitrage profits, in excess of prescribed prospectus limits. Market timing can harm other shareholders in various ways, including diluting the value of shareholders' holdings, increasing the Fund's transaction costs, disrupting portfolio management strategy, causing the Fund to incur unwanted taxable gains and causing the Fund to hold excess levels of cash. Short-term "market-timers" who engage in frequent purchases and redemptions can disrupt the Fund's investment program and create additional transaction costs that are borne by all shareholders. The Fund reserves the right to reject purchase orders in whole or in part when, in the judgment of the Adviser or Paralel Technologies LLC, the transfer agent for the Fund, such rejection is in the best interest of such Fund.

The Fund does not knowingly accommodate "market-timers" and discourage excessive, short-term trading and other abusive trading practices that may disrupt portfolio management strategies and harm the Fund's performance. Therefore, the Fund takes steps to reduce the frequency and effect of these activities by assessing redemption fees as described below, monitoring trading activity, and using fair value pricing, as determined by the Trust's Board of Trustees, when the Adviser determines current market prices are not readily available. Although these efforts are designed to discourage abusive trading practices, these tools cannot eliminate the possibility that such activity will occur. Further, while the Fund makes efforts to identify and restrict frequent trading, each Fund receives purchase and sale orders through financial intermediaries and cannot always know or detect frequent trading that may be facilitated by the use of intermediaries or the use of group or omnibus accounts by those intermediaries. The Fund exercises their best judgment to use these tools in a manner they believe consistent with shareholder interests.

**Trading Practices**

The Fund reserves the right, in its sole discretion, to identify trading practices as abusive, and may deem the sale of all or a substantial portion of a shareholder's shares to be abusive. The Fund will determine abusive trading practices on a case-by-case basis.

The Fund monitors selected trades in an effort to detect excessive short-term trading activities. If, as a result of this monitoring, any Fund believes that a shareholder has engaged in excessive short-term trading, it may ask the shareholder to stop such activities or may refuse to process purchases or exchanges in that shareholder's accounts. In making such judgments, the Fund seeks to act in a manner that it believes is consistent with the best interests of shareholders. The Fund may consider trading done in multiple accounts under common ownership or control. The Fund endeavors to apply these market timing procedures uniformly to all shareholders.

**BUYING SHARES** 

**Timing of Requests**

The price per share will be the NAV next computed after the time your request is received in good order by the Transfer Agent. All requests received in good order on a business day the NYSE is open and before the close of regular trading on the NYSE will be processed same day. The close of regular trading is generally 4:00 p.m., Eastern Time, but may be earlier in the case of a holiday or when an emergency exists. Requests received outside of NYSE trading hours on a business day the NYSE is open will be processed on the next business day. Plan administrators are responsible for transmitting orders in a timely manner.

When making a purchase request, make sure your request is in good order. "Good order" means your purchase request includes:

● The name of the Fund

● The dollar amount of shares to be purchased

● Completed purchase application or investment stub/account number

Shares of the Fund may be purchased only on days the NYSE is open for trading. Wired funds must be received prior to 4:00 p.m. Eastern time to be eligible for same day pricing. The Fund are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system or from incomplete wiring instructions.

**Through a broker/dealer organization**

Plans and their participants can purchase shares of the Fund through any broker/dealer organization that has a sales agreement with the Fund's distributor. Please keep in mind that your broker/dealer may charge additional fees for its services. The Fund will be deemed to have received a purchase order when an authorized broker or, if applicable, a broker's designee receives the order.

**By mail**

To open an account, complete an account application form and send it together with your check to the address below. To make additional investments once you have opened your account, send your check together with the detachable form that is included with your account statement or confirmation. You may also send a letter stating the amount of your investment with your name, the name of the Fund and your account number together with a check to the address below. Checks should be made payable to "The Disciplined Growth Investors Fund." The Fund will accept purchases only in U.S. dollars drawn from U.S. financial institutions. Cashier's checks, third party checks, money orders, credit card convenience checks, cash or equivalents or payments in foreign currencies are not acceptable forms of payment. If your check is returned for any reason, a $25 fee will be assessed against your account. In compliance with the USA PATRIOT Act of 2001, please note that the Transfer Agent will verify certain information from investors as part of the Fund's anti-money laundering program. As requested on your account application, you should supply your full name, date of birth, social security number and permanent street address. Mailing addresses containing only a P.O. Box will not be accepted without providing a permanent street address on your application.

*Regular Mail* 

The Disciplined Growth Investors Fund

PO Box 2170

Denver, CO 80201

*Overnight Delivery*

The Disciplined Growth Investors Fund c/o Paralel Technologies

1700 Broadway, Suite 1850

Denver, CO 80290

NOTE: The Fund does not consider the U.S. Postal Service or other independent delivery services to be their agents. Therefore, when you deposit your account application form, additional purchase request or redemption request in the mail, or use other delivery services, or if your documents are simply in the Transfer Agent's post office box, that does not mean that the Fund's Transfer Agent actually *received* those documents.

**By Telephone**

To make additional investments by telephone, you must check the appropriate box on your account application form authorizing telephone purchases. If you have given authorization for telephone transactions and your account has been open for at least 15 days, you may call the Fund toll free at 855-DGI-FUND (855-344-3863) to move money, in amounts of $50 or more, from your bank account to your Fund's account upon request. Only bank accounts held at U.S. institutions that are Automated Clearing House ("ACH") members may be used for telephone transactions. For security reasons, requests by telephone will be recorded.

**By wire**

*Initial Investment—By Wire*

Upon receipt of your completed application, and it is determined to be in good order, your account will be established within 24 hours. You may contact the Transfer Agent by phone at 855-DGI-FUND (855-344-3863) to obtain your account number and wiring instructions.

*For Subsequent Investments—By Wire*

To make additional investments by wire, please contact the Transfer Agent by phone at 855-DGI-FUND (855-344-3863) for further instructions.

*Through an AIP*

Once your account has been opened, you may purchase shares of the Fund through an AIP. You can have money automatically transferred from your checking or savings account on a monthly or quarterly basis. To be eligible for this plan, your bank must be a U.S. institution that is an ACH member. The Fund may modify or terminate the AIP at any time. To begin participating in the Plan, you should complete the AIP section on your account application or call the Fund's Transfer Agent at 855-DGI-FUND (855-344-3863). The first AIP purchase will take place no earlier than 15 days after the Fund's Transfer Agent has received your request. If your payment is rejected by your bank, the Transfer Agent will charge a $25 fee to your account. Any request to change or terminate an AIP should be submitted to the Transfer Agent five (5) days prior to effective date.

Shares of the Fund have not been registered for sale outside of the United States and the Fund generally does not sell shares to investors residing outside of the United States, even if they are United States citizens or lawful permanent residents, except investors with United States military APO or FPO addresses.

**SELLING SHARES**

**Methods of Selling**

**Through a broker-dealer organization**

If you purchased your shares through a broker/dealer or other financial organization, your redemption order must be placed through the same organization as it is responsible for sending redemption orders to the Fund. Please keep in mind that your broker/dealer may charge additional fees for its services. The Fund will be deemed to have received a redemption order when an authorized broker or, if applicable, a broker's designee receives the order.

**By Mail**

Send your written redemption request to the address below. Your request should contain the name of the specific Fund, your account number and the dollar amount or the number of shares to be redeemed. Be sure to have all shareholders sign the letter as their names appear on the account. Additional documents are required for certain types of shareholders, such as corporations, partnerships, executors, trustees, administrators, or guardians (i.e., corporate resolutions or trust documents indicating proper authorization).

*Regular Mail*

via US Postal Service:

The Disciplined Growth Investors Fund

PO Box 2170

Denver, Colorado 80201

*Overnight Delivery*

The Disciplined Growth Investors Fund c/o Paralel Technologies

1700 Broadway, Suite 1850

Denver, Colorado 80290

**By telephone**

If you are authorized to perform telephone transactions (either through your account application form or by subsequent arrangement in writing with the Fund) you may redeem as little as $500 and as much as $100,000 by calling toll-free 855-DGI-FUND (855-344-3863). Proceeds of a telephone redemption may be sent by check to your address of record, proceeds may be wired to your bank account designated on your account, or funds may be sent via electronic funds transfer through the ACH network to a predetermined bank account. If proceeds are wired, your bank may charge a fee to receive wired funds and the Transfer Agent charges a $15 outgoing wire fee. There is no charge for proceeds to be sent through the ACH network, and such transfers are completed within two business days. A signature guarantee may be required of all shareholders to change or add telephone redemption privileges. For security reasons, requests by telephone will be recorded. No telephone redemptions may be made within 30 days of any address change.

**Through a systematic withdrawal plan** 

If you own shares with a value of $10,000 or more, you may participate in the systematic withdrawal plan. Under the plan, you may choose to receive a specified dollar amount, generated from the redemption of shares in your account, on a monthly, quarterly or annual basis. If you elect this method of redemption, the Fund will send a check to your address of record, or will send the payment via electronic funds transfer through the ACH network, directly to your bank account. For payment through the ACH network, your bank must be an ACH member and your bank account information must be maintained on your Fund's account. This program may be terminated at any time by the Fund. You may also elect to terminate your participation in this plan at any time by contacting the Transfer Agent at least five (5) days in advance of the next withdrawal. If you expect to purchase additional shares of the Fund, it may not be to your advantage to participate in the systematic withdrawal plan because of the possible adverse tax consequences of making contemporaneous purchases and redemptions.

Shareholders who have an IRA or other retirement plan must indicate on their redemption request whether or not to withhold federal income tax. Such redemption requests not indicating an election not to have tax withheld will generally be subject to 10% withholding. IRA accounts may not be redeemed by telephone.

**Signature Guarantees**

Signature guarantees are designed to prevent unauthorized transactions. The guarantor pledges that the signature presented is genuine and, unlike a notary public, is financially responsible if it is not.

A signature guarantee of each owner is required to redeem shares in the following situations:

● If ownership is changed on your account.

● When redemption proceeds are sent to any person, address or bank account not on record;

● Written requests to wire redemption proceeds (if not previously authorized on the account);

● When establishing or modifying certain service on an account;

● If a change of address or bank account was received by the Transfer Agent within the last 30 days;

● For all redemptions in excess of $100,000 from any shareholder account.

Signature guarantees will generally be accepted from domestic banks, brokers, dealers, credit unions, national securities exchanges, registered securities associations, clearing agencies and savings associations, as well as from participants in the NYSE Medallion Signature Program and the Securities Transfer Agents Medallion Program ("STAMP"). A notary public is not an acceptable signature guarantor.

The Fund's Transfer Agent reserves the right to reject any signature guarantee.

**When Redemption Proceeds Are Sent to You**

Your shares will be redeemed at the NAV next determined after the Fund's Transfer Agent receives your redemption request in good order. Your redemption request cannot be processed on days the NYSE is closed.

All requests received in good order by the Fund's Transfer Agent before the close of the regular trading session of the NYSE (usually 4:00 p.m. Eastern time) will normally be wired to the bank you indicate, mailed to the address of record or sent to a predetermined bank account via the ACH network on the following business day. Except in extreme circumstances, proceeds will be sent within seven (7) calendar days after the Fund receives your redemption request.

When making a redemption request, make sure your request is in good order. "Good order" means your redemption request includes:

● The name of the Fund

● The dollar amount or the number of shares to be redeemed Signatures of all registered shareholders exactly as the shares are registered, with signatures guaranteed, if applicable

● The account number

If you purchase shares using a check and soon after request a redemption, the Fund will honor the redemption request but will not mail or wire the proceeds until your purchase check has cleared (usually within 10 days after the date of purchase).

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

The Fund reserves the right to make payment in securities rather than cash. If the Fund deems it in the best interests of all shareholders and determines that the redeeming shareholder will not be favored over remaining shareholders, the Fund may pay redemption proceeds to the redeeming shareholder in whole or in part with securities held by the Fund. A redemption in-kind could occur under extraordinary circumstances, such as a very large redemption that could affect the Fund's operations. Securities used to redeem Fund shares will be valued as described in "Fair Value Pricing" above. A shareholder may pay brokerage charges on the sale of any securities received as a result of a redemption in-kind.

**ADDITIONAL POLICIES** 

**Telephone Transactions**

Once you place a telephone transaction request, it cannot be canceled or modified. The Fund uses reasonable procedures to confirm that telephone requests are genuine. The Fund may be responsible if they do not follow these procedures. You are responsible for losses resulting from fraudulent or unauthorized instructions received over the telephone, provided the Fund reasonably believes the instructions were genuine and have employed reasonable procedures to verify the shareholder's identity. Contact the Fund immediately if you believe there is a discrepancy between a transaction you performed and the confirmation statement you received, or if you believe someone has obtained unauthorized access to your account.

During times of unusual market activity, the Fund's phones may be busy and you may experience a delay in placing a telephone request. Since telephone trades must be received by or prior to market close, please allow sufficient time to place your telephone transaction. If you are unable to contact the Fund's Transfer Agent by phone, shares may also be purchased or redeemed by delivering the redemption request to the Fund's Transfer Agent.

**eDelivery**

eDelivery allows you to receive your quarterly account statements, transaction confirmations and other important information concerning your investment online. Select this option on your account application to receive email notifications when quarterly statements and confirmations are available for you to view via secure online access. You will also receive emails whenever a new prospectus, semi-annual or annual fund report is available. To establish eDelivery, call the Fund's Transfer Agent toll free at 855-DGI-FUND (855-344-3863) or visit www.dgifund.com.

**Investing Through a Third Party**

If you invest through a third party (rather than with the Fund directly), the policies and fees may be different than described in this prospectus. Banks, brokers, 401(k) plans, financial advisers, and financial supermarkets may charge transaction fees and may set different minimum investments or limitations on buying or selling shares. These fees and conditions are in addition to those imposed by the Fund. In addition, the options and services available specifically to a retirement plan may be different from those discussed in this prospectus. Consult a representative of your plan or financial institution if you are not sure.

**Information for Retirement Plan Participants**

Participants in retirement plans generally must contact the plan's administrator to purchase, redeem or exchange shares. Shareowner services, such as opening an account, may only be available to plan participants through a plan administrator. Plans may require separate applications and their policies and procedures may be different than those described in this prospectus. Participants should contact their plan administrator for information regarding shareholder services pertaining to participants' investments. A retirement plan sponsor can obtain retirement plan applications from its investment firm or plan administrator.

**Verification of Shareholder Transaction Statements**

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

**Non-Receipt of Purchase Wire/Insufficient Fund Policy**

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

**Delivery of Shareholder Documents – Householding**

Householding is an option available to certain investors of the Fund. Householding is a method of delivery, based on the preference of the individual investor, in which a single copy of certain shareholder documents can be delivered to investors who share the same address, even if their accounts are registered under different names. Householding for the Fund is available through certain broker- dealers. If you are interested in enrolling in householding and receiving a single copy of prospectuses and other shareholder documents, please contact your broker-dealer. If you are currently enrolled in householding and wish to change your householding status, please contact your broker-dealer.

**Dividends, Distributions and Taxes**

**Dividends and Distributions**

The Fund intends to pay out dividends, if any, quarterly, and distribute any net realized capital gains to its shareholders at least annually. The Fund will declare and pay capital gain distributions in cash, if any. Distributions in cash may be reinvested automatically in additional whole Shares only if the broker through whom you purchased Shares makes such option available. Your broker is responsible for distributing the income and capital gain distributions to you.

**Taxes**

The following discussion is a summary of certain important U.S. federal income tax considerations generally applicable to investments in the Fund. Your investment in the Fund may have other tax implications. Please consult your tax advisor about the tax consequences of an investment in Shares, including the possible application of foreign, state, and local tax laws. This summary does not apply to Shares held in an IRA or other tax-qualified plans, which are generally not subject to current tax. Transactions relating to Shares held in such accounts may, however, be taxable at some time in the future. This summary is based on current tax laws, which may change.

The Fund intends to qualify each year for treatment as a regulated investment company (a "RIC") under Subchapter M of the Code. If it meets certain minimum distribution requirements, a RIC is not subject to tax at the fund level on income and gains from investments that are timely distributed to shareholders. However, the Fund's failure to qualify as a RIC or to meet minimum distribution requirements would result (if certain relief provisions were not available) in fund-level taxation and, consequently, a reduction in income available for distribution to shareholders.

Unless your investment in Shares is made through a tax-exempt entity or tax-advantaged account, such as an IRA, you need to be aware of the possible tax consequences when the Fund makes distributions and when you sell your Shares.

**Taxes on Distributions**

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

Distributions reported by the Fund as "qualified dividend income" are generally taxed to non-corporate shareholders at rates applicable to long-term capital gains. For such dividends to be taxed as qualified dividend income to a non-corporate shareholder, the Fund must satisfy certain holding period requirements with respect to the underlying stock and the non-corporate shareholder must satisfy holding period requirements with respect to his or her ownership of such Fund's Shares. Holding periods may be suspended for these purposes for stock that is hedged. "Qualified dividend income" generally is income derived from dividends paid by U.S. corporations or certain foreign corporations that are either incorporated in a U.S. possession or eligible for tax benefits under certain U.S. income tax treaties. In addition, dividends that the Fund receives in respect of stock of certain foreign corporations may be qualified dividend income if that stock is readily tradable on an established U.S. securities market. Corporate shareholders may be entitled to a dividends received deduction for the portion of dividends they receive from the Fund that are attributable to dividends received by such Fund from U.S. corporations, subject to certain limitations. Certain of the Fund's investment strategies may limit their ability to distribute dividends eligible to be treated as qualified dividend income or for the dividends received deduction applicable to corporate shareholders.

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

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

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

If you are neither a resident nor a citizen of the United States or if you are a foreign entity, distributions (other than Capital Gain Dividends) paid to you by the Fund will generally be subject to a U.S. withholding tax at the rate of 30%, unless a lower treaty rate applies. Gains from the sale or other disposition of your Shares by non-U.S. shareholders generally are not subject to U.S. taxation, unless you are a nonresident alien individual who is physically present in the U.S. for 183 days or more per year. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which generally would be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Different tax consequences may result if you are a foreign shareholder engaged in a trade or business within the United States or if a tax treaty applies.

The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) generally is required to withhold and remit to the U.S. Treasury a percentage (currently 24%) of the taxable distributions and sale proceeds paid to any shareholder who fails to properly furnish a correct taxpayer identification number, who has underreported dividend or interest income, or who fails to certify that the shareholder is not subject to such withholding.

**Taxes When Fund Shares are Sold** 

Provided that a shareholder holds Shares as capital assets, any capital gain or loss realized upon a sale or exchange of Shares generally is treated as a long-term capital gain or loss if Shares have been held for more than one year and as a short-term capital gain or loss if Shares have been held for one year or less. However, any capital loss on a sale of Shares held for six months or less is treated as long-term capital loss to the extent of Capital Gain Dividends paid with respect to such Shares. Any loss realized on a sale will be disallowed to the extent Shares are acquired, including through reinvestment of dividends, within a 61-day period beginning 30 days before and ending 30 days after the disposition of Shares. The ability to deduct capital losses may be limited.

The cost basis of Shares acquired by purchase generally will be based on the amount paid for the Shares and then may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale or exchange of Shares. Contact the broker through whom you purchased your Shares to obtain information with respect to the available cost basis reporting methods and elections for your account.

**Net Investment Income Tax**

U.S. individuals with income exceeding specified thresholds are subject to a 3.8% tax on all or a portion of their "net investment income," which includes interest, dividends, and certain capital gains (generally including capital gains distributions and capital gains realized on the sale of Shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

**Taxation of Fund Investments**

If positions held by the Fund were treated as "straddles" for federal income tax purposes, or the Fund's risk of loss with respect to a position was otherwise diminished as set forth in Treasury Regulations, dividends on stocks that are a part of such positions would not constitute qualified dividend income subject to the favorable income tax treatment described above and would not be eligible for the dividends-dividends received deduction for corporate shareholders. In addition, straddles are generally subject to certain rules that may affect the amount, character and timing of the Fund's gains and losses with respect to straddle positions by requiring, among other things, that: (1) any loss realized on disposition of one position of a straddle may not be recognized to the extent that such Fund has unrealized gains with respect to the other position in such straddle; (2) such Fund's holding period in straddle positions be suspended while the straddle exists (possibly resulting in a gain being treated as short-term capital gain rather than long-term capital gain); (3) the losses recognized with respect to certain straddle positions that are part of a mixed straddle and that are not subject to Code Section 1256 be treated as 60% long-term and 40% short-term capital loss; (4) losses recognized with respect to certain straddle positions that would otherwise constitute short-term capital losses be treated as long-term capital losses; and (5) the deduction of interest and carrying charges attributable to certain straddle positions may be deferred.

**Foreign Investments by the Fund** 

The Fund may invest in foreign securities. Interest and other income received by the Fund with respect to foreign securities may give rise to withholding and other taxes imposed by foreign countries. Tax conventions between certain countries and the United States may reduce or eliminate such taxes. If as of the close of a taxable year more than 50% of the value of the Fund's assets consists of certain foreign stock or securities, each such Fund will be eligible to elect to "pass through" to investors the amount of foreign income and similar taxes (including withholding taxes) paid by such Fund during that taxable year. This means that investors would be considered to have received as additional income their respective shares of such foreign taxes, but may be entitled to either a corresponding tax deduction in calculating taxable income, or, subject to certain limitations, a credit in calculating federal income tax. If the Fund does not so elect, each such Fund will be entitled to claim a deduction for certain foreign taxes incurred by such Fund. The Fund (or a financial intermediary, such as a broker, through which a shareholder owns Shares) will notify you if it makes such an election and provide you with the information necessary to reflect foreign taxes paid on your income tax return.

Foreign tax credits, if any, received by the Fund as a result of an investment in another RIC (including an ETF which is taxable as a RIC) will not be passed through to you unless the Fund qualifies as a "qualified fund-of-funds" under the Code. If the Fund is a "qualified fund-of-funds" it will be eligible to file an election with the IRS that will enable the Fund to pass along these foreign tax credits to its shareholders. The Fund will be treated as a "qualified fund-of-funds" under the Code if at least 50% of the value of the Fund's total assets (at the close of each quarter of the Fund's taxable year) is represented by interests in other RICs.

*The foregoing discussion summarizes some of the possible consequences under current federal tax law of an investment in the Fund. It is not a substitute for personal tax advice. You also may be subject to state and local tax on Fund distributions and sales of Shares. Consult your personal tax advisor about the potential tax consequences of an investment in Shares under all applicable tax laws. For more information, please see the section entitled "Federal Income Taxes" in the SAI.*

**Distribution**

Paralel Distributors LLC (the "Distributor") serves as the Fund's principal underwriter. The Distributor is a broker-dealer registered with the SEC. The Distributor continually distributes shares of each fund on a commercially reasonable efforts basis. The Distributor has no role in determining the policies of the Fund or the securities that are purchased or sold by the Fund. The Distributor's principal address is 1700 Broadway, Suite 1850, Denver, Colorado 80290.

**OTHER INFORMATION AND Additional Notices**

**Certain Conditions on Shareholder Legal Actions**

Pursuant to the Trust's primary governing document, the Second Amended and Restated Agreement and Declaration of Trust, shareholders wishing to pursue a derivative action (a suit brought by a shareholder on behalf of the Fund) are subject to various conditions including that: (i) the Trustees must have a reasonable amount of time to assess the complaining shareholders' request for action, (ii) at least 10% of shareholders of the Fund must participate in the action (except with respect to claims arising under federal securities laws), and (iii) complaining shareholders must undertake to pay the expenses of advisers that the Trustees engage in consideration of whether to bring an action in the event the Trustees determine not to bring an action (except with respect to claims arising under federal securities laws).

In addition, shareholders wishing to pursue a derivative action (except with respect to claims arising under federal securities law) must bring the compliant all shareholder legal complaints must be brought in the courts of the Court of Chancery of the State of Delaware, or if such court does not have subject matter jurisdiction, any other court with appropriate subject matter jurisdiction in the State of Delaware. For non-federal securities laws claims, this requirement may be inconvenient for some shareholders and may cause such claims to be made in a less favorable forum than otherwise may have been made.

**Financial Highlights**

The financial highlights table is intended to help you understand the Predecessor Fund's financial performance for each fiscal period shown. Certain information reflects financial results for a single Predecessor Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Predecessor Fund (assuming reinvestment of all dividends and distributions). This information for fiscal years ended April 30, 2025 and April 30, 2024, has been audited by Cohen & Company, Ltd., the independent registered public accounting firm of the Predecessor Fund, whose report, along with the financial statements, are included in the Predecessor Fund's most recent Form N-CSR filing, which is available upon request and free of charge by calling the Fund's Distributor at 1.877.524.9155. The information for the fiscal years ended April 30, 2021 through April 30, 2023, was audited by the Predecessor Fund's prior independent registered public accounting firm.

The Disciplined Growth Investors Fund

------

---

| |
|:---|
| **NET ASSET VALUE, BEGINNING OF PERIOD** |
| **INCOME FROM OPERATIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations |
| **DISTRIBUTIONS** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net investment income |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;From net realized gain on investments |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions |
| **INCREASE/(DECREASE) IN NET ASSET VALUE** |
| **NET ASSET VALUE, END OF PERIOD** |
| **TOTAL RETURN** |
| **RATIOS AND SUPPLEMENTAL DATA** |
| Net assets, end of period (000's) |
| **RATIOS TO AVERAGE NET ASSETS** |
| Expenses |
| Net investment income |
| **PORTFOLIO TURNOVER RATE** |

---

** 

*<sup>(a)</sup>&nbsp;&nbsp;&nbsp;&nbsp; Per share numbers have been calculated using the average shares method.*

Financial Highlights

------

*For a share outstanding during the period or years presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the Year<br> Ended**<br>**April 30, 2025** | **For the Year<br> Ended**<br>**April 30, 2024** | **For the Year<br> Ended**<br>**April 30, 2023** | **For the Year<br> Ended**<br>**April 30, 2022** | **For the Year<br> Ended**<br>**April 30, 2021** |
| $28.70 | $20.36 | $20.51 | $25.94 | $19.42 |
| 0.28 | 0.22 | 0.18 | 0.08 | 0.09 |
| (1.52) | 8.83 | 0.14 | (2.84) | 8.83 |
| (1.24) | 9.05 | 0.32 | (2.76) | 8.92 |
| (0.28) | (0.21) | (0.17) | (0.08) | (0.10) |
| (4.91) | (0.50) | (0.30) | (2.59) | (2.30) |
| (5.19) | (0.71) | (0.47) | (2.67) | (2.40) |
| (6.43) | 8.34 | (0.15) | (5.43) | 6.52 |
| $22.27 | $28.70 | $20.36 | $20.51 | $25.94 |
| (6.38%) | 44.95% | 1.67% | (11.86%) | 47.00% |
| $496668 | $524201 | $358298 | $344503 | $345450 |
| 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
| 1.09% | 0.88% | 0.89% | 0.32% | 0.39% |
| 17% | 35% | 26% | 21% | 31% |

---

---

| | | | |
|:---|:---|:---|:---|
| **Adviser** | **Disciplined Growth Investors, Inc.** <br> Fifth Street Towers, Suite 2550, <br> 150 South Fifth Street, <br> Minneapolis, MN 55402  | **Distributor** | **Paralel Distributors LLC** <br> 1700 Broadway, Suite 1850 <br> Denver, Colorado 80290  |
| **Custodian** | **U.S. Bank, N.A.** <br> 1555 N. Rivercenter Drive, <br> MK-WI-S302 <br> Milwaukee, WI 53212  | **Fund Accountant, Administrator, and Transfer Agent** | **Paralel Technologies LLC** <br> 1700 Broadway, Suite 1850<br> Denver, Colorado 80290  |
| **Legal Counsel** | **Thompson Hine LLP** <br> 41 S. High Street, Suite 1700 <br> Columbus, Ohio 43215  | **Independent Registered Public Accounting Firm** | **Cohen & Company, Ltd.** <br> 8101 East Prentice Ave., <br> Suite 750 <br> Greenwood Village, CO 80111  |

---

The Fund's SAI provides additional details about the investments of the Fund and certain other additional information. A current SAI dated July 9, 2025 is on file with the SEC and is herein incorporated by reference into this Prospectus. It is legally considered a part of this Prospectus.

**Annual/Semi-Annual Reports:** Additional information about the Fund's investments will be available in the applicable Fund's annual and semi-annual reports to shareholders. In the annual report you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance.

To make shareholder inquiries, for more detailed information on the Fund, or to request the SAI or annual or semi-annual shareholder reports (once available) free of charge, please call the Fund's Distributor at 1.877.524.9155. Free copies of the Fund's shareholder reports, Prospectus, and the Statement of Additional Information are also available from our website at www.dgifund.com.

Shareholder reports and other information about the Fund are also available, free of charge, on the EDGAR Database on the SEC's website at www.sec.gov and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

No person is authorized to give any information or to make any representations about the Fund and its Shares not contained in this Prospectus and you should not rely on any other information. Read and keep this Prospectus for future reference.

SEC Investment Company Act File No. 811-23812

**The Disciplined Growth Investors Fund– DGIFX** 

**a series of Elevation Series Trust**

**STATEMENT OF ADDITIONAL INFORMATION**

**July 9, 2025**

This Statement of Additional Information ("SAI") is not a prospectus and should be read in conjunction with the prospectus dated July 9, 2025, as may be supplemented from time to time ("Prospectus"), of The Disciplined Growth Investors Fund (the "Fund"), a series of Elevation Series Trust (the "Trust"). Capitalized terms used herein that are not defined have the same meaning as in the Prospectus, unless otherwise noted.

A copy of the Prospectus may be obtained, without charge by calling 1.877.524.9155, visiting www.dgifund.com, or writing to Paralel Distributors LLC, 1700 Broadway Suite 1850, Denver, Colorado 80290.

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [GENERAL DESCRIPTION OF THE TRUST AND THE FUND](#azoria485aposb001) | 1 |
| [ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS](#azoria485aposb002) | 1 |
| [DESCRIPTION OF PERMITTED INVESTMENTS](#azoria485aposb003) | 2 |
| [INVESTMENT RESTRICTIONS](#azoria485aposb004) | 26 |
| [MANAGEMENT OF THE TRUST](#azoria485aposb005) | 28 |
| [PRINCIPAL SHAREHOLDERS, CONTROL PERSONS, AND MANAGEMENT OWNERSHIP](#azoria485aposb006) | 34 |
| [CODES OF ETHICS](#azoria485aposb007) | 34 |
| [PROXY VOTING POLICIES](#azoria485aposb008) | 34 |
| [INVESTMENT ADVISER](#azoria485aposb009) | 34 |
| [PORTFOLIO MANAGERS](#azoria485aposb010) | 35 |
| [THE DISTRIBUTOR](#azoria485aposb011) | 36 |
| [THE ADMINISTRATOR, CUSTODIAN, AND TRANSFER AGENT](#azoria485aposb012) | 37 |
| [LEGAL COUNSEL](#azoria485aposb013) | 37 |
| [INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#azoria485aposb014) | 38 |
| [PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES](#azoria485aposb015) | 38 |
| [DESCRIPTION OF SHARES](#azoria485aposb016) | 38 |
| [LIMITATION OF TRUSTEE LIABILITY](#azoria485aposb017) | 38 |
| [BROKERAGE TRANSACTIONS](#azoria485aposb018) | 38 |
| [PORTFOLIO TURNOVER RATE](#azoria485aposb019) | 40 |
| [PURCHASE AND REDEMPTION OF SHARES](#azoria485aposb020) | 40 |
| [DETERMINATION OF NAV](#azoria485aposb021) | 41 |
| [DIVIDENDS AND DISTRIBUTIONS](#azoria485aposb022) | 42 |
| [FEDERAL INCOME TAXES](#azoria485aposb023) | 42 |
| [FINANCIAL STATEMENTS](#azoria485aposb024) | 47 |

---

i

**GENERAL DESCRIPTION OF THE TRUST AND THE FUND**

The Trust is an open-end management investment company, currently consisting of multiple investment series. This SAI relates to The Disciplined Growth Investors Fund (the "Fund"). The Trust was organized as a Delaware statutory trust on March 7, 2022. The Trust is registered with the U.S. Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (together with the rules and regulations adopted thereunder, as amended, the "1940 Act"), as an open-end management investment company, and the offering of the Fund's shares ("Shares") is registered under the Securities Act of 1933, as amended (the "Securities Act"). The Fund is actively managed. The Trust is governed by its Board of Trustees (the "Board"). Disciplined Growth Investors Inc. (the "Adviser") serves as investment adviser to the Fund. The Fund's investment objective is long-term capital growth, and as a secondary objective, modest income with reasonable risk.

The Fund offers and issues Shares at its net asset value ("NAV").

The Fund acquired all of the assets and liabilities of the predecessor The Disciplined Growth Investors Fund, respectively, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax-free reorganization on July 11, 2025 (the "Reorganization"). The Predecessor Fund had the same investment objectives, strategies and policies as the Fund at the time of the Reorganization.

The Fund is advised by the Adviser. The Adviser was also the investment adviser to the Predecessor Fund.

**ADDITIONAL INFORMATION ABOUT INVESTMENT OBJECTIVES, POLICIES, AND RELATED RISKS**

The Fund's investment objective and principal investment strategies are described in the Prospectus. The following information supplements, and should be read in conjunction with, the Prospectus. For a description of certain permitted investments, see "<u>Description of Permitted Investments</u>" in this SAI.

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

**Diversification**

A mutual fund may elect to operate as a "diversified company," which generally is defined in Section 5(b)(1) of the 1940 Act as any management investment company, if at least 75 percent of the company's assets consist of cash, cash items, government securities, securities of other investment companies, and other securities. For the purposes of this calculation, "other securities" are limited in regard to any issuer to an amount not greater than 5 percent of the value of the total assets of the management company and to not more than 10 percent of the outstanding voting securities of the issuer. As of the date hereof, the Fund is classified as diversified.

**General Risks**

The value of the Fund's portfolio securities may fluctuate with changes in the financial condition of an issuer or counterparty, changes in specific economic or political conditions that affect a particular security or issuer and changes in general economic or political conditions. An investor in the Fund could lose money over short or long periods of time.

There can be no guarantee that a liquid market for the securities held by the Fund will be maintained. The existence of a liquid trading market for certain securities may depend on whether dealers will make a market in such securities. There can be no assurance that a market will be made or maintained or that any such market will be or remain liquid. The price at which securities may be sold and the value of Shares will be adversely affected if trading markets for the Fund's portfolio securities are limited or absent, or if bid-ask spreads are wide.

***Cyber Security Risk.*** Investment companies, such as the Fund, and its service providers may be subject to operational and information security risks resulting from cyber-attacks. Cyber-attacks include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber security breaches. Cyber-attacks affecting the Fund, the Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber-attacks may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential company information, impede trading, subject the Fund to regulatory fines or financial losses, and cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund invests, which could result in material adverse consequences for such issuers and may cause the Fund's investments in such portfolio companies to lose value.

***Recent Market Events.*** U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks' interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. The war has contributed to recent market volatility and may continue to do so.

These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. As a result, the risk environment remains elevated. The Adviser will monitor developments and seek to manage the Fund in a manner consistent with achieving the Fund's investment objective, but there can be no assurance that they will be successful in doing so.

**DESCRIPTION OF PERMITTED INVESTMENTS**

The following are descriptions of the Fund's permitted investments and investment practices and the associated risk factors. The Fund will only invest in any of the following instruments or engage in any of the following investment practices if such investment or activity is consistent with the Fund's investment objective and permitted by the Fund's stated investment policies. Each of the permitted investments described below applies to the Fund unless otherwise noted.

**Equity Investments**

The Fund will invest in equity securities. Equity securities (which generally include common stocks, preferred stocks, warrants, securities convertible into common or preferred stocks and similar securities) are generally volatile and riskier than some other forms of investment. Equity securities of companies with relatively small market capitalizations may be more volatile than the securities of larger, more established companies and the broad equity market indices generally. Common stock and other equity securities may take the form of stock in corporations, partnership interests, interests in limited liability companies and other direct or indirect interests in business organizations.

**Common Stock**

Common stocks are shares of a corporation or other entity that entitle the holder to a pro rata share of the profits of the corporation, if any, without preference over any other shareholder or class of shareholders, including holders of the entity's preferred stock and other senior equity. Common stock usually carries with it the right to vote and frequently an exclusive right to do so.

Common stocks of companies that the Adviser believes have earnings that will grow faster than the economy as a whole are known as growth stocks. Growth stocks typically trade at higher multiples of current earnings than other stocks. As a result, the values of growth stocks may be more sensitive to changes in current or expected earnings than the values of other stocks. If the Adviser's assessment of the prospects for a company's earnings growth is wrong, or if its judgment of how other investors will value the company's earnings growth is wrong, then the price of that company's stock may fall or may not approach the value that the Adviser has placed on it.

Common stocks of companies that are not expected to experience significant earnings growth, but whose stocks the Adviser believes are undervalued compared to their true worth, are known as value stocks. These companies may have experienced adverse business developments or may be subject to special risks that have caused their stocks to be out of favor. If the Adviser's assessment of a company's prospects is wrong, or if other investors do not eventually recognize the value of the company, then the price of the company's stocks may fall or may not approach the value that the Adviser has placed on it.

Many stocks have both "growth" and "value" characteristics, and for some stocks it may be unclear which category, if any, it fits into. The Fund's investment process is biased toward growth with respect to its equity portion.

**Preferred Stock**

Preferred stocks, like debt obligations, are generally fixed-income securities. Shareholders of preferred stocks normally have the right to receive dividends at a fixed rate when and as declared by the issuer's board of directors, but do not participate in other amounts available for distribution by the issuing corporation. Dividends on the preferred stock may be cumulative, and generally all cumulative dividends must be paid prior to common shareholders receiving any dividends. Because as a general matter preferred stock dividends must be paid before common stock dividends, preferred stocks generally entail less risk than common stocks. Upon liquidation, preferred stocks are generally entitled to a specified liquidation preference, which is generally the same as the par or stated value, and are senior in right of payment to common stock. Preferred stocks are, however, equity securities in the sense that they do not represent a liability of the issuer and, therefore, do not offer as great a degree of protection of capital or assurance of continued income as investments in corporate debt securities. In addition, preferred stocks are subordinated in right of payment to all debt obligations and creditors of the issuer, and convertible preferred stocks may be subordinated to other preferred stock of the same issuer.

**Market Risk**

The market price of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably.

Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in interest or currency rates, natural disasters, the spread of infectious illness or other public health issues, or adverse investor sentiment generally. They 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. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously.

Equity securities generally have greater price volatility than fixed-income securities.

**Cybersecurity Risk**

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

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

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

**Currency Transactions**

The Fund may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies or to generate income or gains.

Currency transactions include currency forward contracts, exchange-listed currency futures contracts and options thereon, exchange-listed and OTC options on currencies and currency swaps. A forward currency contract involves a privately negotiated obligation to purchase or sell (with delivery generally required) a specific currency at a future date, which may be any fixed number of days from the date of the contract agreed upon by the parties, at a price set at the time of the contract. A currency swap is an agreement to exchange cash flows based on the notional difference among two or more currencies and operates similarly to an interest rate swap, which is described below under "Interest Rate and Equity Swaps and Related Transactions."

The Fund may enter into a forward contract to sell, for a fixed amount of U.S. dollars, the amount of that currency approximating the value of some or all of the Fund's portfolio securities denominated in such currency. For example, the Fund may do this if the Adviser believes that the currency of a particular country may decline in relation to the U.S. dollar. Forward contracts may limit potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies. Transaction hedging includes entering into a currency transaction with respect to specific assets or liabilities of the Fund, which will generally arise in connection with the purchase or sale of portfolio securities or the receipt of income from them. Position hedging is entering into a currency transaction with respect to portfolio securities positions denominated or generally quoted in that currency.

The Fund may cross-hedge currencies by entering into transactions to purchase or sell one or more currencies that are expected to increase or decline in value relative to other currencies to which the Fund has or in which the Fund expects to have exposure. To reduce the effect of currency fluctuations on the value of existing or anticipated holdings of its securities, the Fund may also engage in proxy hedging. Proxy hedging is often used when the currency to which the Fund's holdings is exposed is difficult to hedge generally or difficult to hedge against the dollar. Proxy hedging entails entering into a forward contract to sell a currency, the changes in the value of which are generally considered to be linked to a currency or currencies in which some or all of the Fund's securities are or are expected to be denominated and to buy dollars.

Currency hedging involves some of the same risks and considerations as other derivative transactions. Currency transactions can result in losses to the Fund if the currency being hedged fluctuates in value to a degree or in a direction that is not anticipated. Further, the risk exists that the perceived linkage between various currencies may not be present or may not be present during the particular time that the Fund is engaging in these transactions. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency and manipulations or exchange restrictions imposed by governments. These forms of governmental actions can result in losses to the Fund if it is unable to deliver or receive currency or monies in settlement of obligations and could also cause hedges it has entered into to be rendered useless, resulting in full currency exposure as well as incurring transaction costs. Buyers and sellers of currency futures contracts are subject to the same risks that apply to the use of futures contracts generally. Further, settlement of a currency futures contract for the purchase of most currencies must occur at a bank based in the issuing nation. Trading options on currency futures contracts is relatively new, and the ability to establish and close out positions on these options is subject to the maintenance of a liquid market that may not always be available. Currency exchange rates may fluctuate based on factors extrinsic to that country's economy.

**Futures Contracts**

Generally, a futures contract provides for the future sale by one party and purchase by another party of a specified quantity of a financial instrument, foreign currency or the cash value of an index at a specified price and time. The Adviser expects that the Fund's futures transactions will generally include transactions: (i) on domestic and foreign exchanges on currencies, interest rates and bond indices; and (ii) on domestic and, to the extent permitted by the CFTC, foreign exchanges on stock indices. The Adviser intends to (i) comply with the requirements of the CEA by operating the Fund in a manner consistent with the restrictions of Rule 4.5, including filing a notice of eligibility of exemption from registration in accordance with applicable procedures and deadlines; (ii) comply with the requirements of the CEA by registering as a CPO with the CFTC and the National Futures Association; or (iii) operate the Fund in a manner such that the Fund will not be a "commodity pool" under the CEA. CFTC regulations governing the use of commodity interests, including certain futures contracts, by investment companies such as the Fund may be subject to amendment. Amendments to such regulations by the CFTC may affect the ability of the Fund to use futures and commodity interests and could affect the Fund's ability to achieve its investment objective.

Futures contracts are generally bought and sold on the commodities exchanges on which they are listed with payment of initial and variation margin as described below. The sale of a futures contract creates a firm obligation by the Fund, as seller, to deliver to the buyer the specific type of financial instrument called for in the contract at a specific future time for a specified price (or, with respect to certain instruments, the net cash amount). The Fund may use futures contracts and related options for hedging purposes and for investment purposes. The Fund's use of financial futures contracts and options thereon will in all cases be consistent with applicable regulatory requirements and in particular the rules and regulations of the CFTC. Maintaining a futures contract or selling an option on a futures contract will typically require the Fund to deposit with a financial intermediary, as security for its obligations, an amount of cash or other specified assets ("initial margin") that initially is from 1% to 10% of the face amount of the contract (but may be higher in some circumstances). Additional cash or assets ("variation margin") may be required to be deposited thereafter daily as the mark-to-market value of the futures contract fluctuates. The value of all futures contracts sold by the Fund (adjusted for the historical volatility relationship between the Fund and the contracts) will not exceed the total market value of the Fund's securities.

**Interest Rate Futures Contracts**

The Fund may enter into interest rate futures contracts, for example, in order to protect it from fluctuations in interest rates without necessarily buying or selling fixed-income securities. An interest rate futures contract is an agreement to take or make delivery of either: (i) an amount of cash equal to the difference between the value of a particular debt security or index of debt securities at the beginning and at the end of the contract period; or (ii) a specified amount of a particular debt security at a future date at a price set at time of the contract. For example, if the Fund owns bonds, and interest rates are expected to increase, the Fund might sell futures contracts on debt securities having characteristics similar to those held in the portfolio. Such a sale would have much the same effect as selling an equivalent value of the bonds owned by the Fund. If interest rates did increase, the value of the debt securities in the portfolio would decline, but the value of the futures contracts to the Fund would increase at approximately the same rate, thereby keeping the net asset value of the Fund from declining as much as it otherwise would have. The Fund could accomplish similar results by selling bonds with longer maturities and investing in bonds with shorter maturities when interest rates are expected to increase. However, because the futures market may be more liquid than the cash market, the use of futures contracts as a risk management technique allows the Fund to take a position without having to sell its portfolio securities. Similarly, when the Adviser expects that interest rates may decline, the Fund may purchase interest rate futures contracts in an attempt to hedge against having to make subsequently anticipated purchases of bonds at the higher prices subsequently expected to prevail. Since the fluctuations in the value of appropriately selected futures contracts should be similar to that of the bonds that will be purchased, the Fund could take advantage of the anticipated rise in the cost of the bonds without actually buying them until the market had stabilized.

The use of options and futures transactions entails risks. In particular, the variable degree of correlation between price movements of futures contracts and price movements in the related portfolio position of the Fund could create the possibility that losses on the derivative will be greater than gains in the value of the Fund's position. In addition, futures and options markets could be illiquid in some circumstances and certain OTC options could have no markets. The Fund might not be able to close out certain positions without incurring substantial losses. To the extent the Fund utilizes futures and options transactions for hedging, such transactions should tend to decrease the risk of loss due to a decline in the value of the hedged position and, at the same time, limit any potential gain to the Fund that might result from an increase in value of the position. There is also the risk of loss by the Fund of margin deposits in the event of bankruptcy of a broker with whom the Fund has an open position in a futures contract or option thereon. Finally, the daily variation margin requirements for futures contracts create a greater ongoing potential financial risk than would purchases of options, in which case the exposure is limited to the cost of the initial premium and transaction costs.

**Interest Rate and Equity Swaps and Related Transactions**

The Fund may enter into interest rate and equity swaps and may purchase or sell (i.e., write) interest rate and equity caps, floors and collars. The Fund expects to enter into these transactions in order to hedge against either a decline in the value of the securities included in the Fund's portfolio, or against an increase in the price of the securities which it plans to purchase, in order to preserve or maintain a return or spread on a particular investment or portion of its portfolio or to achieve a particular return on cash balances, or in order to increase income or gain. Interest rate and equity swaps involve the exchange by the Fund with another party of their respective commitments to make or receive payments based on a notional principal amount. The purchase of an interest rate or equity cap entitles the purchaser, to the extent that a specified index exceeds a predetermined level, to receive payments on a contractually-based principal amount from the party selling the interest rate or equity cap. The purchase of an interest rate or equity floor entitles the purchaser, to the extent that a specified index falls below a predetermined rate, to receive payments on a contractually-based principal amount from the party selling the interest rate or equity floor. A collar is a combination of a cap and a floor which preserve a certain return within a predetermined range of values.

The Fund will usually enter into interest rate and equity swaps on a net basis (i.e., the two payment streams are netted out), with the Fund receiving or paying, as the case may be, only the net amount of the two payments.

The use of interest rate and equity swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Adviser is incorrect in its forecasts of market values, interest rates and other applicable factors, the investment performance of the Fund would diminish compared with what it would have been if these investment techniques were not utilized. Moreover, even if the Adviser is correct in its forecasts, there is a risk that the swap position may correlate imperfectly with the price of the asset or liability being hedged.

As is the case with futures and options strategies, the effective use of swaps and related transactions by the Fund may depend, among other things, on the Fund's ability to terminate the transactions at times when the Adviser deems it desirable to do so. To the extent the Fund does not, or cannot, terminate such a transaction in a timely manner, the Fund may suffer a loss in excess of any amounts that it may have received, or expected to receive, as a result of entering into the transaction.

The liquidity of swap agreements will be determined by the Adviser based on various factors, including (i) the frequency of trades and quotations, (ii) the number of dealers and prospective purchasers in the marketplace, (iii) dealer undertakings to make a market, (iv) the nature of the security (including any demand or tender features), and (v) the nature of the marketplace for trades (including the ability to assign or offset the Fund's rights and obligations relating to the investment).

There is no limit on the amount of interest rate and equity swap transactions that may be entered into by the Fund. The effective use of swaps and related transactions by the Fund may depend, among other things, on the Fund's ability to terminate the transactions at times when the Adviser deems it desirable to do so. Because swaps and related transactions are bilateral contractual arrangements between the Fund and counterparties to the transactions, the Fund's ability to terminate such an arrangement may be considerably more limited than in the case of an exchange traded instrument. To the extent the Fund does not, or cannot, terminate such a transaction in a timely manner, the Fund may suffer a loss in excess of any amounts that it may have received, or expected to receive, as a result of entering into the transaction. If the other party to a swap defaults, the Fund's risk of loss is the net amount of payments that the Fund contractually is entitled to receive, if any. The Fund may purchase and sell caps, floors and collars without limitation, subject to the requirements described above under "Regulation of Derivatives."

**Credit Default Swaps**

The Fund may enter into credit default swap contracts for hedging purposes or to add leverage to its portfolio. When used for hedging purposes, the Fund would be the buyer of a credit default swap contract. In that case, the Fund would be entitled to receive the par (or other agreed-upon) value of a referenced debt obligation, index or other investment from the counterparty to the contract in the event of a default by a third party, such as a U.S. or foreign issuer, on the referenced debt obligation. In return, the Fund would pay to the counterparty a periodic stream of payments over the term of the contract provided that no event of default has occurred. If no default occurs, the Fund would have spent the stream of payments and received no benefit from the contract. When the Fund is the seller of a credit default swap contract, it receives the stream of payments but is obligated to pay upon default of the referenced debt obligation. As the seller, the Fund would effectively add leverage to its portfolio because, in addition to its total assets, the Fund would be subject to investment exposure on the notional amount of the swap.

In addition to the risks applicable to derivatives generally, credit default swaps involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation, as opposed to a credit downgrade or other indication of financial difficulty.

Credit default swaps may be subject to regulation by the CFTC, SEC, or both. Both the CFTC and the SEC have issued guidance and relief regarding the implementation of various provisions of the Dodd Frank Wall Street Reform Act (the "Dodd-Frank Act") relating to the use of swaps. Further action by the CFTC or SEC may affect a fund's ability to use credit default swaps or may require additional disclosure by the Fund.

**Indexed Securities**

The Fund may purchase securities whose prices are indexed to the prices of other securities, securities indices, currencies, or other financial indicators. Indexed securities typically, but not always, are debt securities or deposits whose value at maturity or coupon rate is determined by reference to a specific instrument or statistic. Currency-indexed securities typically are short-term to intermediate-term debt securities whose maturity values or interest rates are determined by reference to the values of one or more specified foreign currencies, and may offer higher yields than U.S. dollar-denominated securities of equivalent issuers. Currency-indexed securities may be positively or negatively indexed; that is, their maturity value may increase when the specified currency value increases, resulting in a security that performs similarly to a foreign currency-denominated instrument, or their maturity value may decline when foreign currencies increase, resulting in a security whose price characteristics are similar to a put on the underlying currency. Currency-indexed securities may also have prices that depend on the values of a number of different foreign currencies relative to each other.

Because the amount of interest and/or principal payments which the issuer of indexed debt securities is obligated to make is linked to the prices of other securities, securities indices, currencies, or other financial indicators, such payments may be significantly greater or less than payment obligations in respect of other types of debt securities. As a result, an investment in indexed debt securities may be considered speculative. Moreover, the performance of indexed securities depends to a great extent on the performance of and may be more volatile than the security, currency, or other instrument to which they are indexed, and may also be influenced by interest rate changes in the United States and abroad. At the same time, indexed securities are subject to the credit risks associated with the issuer of the security, and their values may decline substantially if the issuer's creditworthiness deteriorates.

Losses resulting from the use of derivatives will reduce the Fund's net asset value, and possibly income, and the losses can be greater than if derivatives had not been used.

**Combined Transactions**

The Fund may enter into multiple transactions, including multiple options transactions, multiple futures transactions, multiple currency transactions (including forward currency contracts), multiple interest rate transactions and any combination of futures, options, currency and interest rate transactions, instead of a single derivative, as part of a single or combined strategy when, in the judgment of the Adviser, it is in the best interests of the Fund to do so. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions will normally be entered into by the Fund based on the Adviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase the risks or hinder achievement of the Fund's investment objective.

**Risks of Derivatives Outside the United States**

When conducted outside the United States, derivatives may not be regulated as rigorously as in the United States, may not involve a clearing mechanism and related guarantees, and will be subject to the risk of governmental actions affecting trading in, or the prices of, foreign securities, currencies and other instruments. In addition, the price of any foreign futures or foreign options contract and, therefore, the potential profit and loss thereon, may be affected by any variance in the foreign exchange rate between the time an order is placed and the time it is liquidated, offset or exercised. The value of positions taken as part of non-U.S. derivatives also could be adversely affected by: (i) other complex foreign political, legal and economic factors; (ii) lesser availability of data on which to make trading decisions than in the United States; (iii) delays in the Fund's ability to act upon economic events occurring in foreign markets during nonbusiness hours in the United States; (iv) the imposition of different exercise and settlement terms and procedures and margin requirements than in the United States; and (v) lower trading volume and liquidity.

**Non-U.S. Securities**

Investors should recognize that investing in the securities of non-U.S. issuers generally, and particularly in emerging market issuers, involves special considerations which are not typically associated with investing in securities of U.S. issuers. Investments in securities of non-U.S. issuers may involve risks arising from differences between U.S. and non-U.S. securities markets, including less volume, much greater price volatility in and relative illiquidity of non-U.S. securities markets, different trading and settlement practices, and less governmental supervision and regulation, from changes in currency exchange rates, from high and volatile rates of inflation, from economic, social and political conditions and, as with domestic multinational corporations, from fluctuating interest rates.

Since most non-U.S. securities are denominated in non-U.S. currencies or traded primarily in securities markets in which settlements are made in non-U.S. currencies, the value of these investments and the net investment income available for distribution to shareholders of the Fund may be affected favorably or unfavorably by changes in currency exchange rates or exchange control regulations. Because the Fund may purchase securities denominated in non-U.S. currencies, a change in the value of any such currency against the U.S. dollar will result in a change in the U.S. dollar value of the Fund's assets and the Fund's income available for distribution. The Fund's foreign currency transactions may give rise to ordinary income or loss, for U.S. federal income tax purposes, to the extent such income or loss results from fluctuations in the value of the foreign currency.

In addition, although the Fund's income may be received or realized in foreign currencies, the Fund will be required to compute and distribute its income in U.S. dollars. Therefore, if the value of a currency relative to the U.S. dollar declines after the Fund's income has been earned in that currency, translated into U.S. dollars and declared as a dividend, but before payment of such dividend, the Fund could be required to liquidate portfolio securities to pay such dividend. Similarly, if the value of a currency relative to the U.S. dollar declines between the time the Fund incurs expenses or other obligations in U.S. dollars in order to pay such expenses in U.S. dollars will be greater than the equivalent amount in such currency of such expenses at the time they were incurred. Similarly, if the value of a currency relative to the U.S. dollar declines between the time the Fund incurs expenses or other obligations in U.S. dollars and the time the Fund makes those payments, the amount of local currency that must be converted in order to pay such expenses in U.S. dollars will be greater than the corresponding amount of such currency required to be converted at the time the obligations were incurred.

Certain markets are in only the earliest stages of development. There is also a high concentration of market capitalization and trading volume in a small number of issuers representing a limited number of industries, as well as a high concentration of investors and financial intermediaries. Many of such markets also may be affected by developments with respect to more established markets in the region. Brokers in non-U.S. and emerging market countries typically are fewer in number and less capitalized than brokers in the United States. These factors, combined with the U.S. regulatory requirements for open-end investment companies and the restrictions on foreign investment, result in potentially fewer investment opportunities for the Fund and may have an adverse impact on the investment performance of the Fund. There generally is less governmental supervision and regulation of exchanges, brokers and issuers in non-U.S. countries than there is in the United States. For example, there may be no comparable provisions under certain non-U.S. laws to insider trading and similar investor protection securities laws that apply with respect to securities transactions consummated in the United States. Further, brokerage commissions and other transaction costs on non-U.S. securities exchanges generally are higher than in the United States. With respect to investments in certain emerging market countries, less comprehensive legal systems may have an adverse impact on the Fund. For example, while the potential liability of a shareholder in a U.S. corporation with respect to acts of the corporation is generally limited to the amount of the shareholder's investment, the notion of limited liability is less clear in emerging market countries. Similarly, the rights of investors in emerging market companies may be more limited than those of shareholders of U.S. corporations.

Other investment risks include the possible imposition of foreign withholding taxes on certain amounts of the Fund's income which may reduce the net return on non-U.S. investments as compared to income received from a U.S. issuer, the possible seizure or nationalization of foreign assets and the possible establishment of exchange controls, expropriation, confiscatory taxation, other foreign governmental laws or restrictions which might affect adversely payments due on securities held by the Fund, the lack of extensive operating experience of eligible foreign sub-custodians, and legal limitations on the ability of the Fund to recover assets held in custody by a foreign sub-custodian in the event of the sub-custodian's bankruptcy.

In addition, there may be less publicly-available information about a non-U.S. issuer than about a U.S. issuer, and non-U.S. issuers may not be subject to the same accounting, auditing and financial record-keeping standards and requirements as U.S. issuers. In particular, the assets and profits appearing on the financial statements of an emerging market country issuer may not reflect its financial position or results of operations in the way they would be reflected had the financial statements been prepared in accordance with U.S. generally accepted accounting principles. In addition, for an issuer that keeps accounting records in local currency, inflation accounting rules may require, for both tax and accounting purposes, that certain assets and liabilities be restated on the issuer's balance sheet in order to express items in terms of currency of constant purchasing power. Inflation accounting may indirectly generate losses or profits. Consequently, financial data may be materially affected by restatements for inflation and may not accurately reflect the real condition of those issuers and securities markets. Finally, in the event of a default of any such foreign obligations, it may be more difficult for the Fund to obtain or enforce a judgment against the issuers of such obligations. The manner in which foreign investors may invest in companies in certain emerging market countries, as well as limitations on such investments, also may have an adverse impact on the operations of the Fund. For example, the Fund may be required in certain of such countries to invest initially through a local broker or other entity and then have the shares purchased re-registered in the name of the Fund. Re-registration may in some instances not be able to occur on a timely basis, resulting in a delay during which the Fund may be denied certain of its rights as an investor.

Non-U.S. markets have different clearance and settlement procedures, and in certain markets there have been times when settlements have failed to keep pace with the volume of securities transactions, making it difficult to conduct such transactions. Further, satisfactory custodial services for investment securities may not be available in some countries having smaller emerging markets, which may result in the Fund incurring additional costs and delays in transporting and custodying such securities outside such countries. Delays in settlement or other problems could result in periods when assets of the Fund are uninvested and no return is earned thereon. The inability of the Fund to make intended security purchases due to settlement problems or the risk of intermediary counterparty failures could cause the Fund to miss attractive investment opportunities. The inability to dispose of a portfolio security due to settlement problems could result either in losses to the Fund due to subsequent declines in the value of such portfolio security or, if the Fund has entered into a contract to sell the security, could result in possible liability to the purchaser.

**Securities Related Activities**

In some countries, banks or other financial institutions may constitute a substantial number of the leading companies or companies with the most actively traded securities. The 1940 Act limits the Fund's ability to invest in any equity security of an issuer which, in its most recent fiscal year, derived more than 15% of its revenues from "securities related activities," as defined by the rules thereunder. These provisions may also restrict the Fund's investments in certain non-U.S. banks and other financial institutions.

**Non-U.S. Sub-custodians**

Rules adopted under the 1940 Act permit the Fund to maintain its non-U.S. securities and cash in the custody of certain eligible non-U.S. banks and securities depositories.

Certain banks in non-U.S. countries may not be eligible sub-custodians for the Fund, in which event the Fund may be precluded from purchasing securities in certain non-U.S. countries in which it otherwise would invest or which may result in the Fund's incurring additional costs and delays in providing transportation and custody services for such securities outside of such countries. The Fund may encounter difficulties in effecting on a timely basis portfolio transactions with respect to any securities of issuers held outside their countries. Other banks that are eligible non-U.S. sub-custodians may be recently organized or otherwise lack extensive operating experience. In addition, in certain countries there may be legal restrictions or limitations on the ability of the Fund to recover assets held in custody by non-U.S. sub-custodians in the event of the bankruptcy of the sub-custodian.

**Credit Ratings**

The securities in which the Fund will invest will not be required to meet a minimum rating standard and may not be rated for creditworthiness by any internationally recognized credit rating organization. Such securities, commonly referred to as "junk bonds," involve significantly greater risks, including price volatility and risk of default of payment of interest and principal than higher rated securities. An investment in the Fund should not be considered as a complete investment program for all investors. Moreover, substantial investments in non-U.S. securities may have adverse tax implications as described under "FEDERAL INCOME TAXES."

The Adviser will take various factors into consideration in evaluating the creditworthiness of an issuer. For corporate debt securities, such factors typically include the issuer's financial resources, its sensitivity to economic conditions and trends, the operating history of the issuer, and the experience and track record of the issuer's management. For sovereign debt instruments, these will typically include the economic and political conditions within the issuer's country, the issuer's overall and external debt levels and debt service ratios, the issuer's access to capital markets and other sources of funding, and the issuer's debt service payment history. The Adviser will also review the ratings, if any, assigned to the security by any recognized rating organizations, although the Adviser's judgment as to the quality of a debt security may differ from that suggested by the rating published by a rating service. In addition to the foregoing credit analysis, the Adviser will evaluate the relative value of an investment compared with its perceived credit risk. The Fund's ability to achieve its investment objective may be more dependent on the Adviser's credit analysis than would be the case if it invested in higher quality debt securities. A description of the ratings used by Moody's, Fitch and S&P is set forth in Appendix A.

**Emerging Market Countries**

Certain of the risks associated with international investments and investing in smaller capital markets are heightened for investments in emerging market countries. For example, some of the currencies of emerging market countries have experienced devaluations relative to the U.S. dollar, and major adjustments have been made periodically in certain of such currencies. Certain of such countries face serious exchange constraints. In addition, governments of many emerging market countries have exercised and continue to exercise substantial influence over many aspects of the private sector. In certain cases, the government owns or controls many companies, including the largest in the country. Accordingly, government actions in the future could have a significant effect on economic conditions in developing countries which could affect private sector companies and the Fund, as well as the value of securities in the Fund.

Investment in certain emerging market securities is restricted or controlled to varying degrees which may at times limit or preclude investment in certain emerging market securities and increase the costs and expenses of the Fund's portfolio. Certain emerging market countries require governmental approval prior to investments by foreign persons, limit the amount of investment by foreign persons in a particular issuer, limit the investment by foreign persons to only a specific class of securities of an issuer that may have less advantageous rights than other classes, restrict investment opportunities in issuers in industries deemed important to national interests and/or impose additional taxes on foreign investors. Certain emerging market countries may require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors which could adversely affect the Fund. In addition, if deterioration occurs in an emerging market country's balance of payments, it could impose temporary restrictions on foreign capital remittances. Investing in local markets in emerging market countries may require a portfolio to adopt special procedures, seek local government approvals or take other actions, each of which may involve additional costs to the Fund.

**Fixed-Income Securities**

The Fund may invest in fixed-income securities. Fixed-income securities generally pay a specified rate of interest or dividends, or a rate that is adjusted periodically by reference to some specified index or market rate or other factor. Fixed-income securities may include securities issued by U.S. federal, state, local, and non-U.S. governments and other agencies and instrumentalities, and by a wide range of private or corporate issuers. Fixed-income securities include, among others, bonds, notes, bills, debentures, convertible securities, bank obligations, mortgage and other asset-backed securities, loan participations and assignments and commercial paper.

Because interest rates vary, it is impossible to predict the income of the Fund for any particular period. Except to the extent that values are affected independently by other factors such as developments relating to a specific issuer or group of issuers, when interest rates decline, the value of a fixed-income portfolio can generally be expected to rise. Conversely, when interest rates rise, the value of a fixed-income portfolio can generally be expected to decline. Prices of longer term securities generally increase or decrease more sharply than those of shorter term securities in response to interest rate changes, particularly if such securities were purchased at a discount. It should be noted that the market values of securities rated below investment grade and comparable unrated securities tend to react less to fluctuations in interest rate levels than do those of higher-rated securities.

**Call or Buy-Back Features**

In addition, many fixed-income securities contain call or buy-back features that permit their issuers to call or repurchase the securities from their holders. Such securities may present risks based on payment expectations. Although the Fund may typically receive a premium if an issuer were to redeem a security, if an issuer exercises such a "call option" and redeems the security during a time of declining interest rates, the Fund may realize a capital loss on its investment if the security was purchased at a premium and the Fund may have to replace the called security with a lower yielding security, resulting in a decreased rate of return to the Fund.

**Mortgage-Related and Other Asset Backed Securities**

Mortgage-related securities are interests in pools of residential or commercial mortgage loans, including mortgage loans made by savings and loan institutions, mortgage bankers, commercial banks and others. Pools of mortgage loans are assembled as securities for sale to investors by various governmental, government-related and private organizations. The Fund may also invest in debt securities which are secured with collateral consisting of mortgage-related securities.

**Mortgage Pass-Through Securities**

Interests in pools of mortgage-related securities differ from other forms of debt securities, which normally provide for periodic payment of interest in fixed amounts with principal payments at maturity or specified call dates. Instead, these securities provide a monthly payment which consists of both interest and principal payments. In effect, these payments are a "pass-through" of the monthly payments made by the individual borrowers on their residential or commercial mortgage loans, net of any fees paid to the issuer or guarantor of such securities. Additional payments are caused by repayments of principal resulting from the sale of the underlying property, refinancing or foreclosure, net of fees or costs which may be incurred. Some mortgage-related securities (such as securities issued by GNMA) are described as "modified pass-through." These securities entitle the holder to receive all interest and principal payments owed on the mortgage pool, net of certain fees, at the scheduled payment dates regardless of whether or not the mortgagor actually makes the payment.

The rate of pre-payments on underlying mortgages will affect the price and volatility of a mortgage-related security, and may have the effect of shortening or extending the effective duration of the security relative to what was anticipated at the time of purchase. To the extent that unanticipated rates of pre-payment on underlying mortgages increase in the effective duration of a mortgage-related security, the volatility of such security can be expected to increase.

The principal governmental guarantor of mortgage-related securities is GNMA. GNMA is a wholly owned United States Government corporation within the Department of Housing and Urban Development. GNMA is authorized to guarantee, with the full faith and credit of the United States Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA (such as savings and loan institutions, commercial banks and mortgage bankers) and backed by pools of mortgages insured by the Federal Housing Administration (the "FHA"), or guaranteed by the Department of Veterans Affairs (the "VA").

Mortgage-backed securities that are issued or guaranteed by the U.S. Government, its agencies or instrumentalities, are not subject to the Fund's industry concentration restrictions, set forth below under "Investment Restrictions," by virtue of the exclusion from that test available to all U.S. Government securities. The assets underlying such securities may be represented by a portfolio of first lien residential mortgages (including both whole mortgage loans and mortgage participation interests) or portfolios of mortgage pass-through securities issued or guaranteed by GNMA, FNMA or FHLMC. Mortgage loans underlying a mortgage-related security may in turn be insured or guaranteed by the FHA or the VA. In the case of private issue mortgage-related securities whose underlying assets are neither U.S. Government securities nor U.S. Government-insured mortgages, to the extent that real properties securing such assets may be located in the same geographical region, the security may be subject to a greater risk of default than other comparable securities in the event of adverse economic, political or business developments that may affect such region and, ultimately, the ability of residential homeowners to make payments of principal and interest on the underlying mortgages.

Under the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the "Single Security Initiative"), which would generally align the characteristics of Fannie Mae and Freddie Mac certificates. The Single Security Initiative was launched in June 2019, and as of this time, the long-term effects it may have on the market for mortgage-backed securities remains uncertain.

**Collateralized Mortgage Obligations ("CMOs")**

A CMO is a debt obligation of a legal entity that is collateralized by mortgages and divided into classes. Similar to a bond, interest and prepaid principal is paid, in most cases, on a monthly basis. CMOs may be collateralized by whole mortgage loans or private mortgage bonds, but are more typically collateralized by portfolios of mortgage pass-through securities guaranteed by GNMA, FHLMC or FNMA, and their income streams.

CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Actual maturity and average life will depend upon the pre-payment experience of the collateral. In the case of certain CMOs (known as "sequential pay" CMOs), payments of principal received from the pool of underlying mortgages, including pre-payments, are applied to the classes of CMOs in the order of their respective final distribution dates. Thus, no payment of principal will be made on any class of sequential pay CMOs until all other classes having an earlier final distribution date have been paid in full.

In a typical CMO transaction, a corporation ("issuer") issues multiple series (e.g., A, B, C, Z) of CMO bonds ("Bonds"). Proceeds of the Bond offering are used to purchase mortgages or mortgage pass-through certificates ("Collateral"). The Collateral is pledged to a third party trustee as security for the Bonds. Principal and interest payments from the Collateral are used to pay principal on the Bonds in the order A, B, C, Z. The Series A, B and C Bonds all bear current interest. Interest on the Series Z Bond is accrued and added to principal and a like amount is paid as principal on the Series A, B or C Bond currently being paid off. When the Series A, B, and C Bonds are paid in full, interest and principal on the Series Z Bond begins to be paid currently. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage- or asset-backed securities.

Commercial Mortgage-Backed Securities include securities that reflect an interest in, and are secured by, mortgage loans on commercial real property. The market for commercial mortgage-backed securities developed more recently and in terms of total outstanding principal amount of issues is relatively small compared to the market for residential single-family mortgage-backed securities. Many of the risks of investing in commercial mortgage-backed securities reflect the risks of investing in the real estate securing the underlying mortgage loans. These risks reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments, and the ability of a property to attract and retain tenants. Commercial mortgage-backed securities may be less liquid and exhibit greater price volatility than other types of mortgage- or asset-backed securities.

**Other Mortgage-Related Securities**

Other mortgage-related securities include securities other than those described above that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property, including mortgage dollar rolls, CMO residuals or stripped mortgage-backed securities ("SMBS"). Other mortgage-related securities may be equity or debt securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks, partnerships, trusts and special purpose entities of the foregoing.

**CMO Residuals**

CMO residuals are mortgage securities issued by agencies or instrumentalities of the U.S. Government or by private originators of, or investors in, mortgage loans, including savings and loan associations, homebuilders, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

The cash flow generated by the mortgage assets underlying a series of CMOs is applied first to make required payments of principal and interest on the CMOs and second to pay the related administrative expenses and any management fee of the issuer. The residual in a CMO structure generally represents the interest in any excess cash flow remaining after making the foregoing payments. Each payment of such excess cash flow to a holder of the related CMO residual represents income and/or a return of capital. The amount of residual cash flow resulting from a CMO will depend on, among other things, the characteristics of the mortgage assets, the coupon rate of each class of CMO, prevailing interest rates, the amount of administrative expenses and the pre-payment experience on the mortgage assets. In particular, the yield to maturity on CMO residuals is extremely sensitive to pre-payments on the related underlying mortgage assets, in the same manner as an interest only ("IO") class of stripped mortgage-backed securities. In addition, if a series of a CMO includes a class that bears interest at an adjustable rate, the yield to maturity on the related CMO residual will also be extremely sensitive to changes in the level of the index upon which interest rate adjustments are based. As described below with respect to stripped mortgage-backed securities, in certain circumstances the Fund may fail to recoup fully its initial investment in a CMO residual.

CMO residuals are generally purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers. The CMO residual market has only very recently developed and CMO residuals currently may not have the liquidity of other more established securities trading in other markets. Transactions in CMO residuals are generally completed only after careful review of the characteristics of the securities in question. In addition, CMO residuals may, or pursuant to an exemption therefrom, may not have been registered under the Securities Act of 1933, as amended (the "1933 Act"). CMO residuals, whether or not registered under the 1933 Act, may be subject to certain restrictions on transferability, and may be deemed "illiquid" and subject to the Fund's limitations on investment in illiquid securities.

**Adjustable-Rate Mortgage Backed Securities**

Adjustable-rate mortgage-backed securities ("ARMBSs") have interest rates that reset at periodic intervals. Acquiring ARMBSs permits the Fund to participate in increases in prevailing current interest rates through periodic adjustments in the coupons of mortgages underlying the pool on which ARMBSs are based. Such ARMBSs generally have higher current yield and lower price fluctuations than is the case with more traditional fixed-income debt securities of comparable rating and maturity. In addition, when prepayments of principal are made on the underlying mortgages during periods of rising interest rates, the Fund can reinvest the proceeds of such prepayments at rates higher than those at which they were previously invested. Mortgages underlying most ARMBSs, however, have limits on the allowable annual or lifetime increases that can be made in the interest rate that the mortgagor pays. Therefore, if current interest rates rise above such limits over the period of the limitation, the Fund, when holding an ARMBS, does not benefit from further increases in interest rates. Moreover, when interest rates are in excess of coupon rates (i.e., the rates being paid by mortgagors) of the mortgages, ARMBSs behave more like fixed-income securities and less like adjustable rate securities and are subject to the risks associated with fixed-income securities. In addition, during periods of rising interest rates, increases in the coupon rate of adjustable rate mortgages generally lag current market interest rates slightly, thereby creating the potential for capital depreciation on such securities.

**Stripped Mortgage-Backed Securities**

SMBS are derivative multi-class mortgage securities. SMBS may be issued by agencies or instrumentalities of the U.S. Government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks, commercial banks, investment banks and special purpose entities of the foregoing.

SMBS are usually structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. A common type of SMBS will have one class receiving some of the interest and most of the principal from the mortgage assets, while the other class will receive most of the interest and the remainder of the principal. In the most extreme case, one class will receive all of the interest (the "IO" class), while the other class will receive all of the principal (the principal-only or "PO" class). The yield to maturity on an IO class is extremely sensitive to the rate of principal payments (including pre-payments) on the related underlying mortgage assets, and a rapid rate of principal payments may have a material adverse effect on the Fund's yield to maturity from these securities. If the underlying mortgage assets experience greater than anticipated pre-payments of principal, the Fund may fail to recoup some or all of its initial investment in these securities even if the security is in one of the highest rating categories.

Although SMBS are purchased and sold by institutional investors through several investment banking firms acting as brokers or dealers, these securities were only recently developed. As a result, established trading markets have not yet developed and, accordingly, these securities may be deemed "illiquid" and subject to the Fund's limitations on investment in illiquid securities.

**Collateralized Debt Obligations**

The Fund may invest in collateralized debt obligations ("CDOs"), which includes collateralized bond obligations ("CBOs"), collateralized loan obligations ("CLOs") and other similarly structured securities. CBOs and CLOs are types of asset-backed securities. A CBO is a trust which is backed by a diversified pool of high risk, below investment grade fixed-income securities. A CLO is a trust typically collateralized by a pool of loans, which may include, among others, domestic and foreign senior secured loans, senior unsecured loans, and subordinate corporate loans, including loans that may be rated below investment grade or equivalent unrated loans. CDOs may charge management fees and administrative expenses.

For both CBOs and CLOs, the cash flows from the trust are split into two or more portions, called tranches, varying in risk and yield. The riskiest portion is the "equity" tranche which bears the bulk of defaults from the bonds or loans in the trust and serves to protect the other, more senior tranches from default in all but the most severe circumstances. Since it is partially protected from defaults, a senior tranche from a CBO trust or CLO trust typically have higher ratings and lower yields than their underlying securities, and can be rated investment grade. Despite the protection from the equity tranche, CBO or CLO tranches can experience substantial losses due to actual defaults, increased sensitivity to defaults due to collateral default and disappearance of protecting tranches, market anticipation of defaults, as well as aversion to CBO or CLO securities as a class.

The risks of an investment in a CDO depend largely on the type of the collateral securities and the class of the CDO in which the Fund invests. Normally, CBOs, CLOs and other CDOs are privately offered and sold, and thus, are not registered under the securities laws. As a result, investments in CDOs may be characterized by the Fund as illiquid securities, however an active dealer market may exist for CDOs allowing a CDO to qualify for Rule 144A transactions. In addition to the normal risks associated with fixed-income securities discussed elsewhere in this SAI and the Prospectus (e.g., interest rate risk and default risk), CDOs carry additional risks including, but are not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

**Mortgage "Dollar Roll" Transactions**

The Fund may enter into mortgage "dollar roll" transactions with selected banks and broker-dealers. In a dollar roll, the Fund sells mortgage-backed securities and simultaneously contracts to repurchase substantially similar (same type, coupon and maturity) securities on a specified future day. The Fund will only enter into covered rolls. A "covered roll" is a specific type of dollar roll for which there is an offsetting cash or cash equivalent security position which matures on or before the forward settlement date of the dollar roll transaction. Covered rolls are not treated as a borrowing or other senior security and will be excluded from the calculation of the Fund's borrowings and other senior securities. For financial reporting and U.S. federal income tax purposes, the Fund treats mortgage dollar rolls as two separate transactions: one involving the purchase of a security and a separate transaction involving a sale. The Fund does not currently intend to enter into mortgage dollar roll transactions that are accounted for as financing.

Consistent with the Fund's investment objectives and policies, the Fund also may invest in other types of asset-backed securities.

**Bank Obligations**

Bank obligations that may be purchased by the Fund include certificates of deposit, banker's acceptances and fixed time deposits. A certificate of deposit is a short-term negotiable certificate issued by a commercial bank against funds deposited in the bank and is either interest-bearing or purchased on a discount basis. A banker's acceptance is a short-term draft drawn on a commercial bank by a borrower, usually in connection with an international commercial transaction. The borrower is liable for payment, as is the bank, which unconditionally guarantees to pay the draft at its face amount on the maturity date. Fixed time deposits are obligations of branches of U.S. or non-U.S. banks which are payable at a stated maturity date and bear a fixed rate of interest. Although fixed time deposits do not have a market, there are no contractual restrictions on the right to transfer a beneficial interest in the deposit to a third party. Bank obligations may be general obligations of the parent bank or may be limited to the issuing branch by the terms of the specific obligations or by government regulation. Securities issued or guaranteed by non-U.S. banks and non-U.S. branches of U.S. banks are subject to many of the risks of investing in non-U.S. securities generally.

Banks are subject to extensive governmental regulations which may limit both the amounts and types of loans and other financial commitments which may be made and interest rates and fees which may be charged. The profitability of this industry is to a significant extent dependent upon the availability and cost of capital of funds used by the bank to finance its lending operations. Also, general economic conditions play an important part in the operations of this industry and exposure to credit losses arising from possible financial difficulties of borrowers might affect a bank's ability to meet its obligations.

**Initial Public Offerings**

The Fund may purchase shares in initial public offerings ("IPO"). Because IPO shares frequently are volatile in price, the Fund may hold IPO shares for a very short period of time. This may increase the turnover of the Fund's portfolio and may lead to increased expenses to the Fund, such as commissions and transaction costs. By selling shares, the Fund may realize taxable capital gains that it will subsequently distribute to shareholders. Investing in IPOs has added risks because their shares are frequently volatile in price. As a result, their performance can be more volatile and they face greater risk of business failure, which could increase the volatility of the Fund's portfolio.

**Convertible Securities**

The Fund may invest in convertible securities, which are bonds, debentures, notes, preferred stock or other securities, which may be converted into or exchanged for a prescribed amount of common stock of the same or different issuer within a particular period of time at a specified price or formula. A convertible security entitles the holder to receive interest paid or accrued on debt or the dividend paid on preferred stock until the convertible security matures or is redeemed, converted or exchanged. Before conversion, convertible securities ordinarily provide a stream of income, which generate higher yields than those of common stocks of the same or similar issuers but lower than the yield on non-convertible debt. Convertible securities are usually subordinate or are comparable to non-convertible securities but rank senior to common stock or shares in a company's capital structure. The value of a convertible security is a function of (i) its yield in comparison with the yields of other securities of comparable maturity and quality that do not have a conversion privilege and (ii) its worth, at market value, if converted into the underlying common stock. Convertible securities are typically issued by smaller capitalized companies whose stock prices may be volatile. The price of a convertible security often reflects such variations in the price of the underlying common stock in a way that non-convertible debt does not. A convertible security may be subject to redemption at the option of the issuer at a price established in the convertible security's governing instrument.

**High Yield Securities**

The Fund may invest in high yield securities. High yield securities are considered speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligations. Under rating agency guidelines, any quality and protective characteristics of high yield securities will likely be outweighed by large uncertainties or major risk exposures to adverse conditions. Medium and lower rated securities may have poor prospects of ever attaining any real investment standing, may have a current identifiable vulnerability to default, may be unlikely to have the capacity to pay interest and repay principal when due in the event of adverse business, financial or economic conditions, and/or may be in default or not current in the payment of interest or principal. The Fund's achievements of its objective may be more dependent on the Adviser's own credit analysis than is the case with funds that invest in higher rated fixed-income securities.

*Changes in Credit Ratings*. Changes by recognized rating services in their ratings of a high yield security and in the ability of an issuer to make payments of interest and principal may also affect the value of these investments. A description of the ratings used by Moody's, Fitch and S&P is set forth in Appendix A to this SAI. The ratings of Moody's, Fitch and S&P generally represent the opinions of those organizations as to the quality of the securities that they rate. Such ratings, however, are relative and subjective, are not absolute standards of quality, are subject to change and do not evaluate the market risk or liquidity of the securities. Ratings of a non-U.S. debt instrument, to the extent that those ratings are undertaken, are related to evaluations of the country in which the issuer of the instrument is located, which may cause a rating to be lower than would otherwise by suggested by the intrinsic creditworthiness of the issuer.

*Liquidity.* The secondary markets for high yield securities are not as liquid as the secondary markets for higher rated securities. The secondary markets for high yield securities are concentrated in relatively few market makers and participants in the market are mostly institutional investors, including insurance companies, banks, other financial institutions and mutual funds. In addition, the trading volume for high yield securities is generally lower than that for higher-rated securities and the secondary markets could contract under adverse market or economic conditions independent of any specific adverse changes in the condition of a particular issuer, decreasing the liquidity of the high yield securities held in the Fund's portfolio. These factors may have an adverse effect on the ability of the Fund to dispose of particular portfolio investments at the price it would wish, may adversely affect the Fund's net asset value per share and may limit the ability of the Fund to obtain accurate market quotations for purposes of valuing securities and calculating net asset value.

*Legislative and Regulatory Developments.* Prices for high yield securities may be affected by legislative and regulatory developments. These laws could adversely affect the Fund's net asset value and investment practices, the secondary market for high yield securities, the financial condition of issuers of these securities and the value of outstanding high yield securities. For example, federal legislation requiring the divestiture by federally insured savings and loan associations of their investments in high yield bonds and limiting the deductibility of interest by certain corporate issuers of high yield bonds adversely affected the market in prior years.

*High Yield Corporate Securities.* While the market values of securities rated below investment grade and comparable unrated securities tend to react less to fluctuations in interest rate levels than do those of higher-rated securities, the values of certain of these securities also tend to be more sensitive to individual corporate developments and changes in economic conditions than higher-rated securities. In addition, such securities present a higher degree of credit risk. Issuers of these securities are often highly leveraged and may not have more traditional methods of financing available to them, so that their ability to service their debt obligations during an economic downturn or during sustained periods of rising interest rates may be impaired. The risk of loss due to default by such issuers is significantly greater than with investment grade securities because such securities generally are unsecured and subordinated to the prior payment of senior indebtedness. The Fund also may incur additional expenses to the extent that it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. These risks may be greater for non-U.S. high yield securities especially those of issuers located in emerging markets.

The development of markets for high yield corporate securities has been a relatively recent phenomenon, especially outside the United States. In addition, these markets have undergone significant changes in the past and may undergo significant changes in the future.

Most of the high yield securities in which the Fund invests will bear interest at fixed rates but the Fund may also invest in securities with variable rates of interest or which involve equity features, such as contingent interest or participations based on revenues, sales or profits (i.e., interest or other payments, often in addition to a fixed rate of return, that are based on the borrower's attainment of specified levels of revenues, sales or profits and thus enable the holder of the security to share in the potential success of the venture).

*High Yield Non-U.S. Debt Securities.* Investing in fixed and floating rate high yield non-U.S. debt securities, especially those of issuers located in emerging market countries, will expose the Fund to the direct or indirect consequences of political, social or economic changes in the countries that issue the securities or in which the issuers are located, in addition to the risks of investing in high yield securities generally. For example, the ability and willingness of sovereign obligors in emerging market countries or the governmental authorities that control repayment of their external debt to pay principal and interest on such debt when due may depend on general economic and political conditions within the relevant country. Certain countries in which the Fund may invest, especially emerging market countries, have historically experienced, and may continue to experience, high rates of inflation, high interest rates, exchange rate trade difficulties and extreme poverty and unemployment. Many of these countries are also characterized by political uncertainty or instability. Additional factors which may influence the ability or willingness to service debt include, but are not limited to, an issuer's (including sovereign issuers) cash flow situation, the availability of sufficient foreign exchange on the date a payment is due, and the relative size of its debt service burden. Non-U.S. issuers, including government issuers, may also have debt (such as commercial bank debt) which is senior to its high yield securities.

The ability of a non-U.S. sovereign obligor, especially an obligor in an emerging market country, to make timely payments on its external debt obligations will also be strongly influenced by the obligor's balance of payments, including export performance, its access to international credit and investments, fluctuations in interest rates and the extent of its foreign reserves, and the issuing government's policy toward the International Monetary Fund, the World Bank and other international agencies. A country whose exports are concentrated in a few commodities or whose economy depends on certain strategic imports could be vulnerable to fluctuations in international prices of these commodities or imports. To the extent that a country receives payment for its exports in currencies other than dollars, its ability to make debt payments denominated in dollars could be adversely affected. If a non-U.S. sovereign obligor cannot generate sufficient earnings from foreign trade to service its external debt, it may need to depend on continuing loans and aid from foreign governments, commercial banks and multilateral organizations, and inflows of foreign investment. The commitment on the part of these foreign governments, multilateral organizations and others to make such disbursements may be conditioned on the government's implementation of economic reforms and/or economic performance and the timely service of its obligations. Failure to implement such reforms, achieve such levels of economic performance or repay principal or interest when due may result in the cancellation of such third parties' commitments to lend funds, which may further impair the obligor's ability or willingness to timely service its debts. The cost of servicing external debt will also generally be adversely affected by rising international interest rates, because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. The ability to service external debt will also depend on the level of the relevant government's international currency reserves and its access to foreign exchange. Currency devaluations may affect the ability of an issuer to obtain sufficient foreign exchange to service its debt. The risks enumerated above are particularly heightened with regard to issuers in emerging market countries.

As a result of the foregoing or other factors, a governmental obligor, especially an obligor in an emerging market country, may default on its obligations. If such an event occurs, the Fund may have limited legal recourse against the issuer and/or guarantor. Remedies must, in some cases, be pursued in the courts of the defaulting party itself, and the ability of the holder of non-U.S. sovereign debt securities to obtain recourse may be subject to the political climate in the relevant country.

**Firm Commitments and When-Issued Securities**

The Fund may purchase securities on a firm commitment basis, including when-issued securities. Securities purchased on a firm commitment basis are purchased for delivery beyond the normal settlement date at a stated price and yield. No income accrues to the purchaser of a security on a firm commitment basis prior to delivery. Such securities are recorded as an asset and are subject to changes in value based upon changes in the general level of interest rates. Purchasing a security on a firm commitment basis can involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price, in which case there could be an unrealized loss at the time of delivery. The Fund will only make commitments to purchase securities on a firm commitment basis with the intention of actually acquiring the securities, but may sell them before the settlement date if it is deemed advisable.

**Floating and Variable Rate Instruments**

The Fund may invest in floating and variable rate obligations. Floating or variable rate obligations bear interest at rates that are not fixed, but vary with changes in specified market rates or indices, such as the prime rate, and at specified intervals. The variable rate obligations in which the Fund may invest include variable rate master demand notes, which are unsecured instruments issued pursuant to an agreement between the issuer and the holder that permit the indebtedness thereunder to vary and provide for periodic adjustments in the interest rate.

Certain of the floating or variable rate obligations that may be purchased by the Fund may carry a demand feature that would permit the holder to tender them back to the issuer of the instrument or to a third party at par value prior to maturity. Some of the demand instruments purchased by the Fund are not traded in a secondary market and derive their liquidity solely from the ability of the holder to demand repayment from the issuer or third party providing credit support. If a demand instrument is not traded in a secondary market, the Fund will nonetheless treat the instrument as liquid for the purposes of its investment restriction limiting investments in illiquid securities unless the demand feature has a notice period of more than seven days; if the notice period is greater than seven days, such a demand instrument will be characterized as illiquid for such purpose. The Fund's right to obtain payment at par on a demand instrument could be affected by events occurring between the date the Fund elects to demand payment and the date payment is due that may affect the ability of the issuer of the instrument or a third party providing credit support to make payment when due. To facilitate settlement, some demand instruments may be held in book entry form at a bank other than the Fund's custodian subject to a sub-custodian agreement approved by the Fund between that bank and the Fund's custodian.

**Inflation-Indexed Bonds**

Inflation-indexed bonds are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the CPI accruals as part of a semiannual coupon.

Inflation-indexed securities issued by the U.S. Treasury have maturities of five, ten or twenty years, although it is possible that securities with other maturities will be issued in the future. The U.S. Treasury securities pay interest on a semiannual basis, equal to a fixed percentage of the inflation-adjusted principal amount. For example, if the Fund purchased an inflation-indexed bond with a par value of $1,000 and a 3% real rate of return coupon (payable 1.5% semi-annually), and inflation over the first six months were 1%, the mid-year par value of the bond would be $1,010 and the first semi-annual interest payment would be $15.15 ($1,010 times 1.5%). If inflation during the second half of the year resulted in the whole year's inflation equaling 3%, the end-of-year par value of the bond would be $1,030 and the second semi-annual interest payment would be $15.45 ($1,030 times 1.5%).

If the periodic adjustment rate measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury inflation-indexed bonds, even during a period of deflation. However, the current market value of the bonds is not guaranteed, and will fluctuate. The Fund may also invest in other inflation related bonds which may or may not provide a similar guarantee. If a guarantee of principal is not provided, the adjusted principal value of the bond repaid at maturity may be less than the original principal. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates in turn are tied to the relationship between nominal interest rates and the rate of inflation.

**Interest-Only Securities**

Interest only securities ("IOs") are a form of stripped mortgage security. Stripped mortgage securities may be issued by agencies or instrumentalities of the U.S. government, or by private originators of, or investors in, mortgage loans, including savings and loan associations, mortgage banks and special purpose subsidiaries of the foregoing. The risk of early prepayment is the primary risk associated with IOs.

Stripped mortgage securities are structured with two or more classes of securities that receive different proportions of the interest and principal distributions on a pool of mortgage assets. IOs are one class of a stripped mortgage security that receives all of the interest (while another class will receive all of the principal ("POs" or "principal only class")).

**Loan Participations and Assignments**

The Fund may invest in loan participations and assignments. The Fund considers loan participations and assignments to be investments in debt securities. Loan participations typically will result in the Fund having a contractual relationship only with the lender, not with the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Under a loan participation, the Fund generally will have no right to enforce compliance by the borrower with the terms of the loan agreement relating to the loan, nor any rights of set-off against the borrower, and the Fund may not benefit directly from any collateral supporting the loan in which it has purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the lender that is selling the participation. In the event of the insolvency of the lender selling a participation, the Fund may be treated as a general creditor of the lender and may not benefit from any set-off between the lender and the borrower. When the Fund purchases assignments of loans from lenders, the Fund will acquire direct rights against the borrower on the loan, except that under certain circumstances such rights may be more limited than those held by the assigning lender.

The Fund may have difficulty disposing of assignments and loan participations. In many cases the market for such instruments is not highly liquid, and therefore the Fund anticipates that in such cases such instruments could be sold only to a limited number of institutional investors. The lack of a highly liquid secondary market may have an adverse impact on the value of such instruments and will have an adverse impact on the Fund's ability to dispose of particular assignments or loan participations in response to a specific economic event, such as deterioration in the creditworthiness of the borrower or the ability to dispose of them at the price issued.

**Restricted Securities and Securities with Limited Trading Markets (Rule 144A)**

The Fund may purchase securities for which there is a limited trading market or which are subject to restrictions on resale to the public. If the Fund were to acquire substantial positions in securities with limited trading markets, the activities of the Fund could have an adverse effect upon the liquidity and marketability of such securities and the Fund might not be able to dispose of its holdings in those securities at then current market prices. Circumstances could also exist (to satisfy redemptions, for example) when portfolio securities might have to be sold by the Fund at times which otherwise might be considered to be disadvantageous so that the Fund might receive lower proceeds from such sales than it had expected to realize. Investments in securities which are "restricted" may involve added expenses to the Fund should the Fund be required to bear registration costs with respect to such securities and could involve delays in disposing of such securities which might have an adverse effect upon the price and timing of sales of such securities and the liquidity of the Fund with respect to redemptions. Restricted securities and securities for which there is a limited trading market may be significantly more difficult to value due to the unavailability of reliable market quotations for such securities, and investment in such securities may have an adverse impact on net asset value. The Fund may purchase Rule 144A securities for which there may be a secondary market of qualified institutional buyers as contemplated by Rule 144A under the 1933 Act. Liquidity determinations with respect to Rule 144A securities will be made by the Board or by the Adviser pursuant to guidelines established by the Board. The Fund's holdings of Rule 144A securities which are considered liquid securities will not be subject to the Fund's applicable limitation on investments in illiquid securities.

The Fund may purchase Rule 144A securities on certain exchanges. These markets provide access to only institutional and highly sophisticated investors. They allow private companies to raise capital without the disclosure requirements of public markets and follow specific SEC rules to avoid certain disclosure requirements. Under these rules, companies are able to sell securities without registering them if the issued securities are limited to qualified institutional buyers (investors with at least $100 million in assets), and there are less than 500 shareholders. The market is run through a proprietary trading system. This system allows the members of the exchange to view bid and ask offers and recent sales. Actual transactions are made through special brokers. Because of the lack of disclosure in these markets, shares are expected to trade at a discount to the equivalent price achievable if the shares were listed on a public market. Companies utilizing these markets however, believe that the ability to avoid disclosure requirements of public markets is more important than receiving the higher price available from a public exchange listing.

**Zero Coupon Securities, Pay-In-Kind Bonds and Deferred Payment Securities**

The Fund may invest in zero coupon securities, pay-in-kind bonds and deferred payment securities. Zero coupon securities are debt securities that pay no cash income but are sold at substantial discounts from their value at maturity. When a zero coupon security is held to maturity, its entire return, which consists of the amortization of discount, comes from the difference between its purchase price and its maturity value. This difference is known at the time of purchase, so that investors holding zero coupon securities until maturity know at the time of their investment what the expected return on their investment will be. Zero coupon securities may have conversion features. The Fund also may purchase pay-in-kind bonds. Pay-in-kind bonds pay all or a portion of their interest in the form of debt or equity securities. Deferred payment securities are securities that remain zero coupon securities until a predetermined date, at which time the stated coupon rate becomes effective and interest becomes payable at regular intervals.

Zero coupon securities, pay-in-kind bonds and deferred payment securities tend to be subject to greater price fluctuations in response to changes in interest rates than are ordinary interest-paying debt securities with similar maturities. The value of zero coupon securities appreciates more during periods of declining interest rates and depreciates more during periods of rising interest rates than ordinary interest-paying debt securities with similar maturities. Zero coupon securities, pay-in-kind bonds and deferred payment securities may be issued by a wide variety of corporate and governmental issuers. Although these instruments are generally not traded on a national securities exchange, they are widely traded by brokers and dealers and, to such extent, will not generally be considered illiquid for the purposes of the Fund's limitation on investments in illiquid securities.

To avoid liability for U.S. federal income and excise taxes, the Fund may be required to distribute income accrued with respect to zero coupon securities, certain pay-in-kind bonds, deferred payment securities and certain other securities, and may have to dispose of portfolio securities under disadvantageous circumstances in order to generate cash to satisfy these distribution requirements.

**Borrowing**

Although the Fund does not intend to borrow money, the Fund may do so to the extent permitted by the 1940 Act. Under the 1940 Act, the Fund may borrow up to one-third (1/3) of its total assets. The Fund will borrow money only for short-term or emergency purposes. Such borrowing is not for investment purposes and will be repaid by the borrowing Fund promptly. Borrowing will tend to exaggerate the effect on NAV of any increase or decrease in the market value of the borrowing Fund's portfolio. Money borrowed will be subject to interest costs that may or may not be recovered by earnings on the securities purchased. The Fund also may be required to maintain minimum average balances in connection with a borrowing or to pay a commitment or other fee to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate.

**Depositary Receipts**

To the extent the Fund invests in stocks of foreign corporations, such Fund's investment in securities of foreign companies may be in the form of depositary receipts or other securities convertible into securities of foreign issuers. American Depositary Receipts ("ADRs") are dollar-denominated receipts representing interests in the securities of a foreign issuer, which securities may not necessarily be denominated in the same currency as the securities into which they may be converted. ADRs are receipts typically issued by U.S. banks and trust companies which evidence ownership of underlying securities issued by a foreign corporation. Generally, ADRs in registered form are designed for use in domestic securities markets and are traded on exchanges or over-the-counter in the United States.

Global Depositary Receipts ("GDRs"), European Depositary Receipts ("EDRs"), and International Depositary Receipts ("IDRs") are similar to ADRs in that they are certificates evidencing ownership of shares of a foreign issuer; however, GDRs, EDRs, and IDRs may be issued in bearer form and denominated in other currencies and are generally designed for use in specific or multiple securities markets outside the U.S. EDRs, for example, are designed for use in European securities markets, while GDRs are designed for use throughout the world. Depositary receipts will not necessarily be denominated in the same currency as their underlying securities.

The Fund will not invest in any unlisted depositary receipts or any depositary receipt that the Adviser deems to be illiquid or for which pricing information is not readily available. In addition, all depositary receipts generally must be sponsored. However, the Fund may invest in unsponsored depositary receipts under certain limited circumstances. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States and, therefore, there may be less information available regarding such issuers and there may not be a correlation between such information and the value of the depositary receipts.

**Derivative Instruments** 

Derivatives are financial instruments whose values are based on the value of one or more indicators, such as a security, asset, currency, interest rate, or index. Examples of derivative instruments include forward contracts, currency and interest rate swaps, currency options, futures contracts, options on futures contracts, and swap agreements. The Fund's use of derivatives involves risks different from, and possibly greater than, the risks associated with investing directly in securities and other more traditional investments. Moreover, although the value of a derivative is based on an underlying indicator, a derivative does not carry the same rights as would be the case if the Fund invested directly in the underlying securities.

The SEC adopted new regulations governing the use of derivatives by registered investment companies ("Rule 18f-4"). Rule 18f-4 imposes limits on the amount of derivatives the Fund can enter into, treats derivatives as senior securities, and if the Fund's use of derivatives is more than a limited specified exposure amount, requires the Fund to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager.

Derivative instruments may be used for "hedging," which means that they may be used when the Adviser seeks to protect the Fund's investments from a decline in value resulting from changes to interest rates, market prices, currency fluctuations or other market factors. Derivative instruments may also be used for other purposes, including to seek to increase liquidity, provide efficient portfolio management, broaden investment opportunities (including taking short or negative positions), implement a tax or cash management strategy, gain exposure to a particular security or segment of the market, modify the effective duration of the Fund's portfolio investments and/or enhance total return. However derivative instruments are used, their successful use is not assured and will depend upon, among other factors, the Adviser's ability to gauge relevant market movements.

Derivative instruments may be used for the purpose of direct hedging. Direct hedging means that the transaction must be intended to reduce a specific risk exposure of a portfolio security or its denominated currency and must also be directly related to such security or currency. The Fund's use of derivative instruments may be limited from time to time by policies adopted by the Board or the Adviser.

*Options*. An option is a contract that gives the purchaser of the option, in return for the premium paid, the right to buy an underlying reference instrument, such as a specified security, currency, index, or other instrument, from the writer of the option (in the case of a call option), or to sell a specified reference instrument to the writer of the option (in the case of a put option) at a designated price during the term of the option. The premium paid by the buyer of an option will reflect, among other things, the relationship of the exercise price to the market price and the volatility of the underlying reference instrument, the remaining term of the option, supply, demand, interest rates and/or currency exchange rates. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. Put and call options are traded on national securities exchanges and in the OTC market.

Options traded on national securities exchanges are within the jurisdiction of the SEC or other appropriate national securities regulator, as are securities traded on such exchanges. As a result, many of the protections provided to traders on organized exchanges will be available with respect to such transactions. In particular, all option positions entered into on a national securities exchange in the United States are cleared and guaranteed by the Options Clearing Corporation, thereby reducing the risk of counterparty default. Furthermore, a liquid secondary market in options traded on a national securities exchange may be more readily available than in the OTC market, potentially permitting the Fund to liquidate open positions at a profit prior to exercise or expiration, or to limit losses in the event of adverse market movements. There is no assurance, however, that higher than anticipated trading activity or other unforeseen events might not temporarily render the capabilities of the Options Clearing Corporation inadequate, and thereby result in the exchange instituting special procedures which may interfere with the timely execution of the Fund's orders to close out open options positions.

*Purchasing call and put options*. As the buyer of a call option, the Fund has a right to buy the underlying reference instrument (*e.g.*, a currency or security) at the exercise price at any time during the option period (for American style options). The Fund may enter into closing sale transactions with respect to call options, exercise them, or permit them to expire. For example, the Fund may buy call options on underlying reference instruments that it intends to buy with the goal of limiting the risk of a substantial increase in their market price before the purchase is effected. Unless the price of the underlying reference instrument changes sufficiently, a call option purchased by the Fund may expire without any value to the Fund, in which case the Fund would experience a loss to the extent of the premium paid for the option plus related transaction costs.

As the buyer of a put option, the Fund has the right to sell the underlying reference instrument at the exercise price at any time during the option period (for American style options). Like a call option, the Fund may enter into closing sale transactions with respect to put options, exercise them or permit them to expire. The Fund may buy a put option on an underlying reference instrument owned by the Fund (a protective put) as a hedging technique in an attempt to protect against an anticipated decline in the market value of the underlying reference instrument. Such hedge protection is provided only during the life of the put option when the Fund, as the buyer of the put option, is able to sell the underlying reference instrument at the put exercise price, regardless of any decline in the underlying instrument's market price. The Fund may also seek to offset a decline in the value of the underlying reference instrument through appreciation in the value of the put option. A put option may also be purchased with the intent of protecting unrealized appreciation of an instrument when the Adviser deems it desirable to continue to hold the instrument because of tax or other considerations. The premium paid for the put option and any transaction costs would reduce any short-term capital gain that may be available for distribution when the instrument is eventually sold. Buying put options at a time when the buyer does not own the underlying reference instrument allows the buyer to benefit from a decline in the market price of the underlying reference instrument, which generally increases the value of the put option.

If a put option was not terminated in a closing sale transaction when it has remaining value, and if the market price of the underlying reference instrument remains equal to or greater than the exercise price during the life of the put option, the buyer would not make any gain upon exercise of the option and would experience a loss to the extent of the premium paid for the option plus related transaction costs. In order for the purchase of a put option to be profitable, the market price of the underlying reference instrument must decline sufficiently below the exercise price to cover the premium and transaction costs.

*Writing call and put options*. Writing options may permit the writer to generate additional income in the form of the premium received for writing the option. The writer of an option may have no control over when the underlying reference instruments must be sold (in the case of a call option) or purchased (in the case of a put option) because the writer may be notified of exercise at any time prior to the expiration of the option (for American style options). In general, though, options are infrequently exercised prior to expiration. Whether or not an option expires unexercised, the writer retains the amount of the premium. Writing "covered" call options means that the writer owns the underlying reference instrument that is subject to the call option. Call options may also be written on reference instruments that the writer does not own.

If the Fund writes a covered call option, any underlying reference instruments that are held by the Fund and are subject to the call option will be earmarked on the books of the Fund as segregated to satisfy its obligations under the option. The Fund will be unable to sell the underlying reference instruments that are subject to the written call option until it either effects a closing transaction with respect to the written call, or otherwise satisfies the conditions for release of the underlying reference instruments from segregation. As the writer of a covered call option, the Fund gives up the potential for capital appreciation above the exercise price of the option should the underlying reference instrument rise in value. If the value of the underlying reference instrument rises above the exercise price of the call option, the reference instrument will likely be "called away," requiring the Fund to sell the underlying instrument at the exercise price. In that case, the Fund will sell the underlying reference instrument to the option buyer for less than its market value, and the Fund will experience a loss (which will be offset by the premium received by the Fund as the writer of such option). If a call option expires unexercised, the Fund will realize a gain in the amount of the premium received. If the market price of the underlying reference instrument decreases, the call option will not be exercised, and the Fund will be able to use the amount of the premium received to hedge against the loss in value of the underlying reference instrument. The exercise price of a call option will be chosen based upon the expected price movement of the underlying reference instrument. The exercise price of a call option may be below, equal to (at-the-money), or above the current value of the underlying reference instrument at the time the option is written.

As the writer of a put option, the Fund has a risk of loss should the underlying reference instrument decline in value. If the value of the underlying reference instrument declines below the exercise price of the put option and the put option is exercised, the Fund, as the writer of the put option, will be required to buy the instrument at the exercise price, which will exceed the market value of the underlying reference instrument at that time. The Fund will incur a loss to the extent that the current market value of the underlying reference instrument is less than the exercise price of the put option. However, the loss will be offset in part by the premium received from the buyer of the put. If a put option written by the Fund expires unexercised, the Fund will realize a gain in the amount of the premium received.

*Closing out options (exchange-traded options)*. If the writer of an option wants to terminate its obligation, the writer may effect a "closing purchase transaction" by buying an option of the same series as the option previously written. The effect of the purchase is that the clearing corporation will cancel the option writer's position. However, a writer may not effect a closing purchase transaction after being notified of the exercise of an option. Likewise, the buyer of an option may recover all or a portion of the premium that it paid by effecting a "closing sale transaction" by selling an option of the same series as the option previously purchased and receiving a premium on the sale. There is no guarantee that either a closing purchase or a closing sale transaction may be made at a time desired by the Fund. Closing transactions allow the Fund to terminate its positions in written and purchased options. The Fund will realize a profit from a closing transaction if the price of the transaction is less than the premium received from writing the original option (in the case of written options) or is more than the premium paid by the Fund to buy the option (in the case of purchased options). For example, increases in the market price of a call option sold by the Fund will generally reflect increases in the market price of the underlying reference instrument. As a result, any loss resulting from a closing transaction on a written call option is likely to be offset in whole or in part by appreciation of the underlying instrument owned by the Fund.

*Risks of options*. The Fund's options investments involve certain risks, including general risks related to derivative instruments. There can be no assurance that a liquid secondary market on an exchange will exist for any particular option, or at any particular time, and the Fund may have difficulty effecting closing transactions in particular options. Therefore, the Fund would have to exercise the options it purchased in order to realize any profit, thus taking or making delivery of the underlying reference instrument when not desired. The Fund could then incur transaction costs upon the sale of the underlying reference instruments. Similarly, when the Fund cannot effect a closing transaction with respect to a put option it wrote, and the buyer exercises, the Fund would be required to take delivery and would incur transaction costs upon the sale of the underlying reference instruments purchased. If the Fund, as a covered call option writer, is unable to effect a closing purchase transaction in a secondary market, it will not be able to sell the underlying reference instrument until the option expires, or it delivers the underlying instrument upon exercise. When trading options on non-U.S. exchanges or in the OTC market, many of the protections afforded to exchange participants will not be available. For example, there may be no daily price fluctuation limits, and adverse market movements could therefore continue to an unlimited extent over an indefinite period of time.

The effectiveness of an options strategy for hedging depends on the degree to which price movements in the underlying reference instruments correlate with price movements in the relevant portion of the Fund's portfolio that is being hedged. In addition, the Fund bears the risk that the prices of its portfolio investments will not move in the same amount as the option it has purchased or sold for hedging purposes, or that there may be a negative correlation that would result in a loss on both the investments and the option. If the Adviser is not successful in using options in managing the Fund's investments, the Fund's performance will be worse than if the Adviser did not employ such strategies.

*Developing government regulation of derivatives*. The regulation of certain derivatives is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC, and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading.

It is not possible to predict fully the effects of current or future regulation. However, it is possible that developments in government regulation of various types of derivative instruments, such as speculative position limits on certain types of derivatives, or limits or restrictions on the counterparties with which the Fund engages in derivative transactions, may limit or prevent the Fund from using or limit the Fund's use of these instruments effectively as a part of its investment strategy, and could adversely affect the Fund's ability to achieve its investment goal(s). The Adviser will continue to monitor developments in the area, particularly to the extent regulatory changes affect the Fund's ability to enter into desired swap agreements. New requirements, even if not directly applicable to the Fund, may increase the cost of the Fund's investments and cost of doing business.

**Equity Securities**

Equity securities, such as the common stock of an issuer, are subject to stock market fluctuations and therefore may experience volatile changes in value as market conditions, consumer sentiment or the financial condition of the issuers change. A decrease in value of the equity securities in the Fund's portfolio also may cause the value of such Fund's Shares to decline.

An investment in the Fund should be made with an understanding of the risks inherent in an investment in equity securities, including the risk that the financial condition of issuers may become impaired or that the general condition of the stock market may deteriorate (either of which may cause a decrease in the value of the Fund's portfolio securities and therefore a decrease in the value of Shares). Common stocks are susceptible to general stock market fluctuations and to volatile increases and decreases in value as market confidence and perceptions change. These investor perceptions are based on various and unpredictable factors, including expectations regarding government, economic, monetary and fiscal policies; inflation and interest rates; economic expansion or contraction; and global or regional political, economic or banking crises.

Holders of common stocks incur more risk than holders of preferred stocks and debt obligations because common stockholders, as owners of the issuer, generally have inferior rights to receive payments from the issuer in comparison with the rights of creditors or holders of debt obligations or preferred stocks. Further, unlike debt securities, which typically have a stated principal amount payable at maturity (whose value, however, is subject to market fluctuations prior thereto), or preferred stocks, which typically have a liquidation preference and which may have stated optional or mandatory redemption provisions, common stocks have neither a fixed principal amount nor a maturity. Common stock values are subject to market fluctuations as long as the common stock remains outstanding.

*When-Issued Securities -* A when-issued security is one whose terms are available and for which a market exists, but which has not been issued. When the Fund engages in when-issued transactions, it relies on the other party to consummate the sale. If the other party fails to complete the sale, the Fund may miss the opportunity to obtain the security at a favorable price or yield.

When purchasing a security on a when-issued basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield changes. At the time of settlement, the value of the security may be more or less than the purchase price. The yield available in the market when the delivery takes place also may be higher than those obtained in the transaction itself. Because the Fund does not pay for the security until the delivery date, these risks are in addition to the risks associated with its other investments.

Decisions to enter into "when-issued" transactions will be considered on a case-by-case basis when necessary to maintain continuity in a company's index membership.

*<u>Types of Equity Securities:</u>*

*Common Stocks* — Common stocks represent units of ownership in a company. Common stocks usually carry voting rights and earn dividends. Unlike preferred stocks, which are described below, dividends on common stocks are not fixed but are declared at the discretion of the company's board of directors.

*Preferred Stocks* — Preferred stocks also are units of ownership in a company. Preferred stocks normally have preference over common stock in the payment of dividends and the liquidation of the company. However, in all other respects, preferred stocks are subordinated to the liabilities of the issuer. Unlike common stocks, preferred stocks are generally not entitled to vote on corporate matters. Types of preferred stocks include adjustable-rate preferred stock, fixed dividend preferred stock, perpetual preferred stock, and sinking fund preferred stock.

Generally, the market values of preferred stock with a fixed dividend rate and no conversion element vary inversely with interest rates and perceived credit risk.

*Rights and Warrants* — A right is a privilege granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued. Rights normally have a short life of usually two to four weeks, are freely transferable and entitle the holder to buy the new common stock at a lower price than the public offering price. Warrants are securities that are usually issued together with a debt security or preferred stock and that give the holder the right to buy proportionate amount of common stock at a specified price. Warrants are freely transferable and are traded on major exchanges. Unlike rights, warrants normally have a life that is measured in years and entitles the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Corporations often issue warrants to make the accompanying debt security more attractive.

An investment in warrants and rights may entail greater risks than certain other types of investments. Generally, rights and warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. Investing in rights and warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

*Medium-Sized Companies* — Investors in medium-sized companies typically take on greater risk and price volatility than they would by investing in larger, more established companies. This increased risk may be due to the greater business risks of their medium size, limited markets and financial resources, narrow product lines and frequent lack of management depth. The securities of medium-sized companies are often traded in the over-the-counter market and might not be traded in volumes typical of securities traded on a national securities exchange. Thus, the securities of medium capitalization companies are likely to be less liquid, and subject to more abrupt or erratic market movements, than securities of larger, more established companies.

*Smaller Companies* — The securities of small- and mid-capitalization companies may be more vulnerable to adverse issuer, market, political, or economic developments than securities of larger-capitalization companies. The securities of small- and mid-capitalization companies generally trade in lower volumes and are subject to greater and more unpredictable price changes than larger capitalization stocks or the stock market as a whole. Some small- or mid-capitalization companies have limited product lines, markets, and financial and managerial resources and tend to concentrate on fewer geographical markets relative to larger capitalization companies. There is typically less publicly available information concerning small- and mid-capitalization companies than for larger, more established companies. Small- and mid-capitalization companies also may be particularly sensitive to changes in interest rates, government regulation, borrowing costs, and earnings.

*Tracking Stocks* — A tracking stock is a separate class of common stock whose value is linked to a specific business unit or operating division within a larger company, and which is designed to "track" the performance of such business unit or division. The tracking stock may pay dividends to shareholders independent of the parent company. The parent company, rather than the business unit or division, generally is the issuer of tracking stock. However, holders of the tracking stock may not have the same rights as holders of the company's common stock.

**Exchange-Traded Funds**

The Fund will invest in shares of other investment companies (including exchange-traded funds ("ETFs")). As the shareholder of another ETF, the Fund would bear, along with other shareholders, its pro rata portion of the other ETF's expenses, including advisory fees. Such expenses are in addition to the expenses the Fund pays in connection with its own operations. The Fund's investments in other ETFs may be limited by applicable law.

Disruptions in the markets for the securities underlying ETFs purchased or sold by the Fund could result in losses on investments in ETFs. ETFs also carry the risk that the price the Fund pays or receives may be higher or lower than the ETF's NAV. ETFs are also subject to certain additional risks, including the risks of illiquidity and of possible trading halts due to market conditions or other reasons, based on the policies of the relevant exchange. ETFs and other investment companies in which the Fund may invest may be leveraged, which would increase the volatility of the Fund's NAV. The Fund also may invest in ETFs and other investment companies that seek to return the inverse of the performance of an underlying index on a daily, monthly, or other basis, including inverse leveraged ETFs.

Inverse and leveraged ETFs are subject to additional risks not generally associated with traditional ETFs. To the extent that the Fund invests in inverse ETFs, the value of the Fund's investments will decrease when the index underlying the ETF's benchmark rises, a result that is the opposite from traditional equity or bond funds. The NAV and market price of leveraged or inverse ETFs are usually more volatile than the value of the tracked index or of other ETFs that do not use leverage. This is because inverse and leveraged ETFs use investment techniques and financial instruments that may be considered aggressive, including the use of derivative transactions and short selling techniques. The use of these techniques may cause the inverse or leveraged ETFs to lose more money in market environments that are adverse to their investment strategies than other funds that do not use such techniques.

**Illiquid Investments**

The Fund may invest up to an aggregate amount of 15% of its net assets in illiquid investments, as such term is defined by Rule 22e-4 under the 1940 Act. The Fund may not invest in illiquid investments if, as a result of such investment, more than 15% of the Fund's net assets would be invested in illiquid investments. Illiquid investments include securities subject to contractual or other restrictions on resale and other instruments that lack readily available markets. The inability of the Fund to dispose of illiquid investments readily or at a reasonable price could impair the Fund's ability to raise cash for redemptions or other purposes. The liquidity of securities purchased by the Fund that are eligible for resale pursuant to Rule 144A, except for certain 144A bonds, will be monitored by the Fund on an ongoing basis. In the event that more than 15% of the Fund's net assets are invested in illiquid investments, the Fund, in accordance with Rule 22e-4(b)(1)(iv), will report the occurrence to both the Board and the SEC and seek to reduce its holdings of illiquid investments within a reasonable period of time.

**Money Market Instruments**

The Fund may invest a portion of its assets in high-quality money market instruments on an ongoing basis to provide liquidity or for other reasons. The instruments in which the Fund may invest include: (i) short-term obligations issued by the U.S. government; (ii) negotiable certificates of deposit ("CDs"), fixed time deposits and bankers' acceptances of U.S. and foreign banks and similar institutions; (iii) commercial paper rated at the date of purchase "Prime-1" by Moody's or "A-1+" or "A-1" by Standard & Poor's ("S&P") or, if unrated, of comparable quality as determined by the Fund; and (iv) repurchase agreements. CDs are short-term negotiable obligations of commercial banks. Time deposits are non-negotiable deposits maintained in banking institutions for specified periods of time at stated interest rates. Banker's acceptances are time drafts drawn on commercial banks by borrowers, usually in connection with international transactions.

**Repurchase Agreements**

The Fund may invest in repurchase agreements with commercial banks, brokers, or dealers to generate income from its excess cash balances and to invest in securities lending cash collateral. A repurchase agreement is an agreement under which the Fund acquires a financial instrument (*e.g.*, a security issued by the U.S. government or an agency thereof, a banker's acceptance or a certificate of deposit) from a seller, subject to resale to the seller at an agreed upon price and date (normally, the next Business Day). A repurchase agreement may be considered a loan collateralized by securities. The resale price reflects an agreed upon interest rate effective for the period the instrument is held by the applicable Fund and is unrelated to the interest rate on the underlying instrument.

In these repurchase agreement transactions, the securities acquired by the Fund (including accrued interest earned thereon) must have a total value in excess of the value of the repurchase agreement and are held by the Custodian until repurchased. No more than an aggregate of 15% of the Fund's net assets will be invested in illiquid investments, including repurchase agreements having maturities longer than seven days and securities subject to legal or contractual restrictions on resale, or for which there are no readily available market quotations.

The use of repurchase agreements involves certain risks. For example, if the other party to the agreement defaults on its obligation to repurchase the underlying security at a time when the value of the security has declined, the Fund may incur a loss upon disposition of the security. If the other party to the agreement becomes insolvent and subject to liquidation or reorganization under the U.S. Bankruptcy Code or other laws, a court may determine that the underlying security is collateral for a loan by the Fund not within the control of the Fund and, therefore, the Fund may not be able to substantiate its interest in the underlying security and may be deemed an unsecured creditor of the other party to the agreement.

**Reverse Repurchase Agreements**

The Fund may enter into "reverse" repurchase agreements to avoid selling securities during unfavorable market conditions to meet redemptions. Pursuant to a reverse repurchase agreement, the Fund will sell portfolio securities and agree to repurchase them from the buyer at a particular date and price. The Fund pays interest on amounts obtained pursuant to reverse repurchase agreements. Reverse repurchase agreements are considered to be borrowings by the Fund.

**Short Sales**

The Fund may engage in short sales. Short sales are transactions in which the Fund sells an instrument it does not own in anticipation of a decline in the market value of that instrument. To complete a short sale transaction, the Fund must borrow the instrument to make delivery to the buyer. The Fund then is obligated to replace the instrument borrowed by purchasing it at the market price at the time of replacement. The price at such time may be more or less than the price at which the instrument was sold by the Fund. Until the instrument is replaced, the Fund is required to pay to the lender amounts equal to any interest or dividends which accrue during the period of the loan. To borrow the instrument, the Fund also may be required to pay a premium, which would increase the cost of the instrument sold. There will also be other costs associated with short sales.

The Fund will incur a loss as a result of the short sale if the price of the instrument increases between the date of the short sale and the date on which the Fund replaces the borrowed instrument. Unlike taking a long position in an instrument by purchasing the instrument, where potential losses are limited to the purchase price, short sales have no cap on maximum loss. The Fund will realize a gain if the instrument declines in price between those dates. This result is the opposite of what one would expect from a cash purchase of a long position in an instrument.

Until the Fund replaces a borrowed instrument in connection with a short sale, the Fund will (a) designate on its records as collateral cash or liquid assets at such a level that the designated assets plus any amount deposited with the broker as collateral will equal the current value of the instrument sold short or (b) otherwise cover its short position in accordance with applicable law. The amount designated on the Fund's records will be marked to market daily. This may limit the Fund's investment flexibility, as well as its ability to meet redemption requests or other current obligations.

There is no guarantee that the Fund will be able to close out a short position at any particular time or at an acceptable price. During the time that the Fund is short an instrument, it is subject to the risk that the lender of the instrument will terminate the loan at a time when the Fund is unable to borrow the same instrument from another lender. If that occurs, the Fund may be "bought in" at the price required to purchase the instrument needed to close out the short position, which may be a disadvantageous price. Thus, there is a risk that the Fund may be unable to fully implement its investment strategy due to a lack of available instruments or for some other reason. It is possible that the market value of the instruments the Fund holds in long positions will decline at the same time that the market value of the instruments the Fund has sold short increases, thereby increasing the Fund's potential volatility. Short sales also involve other costs. The Fund must normally repay to the lender an amount equal to any dividends or interest that accrues while the loan is outstanding. In addition, to borrow the instrument, the Fund may be required to pay a premium. The Fund also will incur transaction costs in effecting short sales. The amount of any ultimate gain for the Fund resulting from a short sale will be decreased, and the amount of any ultimate loss will be increased, by the amount of premiums, dividends, interest or expenses the Fund may be required to pay in connection with the short sale.

**U.S. Government Securities**

The Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one-year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as the Federal National Mortgage Association ("Fannie Mae"), the Government National Mortgage Association ("Ginnie Mae"), the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation ("Farmer Mac").

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass- through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do so, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi- annually and repay the principal at maturity.

**INVESTMENT RESTRICTIONS**

**Fundamental Investment Restrictions**

The Trust has adopted the following investment restrictions as fundamental policies with respect to the Fund. These restrictions cannot be changed with respect to the Fund without the approval of the holders of a majority of the Fund's outstanding voting securities. For the purposes of the 1940 Act, a "majority of outstanding shares" means the vote of the lesser of: (1) 67% or more of the voting securities of the Fund present at the meeting if the holders of more than 50% of the Fund's outstanding voting securities are present or represented by proxy; or (2) more than 50% of the outstanding voting securities of the Fund.

Except with the approval of a majority of the outstanding voting securities, the Fund may not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With
 respect to 75% of its total assets, purchase securities of an issuer (other than the
 U.S. Government, its agencies, instrumentalities or authorities, or repurchase agreements
 collateralized by U.S. Government securities, and securities of other investment companies)
 if: (a) such purchase would, at the time, cause more than 5% of the Fund's total
 assets taken at market value to be invested in the securities of such issuer or (b) such
 purchase would, at the time, result in more than 10% of the outstanding voting securities
 of such issuer being held by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Purchase
 securities which would cause 25% or more of the value of its total assets at the time
 of purchase to be invested in the securities of one or more issuers conducting their
 principal business activities in the same industry or group of industries (excluding
 the U.S. Government and its agencies and instrumentalities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Borrow
 money, except as permitted under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Make
 loans, except that the Fund may purchase or hold debt instruments in accordance with
 its investment objectives and policies; provided however, this restriction does not apply
 to repurchase agreements or loans of portfolio securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Act
 as an underwriter of securities of other issuers except that, in the disposition of portfolio
 securities, it may be deemed to be an underwriter under the federal securities laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Purchase
 or sell real estate, although the Fund may purchase securities of issuers which deal
 in real estate, securities which are secured by interests in real estate, and securities
 which represent interests in real estate, and they may acquire and dispose of real estate
 or interests in real estate acquired through the exercise of their rights as a holder
 of debt obligations secured by real estate or interests therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Purchase
 or sell commodities, except that the Fund may purchase and sell futures contracts and
 options, may enter into foreign exchange contracts and may enter into swap agreements
 and other financial transactions not requiring the delivery of physical commodities,
 including but not limited to, purchasing or selling commodity exchange-traded funds or
 exchange-traded notes; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Issue
 senior securities, except for permitted borrowings or as otherwise permitted under the
 1940 Act.

For the purposes of Restriction (2), the Disciplined Growth Investors Fund currently intends to use the Russell Global Sector Classifications ("RGS"). The use of any particular industry classification system with respect to Restriction (2) is not a fundamental policy of the Fund. The Fund may use other classification titles, standards, and systems from time to time, as it determines to be in the best interests of shareholders. Restrictions (3) and (8) above shall be interpreted based upon federal securities laws and the regulations thereunder. Under current pronouncements, certain Fund positions may be excluded from the definition of "senior security" so long as the Fund complies with applicable regulatory requirements. See "Borrowing" above

If a percentage limitation is adhered to at the time of investment or contract, a later increase or decrease in percentage resulting from any change in value or total or net assets will not result in a violation of such restriction, except that the percentage limitation with respect to the borrowing of money will be observed continuously.

**Non-Fundamental Investment Restrictions**

In addition, it is contrary to the Fund's present policy, which may be changed without shareholder vote, to purchase any illiquid security, including any securities whose disposition is restricted under federal securities laws and securities that are not readily marketable, if, as a result, more than 15% of the Fund's net assets (based on current value) would then be invested in such securities. The staff of the SEC is presently of the view that repurchase agreements maturing in more than seven days are subject to this restriction. Until that position is revised, modified or rescinded, the Fund will conduct its operations in a manner consistent with this view. This limitation on investment in illiquid securities does not apply to certain restricted securities, including securities pursuant to Rule 144A under the Securities Act and certain commercial paper that the Adviser has determined to be liquid under procedures approved by the Board.

*Master/Feeder Structure* 

In lieu of investing directly, the Board may consider whether the Fund's investment objective would be furthered by converting to a master/feeder structure, pursuant to which the Fund would invest all of its investable assets in an investment company having substantially the same investment objective and policies as the Fund. The master/feeder structure is an arrangement that allows several investment companies with different shareholder-related features or distribution channels, but having substantially the same investment objectives, policies and restrictions, to combine their investments by investing all of their assets in the same portfolio instead of managing them separately.

Conversion to a master/feeder structure may serve to attract other collective investment vehicles with different shareholder servicing or distribution arrangements and with shareholders that would not have invested in the Fund. In addition, a master/feeder structure may serve as an alternative for large, institutional investors in the Fund who may prefer to offer separate, proprietary investment vehicles and who otherwise might establish such vehicles outside of the Fund's current operational structure. No assurance can be given, however, that the master/feeder structure will result in the Fund stabilizing its expenses or achieving greater operational efficiencies.

The Fund's methods of operation and shareholder services would not be materially affected by the investment in another investment company ("Master Fund") having substantially the same investment objective and policies as the Fund, except that the assets of the Fund may be managed as part of a larger pool of assets. If the Fund invested all of its assets in a Master Fund, it would hold beneficial interests in the Master Fund and the Master Fund would directly invest in accordance with the objectives and policies described for the Fund. The Fund would otherwise continue its normal operation. The Board would retain the right to withdraw the Fund's investment from a Master Fund at any time it determines that it would be in the best interest to shareholders to do so. The Fund would then resume investing directly in individual securities of other issuers or invest in another Master Fund.

If the Board determines that a conversion to a master/feeder structure is in the best interest of the Fund's shareholders, it will consider and evaluate specific proposals prior to the implementation of the Fund's conversion and its shareholders would be notified in advance of any such conversion

**MANAGEMENT OF THE TRUST**

**Board Responsibilities.** The management and affairs of the Trust and its series are overseen by the Board, which elects the officers of the Trust who are responsible for administering the day-to-day operations of the Trust and the Fund. The Board has approved contracts, as described below, under which certain companies provide essential services to the Trust.

The day-to-day business of the Trust, including the management of risk, is performed by third-party service providers, such as the Adviser, the Distributor, and the Administrator. The Board is responsible for overseeing the Trust's service providers and, thus, has oversight responsibility with respect to risk management performed by those service providers. Risk management seeks to identify and address risks, *i.e.*, events or circumstances that could have material adverse effects on the business, operations, shareholder services, investment performance or reputation of the Fund. The Fund and its service providers employ a variety of processes, procedures and controls to identify such events or circumstances, to lessen the probability of their occurrence and/or to mitigate the effects of such events or circumstances if they do occur. Each service provider is responsible for one or more discrete aspects of the Trust's business (*e.g.,* the Adviser is responsible for the day-to-day management of the Fund's portfolio investments) and, consequently, for managing the risks associated with that business. The Board has emphasized to the Fund's service providers the importance of maintaining vigorous risk management.

The Board's role in risk oversight begins before the inception of the Fund, at which time certain of the Fund's service providers present the Board with information concerning the investment objective, strategies, and risks of the Fund as well as proposed investment limitations for the Fund. Additionally, the Adviser will provide the Board with an overview of, among other things, its investment philosophy, brokerage practices, and compliance infrastructure. Thereafter, the Board continues its oversight function as various personnel, including the Trust's Chief Compliance Officer and other service providers such as the Fund's independent registered public accounting firm, make periodic reports to the Audit Committee or to the Board with respect to various aspects of risk management. The Board and the Audit Committee oversee efforts by management and service providers to manage risks to which the Fund may be exposed.

The Board is responsible for overseeing the nature, extent, and quality of the services provided to the Fund by the Adviser receives information about those services at its regular meetings. In addition, on an annual basis (following the initial two-year period), in connection with its consideration of whether to renew the Investment Advisory Agreement with the Adviser, the Board or its designee may meet with the Adviser to review such services. Among other things, the Board regularly considers the Adviser's adherence to the Fund's investment restrictions and compliance with various Fund policies and procedures and with applicable securities regulations. The Board also reviews information about the Fund's performance and the Fund's investments, including, for example, portfolio holdings schedules.

The Trust's Chief Compliance Officer reports regularly to the Board to review and discuss compliance issues and Fund and Adviser risk assessments. At least annually, the Trust's Chief Compliance Officer provides the Board with a report reviewing the adequacy and effectiveness of the Trust's policies and procedures and those of its service providers, including the Adviser. The report addresses the operation of the policies and procedures of the Trust and each service provider since the date of the last report; any material changes to the policies and procedures since the date of the last report; any recommendations for material changes to the policies and procedures; and any material compliance matters since the date of the last report.

The Board receives reports from the Fund's service providers regarding operational risks and risks related to the valuation and liquidity of portfolio securities. Annually, the Fund's independent registered public accounting firm reviews with the Audit Committee its audit of the Fund's financial statements, focusing on major areas of risk encountered by the Fund and noting any significant deficiencies or material weaknesses in the Fund's internal controls. Additionally, in connection with its oversight function, the Board oversees the Fund management's implementation of disclosure controls and procedures, which are designed to ensure that information required to be disclosed by the Trust in its periodic reports with the SEC are recorded, processed, summarized, and reported within the required time periods. The Board also oversees the Trust's internal controls over financial reporting, which comprise policies and procedures designed to provide reasonable assurance regarding the reliability of the Trust's financial reporting and the preparation of the Trust's financial statements.

From their review of these reports and discussions with the Adviser, the Chief Compliance Officer, independent registered public accounting firm and other service providers, the Board and the Audit Committee learn in detail about the material risks of the Fund, thereby facilitating a dialogue about how management and service providers identify and mitigate those risks.

The Board recognizes that not all risks that may affect the Fund can be identified and/or quantified, that it may not be practical or cost- effective to eliminate or mitigate certain risks, that it may be necessary to bear certain risks (such as investment-related risks) to achieve the Fund's goals, and that the processes, procedures and controls employed to address certain risks may be limited in their effectiveness. Moreover, reports received by the Board as to risk management matters are typically summaries of the relevant information. Most of the Fund's investment management and business affairs are carried out by or through the Adviser and other service providers, each of which has an independent interest in risk management but whose policies and the methods by which one or more risk management functions are carried out may differ from the Fund's and each other's in the setting of priorities, the resources available or the effectiveness of relevant controls. As a result of the foregoing and other factors, the Board's ability to monitor and manage risk, as a practical matter, is subject to limitations.

**Members of the Board.** There are three members of the Board, two of whom are not interested persons of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"). Mr. Bradley Swenson serves as Chairman of the Board and is an interested person of the Trust and Mr. Steven Norgaard serves as the Trust's Lead Independent Trustee. As Lead Independent Trustee, Mr. Norgaard acts as a spokesperson for the Independent Trustees in between meetings of the Board, serves as a liaison for the Independent Trustees with the Trust's service providers, officers, and legal counsel to discuss ideas informally, and participates in setting the agenda for meetings of the Board and separate meetings or executive sessions of the Independent Trustees.

The Board is comprised of a super-majority (66.6 percent) of Independent Trustees. There is an Audit Committee of the Board that is chaired by an Independent Trustee and comprised solely of Independent Trustees. The Audit Committee chair presides at the Audit Committee meetings, participates in formulating agendas for Audit Committee meetings, and coordinates with management to serve as a liaison between the Independent Trustees and management on matters within the scope of responsibilities of the Audit Committee as set forth in its Board-approved charter. The Trust has determined its leadership structure is appropriate given the specific characteristics and circumstances of the Trust. The Trust made this determination in consideration of, among other things, the fact that the Independent Trustees of the Trust constitute a super-majority of the Board, the number of Independent Trustees that constitute the Board, the amount of assets under management in the Trust, and the number of funds overseen by the Board. The Board also believes that its leadership structure facilitates the orderly and efficient flow of information to the Independent Trustees from management.

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Paralel Technologies LLC, 1700 Broadway, Suite 1850, Denver, Colorado 80290.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name and** <br> **Year of Birth** | **Position** <br> **Held with** <br> **the Trust**  | **Term of** <br> **Office and** <br> **Length of** <br> **Time** <br> **Served**  | **Principal Occupation(s)** <br> **During Past 5 Years**  | **Number** <br> **of** <br> **Portfolios** <br> **in Fund** <br> **Complex** <br> **Overseen** <br> **by** <br> **Trustee**<sup>(1)</sup>  | **Other** <br> **Directorships** <br> **Held by** <br> **Trustee** <br> **During Past** <br> **5 Years** |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Kimberly Storms <br> Birth Year: 1972<br>| Trustee | Since 2022 | Ms. Storms served at various roles at ALPS Fund Services, Inc. from 1998 through 2020, including as Senior Vice President - Director of Fund Administration (2004-2020) and Senior Vice President - Director of Fund Management (2020). During her tenure, Ms. Storms served as an officer to certain ETF, closed-end and open-end investment companies (1998-2020) and, within the past 5 years, Principal Financial Officer of ALPS Series Trust (2012-2020), Financial Investors Trust (2013-2020), Liberty All-Star Funds <br> (2013-2020), and Cambria ETF <br> Trust (2020). | 17 | Sterling Capital Funds (Since October 2022) |
| Steven Norgaard <br> Birth Year: 1964<br>| Trustee | Since 2022 | Mr. Norgaard has been an attorney with Steven K. Norgaard, P.C. since 1994. | 18<sup>(2)</sup> | Frontier Funds (6 Funds) (since 2013); SRH Total Return Fund, Inc. <br> (Since 2011) |
| **Interested Trustees and Officers** | **Interested Trustees and Officers** | **Interested Trustees and Officers** | **Interested Trustees and Officers** | **Interested Trustees and Officers** | **Interested Trustees and Officers** |
| Bradley J. Swenson <br> Birth Year: 1972<br>| Trustee, President | Since 2022 | Mr. Swenson is President of Paralel Distributors LLC (May 2022 to present) and Chief Compliance Officer of Paralel Technologies LLC (January 2023 to present). He previously served as President of TruePeak Consulting, LLC (August 2021 to December 2023). Mr. Swenson joined ALPS Fund Services, Inc. ("ALPS") in 2004 and served as its President from June 2019 until June 2021. In this role, he served as an officer to certain other closed-end and open-end investment companies. He previously served as the Chief Operating Officer of ALPS (2015-2019). Mr. Swenson also previously served as Chief Compliance Officer to ALPS, its affiliated entities, and to certain ETF, closed-end and open-end investment companies (2004-2015). | 17 | ALPS Series Trust (March 2021 to March 2022) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The
 term "Fund Complex" means two or more registered investment companies that
 hold themselves out to investors as related companies for purposes of investment and
 investor services; or have a common investment adviser or that have an investment adviser
 that is an affiliated person of the investment adviser of any of the other registered
 investment companies. For the purposes of this table, all series of the Trust (17 funds,
 including the Fund) are included in the Fund Complex.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr.
 Norgaard also serves as a Director of the SRH Total Return Fund, Inc. whose investment
 adviser is the same as the investment adviser of SRH U.S. Quality ETF and SRH REIT Covered
 Call ETF, two series of the Trust.

**Individual Trustee Qualifications.** The Trust has concluded that each of the Trustees should serve on the Board because of their ability to review and understand information about the Fund provided to them by management, to identify and request other information they may deem relevant to the performance of their duties, to question management and other service providers regarding material factors bearing on the management and administration of the Fund, and to exercise their business judgment in a manner that serves the best interests of the Fund's shareholders. The Trust has concluded that each of the Trustees should serve as a Trustee based on his or her own experience, qualifications, attributes and skills as described below.

*Bradley Swenson*. Mr. Swenson has more than 25 years experienced focused on compliance and distribution in the mutual fund industry. Prior to joining Paralel, he spent seventeen years at ALPS in various capacities including, but not limited to, Chief Compliance Officer, Chief Operating Officer and President of ALPS Fund Services and ALPS Distributors. In addition to those roles Mr. Swenson built and led the Fund CCO services division and served as Fund CCO and President to various closed-end, ETF and mutual fund trusts. Mr. Swenson also held various roles at Janus Capital Group and Oppenheimer Funds including Senior Audit Manager and Compliance Manager. Mr. Swenson graduated from the University of Minnesota-Duluth with a B.S. in Accounting. Mr. Swenson holds FINRA Series 3, 6, 7, 24, 26, and 27 licenses.

*Steven K. Norgaard*. Mr. Norgaard is lead independent trustee of the Trust and is an attorney and certified public accountant. Since 1994, he has been an attorney with the law firm Steven K. Norgaard, P.C. Prior to starting his own law firm, he was an attorney at McDermott, Will & Emery. In addition, he serves as an independent director on the Board of Directors of the SRH Total Return Fund, Inc. and currently serves as audit committee chair. He has also served on the Board of Directors of ATG Trust Company from 2007-2021; and on the Fronter Funds Board of Directors. Mr. Norgaard served on the Board of Directors of Attorneys' Title Guaranty Fund, Inc. from 2012 to 2022. Prior to March 2015, Mr. Norgaard served as an independent director of the Boulder Total Return Fund, Inc., the Denali Fund, Inc., and the First Opportunity Fund, Inc., each a closed-end fund, until those funds completed a merger into the Fund currently known as SRH Total Return Fund, Inc. Mr. Norgaard brings significant financial, accounting, legal, regulatory and investment experience to the Board, as well as other directorship experience.

*Kimberly Storms*. Ms. Storms is the chair of the Audit Committee of the Board of Trustees and is the Trust's Audit Committee Financial Expert. Ms. Storms has more than 25 years of experience concentrated on mutual fund back office and accounting operations. Ms. Storms served in various roles at ALPS Fund Services from 1998 through 2020, including as Senior Vice President - Director of Fund Administration. She graduated with a B.S. in Finance from the University of Louisiana. Ms. Storms brings significant experience from her prior time serving as an executive officer of several large fund complexes, as well as her knowledge in the accounting, investment and regulatory fields.

In its periodic assessment of the effectiveness of the Board, the Board considers the complementary individual skills and experience of the individual Trustees primarily in the broader context of the Board's overall composition so that the Board, as a body, possesses the appropriate (and appropriately diverse) skills and experience to oversee the business of the funds.

**Board Committees.** The Board has established the following standing committees of the Board:

<u>Audit Committee</u>. The Board has a standing Audit Committee that is composed of each of the Independent Trustees of the Trust. The Audit Committee operates under a written charter approved by the Board. The principal responsibilities of the Audit Committee include: recommending which firm to engage as the Fund's independent registered public accounting firm and whether to terminate this relationship; reviewing the independent registered public accounting firm's compensation, the proposed scope and terms of its engagement, and the firm's independence; pre-approving audit and non-audit services provided by the Fund's independent registered public accounting firm to the Trust and certain other affiliated entities; serving as a channel of communication between the independent registered public accounting firm and the Trustees; reviewing the results of each external audit, including any qualifications in the independent registered public accounting firm's opinion, any related management letter, management's responses to recommendations made by the independent registered public accounting firm in connection with the audit, reports submitted to the Committee by the internal auditing department of the Trust's Administrator that are material to the Trust as a whole, if any, and management's responses to any such reports; reviewing the Fund's audited financial statements and considering any significant disputes between the Trust's management and the independent registered public accounting firm that arose in connection with the preparation of those financial statements; considering, in consultation with the independent registered public accounting firm and the Trust's senior internal accounting executive, if any, the independent registered public accounting firms' report on the adequacy of the Trust's internal financial controls; reviewing, in consultation with the Fund's independent registered public accounting firm, major changes regarding auditing and accounting principles and practices to be followed when preparing the Fund's financial statements; and other audit related matters.

The Audit Committee also serves as the Qualified Legal Compliance Committee ("QLCC") for the Trust for the purpose of compliance with Rules 205.2(k) and 205.3(c) of the Code of Federal Regulations, regarding alternative reporting procedures for attorneys retained or employed by an issuer who appear and practice before the SEC on behalf of the issuer (the "issuer attorneys"). An issuer attorney who becomes aware of evidence of a material violation by the Trust, or by any officer, director, employee, or agent of the Trust, may report evidence of such material violation to the QLCC as an alternative to the reporting requirements of Rule 205.3(b) (which requires reporting to the chief legal officer and potentially "up the ladder" to other entities).

<u>Nominating Committee</u>. The Board has a standing Nominating Committee that is composed of each of the Independent Trustees of the Trust. The Nominating Committee operates under a written charter approved by the Board. The principal responsibility of the Nominating Committee is to consider, recommend and nominate candidates to fill vacancies on the Trust's Board, if any. The Nominating Committee generally will not consider nominees recommended by shareholders. The Nominating Committee meets periodically, as necessary.

**Principal Officers of the Trust**

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Paralel Technologies LLC, 1700 Broadway, Suite 1850, Denver, Colorado 80290. Additional information about the Trust's officers is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name and Year of Birth** | **Position(s) Held with the Trust** | **Term of Office and Length of Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Brenna Fudjack, 1986 | Chief Compliance Officer | Indefinite term; since 2023 | Ms. Fudjack joined Paralel Technologies LLC as Deputy Chief Compliance officer in 2023. Prior to her current role, Ms. Fudjack served as Manager, Risk & Financial Advisory for Deloitte & Touche LLP from 2022-2023; Director of Compliance for Perella Weinberg Partners Capital Management LP / Agility from 2018-2022; Compliance Officer for Shelton Capital Management from 2017-2018; and Compliance Manager among other compliance roles for ALPS Fund Services, Inc. from 2010-2017. |
| Nicholas Austin, 1981 | Treasurer | Indefinite term; since 2023 | Mr. Austin joined Paralel Technologies, LLC as Senior Controller in 2022. Prior to his current role, Mr. Austin served as Vice President/Fund Controller for SS&C ALPS from 2018 until 2022, and as Chief Financial Officer of Champion Medical Center from 2016 until 2018. |
| Nicholas Adams, 1983<br>| Secretary | Indefinite term; since 2025 | Mr. Adams joined Paralel Technologies LLC as Investment Counsel in 2025. Prior to his current role, Mr. Adams served as Principal Legal Counsel for SS&C ALPS from 2022-2024, and associate counsel for Arnold, Newbold, Sollars and Hollins, P.C. from 2020-2022 and Stanziola Estate Law from 2019-2020 |

---

**Trustee Ownership of Shares.** The Fund is required to show the dollar amount ranges of each Trustee's "beneficial ownership" of Shares and each other series of the Trust as of the end of the most recently completed calendar year. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the Securities and Exchange Act of 1934 (the "Exchange Act").

As of the date of this SAI, the Trustees beneficially owned the following amounts in the Fund and the same Family of Investment Companies of the Fund::

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| | | |
|:---|:---|:---|
| **Name** | **Dollar Range of Equity Securities in the Fund** | **Aggregate Dollar Range of Securities in the Family of Investment Companies** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Bradley J. Swenson | None | None |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Kimberly Storms | None | None |
| Steven Norgaard | None | None |

---

**Board Compensation.** The Independent Trustees each receive a fee of $12,500 per quarter, a special meeting fee of $1,000, as well as reimbursement for reasonable travel, lodging and other expenses in connection with attendance at meetings. The Trust has no pension or retirement plan.

Independent Trustee fees are paid by the adviser of each series of the Trust through the applicable adviser's unitary management fee, and not by the Fund. Trustee compensation does not include reimbursed out-of-pocket expenses in connection with attendance at meetings.

The following table shows the compensation anticipated to be earned by each Trustee during the initial fiscal year of the Fund.

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| | | |
|:---|:---|:---|
| **Name** | **Aggregate** <br> **Compensation**<br> **From Fund\*** | **Total Compensation From Fund**<br> **Complex Paid to Trustees\*** |
| **Interested Trustees** | **Interested Trustees** | **Interested Trustees** |
| Bradley J. Swenson | $0 | $0 |
| **Independent Trustees** | **Independent Trustees** | **Independent Trustees** |
| Kimberly Storms | $2190 | $50000 |
| Steven Norgaard | $2190 | $50000 |

---

\* Estimated for the initial fiscal year of the Fund.

+ Paid by the Adviser, not the Fund, from its unitary management fee.

**PRINCIPAL SHAREHOLDERS, CONTROL PERSONS, AND MANAGEMENT OWNERSHIP**

A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding Shares of the Fund. A control person is a shareholder that owns beneficially or through controlled companies more than 25% of the voting securities of a company or acknowledges the existence of control. Shareholders owning voting securities in excess of 25% may determine the outcome of any matter affecting and voted on by shareholders of the Fund. The Depository Trust Company ("DTC") or its nominee is the record owner of all outstanding shares and is recognized as the owner of all shares for all purposes. Investors owning shares are beneficial owners as shown on the records of DTC or its participants. As of the date of this SAI, no Trustees or officers of the Trust owned Shares of the Fund.

**CODES OF ETHICS**

The Trust, the Adviser and the Distributor (as defined under "<u>The Distributor</u>") have each adopted codes of ethics pursuant to Rule 17j-1 of the 1940 Act. These codes of ethics are designed to prevent affiliated persons of the Trust, the Adviser and the Distributor from engaging in deceptive, manipulative or fraudulent activities in connection with securities held or to be acquired by the Fund (which may also be held by persons subject to the codes of ethics). Each Code of Ethics permits personnel subject to that Code of Ethics to invest in securities for their personal investment accounts, subject to certain limitations, including limitations related to securities that may be purchased or held by the Fund.

There can be no assurance that the codes of ethics will be effective in preventing such activities. Each code of ethics may be examined at the office of the SEC in Washington, D.C. or on the Internet at the SEC's website at http://www.sec.gov.

**PROXY VOTING POLICIES**

The Fund has delegated proxy voting responsibilities to the Adviser, subject to the Board's oversight. In delegating proxy responsibilities, the Board has directed that proxies be voted consistent with the Fund's and its shareholders' best interests and in compliance with all applicable proxy voting rules and regulations. The Adviser has adopted the Institutional Shareholder Services Inc. Proxy Voting Guidelines as part of the Adviser's proxy voting policies for this purpose ("Proxy Voting Policies") and to assist with voting proxies in a timely manner and making voting recommendations under guidelines adopted by the Adviser. A copy of the Adviser's Proxy Voting Policies are set forth in <u>Appendix A</u> to this SAI. The Trust's Chief Compliance Officer is responsible for monitoring the effectiveness of the Proxy Voting Policies. The Proxy Voting Policies have been approved by the Trust as the policies and procedures that the Adviser will use when voting proxies on behalf of the Fund.

The Proxy Voting Policies address, among other things, material conflicts of interest that may arise between the interests of the Fund and the interests of the Adviser. The Proxy Voting Policies will ensure that all issues brought to shareholders are analyzed in light of the Adviser's fiduciary responsibilities.

When available, information on how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (1) without charge, upon request, by calling the Distributor at 1.877.524.9155 and (2) on the SEC's website at <u>www.sec.gov</u>.

**INVESTMENT ADVISER** 

**Investment Adviser**

Disciplined Growth Investors, Inc. (the "Adviser"), subject to the authority of the Board of Trustees, is responsible for the overall management and administration of the Fund's business affairs. The Adviser began managing domestic equity and balanced portfolios in February 1997 and is registered with the Securities and Exchange Commission as an investment adviser. The Adviser's principal address is Fifth Street Towers, Suite 2550, 150 South Fifth Street, Minneapolis, MN 55402.

Pursuant to the Advisory Agreement, the Fund pays the Adviser a unitary fee for the services and facilities it provides payable on a monthly basis at the annual rate of 0.78% of the Fund's average daily net assets. The current term of the Advisory Agreement is one year. The Board may extend the advisory agreement for additional one-year terms. The Board, shareholders of the Fund or the Adviser may terminate the Advisory Agreement upon sixty (60) days' notice.

Out of the unitary management fee, the Adviser pays substantially all expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except for interest expenses, distribution fees or expenses, brokerage expenses, taxes and extraordinary expenses not incurred in the ordinary course of the Fund's business.

The Investment Adviser's unitary management fee is designed to pay substantially all the Fund's expenses and to compensate the Investment Adviser for providing services for the Fund. A discussion regarding the basis for the Board of Trustees' approval of the Fund's Advisory Agreement is provided in the Fund's semi-annual report to shareholders for the period ended October 31, 2025.

The table below shows the management fees paid by the Predecessor Fund to the Adviser for the periods indicated:

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| | | | |
|:---|:---|:---|:---|
| | For the Fiscal<br> Year Ended<br> April 30, 2025 | For the Fiscal<br> Year Ended<br> April 30, 2024 | For the Fiscal<br> Year Ended<br> April 30, 2023 |
| Gross Advisory Fees | $4220685 | $3475228 | $2684534 |
| Waiver of Advisory Fees | $— | $— | $— |
| Reimbursement of other Expenses | $— | $— | $— |
| Net Advisory Fees | $4220685 | $3475228 | $2684534 |

---

The Adviser shall not be liable to the Trust or any shareholder for anything done or omitted by it, except acts or omissions involving willful misfeasance, bad faith, gross negligence or reckless disregard of the duties imposed upon it by its agreement with the Trust or for any losses that may be sustained in the purchase, holding or sale of any security.

**PORTFOLIO MANAGERS**

The Fund is managed by Fred Martin, Rob Nicoski, Nick Hansen, and Jason Lima (the "Portfolio Managers"). This section includes information about the Portfolio Managers, including information about compensation, other accounts managed, and the dollar range of Shares owned.

**Compensation**

Fred Martin has a compensation package that is a combination of base salary, incentive, and the firm's revenues and profits. Rob Nicoski, Nick Hansen, and Jason Lima each have a compensation package consisting of a base salary, incentive and bonus compensation. Incentive and bonus compensation are based upon the relative and absolute performance of the small cap and mid cap equity composites of the firm, their contribution to the performance of the composites, and the financial performance of the firm. Investment performance bonuses are not directly based on Fund pre- or post-tax performance. Investment performance bonuses are weighted 50% to absolute performance and 50% to performance as compared to a relevant set of benchmarks for each composite:

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| | |
|:---|:---|
| DGI Composite: | Benchmark(s): |
| Mid Cap Growth | Bloomberg US Mid Cap Growth Index, Bloomberg Mid Cap Index, S&P 500 |
| Small Cap Growth | Bloomberg US 2000 Growth Index |
| Balanced Growth | S&P 500 Index |

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**Share Ownership**

The Fund is required to show the dollar ranges of the Portfolio Manager's "beneficial ownership" of Shares as of the end of the most recently completed fiscal year or a more recent date for a new portfolio manager. Dollar amount ranges disclosed are established by the SEC. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) under the 1934 Act. The following reflects the level of investment by the Portfolio Managers in the Fund.

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| | |
|:---|:---|
| **Dollar Value of Shares Owned Beneficially** <br> **as of April 30, 2025** | **Dollar Value of Shares Owned Beneficially** <br> **as of April 30, 2025** |
| &nbsp;&nbsp;Fred Martin  | Over $1 Million |
| &nbsp;&nbsp;Rob Nicoski | $100001 - $500000 |
| &nbsp;&nbsp;Nick Hansen | $50001 - $100000 |
| &nbsp;&nbsp;Jason Lima | $100001 - $500000 |

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**Other Accounts**

In addition to the Fund, the Portfolio Manager managed the following other accounts as of April 30, 2025, none of which were subject to a performance fee:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Registered Investment**<br> **Companies** | **Registered Investment**<br> **Companies** | **Other Pooled Investment**<br> **Vehicles** | **Other Pooled Investment**<br> **Vehicles** | **Other Accounts** | **Other Accounts** |
| **Portfolio Manager** | **Number of**<br> **Accounts**<br>| **Total Assets**<br> **in the**<br> **Accounts** <br> **(in millions)**<br>| **Number of** <br> **Accounts**<br>| **Total Assets**<br> **in the**<br> **Accounts**<br> **(in millions)**<br>| **Number of**<br> **Accounts**<br>| **Total Assets**<br> **in the**<br> **Accounts**<br> **(in millions)**<br>|
| Fred Martin | 1 | $497 | 5 | $788 | 136 | $3529 |
| Rob Nicoksi | 1 | $497 | 4 | $378 | 136 | $3529 |
| Nick Hansen | 1 | $497 | 4 | $378 | 136 | $3529 |
| Jason Lima | 1 | $497 | 4 | $378 | 136 | $3529 |

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**Conflicts of Interest**

The Portfolio Managers' management of "other accounts" may give rise to potential conflicts of interest in connection with their management of the Fund's investments, on the one hand, and the investments of the other accounts, on the other. The other accounts may have the same investment objective as the Fund. Therefore, a potential conflict of interest may arise as a result of the identical investment objective, whereby a Portfolio Manager could favor one account over another. Another potential conflict could include a Portfolio Manager's knowledge about the size, timing and possible market impact of Fund trades, whereby the Portfolio Manager could use this information to the advantage of other accounts and to the disadvantage of the Fund.

**THE DISTRIBUTOR**

The Trust and Paralel Distributors LLC (the "Distributor") are parties to a distribution agreement ("Distribution Agreement"), whereby the Distributor acts as principal underwriter for each series of the Trust, including the Fund, and distributes Shares. Shares are continuously offered for sale by the Distributor. The principal business address of the Distributor is 1700 Broadway, Suite 1850, Denver, CO 80290.

The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934 and each state's securities laws and is a member of the Financial Industry Regulatory Authority ("FINRA"). The offering of the Fund's shares is continuous. The Underwriting Agreement provides that the Distributor, as agent in connection with the distribution of the Fund's shares, will use reasonable efforts to facilitate the sale of the Fund's shares.

The Distribution Agreement will continue for two years from its effective date and is renewable annually thereafter. The continuance of the Distribution Agreement must be specifically approved at least annually (i) by the vote of the Trustees or by a vote of the shareholders of the Fund and (ii) by the vote of a majority of the Independent Trustees who have no direct or indirect financial interest in the operations of the Distribution Agreement or any related agreement, cast in person at a meeting called for the purpose of voting on such approval. The Distribution Agreement is terminable without penalty by the Trust on 60 days' written notice when authorized either by majority vote of its outstanding voting Shares or by a vote of a majority of its Board (including a majority of the Independent Trustees), or by the Distributor on 60 days' written notice, and will automatically terminate in the event of its assignment. The Distribution Agreement provides that in the absence of willful misfeasance, bad faith or gross negligence on the part of the Distributor, or reckless disregard by it of its obligations thereunder, the Distributor shall not be liable for any action or failure to act in accordance with its duties thereunder.

***Intermediary Compensation.*** The Fund or the Adviser may pay certain broker dealers, banks and other financial intermediaries ("Intermediaries") for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing and educational training or support.

Such compensation may be paid to Intermediaries that provide services to the Fund, including marketing and education support (such as through conferences, webinars and printed communications). The Adviser periodically assess the advisability of continuing to make these payments. Payments to an Intermediary may be significant to the Intermediary, and amounts that Intermediaries pay to your adviser, broker or other investment professional, if any, may also be significant to such adviser, broker or investment professional. Because an Intermediary may make decisions about what investment options it will make available or recommend, and what services to provide in connection with various products, based on payments it receives or is eligible to receive, such payments create conflicts of interest between the Intermediary and its clients. For example, these financial incentives may cause the Intermediary to recommend the Fund over other investments. The same conflict of interest exists with respect to your financial adviser, broker or investment professional if he or she receives similar payments from his or her Intermediary firm.

Intermediary information is current only as of the date of this SAI. Please contact your adviser, broker, or other investment professional for more information regarding any payments his or her Intermediary firm may receive. Any payments made by the Adviser or their affiliates to an Intermediary may create the incentive for an Intermediary to encourage customers to buy Shares.

If you have any additional questions, please call 1.877.524.9155.

**THE ADMINISTRATOR, CUSTODIAN, AND TRANSFER AGENT**

Paralel Technologies LLC ("PTL"), located at 1700 Broadway Suite 1850, Denver, Colorado 80290 serves as the Fund's administrator and fund accountant. PTL is the parent company of Paralel Distributors LLC, the Fund's Distributor.

Pursuant to an Administration and Fund Accounting Agreement between the Trust and PTL, PTL provides the Trust with administrative and management services (other than investment advisory services) and accounting services, including portfolio accounting services, tax accounting services and furnishing financial reports. In this capacity, PTL does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of Shares. As compensation for the administration, accounting and management services, the Adviser pays PTL a fee based on the Fund's average daily net assets, subject to a minimum annual fee. PTL also is entitled to certain out-of-pocket expenses for the services mentioned above.

Pursuant to a Custody Agreement, U.S. Bank, N.A. and Trust Company (the "Custodian"), serves as the Custodian of the Fund's assets. The Custodian holds and administers the assets in the Fund's portfolio. Pursuant to the Custody Agreement, the Custodian receives an annual fee from the Adviser based on the Fund's total average daily net assets, subject to a minimum annual fee, and certain settlement charges. The Custodian also is entitled to certain out-of-pocket expenses.

Pursuant to a Transfer Agency Agreement, PTL (in such capacity, the "Transfer Agent") serves as Transfer Agent for the Fund. Pursuant to the Transfer Agency Agreement, the Transfer Agent receives an annual fee from the Fund.

The Adviser was responsible for paying the amounts in the table below to the Predecessor Fund's administrator and transfer agent for the fiscal years ended April 30:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**2025** | **2024** | **2023** |
| Predecessor Disciplined Growth Investors Fund | $315514 | $206468 | $187038 |

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**LEGAL COUNSEL**

Thompson Hine LLP, located at 41 South High Street, Suite 1700, Columbus, Ohio 43215 serves as legal counsel for the Trust.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd., located at 8101 East Prentice Ave., Suite 750, Greenwood Village, CO 80111, serves as the independent registered public accounting firm for the Fund. Its services include auditing the Fund's financial statements. Cohen & Co Advisory, LLC, an affiliate of Cohen & Company, Ltd., provides tax services as requested.

**PORTFOLIO HOLDINGS DISCLOSURE POLICIES AND PROCEDURES**

The Board has adopted a policy regarding the disclosure of information about the Fund's security holdings. The Fund's entire portfolio holdings are publicly disseminated each quarter and may be available through financial reporting and news services, including publicly available internet web sites. In addition, the composition of the Deposit Securities (as defined below) is publicly disseminated quarterly.

**DESCRIPTION OF SHARES**

The Declaration of Trust authorizes the issuance of an unlimited number of funds and Shares. Each Share represents an equal proportionate interest in the Fund with each other Share. Shares are entitled upon liquidation to a pro rata share in the net assets of the Fund. Shareholders have no preemptive rights. The Declaration of Trust provides that the Trustees may create additional series or classes of Shares. All consideration received by the Trust for shares of any additional funds and all assets in which such consideration is invested would belong to that fund and would be subject to the liabilities related thereto. Share certificates representing Shares will not be issued. Shares, when issued, are fully paid and non-assessable.

Each Share has one vote with respect to matters upon which a shareholder vote is required, consistent with the requirements of the 1940 Act and the rules promulgated thereunder. Shares of all funds of the Trust vote together as a single class, except that if the matter being voted on affects only a particular fund it will be voted on only by that fund and if a matter affects a particular fund differently from other funds, that fund will vote separately on such matter. As a Delaware statutory trust, the Trust is not required, and does not intend, to hold annual meetings of shareholders. Approval of shareholders will be sought, however, for certain changes in the operation of the Trust and for the election of Trustees under certain circumstances. Upon the written request of shareholders owning at least 10% of the Trust's Shares, the Trust will call for a meeting of shareholders to consider the removal of one or more Trustees and other certain matters. In the event that such a meeting is requested, the Trust will provide appropriate assistance and information to the shareholders requesting the meeting.

Under the Declaration of Trust, the Trustees have the power to liquidate the Fund without shareholder approval. While the Trustees have no present intention of exercising this power, they may do so if the Fund fails to reach a viable size within a reasonable amount of time or for such other reasons as may be determined by the Board.

**LIMITATION OF TRUSTEE LIABILITY**

The Second Amended and Restated Declaration of Trust ("Declaration of Trust") provides that a Trustee shall be liable only for his or her own willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of the office of Trustee, and shall not be liable for errors of judgment or mistakes of fact or law. The Trustees shall not be responsible or liable in any event for any neglect or wrong-doing of any officer, agent, employee, adviser or principal underwriter of the Trust, nor shall any Trustee be responsible for the act or omission of any other Trustee. The Declaration of Trust also provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust, any person who is serving or has served at the Trust's request as a Trustee, officer, trustee, employee or agent of another organization in which the Trust has any interest as a shareholder, creditor or otherwise to the extent and in the manner provided in the Amended and Restated By-laws. However, nothing in the Declaration of Trust shall protect or indemnify a Trustee against any liability for his or her willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the office of Trustee. Nothing contained in this section attempts to disclaim a Trustee's individual liability in any manner inconsistent with the federal securities laws.

**BROKERAGE TRANSACTIONS**

The policy of the Trust regarding purchases and sales of securities for the Fund is that primary consideration will be given to obtaining the most favorable prices and efficient executions of transactions. Consistent with this policy, when securities transactions are effected on a stock exchange, the Trust's policy is to pay commissions which are considered fair and reasonable without necessarily determining that the lowest possible commissions are paid in all circumstances. The Trust believes that a requirement always to seek the lowest possible commission cost could impede effective portfolio management and preclude the Fund from obtaining a high quality of brokerage and research services. In seeking to determine the reasonableness of brokerage commissions paid in any transaction, the Adviser will rely upon its experience and knowledge regarding commissions generally charged by various brokers and on its judgment in evaluating the brokerage services received from the broker effecting the transaction. Such determinations are necessarily subjective and imprecise, as in most cases, an exact dollar value for those services is not ascertainable. The Trust has adopted policies and procedures that prohibit the consideration of sales of Shares as a factor in the selection of a broker or dealer to execute its portfolio transactions.

The Adviser owes a fiduciary duty to its clients to seek to provide best execution on trades effected. In selecting a broker-dealer for each specific transaction, the Adviser chooses the broker-dealer deemed most capable of providing the services necessary to obtain the most favorable execution. "Best execution" is generally understood to mean the most favorable cost or net proceeds reasonably obtainable under the circumstances. The full range of brokerage services applicable to a particular transaction may be considered when making this judgment, which may include, but is not limited to: liquidity, price, commission, timing, aggregated trades, capable floor brokers or traders, competent block trading coverage, ability to position, capital strength and stability, reliable and accurate communications and settlement processing, use of automation, knowledge of other buyers or sellers, arbitrage skills, administrative ability, underwriting and provision of information on a particular security or market in which the transaction is to occur. The specific criteria will vary depending upon the nature of the transaction, the market in which it is executed, and the extent to which it is possible to select from among multiple broker-dealers. The Adviser will also use electronic crossing networks ("ECNs") when appropriate.

The Adviser may use the Fund's assets for, or participate in, third-party soft dollar arrangements, in addition to receiving proprietary research from various full-service brokers, the cost of which is bundled with the cost of the broker's execution services. The Adviser does not "pay up" for the value of any such proprietary research. Section 28(e) of the Exchange Act permits the Adviser, under certain circumstances, to cause the Fund to pay a broker or dealer a commission for effecting a transaction in excess of the amount of commission another broker or dealer would have charged for effecting the transaction in recognition of the value of brokerage and research services provided by the broker or dealer. The Adviser may receive a variety of research services and information on many topics, which it can use in connection with its management responsibilities with respect to the various accounts over which it exercises investment discretion or otherwise provides investment advice. The research services may include qualifying order management systems, portfolio attribution and monitoring services and computer software and access charges which are directly related to investment research. Accordingly, the Fund may pay a broker commission higher than the lowest available in recognition of the broker's provision of such services to the Adviser, but only if the Adviser determines the total commission (including the soft dollar benefit) is comparable to the best commission rate that could be expected to be received from other brokers. The amount of soft dollar benefits received depends on the amount of brokerage transactions effected with the brokers. A conflict of interest exists because there is an incentive to: 1) cause clients to pay a higher commission than the firm might otherwise be able to negotiate; 2) cause clients to engage in more securities transactions than would otherwise be optimal; and 3) only recommend brokers that provide soft dollar benefits.

The Adviser faces a potential conflict of interest when it uses client trades to obtain brokerage or research services. This conflict exists because the Adviser is able to use the brokerage or research services to manage client accounts without paying cash for such services, which reduces the Adviser's expenses to the extent that the Adviser would have purchased such products had they not been provided by brokers. Section 28(e) permits the Adviser to use brokerage or research services for the benefit of any account it manages. Certain accounts managed by the Adviser may generate soft dollars used to purchase brokerage or research services that ultimately benefit other accounts managed by the Adviser, effectively cross subsidizing the other accounts managed by the Adviser that benefit directly from the product. The Adviser may not necessarily use all of the brokerage or research services in connection with managing the Fund whose trades generated the soft dollars used to purchase such products.

The Fund may deal with affiliates in principal transactions to the extent permitted by exemptive order or applicable rule or regulation.

The table below shows the aggregate brokerage commissions paid by the Predecessor Fund for the fiscal periods ended April 30:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;**2025** | **2024** | **2023** |
| Predecessor The Disciplined Growth Investors Fund | $172192 | $73955 | $80078 |

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**Directed Brokerage.** The Fund is also required to identify any brokerage transactions during its most recent fiscal year that were directed to a broker because of research services provided, along with the amount of any such transactions and any related commissions paid by the Fund. The following table shows the amount of any such transactions and related commissions paid by the Predecessor Fund for research services for the fiscal year ended April 30, 2025:

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| | | |
|:---|:---|:---|
| **Fund** | **Commissions** | **Transactions** |
| Predecessor The Disciplined Growth Investor Fund | $N/A | $N/A |

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**Brokerage with Fund Affiliates.** The Fund may execute brokerage or other agency transactions through registered broker-dealer affiliates of the Fund, the Adviser or the Distributor for a commission in conformity with the 1940 Act, the Exchange Act and rules promulgated by the SEC. These rules require that commissions paid to the affiliate by the Fund for exchange transactions not exceed "usual and customary" brokerage commissions. The rules define "usual and customary" commissions to include amounts which are "reasonable and fair compared to the commission, fee or other remuneration received or to be received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on a securities exchange during a comparable period of time." The Trustees, including those who are not "interested persons" of the Fund, have adopted procedures for evaluating the reasonableness of commissions paid to affiliates and review these procedures periodically.

**Securities of "Regular Broker-Dealers."** The Fund is required to identify any securities of its "regular brokers and dealers" (as such term is defined in the 1940 Act) that it may hold at the close of its most recent fiscal year. "Regular brokers or dealers" of the Fund are the ten brokers or dealers that, during the most recent fiscal year: (i) received the greatest dollar amounts of brokerage commissions from the Fund's portfolio transactions; (ii) engaged as principal in the largest dollar amounts of portfolio transactions of the Fund; or (iii) sold the largest dollar amounts of Shares.

**PORTFOLIO TURNOVER RATE**

Portfolio turnover may vary from year to year, as well as within a year. High turnover rates are likely to result in comparatively greater brokerage expenses. The overall reasonableness of brokerage commissions is evaluated by the Adviser based upon its knowledge of available information as to the general level of commissions paid by other institutional investors for comparable services.

For the fiscal years ended April 30, the Predecessor Fund's portfolio turnover rates were:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **2025** | **2024** | **2023** |
| Predecessor The Disciplined Growth Investor Fund | 17% | 35% | 26% |

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**PURCHASE AND REDEMPTION OF SHARES** 

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

The Disciplined Growth Investor Fund retains the right to limit inflows into the Disciplined Growth Investor Fund.

**Share Classes** 

The Fund currently offers one class of shares.

**Purchasing Shares**

Shares of the Fund are sold in a continuous offering and may be purchased on any business day through authorized investment dealers or directly from the Fund.

**Stock Certificates and Confirmations**

The Fund does not generally issue stock certificates representing shares purchased. Confirmations of the opening of an account and of all subsequent transactions in the account are forwarded by the Fund to the shareholder's address of record.

**Anti-Money Laundering Program**

The Trust has established an Anti-Money Laundering Compliance Program (the "Program") as required by the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 ("USA PATRIOT Act"). To ensure compliance with this law, the Trust's Program provides for the development of practices, procedures and controls, designation of anti-money laundering compliance officers, and an ongoing training program (either by the Adviser or its appropriate delegee, including service providers) to determine the effectiveness of the Program. Procedures to implement the Program include, but are not limited to, determining that the Trust's Distributor and Transfer Agent have established proper anti-money laundering procedures, are reporting suspicious and/or fraudulent activity and are carrying out a complete and thorough review of all new account opening applications. The Trust will not transact business with any person or entity whose identity cannot be adequately verified under the provisions of the USA PATRIOT Act.

The Fund may be required to "freeze" the account of a shareholder if the shareholder appears to be involved in suspicious activity or if certain account information matches information on government lists of known terrorist or other suspicious persons. The Fund may also be required to transfer the account or proceeds of the account to a government agency.

**Redeeming Shares**

*Signature Guarantees.* A signature guarantee of each shareholder on an account is required to redeem shares if a shareholder requests (i) redemption proceeds be sent to an address or bank other than that on record with the applicable Fund or (ii) proceeds be made payable to someone other than the shareholder(s) of record.

Signature guarantees are designed to protect both the shareholder and the Fund from fraud. Signature guarantees can be obtained from most banks, credit unions or savings associations, or from broker/dealers, municipal securities broker/dealers, government securities broker/dealers, national securities exchanges, registered securities exchanges, or clearing agencies deemed eligible by the SEC. The Fund do <u>not</u> accept signatures guaranteed by a notary public.

*Additional Documentation.* Additional documents are required for certain types of shareholders, such as corporations, partnerships, executors, Trustees, administrators, or guardians. The Fund's transfer agent requires documents from entities to identify individuals possessing authority to redeem shares from the Fund. The documentation may include corporate resolutions, partnership agreements, trust instruments or plans that give such authority to the individual.

*Redemption In-Kind.* The Fund has elected to be subject to Rule l8f-1 under the 1940 Act, which obligates the Fund to redeem shares in cash, with respect to any one shareholder during any 90-day period, up to the lesser of $250,000 or 1% of the assets of the Fund. If the Adviser determines that existing conditions make cash payments undesirable, redemption payments may be made in whole or in part in securities or other financial assets, valued for this purpose as they are valued in computing the NAV for the applicable Fund's shares (a "redemption in-kind"). Shareholders receiving securities or other financial assets in a redemption in-kind may realize a gain or loss for tax purposes on the Fund shares that they redeem, and when they dispose of the securities received in kind will incur any costs of sale, as well as the associated inconveniences. If you expect to make a redemption in excess of the lesser of $250,000 or 1% of the Fund's assets during any 90-day period and would like to avoid any possibility of being paid with securities in-kind, you may do so by providing the Fund with an unconditional instruction to redeem at least 15 calendar days prior to the date on which the redemption transaction is to occur, specifying the dollar amount or number of shares to be redeemed and the date of the transaction (please call toll free 1-877-485-8586). This will provide the applicable Fund with sufficient time to raise the cash in an orderly manner to pay the redemption and thereby minimize the effect of the redemption on the interests of such Fund's remaining shareholders.

**DETERMINATION OF NAV**

NAV per Share for the Fund is computed by dividing the value of the net assets of the Fund (*i.e.*, the value of its total assets less total liabilities) by the total number of Shares outstanding, rounded to the nearest cent. Expenses and fees, including the management fees, are accrued daily and taken into account for purposes of determining NAV. The NAV of the Fund is calculated by PTL and determined at the scheduled close of the regular trading session on the NYSE (ordinarily 4:00 p.m., Eastern time) on each day that the NYSE is open, provided that fixed-income assets may be valued as of the announced closing time for trading in fixed-income instruments on any day that the Securities Industry and Financial Markets Association ("SIFMA") announces an early closing time.

In calculating the Fund's NAV per Share, the Fund's investments are generally valued using market valuations. A market valuation generally means a valuation (i) obtained from an exchange, a pricing service, or a major market maker (or dealer), (ii) based on a price quotation or other equivalent indication of value supplied by an exchange, a pricing service, or a major market maker (or dealer) or (iii) based on amortized cost. In the case of shares of other funds that are not traded on an exchange, a market valuation means such fund's published NAV per share. The Fund may use various pricing services, or discontinue the use of any pricing service, as approved by the Board from time to time. A price obtained from a pricing service based on such pricing service's valuation matrix may be considered a market valuation.

**DIVIDENDS AND DISTRIBUTIONS**

The following information supplements and should be read in conjunction with the section in the Prospectus entitled "Dividends, Distributions and Taxes."

<u>General Policies</u>. Dividends from net investment income, if any, are declared and paid at least annually by the Fund. Distributions of net realized securities gains, if any, generally are declared and paid once a year, but the Fund may make distributions on a more frequent basis to reduce or eliminate federal excise or income taxes or to comply with the distribution requirements of the Code, in all events in a manner consistent with the provisions of the 1940 Act.

Dividends and other distributions on Shares are distributed, as described below, on a pro rata basis to Beneficial Owners of such Shares. Dividend payments are made through DTC Participants and Indirect Participants to Beneficial Owners then of record with proceeds received from the Trust.

The Fund makes additional distributions to the extent necessary (i) to distribute the entire annual taxable income of the Fund, plus any net capital gains and (ii) to avoid imposition of the excise tax imposed by Section 4982 of the Code. Management of the Trust reserves the right to declare special dividends if, in its reasonable discretion, such action is necessary or advisable to preserve the Fund's eligibility for treatment as a RIC or to avoid imposition of income or excise taxes on undistributed income.

<u>Dividend Reinvestment Service</u>. The Trust will not make the DTC book-entry dividend reinvestment service available for use by Beneficial Owners for reinvestment of their cash proceeds, but certain individual broker-dealers may make available the DTC book- entry Dividend Reinvestment Service for use by Beneficial Owners of the Fund through DTC Participants for reinvestment of their dividend distributions. Investors should contact their brokers to ascertain the availability and description of these services. Beneficial Owners should be aware that each broker may require investors to adhere to specific procedures and timetables to participate in the dividend reinvestment service and investors should ascertain from their brokers such necessary details. If this service is available and used, dividend distributions of both income and realized gains will be automatically reinvested in additional whole Shares issued by the Trust of the Fund at NAV per Share. Distributions reinvested in additional Shares will nevertheless be taxable to Beneficial Owners acquiring such additional Shares to the same extent as if such distributions had been received in cash.

**FEDERAL INCOME TAXES**

The following is only a summary of certain U.S. federal income tax considerations generally affecting the Fund and its shareholders that supplements the discussion in the Prospectus. No attempt is made to present a comprehensive explanation of the federal, state, local or foreign tax treatment of the Fund or its shareholders, and the discussion here and in the Prospectus is not intended to be a substitute for careful tax planning.

The following general discussion of certain U.S. federal income tax consequences is based on provisions of the Code and the regulations issued thereunder as in effect on the date of this SAI. New legislation, as well as administrative changes or court decisions, may significantly change the conclusions expressed herein, and may have a retroactive effect with respect to the transactions contemplated herein.

Shareholders are urged to consult their own tax advisers regarding the application of the provisions of tax law described in this SAI in light of the particular tax situations of the shareholders and regarding specific questions as to federal, state, foreign or local taxes.

<u>Taxation of the Fund</u>. The Fund elected and intends to continue to qualify each year to be treated as a separate RIC under the Code. As such, the Fund should not be subject to federal income taxes on their net investment income and capital gains, if any, to the extent that they timely distribute such income and capital gains to their shareholders. To qualify for treatment as a RIC, the Fund must distribute annually to its shareholders at least the sum of 90% of its net investment income (generally including the excess of net short- term capital gains over net long-term capital losses) and 90% of its net tax-exempt interest income, if any (the "Distribution Requirement") and also must meet several additional requirements. Among these requirements are the following: (i) at least 90% of the Fund's gross income each taxable year must be derived from dividends, interest, payments with respect to certain securities loans, gains from the sale or other disposition of stock, securities or foreign currencies, or other income derived with respect to its business of investing in such stock, securities or foreign currencies and net income derived from interests in qualified publicly traded partnerships (the "Qualifying Income Requirement"); and (ii) at the end of each quarter of the Fund's taxable year, the Fund's assets must be diversified so that (a) at least 50% of the value of the Fund's total assets is represented by cash and cash items, U.S. government securities, securities of other RICs, and other securities, with such other securities limited, in respect to any one issuer, to an amount not greater in value than 5% of the value of the Fund's total assets and to not more than 10% of the outstanding voting securities of such issuer, including the equity securities of a qualified publicly traded partnership, and (b) not more than 25% of the value of its total assets is invested, including through corporations in which the Fund owns a 20% or more voting stock interest, in the securities (other than U.S. government securities or securities of other RICs) of any one issuer, the securities (other than securities of other RICs) of two or more issuers which the Fund controls and which are engaged in the same, similar, or related trades or businesses, or the securities of one or more qualified publicly traded partnerships (the "Diversification Requirement").

To the extent the Fund makes investments that may generate income that is not qualifying income, including certain derivatives, the Fund will seek to restrict the resulting income from such investments so that the Fund's non-qualifying income does not exceed 10% of its gross income.

Although the Fund intends to distribute substantially all of their net investment income and may distribute their capital gains for any taxable year, the Fund will be subject to federal income taxation to the extent any such income or gains are not distributed. The Fund is treated as a separate corporation for federal income tax purposes. The Fund therefore is considered to be a separate entity in determining its treatment under the rules for RICs described herein. The requirements (other than certain organizational requirements) for qualifying RIC status are determined at the fund level rather than at the Trust level.

If either of the Fund fails to satisfy the Qualifying Income Requirement or the Diversification Requirement in any taxable year, that Fund may be eligible for relief provisions if the failures are due to reasonable cause and not willful neglect and if a penalty tax is paid with respect to each failure to satisfy the applicable requirements. Additionally, relief is provided for certain *de minimis* failures of the Diversification Requirement where the Fund corrects the failure within a specified period of time. To be eligible for the relief provisions with respect to a failure to meet the Diversification Requirement, the Fund may be required to dispose of certain assets. If these relief provisions were not available to the Fund and it were to fail to qualify for treatment as a RIC for a taxable year, all of its taxable income would be subject to tax at the regular corporate income tax rate (currently, 21%) without any deduction for distributions to shareholders, and its distributions (including capital gains distributions) generally would be taxable to the shareholders of the Fund as ordinary income dividends, subject to the dividends received deduction for corporate shareholders and the lower tax rates on qualified dividend income received by non-corporate shareholders, subject to certain limitations. To requalify for treatment as a RIC in a subsequent taxable year, the Fund would be required to satisfy the RIC qualification requirements for that year and to distribute any earnings and profits from any year in which the Fund failed to qualify for tax treatment as a RIC. If the Fund failed to qualify as a RIC for a period greater than two taxable years, it would generally be required to pay the Fund-level tax on certain net built in gains recognized with respect to certain of its assets upon a disposition of such assets within five years of qualifying as a RIC in a subsequent year. The Board reserves the right not to maintain the qualification of the Fund for treatment as a RIC if it determines such course of action to be beneficial to shareholders. If the Board determines that the Fund will not qualify as a RIC, the Fund will establish procedures to reflect the anticipated tax liability in the Fund's NAV.

The Fund may elect to treat part or all of any "qualified late year loss" as if it had been incurred in the succeeding taxable year in determining the Fund's taxable income, net capital gain, net short-term capital gain, and earnings and profits. The effect of this election is to treat any such "qualified late year loss" as if it had been incurred in the succeeding taxable year in characterizing Fund distributions for any calendar year. A "qualified late year loss" generally includes net capital loss, net long-term capital loss, or net short-term capital loss incurred after October 31 of the current taxable year (commonly referred to as "post-October losses") and certain other late-year losses.

Capital losses in excess of capital gains ("net capital losses") are not permitted to be deducted against a RIC's net investment income. Instead, for U.S. federal income tax purposes, potentially subject to certain limitations, the Fund may carry a net capital loss from any taxable year forward indefinitely to offset its capital gains, if any, in years following the year of the loss. To the extent subsequent capital gains are offset by such losses, they will not result in U.S. federal income tax liability to the Fund and may not be distributed as capital gains to its shareholders. Generally, the Fund may not carry forward any losses other than net capital losses. The carryover of capital losses may be limited under the general loss limitation rules if the Fund experiences an ownership change as defined in the Code.

Each of the Fund will be subject to a nondeductible 4% federal excise tax on certain undistributed income if it does not distribute to its shareholders in each calendar year an amount at least equal to 98% of its ordinary income for the calendar year plus 98.2% of its capital gain net income for the one-year period ending on October 31 of that year, subject to an increase for any shortfall in the prior year's distribution. For this purpose, any ordinary income or capital gain net income retained by the Fund and subject to corporate income tax will be considered to have been distributed. Each of the Fund intends to declare and distribute dividends and distributions in the amounts and at the times necessary to avoid the application of the excise tax, but can make no assurances that all such tax liability will be eliminated. The Fund may in certain circumstances be required to liquidate Fund investments in order to make sufficient distributions to avoid federal excise tax liability at a time when the investment adviser might not otherwise have chosen to do so, and liquidation of investments in such circumstances may affect the ability of the Fund to satisfy the requirement for qualification as a RIC.

If the Fund meets the Distribution Requirement but retains some or all of its income or gains, it will be subject to federal income tax to the extent any such income or gains are not distributed. The Fund may designate certain amounts retained as undistributed net capital gain in a notice to its shareholders, who (i) will be required to include in income for U.S. federal income tax purposes, as long-term capital gain, their proportionate shares of the undistributed amount so designated, (ii) will be entitled to credit their proportionate shares of the income tax paid by the Fund on that undistributed amount against their federal income tax liabilities and to claim refunds to the extent such credits exceed their tax liabilities, and (iii) will be entitled to increase their tax basis, for federal income tax purposes, in their Shares by an amount equal to the excess of the amount of undistributed net capital gain included in their respective income over their respective income tax credits.

<u>Taxation of Shareholders – Distributions</u>. Each of the Fund intends to distribute annually to its shareholders substantially all of its investment company taxable income (computed without regard to the deduction for dividends paid), its net tax-exempt income, if any, and any net capital gain (net recognized long-term capital gains in excess of net recognized short-term capital losses, taking into account any capital loss carryforwards). The distribution of investment company taxable income (as so computed) and net realized capital gain will be taxable to the Fund's shareholders regardless of whether the shareholder receives these distributions in cash or reinvests them in additional Shares.

Each of the Fund will report to shareholders annually the amounts of dividends paid from ordinary income, the amount of distributions of net capital gain, the portion of dividends which may qualify for the dividends-received deduction for corporations, and the portion of dividends which may qualify for treatment as qualified dividend income, which is taxable to non-corporate shareholders at rates of up to 20%.

Qualified dividend income includes, in general, subject to certain holding period and other requirements, dividend income from taxable domestic corporations and certain foreign corporations. Subject to certain limitations, eligible foreign corporations include those incorporated in possessions of the United States, those incorporated in certain countries with comprehensive tax treaties with the United States, and other foreign corporations if the stock with respect to which the dividends are paid is readily tradable on an established securities market in the United States. Dividends received by the Fund from an ETF, an underlying fund taxable as a RIC, or from a REIT may be treated as qualified dividend income generally only to the extent so reported by such ETF, underlying fund, or REIT; however, dividends received by the Fund from a REIT are generally not treated as qualified dividend income. If 95% or more of the Fund's gross income (calculated without taking into account net capital gain derived from sales or other dispositions of stock or securities) consists of qualified dividend income, the Fund may report all distributions of such income as qualified dividend income.

Fund dividends will not be treated as qualified dividend income if the Fund does not meet holding period and other requirements with respect to dividend paying stocks in its portfolio, and the shareholder does not meet holding period and other requirements with respect to the Shares on which the dividends were paid.

Distributions by the Fund of its net short-term capital gains will be taxable as ordinary income. Distributions from the Fund's net capital gain will be taxable to shareholders at long-term capital gains rates, regardless of how long shareholders have held their Shares. Distributions may be subject to state and local taxes.

In the case of corporate shareholders, certain distributions from the Fund that are attributable to certain dividends received by the Fund from U.S. corporations (generally, dividends received by the Fund in respect of any share of stock (1) with a tax holding period of at least 46 days during the 91-day period beginning on the date that is 45 days before the date on which the stock becomes ex-dividend as to that dividend, and (2) that is held in an unleveraged position) may be eligible for the 50% dividends received deduction. Certain preferred stock must have a holding period of at least 91 days during the 181-day period beginning on the date that is 90 days before the date on which the stock becomes ex-dividend as to that dividend to be eligible. Capital gain dividends distributed to the Fund from other RICs are not eligible for the dividends received deduction. To qualify for a dividends received deduction, corporate shareholders must meet the minimum holding period requirement stated above with respect to their Shares, taking into account any holding period reductions from certain hedging or other transactions or positions that diminish their risk of loss with respect to their Shares, and, if they borrow to acquire or otherwise incur debt attributable to Shares, they may be denied a portion of the dividends received deduction with respect to those Shares.

The Fund that receives business interest income may pass through its net business interest income for purposes of the tax rules applicable to the interest expense limitations under Section 163(j) of the Code. The Fund's total "Section 163(j) Interest Dividend" for a tax year is limited to the excess of the Fund's business interest income over the sum of its business interest expense and its other deductions properly allocable to its business interest income. The Fund may, in its discretion, designate all or a portion of ordinary dividends as Section 163(j) Interest Dividends, which would allow the recipient shareholder to treat the designated portion of such dividends as interest income for purposes of determining such shareholder's interest expense deduction limitation under Section 163(j). This can potentially increase the amount of a shareholder's interest expense deductible under Section 163(j). In general, to be eligible to treat a Section 163(j) Interest Dividend as interest income, you must have held your shares in the Fund for more than 180 days during the 361-day period beginning on the date that is 180 days before the date on which the share becomes ex-dividend with respect to such dividend. Section 163(j) Interest Dividends, if so designated by the Fund, will be reported in accordance with the requirements specified by the Internal Revenue Service ("IRS").

Although dividends generally will be treated as distributed when paid, any dividend declared by the Fund in October, November or December and payable to shareholders of record in such a month that is paid during the following January will be treated for U.S. federal income tax purposes as received by shareholders on December 31 of the calendar year in which it was declared.

Shareholders who have not held Shares for a full year should be aware that the Fund may report and distribute, as ordinary dividends or capital gain dividends, a percentage of income that is not equal to the percentage of the Fund's ordinary income or net capital gain, respectively, actually earned during the applicable shareholder's period of investment in the Fund. A taxable shareholder may wish to avoid investing in the Fund shortly before a dividend or other distribution, because the distribution will generally be taxable even though it may economically represent a return of a portion of the shareholder's investment.

To the extent that the Fund makes a distribution of income received by the Fund in lieu of dividends (a "substitute payment") with respect to securities on loan pursuant to a securities lending transaction, such income will not constitute qualified dividend income to individual shareholders and will not be eligible for the dividends received deduction for corporate shareholders.

If the Fund's distributions exceed its earnings and profits, all or a portion of the distributions made for a taxable year may be recharacterized as a return of capital to shareholders. A return of capital distribution will generally not be taxable, but will reduce each shareholder's cost basis in the Fund and result in a higher capital gain or lower capital loss when the Shares on which the distribution was received are sold. After a shareholder's basis in the Shares has been reduced to zero, distributions in excess of earnings and profits will be treated as gain from the sale of the shareholder's Shares.

<u>Taxation of Shareholders – Redemption or Exchange of Shares</u>. A redemption or exchange of Shares may give rise to a gain or loss. In general, any gain or loss realized upon a taxable disposition of Shares (including either a redemption or an exchange for shares of a different fund) will be treated as long-term capital gain or loss if the Shares have been held for more than 12 months. Otherwise, the gain or loss on the taxable disposition of Shares will generally be treated as short-term capital gain or loss. Any loss realized upon a taxable disposition of Shares held for six months or less will be treated as long-term capital loss, rather than short-term capital loss, to the extent of any amounts treated as distributions to the shareholder of long-term capital gain (including any amounts credited to the shareholder as undistributed capital gains). All or a portion of any loss realized upon a taxable disposition of Shares may be disallowed if substantially identical Shares are acquired (through the reinvestment of dividends or otherwise) within a 61-day period beginning 30 days before and ending 30 days after the disposition. In such a case, the basis of the newly acquired Shares will be adjusted to reflect the disallowed loss.

The cost basis of Shares acquired by purchase will generally be based on the amount paid for Shares, and may be subsequently adjusted for other applicable transactions as required by the Code. The difference between the selling price and the cost basis of Shares generally determines the amount of the capital gain or loss realized on the sale or exchange of Shares.

<u>Taxation of Shareholders – Net Investment Income Tax</u>. U.S. individuals with adjusted gross income (subject to certain adjustments) exceeding certain threshold amounts ($250,000 if married filing jointly or if considered a "surviving spouse" for federal income tax purposes, $125,000 if married filing separately, and $200,000 in other cases) are subject to a 3.8% tax on all or a portion of their "net investment income," which includes taxable interest, dividends, and certain capital gains (generally including capital gain distributions and capital gains realized on the redemption or exchange of Shares). This 3.8% tax also applies to all or a portion of the undistributed net investment income of certain shareholders that are estates and trusts.

<u>Taxation of Fund Investments</u>. Certain of the Fund's investments may be subject to complex provisions of the Code (including provisions relating to hedging transactions, straddles, integrated transactions, foreign currency contracts, forward foreign currency contracts, and notional principal contracts) that, among other things, may affect the Fund's ability to qualify as a RIC, affect the character of gains and losses realized by the Fund (e.g., may affect whether gains or losses are ordinary or capital), accelerate recognition of income to the Fund and defer losses. These rules could therefore affect the character, amount and timing of distributions to shareholders. These provisions also may require the Fund to mark to market certain types of positions in its portfolio (i.e., treat them as if they were closed out) which may cause the Fund to recognize income without the Fund receiving cash with which to make distributions in amounts sufficient to enable the Fund to satisfy the RIC distribution requirements for avoiding income and excise taxes. The Fund intends to monitor its transactions, make appropriate tax elections, and make appropriate entries in its books and records in order to mitigate the effect of these rules and preserve the Fund's qualification for treatment as a RIC. To the extent that the Fund invests in an underlying fund that is taxable as a RIC, the rules applicable to the tax treatment of complex securities will also apply to the underlying funds that also invest in such complex securities and investments.

<u>Backup Withholding</u>. The Fund will be required in certain cases to withhold (as "backup withholding") on amounts payable to any shareholder who (1) fails to provide a correct taxpayer identification number certified under penalty of perjury; (2) is subject to backup withholding by the IRS for failure to properly report all payments of interest or dividends; (3) fails to provide a certified statement that he or she is not subject to "backup withholding"; or (4) fails to provide a certified statement that he or she is a U.S. person (including a U.S. resident alien). The backup withholding rate is currently 24%. Backup withholding is not an additional tax and any amounts withheld may be credited against the shareholder's ultimate U.S. tax liability. Backup withholding will not be applied to payments that have been subject to the 30% withholding tax on shareholders who are neither citizens nor permanent residents of the U.S.

<u>Non-U.S. Shareholders</u>. Any non-U.S. investors in the Fund may be subject to U.S. withholding and estate tax and are encouraged to consult their tax advisers prior to investing in the Fund. Foreign shareholders (*i.e.*, nonresident alien individuals and foreign corporations, partnerships, trusts and estates) are generally subject to U.S. withholding tax at the rate of 30% (or a lower tax treaty rate) on distributions derived from taxable ordinary income. The Fund may, under certain circumstances, report all or a portion of a dividend as an "interest-related dividend" or a "short-term capital gain dividend," which would generally be exempt from this 30% U.S. withholding tax, provided certain other requirements are met. Short-term capital gain dividends received by a nonresident alien individual who is present in the U.S. for a period or periods aggregating 183 days or more during the taxable year are not exempt from this 30% withholding tax. Gains realized by foreign shareholders from the sale or other disposition of Shares generally are not subject to U.S. taxation, unless the recipient is an individual who is physically present in the U.S. for 183 days or more per year. Foreign shareholders who fail to provide an applicable IRS form may be subject to backup withholding on certain payments from the Fund. Backup withholding will not be applied to payments that are subject to the 30% (or lower applicable treaty rate) withholding tax described in this paragraph. Different tax consequences may result if the foreign shareholder is engaged in a trade or business within the United States. In addition, the tax consequences to a foreign shareholder entitled to claim the benefits of a tax treaty may be different than those described above.

Under legislation generally known as "FATCA" (the Foreign Account Tax Compliance Act), the Fund is required to withhold 30% of certain ordinary dividends it pays to shareholders that fail to meet prescribed information reporting or certification requirements. In general, no such withholding will be required with respect to a U.S. person or non-U.S. person that timely provides the certifications required by the Fund or its agent on a valid IRS Form W-9 or applicable series of IRS Form W-8, respectively. Shareholders potentially subject to withholding include foreign financial institutions ("FFIs"), such as non-U.S. investment funds, and non-financial foreign entities ("NFFEs"). To avoid withholding under FATCA, an FFI generally must enter into an information sharing agreement with the IRS in which it agrees to report certain identifying information (including name, address, and taxpayer identification number) with respect to its U.S. account holders (which, in the case of an entity shareholder, may include its direct and indirect U.S. owners), and an NFFE generally must identify and provide other required information to the Fund or other withholding agent regarding its U.S. owners, if any. Such non-U.S. shareholders also may fall into certain exempt, excepted or deemed compliant categories as established by regulations and other guidance. A non-U.S. shareholder resident or doing business in a country that has entered into an intergovernmental agreement with the United States to implement FATCA will be exempt from FATCA withholding provided that the shareholder and the applicable foreign government comply with the terms of the agreement.

A non-U.S. entity that invests in the Fund will need to provide the Fund with documentation properly certifying the entity's status under FATCA in order to avoid FATCA withholding. Non-U.S. investors in the Fund should consult their tax advisors in this regard.

The Fund's shares held in a tax-qualified retirement account will generally not be subject to federal taxation on income and capital gains distributions from the Fund's until a shareholder begins receiving payments from their retirement account. Because each shareholder's tax situation is different, shareholders should consult their tax advisors with specific reference to their own tax situations, including their state, local, and foreign tax liabilities.

<u>Certain Potential Tax Reporting Requirements</u>. Under U.S. Treasury regulations, if a shareholder recognizes a loss on disposition of Shares of $2 million or more for an individual shareholder, or $10 million or more for a corporate shareholder (or certain greater amounts over a combination of years), the shareholder must file with the IRS a disclosure statement on IRS Form 8886. Direct shareholders of portfolio securities are in many cases excepted from this reporting requirement, but under current guidance, shareholders of a RIC are not excepted. Significant penalties may be imposed for the failure to comply with the reporting requirements. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Shareholders should consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.

<u>Other Issues</u>. In those states which have income tax laws, the tax treatment of Funds and of Fund shareholders with respect to distributions by the Fund's may differ from federal tax treatment.

**FINANCIAL STATEMENTS**

The audited financial statements and report of the independent registered public accounting firm required to be included in this SAI are hereby incorporated by reference to the Annual Report for the Predecessor Fund for fiscal year ended April 30, 2025. You can obtain a copy of the Predecessor Fund's Semi-Annual and Annual Report to Shareholders without charge by calling the Fund at 855-DGI-FUND (855-344-3863).

APPENDIX A

PROXY VOTING POLICY SUMMARY

Disciplined Growth Investors is an investment adviser registered with the U.S. Securities and Exchange Commission offering advisory accounts and services. This document summarizes our policies regarding our fiduciary duty to vote proxies in favor of shareholder interests.

Disciplined Growth Investors is responsible for voting all proxies pertaining to the assets of each account unless the client retains proxy voting authority by providing written revocation of Disciplined Growth Investors' authority to vote such proxies. Disciplined Growth Investors uses the proxy voting service of Institutional Shareholder Services (ISS). ISS is a recognized independent authority on governance and proxy voting for institutional and corporate clients. ISS's research and proxy voting policies are designed on the premise that good corporate governance ultimately results in increased shareholder value. As such, Disciplined Growth Investors generally follows the recommendation of Institutional Shareholder Services. A copy of Institutional Shareholder Service's policy guideline can be made available upon request. From time to time, Disciplined Growth Investors will vote differently from the position taken by Institutional Shareholder Services based on our independent evaluation of the issue being voted upon.

If a client perceives a conflict of interest between the interests of the client and the interests of Disciplined Growth Investors, Disciplined Growth Investors will require the client to personally vote the proxy. A conflict of interest could arise, if for example, the client, or an affiliate of the client, has a relationship with an issuer that is seeking proxies. For example, if Disciplined Growth Investors is advising an employee benefit plan for a publicly held issuer, and that issuer is soliciting proxies on a contested matter such as change in control transaction or contested director election, Disciplined Growth Investors would likely require that the plan's trustee vote the proxy in those circumstances. There may be other circumstances in which a conflict situation could arise and the client would be required to vote the proxy.

**PART C**

**OTHER INFORMATION**

**Item 28. Exhibits**

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| | | |
|:---|:---|:---|
| *(a)* | *Declaration of Trust* | *Declaration of Trust* |
|  | (1) | [Certificate of Trust dated March 7, 2022<sup>1</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422012830/fp0077247_ex9928a1.htm) |
|  | (2) | [Certificate of Amendment to Certificate of Trust<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a2.htm) |
|  | (3) | [Second Amended and Restated Agreement and Declaration of Trust of Elevation Series Trust dated September 26, 2022<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a3.htm) |
| *(b)* | *By-Laws* | *By-Laws* |
|  | (1) | [Amended By-Laws dated September 14, 2022<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928b1.htm) |
| *(c)* | *Instruments Defining Rights of Security Holders* | *Instruments Defining Rights of Security Holders* |
|  | (1) | Instruments Defining Rights of Security Holders incorporated by reference to the [Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a3.htm) and [By-Laws](http://www.sec.gov/Archives/edgar/data/1936157/000139834422012830/fp0077247_ex9928b1.htm) |
| *(d)* | *Investment Advisory Agreements* | *Investment Advisory Agreements* |
|  | (1) | [Investment Advisory Agreement between Elevation Series Trust and Paralel Advisors LLC on behalf of the SRH U.S. Quality GARP ETF (fka SRH U.S. Quality ETF)<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928d1.htm) |
|  | (2) | [Investment Sub-Advisory Agreement between Elevation Series Trust, Paralel Advisors LLC and Vident Advisory, LLC on behalf of the SRH U.S. Quality GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d2.htm)<sup>3</sup> |
|  | (3) | [Investment Advisory Agreement between Elevation Series Trust and Paralel Advisors LLC on behalf of the SRH REIT Covered Call ETF](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-d3.htm)<sup>4</sup> |
|  | (4) | [Investment Sub-Advisory Agreement between Elevation Series Trust, Paralel Advisors LLC and Rocky Mountain Advisers, LLC on behalf of the SRH REIT Covered Call ETF](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-d4.htm)<sup>4</sup> |
|  | (5) | [Investment Sub-Advisory Agreement between Elevation Series Trust, Paralel Advisors LLC and Vident Advisory, LLC on behalf of the SRH REIT Covered Call ETF](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-d5.htm)<sup>4</sup> |
|  | (6) | [Investment Advisory Agreement between Elevation Series Trust and Sovereigns Capital Management, LLC on behalf of the Sovereign's Capital Flourish Fund](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d6.htm)<sup>3</sup> |
|  | (7) | [Investment Sub-Advisory Agreement between Elevation Series Trust, Sovereigns Capital Management, LLC and Vident Advisory, LLC on behalf of the Sovereign's Capital Flourish Fund](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928d7.htm)<sup>3</sup> |
|  | (8) | [Investment Advisory Agreement between Elevation Series Trust and TrueMark Investments, LLC on behalf of the TrueShares Quarterly Bull Hedge ETF and TrueShares Quarterly Bear Hedge ETF ("TrueMark Investment Advisory Agreement One")](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-d8.htm)<sup>5</sup> |
|  | (9) | [Investment Advisory Agreement between Elevation Series Trust and Clough Capital Partners L.P. on behalf of the Clough Hedged Equity ETF and Clough Select Equity ETF<sup>9</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-d9.htm) |
|  | (10) | Amendment to Schedule A of the Investment Advisory Agreement between Elevation Series Trust and Clough Capital Partners L.P. for the purpose of adding the Clough Short Duration ETF and Clough Flexible Income ETF (to be filed by amendment) |
|  | (11) | [Amendment to Schedule A of TrueMark Investment Advisory Agreement One for the purpose of adding The Opal International Dividend Income ETF and TrueShares Seasonality Laddered Buffered ETF<sup>8</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015808/ex99-d10.htm) |
|  | (12) | [Investment Advisory Agreement between Elevation Series Trust and TrueMark Investments, LLC on behalf on behalf of the RiverNorth Patriot ETF, RiverNorth Enhanced Pre-Merger SPAC ETF, Opal Dividend Income ETF, TrueShares Technology, AI, & Deep Learning ETF, TrueShares Active Yield ETF, TrueShares Eagle Global Renewable Energy Income ETF and the TrueShares Structured Outcome ETFs ("TrueMark Investment Advisory Agreement Two")](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-d12.htm)<sup>12</sup> |

---

---

| | | |
|:---|:---|:---|
|  | (13) | Amendment to Schedule A of TrueMark Investment Advisory Agreement One for the purpose of adding RiverNorth Active Income ETF (to be filed by amendment) |
|  | (14) | [Amendment to Schedule A of TrueMark Investment Advisory Agreement One for the purpose of adding the TrueShares ConVex Protect ETF<sup>13</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008265/ex99-d14.htm) |
|  | (15) | [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Opal Capital LLC on behalf of The Opal International Dividend Income ETF<sup>8</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015808/ex99-d11.htm) |
|  | (16) | [Amendment to the Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Opal Capital LLC for the purpose of adding the Opal Dividend Income ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-d16.htm)<sup>12</sup> |
|  | (17) | [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and RiverNorth Capital Management, LLC on behalf of RiverNorth Patriot ETF and RiverNorth Enhanced Pre-Merger SPAC ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-d17.htm)<sup>12</sup><br>|
|  | (18) | Amendment to the Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and RiverNorth Capital Management, LLC for the purpose of adding of the RiverNorth Active Income ETF (to be filed by amendment) |
|  | (19) | [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Black Hill Capital Partners, LLC on behalf of TrueShares Technology, AI, & Deep Learning ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-d19.htm)<sup>12</sup> |
|  | (20) | [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Wealth Builder Funds, LLC on behalf of TrueShares Active Yield ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-d20.htm)<sup>12</sup> |
|  | (21) | [Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and Eagle Global Advisors, LLC on behalf of TrueShares Eagle Global Renewable Energy Income ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-d21.htm)<sup>12</sup> |
|  | (22) | Investment Advisory Agreement between Elevation Series Trust and Vulcan Value Partners, LLC on behalf of the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (to be filed by amendment) |
|  | (23) | [Investment Advisory Agreement between Elevation Series Trust and Disciplined Growth Investors, Inc. on behalf of The Disciplined Growth Investors Fund](ex99-d23.htm) (filed herewith) |
|  | (24) | Investment Advisory Agreement between Elevation Series Trust and Norris Perné and French LLP d/b/a NPF Investment Advisors on behalf of NPF Core Equity ETF (to be filed by amendment) |
|  | (25) | Investment Sub-Advisory Agreement between Elevation Series Trust, Norris Perné and French LLP d/b/a NPF Investment Advisors and Vident Advisory, LLC on behalf of NPF Core Equity ETF (to be filed by amendment) |
| *(e)* | *Distribution Agreement* | *Distribution Agreement* |
|  | (1) | [ETF Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC on behalf of the SRH U.S. Quality GARP ETF<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928e1.htm) |
|  | (2) | [Amendment to the ETF Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC to update Exhibit A, effective June 5, 2025](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-e2.htm)<sup>12</sup> |
|  | (3) | [Amendment to the ETF Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC to update Exhibit A, effective \[_______\]](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-e2.htm) (to be filed by amendment) |
|  | (4) | [Mutual Fund Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC on behalf of The Disciplined Growth Investors Fund](ex99-e4.htm) (filed herewith) |
|  | (5) | [Form of Authorized Participant Agreement for Paralel Distributors LLC<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928e2.htm) |

---

(6) Amendment to the
 Mutual Fund Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC to update Exhibit A, effective
 [______] (to be filed by amendment)

---

| | | |
|:---|:---|:---|
| *(f)* | *Bonus or Profit-Sharing Contracts* None | *Bonus or Profit-Sharing Contracts* None |
| *(g)* | *Custody Agreements* | *Custody Agreements* |
|  | (1) | [Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company, with respect to the Trust and SRH U.S. Quality GARP ETF<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928g1.htm) |
|  | (2) | [Letter Agreement adding the Sovereign's Capital Flourish Fund to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928g2.htm)<sup>3</sup> |
|  | (3) | [Letter Agreement adding the SRH REIT Covered Call ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-g3.htm)<sup>4</sup> |
|  | (4) | [Letter Agreement adding the TrueShares Quarterly Bull Hedge ETF and TrueShares Quarterly Bear Hedge ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-g4.htm)<sup>5</sup> |
|  | (5) | [Letter Agreement adding the Clough Hedged Equity ETF and Clough Select Equity ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company<sup>9</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-g5.htm) |
|  | (6) | Letter Agreement adding the Clough Short Duration ETF and Clough Flexible Income ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company (to be filed by amendment) |
|  | (7) | [Letter Agreement adding The Opal International Dividend Income ETF and TrueShares Seasonality Laddered Buffered ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company<sup>8</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015808/ex99-g6.htm) |
|  | (8) | [Letter Agreement adding the TrueShares Structured Outcome ETFs, RiverNorth Patriot ETF, RiverNorth Enhanced Pre-Merger SPAC ETF, RiverNorth Active Income ETF, Opal Dividend Income ETF, TrueShares Technology, AI, & Deep Learning ETF, TrueShares Active Yield ETF, TrueShares Eagle Global Renewable Energy Income ETF, Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-g8.htm)<sup>12</sup> |
|  | (9) | [Letter Agreement adding the TrueShares ConVex Protect ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company<sup>13</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008265/ex99-g9.htm) |
|  | (10) | Letter Agreement adding NPF Core Equity ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company (to be filed by amendment) |
|  | (11) | [Custody Agreement between Elevation Series Trust and U.S. Bank National Association, with respect to the Trust and The Disciplined Growth Investors Fund](ex99-g11.htm) (filed herewith) |
| *(h)* | *Other Material Contracts* | *Other Material Contracts* |
|  | (1) | [Transfer Agency and Service Agreement between Elevation Series Trust and State Street Bank and Trust (TA Agreement), with respect to the Trust and SRH U.S. Quality GARP ETF<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928h1.htm) |
|  | (2) | [Letter Agreement adding the Sovereign's Capital Flourish Fund to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928h2.htm)<sup>3</sup> |
|  | (3) | [Letter Agreement adding the SRH REIT Covered Call ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-h3.htm)<sup>4</sup> |
|  | (4) | [Letter Agreement adding the TrueShares Quarterly Bull Hedge ETF and TrueShares Quarterly Bear Hedge ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-h4.htm)<sup>5</sup> |
|  | (5) | [Letter Agreement adding the Clough Hedged Equity ETF and Clough Select Equity ETF to the TA Agreement<sup>9</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-h5.htm) |
|  | (6) | Letter Agreement adding Clough Short Duration ETF and Clough Flexible Income ETF to the TA Agreement (to be filed by amendment) |

---

---

| | | |
|:---|:---|:---|
|  | (7) | [Master Transfer Agency and Services Agreement ("Paralel TA Agreement") between Elevation Series Trust and Paralel Technologies LLC](ex99-h7.htm) (filed herewith) |
|  | (8) | [Letter Agreement adding The Opal International Dividend Income ETF and TrueShares Seasonality Laddered Buffered ETF to the TA Agreement<sup>8</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015808/ex99-h6.htm) |
|  | (9) | [Letter Agreement adding TrueShares Structured Outcome ETFs, RiverNorth Patriot ETF, RiverNorth Enhanced Pre-Merger SPAC ETF, RiverNorth Active Income ETF, Opal Dividend Income ETF, TrueShares Technology, AI, & Deep Learning ETF, TrueShares Active Yield ETF, and TrueShares Eagle Global Renewable Energy Income ETF to the TA Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-h9.htm)<sup>12</sup> |
|  | (10) | [Letter Agreement adding the TrueShares ConVex Protect ETF to the TA Agreement<sup>13</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125008265/ex99-h10.htm) |
|  | (11) | Letter Agreement adding NPF Core Equity ETF to the TA Agreement (to be filed by amendment) |
|  | (12) | [Fund Addendum to the Paralel TA Agreement to add The Disciplined Growth Investors Fund](ex99-h12.htm) (filed herewith) |
|  | (13) | Fund Addendum to the Paralel TA Agreement to add the Vulcan Funds (to be filed by amendment) |
|  | (14) | [Amended and Restated Master Administration and Fund Accounting Agreement between Elevation Series Trust and Paralel Technologies LLC (Master Admin Agreement)](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928h3.htm)<sup>3</sup> |
|  | (15) | [Amendment #1 to the Master Admin Agreement](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-h11.htm)<sup>5</sup> |
|  | (16) | [Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the SRH Funds, dated October 31, 2023](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-h8.htm)<sup>4</sup> |
|  | (17) | [Fund Addendum to the Master Admin Agreement with respect to the Sovereign's Capital Flourish Fund](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928h6.htm)<sup>3</sup> |
|  | (18) | [Form of Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the TrueMark Funds](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-h16.htm)<sup>12</sup> |
|  | (19) | [Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the Clough Funds, dated January 14, 2025<sup>9</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-h12.htm) |
|  | (20) | Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the Vulcan Funds, dated [_________] (to be filed by amendment) |
|  | (21) | [Amended and Restated Fund Addendum to the Master Admin Agreement with respect to The Disciplined Growth Investors Fund, dated July 8, 2025](ex99-h21.htm) (filed herewith) |
|  | (22) | Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the NPF Core Equity ETF, dated [_________] (to be filed by amendment) |
|  | (23) | [Index License Agreement between Paralel Advisors LLC and Index Provider with respect to the SRH U.S. Quality GARP ETF](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928h3.htm)<sup>2</sup> |
| *(i)* | *Legal Opinions* | *Legal Opinions* |
|  | (1) | [Opinion and Consent of Counsel](ex99-i1.htm) (filed herewith) |
|  | (2) | Opinion and Consent of Counsel for the Clough Short Duration ETF and Clough Flexible Income ETF (to be filed by amendment) |
|  | (3) | Opinion and Consent of Counsel for the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (to be filed by amendment) |
|  | (4) | Opinion and Consent of Counsel for the TrueShares Structured Outcome ETFs (to be filed by amendment) |
|  | (5) | Opinion and Consent of Counsel for NPF Core Equity ETF (to be filed by amendment) |

---

---

| | | |
|:---|:---|:---|
| *(j)* | *Consent of Independent Registered Public Accounting Firm* | *Consent of Independent Registered Public Accounting Firm* |
|  | (1) | [Consent of Cohen & Company, Ltd for the Disciplined Growth Investors Fund](ex99-j1.htm) (filed herewith) |
|  | (2) | Consent of [___________] for Clough Short Duration ETF and Clough Flexible Income ETF (to be filed by amendment) |
|  | (3) | Consent of [___________] for Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund (to be filed by amendment) |
|  | (4) | Consent of [___________] for TrueShares Structured Outcome ETFs (to be filed by amendment) |
|  | (5) | Consent of [___________] for RiverNorth Active Income ETF (to be filed by amendment) |
|  | (6) | Consent of [________] for NPF Core Equity ETF (to be filed by amendment) |
| *(k)* | *Omitted Financial Statements None* | *Omitted Financial Statements None* |
| *(l)* | *Initial Capital Agreements* | *Initial Capital Agreements* |
|  | (1) | [Share Purchase Agreement between Elevation Series Trust and Paralel Technologies LLC with respect to the SRH U.S. Quality GARP ETF<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928l1.htm) |
| *(m)* | Rule 12b-1 Plan (to be filed by amendment) | Rule 12b-1 Plan (to be filed by amendment) |
| *(n)* |  |  |
| *(o)* | *Reserved* | *Reserved* |
| *(p)* | *Code of Ethics* | *Code of Ethics* |
|  | (1) | [Code of Ethics for Registrant<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928p1.htm) |
|  | (2) | [Code of Ethics for Paralel Advisors LLC and Paralel Distributors LLC](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928p2.htm)<sup>3</sup> |
|  | (3) | [Code of Ethics for Vident Advisory, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928p3.htm)<sup>3</sup> |
|  | (4) | [Code of Ethics for Rocky Mountain Advisers, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000138713123012633/ex99-p4.htm)<sup>4</sup> |
|  | (5) | [Code of Ethics for Sovereign's Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928p5.htm)<sup>3</sup> |
|  | (6) | [Code of Ethics for TrueMark Investments, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-p6.htm)<sup>5</sup> |
|  | (7) | [Code of Ethics for Clough Capital Partners L.P.<sup>9</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000183988225002547/ex99-p7.htm) |
|  | (8) | [Code of Ethics for Opal Capital LLC<sup>7</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015418/ex99-p8.htm) |
|  | (9) | Code of Ethics for Vulcan Value Partners, LLC (to be filed by amendment) |
|  | (10) | [Code of Ethics for RiverNorth Capital Management, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-p10.htm)<sup>12</sup> |
|  | (11) | [Code of Ethics for Black Hill Capital Partners, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-p11.htm)<sup>12</sup> |
|  | (12) | [Code of Ethics for Wealth Builder Funds, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-p12.htm)<sup>12</sup> |
|  | (13) | [Code of Ethics for Eagle Global Advisors, LLC](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-p13.htm)<sup>12</sup> |
|  | (14) | [Code of Ethics for Disciplined Growth Investors, Inc.](ex99-p14.htm) (filed herewith) |
|  | (15) | Code of Ethics for NPF Core Equity ETF (to be filed by amendment) |

---

---

| | |
|:---|:---|
| *(q)* | *Powers of Attorney* |
|  | (1) [Power of Attorney of Trustee, Steve Norgaard, Trustee, Kimberly Storms](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-q1.htm)<sup>12</sup> |
| <sup>1</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on July 1, 2022. |
| <sup>2</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 30, 2022. |
| <sup>3</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 26, 2023. |
| <sup>4</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on October 24, 2023. |
| <sup>5</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on June 26, 2024. |
| <sup>6</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on November 27, 2024. |
| <sup>7</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on December 13, 2024. |
| <sup>8</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on December 26, 2024. |
| <sup>9</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on January 16, 2025. |
| <sup>10</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on January 17, 2025. |
| <sup>11</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on February 28, 2025. |
| <sup>12</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on June 10, 2025. |
| <sup>13</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on June 25, 2025. |

---

**Item 29. Persons Controlled by or Under Common Control with Registrant.**

The Registrant is not controlled by and does not control any other entity or person.

**Item 30. Indemnification.**

As permitted by Section 17(h) and (i) of the Investment Company Act of 1940, as amended (the 1940 Act), and pursuant to Article X of the Registrant's Declaration of Trust (Exhibit (a)(2) to the Registration Statement) and Section 6 of the Distribution Agreement (Exhibit (e)(1)) to the Registration Statement), officers, trustees, employees and agents of the Registrant will not be liable to the Registrant, any shareholder, officer, trustee, employee, agent or other control person for any action or failure to act, except for bad faith, willful misfeasance, gross negligence or reckless disregard of duties, and those individuals may be indemnified against liabilities in connection with the Registrant, subject to the same exceptions.

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

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

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

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

This Item 31 incorporated by reference each investment adviser's Uniform Application for Investment Adviser Registration ("Form ADV") on file with the SEC, as listed below. Each Form ADV may be obtained, free of charge, at the SEC's website at www.adviserinfo.sec.gov. Additional information as to any other business, profession, vocation or employment of a substantial nature engaged in by each officer and director of the below-listed investment advisers is included in the Trust's Statement of Additional Information.

---

| | |
|:---|:---|
| **Investment Adviser** | **SEC File No.** |
| Paralel Advisors LLC | 801-122468 |
| Vident Advisory, LLC | 801-114538 |
| Rocky Mountain Advisers, LLC | 801-70202 |
| Sovereign's Capital Management, LLC | 801-126307 |
| TrueMark Investments, LLC | 801-117961 |
| Clough Capital Partners L.P. | 801-21583 |
| Opal Capital LLC | 801-126398 |
| Vulcan Value Partners, LLC | N/A |
| RiverNorth Capital Management, LLC | 801-61533 |
| Black Hill Capital Partners, LLC | 801-118997 |
| Wealth Builder Funds, LLC | 801-129063 |
| Eagle Global Advisors, LLC | 801-53294 |
| Disciplined Growth Investors, Inc.<br> Norris Perné and French LLP d/b/a NPF Investment Advisors | 801-53297<br> 801-3475 |

---

**Item 32. Principal Underwriters.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Paralel Distributors
 LLC acts as the distributor for the Registrant.

As of the date of this Registration Statement, in addition to each series of the Trust, Paralel Distributors LLC also acts as the underwriter for:

Collaborative Investment Series Trust (7 series); Reaves Utility Income Fund (ATM Offering); Cullen Funds (6 series); Coller Secondaries Private Equity Opportunities Fund; Coller Private Credit Secondaries Fund; HarbourVest Private Investments Fund; Octagon XAI CLO Income Fund, and XAI Octagon Floating Rate & Alternative Income Trust (ATM Offering).

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

**Paralel Distributors LLC**

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name\*** | &nbsp;&nbsp;**Position with Underwriter** | &nbsp;&nbsp;**Positions with Trust** |
| &nbsp;&nbsp;Bradley Swenson | &nbsp;&nbsp;President, Chief Compliance Officer and FINOP | &nbsp;&nbsp;President, Chairman and Interested Trustee |
| &nbsp;&nbsp;Jeremy May | &nbsp;&nbsp;Chief Executive Officer | &nbsp;&nbsp;None |
| &nbsp;&nbsp;Christopher Moore | &nbsp;&nbsp;General Counsel | &nbsp;&nbsp;None |

---

\* Except as otherwise noted, the principal business address for each of the above directors and executive officers is 1700 Broadway, Suite 1850, Denver, CO 80290.

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

**Item 33. Location of Accounts and Records**

(a) The
 Registrant maintains accounts, books and other documents required by Section 31(a) of the Investment Company Act of 1940 and
 the rules thereunder (collectively, "Records") at its offices at 1700 Broadway, Suite 1850, Denver, CO 80290.

(b) Paralel Advisors
 LLC maintains all Records relating to its services as investment adviser to the Registrant at 1700 Broadway, Suite 1850, Denver,
 CO 80290.

(c) Paralel Technologies
 LLC maintains all Records relating to its services as administrator and accounting agent of the Registrant at 1700 Broadway,
 Suite 1850, Denver, CO 80290.

(d) Paralel Distributors
 LLC maintains all Records relating to its services as Distributor of the Registrant at 1700 Broadway, Suite 1850, Denver,
 CO 80290.

(e) Vident Advisory,
 LLC maintains all Records relating to its services as sub-adviser to the Registrant at 1125 Sanctuary Parkway, Suite 515,
 Alpharetta, Georgia 30009.

(f) State Street Bank
 and Trust Company maintains all Records relating to its services as Custodian and Transfer Agent of the Registrant at One
 Congress Street, Suite 1, Boston, Massachusetts 02114.

(g) Rocky Mountain Advisers,
 LLC maintains all Records relating to its services as sub-adviser to the Registrant at 2121 E. Crawford Place, Salina, KS
 67401.

(h) Sovereign's
 Capital Management, LLC maintains all Records relating to its services as adviser to the Registrant at 310 S. West Street,
 Suite 100, Raleigh, North Carolina, 27603.

(i) TrueMark Investments,
 LLC maintains all Records relating to its services as adviser to the Registrant at 433 W Van Buren, Suite 1100-D, Chicago,
 Illinois 60607.

(j) Clough Capital Partners
 L.P. maintains all Records relating to its services as adviser to the Registrant at 53 State Street, Floor 27, Boston, Massachusetts
 02109.

(k) Opal Capital LLC
 maintains all Records relating to its services as sub-adviser to the Registrant at 5200 Town Center Circle, Suite 305, Boca
 Raton, Florida 33486.

(l) Vulcan Value Partners,
 LLC maintains all Records relating to its services as adviser to the Registrant at Three Protective Center, 2801 Highway 280
 South, Suite 300, Birmingham, AL 35223.

(m) RiverNorth Capital
 Management, LLC maintains all Records relating to its services as adviser to the Registrant at 360 South Rosemary Avenue,
 Suite 1420, West Palm Beach, Florida 33401.

(n) Black Hill Capital
 Partners, LLC maintains all Records relating to its services as adviser to the Registrant at 101 California Street, San Francisco,
 California 94111.

(o) Wealth Builder Funds,
 LLC maintains all Records relating to its services as adviser to the Registrant at 117 West Main Street, Cary, Illinois 60013.

(p) Eagle Global Advisors,
 LLC maintains all Records relating to its services as adviser to the Registrant at 1330 Post Oak Boulevard, Suite 3000, Houston,
 Texas 77056.

(q) Disciplined Growth
 Investors, Inc. maintains all Records relating to its services as adviser to the Registrant at Fifth Street Towers, 150 South
 Fifth Street, Suite 2550, Minneapolis, Minnesota 55402.

(r) Norris Perné
 and French LLP d/b/a NPF Investment Advisors maintains all Records relating to its services as adviser to the Registrant at
 40 Pearl Street NW, Suite 500, Grand Rapids, MI 49503.

**Item 34. Management Services Not Discussed in Parts A and B.**

Not applicable.

**Item 35. Undertakings.**

Not applicable.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for the effectiveness of this Registration Statement under rule 485(b) under the Securities Act and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Denver and the State of Colorado, on the 9th day of July, 2025.

---

| | |
|:---|:---|
| **ELEVATION SERIES TRUST** | **ELEVATION SERIES TRUST** |
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Bradley Swenson | President, Principal Executive Officer and Trustee | July 9, 2025 |
| Bradley Swenson |  |  |
| /s/ Nicholas Austin | Treasurer and Principal Financial Officer | July 9, 2025 |
| Nicholas Austin | (Principal Accounting Officer) |  |
| Steve Norgaard\* | Trustee |  |
| Kimberly Storms\* | Trustee |  |

---

---

| | |
|:---|:---|
| \*By: | /s/ Nicholas Adams |
| Name: | Nicholas Adams |
| Title: | Attorney-in-fact |
| Date: | July 9, 2025 |

---

[\* Attorney-in-Fact pursuant to Powers of Attorney, as previously filed on June 10, 2025.](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007558/ex99-q1.htm)

**Exhibit Index**

---

| | |
|:---|:---|
| [(d)(23)](ex99-d23.htm) | [Investment Advisory Agreement between Elevation Series Trust and Disciplined Growth Investors, Inc. on behalf of The Disciplined Growth Investors Fund](ex99-d23.htm) |
| [(e)(4)](ex99-e4.htm) | [Mutual Fund Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC on behalf of The Disciplined Growth Investors Fund](ex99-e4.htm) |
| [(g)(11)](ex99-g11.htm) | [Custody Agreement between Elevation Series Trust and U.S. Bank National Association, with respect to the Trust and The Disciplined Growth Investors Fund](ex99-g11.htm) |
| [(h)(7)](ex99-h7.htm) | [Master Transfer Agency and Services Agreement ("Paralel TA Agreement") between Elevation Series Trust and Paralel Technologies LLC](ex99-h7.htm) |
| [(h)(12)](ex99-h12.htm) | [Fund Addendum to the Paralel TA Agreement to add The Disciplined Growth Investors Fund](ex99-h12.htm) |
| [(h)(21)](ex99-h21.htm) | [Amended and Restated Fund Addendum to the Master Admin Agreement with respect to The Disciplined Growth Investors Fund, dated July 8, 2025](ex99-h21.htm) |
| [(i)(1)](ex99-i1.htm) | [Opinion and Consent of Counsel](ex99-i1.htm) |
| [(j)(1)](ex99-j1.htm) | [Consent of Cohen & Company, Ltd for the Disciplined Growth Investors Fund](ex99-j1.htm) |
| [(p)(14)](ex99-p14.htm) | [Code of Ethics for Disciplined Growth Investors, Inc.](ex99-p14.htm) |

---

## Ex-99.(D)(23)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(d)(23)**

**ELEVATION SERIES TRUST<br> INVESTMENT ADVISORY AGREEMENT<br> with<br> disciplined growth investors, inc.**

This INVESTMENT ADVISORY AGREEMENT (the "Agreement") is made effective as of this July 8, 2025 by and between ELEVATION SERIES TRUST (the "Trust"), a Delaware statutory trust, and DISCIPLINED GROWTH INVESTORS, INC., a corporation with its principal place of business at Fifth Street Towers, Suite 2550, 150 South Fifth Street, Minneapolis, Minnesota 54402 (the "Adviser").

**WITNESSETH**

WHEREAS, the Trust is an investment company and is registered as such under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Trust desires to appoint the Adviser to serve as the investment adviser with respect to each series of the Trust set forth on Schedule A to this Agreement (each a "Fund" and, collectively, the "Funds");

WHEREAS, the Adviser is willing to provide management and investment advisory services to the Fund(s) on the terms and conditions hereinafter set forth.

NOW, THEREFORE, in consideration of the mutual covenants and agreements set out in this Agreement, the Trust and the Adviser agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Investment Description; Appointment.** 

&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. <u>Investment Description</u>. Each Fund will invest and reinvest its assets in accordance with the investment objective(s), policies and limitations specified in the prospectus and statement of additional information (the "Prospectus") relating to such Fund filed with the SEC as part of the Trust's Registration Statement on Form N-1A, as it may be periodically amended or supplemented and in accordance with exemptive orders and no-action letters issued to the Trust by the SEC and its staff.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Appointment of Adviser</u>. The Trust, on behalf of each Fund, hereby appoints the Adviser to act as the investment adviser of each Fund and to furnish, or arrange for its affiliates or Sub-Advisers to furnish, the investment advisory services described below, subject to the policies of, review by and overall control of the Board of Trustees of the Trust (the "Board" or the "Trustees"), for the period and on the terms and conditions set forth in this Agreement. The Adviser hereby accepts such appointment and agrees during such period, at its own expense, to render, or arrange for the rendering of, such services and to assume the obligations set out in this Agreement for the compensation provided for herein. The Adviser and its affiliates for all purposes herein shall be deemed to be independent contractors and, unless otherwise expressly provided or authorized, shall have no authority to act for or represent the Funds in any way or otherwise be deemed agents of the Funds.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Subject to the supervision, direction and approval of the Board, the Adviser will conduct, or cause to be conducted, a continual program of investment, evaluation, sale, and reinvestment of each Fund's assets. Subject to paragraph (c) below, the Adviser is authorized, in its sole discretion, to: (i) obtain and evaluate pertinent economic, financial, and other information affecting each Fund and its investment assets as such information relates to securities or other financial instruments that are purchased for or considered for purchase by the Funds; (ii) make investment decisions for the Funds; (iii) place purchase and sale orders for portfolio transactions on behalf of the Funds and manage otherwise uninvested cash assets of the Funds; (iv) arrange for the pricing of Fund securities and other financial instruments; (v) execute account documentation, agreements, contracts and other documents as may be requested by brokers, dealers, counterparties and other persons in connection with the Adviser's management of the assets of the Funds (in such respect, and only for this limited purpose, the Adviser will act as the Funds' agent and attorney-in-fact); (vi) employ professional portfolio managers and analysts who provide research and other services to the Funds; and (vii) make decisions with respect to the use by the Funds of borrowing for leverage or other investment purposes as consistent with the Fund's investment objective(s) and policies. The Adviser will in general take such action as is appropriate to effectively manage each Fund's investment 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;b. The Adviser shall provide office space, facilities, equipment and necessary personnel and such other services as the Adviser, subject to review by the Board, from time to time shall determine to be necessary or useful to perform its obligations under this Agreement. The Adviser generally shall monitor each Fund's compliance with its investment policies and restrictions as set forth in filings made by the Trust, with respect to such Fund, under the federal securities laws. The Adviser shall make reports to the Board of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of each Fund as it shall determine to be desirable.

&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 Adviser will maintain and preserve the records specified in Section 18 of this Agreement and any other records related to each Fund's transactions as are required under any applicable federal securities law or regulation, including: the 1940 Act, the CEA, the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the Investment Advisers Act of 1940, as amended (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;d. The Adviser will comply with procedures of the Board ("Board Procedures") provided to the Adviser by the Trust. The Adviser will notify the Trust as soon as reasonably practicable upon detection of any material breach of such Board Procedures with respect to any 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;e. The Adviser will maintain a written code of ethics (the "Code of Ethics") that it reasonably believes complies with the requirements of Rule 17j-1 under the 1940 Act ("Rule 17j-1"), a copy of which will be provided to the Trust, and will institute procedures reasonably designed to prevent any "Access Person" (as defined in Rule 17j-1) from violating its Code of Ethics. The Adviser will follow such Code of Ethics in performing its services under this Agreement. Further, the Adviser represents that it will maintain policies and procedures regarding the detection and prevention of the misuse of material, nonpublic information by the Adviser and its employees, a copy of which it will provide to the Trust upon any reasonable request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Adviser agrees to comply with the requirements of the 1940 Act, the Advisers Act, the Securities Act of 1933, as amended (the "1933 Act"), the Exchange Act, the Commodity Exchange Act and the respective rules and regulations thereunder, as applicable, and any exemptive relief therefrom, as well as with all other applicable federal and state laws, rules, regulations and case law that relate to the services and relationships described hereunder and to the conduct of its business as a registered investment adviser and to maintain all licenses and registrations necessary to perform its duties hereunder in good order. The Adviser also agrees to comply with the objectives, policies and restrictions set forth in the Prospectus, as amended or supplemented, of the Fund(s), and with any policies, guidelines, instructions and procedures approved by the Board and provided to the Adviser. In selecting each Fund's portfolio securities and performing the Adviser's obligations hereunder, the Adviser shall cause each Fund to comply with the diversification and source of income requirements of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), for qualification as a regulated investment company if the Fund has elected to be treated as a regulated investment company under the Code. The Adviser shall maintain compliance procedures that it reasonably believes are adequate to ensure its compliance with the foregoing. No supervisory activity undertaken by the Board shall limit the Adviser's full responsibility for any of the foregoing.

&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 Board has the authority to determine how proxies with respect to securities that are held by each Fund shall be voted, and the Board has initially determined to delegate the authority and responsibility to vote proxies for each Fund's securities to the Adviser. So long as proxy voting authority for a Fund has been delegated to the Adviser, the Adviser shall exercise its proxy voting responsibilities. The Adviser shall carry out such responsibility in accordance with any instructions that the Board shall provide from time to time, and at all times in a manner consistent with Rule 206(4)-6 under the Advisers Act and its fiduciary responsibilities to the Trust. The Adviser shall provide periodic reports and keep records relating to proxy voting as the Board may reasonably request or as may be necessary for each Fund to comply with the 1940 Act and other applicable law. Any such delegation of proxy voting responsibility to the Adviser may be revoked or modified by the Board at any time. The Trust acknowledges and agrees that the Adviser may delegate its responsibility to vote proxies for a Fund to the Fund's Sub-Adviser(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Sub-Advisers**.

In carrying out its responsibilities hereunder, the Adviser may, in its sole discretion to the extent permitted by applicable law, any exemptive orders issued by the SEC applicable to the Funds or any SEC or CFTC staff no-action or interpretive letter applicable to the Funds, employ, retain or otherwise avail itself of the services of other persons or entities (a "Sub-Adviser") at the Adviser's own cost and expense, including without limitation, affiliates of the Adviser, on such terms as the Adviser shall determine to be necessary, desirable or appropriate. Retention of one or more Sub-Advisers, or the employment or retention of other persons or entities to perform services, shall in no way reduce the responsibilities or obligations of the Adviser under this Agreement in connection with the performance of the Adviser's duties hereunder. Any such Sub-Adviser shall be registered and in good standing with the SEC and capable of performing its sub-advisory duties pursuant to a sub-advisory agreement approved by the Board and, except as otherwise permitted by the 1940 Act or by rule, regulation or order of the SEC, a vote of the majority of the outstanding voting securities of the applicable Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Information and Reports.** 

&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 Adviser will keep the Trust informed of developments relating to its duties as investment adviser of which the Adviser has knowledge that would materially affect the Funds. In this regard, the Adviser will provide the Trust and its officers with such periodic reports concerning the obligations the Adviser has assumed under this Agreement as the Trust may from time to time reasonably request. Additionally, upon the request of the Board, the Adviser will provide the Board, or cause any Sub-Adviser to provide the Board, with reports regarding the management of the Funds during the most recently completed quarter, including certifications that each Fund is in compliance with its respective investment objectives and practices, the 1940 Act and applicable rules and regulations thereunder, and the requirements of Subchapter M of the Code, if applicable, and other information in such form as may be mutually agreed upon by the Adviser and the Trust. The Adviser also will certify quarterly to the Trust that it and its Advisory Persons have complied materially with the requirements of Rule 17j-1 during the previous quarter or, if not, explain what the Adviser has done to seek to ensure such compliance in the future. Annually, the Adviser will furnish a written report, which complies with the requirements of Rule 17j-1 and Rule 38a-1 under the 1940 Act and Rule 206(4)-7 under the Advisers Act, concerning the Adviser's Code of Ethics and compliance program, respectively, to the Trust. Upon written request of the Fund with respect to violations of the Code of Ethics directly affecting any Fund, the Adviser will permit representatives of the Trust to examine reports (or summaries of the reports) required to be made by Rule 17j-1 (d)(1) relating to enforcement of the Code of Ethics.

&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 Adviser will also provide the Trust with any information reasonably requested regarding its management of the Fund(s) required for any meeting of the Board, or for any shareholder report, amended registration statement, proxy statement, or prospectus supplement to be filed by the Trust with the SEC. The Adviser will make its officers and employees available to meet with the Board from time to time on reasonable notice to review its investment management services to the Fund(s) in light of current and prospective economic and market conditions and shall furnish to the Board such information as may reasonably be requested by the Board under Section 15(c) of the 1940 Act in order for the Board to evaluate this Agreement or any proposed amendments thereto. The Adviser will promptly inform the Trust if any information it has provided to the Trust to be included in a Fund's Prospectus or Statement of Additional Information, as amended from time to time ("SAI"), to the Adviser's knowledge is (or will become) inaccurate or incomplete.

&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 Adviser shall provide regular reports regarding Fund holdings, and shall, on its own initiative, furnish the Trust and the Board from time to time with whatever information the Adviser believes is appropriate for this purpose. The Adviser agrees to immediately notify the Trust if the Adviser reasonably believes that the value of any security held by a Fund may not reflect its fair value. The Adviser agrees to provide any pricing information of which the Adviser is aware to the Trust, the Board and/or any Fund pricing agent to assist in the determination of the fair value of any Fund holdings for which market quotations are not readily available or as otherwise required in accordance with the 1940 Act or the Trust's valuation procedures for the purpose of calculating each Fund's net asset value in accordance with procedures and methods established by the Board.

&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 Adviser shall notify the Trust immediately upon detection of (i) any material failure to manage any Fund in accordance with its investment objectives and policies or any applicable law; or (ii) any material breach of any of a Fund's or the Adviser's policies, guidelines or procedures. The Adviser agrees to correct any such failure promptly and to take any action that the Board may reasonably request in connection with any such breach. Upon request, the Adviser shall also provide the officers of the Trust with supporting certifications in connection with such certifications of Fund financial statements and the Trust's disclosure controls and procedures adopted pursuant to the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act"), and the implementing regulations adopted thereunder, and agrees to inform the Trust of any material development related to a Fund that the Adviser reasonably believes is relevant to the Fund's certification obligations under the Sarbanes-Oxley Act. The Adviser will promptly notify the Trust in the event (i) the Adviser is served or otherwise receives notice of any action, suit, proceeding, inquiry or investigation, at law or in equity, before or by any court, public board, or body, involving the affairs of the Trust (excluding class action suits in which a Fund is a member of the plaintiff class by reason of the Fund's ownership of shares in the defendant) or the compliance by the Adviser with the federal or state securities laws or (ii) an actual change in control of the Adviser resulting in an "assignment" (as defined in the 1940 Act) has occurred or is otherwise proposed to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Adviser's Duties Regarding Fund 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;a. <u>Placement of Orders</u>. The Adviser will take, or cause to be taken, all actions that it considers necessary to implement the investment policies of the Funds, and, in particular, to place all orders for the purchase or sale of securities or other investments for the Funds with brokers, dealers or other persons that the Adviser, in its sole discretion, selects. To that end, the Adviser is authorized as the Funds' agent to give instructions to the Funds' custodian as to deliveries of securities or other investments and payments of cash for the Funds' account. In connection with the selection of brokers or dealers and the placement of purchase and sale orders, the Adviser is subject to the supervision of the Board and is directed at all times to seek to obtain best execution and price within the policy guidelines determined by the Board and set out in each Fund's current Prospectus or SAI, subject to provisions (b), (c) and (d) of this Section 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Soft Dollar Arrangements</u>. On an ongoing basis, but not less often than annually, the Adviser will identify and provide a written description to the Board of all "soft dollar" arrangements that the Adviser maintains with respect to the Funds or with brokers or dealers that execute transactions for the Funds, if any, and of all research and other services provided to the Adviser by a broker or dealer (whether prepared by such broker or dealer or by a third party), if any, as a result, in whole or in part, of the direction of Fund transactions to the broker or dealer.

&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. <u>Aggregated Transactions</u>. On occasions when the Adviser deems the purchase or sale of a security or other financial instrument to be in the best interest of a Fund, as well as other clients, the Adviser is authorized, but not required, to aggregate purchase and sale orders for securities or other financial instruments held (or to be held) by the Fund with similar orders being made on the same day for other client accounts or portfolios that the Adviser manages. When an order is so aggregated, the Adviser may allocate the recommendations or transactions among all accounts and portfolios for whom the recommendation is made or transaction is effected on a basis that the Adviser reasonably considers equitable and consistent with its fiduciary obligations to the Fund and its other clients. The Adviser and the Funds recognize that in some cases this procedure may adversely affect the size of the position obtainable for a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Compensation**.

The Fund shall pay to the Adviser, as compensation for the Adviser's services hereunder, a fee, determined as described in Schedule A that is attached hereto and made a part hereof. Such fee shall be computed daily and paid not less than monthly in arrears by the Fund. The method for determining net assets of a Fund for purposes hereof shall be the same as the method for determining net assets for purposes of establishing the offering and redemption prices of Fund shares as described in the Fund's prospectus. In the event of termination of this Agreement, the fee provided in this Section shall be computed on the basis of the period ending on the last business day on which this Agreement is in effect subject to a pro rata adjustment based on the number of days elapsed in the current month as a percentage of the total number of days in such month. Except as may otherwise be prohibited by law or regulation (including any then current SEC staff interpretations), the Adviser may, in its sole discretion and from time to time, waive a portion of its fee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Allocation and Charges of Expenses**.

During the term of this Agreement, the Adviser shall bear its own costs of providing services under this Agreement. The Adviser agrees to pay, or require a Sub-Adviser to pay, all expenses incurred by the Trust and each Fund (except for advisory fees and sub-advisory fees, as the case may be) pursuant to this Agreement, excluding interest charges on any borrowings, dividends and other expenses on securities sold short, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses and other non-routine or extraordinary expenses. Any such expenses of a Fund may be offset against any fees otherwise due to the Adviser under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Services to Other Companies and Accounts**.

The Trust understands that the Adviser and its affiliates now act, will continue to act and may act in the future as investment manager or adviser to fiduciary and other managed accounts, and as an investment manager or adviser to other investment companies or to commodity pools, including any offshore entities or private accounts. The Funds have no objection to the Adviser and its affiliates so acting. The Funds recognize that in some cases this procedure may adversely affect the size of the position obtainable for the Funds and understand that the persons employed by the Adviser to assist in the performance of the Adviser's duties under this Agreement may not devote their full time to such service, and that nothing contained in this Agreement will be deemed to limit or restrict the right of the Adviser to engage in and devote time and attention to other businesses or to render services of whatever kind or nature. This Agreement will not in any way limit or restrict the Adviser or any of its directors, officers, employees, or agents from buying, selling or trading any securities, commodities or other investment instruments for its or their own account or for the account of others for whom it or they may be acting, provided that such activities will not adversely affect or otherwise impair the performance by the Adviser of its duties and obligations under this Agreement and such activities are not otherwise prohibited by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Affiliated Brokers**.

Adviser or any of its affiliates may act as broker or agent in connection with the purchase or sale of securities, commodities or other investments for the Funds, subject to: (i) the requirement that the Adviser seek to obtain best execution and price within the policy guidelines determined by the Board and set out in each Fund's current Prospectus or SAI; (ii) the provisions of the 1940 Act, CEA and the Advisers Act, as applicable; (iii) the provisions of the Exchange Act, including, but not limited to, Section 11(a) thereof; and (iv) other provisions of applicable law. These brokerage services are not within the scope of the duties of the Adviser under this Agreement. Subject to the requirements of applicable law and any procedures adopted by the Board, the Adviser or its affiliates may receive brokerage commissions, fees or other remuneration from the Funds for these services in addition to the Adviser's fees for services under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Custody**.

Nothing in this Agreement shall permit the Adviser to take or receive physical possession of cash, securities or other investments of a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Term of Agreement; Termination of Agreement; Amendment of 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;a. <u>Term</u>. This Agreement shall become effective with respect to a Fund upon the latest of (i) the approval by a vote of a majority of those Trustees of the Trust who are not parties to this Agreement or interested persons of any such party, cast in person at a meeting called for the purpose of voting on such approval; and (ii) the commencement of the Adviser's management of the Fund. With respect to a Fund, this Agreement shall continue in effect for a period of two years from the effective date described in this sub-paragraph or otherwise set forth in Schedule A, subject thereafter to being continued in force and effect from year to year if specifically approved each year by the Board or by the vote of a majority of the Fund's outstanding voting securities. In addition to the foregoing, each renewal of this Agreement must be approved by the vote of a majority of the Board who are not parties to this Agreement or interested persons (as defined by the 1940 Act) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom. Prior to voting on the renewal of this Agreement, the Board may request and evaluate, and the Adviser shall furnish, such information as may reasonably be necessary to enable the Board to evaluate the terms 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;b. <u>Termination</u>. This Agreement may be terminated, without penalty, with respect to any Fund (i) by the Board or by vote of holders of a majority of the outstanding shares of the Fund upon sixty (60) days' written notice to the Adviser, and (ii) by the Adviser upon sixty (60) days' written notice to the Trust in respect of the Fund. This Agreement also will terminate automatically in the event of its assignment.

&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. <u>Amendment</u>. This Agreement may be amended by the parties only if the amendment is specifically approved by: (i) a majority of those Trustees of the Trust who are not parties to this Agreement or "interested persons" of any party cast in person at a meeting called for the purpose of voting on the Agreement's approval or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom; and (ii) if required by applicable law, the vote of a majority of the outstanding shares of the Fund unless such shareholder approval would not be required under applicable interpretations by the staff of the SEC. The modification of any of the non-material terms of this Agreement may be approved by the vote, cast in person at a meeting called for such purpose or in another manner permitted by the 1940 Act or pursuant to exemptive relief therefrom, of a majority of the Board who are not parties to this Agreement or interested persons (as defined by the 1940 Act) of any such party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Representations and Covenants of the Trust**.

The Trust represents and covenants to the Adviser as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust is a trust that is validly existing and in good standing under the laws of the State of Delaware. Each Fund is a duly established, separate series of the Trust. The Trust is duly authorized to transact business in the State of Delaware and is qualified to do business in all jurisdictions in which it is required to be so qualified, except jurisdictions in which the failure to so qualify would not have a material adverse effect on the Trust or any Fund. The Trust is registered as an open-end management investment company under the 1940 Act, and its registration with the SEC as an investment company under the 1940 Act is in full force and effect, and each Fund's shares are (or will be prior to commencing operations with respect to any Additional Funds) registered under the 1933 Act and under any applicable 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;b. The execution, delivery and performance by the Trust, on behalf of the Funds, of this Agreement are within the Trust's powers and have been duly authorized by all necessary actions of the Board, and the execution, delivery and performance of this Agreement by the parties to this Agreement do not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Trust's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instruments binding upon the Trust or any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Representations and Covenants of the Adviser**.

The Adviser represents and covenants to the Trust as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It is duly organized and validly existing under the laws of the state of its organization or incorporation with the power to own and possess its assets and carry on its business as this business is now being conducted.

&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 execution, delivery and performance by the Adviser of this Agreement are within the Adviser's powers and have been duly authorized by all necessary action on the part of its board of directors, and no action by or in respect of, or filing with, any governmental body, agency or official is required on the part of the Adviser for the execution, delivery and performance of this Agreement by the parties to this Agreement, and the execution, delivery and performance of this Agreement by the parties to this Agreement does not contravene or constitute a default under (i) any provision of applicable law, rule or regulation, (ii) the Adviser's governing instruments, or (iii) any agreement, judgment, injunction, order, decree or other instruments binding upon the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. It is not prohibited by the 1940 Act or the Advisers Act from performing the services 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;d. It will maintain registration with the SEC as an investment adviser under the Advisers Act and will promptly notify the Trust of the occurrence of any event that would disqualify it from serving as an investment adviser to an investment company pursuant to Section 9(a) 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;e. It has provided the Trust with a copy of its Form ADV and will, promptly after making any amendment to its Form ADV, furnish a copy of such amendment to 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;f. It will carry out its responsibilities under this Agreement subject to (i) federal and state law, including securities laws, governing its provision of advisory services under this Agreement; (ii) each Fund's investment objective, policies, and restrictions, as set out in the Prospectus and SAI, as amended from time to time; (iii) the applicable exemptive orders or no-action letters issued by the SEC or the CFTC or their respective staff governing the Funds, as such orders or letters may be amended from time to time; (iv) the provisions of the governing documents of the Trust, as such documents are amended from time to time; and (v) any policies or directives as the Board may from time to time establish or issue and communicate to the Adviser in writing. The Trust, on behalf of the Funds, will promptly notify the Adviser in writing of changes to (ii), (iii), (iv) or (v) above.

&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. It will treat confidentially and as proprietary information of the Funds all records and other information relative to the Funds, and the Funds' prior, current or potential shareholders, and will not use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by each Fund, which approval shall not be unreasonably withheld and may not be withheld where the Adviser may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities, or when so requested by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. It is not the subject of any proceeding, investigation or inquiry brought by the SEC, CFTC, Financial Industry Regulatory Authority ("FINRA") (or any other self-regulatory organization) or any other federal or state regulator with respect to the types of services for which it is being appointed herein or which could have a material impact on its ability to fully perform any of the services to be rendered 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;i. It maintains errors and omissions insurance coverage in an appropriate amount and shall provide prior written notice to the Trust (i) of any material changes in its insurance policies or insurance coverage; or (ii) if any material claims will be made on its insurance policies with respect to providing advisory services to the Funds. Furthermore, the Adviser shall upon reasonable request provide the Trust with 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. It shall implement and maintain a business continuity plan and policies and procedures reasonably designed to prevent, detect and respond to cybersecurity threats and to implement such internal controls and other safeguards with a goal of safeguarding each Fund's confidential information and the non-public information of Fund shareholders. The Adviser shall promptly notify the Trust upon the Adviser's discovery of any material violations or breaches of such policies and procedures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;k. None of it, its affiliates, or any officer, manager, partner or employee of the Adviser or its affiliates is subject to any event set forth in Section 9 of the 1940 Act that would disqualify the Adviser from acting as an investment adviser to an investment company under the 1940 Act. The Adviser will promptly notify the Trust upon its discovery of the occurrence of any event that would disqualify the Adviser from serving as an investment adviser to an investment company pursuant to Section 9(a) of the 1940 Act or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;l. It will not engage in any futures transactions, options on futures transactions or transactions in other commodity interests on behalf of a fund prior to the Adviser becoming registered or filing a notice of exemption on behalf of the Fund with the National Futures Association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. It agrees to provide reasonable assistance with the liquidity classifications required under each Fund's liquidity risk management program when implemented in accordance with Rule 22e-4 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Indemnification and Limitation 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;a. The Adviser shall indemnify and hold harmless the Trust and all affiliated persons (within the meaning of Section 2(a)(3) of the 1940 Act) and all controlling persons (as described in Section 15 of the 1933 Act) thereof (collectively, the "Trust Indemnitees") against any and all losses, claims, damages, liabilities or litigation to the extent that a Trust Indemnitee incurs actual losses, damages, or liabilities (including reasonable legal and other expenses) by reason of or arising out of the Adviser's willful misfeasance, bad faith, or gross negligence in the performance of its duties hereunder or its reckless disregard of its obligations and duties under this Agreement, or a loss resulting from a breach of duty with respect to receipt of compensation for services (in which case any award of damages shall be limited to the period and amount set forth in Section 36(b)(3).

The provision of this Section shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**15.** **No Liability for Other Funds**.

This Agreement is made by the Trust, on behalf of its Funds, pursuant to authority granted by the Trustees, and the obligations created hereby are not binding on any of the Trustees or shareholders of the Funds individually, but bind only the property of that Fund and no other Funds of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Cooperation with Regulatory Authorities or Other Actions**.

The Adviser agrees to cooperate with and provide reasonable assistance to the Trust, the Trust's chief compliance officer, any Trust custodian or foreign sub-custodians, any Trust pricing agents and all other agents and representatives of the Trust, such information with respect to each Fund as they may reasonably request from time to time in the performance of their obligations, provide prompt responses to reasonable requests made by such persons and establish appropriate interfaces with each so as to promote the efficient exchange of information and compliance with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Anti-Money Laundering Compliance**.

The Adviser acknowledges that, in compliance with the Bank Secrecy Act, as amended, the USA PATRIOT Act, and any implementing regulations thereunder (together, "AML Laws"), the Trust has adopted an Anti-Money Laundering Policy. The Adviser agrees to comply with the Trust's Anti-Money Laundering Policy and the AML Laws, to the extent the same may apply to the Adviser, now and in the future. The Adviser further agrees to provide to the Trust, the Trust's administrator, sub-administrator and/or the Trust's anti-money laundering compliance officer such reports, certifications and contractual assurances as may be reasonably requested by the Trust. The Trust may disclose information regarding the Adviser to governmental and/or regulatory or self-regulatory authorities to the extent required by applicable law or regulation and may file reports with such authorities as may be required by applicable law or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**18.** **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;a. <u>Maintenance of Records</u>. The Adviser hereby undertakes and agrees to maintain for the Trust, in the form and for the period required by Rule 31a-2 under the 1940 Act, all records relating to the Funds' investments that are required to be maintained by the Funds pursuant to the 1940 Act with respect to the Adviser's responsibilities under this Agreement (the "Funds' Books and 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;b. <u>Ownership of Records</u>. The Adviser agrees that the Funds' Books and Records are the Trust's property and further agrees to provide them promptly to the Trust upon the request of the Trust; provided, however, that the Adviser may retain copies of the Funds' Books and Records at its own cost. Upon request of the Trust, the Funds' Books and Records will be made available as soon as reasonably practicable, or as otherwise mutually agreed by the Trust and the Adviser, to the Funds' accountants or auditors during regular business hours at the Adviser's offices or another designated location as mutually agreed by the Trust and the Adviser. The Trust or its authorized representatives will have the right to copy any records in the Adviser's possession that pertain to any Fund. These books, records, information, or reports will be made available to properly authorized government representatives consistent with federal law and/or regulations. In the event of the termination of this Agreement, the Funds' Books and Records will be returned to the Trust. The Adviser agrees that the policies and procedures it has established for managing the Funds, including, but not limited to, all policies and procedures designed to comply with federal securities laws governing the provision of advisory services to the Funds, will be made available for inspection by the Fund or its authorized representatives upon reasonable written request as soon as reasonably practicable or as otherwise mutually agreed by the Trust and the Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Use of the "Disciplined Growth Investors" Name**.

The Adviser has consented to the use by the Trust of the name or identifying words "Disciplined Growth Investors**"** in the name of certain Fund(s). Such consent is conditioned upon the employment of the Adviser or an affiliate of the Adviser as the investment adviser to the Fund. The Adviser may require the Trust to cease using "Disciplined Growth Investors**"** in the name of a Fund if the Fund ceases to employ, for any reason, the Adviser, any successor thereto or any affiliate thereof as investment adviser of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Survival**.

All representations and warranties made by the Adviser and the Trust, on behalf of the Funds, in this Agreement will survive for the duration of this Agreement and the parties to this Agreement will notify each other in writing promptly upon becoming aware that any of the foregoing representations and warranties are no longer true.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Governing Law**.

This Agreement constitutes the entire agreement of the parties, shall be binding upon and shall inure to the benefit of the parties hereto and shall be governed by Colorado law in a manner not in conflict with the provisions of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Severability**.

If any provision of this Agreement is 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;**23.** **Definitions**.

The terms "assignment," "affiliated person," and "interested person," when used in this Agreement, will have the respective meanings specified in Section 2(a) of the 1940 Act. The term "majority of the outstanding shares" means the lesser of (a) sixty-seven percent (67%) or more of the shares present at a meeting if more than fifty percent (50%) of these shares are present or represented by proxy, or (b) more than fifty percent (50%) of the outstanding shares. The term "including" means "including without limitation."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**24.** **Notice**.

Any notice, advice, document, report or other client communication to be given pursuant to this Agreement shall be deemed sufficient if delivered or mailed by registered, certified or overnight mail, postage prepaid or electronically addressed by the party giving notice to the other party at the last address furnished by the other party. By consenting to the electronic delivery of any notice, advice, document, report or other client communication in respect of this Agreement or as required pursuant to applicable law, the Trust authorizes the Adviser to deliver all communications by email or other electronic means.

---

| | |
|:---|:---|
| &nbsp;&nbsp;To the Adviser at: | &nbsp;&nbsp; Disciplined Growth Investors, Inc.<br> Fifth Street Towers, Suite 2550<br> 150 South Fifth Street<br> Minneapolis, Minnesota 54402<br> Attention: Rick Martin<br> Email: [Redacted] |
| &nbsp;&nbsp;To the Trust at: | &nbsp;&nbsp;Elevation Series Trust<br> Re: Disciplined Growth Investors Fund<br> 1700 Broadway, Suite 1850<br> Denver, Colorado 80290<br> Attention: General Counsel, Secretary<br> Email: [Redacted] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Counterparts**.

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

[The Remainder of This Page Is Intentionally Left Blank]

IN WITNESS WHEREOF, the parties hereto have caused this instrument to be signed on their behalf by their duly authorized officers as of the date first above written.

---

| | |
|:---|:---|
| **ELEVATION SERIES TRUST** | **ELEVATION SERIES TRUST** |
| on behalf of the series listed on Schedule A | on behalf of the series listed on Schedule A |
| By: | /s/ Bradley Swenson |
| Name: | Bradley Swenson |
| Title: | President |
| **DISCIPLINED GROWTH INVESTORS, INC.** | **DISCIPLINED GROWTH INVESTORS, INC.** |
| By: | /s/ Rick Martin |
| Name: | Rick Martin |
| Title: | Chief Executive Officer |

---

*Signature Page to Investment Advisory Agreement*

**SCHEDULE A<br> to the<br> INVESTMENT ADVISORY AGREEMENT with<br> DISCIPLINED GROWTH INVESTORS, INC.**

The Trust will pay to the Adviser as compensation for the Adviser's services rendered, a fee, computed daily and paid monthly, at an annual rate based on the average daily net assets of the respective Fund in accordance with the following fee schedule:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**<u>Fund</u>** | &nbsp;&nbsp;**<u>Rate</u>** | &nbsp;&nbsp;**<u>Effective Date</u>** |
| &nbsp;&nbsp;Disciplined Growth Investors Fund | &nbsp;&nbsp;0.78% | &nbsp;&nbsp;Upon Commencement of Operations |

---

Sc-A

## Ex-99.(E)(4)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(e)(4)**

**DISTRIBUTION AGREEMENT**

This Distribution Agreement (the "Agreement") is made effective this June 30, 2025 by and between Elevation Series Trust, a Delaware statutory trust (the "Trust"), on behalf of its Funds (defined below), and Paralel Distributors LLC, a Delaware limited liability company (the "Distributor").

WHEREAS, the Trust is a registered open-end management investment company organized under the Investment Company Act of 1940, as amended (the "1940 Act") with separate and distinct series (each series a "Fund" and collectively the "Funds") registered with the United States Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "1933 Act").

WHEREAS, the Trust intends to create and redeem shares of beneficial interest (the "Shares") of each Fund on a continuous basis.

WHEREAS, the Distributor is registered with the SEC as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act"), and is a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

WHEREAS, the Trust desires to retain the Distributor to (i) act as the principal underwriter of the Funds.

WHEREAS, the Distributor desires to provide the services described herein to the Trust subject to the terms and conditions set forth below.

NOW THEREFORE, in consideration of the mutual promises and undertakings herein contained, the parties agree as follows:

**1. Appointment**. The Trust hereby appoints the Distributor to serve as the principal underwriter of each Fund listed in Exhibit A hereto (as may be amended by the Trust from time to time on written notice to the Distributor and agreed to by the Distributor) on the terms and for the period set forth in this Agreement and subject to the registration requirements of the federal securities laws and of the laws governing the sale of securities in the various states, and the Distributor hereby accepts such appointment and agrees to act in such capacity hereunder.

**2. Definitions**. Wherever they are used herein, the following terms have the following respective meanings:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "Prospectus" means the Prospectus and Statement of Additional Information constituting parts of the Registration Statement of the Trust under the 1933 Act and the 1940 Act as such Prospectus and Statement of Additional Information may be amended or supplemented and filed with the SEC from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "Registration Statement" means the registration statement most recently filed from time to time by the Trust with the SEC and effective under the 1933 Act and the 1940 Act, as such registration statement is amended by any amendments thereto at the time in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All other capitalized terms used but not defined in this Agreement shall have the meanings ascribed to such terms in the Registration Statement and the Prospectus.

**3. Duties of the Distributor**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor agrees to act as agent of the Trust for distribution of the Shares of the Funds, upon the terms and at the current offering price (plus sales charge, if any) described in the Prospectus. As used in this Agreement, the term "Prospectus" shall mean each current prospectus, including the statement of additional information, as amended or supplemented, relating to any of the Funds and included in the currently effective Registration Statement(s) of the Trust under the Securities Act of 1933 (the "1933 Act") and the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the continuous public offering of Shares of the Funds, the Distributor shall use commercially reasonable efforts to distribute the Shares. All orders for Shares shall be made through financial intermediaries or directly to the applicable Fund or its designated agent. Such purchase orders shall be deemed effective at the time and in the manner set forth in the Prospectus. The Trust or its designated agent will confirm orders and subscriptions upon receipt, will make appropriate book entries and, upon receipt of payment therefor, will issue the appropriate number of Shares in uncertificated form. The Distributor shall not be obligated to sell any certain number of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor shall maintain membership with the NSCC and any other similar successor organization to sponsor a participant number for the Funds so as to enable the Shares to be traded through FundSERV. The Distributor shall not be responsible for any operational matters associated with FundSERV or Networking transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor acknowledges and agrees that it is not authorized to provide any information or make any representations regarding the Funds other than as contained in the Prospectus and any sales literature and advertising materials specifically approved by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Distributor shall review and approve, prior to use, all Trust marketing materials ("Marketing Materials") for compliance with SEC and FINRA advertising rules and will file all Marketing Materials required to filed with FINRA. The Distributor agrees to furnish to the Fund's investment adviser any comments provided by FINRA with respect to such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust agrees to redeem or repurchase Shares tendered by shareholders of the Funds in accordance with the Trust's obligations in the Prospectus and the Registration Statement. The Trust reserves the right to suspend such repurchase right upon written notice to the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Distributor may, in its discretion, and shall, at the request of the Fund enter into agreements with such qualified broker-dealers and other financial intermediaries as it may select (the "Financial Intermediaries"), in order that such Financial Intermediaries may sell Shares of the Fund. The form of any selling agreement to be used with such Financial Intermediaries shall be approved by the Trust and Distributor. The Distributor shall not be obligated to make any payments to the Financial Intermediaries or other third parties, unless (i) the Distributor has received an authorized payment from the Fund and (ii) such payment has been approved by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Distributor shall monitor amounts paid under Rule 12b-1 plans and pursuant to sales loads to ensure compliance with applicable FINRA rules. The Distributor shall administer Rule 12b-1 payments to payees, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Distributor shall prepare reports for the Board regarding its activities under this Agreement,including reports regarding the use of any 12b-1 payments received by the Distributor, as from time to time shall be reasonably requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Distributor agrees to maintain and preserve for the periods prescribed by Rule 31a-2 under the 1940 Act, such records as are required to be maintained by Rule 31a-1(d) under the 1940 Act. The Distributor agrees that all records which it maintains pursuant to the 1940 Act for the Trust shall at all times remain the property of the Trust, shall be readily accessible during normal business hours, and shall be promptly surrendered upon the termination of the Agreement or otherwise on written request; provided, however, that Distributor may retain all such records required to be maintained by Distributor pursuant to applicable FINRA or SEC rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Distributor agrees to maintain compliance policies and procedures (a "Compliance Program") that are reasonably designed to prevent violations of the Federal Securities Laws (as defined in Rule 38a-1 of the 1940 Act) with respect to the Distributor's services under this Agreement, and to provide any and all information with respect to the Compliance Program, including without limitation, information and certifications with respect to material violations of the Compliance Program and any material deficiencies or changes therein, as may be reasonably requested by the Trust's Chief Compliance Officer or Board of Trustees.

**4. Duties of the Trust.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Trust shall take, or cause to be taken, all necessary action to register the Shares under the federal and all applicable state securities laws and to maintain an effective Registration Statement for such Shares in order to permit the sale of Shares as herein contemplated. The Trust, on behalf of each Fund, authorizes the Distributor to use the Prospectus, in the forms furnished to the Distributor from time to time, in connection with the sale of Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust agrees to advise the Distributor promptly in writing:

&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) of any material correspondence or other communication by the SEC or its staff relating to the Trust
or a Fund, including requests by the SEC for amendments to a Registration Statement or Prospectus (not including routine comments
on post-effective amendments to the Registration Statement);

&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 the event of the issuance by the SEC of any stop-order suspending the effectiveness of the Registration
Statement then in effect or the initiation of any proceeding for that 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;(iii) of the happening of any event, of which the Trust is aware or reasonably should be aware, which
makes untrue any statement of a material fact made in the Prospectus or which requires the making of a change in such Prospectus
in order to make the statements therein not misleading;

&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) of all actions taken by the SEC with respect to any amendments to any Registration Statement or
Prospectus which may from time to time be filed with the SEC (not including routine comments on post-effective amendments to the
Registration Statement);

&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) in the event that it determines to suspend the sale of Shares at any time in response to conditions
in the securities markets or otherwise or to suspend the repurchase of Shares of the Fund at any time as permitted by the 1940
Act or the rules of the SEC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) of the commencement of any litigation or proceedings against the Trust, or a Fund, or any of its
officers or directors, that the Trust know of, or reasonably should know of, in connection with the issue and sale of any of the
Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Trust shall file such reports and other documents as may be required under applicable federal and state laws and regulations, including state blue sky laws, and shall notify the Distributor in writing of the states in which the Shares may be sold and of any changes to such information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust agrees to file from time to time such amendments to each Fund's Registration Statement and Prospectus as may be necessary in order that the Registration Statement and Prospectus will not contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Trust shall fully cooperate in the efforts of the Distributor to arrange for the distribution of Shares. In addition, the Trust shall provide to the Distributor from time to time copies of all information, financial statements, and other papers that the Distributor may reasonably request for use in connection with the distribution of Shares, including, without limitation, certified copies of any financial statements prepared for the Trust by their independent public accountants and such reasonable number of copies of the most current Prospectus, statement of additional information and annual and interim reports to shareholders as the Distributor may request. The Trust shall forward a copy of the Registration Statement, or amendments thereto, to the Distributor promptly following such filings. The Trust and each Fund (including each Fund's investment adviser) represents that it will not use or authorize the use of any marketing material unless and until such materials have been approved and authorized for use by the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Trust shall provide and cause each other agent or service provider to the Funds, including each Fund's transfer agent and investment adviser, to provide, to Distributor in a timely and accurate manner all such information (and in such reasonable medium) that the Distributor may reasonably request that may be necessary for the Distributor to perform its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Trust shall inform Distributor of any such jurisdictions in which the Trust, on behalf of its Funds, has filed notice filings for Shares for sale under the securities laws thereof and shall promptly notify the Distributor of any change in this information. The Distributor shall not be liable for damages resulting from the sale of Shares in authorized jurisdictions where the Distributor had no information from the Trust that such sale or sales were unauthorized at the time of such sale or sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The Trust shall not file any amendment to the Registration Statement or Prospectus that materially amends any provision therein which pertains to Distributor or the distribution of the Shares or the applicable sales loads or public offering price without giving Distributor reasonable advance notice thereof; provided, however, that nothing contained in this Agreement shall in any way limit the Trust's right to file at any time such amendments to the Registration Statement or Prospectus, of whatever character, as the Trust may deem advisable, such right being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Trust has adopted reasonably designed policies and procedures pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Trust (and relevant agents) shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent the unauthorized access to or use of, records and information relating to the Trust, its Funds and the owners of the Shares.

**5. Fees and Expenses.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration of Distributor's services in connection with the distribution of Shares of the Funds, Distributor shall receive the compensation set forth in Exhibit B. Except as otherwise specified in this Agreement or in any separate agreements agreed to with a Fund's investment adviser (the "Investment Adviser"), Distributor shall be entitled to no compensation or reimbursement of expenses for services provided by Distributor pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust and the Funds shall bear all costs and expenses in connection with registration of the Shares with the SEC and the applicable states, as well as all costs and expenses in connection with the offering of the Shares and communications with its shareholders, including but not limited to (i) fees and disbursements of its counsel and independent public accountants; (ii) costs and expenses of the preparation, filing, printing and mailing of Registration Statements and Prospectuses and amendments thereto, as well as related marketing material, (iii) costs and expenses of the preparation, printing and mailing of annual and interim reports, proxy materials and other communications to shareholders of the Funds; and (iv) fees required in connection with the offer and sale of Shares in such jurisdictions as shall be selected by the Trust and the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Distributor and its affiliates may receive compensation or reimbursement from a Fund's Investment Adviser with respect to any services performed under this Agreement, as may be agreed upon by the parties from time to time.

**6. Indemnification.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor will not be liable for and the Trust, on behalf of each Fund, agrees to indemnify and hold harmless the Distributor, its affiliates and each of their respective directors, officers and employees and agents and any person who controls the Distributor within the meaning of Section 15 of the 1933 Act (any of the Distributor, its officers, employees, agents and directors or such control persons, for purposes of this paragraph, a "Distributor Indemnitee") against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) ("Losses") that a Distributor Indemnitee may incur arising out of or based upon: (i) Distributor serving as distributor for the Trust pursuant to this Agreement; (ii) the allegation of any wrongful act of the Trust or any of its directors, officers, employees or affiliates in connection with its duties and responsibilities in this Agreement; (iii) any claim that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, Marketing Materials and advertisements specifically approved by the Trust and/or Investment Adviser or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein (and in the case of the Prospectus, Statement of Additional Information and product description, in light of the circumstances under which they were made) not misleading under the 1933 Act, or any other statute or the common law; (iv) the breach by the Trust of any obligation, representation or warranty contained in this Agreement; or (v) the Trust's failure to comply in any material respect with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Distributor agrees to indemnify and hold harmless the Trust, on behalf of each Fund, and each of its Trustees and officers and any person who controls the Trust within the meaning of Section 15 of the 1933 Act (for purposes of this paragraph, the Trust and each of its Trustees and officers and its controlling persons are collectively referred to as the "Trust Indemnitees") against any Losses arising out of or based upon (i) any willful misfeasance, bad faith or gross negligence of the Distributor or any of its directors, officers, employees or affiliates, taken in connection with its activities as Distributor pursuant to this Agreement; (ii) the Distributor's failure to comply in any material respect with applicable securities laws, including applicable FINRA regulations due to the Distributor's willful misfeasance, bad faith or gross negligence; or (iii) any allegation that the Registration Statement, Prospectus, Statement of Additional Information, product description, shareholder reports, any information or materials relating to the Funds (as described in section 3(g)) or other information filed or made public by the Trust (as from time to time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements not misleading, insofar as such statement or omission was made in reliance upon, and in conformity with information furnished to the Trust, in writing, by the Distributor.

In no case (i) is the indemnification provided by an indemnifying party to be deemed to protect against any liability the indemnified party would otherwise be subject to by reason of willful misfeasance, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the indemnifying party to be liable under this Section with respect to any claim made against any indemnified party unless the indemnified party notifies the indemnifying party in writing of the claim within a reasonable time after the summons or other first written notification giving information of the nature of the claim shall have been served upon the indemnified party (or after the indemnified party shall have received notice of service on any designated agent).

Failure to notify the indemnifying party of any claim shall not relieve the indemnifying party from any liability that it may have to the indemnified party against whom such action is brought on account of this Section, unless failure or delay to so notify the indemnifying party prejudices the indemnifying party's ability to defend against such claim. The indemnifying party shall be entitled to participate at its own expense in the defense or, if it so elects, to assume the defense of any suit brought to enforce the claim, but if the indemnifying party elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the indemnified party. In the event that indemnifying party elects to assume the defense of any suit and retain counsel, the indemnified party shall bear the fees and expenses of any additional counsel retained by them. If the indemnifying party does not elect to assume the defense of any suit, it will reimburse the indemnified party for the reasonable fees and expenses of any counsel retained by them. The indemnifying party agrees to notify the indemnified party promptly of the commencement of any litigation or proceedings against it or any of its officers or directors in connection with the purchase or redemption of any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No indemnified party shall settle any claim against it for which it intends to seek indemnification from the indemnifying party, under the terms of section 6(a) or 6(b) above, without prior written notice to and consent from the indemnifying party, which consent shall not be unreasonably withheld. No indemnified or indemnifying party shall settle any claim unless the settlement contains a full release of liability with respect to the other party in respect of such action. This section 6 shall survive the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Trust acknowledges and agrees that as part of its duties, Distributor will enter into agreements with certain Financial Intermediaries (each such agreement, a "Selling Agreement"). The Financial Intermediaries may insert and require that Distributor agree to certain provisions in the Selling Agreements that contain representations, undertakings and indemnification that are not included in the form-of Selling Agreement (each such modified Selling Agreement, a "Non-Standard Selling Agreement") approved by the Trust and Distributor.

To the extent that Distributor agrees to enter into any Non-Standard Selling Agreement, the Trust, on behalf of the Funds, shall indemnify, defend and hold the Distributor Indemnitees free and harmless from and against any and all Losses that any Distributor Indemnitee may incur arising out of or relating to (a) the Distributor's actions or failures to act pursuant to any Non-Standard Selling Agreement; (b) any representations made by the Distributor in any Non-Standard Selling Agreement to the extent that the Distributor is not required to make such representations in the form-of Selling Agreement; or (c) any indemnification provided by the Distributor under a Non-Standard Selling Agreement. In no event shall this provision be construed as requiring Distributor be required to enter into any Non-Standard Selling Agreement under this Agreement.

**7. Representations.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Distributor represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware limited liability company and is and at all times will remain
duly authorized and licensed under applicable law to carry out its services as contemplated herein; (ii) the execution, delivery
and performance of this Agreement are within its power and have been duly authorized by all necessary action; (iii) its entering
into this Agreement or providing the services contemplated hereby does not conflict with or constitute a default or require a consent
under or breach of any provision of any agreement or document to which the Distributor is a party or by which it is bound; (iv)
it is registered as a broker-dealer under the 1934 Act and is a member of FINRA; and (v) it has in place compliance policies and
procedures reasonably designed to prevent violations of the Federal Securities Laws as that term is defined in Rule 38a-1 under
the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. All activities by the Distributor and its agents and employees in connection with the services
provided in this Agreement shall comply with the Registration Statement and Prospectus, the instructions of the Trust, and all
applicable laws, rules and regulations including, without limitation, all rules and regulations made or adopted pursuant to the
1940 Act by the SEC or any securities association registered under the 1934 Act, including FINRA and the Listing Exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Trust represents and warrants that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. (i) it is duly organized as a Delaware statutory trust and is and at all times will remain duly
authorized to carry out its obligations as contemplated herein; (ii) it is registered as an investment company under the 1940 Act;
(iii) the execution, delivery and performance of this Agreement are within its power and have been duly authorized by all necessary
action; (iv) its entering into this Agreement does not conflict with or constitute a default or require a consent under or breach
of any provision of any agreement or document to which the Trust is a party or by which it is bound; (v) the Registration Statement
and each Fund's Prospectus have been prepared, and all Marketing Materials shall be prepared, in all materials respects,
in conformity with the 1933 Act, the 1940 Act and the rules and regulations of the SEC (the "Rules and Regulations");
and (vi) the Registration Statement and each Fund's Prospectus contain, and all Marketing Materials shall contain, all statements
required to be stated therein in accordance with the 1933 Act, the 1940 Act and the Rules and Regulations; (vii) all statements
of fact contained therein, or to be contained in all Marketing Materials, are or will be true and correct in all material respects
at the time indicated or the effective date, as the case may be, and none of the Registration Statement, any Fund's Prospectus,
nor any Marketing Materials shall include any untrue statement of a material fact or omit to state a material fact required to
be stated therein or necessary to make the statements therein, in the case of each Fund's Prospectus in light of the circumstances
in which made, not misleading; and (viii) except as otherwise noted in the Registration Statement and Prospectus, the offering
price for all Shares will be the aggregate net asset value of the Shares of the relevant Fund, as determined in the manner described
in the Registration Statement and Prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. it shall file such amendment or amendments to the Registration Statement and each Fund's
Prospectus as, in the light of future developments, shall, in the opinion of the Trust's counsel, be necessary in order to
have the Registration Statement and each Fund's Prospectus at all times contain all material facts required to be stated
therein or necessary to make the statements therein, in light of the circumstances in which made, not misleading. The Trust shall
not file any amendment to the Registration Statement or each Fund's Prospectus without giving the Distributor reasonable
notice thereof in advance, provided that nothing in this Agreement shall in any way limit the Trust's right to file at any
time such amendments to the Registration Statement or any Fund's Prospectus as the Trust may deem advisable. The Trust will
also notify the Distributor in the event of any stop order suspending the effectiveness of the Registration Statement. Notwithstanding
the foregoing, the Trust shall not be deemed to make any representation or warranty as to any information or statement provided
by the Distributor for inclusion in the Registration Statement or any Fund's Prospectus; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Distributor and the Trust each individually represent that its anti-money laundering program ("AML Program"), at a minimum, (i) designates a compliance officer to administer and oversee the AML Program, (ii) provides ongoing employee training, (iii) includes an independent audit function to test the effectiveness of the AML Program, (iv) establishes internal policies, procedures, and controls that are tailored to its particular business, (v) provides for the filing of all necessary anti-money laundering reports including, but not limited to, currency transaction reports and suspicious activity reports, and (vi) allows for appropriate regulators to examine its anti-money laundering books and records. Notwithstanding the foregoing, the Trust acknowledges that the Authorized Participants are not "customers" for the purposes of 31 CFR 103.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Distributor and the Trust each individually represent and warrant that: (i) it has procedures in place reasonably designed to protect the privacy of non-public personal consumer/customer financial information to the extent required by applicable law, rule and regulation; and (ii) it will comply with all of the applicable terms and provisions of the 1934 Act.

**8. Duration, Termination and Amendment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be effective on the date set forth above, and unless terminated as provided herein, shall continue for two years from its effective date, and thereafter from year to year, provided such continuance is approved annually (i) by vote of a majority of the Trustees or by the vote of a majority of the outstanding voting securities of the Fund and (ii) by the vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party cast in person at a meeting called for the purpose of voting on such approval. This Agreement may be terminated at any time, without the payment of any penalty, as to each Fund (i) by vote of a majority of those Trustees who are not parties to this Agreement or interested persons of any such party or (ii) by vote of a majority of the outstanding voting securities of the Fund, or by the Distributor, on at least sixty (60) days prior written notice. This Agreement shall automatically terminate without the payment of any penalty in the event of its assignment. As used in this paragraph, the terms "vote of a majority of the outstanding voting securities," "assignment," "affiliated person" and "interested person" shall have the respective meanings specified in the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No provision of this Agreement may be changed, waived, discharged or terminated except by an instrument in writing signed by both parties.

**9. Notice.** Any notice or other communication authorized or required by this Agreement to be given to either party shall be in writing and deemed to have been given when delivered in person or by confirmed, email, or posted by certified mail, return receipt requested, to the following address (or such other address as a party may specify by written notice to the other):

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| | |
|:---|:---|
| &nbsp;&nbsp;(i) **To Paralel:** | &nbsp;&nbsp;(ii) **If to the Trust:** |
| &nbsp;&nbsp; Paralel Distributors LLC<br> 1700 Broadway Suite 1850<br> Denver, Colorado 80290<br> Attn: General Counsel<br> Email: [Redacted] | &nbsp;&nbsp; Elevation Series Trust<br> 1700 Broadway Suite 1850<br> Denver, Colorado 80290<br> Attn: General Counsel<br> Email: [Redacted] |

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**10. Choice of Law.** This Agreement shall be governed by, and construed in accordance with, the laws of the state of Colorado, without giving effect to the choice of laws provisions thereof. Each party to this Agreement, by its execution hereof (i) irrevocably submits to the nonexclusive jurisdiction of the state courts of the State of Colorado or the United States District Courts for the State of Colorado for the purpose of any action between the parties arising in whole or in part under or in connection with this Agreement, and (ii) waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason of the pendency of some other proceeding in any other court other than one of the above-named courts, or that this Agreement or the subject matter hereof may not be enforced in or by such court.

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

**12. Severability.** If any provisions of this Agreement shall be held or made invalid, in whole or in part, then the other provisions of this Agreement shall remain in force. Invalid provisions shall, in accordance with this Agreement's intent and purpose, be amended, to the extent legally possible, in order to effectuate the intended results of such invalid provisions.

**13. Insurance.** The Distributor will maintain at its expense an errors and omissions insurance policy adequate to cover services provided by the Distributor hereunder.

**14. Confidentiality.** During the term of this Agreement, the Distributor and the Trust may have access to confidential information relating to such matters as either party's business, trade secrets, systems, procedures, manuals, products, contracts, personnel, and clients. As used in this Agreement, "Confidential Information" means information belonging to one of the parties that is of value to such party and the disclosure of which could result in a competitive or other disadvantage to such party. Confidential Information includes, without limitation, financial information, proposal and presentations, reports, forecasts, inventions, improvements and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities). Confidential Information includes information developed by either party in the course of engaging in the activities provided for in this Agreement, unless: (i) the information is or becomes publicly known through lawful means; (ii) the information is disclosed to the other party without a confidential restriction by a third party who rightfully possesses the information and did not obtain it, either directly or indirectly, from one of the parties, as the case may be, or any of their respective principals, employees, affiliated persons, or affiliated entities. The parties understand and agree that all Confidential Information shall be kept confidential by the other both during and after the term of this Agreement. Each party shall maintain commercially reasonable information security policies and procedures for protecting Confidential Information. The parties further agree that they will not, without the prior written approval by the other party, disclose such Confidential Information, or use such Confidential Information in any way, either during the term of this Agreement or at any time thereafter, except as required in the course of this Agreement and as provided by the other party or as required by law. Upon termination of this Agreement for any reason, or as otherwise requested by the Trust, all Confidential Information held by or on behalf of Trust shall be promptly returned to the Trust, or an authorized officer of the Distributor will certify to the Trust in writing that all such Confidential Information has been destroyed. This section 14 shall survive the termination of this Agreement. Notwithstanding the foregoing, a party may disclose the other's Confidential Information if (i) required by law, regulation or legal process or if requested by the SEC or other governmental regulatory agency with jurisdiction over the parties hereto or (ii) requested to do so by the other party.

**15. Liability of Officers, Directors, and Funds.** This Agreement is executed by or on behalf of the Trust with respect to each of the Funds and the obligations hereunder are not binding upon any of the trustees, officers or shareholders of the Trust individually but are binding only upon the Fund to which such obligations pertain and the assets and property of such Fund. Separate and distinct records are maintained for each Fund and the assets associated with any such Fund are held and accounted for separately from the other assets of the Trust, or any other Fund of the Trust. The debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to a particular Fund of the Trust shall be enforceable against the assets of that Fund only, and not against the assets of the Trust generally or any other Fund, and none of the debts, liabilities, obligations, and expenses incurred, contracted for, or otherwise existing with respect to the Trust generally or any other Fund shall be enforceable against the assets of that Fund.

**16. Use of Names; Publicity.** The Trust shall not use the Distributor's name in any offering material, shareholder report, advertisement or other material relating to the Trust, in a manner not approved by the Distributor in writing prior to such use, such approval not to be unreasonably withheld. The Distributor hereby consents to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority.

The Distributor shall not use the name Elevation Series Trust in any offering material, shareholder report, advertisement or other material relating to the Distributor, other than for the purpose of merely identifying the Trust as a client of Distributor hereunder, in a manner not approved by the Trust in writing prior to such use; provided, however, that the Trust shall consent to all uses of its name required by the SEC, any state securities commission, or any federal or state regulatory authority; and provided, further, that in no case shall such approval be unreasonably withheld.

**17. Exclusivity.** Nothing herein contained shall prevent the Distributor from entering into similar distribution arrangements or from providing the services contemplated hereunder to other investment companies or investment vehicles.

[execution page follows]

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

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| | |
|:---|:---|
| **ELEVATION SERIES TRUST** | **ELEVATION SERIES TRUST** |
| A Delaware statutory trust | A Delaware statutory trust |
| By: | /s/ Bradley Swenson |
| Name: | Bradley Swenson |
| Title: | President |
| **PARALEL DISTRIBUTORS LLC** | **PARALEL DISTRIBUTORS LLC** |
| A Delaware limited liability company | A Delaware limited liability company |
| By: | /s/ Jeremy May |
| Name: | Jeremy May |
| Title: | Chief Executive Officer |

---

**EXHIBIT A**

**Series of the Trust**

&nbsp;&nbsp;&nbsp;&nbsp;1. Disciplined Growth Investors Fund

**EXHIBIT B**

<u>Compensation</u>

Notwithstanding anything to the contrary, amounts owed to the Distributor pursuant to the below fee schedule shall only be paid out of the assets and property of the particular Fund involved, if applicable.

<u>SALES CHARGES</u>:

[Redacted]

<u>DISTRIBUTION AND SERVICING PLANS</u>:

[Redacted]

## Ex-99.(G)(11)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(g)(11)**

**CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as of the last date on the signature page, by and between **ELEVATION SERIES TRUST**, a Delaware statutory trust (the "Trust"), and **U.S. BANK NATIONAL ASSOCIATION**, a national banking association organized and existing under the laws of the United States of America with its principal place of business at Minneapolis, Minnesota (the "Custodian").

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company, and is authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other assets; and

WHEREAS, the Custodian is a bank having the qualifications prescribed in Section 26(a)(1) of the 1940 Act; and

WHEREAS, the Trust desires to retain the Custodian to act as custodian of the cash and securities of each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (each a "Fund" and collectively, the "Funds"); and

WHEREAS, the Board of Trustees (as defined below) has delegated to the Custodian the responsibilities set forth in Rule 17f-5(c) under the 1940 Act and the Custodian is willing to undertake the responsibilities and serve as the foreign custody manager for the Trust.

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained, and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

**ARTICLE I**

**CERTAIN DEFINITIONS**

Whenever used in this Agreement, the following words and phrases shall have the meanings set forth below unless the context otherwise requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 <u>"Authorized Person"</u> means any Officer or person who has been designated as such by written notice delivered to the Custodian by the Trust, or if the Trust has notified the Custodian in writing that it has an authorized investment manager or other agent, delivered to the Custodian by the Trust's investment advisor or other agent. Such Officer or person shall continue to be an Authorized Person until such time as the Custodian receives Written Instructions from the Trust or the Trust's investment advisor or other agent that any such person is no longer an Authorized Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 <u>"Board of Trustees"</u> shall mean the trustees from time to time serving under the Trust's declaration of trust, as amended from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 <u>"Book-Entry System"</u> shall mean a federal book-entry system as provided in Subpart O of Treasury Circular No. 300, 31 CFR 306, in Subpart B of 31 CFR Part 350, or in such book-entry regulations of federal agencies as are substantially in the form of such Subpart O.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 <u>"Business Day"</u> shall mean any day recognized as a settlement day by The New York Stock Exchange, Inc. and any other day for which the Trust computes the net asset value of Shares of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 <u>"Eligible Foreign Custodian"</u> has the meaning set forth in Rule 17f-5(a)(1), including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 <u>"Eligible Securities Depository"</u> shall mean a system for the central handling of securities as that term is defined in Rule 17f-4 and 17f-7 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 <u>"FINRA"</u> shall mean the Financial Industry Regulatory Authority, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 <u>"Foreign Securities"</u> means any investments of the Fund (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect such Fund's transactions in such investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 <u>"Fund Custody Account"</u> shall mean any of the accounts in the name of the Trust, which is provided for in Section 3.02 below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 <u>"IRS"</u> shall mean the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 <u>"Officer"</u> shall mean the Chairman, President, any Vice President, any Assistant Vice President, the Secretary, any Assistant Secretary, the Treasurer, or any Assistant Treasurer of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 <u>"SEC"</u> shall mean the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 <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 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 or its agents have the facilities to clear and service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 <u>"Securities Depository"</u> shall mean The Depository Trust Company and any other clearing agency registered with the SEC under Section 17A of the Securities Exchange Act of 1934, as amended (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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 <u>"Shares"</u> shall mean, with respect to the Fund, the shares of common stock issued by the Trust on account of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 <u>"Sub-Custodian"</u> shall mean and include (i) any branch of a "U.S. bank," as that term is defined in Rule 17f-5 under the 1940 Act, and (ii) any "Eligible Foreign Custodian", as that term is defined in Rule 17f-5 under the 1940 Act, having a contract with the Custodian which the Custodian has determined will provide reasonable care of assets of the Fund based on the standards specified in Section 3.03 below. Such contract shall be in writing and shall include provisions that provide: (i) for indemnification or insurance arrangements (or any combination of the foregoing) such that the Fund will be adequately protected against the risk of loss of assets held in accordance with such contract; (ii) that the Foreign Securities will not be subject to any right, charge, security interest, lien or claim of any kind in favor of the Sub-Custodian or its creditors except a claim of payment for their safe custody or administration, in the case of cash deposits, liens or rights in favor of creditors of the Sub-Custodian arising under bankruptcy, insolvency, or similar laws; (iii) that beneficial ownership for the Foreign Securities will be freely transferable without the payment of money or value other than for safe custody or administration; (iv) that adequate records will be maintained identifying the assets as belonging to the Fund or as being held by a third party for the benefit of the Fund; (v) that the Fund's independent public accountants will be given access to those records or confirmation of the contents of those records; and (vi) that the Fund will receive periodic reports with respect to the safekeeping of the Fund's assets, including, but not limited to, notification of any transfer to or from the Fund's account or a third party account containing assets held for the benefit of the Fund. Such contract may contain, in lieu of any or all of the provisions specified in (i)-(vi) above, such other provisions that the Custodian determines will provide, in their entirety, the same or a greater level of care and protection for Fund assets as the specified provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.17 <u>"Written Instructions"</u> shall mean (i) written communications received by the Custodian and signed by an Authorized Person, (ii) communications by facsimile or Internet electronic e-mail or any other such system from one or more persons reasonably believed by the Custodian to be an Authorized Person, or (iii) communications between electronic devices.

**ARTICLE II.**

**APPOINTMENT OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 <u>Appointment</u>. The Trust hereby appoints the Custodian as custodian of all Securities and cash owned by or in the possession of the Fund at any time during the period of this Agreement, on the terms and conditions set forth in this Agreement, and the Custodian hereby accepts such appointment and agrees to perform the services and duties set forth in this Agreement. The Trust hereby delegates to the Custodian, subject to Rule 17f-5(b), the responsibilities with respect to the Fund's Foreign Securities, and the Custodian hereby accepts such delegation as foreign custody manager with respect to the Fund. The services and duties of the Custodian shall be confined to those matters expressly set forth herein, and no implied duties are assumed by or may be asserted against the Custodian hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 <u>Documents to be Furnished</u>. The following documents, including any amendments thereto, will be provided contemporaneously with the execution of the Agreement to the Custodian by the Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A
 copy of the Trust's declaration of trust, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A
 copy of the Trust's bylaws, certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A
 copy of the resolution of the Board of Trustees of the Trust appointing the Custodian,
 certified by the Secretary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A
 copy of the current prospectus of the Fund (the "Prospectus");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A
 certification of the Chairman or the President and the Secretary of the Trust setting
 forth the names and signatures of the current Officers of the Trust and other Authorized
 Persons; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) An
 executed authorization required by the Shareholder Communications Act of 1985, attached
 hereto as <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 <u>Notice of Appointment of Transfer Agent</u>. The Trust agrees to notify the Custodian in writing of the appointment, termination or change in appointment of any transfer agent of the Trust, except if the Trust appoints an affiliate of the Custodian to serve as transfer agent of the Trust, the Custodian hereby waives the Trust's obligation to provide such written notice.

**ARTICLE III.**

**CUSTODY OF CASH AND SECURITIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 <u>Segregation</u>. All Securities and non-cash property held by the Custodian for the account of the Fund (other than Securities maintained in a Securities Depository, Eligible Securities Depository or Book-Entry System) shall be physically segregated from other Securities and non-cash property in the possession of the Custodian (including the Securities and non-cash property of the other series of the Trust, if applicable) and shall be identified as subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 <u>Fund Custody Accounts</u>. As to each Fund, the Custodian shall open and maintain in its trust department a custody account in the name of the Trust coupled with the name of the Fund, subject only to draft or order of the Custodian, in which the Custodian shall enter and carry all Securities, cash and other assets of such Fund which are delivered to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 <u>Appointment of Agents</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In
 its discretion, the Custodian may appoint one or more Sub-Custodians to establish and
 maintain arrangements with (i) Eligible Securities Depositories or (ii) Eligible Foreign
 Custodians that are members of the Sub-Custodian's network to hold Securities and
 cash of the Fund and to carry out such other provisions of this Agreement as it may determine;
 provided, however, that the appointment of any such agents and maintenance of any Securities
 and cash of the Fund shall be at the Custodian's expense and shall not relieve the Custodian
 of any of its obligations or liabilities under this Agreement. The Custodian shall be
 liable for the actions of any Sub-Custodians (regardless of whether assets are maintained
 in the custody of a Sub-Custodian, a member of its network or an Eligible Securities
 Depository) appointed by it as if such actions had been done by the Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If,
 after the initial appointment of Sub-Custodians by the Board of Trustees in connection
 with this Agreement, the Custodian wishes to appoint other Sub-Custodians to hold property
 of the Fund, it will so notify the Trust and make the necessary determinations as to
 any such new Sub-Custodian's eligibility under Rule 17f-5 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 performing its delegated responsibilities as foreign custody manager to place or maintain
 the Fund's assets with a Sub-Custodian, the Custodian will determine that the Fund's
 assets will be subject to reasonable care, based on the standards applicable to custodians
 in the country in which the Fund's assets will be held by that Sub-Custodian, after
 considering all factors relevant to safekeeping of such assets, including, without limitation
 the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The
 agreement between the Custodian and each Sub-Custodian acting hereunder shall contain
 the required provisions set forth in Rule 17f-5(c)(2) under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) At
 the end of each calendar quarterafter the date of this Agreement, the Custodian shall
 provide written reports notifying the Board of Trustees of the withdrawal or placement
 of the Securities and cash of the Fund with a Sub-Custodian and of any material changes
 in the Fund's arrangements. Such reports shall include an analysis of the custody
 risks associated with maintaining assets with any Eligible Securities Depositories. The
 Custodian shall promptly take such steps as may be required to withdraw assets of the
 Fund from any Sub-Custodian arrangement that has ceased to meet the requirements of Rule
 17f-5 or Rule 17f-7 under the 1940 Act, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) With
 respect to its responsibilities under this Section 3.03, the Custodian hereby warrants
 to the Trust that it agrees to exercise reasonable care, prudence and diligence such
 as a person having responsibility for the safekeeping of property of the Fund. The Custodian
 further warrants that the Fund's assets will be subject to reasonable care if maintained
 with a Sub-Custodian, after considering all factors relevant to the safekeeping of such
 assets, including, without limitation: (i) the Sub-Custodian's practices, procedures,
 and internal controls for certificated securities (if applicable), its method of keeping
 custodial records, and its security and data protection practices; (ii) whether the Sub-Custodian
 has the requisite financial strength to provide reasonable care for Fund assets; (iii)
 the Sub-Custodian's general reputation and standing and, in the case of a Securities
 Depository, the Securities Depository's operating history and number of participants;
 and (iv) whether the Fund will have jurisdiction over and be able to enforce judgments
 against the Sub-Custodian, such as by virtue of the existence of any offices of the Sub-Custodian
 in the United States or the Sub-Custodian's consent to service of process in the United
 States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The
 Custodian shall establish a system or ensure that its Sub-Custodian has established a
 system to monitor on a continuing basis (i) the appropriateness of maintaining the Fund's
 assets with a Sub-Custodian or Eligible Foreign Custodians who are members of a Sub-Custodian's
 network; (ii) the performance of the contract governing the Fund's arrangements
 with such Sub-Custodian or Eligible Foreign Custodian's members of a Sub-Custodian's
 network; and (iii) the custody risks of maintaining assets with an Eligible Securities
 Depository. The Custodian must promptly notify the Fund or its investment adviser of
 any material change in these risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The
 Custodian shall use commercially reasonable efforts to collect all income and other payments
 with respect to Foreign Securities to which the Fund shall be entitled and shall credit
 such income, as collected, to the Trust. In the event that extraordinary measures are
 required to collect such income, the Trust and Custodian shall consult as to the measurers
 and as to the compensation and expenses of the Custodian relating to such measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 <u>Delivery of Assets to Custodian</u>. The Trust shall deliver, or cause to be delivered, to the Custodian all of the Fund's Securities, cash and other investment assets, including (i) all payments of income, payments of principal and capital distributions received by the Fund with respect to such Securities, cash or other assets owned by the Fund at any time during the period of this Agreement, and (ii) all cash received by the Fund for the issuance of Shares. The Custodian shall not be responsible for such Securities, cash or other assets until actually received by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 <u>Securities Depositories and Book-Entry Systems</u>. The Custodian may deposit and/or maintain Securities of the Fund 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) The
 Custodian, on an on-going basis, shall deposit in a Securities Depository or Book-Entry
 System all Securities eligible for deposit therein and shall 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 Fund 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 records of the Custodian with respect to Securities of the Fund maintained in a Book-Entry
 System or Securities Depository shall, by book-entry, identify such Securities as belonging
 to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) If
 Securities purchased by the 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 the Fund. If Securities sold
 by the Fund 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 Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Custodian shall provide the Trust with copies of any report (obtained by the Custodian
 from a Book-Entry System or Securities Depository in which Securities of the Fund are
 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
 anything to the contrary in this Agreement, the Custodian shall be liable to the Trust
 for any loss or damage to the Fund resulting from (i) 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, or (ii) failure of the Custodian or any Sub-Custodian
 to enforce effectively such rights as it may have against a Book-Entry System or Securities
 Depository. At its election, the Trust 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 from any loss or damage to the Fund arising from the use of such Book-Entry
 System or Securities Depository, if and to the extent that the Fund has not been made
 whole for any such loss or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) With
 respect to its responsibilities under this Section 3.05 and pursuant to Rule 17f-4
 under the 1940 Act, the Custodian hereby warrants to the Trust that it agrees to (i) exercise
 due care in accordance with reasonable commercial standards in discharging its duty as
 a securities intermediary to obtain and thereafter maintain such assets, (ii) provide,
 promptly upon request by the Trust, such reports as are available concerning the Custodian's
 internal accounting controls and financial strength, and (iii) require any Sub-Custodian
 to exercise due care in accordance with reasonable commercial standards in discharging
 its duty as a securities intermediary to obtain and thereafter maintain assets corresponding
 to the security entitlements of its entitlement holders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 <u>Disbursement of Moneys from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall disburse moneys from the Fund 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 Fund but only in accordance with Section 4.01 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) of such Securities registered as provided in Section 3.09 below or
 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 3.05 above; (ii) in the case of options on Securities, against delivery to
 the Custodian (or any 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 any Sub-Custodian)
 of evidence of title thereto in favor of the Fund or any nominee referred to in Section
 3.09 below; and (iv) in the case of repurchase or reverse repurchase agreements entered
 into between the Trust and a bank that is a member of the Federal Reserve System or between
 the Trust 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 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 3.07(f)
 below, of Securities owned by the Fund;

&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 Fund;

&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 Section 5.01 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 Fund, including, but not limited
 to, the following payments for the account of the Fund: interest; taxes; administration,
 investment advisory, accounting, auditing, transfer agent, custodian, trustee and legal
 fees; and other operating expenses of the Fund; 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 Trust, 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 Fund;

&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 Trust, 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 Fund;

&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 purpose, but only upon receipt, in addition to Written Instructions,
 declaring such purpose to be a proper trust purpose, and naming the person or persons
 to whom such payment is to be made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 <u>Delivery of Securities from Fund Custody Account</u>. Upon receipt of Written Instructions, the Custodian shall release and deliver, or cause the Sub-Custodian to release and deliver, Securities from the Fund 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 the Fund but only against receipt of payment
 therefor in cash, by certified or cashiers 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 3.05 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 the 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 Fund, the Custodian
 or any Sub-Custodian, or 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 the 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 therefor pursuant to any repurchase or reverse repurchase agreement
 entered into by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) In
 the case of warrants, rights or similar Securities, upon the exercise thereof, 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;(i) For
 delivery in connection with any loans of Securities of the Fund, but only against receipt
 of such collateral as the Trust shall have specified to the Custodian in Written 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 Fund requiring a pledge
 of assets by the Trust, 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 Trust;

&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 Trust, 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 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 Trust, 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 Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) For
 any other proper corporate purpose, but only upon receipt , in addition to Written Instructions,
 specifying the Securities to be delivered, declaring such purpose to be a proper trust
 purpose, and naming the person or persons to whom delivery of such Securities shall be
 made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) To
 brokers, clearing banks or other clearing agents for examination or trade execution in
 accordance with market custom; provided that in any such case the Custodian shall have
 no responsibility or liability for any loss arising from the delivery of such securities
 prior to receiving payment for such securities except as may arise from the Custodian's
 own gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 <u>Actions Not Requiring Written Instructions</u>. Unless otherwise instructed by the Trust, the Custodian shall with respect to all Securities held for the Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject
 to Section 9.04 below, collect on a timely basis all income and other payments to which
 the Fund 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 9.04 below, collect on a timely basis the amount
 payable upon all Securities that 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 Fund, 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 IRS and the Trust 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 the 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 Written Instructions, attend to all non-discretionary
 details in connection with the sale, exchange, substitution, purchase, transfer and other
 dealings with Securities and other assets of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Important information related to ADR's and Preferential Tax Treatment:</u> With respect to
 any ADRs the Fund may purchase and own and which the Custodian custodies, the Fund understands
 that the holding of American Depository Receipts (" <u>ADRs</u> ") may require
 the disclosure of beneficial ownership information (Name, Address, TIN/SSN, Share amount)
 by the Custodian to vendors, sub-custodians, or local tax authorities in foreign jurisdictions
 to avoid tax penalties and obtain the most preferential tax treatment for the Fund. The
 Trust and the Fund acknowledge and consent to any and all disclosures or releases of
 beneficial information, described above, by the Custodian to any third parties relating
 to ADRs and release, hold harmless, and indemnify the Custodian from any liability for
 doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 <u>Registration and Transfer of Securities</u>. All Securities held for the 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 if eligible therefor. All other Securities held for the Fund may be registered in the name of the Fund, the Custodian, a Sub-Custodian or any nominee thereof, or in the name of a Book-Entry System, Securities Depository or any nominee of either thereof. The records of the Custodian with respect to the Trust's Foreign Securities that are maintained with a Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers shall identify those securities as belonging to the Fund. The Trust 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 referred to above or in the name of a Book-Entry System or Securities Depository, any Securities registered in the name of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 <u>Records</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 Custodian shall maintain complete and accurate records with respect to Securities, cash
 or other property held for the Fund, including (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; (ii) ledgers (or other records)
 reflecting (A) Securities in transfer, (B) Securities in physical possession, (C) monies
 and Securities borrowed and monies and Securities loaned (together with a record of the
 collateral therefor and substitutions of such collateral), (D) dividends and interest
 received, and (E) dividends receivable and interest receivable; (iii) canceled checks
 and bank records related thereto; and (iv) all records relating to its activities and
 obligations under this Agreement. The Custodian shall keep such other books and records
 of the Fund as the Trust shall reasonably request, or as may be required by the 1940
 Act, including, but not limited to, Section 31 of the 1940 Act and Rule 31a-2 promulgated
 thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All
 such books and records maintained by the Custodian shall (i) be maintained in a form
 acceptable to the Trust and in compliance with the rules and regulations of the SEC,
 (ii) be the property of the Trust 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 Trust and employees or agents of the SEC, and (iii) if required
 to be maintained by Rule 31a-1 under the 1940 Act, be preserved for the periods prescribed
 in Rules 31a-1 and 31a-2 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.11 <u>Fund Reports by Custodian</u>. The Custodian shall furnish the Trust with a daily activity statement and a summary of all transfers to or from each Fund Custody Account on the day following such transfers. At least monthly, the Custodian shall furnish the Trust with a detailed statement of the Securities and moneys held by the Custodian and the Sub-Custodians for the Fund under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.12 <u>Other Reports by Custodian</u>. As the Trust may reasonably request from time to time, the Custodian shall provide the Trust with reports on the internal accounting controls and procedures for safeguarding Securities which are employed by the Custodian or any Sub-Custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 <u>Proxies and Other Materials</u>. The Custodian shall cause all proxies relating to Securities which are not registered in the name of the Fund to be promptly executed by the registered holder of such Securities, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Trust such proxies, all proxy soliciting materials and all notices relating to such Securities. With respect to the foreign Securities, the Custodian will use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject to the laws, regulations and practical constraints that may exist in the country where such securities are issued. The Trust acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of the Trust to exercise shareholder rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 <u>Information on Corporate Actions</u>. The Custodian shall promptly deliver to the Trust all information received by the Custodian and pertaining to Securities being held by the Fund with respect to optional tender or exchange offers, calls for redemption or purchase, or expiration of rights. If the Trust desires to take action with respect to any tender offer, exchange offer or other similar transaction, the Trust shall notify the Custodian at least three Business Days prior to the date on which the Custodian is to take such action. The Trust will provide or cause to be provided to the Custodian all relevant information for any Security which has unique put/option provisions at least three Business Days prior to the beginning date of the tender period.

**ARTICLE IV.**

**PURCHASE AND SALE OF INVESTMENTS OF THE FUND**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 <u>Purchase of Securities</u>. Promptly upon each purchase of Securities for the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any) or other units purchased, (iii) the date of purchase and settlement, (iv) the purchase price per unit, (v) the total amount payable upon such purchase, and (vi) the name of the person to whom such amount is payable. The Custodian shall upon receipt of such Securities purchased by the Fund pay out of the moneys held for the account of the 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 the Fund, if in the Fund Custody Account there is insufficient cash available to the Fund for which such purchase was made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 <u>Liability for Payment in Advance of Receipt of Securities Purchased</u>. In any and every case where payment for the purchase of Securities for the Fund is made by the Custodian in advance of receipt of the Securities purchased and in the absence of specified Written Instructions to so pay in advance, the Custodian shall be liable to the Fund for such payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 <u>Sale of Securities</u>. Promptly upon each sale of Securities by the Fund, Written Instructions shall be delivered to the Custodian, specifying (i) the name of the issuer or writer of such Securities, and the title or other description thereof, (ii) the number of shares, principal amount (and accrued interest, if any), or other units sold, (iii) the date of sale and settlement, (iv) the sale price per unit, (v) the total amount payable upon such sale, and (vi) the person to whom such Securities are to be delivered. Upon receipt of the total amount payable to the Fund 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 <u>Delivery of Securities Sold</u>. Notwithstanding Section 4.03 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 practice, to deliver such Securities prior to actual receipt of final payment therefor. In any such case, the Fund 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 for the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 <u>Payment for Securities Sold</u>. In its sole discretion and from time to time, the Custodian may credit the Fund 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 Fund, and (iii) income from cash, Securities or other assets of the Fund. Any such credit shall be conditional upon actual receipt by 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 Fund to use funds so credited to the Fund 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 Fund Custody Account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 <u>Advances by Custodian for Settlement</u>. The Custodian may, in its sole discretion and from time to time, advance funds to the Trust to facilitate the settlement of the Fund's transactions in the Fund Custody Account. Any such advance shall be repayable immediately upon demand made by Custodian.

**ARTICLE V.**

**REDEMPTION OF FUND SHARES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 <u>Transfer of Funds</u>. From such funds as may be available for the purpose in the relevant Fund Custody Account, and upon receipt of Written Instructions specifying that the funds are required to redeem Shares of the Fund, the Custodian shall wire each amount specified in such Written Instructions to or through such bank or broker-dealer as the Trust may designate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 <u>No Duty Regarding Paying Banks</u>. Once the Custodian has wired amounts to a bank or broker-dealer pursuant to Section 5.01 above, the Custodian shall not be under any obligation to effect any further payment or distribution by such bank or broker-dealer.

**ARTICLE VI.**

**SEGREGATED ACCOUNTS**

Upon receipt of Written Instructions, the Custodian shall establish and maintain a segregated account or accounts for and on behalf of the Fund, into which account or accounts may be transferred cash and/or Securities, including Securities maintained in a Depository Account:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in
 accordance with the provisions of any agreement among the Trust, the Custodian and a
 broker-dealer registered under the 1934 Act and a member of FINRA (or any futures commission
 merchant registered under the Commodity Exchange Act), relating to compliance with the
 rules of the Options Clearing Corporation and of any registered national securities exchange
 (or the Commodity Futures Trading Commission or any registered contract market), or of
 any similar organization or organizations, regarding escrow or other arrangements in
 connection with transactions by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for
 purposes of segregating cash or Securities in connection with securities options purchased
 or written by the Fund or in connection with financial futures contracts (or options
 thereon) purchased or sold by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) which
 constitute collateral for loans of Securities made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for
 purposes of compliance by the Fund with requirements under the 1940 Act for the maintenance
 of segregated accounts by registered investment companies in connection with reverse
 repurchase agreements and when-issued, delayed delivery and firm commitment transactions;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) for
 other proper trust purposes, but only upon receipt of Written Instructions, setting forth
 the purpose or purposes of such segregated account and declaring such purposes to be
 proper trust purposes.

Each segregated account established under this Article VI shall be established and maintained for the Fund only. All Written Instructions relating to a segregated account shall specify the Fund.

**ARTICLE VII.**

**COMPENSATION OF CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 <u>Compensation</u>. The Custodian shall be compensated for providing the services set forth in this Agreement in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time). The Custodian shall also be compensated for such miscellaneous expenses (e.g., telecommunication charges, postage and delivery charges, and reproduction charges) as are reasonably incurred by the Custodian in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within 30 calendar days following receipt of the billing notice, except for any fee or expense subject to a good faith dispute. The Trust shall notify the Custodian in writing within 30 calendar days following receipt of each invoice if the Trust is disputing any amounts in good faith. The Trust shall pay such disputed amounts within 10 calendar days of the day on which the parties agree to the amount to be paid. With the exception of any fee or expense the Trust is disputing in good faith as set forth above, unpaid invoices shall accrue a finance charge of 1½% per month after the due date. Notwithstanding anything to the contrary, amounts owed by the Trust to the Custodian shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 <u>Overdrafts</u>. The Trust is responsible for maintaining an appropriate level of short term cash investments to accommodate cash outflows. The Trust may obtain a formal line of credit for potential overdrafts of its custody account. In the event of an overdraft or in the event the line of credit is insufficient to cover an overdraft, the overdraft amount or the overdraft amount that exceeds the line of credit will be charged in accordance with the fee schedule set forth on <u>Exhibit B</u> hereto (as amended from time to time)

**ARTICLE VIII.**

**REPRESENTATIONS AND WARRANTIES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.01 <u>Representations and Warranties of the Trust</u>. The Trust hereby represents and warrants to the Custodian, 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;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) This Agreement has been duly authorized, executed and delivered by the Trust in accordance with all requisite action and constitutes a valid and legally binding obligation of the Trust, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.02 <u>Representations and Warranties of the Custodian</u>. The Custodian hereby represents and warrants to the Trust, 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;(a) It is duly organized and existing under the laws of the jurisdiction of its organization, with full power to carry on its business as now conducted, to enter into this Agreement and to perform its obligations hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is a U.S. Bank as defined in section (a)(7) of Rule 17f-5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Agreement has been duly authorized, executed and delivered by the Custodian in accordance with all requisite action and constitutes a valid and legally binding obligation of the Custodian, enforceable in accordance with its terms, subject to bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting the rights and remedies of creditors and secured parties; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is conducting its business in compliance in all material respects with all applicable laws and regulations, both state and federal, and has obtained all regulatory approvals necessary to carry on its business as now conducted; there is no statute, rule, regulation, order or judgment binding on it and no provision of its charter, bylaws or any contract binding it or affecting its property which would prohibit its execution or performance of this Agreement.

**ARTICLE IX.**

**CONCERNING THE CUSTODIAN**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.01 <u>Standard of Care</u>. The Custodian shall exercise reasonable care in the performance of its duties under this Agreement. The Custodian shall not be liable for any error of judgment, mistake of law, shareholder fraud, or for any loss suffered by the Trust in connection with its duties under this Agreement, except a loss arising out of or relating to the Custodian's (or a Sub-Custodian's) refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement) or from its (or a Sub-Custodian's) bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). 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 Trust of any action taken or omitted by the Custodian pursuant to advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02 <u>Actual Collection Required</u>. The Custodian shall not be liable for, or considered to be the custodian of, any cash belonging to the Fund 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.03 <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.04 <u>Limitation on Duty to Collect</u>. 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 Fund if such Securities are in default or payment is not made after due demand or presentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.05 <u>Reliance Upon Documents and Instructions</u>. The Custodian shall be entitled to rely upon any certificate, notice or other instrument in writing received by it and reasonably believed by it to be genuine. The Custodian shall be entitled to rely upon any Written Instructions actually received by it pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.06 <u>Cooperation</u>. The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the Trust to keep the books of account of the Fund and/or compute the value of the assets of the Fund. The Custodian shall take all such reasonable actions as the Trust may from time to time request to enable the Trust to obtain, from year to year, favorable opinions from the Trust's independent accountants with respect to the Custodian's activities hereunder in connection with (i) the preparation of the Trust's reports on Forms N-CEN, N-PORT, N-CSR and any other reports required by the SEC or any future registration statement on Form N-1A, and any other reports required by the SEC or any future registration statement on Form N-1A, and (ii) the fulfillment by the Trust of any other requirements of the SEC.

**ARTICLE X.**

**INDEMNIFICATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 <u>Indemnification by Trust</u>. The Trust shall indemnify and hold harmless the Custodian, any Sub-Custodian and any nominee thereof (each, an "Indemnified Party" and collectively, the "Indemnified Parties") from and against any and all claims, demands, losses, reasonable expenses and liabilities of any and every nature (including reasonable attorneys' fees) that an Indemnified Party may sustain or incur or that may be asserted against an Indemnified Party by any person arising directly or indirectly (i) from the fact that Securities are registered in the name of any such nominee, (ii) from any action taken or omitted to be taken by the Custodian or such Sub-Custodian (a) at the request or direction of or in reliance on the advice of the Trust, or (b) upon Written Instructions, or (iii) from the performance of its obligations under this Agreement or any sub-custody agreement, provided that neither the Custodian nor any such Sub-Custodian shall be indemnified and held harmless from and against any such claim, demand, loss, expense or liability arising out of or relating to its refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Trust, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the terms "Custodian" and "Sub-Custodian" shall include their respective directors, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 <u>Indemnification by Custodian</u>. The Custodian shall indemnify and hold harmless the Trust from and against any and all claims, demands, losses, expenses, and liabilities of any and every nature (including reasonable attorneys' fees) that the Trust may sustain or incur or that may be asserted against the Trust by any person arising directly or indirectly out of any action taken or omitted to be taken by an Indemnified Party as a result of the Indemnified Party's refusal or failure to comply with the terms of this Agreement (or any sub-custody agreement), or from its bad faith, gross negligence or willful misconduct in the performance of its duties under this Agreement (or any sub-custody agreement). This indemnity shall be a continuing obligation of the Custodian, its successors and assigns, notwithstanding the termination of this Agreement. As used in this paragraph, the term "Trust" shall include the Trust's trustees, officers and employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 <u>Security</u>. If the Custodian advances cash or Securities to the Fund for any purpose, either at the Trust's request or as otherwise contemplated in this Agreement, or in the event that the Custodian or its nominee incurs, in connection with its performance under this Agreement, any claim, demand, loss, expense or liability (including reasonable attorneys' fees) (except such as may arise from its or its nominee's bad faith, gross negligence or willful misconduct), then, in any such event, any property at any time held for the account of the Fund shall be security therefor, and should the Fund fail promptly to repay or indemnify the Custodian, the Custodian shall be entitled to utilize available cash of such Fund and to dispose of other assets of such Fund to the extent necessary to obtain reimbursement or indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 <u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Neither
 party to this Agreement shall be liable to the other party for consequential, special
 or punitive damages under any provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The
indemnity provisions of this Article shall indefinitely survive the termination and/or assignment of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In
 order that the indemnification provisions contained in this Article X shall apply, it
 is understood that if in any case the indemnitor may be asked to indemnify or hold the
 indemnitee harmless, the indemnitor shall be fully and promptly advised of all pertinent
 facts concerning the situation in question, and it is further understood that the indemnitee
 will use all reasonable care to notify the indemnitor promptly concerning any situation
 that presents or appears likely to present the probability of a claim for indemnification.
 The indemnitor shall have the option to defend the indemnitee against any claim that
 may be the subject of this indemnification. In the event that the indemnitor so elects,
 it will so notify the indemnitee and thereupon the indemnitor shall take over complete
 defense of the claim, and the indemnitee shall in such situation initiate no further
 legal or other expenses for which it shall seek indemnification under this Article X.
 The indemnitee shall in no case confess any claim or make any compromise in any case
 in which the indemnitor will be asked to indemnify the indemnitee except with the indemnitor's
 prior written consent.

**ARTICLE XI.**

**FORCE MAJEURE**

Neither the Custodian nor the Trust 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; acts of terrorism; sabotage; strikes; epidemics; riots; power failures; computer failure 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 in the event of a failure or delay, the Custodian (i) shall not discriminate against the Fund in favor of any other customer of the Custodian in making computer time and personnel available to input or process the transactions contemplated by this Agreement, and (ii) shall use its best efforts to ameliorate the effects of any such failure or delay.

**ARTICLE XII.**

**PROPRIETARY AND CONFIDENTIAL INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.01 The Custodian agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Trust, all records and other information relative to the Trust and prior, present, or potential shareholders of the Trust (and clients of said shareholders), and not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, except (i) after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where the Custodian may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted governmental or regulatory authorities with jurisdiction over the Custodian, although the Custodian will promptly report such disclosure to the Trust if disclosure is permitted by applicable law and regulation, or (iii) when so requested by the Trust. Records and other information which have become known to the public through no wrongful act of the Custodian or any of its employees, agents or representatives, and information that was already in the possession of the Custodian prior to receipt thereof from the Trust or its agent, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.02 Further, the Custodian will adhere to the privacy policies adopted by the Trust pursuant to Title V of the Gramm-Leach-Bliley Act, as may be modified from time to time. In this regard, the Custodian shall have in place and maintain physical, electronic and procedural safeguards reasonably designed to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of, records and information relating to the Trust and its shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.03 The Trust agrees on behalf of itself and its directors, officers, and employees to treat confidentially and as proprietary information of the Custodian, all non-public information relative to the Custodian (including, without limitation, information regarding the Custodian's pricing, products, services, customers, suppliers, financial statements, processes, know-how, trade secrets, market opportunities, past, present or future research, development or business plans, affairs, operations, systems, computer software in source code and object code form, documentation, techniques, procedures, designs, drawings, specifications, schematics, processes and/or intellectual property), and not to use such information for any purpose other than in connection with the services provided under this Agreement, except (i) after prior notification to and approval in writing by the Custodian, which approval shall not be unreasonably withheld and may not be withheld where the Trust may be exposed to civil or criminal contempt proceedings for failure to comply, (ii) when requested to divulge such information by duly constituted authorities, or (iii) when so requested by the Custodian. Information which has become known to the public through no wrongful act of the Trust or any of its employees, agents or representatives, and information that was already in the possession of the Trust prior to receipt thereof from the Custodian, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of the Custodian as a service provider, redacted copies of this Agreement, and such other information as may be required in the Trust's registration or offering documents, or as may otherwise be required by applicable law, rule, or regulation, and (ii) the Custodian shall be permitted to include the name of the Trust in lists of representative clients in due diligence questionnaires, RFP responses, presentations, and other marketing and promotional purposes.

**ARTICLE XIII.**

**EFFECTIVE PERIOD; TERMINATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.01 <u>Effective Period</u>. This Agreement shall become effective as of the date last written below and will continue in effect for a period of three (3) years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.02 <u>Termination</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following
 the initial term, this Agreement shall automatically renew for successive one (1) year
 terms unless either party provides written notice at least 90 days prior to the end of
 the then current term that it will not be renewing the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject
 to Section 13.03, this Agreement may be terminated by either party (in whole or with
 respect to one or more Funds) upon giving 90 days' prior written notice to the
 other party or such shorter notice period as is mutually agreed upon by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The
 Custodian may terminate this Agreement immediately (in whole or with respect to one or
 more Funds) if the continued service of such Funds or the Trust would cause the Custodian
 or any of its affiliates to be in violation of any applicable law, rule, regulation,
 or order of any governmental, regulatory or judicial authority of competent jurisdiction,
 provided that in such event the Custodian shall, to the extent it is legally permitted
 and able to do so, provide reasonable assistance to transition such Funds or the Trust
 to a successor service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) This
 Agreement may be terminated by any party upon the breach of the other party of any material
 term of this Agreement if such breach is not cured within 15 days of notice of such breach
 to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The
 Trust 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 or upon the
 happening of a like event at the direction of an appropriate regulatory agency or court
 of competent jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.03 <u>Early Termination</u>. In the absence of any material breach of this agreement, should the Trust elect to terminate this Agreement (in whole or with respect to one or more Funds) prior to the end of the then current term, the Trust agrees to pay the following fees:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All monthly fees through the termination date of the Agreement, including the repayment of any negotiated discounts (provided that no such fees shall be paid with respect to any Fund following the liquidation of such 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;b) All miscellaneous fees associated with converting services to a successor 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;c) All fees associated with any record retention and/or tax reporting obligations that may not be eliminated due to the conversion to a successor 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;d) All miscellaneous costs associated with a) through c) above

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.04 <u>Appointment of Successor Custodian</u>. If a successor custodian shall have been appointed by the Board of Trustees, the Custodian shall, upon receipt of a notice of acceptance by the successor custodian, on such specified date of termination (i) 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 Fund and held by the Custodian as custodian, and (ii) transfer any Securities held in a Book-Entry System or Securities Depository to an account of or for the benefit of the Fund at the successor custodian, provided that the Trust shall have paid to the Custodian all fees, expenses and other amounts to the payment or reimbursement of which it shall then be entitled. In addition, the Custodian shall, at the expense of the Trust, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by the Custodian under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which the Custodian has maintained the same, the Trust shall pay any expenses associated with transferring the data to such form), and will cooperate in the transfer of such duties and responsibilities, including provision for assistance from the Custodian's personnel in the establishment of books, records, and other data by such successor. Upon such delivery and transfer, the Custodian shall be relieved of all obligations under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 <u>Failure to Appoint Successor Custodian</u>. If a successor custodian is not designated by the Trust on or before the date of termination of this Agreement, then the Custodian shall have the right to deliver to a bank or trust company of its own selection, which bank or trust company (i) is a "bank" as defined in the 1940 Act, and (ii) has aggregate capital, surplus and undivided profits as shown on its most recent published report of not less than $25 million, all Securities, cash and other property held by the Custodian under this Agreement and to transfer to an account of or for the Fund at such bank or trust company all Securities of the Fund 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. In addition, under these circumstances, all books, records and other data of the Trust shall be returned to the Trust.

**ARTICLE XIV.** 

**CLASS ACTIONS**

The Custodian shall use its best efforts to identify and file claims for the Fund(s) involving any class action litigation that impacts any security the Fund(s) may have held during the class period. The Trust agrees that the Custodian may file such claims on its behalf and understands that it may be waiving and/or releasing certain rights to make claims or otherwise pursue class action defendants who settle their claims. Further, the Trust acknowledges that there is no guarantee these claims will result in any payment or partial payment of potential class action proceeds and that the timing of such payment, if any, is uncertain.

However, the Trust may instruct the Custodian to distribute class action notices and other relevant documentation to the Fund(s) or its designee and, if it so elects, will relieve the Custodian from any and all liability and responsibility for filing class action claims on behalf of the Fund(s).

**ARTICLE XV.**

**MISCELLANEOUS**

15.01 <u>Compliance with Laws</u>. The Trust has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance with the 1940 Act, the Internal Revenue Code of 1986, the Sarbanes-Oxley Act of 2002, the USA Patriot Act of 2001 and the policies and limitations of the Fund relating to its portfolio investments as set forth in its prospectus and statement of additional information on Form N-1A. The Custodian's services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the Board of Trustee's oversight responsibility with respect thereto. The Trust shall immediately notify the Custodian if there is a material change to the investment strategy of any Fund that deviates from the investment strategy set out in the current prospectus, or if it (or any Fund) becomes subject to any new law, rule, regulation, or order of a governmental or judicial authority of competent jurisdiction, that materially impacts the operations of the Trust or any Fund or the services provided under this Agreement. Further, the Trust agrees that it complies with any and all applicable local, state, federal, and international data protection laws, and confirms necessary and appropriate consents, disclosures and notices are in place to enable collection and processing of personal data by the Custodian. The Custodian's functions hereunder shall not relieve the Trust of their primary day-to-day responsibility for assuring such compliance.

15.02 <u>Amendment</u>. This Agreement may not be amended or modified in any manner except by written agreement executed by the Custodian and the Trust, and authorized or approved by the Board of Trustees.

15.03 <u>Assignment</u>. This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be assignable by the Trust without the written consent of the Custodian, or by the Custodian without the written consent of the Trust accompanied by the authorization or approval of the Board of Trustees.

15.04 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota, without regard to conflicts of law principles. To the extent that the applicable laws of the State of Minnesota, or any of the provisions herein, conflict with the applicable provisions of the 1940 Act, the latter shall control, and nothing herein shall be construed in a manner inconsistent with the 1940 Act or any rule or order of the SEC thereunder.

15.05 <u>No Agency Relationship</u>. Nothing herein contained shall be deemed to authorize or empower either party to act as agent for the other party to this Agreement, or to conduct business in the name, or for the account, of the other party to this Agreement.

15.06 <u>Services Not Exclusive</u>. Nothing in this Agreement shall limit or restrict the Custodian from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

15.07 <u>Invalidity.</u> Any provision of this Agreement which may be determined by competent authority to be prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. In such case, the parties shall in good faith modify or substitute such provision consistent with the original intent of the parties.

15.08 <u>Notices</u>. Any notice required or permitted to be given by either party to the other shall be in writing and shall be deemed to have been given on the date delivered personally or by courier service, or three days after sent by registered or certified mail, postage prepaid, return receipt requested, or on the date sent and confirmed received by facsimile transmission to the other party's address set forth below:

Notice to the Custodian shall be sent to:

U.S. Bank National Association

Lunken Operations Center

CN-OH-L2GL

5065 Wooster Rd

Cincinnati, Ohio 45226

Attn: Global Fund Custody Support Services

Fax: 844.206.1025

Email: Trust.-.Fund.Custody.Conversion.Team@usbank.com

Notice to the Trust shall be sent to:

Elevation Series Trust

1700 Broadway, Suite 1850

Denver, CO 80290

Attention: Legal Department

<u>[Redacted]</u>

15.09 <u>Multiple Originals</u>. This Agreement may be executed on two or more counterparts, each of which when so executed shall be deemed an original, but such counterparts shall together constitute but one and the same instrument.

15.10 <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.

15.11 <u>References to Custodian</u>. The Trust shall not circulate any written material that contains any reference to the Custodian without the prior written approval of the Custodian, excepting written material contained in the Prospectus or statement of additional information for the Fund and such other written material as merely identifies the Custodian as custodian for the Fund. The Trust shall submit written material requiring approval to the Custodian in draft form, allowing sufficient time for review by the Custodian and its counsel prior to any deadline for publication.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer on one or more counterparts as of the last date written below.

---

| | |
|:---|:---|
| **ELEVATION SERIES TRUST** | **U.S. BANK NATIONAL ASSOCIATION** |

---

---

| | | | |
|:---|:---|:---|:---|
| By: | /s/ Bradley Swenson | By: | /s/ Gregory J. Farley |

---

Name: Bradley Swenson Name: Gregory J. Farley <br> Title: President Title: Senior Vice President <br> Date: 06/24/2025 Date: 06/25/2025

**<u>EXHIBIT A</u>** 

**Custody Agreement** 

Separate Series of Elevation Series Trust

<u>Name of Series</u>

The Disciplined Growth Investors Fund

**<u>EXHIBIT B</u>**

**Custody Services Fee Schedule** 

[Redacted]

**Miscellaneous Expenses** 

[Redacted]

**Additional Services** 

[Redacted]

**Additional Global Sub-Custodial Services Annual Fee Schedule**

[Redacted]

**Global Custody Base Fee** 

[Redacted]

**Global Custody Tax Services:** 

[Redacted]

**Miscellaneous Expenses** 

[Redacted]

Non Eurobonds rate sheet – below rate is applied on ISINs held at Euroclear plus (in addition to standard 1 basis point charge.) Non Eurobond rate is calculated on any ISIN code listed below held at Euroclear at month end.

[Redacted]

**<u>EXHIBIT C</u>**

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**ELEVATION SERIES TRUST**

The Shareholder Communications Act of 1985 requires banks and trust companies to make an effort to permit direct communication between a company which issues securities and the shareholder who votes those securities.

Unless you specifically require us to NOT release your name and address to requesting companies, we are required by law to disclose your name and address.

Your "yes" or "no" to disclosure will apply to all U.S. securities Custodian holds for you now and in the future, unless you change your mind and notify us in writing. A "no" election may prevent Custodian from obtaining, on your behalf, the most favorable tax rate for American Depository Receipts (ADRs) held in your account*.* 

---

| | |
|:---|:---|
| __X____ YES | U.S. Bank is authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |
| ______ NO | U.S. Bank is NOT authorized to provide the Trust's name, address and security position to requesting companies whose stock is owned by the Trust. |

---

**ELEVATION SERIES TRUST**

---

| | |
|:---|:---|
| By: | /s/ Bradley J. Swenson |
|  | Bradley J. Swenson |
| Title: | President |
| Date: | 6/24/2025 |

---

## Ex-99.(H)(7)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(h)(7)**

**MASTER TRANSFER AGENCY AND SERVICES AGREEMENT** 

THIS TRANSFER AGENCY AND SERVICES AGREEMENT (the "Agreement") is made as of June 30, 2025, between Elevation Series Trust, a Delaware statutory trust (the "Trust"), and Paralel Technologies LLC, a Delaware limited liability company ("Paralel").

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

WHEREAS, Paralel provides transfer agency services to registered investment companies; and

WHEREAS, the Trust desires to appoint Paralel as its transfer agent, dividend disbursing agent and agent in connection with certain other activities on behalf of each of its series initially listed in <u>Appendix A</u> (as may be amended from time to time) (each, a "Fund" or collectively, the "Funds"), and for any additional series added after the commencement of this Agreement for which a "Fund Addendum" in the form attached as <u>Appendix E</u> has been executed; and

WHEREAS, Paralel desires to accept such appointment.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereto agree as follows.

1. <u>Relationship of Fund Addendums; Paralel Appointment and Duties.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Each
 Fund Addendum applicable to the specified Funds described therein includes terms that
 supplement this Agreement for those respective Funds. In the event of a conflict between
 the terms set forth in a Fund Addendum and any terms set forth in this Agreement, the
 terms set forth in the applicable Fund Addendum shall govern, but solely with respect
 to the Funds described therein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The
 Trust, on behalf of the Funds, hereby appoints Paralel to provide the transfer agent
 and other specified services set forth in <u>Appendix B</u> hereto ("Services"),
 as amended from time to time, upon the terms and conditions hereinafter set forth. Paralel
 hereby accepts such appointment and agrees to furnish such specified Services. Paralel
 shall for all purposes be deemed to be an independent contractor and shall, except as
 otherwise expressly authorized in this Agreement, have no authority to act for or represent
 the Trust in any way or otherwise be deemed an agent of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paralel
 may employ or associate itself with a person or persons or organizations as Paralel believes
 to be desirable in the performance of its duties hereunder; provided that, in such event,
 the compensation of such person or persons or organizations shall be paid by and be the
 sole responsibility of Paralel, and the Trust shall bear no cost or obligation with respect
 thereto; and provided further that Paralel shall not be relieved of any of its obligations
 under this Agreement in such event and shall be responsible for all acts of any such
 person or persons or organizations taken in furtherance of this Agreement to the same
 extent it would be for its own acts.

2. <u>Paralel Compensation; Expenses.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. In
 consideration for the Services to be performed hereunder by Paralel, the Trust shall
 pay Paralel the fees listed in the applicable Fund Addendum for such Fund(s). Notwithstanding
 anything to the contrary in this Agreement, fees billed for the services to be performed
 by Paralel under this Agreement are based on information provided by the Trust and such
 fees are subject to renegotiation between the parties to the extent such information
 is determined to be materially different from what the Trust originally provided to Paralel,
 as reasonably determined by Paralel. On January 1 of each year, all fees set forth in
 Appendix C, the Fund Addendum, or otherwise in this Agreement shall be increased by a
 cost of living adjustment equal to the greater of (i) three percent (3%) or (ii) the
 percentage increase in the Consumer Price published by the Bureau of Labor and Statistics
 of the United States Department of Labor, for the geographic location Denver-Aurora-Lakewood,
 CO region for the twelve-month period ending with the latest published month preceding
 January 1<sup>st</sup> plus one and one half percent (1.5%) (the "CPI adjustment").
 Paralel will provide notice to the Trust of the amount of such any such CPI adjustment
 at, promptly following, or prior to its implementation. Any CPI adjustment not charged
 in any given year may be included in prospective CPI fee adjustments in future years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Paralel
 will bear all expenses in connection with the performance of its services under this
 Agreement, except as otherwise provided herein or in Appendix C, and/or the Fund Addendum
 for such Fund. Paralel will not bear any of the costs of Trust personnel or Trust expenses
 unrelated to the performance of the services described herein. All Trust expenses incurred
 shall be borne by the Trust or a Fund's investment adviser, including, but not
 limited to, initial organization and offering expenses; litigation expenses; taxes; costs
 of preferred shares; expenses of conducting repurchase offers for the purpose of repurchasing
 Trust shares; administrative and accounting expenses; custodial expenses; interest; Trust
 directors' fees; brokerage fees and commissions; state and federal registration
 fees; advisory fees; insurance premiums; fidelity bond premiums; Trust and investment
 advisory related legal expenses; costs of maintenance of Trust existence; printing and
 delivery of materials in connection with meetings of the Trust's directors; printing
 and mailing of shareholder reports, prospectuses, statements of additional information,
 other offering documents, supplements, proxy materials, and other communications to shareholders;
 securities pricing data and expenses in connection with electronic filings with the U.S.
 Securities and Exchange Commission (the "SEC").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The
 Trust agrees to pay all amounts due hereunder within thirty (30) days of receipt of each
 invoice. Except as provided in Appendix C and/or the Fund Addendum, Paralel shall bill
 fees monthly, and out-of-pocket expenses as incurred (unless prepayment is requested
 by Paralel). Any invoices not paid within thirty (30) days of the invoice date are subject
 to a one percent (1%) per month financing charge on any unpaid balance to the extent
 permitted by law.

3. <u>Right to Receive Advice.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Advice of the Trust and Service Providers</u>. If Paralel is in doubt as to any action it should
 or should not take, Paralel may request directions, advice or instructions from the Trust
 or a Fund's investment adviser or, as applicable, the Trust's custodian or
 other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Advice of Counsel</u>. If Paralel is in doubt as to any question of law pertaining to any action
 it should or should not take, Paralel may request advice from counsel of its own choosing
 (who may be counsel for the Trust, a Fund's investment adviser, or Paralel, at
 the option of Paralel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Conflicting Advice</u>. In the event of a conflict between directions, advice or instructions Paralel
 receives from the Trust or any authorized service provider on behalf of the Trust and
 the advice Paralel receives from counsel, the Trust and Paralel shall mutually agree
 upon the directions, advice or instructions to follow.

4. <u>Standard of Care; Limitation of Liability; Indemnification.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Paralel
 shall be obligated to act in good faith and to exercise commercially reasonable care
 and diligence in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. In
 the absence of willful misfeasance, bad faith, gross negligence or reckless disregard
 by Paralel in the performance of its duties, obligations or responsibilities set forth
 in this Agreement, Paralel and its affiliates, including their respective officers, directors,
 agents and employees, shall not be liable for, and the Trust agree to indemnify, defend
 and hold harmless such persons from, all taxes, charges, expenses, disbursements, assessments,
 claims, losses, damages, penalties, actions, suits, judgments and liabilities (collectively,
 a "Loss" or "Losses") (including, without limitation, reasonable
 attorneys' fees and disbursements and liabilities arising under applicable federal
 and state laws) arising directly or indirectly from the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. the
 inaccuracy of any factual information furnished to Paralel by the Trust, a Fund's
 investment adviser or custodian or any third party on behalf of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Paralel's
 reliance on any instruction, direction, notice, instrument or other information provided
 by the Trust, a Fund's investment adviser or custodian or any authorized third
 party on behalf of the Trust, a Fund, or any shareholder of the Funds, that Paralel reasonably
 believes to be genuine;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. any
 reasonable error of judgment or mistake of law of Paralel related to any loss suffered
 by the Trust in connection with the matters to which this Agreement relates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. failure
 to satisfy requests to cancel or amend payment orders, or to detect any erroneous payment
 order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. lost
 interest with respect to the refundable amount of an unauthorized payment order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. loss
 of data or service interruptions caused by equipment failure (provided that, if such
 equipment is under Paralel's control, reasonable care has been taken to maintain
 such equipment); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. any
 other action or omission to act which Paralel takes in connection with the provision
 of Services to the Trust.

Without limiting the generality of the foregoing, any Loss incurred by any party to the Agreement, or any other party, including a current or former Fund shareholder, as a result of fraud, mistake or error by a Shareholder or other person ("Fraud Loss"), shall, as between Paralel and the Trust, be the responsibility and liability of the Trust, if in connection with all related purchase, repurchase and/or redemption transactions, Paralel either complied materially with its written procedures applicable to such transactions ("Applicable Procedures"), or otherwise operated without willful misfeasance, bad faith, gross negligence or reckless disregard.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Paralel
 shall indemnify and hold harmless the Trust, and their respective officers, trustees,
 directors, agents and employees from and against any and all Losses (including, without
 limitation, attorneys' fees and disbursements and liabilities arising under applicable
 federal and state laws) arising directly from Paralel' willful misfeasance, bad
 faith, gross negligence or reckless disregard in the performance of its duties, obligations
 or responsibilities set forth in this Agreement, except as otherwise set forth in Section
 4(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Notwithstanding
 anything in this Agreement to the contrary, (i) no party shall be liable under this Agreement
 to the other party hereto, or to any other party, for any punitive, consequential, special
 or indirect losses or damages; (ii) Paralel will not be liable for any trading losses,
 lost revenues, lost profits, whether or not such damages were foreseeable or Paralel
 was advised of the possibility thereof, and (iii) the maximum cumulative amount of liability
 of Paralel to the Trust, any Funds, and all persons or entities making a claim arising
 out of the subject matter of, or in any way related to, this Agreement shall not exceed
 the aggregate fees paid by such Fund to Paralel under this Agreement for the most recent
 12 months immediately preceding the date of the event giving rise to the claim (as determined
 on a Fund level, but in no event will it exceed the total amount paid by the Trust over
 such period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In
 any case in which a party (the "Indemnifying Party") may be asked to indemnify
 or hold the other party (the "Indemnified Party") harmless, the Indemnified
 Party will notify the Indemnifying Party promptly after identifying any situation which
 it believes presents or appears likely to present a claim for indemnification against
 the Indemnifying Party although the failure to do so shall not prevent recovery by the
 Indemnified Party and shall keep the Indemnifying Party advised with respect to all developments
 concerning such situation. The Indemnifying Party shall have the option to defend the
 Indemnified Party against any claim which may be the subject of this indemnification,
 and, in the event that the Indemnifying Party so elects, such defense shall be conducted
 by counsel chosen by the Indemnifying Party and reasonably satisfactory to the Indemnified
 Party, and thereupon the Indemnifying Party shall take over complete defense of the claim
 and the Indemnified Party shall sustain no further legal or other expenses in respect
 of such claim. The Indemnified Party will not confess any claim or make any compromise
 in any case in which the Indemnifying Party will be asked to provide indemnification,
 except with the Indemnifying Party's prior written consent.

5. <u>Force Majeure</u>. Other than as to payment obligations of the Trust and its Funds, no party
 shall be liable for losses, delays, failures, errors, interruptions or losses of data
 in its performance of its obligations under this Agreement if and to the extent it is
 caused, directly or indirectly, by reason of circumstances beyond their reasonable control,
 including without limitation, acts of God, action or inaction of civil or military authority,
 war, terrorism, riot, fire, flood, sabotage, labor disputes, elements of nature or non-performance
 by a third party. In any such event, the non-performing party shall be excused from any
 further performance and observance of obligations so affected only for so long as such
 circumstances prevail and such party continues to use commercially reasonable efforts
 to recommence performance or observance as soon as practicable.

6. <u>Activities of Paralel</u>. The services of Paralel under this Agreement are not to be deemed exclusive,
 and Paralel shall be free to render similar services to others. The Trust recognizes
 that from time-to-time directors, officers and employees of Paralel may serve as directors,
 officers and employees of other corporations or businesses (including other investment
 companies) and that such other corporations and businesses may include Paralel as part
 of their name and that Paralel or its affiliates may enter into service agreements for
 similar or different services with such other corporations and businesses.

7. <u>Accounts and Records</u>. The accounts and records maintained by Paralel shall be the property
 of the Trust. Paralel shall prepare, maintain and preserve such accounts and records
 as required by the 1940 Act and other applicable securities laws, rules and regulations.
 Paralel shall surrender such accounts and records to the Trust, in the form in which
 such accounts and records have been maintained or preserved, promptly upon receipt of
 instructions from the Trust. The Trust shall have access to such accounts and records
 at all times during Paralel' normal business hours. Upon the reasonable request
 of the Trust, copies of any such books and records shall be provided by Paralel to the
 Trust at the Trust's expense. Paralel shall assist the Funds' independent
 auditors, or, upon approval of the Trust, any regulatory body, in any requested review
 of the Trust's accounts and records. In the event Paralel receives a request or
 demand for the inspection of records relating specifically to the Trust or a Fund, Paralel
 will promptly notify the Trust of such request in writing and obtain instructions from
 the Trust as to the handling of such request.

8. <u>Confidential and Proprietary Information</u>. In accordance with Regulation S-P and other relevant
 rules and regulations, Paralel agrees that it will, on behalf of itself and its officers
 and employees, treat all transactions contemplated by this Agreement, and all records
 and information relative to the Trust and its current and former shareholders and other
 information germane thereto, as confidential and as proprietary information of the Trust
 and not to use, sell, transfer, or divulge such information or records to any person
 for any purpose other than performance of its duties hereunder, except after prior notification
 to and approval in writing from the Trust, which approval shall not be unreasonably withheld.
 Approval may not be withheld where Paralel may be exposed to civil, regulatory or criminal
 proceedings for failure to comply, when requested to divulge such information by duly
 constituted authorities, or when requested by the Trust. When requested to divulge such
 information by duly constituted authorities, Paralel shall use reasonable commercial
 efforts to request confidential treatment of such information. Paralel shall have in
 place and maintain physical, electronic, and procedural safeguards reasonably designed
 to protect the security, confidentiality, and integrity of, and to prevent unauthorized
 access to or use of records and information relating to the Trust and its current and
 former shareholders.

9. <u>Compliance with Rules and Regulations</u>. Paralel shall comply (and to the extent Paralel takes
 or is required to take action on behalf of the Trust hereunder shall cause the Trust
 to comply) with all applicable requirements of the 1940 Act, the Securities Act of 1933,
 as amended (the "1933 Act"), the Securities Exchange Act of 1934, as amended
 (the "1934 Act"), and other applicable laws, rules, regulations, orders and
 codes of ethics, as well as all investment restrictions, policies and procedures adopted
 by the Trust of which Paralel has knowledge (it being understood that Paralel is deemed
 to have knowledge of all investment restrictions, policies or procedures set out in the
 Trust's public filings or otherwise provided to Paralel). Except as set out in
 this Agreement, Paralel assumes no responsibility for such compliance by the Trust. Paralel
 shall maintain at all times a program reasonably designed to prevent violations of the
 federal securities laws (as defined in Rule 38a-1 under the 1940 Act) with respect to
 the services provided, and shall provide to the Trust a certification to such effect
 no less than annually or as otherwise reasonably requested by the Trust or its Chief
 Compliance Officers. Paralel shall make available its compliance personnel and shall
 provide at its own expense summaries and other relevant materials relating to such program
 as reasonably requested by the Trust.

10. <u>Representations and Warranties of Paralel</u>. Paralel represents and warrants to the Trust that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It
 is duly organized and existing as a limited liability company and in good standing under
 the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It
 is empowered under applicable laws and by its operating documents (including its Certificate
 of Formation and Operating Agreement) to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. All
 requisite corporate proceedings have been taken to authorize it to enter into and perform
 this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The
 (i) execution, delivery and performance of this Agreement by Paralel does not breach,
 violate or cause a default under any agreement, contract or instrument to which Paralel
 is a party or any judgment, order or decree to which Paralel is subject; (ii) the execution,
 delivery and performance of this Agreement by Paralel has been duly authorized and approved
 by all necessary action; and (iii) upon the execution and delivery of this Agreement
 by Paralel and Trust, this Agreement will be a valid and binding obligation of Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. It
 has and will continue to have access to the necessary facilities, equipment, systems
 and personnel to perform its duties and obligations under this Agreement in accordance
 with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. It
 is, and will continue to be, registered as a transfer agent under the 1934 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. It
 currently maintains and shall at all times maintain insurance coverage adequate for the
 nature of its operations, including directors and officers, errors and omissions and
 fidelity bond insurance coverage (as applicable). Upon the reasonable request of the
 Trust, it shall provide the Trust a certificate of insurance and shall notify the Trust
 if there are any material adverse changes to its insurance policies or coverage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. It
 is conducting its business in compliance in all material respects with all applicable
 laws and regulations, both state and federal, and has obtained (or will timely obtain)
 all regulatory approvals necessary to carry on its business as now conducted; there is
 no statute, rule, regulation, order or judgment binding on it which would prohibit its
 execution or performance of this Agreement.

11. <u>Representations and Warranties of the Trust</u>. The Trust represents and warrants to Paralel that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. It
 is a statutory trust duly organized and existing and in good standing under the laws
 of the state of its organization, and is registered with the SEC as an open-end, registered
 investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. It
 is empowered under applicable laws and by its Declaration of Trust and Bylaws (collectively,
 the "Organizational Documents") to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Its
 Board of Trustees has duly authorized it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. A
 registration statement under the 1933 Act and the 1940 Act is currently, or will be upon
 commencement of operations, effective and will remain effective, and appropriate state
 securities law filings have been made and will continue to be made, with respect to all
 shares of the Funds being offered for sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding
 anything in this Agreement to the contrary, the Trust agrees not to make any modifications
 to a Fund's registration statement or adopt any policies which would affect materially
 the obligations or responsibilities of Paralel hereunder without the prior written approval
 or Paralel, which approval shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The
 (i) execution, delivery and performance of this Agreement by the Trust does not breach,
 violate or cause a default under any agreement, contract or instrument to which that
 Trust is a party or any judgment, order or decree to which said Trust is subject; (ii)
 the execution, delivery and performance of this Agreement by the Trust has been duly
 authorized and approved by all necessary action; and (iii) upon the execution and delivery
 of this Agreement by Paralel and Trust, this Agreement will be a valid and binding obligation
 of the Trust and each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. Any
 officer position(s) filled by Paralel, to the extent applicable, shall be covered by
 the Trust's Directors & Officers/Errors & Omissions Policy (the "Policy"),
 and the Trust shall use reasonable efforts to ensure that such coverage be (i) reinstated
 should the Policy be cancelled; (ii) continued after such officer(s) cease to serve as
 officer(s) of the Trust on substantially the same terms as such coverage is provided
 for the other persons serving as officers of the Trust after such persons are no longer
 officers of the Trust; or (iii) continued in the event the Trust merges or terminates,
 on substantially the same terms as such coverage is continued for the other Trust officers
 (but, in any event, for a period of no less than six years). The Trust shall provide
 Paralel with proof of current coverage upon request, including a copy of the Policy,
 and shall notify Paralel immediately should the Policy be cancelled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The
 Trust officer position(s) filled by Paralel (if any) are named officer(s) in the Trust
 corporate resolutions and are subject to the provisions of the Trust Organizational Documents
 regarding indemnification of its officers.

12. <u>Documents</u>.
 The Trust has furnished or will furnish, upon request, Paralel with copies of the Trust's
 Declaration of Trust, advisory agreement(s), custodian agreement, transfer agency agreement
 (if any separate from the Agreement), administration agreement, current prospectus, statement
 of additional information, periodic Trust reports, and all forms relating to any plan,
 program or service offered by the Trust. The Trust shall furnish, within a reasonable
 time period, to Paralel a copy of any amendment or supplement to any of the above-mentioned
 documents. Upon request, the Trust shall furnish promptly to Paralel any additional documents
 necessary or advisable to perform its functions hereunder. As used in this Agreement
 the terms "registration statement," "prospectus" and "statement
 of additional information" shall mean any registration statement, prospectus and
 statement of additional information filed by the Trust and or Fund with the SEC and any
 amendments and supplements thereto that are filed with the SEC.

13. <u>Consultation Between the Parties</u>. Paralel and the Trust shall regularly consult with each other
 regarding Paralel' performance of its obligations under this Agreement. In connection
 therewith, the Trust shall submit to Paralel at a reasonable time in advance of filing
 with the SEC reasonably final copies of any amended or supplemented registration statement
 (including exhibits) under the 1933 Act and the 1940 Act; provided, however, that nothing
 contained in this Agreement shall in any way limit the Trust's right to file at
 any time such amendments to any registration statement and/or supplements to any prospectus
 or statement of additional information, of whatever character, as the Trust may deem
 advisable, such right being in all respects absolute and unconditional.

14. <u>Business Continuity Plan</u>. Paralel shall maintain in effect a business continuity plan and
 enter into any agreements necessary with appropriate parties making reasonable provisions
 for emergency use of electronic data processing equipment customary in the industry.
 In the event of equipment failures, Paralel shall, at no additional expense to the Trust,
 take commercially reasonable steps to minimize service interruptions.

15. <u>Additional Funds:</u> In the event that the Trust wishes to add one or more series after the effectiveness
 of this Agreement a to this Agreement, such series shall become Funds under this Agreement
 upon amendment to <u>Appendix A</u> via the execution of a Fund Addendum with respect
 to such Funds.

16. <u>Duration and Termination of this Agreement.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Initial Term</u>. This Agreement shall become effective generally as of the date first set up
 above, and with respect to each Fund, as of the date first specified in the Fund Addendums.
 This Agreement shall thereafter continue for the terms set forth in the Fund Addendum
 and remain in effect through the end of the terms specified in the last to terminate
 of the Fund Addendums entered into under this Agreement. The Initial Term of each Fund
 Addendum shall be deemed the "Initial Term."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Renewal Terms.</u> This Agreement and any Fund Addendum shall renew at the end of the Initial
 Term applicable to such Fund(s) and shall thereafter continue for successive annual periods
 (each a "Renewal Term" and collectively, with the Initial Term, a "Term")
 until notice of termination of the Fund Addendum is provided with respect to the Funds
 as set forth in Section 16(c) or 16(d) herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Termination Generally.</u> The Agreement will continue and will only terminate upon the termination
 of all Fund Addendums hereunder. Either party may terminate a Fund Addendum with respect
 to one or more Fund(s), with such termination coinciding at the end of the applicable
 Term then in effect for such Fund if, at least ninety (90) days prior to the end of the
 applicable Term, it gives the other party a written notice of non-renewal and termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Termination for Cause.</u> Paralel or the Trust (on behalf of the Funds) also may, by written notice to the other, terminate this Agreement
or a Fund Addendum if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The
 other party breaches any material term, condition or provision of this Agreement, which
 breach, if capable of being cured, is not cured within 30 calendar days after the non-breaching
 party gives the other party written notice of such breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 other party (i) terminates or suspends its business, (ii) becomes insolvent, admits in
 writing its inability to pay its debts as they mature, makes an assignment for the benefit
 of creditors, or becomes subject to direct control of a trustee, receiver or analogous
 authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding,
 or (iv) where the other party is the Trust, and Trust becomes subject to a material Action
 (as defined below) or an Action that Paralel reasonably determines could cause Paralel
 reputational harm (including any Action against an investment adviser, or other service
 provider of Trust), or (v) where the other party is Paralel, material changes in governing
 documents, bylaws, or registration statement, or other assumptions relied upon by the
 Paralel or the assumptions set forth are determined by Paralel, in its reasonable discretion,
 to materially affect the services provided by Paralel. "Action" means any
 civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim, counterclaim,
 action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding,
 in each case, made, asserted, commenced or threatened by any person, including any government
 entity or authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. If
 any such event occurs, the termination will become effective immediately or on the date
 stated in the written notice of termination, or other such date as agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Early Termination -</u> Except if terminated in accordance by Section 16(c) or 16(d), if a
 Fund Addendum with respect to a Fund or all Funds under the Fund Addendum is otherwise
 terminated prior to the end of the applicable Term, the Trust, on behalf of the Fund,
 shall be obligated to pay Paralel the remaining balance of the fees, reimbursable expenses
 and other moneys payable to Paralel for such Fund(s) under the Fund Addendum through
 the end of the applicable Term, as applicable. In this situation, the remaining balance
 of fees payable to Paralel shall be calculated based on the average monthly fees paid
 for the prior six-month period for the applicable Fund, multiplied by the number of months
 remaining for that Fund through the end date of the then current Term. Termination of
 a Fund Addendum or the Agreement by the Trust or any Fund will not relieve the Trust
 or any Fund of any other amount due under this Agreement. The parties agree that any
 payment is a reasonable forecast of probable actual loss to Paralel and that this sum
 is agreed to as liquidated damages and not as a penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Early Termination Due to Liquidation.</u> A Fund Addendum with respect to a Fund ceasing operations
 or liquidating may be terminated due to such liquidation or ceasing of operations; provided
 however, the Fund will remain responsible for the minimum fees payable under the Fund
 Addendum applicable to that Fund through the end date of the then current Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Deliveries Upon Termination</u>. Upon termination of Fund Addendum and/or this Agreement, Paralel
 agrees to cooperate in the orderly transfer of transfer agency duties and shall deliver
 to the Trust or as otherwise directed by the Trust (in the case of termination by the
 Trust, at the expense of the Trust) all records and other documents made or accumulated
 in the performance of its duties for the Trust hereunder. In the event Paralel gives
 notice of termination under this Agreement, it will continue to provide the services
 contemplated hereunder after such termination at the contractual rate for up to 120 days,
 provided that the Trust use all reasonable commercial efforts to appoint such replacement
 on a timely basis. In no event will Paralel be required to assist any new service or
 system provider in modifying or altering the Paralel' or the new agent's
 system or software.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Deconversion Costs</u>. Should either party exercise its right to terminate, all reasonable out-of-pocket
 expenses or costs associated with the movement of records and material will be borne
 by the Trust. Additionally, the Trust agrees to pay to Paralel a reasonable fee (determined
 by Paralel) for Paralel's services provided in connection with the Trust liquidating
 or converting to another service provider.

17. <u>Assignment</u>.
 This Agreement shall extend to and shall be binding upon the parties hereto and their
 respective successors and permitted assigns; provided, however, that this Agreement shall
 not be assignable by the Trust without the prior written consent of Paralel, or by Paralel
 without the prior written consent of the Trust (except for assignment by the Paralel
 to an affiliate under common control).

18. <u>Governing Law.</u> The provisions of this Agreement shall be construed and interpreted in accordance
 with the laws of the State of Colorado and the 1940 Act and the rules thereunder. To
 the extent that the laws of the State of Colorado conflict with the 1940 Act or such
 rules, the latter shall control. Each party to this Agreement, by its execution hereof
 (i) irrevocably submits to the nonexclusive jurisdiction of the state courts of the State
 of Colorado or the United States District Courts for the State of Colorado for the purpose
 of any action between the parties arising in whole or in part under or in connection
 with this Agreement, and (ii) waives to the extent not prohibited by applicable law,
 and agrees not to assert, by way of motion, as a defense or otherwise, in any such action,
 any claim that it is not subject personally to the jurisdiction of the above-named courts,
 that its property is exempt or immune from attachment or execution, that any such action
 brought in one of the above-named courts should be dismissed on grounds of forum non
 conveniens, should be transferred or removed to any court other than one of the above-named
 courts, or should be stayed by reason of the pendency of some other proceeding in any
 other court other than one of the above-named courts, or that this Agreement or the subject
 matter hereof may not be enforced in or by such court.

19. <u>Amendments to this Agreement.</u> This Agreement and any Fund Addendums may only be amended by the
 parties in writing.

20. <u>Notices</u>.
 Any notice, advice or report to be given pursuant to this Agreement shall be made in
 writing and deemed to have been given and received (a) when personally delivered, or
 delivered by same-day courier; or (b) on the third business day after mailing by registered
 or certified mail, postage prepaid, return receipt requested; or (c) upon delivery when
 sent by prepaid overnight express delivery service (e.g., FedEx, UPS); or (d) when sent
 by email, upon the receipt by the sending party of written confirmation of receipt by
 the receiving party, which shall not be unduly withheld by the receiving party;

To Paralel:<br>Paralel Technologies LLC<br> 1700 Broadway, Suite 1850<br> Denver, Colorado 80290<br> Attn: General Counsel<br> Email: [Redacted]<br>To the Trust:<br>Elevation Series Trust<br> 1700 Broadway, Suite 1850<br> Denver, Colorado 80290<br> Attn: General Counsel<br> Email: [Redacted]

21. <u>Counterparts</u>.
 This Agreement may be executed by the parties hereto on any number of counterparts, and
 all of said counterparts taken together shall be deemed to constitute one and the same
 instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic
 signature complying with the U.S. federal ESIGN Act of 2000, e.g., www.docusign.com)
 or other transmission method and any counterpart so delivered shall be deemed to have
 been duly and validly delivered and be valid and effective for all purposes.

22. <u>Entire Agreement</u>. This Agreement, together with any Appendices and Fund Addendums, embodies
 the entire agreement and understanding among the parties and supersedes all prior agreements
 and understandings relating to the subject matter hereof; provided, however, that Paralel
 may embody in one or more separate documents its agreement, if any, with respect to delegated
 duties and oral instructions.

23. <u>Severability</u>.
 Any covenant, provision, agreement or term contained in this Agreement that is prohibited
 or that is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction,
 be ineffective to the extent of such prohibition or unenforceability, without in any
 way invalidating, effecting or impairing the other provisions hereof.

24. <u>Survival</u>.
 The provisions of Sections 4, 6, 8, 11, 16 (as applicable), 18, 23 and this Section 24
 hereof shall survive termination of this Agreement.

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **ELEVATION SERIES TRUST,** | **ELEVATION SERIES TRUST,** |
| A Delaware statutory trust | A Delaware statutory trust |
| By: | /s/ Bradley Swenson |
| Name: | Bradley Swenson |
| Title: | President |
| **PARALEL TECHNOLOGIES LLC,**<br> **A Delaware limited liability company** | **PARALEL TECHNOLOGIES LLC,**<br> **A Delaware limited liability company** |
| By: | /s/ Jeremy May |
| Name: | Jeremy May |
| Title: | Chief Executive Officer |

---

**<u>APPENDIX A</u>**

**FUNDS**

*Funds covered through the addition/revision/termination of Fund Addendums shall be deemed to automatically update the list of Funds referenced in this Appendix A. No additional amendment of the Agreement is necessary.* 

The Disciplined Growth Investors Fund

Appendix A - 1

**APPENDIX B**<br>**<u>SERVICES</u>**

In accordance with procedures established from time to time by agreement between the Trust and Paralel, Paralel agrees that it will perform the following services for the Trust, on behalf of the Funds, and each class of shares:

&nbsp;&nbsp;&nbsp;&nbsp;A. Shareholder
 Transactions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Set
 up account information, including appropriate account type, shareholder address, dividend
 option, wire instructions, and taxpayer identification;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Process
 shareholder purchase and redemption / repurchase orders in accordance with conditions
 set forth in the Fund's prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Process
 exchanges & transfers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Generate
 shareholder periodic statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Issue
 confirmations in compliance with Rule 10b-10 under the Securities Exchange Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Process
 dividend and distribution payments (paid in cash or reinvested back into the account
 purchasing new shares)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Provide
 cost basis reporting for shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. Maintain
 a record of the number of shares held by each shareholder of record;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Record
 the issuance of shares of each fund and maintain, pursuant to Rule 17AD-10 of the Securities
 Exchange Act of 1934, a record of the total number of shares of the Trust which are authorized,
 based upon data provided to it by the Trust, and issued and outstanding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;x. Administer
 and/or perform all other customary services of a transfer agent.

&nbsp;&nbsp;&nbsp;&nbsp;B. Shareholder
 Account Maintenance

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Maintain
 all shareholder records for each account in the Funds

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Record
 shareholder account information changes

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Maintain
 account documentation files for each shareholder

&nbsp;&nbsp;&nbsp;&nbsp;C. Shareholder
 Information Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Make
 information available to shareholder servicing unit and other remote access units regarding
 trade date, share price, current holdings, dividend information, and yields;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Produce
 detailed history of transactions through duplicate or special order statements upon request
 using available history;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Respond
 as appropriate to all inquiries and communications from shareholders relating to shareholder
 accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Provide
 mailing lists for distribution of prospectuses, proxy statements, financial reports or
 other marketing material;

&nbsp;&nbsp;&nbsp;&nbsp;D. Dealer
 Processing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. 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;II. 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;III. Calculate
 fees due under Rule 12b-1 plans for distribution and marketing expenses;

Appendix B - 1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Track
 sales and commission statistics by dealer and provide for payment of commissions on direct
 shareholder purchases in each load Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;E. Banking
 and DTCC Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Accept
 and effectuate the registration and maintenance of accounts through the Depository Trust
 and Clearing Corporation ("DTCC") or National Securities Clearing Corporation
 (the "NSCC") Fund/SERV also facilitating the purchase, redemption, transfer
 and exchange of shares in such accounts through and on behalf of the DTCC or NSCC participants,
 including the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;II. Maintain
 bank account(s) that (i) are maintained in connection with Paralel's services to
 the Funds under the Transfer Agency Agreement and (ii) as to which Paralel has authority
 to make deposits and withdrawals (the "Operating Accounts").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;III. Accept
 and distribute funds via systems such as, but not limited to; DTCC, NSCC and various
 banking systems such as Automated Clearing House ("ACH"), Fed Wire and or
 SWIFT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IV. Paralel
 shall cause to be moved to Fund custody accounts all cash settlements including DTCC
 or NSCC settlements paid into transfer agency demand deposit accounts. Purchase settlements
 received through DTCC or NSCC, paid into transfer agency demand deposit accounts at BOKF
 or other banking institution, shall be moved Trust Custody accounts the next business
 day after settlement from the DTCC or NSCC.

&nbsp;&nbsp;&nbsp;&nbsp;F. Compliance
 Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Maintain
 an Anti-Money Laundering Program in compliance with the USA PATRIOT Act of 2001 and regulations
 thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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;iii. Provide
 reporting to the Securities and Exchange Commission (the "SEC") and the states
 in which the Funds are registered

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. Prepare
 and distribute appropriate Internal Revenue Service forms for shareholder income and
 capital gains

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Issue
 tax withholding reports to the Internal Revenue Service

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Maintain
 a Customer Identification Program by obtaining, verifying, and recording information
 that identifies each person who opens an account within the Trust/Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Maintain
 and coordinate Blue Sky registration and notice filings, in house or by using third party
 vendor.

&nbsp;&nbsp;&nbsp;&nbsp;G. New
 procedures as to who provides certain of these services may be established in writing
 from time to time by agreement between the Trust and Paralel. Pursuant to such agreement,
 Paralel may at times perform only a portion of these services and the Trust or its agent
 may perform these services on the Trust's behalf. Paralel may require the Trust
 to enter into an additional agreement or agree to certain terms of use relating to the
 creation of a shareholder site for the Trust, or to obtain access to Paralel's
 web portal. Except as provided above, Paralel is not obligated to provide and may discontinue
 or suspend the availability of any web portal at any time without prior notice.

Appendix B - 2

**<u>APPENDIX C</u>**

**FEES AND EXPENSES**

The fees to be paid to Paralel by the Trust for the Funds shall be set forth in the applicable Fund Addendum for such Funds.

Appendix C - 1

**<u>APPENDIX D</u>**

**FORM OF FUND ADDENDUM**

**FUND ADDENDUM DATED [ ] TO THE**<br> **MASTER TRANSFER AGENCY AND SERVICES AGREEMENT ("AGREEMENT")**<br> **BETWEEN ELEVATION SERIES TRUST AND PARALEL TEchnologies LLC**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Relationship to Agreement**: Except as specifically set forth herein, defined terms used in this
 Fund Addendum shall have the meaning set forth in the Agreement. Upon executing this
 Fund Addendum, the Complex Advisor (as defined below) and the Fund(s) in the Fund Complex
 described herein shall be included in the terms and conditions of the Agreement as if
 the same had been an original party thereto, as applicable to the Fund(s) in the Fund
 Complex. In the event of a conflict between the terms set forth in this Fund Addendum
 and any terms set forth in the Agreement, the terms set forth in this Fund Addendum shall
 govern, but solely with respect to the Funds in the Fund Complex described herein.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Fund Complex:** The "Fund Complex" includes each of the Fund(s) listed below.
 This Fund Addendum may be amended to add the Trust to the Fund Complex that are established
 as a series of the Trust subsequent to the date hereof for which [ ] (the "Complex
 Advisor") serves as adviser.

● [Fund 1]

● [Fund 2]

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Start Date and Term:** The term of this Fund Addendum shall begin [as of the date set forth
 above] ("Addendum Start Date") and continue in effect with respect to the
 Fund Complex for a period of 3 years from the Addendum Start Date (the "Initial
 Term"). Following expiration of the Initial Term, this Fund Addendum shall continue
 in effect for successive periods of one year (each, a "Renewal Term" and
 collectively, with the Initial Term, a "Term") unless otherwise terminated
 or a notice of non-renewal is given as set forth in the Agreement. This Fund Addendum
 may only be terminated at the end of a Term or as otherwise set forth in the Agreement.
 Any payment obligation of the Complex Advisor and/or Fund(s) under the Agreement and/or
 this Fund Addendum shall survive the termination of the Agreement and/or this Fund Addendum
 until such obligation is fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Fees and Expenses:** The following fees are due and payable monthly to Paralel pursuant
 to Section 2 of the Agreement, payable out of the assets of each Fund, except that, for
 situations where the Complex Advisor is subject to a unitary fee arrangement with a Fund,
 the Complex Advisor will be primarily responsible for and agrees to make such payment
 of fees, charges and obligations due to Paralel pursuant to the Agreement and this Fund
 Addendum. However, in all situations, the Trust, on behalf of its Funds, acknowledges
 that the applicable Fund remains responsible for any fees, charges and obligations or
 other liabilities that the Complex Advisor fails to pay.

<u>Fees:</u> Each Fund in the Fund Complex will be charged the following fees. Fees are billable on a monthly basis at the rate of 1/12 of the annual fee, plus any additional fees applicable for that month. The full charge applies for a Subaccount in the month that an account opens or is active.

<u>Subaccount Definition</u>; A Subaccount is the collection of records that describe a single specific shareholder's position in a single CUSIP (fund or class of fund). Therefore, a shareholder which has invested in two distinct funds, with investments in one class of one fund, and in three classes of the other fund, would represent four (4) Subaccounts.

<u>[Annual Base Fee</u>: $[ ] per Fund under this Agreement, plus additional fees as set forth below. ]

Appendix D - 1

<u>Annual Active Subaccount Fee</u>:

- [ ]

An active subaccount is an account that that currently holds or has held shares in the previous 30 days.

<u>Annual Inactive/Closed Subaccount Fee</u>:

- [ ]

<u>Custodial Subaccount Fee</u> 

$[ ] additional annual maintenance fee per Custodial Subaccount

This Custodial Subaccount Fee is subject to renegotiation between the parties if Paralel has reasonably determined that the underlying fees or costs required to service the accounts have materially changed. This fee is to include IRA, Coverdell Education Savings Accounts (CESA) and other accounts that are subject ERISA rules or are to be held through a registered custodian.]

<u>Consolidated DTCC/NSCC Process and Banking Administration:</u>

The Trust may elect to participate in Paralel's consolidated DTCC/NSCC membership ("Paralel's Consolidated DTCC/NSCC Membership") in lieu of the Trust holding a stand-alone DTCC/NSCC membership. For participation in Paralel's Consolidated DTCC/NSCC Membership, the Trust will pay Paralel an amount equal to 50% of the applicable DTCC/NSCC Membership fees which would have otherwise applied to the Trust (including the base DTCC/NSCC Membership fees, and any additional membership fees which may include, but is not limited to, Payment Axis, Fund/SERV, Mutual Fund Profile and Networking/OmniSERV services, as applicable). The Trust will be responsible for all applicable per record or transaction fees of DTCC/NSCC. If the Trust elects to hold a stand-alone DTCC/NSCC Membership, it will reimburse Paralel 100% of the DTCC/NSCC Membership fees and all applicable per record or transaction fees assessed by DTCC/NSCC.

Purchase settlements received through DTCC, paid into transfer agency demand deposit accounts at the Depository Institution, shall be moved to Trust Custody accounts the next business day after settlement from the DTCC. In consideration of Paralel's' administration of the Operating Account(s) held at the Depository Institution and facilitation of settlement with DTCC, with respect to any earnings of credits/interest attributable to amounts held in the Operating Accounts (the "Credits"), Paralel will retain fifty percent (50%) of any gross Credits and shall apply the 50% of the Credit against DTCC/NSCC Membership fees or expenses (noted above), and any remaining Credits amount to out-of-pocket fees or fees for other services rendered under the Agreement.

If applicable, if the Trust participates in the DTCC Mutual Fund Profile II ("MFPSII") service, a fee of $100/month for the Trust to maintain the Trust's information in that system will be assessed and paid by the Trust to Paralel.

<u>Out-of-Pocket Fees:</u>

In addition, the Trust and the Funds agree to pay Paralel all out-of-pocket expenses incurred in connection to this Agreement, including, but not limited to, expenses for postage, express delivery services, freight charges, envelopes, banking, checks, TA SOC 1 (pro-rata), drafts, forms (continuous or otherwise), specially requested reports and statements, telephone calls, fax, stationery supplies, reasonable counsel fees, outside printing and mailing firms (including Broadridge, LLC), off-site record storage, media for storage of records (e.g., microfilm, microfiche, computer data storage), computer equipment installed at the Trust's request at the Trust's or a third party's premises, telecommunications equipment, telephone/telecommunication lines between the Trust and its agents, on one hand, and Paralel on the other, proxy soliciting, processing and/or tabulating costs, second-site backup computer facility, transmission of statement data for remote printing or processing, Depository Trust and Clearing Corporation ("DTCC"), National Securities Clearing Corporation ("NSCC") transaction fees, if applicable, blue sky registration and related fees (including fees of any third party vendor), and any additional third-party expenses reasonably incurred by Paralel in the performance of its duties and obligations under this Agreement.

Appendix D - 2

Any expenses will be paid to Paralel by the Trust at least 3 days prior to incursion if requested by Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;***5.*** **Additional Notice Addresses:** 

To Complex Adviser:

[Address]

Email: [Email]

[signature page follows]

Appendix D - 3

IN WITNESS WHEREOF, the parties hereto have executed this Fund Addendum as of the day and year first above written.

---

| |
|:---|
| **ELEVATION SERIES TRUST**<br> A Delaware statutory trust |
| By: |
| Name: |
| Title: |

---

---

| | |
|:---|:---|
| **PARALEL TECHNOLOGIES LLC** <br> A Delaware limited liability company | **PARALEL TECHNOLOGIES LLC** <br> A Delaware limited liability company |
| By: |  |
| Name: | Jeremy May |
| Title: | Chief Executive Officer |

---

---

| |
|:---|
| **[COMPLEX ADVISOR}** <br> A [ ] |
| By: |
| Name: |
| Title: |

---

Appendix D - 4

## Ex-99.(H)(12)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(h)(12)**

**Disciplined Growth Investors FUND ADDENDUM DATED July, 8 2025**<br> **TO THE MASTER TRANSFER AGENCY AND SERVICES AGREEMENT ("AGREEMENT")**<br> **BETWEEN ELEVATION SERIES TRUST AND PARALEL TEchnologies LLC**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Relationship to Agreement**: Except as specifically set forth herein, defined terms used in this
 Fund Addendum shall have the meaning set forth in the Agreement. Upon executing this
 Fund Addendum, the Complex Advisor (as defined below) and the Fund(s) in the Fund Complex
 described herein shall be included in the terms and conditions of the Agreement as if
 the same had been an original party thereto, as applicable to the Fund(s) in the Fund
 Complex. In the event of a conflict between the terms set forth in this Fund Addendum
 and any terms set forth in the Agreement, the terms set forth in this Fund Addendum shall
 govern, but solely with respect to the Funds in the Fund Complex described herein.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Fund Complex:** The "Fund Complex" includes each of the Fund(s) listed below.
 This Fund Addendum may be amended to add the Trust to the Fund Complex that are established
 as a series of the Trust subsequent to the date hereof for which Disciplined Growth Investors,
 Inc. (the "Complex Advisor") serves as adviser.

● The Disciplined Growth Investors Fund

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Start Date and Term:** The term of this Fund Addendum shall begin as of the date set forth
 above ("Addendum Start Date") and continue in effect with respect to the
 Fund Complex for a period of 3 years from the Addendum Start Date (the "Initial
 Term"). Following expiration of the Initial Term, this Fund Addendum shall continue
 in effect for successive periods of one year (each, a "Renewal Term" and
 collectively, with the Initial Term, a "Term") unless otherwise terminated
 or a notice of non-renewal is given as set forth in the Agreement. This Fund Addendum
 may only be terminated at the end of a Term or as otherwise set forth in the Agreement.
 Any payment obligation of the Complex Advisor and/or Fund(s) under the Agreement and/or
 this Fund Addendum shall survive the termination of the Agreement and/or this Fund Addendum
 until such obligation is fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Fees and Expenses:** The following fees are due and payable monthly to Paralel pursuant
 to Section 2 of the Agreement, payable out of the assets of each Fund, except that, for
 situations where the Complex Advisor is subject to a unitary fee arrangement with a Fund,
 the Complex Advisor will be primarily responsible for and agrees to make such payment
 of fees, charges and obligations due to Paralel pursuant to the Agreement and this Fund
 Addendum. However, in all situations, the Trust, on behalf of its Funds, acknowledges
 that the applicable Fund remains responsible for any fees, charges and obligations or
 other liabilities that the Complex Advisor fails to pay.

<u>Fees:</u> Each Fund in the Fund Complex will be charged the following fees. Fees are billable on a monthly basis at the rate of 1/12 of the annual fee, plus any additional fees applicable for that month. The full charge applies for a Subaccount in the month that an account opens or is active.

<u>Subaccount Definition</u>; A Subaccount is the collection of records that describe a single specific shareholder's position in a single CUSIP (fund or class of fund). Therefore, a shareholder which has invested in two distinct funds, with investments in one class of one fund, and in three classes of the other fund, would represent four (4) Subaccounts.

<u>Annual Base Fee</u>: [Redacted]

<u>Annual Active Subaccount Fee</u>: [Redacted]

<u>Annual Inactive/Closed Subaccount Fee</u>: [Redacted]

<u>Custodial Subaccount Fee</u>: [Redacted]

<u>Consolidated DTCC/NSCC Process and Banking Administration:</u> [Redacted]

<u>Out-of-Pocket Fees:</u>

In addition, the Trust and the Funds agree to pay Paralel all out-of-pocket expenses incurred in connection to this Agreement, including, but not limited to, expenses for postage, express delivery services, freight charges, envelopes, banking, checks, TA SOC 1 (pro-rata), drafts, forms (continuous or otherwise), specially requested reports and statements, telephone calls, fax, stationery supplies, reasonable counsel fees, outside printing and mailing firms (including Broadridge, LLC), off-site record storage, media for storage of records (e.g., microfilm, microfiche, optical platters, computer tapes), computer equipment installed at the Trust's request at the Trust's or a third party's premises, telecommunications equipment, telephone/telecommunication lines between the Trust and its agents, on one hand, and Paralel on the other, proxy soliciting, processing and/or tabulating costs, second-site backup computer facility, transmission of statement data for remote printing or processing, Depository Trust and Clearing Corporation ("DTCC"), National Securities Clearing Corporation ("NSCC") transaction fees, if applicable, blue sky registration and related fees (including fees of any third party vendor), and any additional third-party expenses reasonably incurred by Paralel in the performance of its duties and obligations under this Agreement.

Any expenses will be paid to Paralel by the Trust at least 3 days prior to incursion if requested by Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;***5.*** **Additional Notice Addresses:** 

To Complex Adviser: Disciplined Growth Investors, Inc. Fifth Street Towers, Suite 2550 Minneapolis, Minnesota 54402 Attention: Rick Martin Email: [Redacted}

[signature page follows]

IN WITNESS WHEREOF, the parties hereto have executed this Fund Addendum as of the day and year first above written.

---

| | |
|:---|:---|
| **ELEVATION SERIES TRUST** <br> A Delaware statutory trust | **ELEVATION SERIES TRUST** <br> A Delaware statutory trust |
| By: | /s/ Bradley Swenson |
| Name:  | Bradley Swenson |
| Title: <br>| President |

---

---

| | |
|:---|:---|
| <br> **PARALEL TECHNOLOGIES LLC** <br> A Delaware limited liability company | <br> **PARALEL TECHNOLOGIES LLC** <br> A Delaware limited liability company |
| By: | /s/ Jeremy May |
| Name:  | Jeremy May |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| <br> **DISCIPLINED GROWTH INVESTORS, INC.**<br> A Minnesota Corporation | <br> **DISCIPLINED GROWTH INVESTORS, INC.**<br> A Minnesota Corporation |
| By: | /s/ Rick Martin |
| Name: | Rick Martin |
| Title: | Chief Executive Officer |

---

## Ex-99.(H)(21)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(h)(21)**

**ELEVEVATION SERIES TRUST**

**Disciplined Growth Investors ADDENDUM DATED July 8, 2025 TO THE**<br> **MASTER ADMINISTRATION AND FUND ACCOUNTING AGREEMENT**<br> **BETWEEN ELEVATION SERIES TRUST AND PARALEL TEchnologies LLC**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Relationship to Agreement**: Except as specifically set forth herein, defined terms used in this
 Fund Addendum shall have the meaning set forth in the Master Administration and Fund
 Accounting Agreement by and between the between Elevation Series Trust and Paralel Technologies
 LLC, as may be amended (the "Agreement"). Upon executing this Fund Addendum,
 the Complex Advisor (as defined below) and the Fund(s) in the Fund Complex described
 herein shall be included in the terms and conditions of the Agreement as if the same
 had been an original party thereto, as applicable to the Fund(s) in the Fund Complex.
 In the event of a conflict between the terms set forth in this Fund Addendum and any
 terms set forth in the Agreement, the terms set forth in this Fund Addendum shall govern,
 but solely with respect to the Fund Complex described herein. The terms set forth below
 only apply to the Fund(s) in the Fund Complex.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Fund Complex:** The "Fund Complex" includes each of the Fund(s) listed below.
 This Fund Addendum may be amended to add additional funds to the Fund Complex that are
 established as a series of the Trust subsequent to the date hereof for which Disciplined
 Growth Investors, Inc. ("DGI") (the "Complex Advisor") serves
 as adviser.

● The Disciplined Growth Investors Fund ("DGIFX")

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Start Date, Term, and Termination:** The term of this Fund Addendum shall begin as of the
 date set forth above ("Addendum Start Date") and continue in effect with
 respect to the Fund Complex for a period of 3 years from the Addendum Start Date (the
 "Initial Term"). Following expiration of the Initial Term, this Fund Addendum
 shall continue in effect for successive periods of one year (each, a "Renewal Term"
 and collectively, with the Initial Term, a "Term") unless otherwise terminated
 or a notice of non-renewal is given as set forth in the Agreement. This Fund Addendum
 may only be terminated at the end of a Term or as otherwise set forth in the Agreement.
 Any payment obligation of the Complex Advisor and/or Fund(s) under the Agreement and/or
 this Fund Addendum shall survive the termination of the Agreement and/or this Fund Addendum
 until such obligation is fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Fees and Expenses:** The following fees are due and payable monthly to the Administrator
 pursuant to Section 2 of the Agreement, payable out of the assets of each Fund, except
 that for situations where the Complex Advisor is subject to a unitary fee arrangement
 with a Fund, the Complex Advisor will be primarily responsible for and agrees to make
 such payment of fees, charges and obligations due to the Administrator pursuant to the
 Agreement and this Fund Addendum. However, in all situations, the Trust, on behalf of
 its Funds, acknowledges that the applicable Fund remains responsible for any fees, charges
 and obligations or other liabilities that the Complex Advisor fails to pay.

1 of 3

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Fees:</u> Each
Fund in the Fund Complex will be charged the greater of the (i) Asset Based Fee based upon an application of the following basis
point fee schedule or (ii) the Annual Minimum Fee, as described below, in each case calculated at the individual Fund level:

[Redacted]

<u>Out-of-Pocket Expenses:</u> Without limiting any provision in this Agreement, the Fund(s) and/or Complex Advisor (as applicable) shall be responsible and will reimburse Administrator for all out of pocket costs, including, among others, any security pricing and data fees (including but not limited to Gainskeeper, E&Y PFIC Analyzer, Bloomberg, GICS, MSCI, CUSIP, SEDOL), index or benchmark licensing fees, any fees or expenses charged by software systems utilized in connection to the provision of the Services (including but not limited to those related to the setup, maintenance, or use of, or the performance calculations for, a benchmark, index, fund, and/or share class), bank loan sub-accounting fees, Blue Sky permit processing fees and state registration fees, SSAE 18 control review reports, travel expenses of Administrator individuals to in-person Board meetings and on-site reviews, typesetting, printing, filing and mailing fees (including additional fees or surcharges related to expedited typesetting, printing, filing and mailing events), registered representative state licensing fees, fulfillment costs, confirmations and investor statements, postage, statement paper, IRA custodial fees, NSCC interface fees, wire fees and other bank charges, E\*Delivery services, customized programming/enhancements, enhanced reporting activities and any other reasonable expenses incurred in connection with Administrator's performance of its duties under the Agreement. Administrator may provide certain services or data to the Fund(s) that would otherwise be an out-of-pocket cost and will be billed to the Trust / Fund(s) at the Administrator's standard rates for such service.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Additional Notice Addresses:** 

To Complex Adviser:

Disciplined Growth Investors, Inc.

Fifth Street Towers, Suite 2550

Minneapolis, Minnesota 54402

Attention: Rick Martin

Email: [Redacted}

*----*

*[signature page follows]*

2 of 3

IN WITNESS WHEREOF, the parties hereto have executed this Fund Addendum as of the day and year first above written.

---

| | |
|:---|:---|
| **ELEVATION SERIES TRUST** <br> A Delaware statutory trust <br> On Behalf of the Fund(s) listed herein. | **ELEVATION SERIES TRUST** <br> A Delaware statutory trust <br> On Behalf of the Fund(s) listed herein. |
| By: | /s/ Bradley Swenson |
| Name:<br>| Bradley Swenson |
| Title: | President |

---

---

| | |
|:---|:---|
| <br> **PARALEL TECHNOLOGIES LLC** <br> A Delaware limited liability company | <br> **PARALEL TECHNOLOGIES LLC** <br> A Delaware limited liability company |
| By: | /s/ Jeremy May |
| Name: | Jeremy May |
| Title: | Chief Executive Officer |

---

---

| | |
|:---|:---|
| <br> **DISCIPLINED GROWTH INVESTORS, INC.**<br> A Minnesota Corporation | <br> **DISCIPLINED GROWTH INVESTORS, INC.**<br> A Minnesota Corporation |
| By: | /s/ Rick Martin |
| Name:  | Rick Martin |
| Title: | Chief Executive Officer |

---

3 of 3

## Ex-99.(I)(1)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(i)(1)**

![](ex99i1001.jpg)

July 8, 2025 <br>

Elevation Series Trust <br> 1700 Broadway, Suite 1850 <br> Denver, Colorado 80290<br>

Dear Board Members:

This letter is in response to your request for our opinion in connection with the filing of Post-Effective Amendment No. 63 to the Registration Statement, File Nos. 333-265972 and 811-23812 (the "Registration Statement"), of Elevation Series Trust (the "Trust").

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

Based upon the foregoing, we are of the opinion that, after the Registration Statements are effective for purposes of applicable federal and state securities laws, the shares of each fund listed on the attached Exhibit A (the "Funds"), if issued in accordance with the then current Prospectus and Statement of Additional Information of the applicable Fund, will be legally issued, fully paid and non-assessable.

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

We hereby give you our permission to file this opinion with the Securities and Exchange Commission as an exhibit to, and consent to all references to us in, Post-Effective Amendment No. 63 to the Registration Statement. This opinion may not be filed with any subsequent amendment, or incorporated by reference into a subsequent amendment, without our prior written consent. This opinion is prepared for the Trust and its shareholders and may not be relied upon by any other person or organization without our prior written approval.

---

| |
|:---|
| Very Truly Yours, |
| /s/ Thompson Hine LLP |
| Thompson Hine LLP |

---

![](ex99i1002.jpg)

![](ex99i1003.jpg)

**EXHIBIT A**

---

| |
|:---|
| 1. Clough Hedged Equity ETF |
| 2. Clough Select Equity ETF |
| 3. RiverNorth Enhanced Pre-Merger SPAC ETF |
| 4. RiverNorth Patriot ETF |
| 5. Sovereign's Capital Flourish Fund |
| 6. SRH REIT Covered Call ETF |
| 7. SRH U.S. Quality GARP ETF |
| 8. The Disciplined Growth Investors Fund |
| 9. The Opal International Dividend Income ETF |
| 10. The Opal Dividend Income ETF |
| 11. TrueShares Active Yield ETF |
| 12. TrueShares ConVex Protect ETF |
| 13. TrueShares Eagle Global Renewable Energy Income ETF |
| 14. TrueShares Quarterly Bull Hedge ETF |
| 15. TrueShares Quarterly Bear Hedge ETF |
| 16. TrueShares Seasonality Laddered Buffered ETF |
| 17. TrueShares Technology, AI & Deep Learning ETF |

---

## Ex-99.(J)(1)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(j)(1)**

![](cohen_001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in this Registration Statement on Form N-1A of our report dated June 27, 2025, relating to the financial statements and financial highlights of The Disciplined Growth Investors Fund, a series of Financial Investors Trust**,** which are included in Form N-CSR for the year ended April 30, 2025, and to the reference to our firm under the heading "Financial Highlights" in the Prospectus.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

July 8, 2025

![](cohen_002.jpg)

## Ex-99.(P)(15)

[Elevation Series Trust 485BPOS](dgifx_485bpos-070925.htm)

**Exhibit 99(p)(14)**

![](ex99p15001.jpg)

CODE OF ETHICS

Adopted December 2011

**<u>**Table of Contents**</u>**

1. Introduction - 3 -

2. Use and Distribution of the Code of Ethics - 4 -

3. Failure to Comply - 4 -

4. Standards of Business Conduct - 4 -

5. Advisory Persons Covered by the Code of Ethics - 5 -

6. Chinese Wall - 5 -

7. Annual Review and Education - 6 -

8. Personal Securities Trading 7

9. Receipt of Gifts 9

10. Directorships 9

11. Insider Trading 10

12. Appendix A – Personal Securities Disclosure Form 13

13. Appendix B - Personal Trading Pre-Clearance Request 14

14. Appendix C – Code of Ethics Certification 15

**1.** **Introduction** 

This Manual has been developed to introduce you to the policies relating to the Investment Advisory practices of Disciplined Growth Investors, Inc. (DGI). It is designed to be a permanent record, which will be periodically reviewed and updated to set forth the policies and procedures of DGI.

DGI is a Registered Investment Adviser, registered with the U.S. Securities and Exchange Commission under the Investment Advisers Act of 1940. Its principal office and place of business is located at 150 South Fifth Street, Suite 2550, Minneapolis, Minnesota 55402.

DGI endeavors at all times to operate in conformity with federal and/or applicable state laws and to conduct its business in the highest ethical and professional manner. DGI's shareholders believe that clients can best be served when all of its personnel are informed as to the legal, technical and mechanical aspects of its business and have a good working knowledge of practices and policies suited to achieve client objectives and comply with the law. This Code of Ethics Manual has been prepared to accomplish two things. First, it should provide DGI's shareholders, advisory representatives and employees with an awareness of the requirements of the laws, rules and regulations governing investment advisers and agents activities. Second, it should provide the firm's procedures and policies designed to ensure that its operations meet those requirements.

This Code of Ethics Manual should be kept available for easy reference. You are asked and encouraged to raise questions, criticisms or comments about the manual. Suggestions for changes or additions are welcome. **<u>Any questions regarding compliance issues must be directed to Peter Rieke, DGI's Compliance Officer.</u>**

**DGI expects you to be thoroughly familiar with the policies and procedures set forth in this Manual.** Adherence to the policies and procedures set forth will help to achieve our goal of uniform compliance and to maintain the interests of the firm's clients first and foremost.

**2.** **Use and Distribution of the Code of Ethics** 

This Code of Ethics is a basic part of DGI's Compliance Program. Each shareholder, officer, supervisor, consultant and advisory representative (and any associated person/employee) who participates in or has responsibilities in connection with the advisory activities (hereafter referred to as an "advisory person") will be provided a copy of this Manual. This Manual is intended to be revised or supplemented from time to time. It is the responsibility of each advisory person to update his/her copy by inserting new material as instructed.

Each advisory person having managerial or supervisory responsibilities must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Be familiar with and understand the contents of the Code of
Ethics Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide new employees, including trainees, with a copy of this Code of Ethics Manual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Ensure that all holders of the Manual whom you supervise are familiar with and
understand the contents of the Code of Ethics Manual and use it in day-to-day activities, and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Ensure that any supplements to the Manual are distributed to advisory persons under
your supervision with proper instructions for use with the Code of Ethics Manual.

**3.** **Failure to Comply** 

In the event any advisory person after a review of this Manual and a signed acknowledgment as to understanding and agreeing to abide by the firm's policies and procedures violates any provision, policy or procedure as outlined in the Manual, the person may be subject to sanctions, up to and including termination of employment.

**4.** **Standards of Business Conduct** 

All persons must adhere to a standard of business conduct and uphold the needs of the client above themselves.

<u>Standard of Conduct</u>

The anti-fraud standard makes it unlawful for any DGI employee, in connection with the purchase or sale, directly or indirectly, of a security held or to be acquired by DGI or for its clients to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Employ any device, scheme or artifice to defraud either DGI
or its clients;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Make any untrue statement of material fact or omit to state a material fact in light of circumstances
under which they would be deemed misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Engage in any act, practice or course of business that operates or would operate as a fraud or deceit
on DGI or its clients; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Engage in any manipulative practice on DGI or its clients.

<u>Fiduciary Duty</u>

As a registered investment adviser, DGI has a fiduciary duty to each and every client of the firm. The policy of DGI is to protect the interests of each of the firm's clients and to place the client's interests first and foremost in each and every situation. The firm's fiduciary duty also includes, but is not limited to: providing full and fair disclosure of all relevant facts and any potential or actual conflicts of interest, a duty of loyalty and good faith, providing recommendations that are suitable, and seeking best execution of all client transactions.

**5.** **Advisory Persons Covered by the Code of Ethics** 

The flow of investment information at DGI is very broad. All advisory persons have access to this information on a regular daily basis. For this reason, all advisory persons will be covered and are required to comply with all sections of the Code of Ethics Manual and the DGI Compliance Manual. The penalties listed in Section 1.2 of this Manual apply to violations of the Compliance Manual.

**6.** **Chinese Wall** 

An investment adviser which employs persons in non-advisory capacities may need to have policies and procedures to restrict the flow of inside information from being misused or made available or disclosed to other persons or areas of the firm that do not need to know the information better known as a "Chinese wall."

The compliance program at DGI treats all employees and some consultants as "advisory persons" and all advisory persons are restricted from acting directly or indirectly on information thought to be inside information. It would be impossible to create a formal Chinese wall within DGI as the organization is too small and the flow of information between operational areas of the organization is necessary. It is the responsibility of all advisory persons to restrict the flow of any inside information they encounter in the course of their duties with DGI to individuals in the organization who do not have a need to know.

**7.** **Annual Review and Education** 

This Manual will be reviewed at least annually for compliance. Changes to the Manual could be more frequent as regulations change or company policies are added. It is the Compliance Officer's responsibility to implement the changes to this Manual and the Compliance Manual.

The Compliance Officer will seek out whatever services and/or materials that are needed to maintain a high level of proficiency on compliance issues. This may include conferences, manuals, newsletters, software, legal services, etc. At least annually the Compliance Officer will conduct a training session for all advisory persons as a review of compliance issues. The Compliance Officer will conduct adhoc-training sessions as needed for new employees and as policies or regulations change. All personnel are encouraged to ask questions or make comments about compliance issues at any time.

**8.** **Personal Securities Trading** 

DGI has adopted the policy that the client's interest comes first. No advisory person is to put their own interest or the interest of any other person or company ahead of that of the client's. DGI recognizes that committed, successful investment people often have personal portfolios. DGI has adopted the following policies and procedures to ensure that no advisory person favors himself or herself over clients owning the same securities.

**Annual disclosure**

Each advisory person will submit, when hired, and then on an annual basis, a Personal Securities Holdings form to be reviewed by the Compliance Officer. The Personal Securities Holdings form is to be filled out by the advisory person and contain every securities transaction in which they, their families (including the spouse, minor children and adults living in the same household as the advisory person), and trusts of which they are trustees or in which they have a beneficial interest, gives direct or indirect investment advice to. The employee must attach a copy of the most recent statement to the form that lists the securities held in that account. Statements may be no more than 45 days old as of the date provided.

All securities not exempt from reporting must be disclosed on the form. Any employee not fully disclosing their holdings will be subject to the sanctions described in Section 3. The following is a list of exempt securities from reporting;

● U.S. Government Treasury or Agency Bonds, Notes or T-bills,

● Mutual funds not advised or sub-advised by DGI,

● Any commingled fund where the advisory person has no control over or say in the selection of the individual securities held.

**Monitoring transactions**

All advisory persons' non-exempt transactions must be pre-cleared by the Trading Liaison and Compliance Officer before the trade is submitted for execution. The advisory person must fill out a Pre-Clearance Personal Trading Request form (Appendix B). The Trading Liaison will verify and sign the form after checking if the security is currently owned by any DGI clients and if the security is in the process of being purchased or sold or is in consideration to be purchased or sold. The Compliance Officer will verify and sign the form that the trade pre-cleared by the advisory person meets the "Black-out Period Restrictions" listed below. All transactions will be subject to review by the Compliance Officer.

Every advisory person must ensure that the Compliance Officer receives at least quarterly a statement for each advisory person or related account that he or she gives direct or indirect investment advice to. Statements must be provided within 15 days of each calendar quarter end.

**Black-out Period Restrictions**

In an ideal trading situation all advisory person trades and client trades would be completed together for the same price and execution. Since an ideal trading situation is not always possible it is DGI's policy that the client's interest comes first. Therefore an advisory person may not trade on the same business day as any client trading in the same non-exempt security. However, an advisory person may complete a trade if within the same business day a client directs the sale of a specific security or requests an unexpected cash distribution. If an advisory person willfully violates this policy they will be subject to the sanctions listed in Section 1-2. If a consultant or sub-advisor who has been identified as subject to the Code of Ethics, willfully violates this policy they will be subject to contract cancellation and could be reported to the proper authorities for prosecution if it is determined they violated any rules or laws.

It is understood that it is not always possible for every advisory person to be sure that a portfolio manager will not trade a client's security during the black-out period after the pre- clearance form has been approved and the advisory person's trade has been executed. The portfolio manager is always to act in the best interest of the client and sometimes this requires the trading of a security on short notice. If this happens, it should be brought to the attention of the Compliance Officer. It will be the responsibility of the Compliance Officer to determine if the advisory person willfully was in violation of this policy. The Compliance Officer will respond to the advisory person in writing, if it is determined a willful violation has occurred.

**Prohibition of Short-Term Trading**

Advisory persons are prohibited from buying and selling the same security within 30 days. Profits could be disgorged for any violation of the rule to prevent short-swing profits that could be generated by client purchases. However, in the event of financial hardship, an advisory person may sell the same security in less than 30 days providing the advisory person has received written pre-clearance by the compliance officer and CIO.

**Prohibition on Participation in Initial Public Offerings (IPOs)**

Personnel may not participate in IPOs, which are inherently limited investment opportunities to prevent advisory personnel from usurping client investment opportunities.

**Restriction on Participation in Private Placements**

Advisory personnel must obtain written pre-clearance by the compliance officer and CIO before taking part in a private placement.

**9.** **Receipt of Gifts** 

As discussed in Section 25.1 of Disciplined Growth Investors' Compliance Manual, to maintain the actual and apparent impartiality of advisory recommendations, employees should not receive gifts of more than a *de minimus* value from any person with whom Disciplined Growth Investors' has or may have a business relationship.

**10.** **Directorships** 

As discussed in Section 25.2 of Disciplined Growth Investors' Compliance Manual, advisory personnel should obtain written pre-clearance from the compliance officer before serving as an officer, director, partner, etc., in any other entity.

**11.** **Insider Trading** 

DGI forbids any advisory person of DGI, or any affiliated person of DGI, having access to information available through his or her association with DGI (collectively referred to as "covered persons") (i) from trading in a security, either personally or on behalf of client accounts at a time when the covered person has knowledge of material nonpublic information concerning the issuer of the security and (ii) from communicating such material nonpublic information to others in violation of the law. This conduct is frequently referred to as "insider trading." DGI's policy applies to every covered person and extends to activities within and outside their duties at DGI. Every covered person must read and retain this policy statement. Any questions regarding DGI's policy and procedures should be referred to Peter Rieke, DGI's Compliance Officer.

The term "insider trading" is not defined in the federal securities laws, but generally is used to refer to (i) the use of material nonpublic information to trade in securities whether or not one is an "insider" and (ii) the communication of material nonpublic information to others.

Although the law concerning insider trading is not static, it is generally understood that the law prohibits:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) trading by an insider while in possession of material nonpublic
information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) trading by a non-insider while in possession of material nonpublic information,
where the information either was disclosed to the non-insider in violation of an insider's duty to keep it confidential or was misappropriated;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) communicating material nonpublic information to others.

The elements of insider trading and the penalties for such unlawful conduct are discussed below.

<u>Who is an Insider?</u>

The concept of "insider" is broad. It includes all covered persons of a company. In addition, a person can be a "temporary insider" if he or she enters into a special confidential relationship in the conduct of a company's affairs and as a result is given access to information solely for the company's purposes. A temporary insider can include, among others, a company's attorneys, accountants, consultants, bank lending officers, and the covered persons of such organizations. In addition, DGI may become a temporary insider of a company it advises or for which it performs other services. According to the Supreme Court, the company must expect the outsider to keep the disclosed nonpublic information confidential and the relationship must at least imply such a duty before the outsider will be considered a temporary insider.

<u>What is Material Information?</u>

Trading on insider information is not a basis for liability unless the information is material. "Material information" generally is defined as information for which there is a substantial likelihood that a reasonable investor would consider it important in making his or her investment decisions, and information that is reasonably likely to have a substantial effect on the price of a company's securities. Information that covered persons should consider material includes, but is not limited to: dividend changes, management's earnings estimates, changes in previously released management earnings estimates, significant merger or acquisition proposals or agreements, major litigation, liquidity problems and extraordinary management developments.

Material information does not have to relate to a company's business. For example, the Supreme Court considered as material certain information about the contents of a forthcoming newspaper column that was expected to affect the market price of a security. In that case, a <u>Wall Street Journal</u> reporter was found criminally liable for disclosing to others the dates that reports on various companies would appear in the <u>Journal</u> and whether those reports would be favorable or not.

<u>What is Nonpublic Information?</u>

Information is nonpublic until is has been effectively communicated to the market place. One must be able to point to some fact to show that the information is generally public. For example, information found in a report filed with the SEC, or appearing in Dow Jones, <u>Reuters Economic Services, The Wall Street Journal</u> or other publications of general circulation would be considered public.

<u>Penalties for Insider Trading.</u>

Penalties for trading on or communicating material nonpublic information are severe, both for individuals involved in such unlawful conduct and their employers. A person can be subject to some or all of the penalties below even if he or she does not personally benefit from the violation. Penalties may include:

- civil injunctions;

- treble damages;

- disgorgement of profits;

- jail sentences;

- fines for the person who committed the violation of up to three times the profit gained or loss avoided, whether or not the person actually benefited; and

- fines for the employer or other controlling person of up to the greater of $1,000,000 or three times the amount of the profit gained or loss avoided.

In addition, any violation of the procedures described below can be expected to result in serious sanctions by DGI, possibly including termination of employment.

<u>Procedures to Implement Policy.</u>

The following procedures have been established to aid DGI's covered persons in avoiding insider trading, and to aid DGI in preventing, detecting and imposing sanctions against insider trading. Every covered person must follow these procedures or risk serious sanctions, including dismissal, substantial personal liability and criminal penalties. If you have any questions about these procedures you should consult Peter Rieke, DGI's Compliance Officer.

<u>Identifying Inside Information.</u>

Before trading for yourself or others, including other accounts managed by DGI in the securities of a company about which you may have potential inside information, ask yourself the following questions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Is the information material? Is this information that an investor
would consider important in making his or her investment decisions? Is this information that would substantially affect the market price
of the securities if publicly disclosed?

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Is the information nonpublic? To whom has this information been provided? Has the
information been effectively communicated to the marketplace by being published in <u>Reuters</u>, <u>The Wall Street Journal</u> or
other publications of general circulation or by being included in a disclosure document filed with the SEC?

If, after consideration of the above, you <u>believe</u> that the information is material and nonpublic, or if you have <u>questions</u> as to whether the information is material and nonpublic, you should take the following steps:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Report the matter immediately to Peter Rieke, DGI's Compliance
Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Do not purchase or sell the securities on behalf of yourself or other accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Do not communicate the information inside or outside DGI other than to Peter Rieke.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. After the issue has been reviewed, you will be instructed to continue the prohibitions
against trading and communication, or you will be allowed to trade and communicate the information.

<u>Restricting Access to Material Nonpublic Information</u>.

Information in your possession that you identify as material and nonpublic may not be communicated to anyone, including persons within DGI, except as provided above. In addition, care should be taken so that such information is secure. For example, files containing material nonpublic information should be sealed and access to computer files containing material nonpublic information should be restricted.

**12.** **Appendix A – Personal Securities Disclosure Form** 

<u>The Chief Compliance Officer will provide a Personal Securities Disclosure Form in electronic format.</u> Advisory persons must provide a list of all accounts holding non-exempt securities in which you or a related person has a beneficial interest in for which you make investment decisions. This includes not only securities held by brokers or other custodians, but also securities held at home, in safe deposit boxes, or by an issuer. In addition to the Personal Securities Disclosure Form, advisory persons must provide an account statement not more than 45 days old showing the holdings in each account. **This information will be updated annually. If any change occurs throughout the year, you must notify the Chief Compliance Officer immediately.**

**Appendix B - Disciplined Growth Investors, Inc.**

**Personal Trading Pre-Clearance Request**

This form is to be used *<u>in advance</u>* of any employee or other access person of Disciplined Growth Investors, Inc.

authorizing any broker or trader to transact a trade on their behalf for any non-exempt securities account as defined by Disciplined Growth Investors, Inc's Code of Ethics. <u>All required signatures must be obtained before a trade is placed.</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Employee Name** |  |  |  |  |
| &nbsp;&nbsp;**Request Date** |  |  |  |  |
| **1**<br> **Employee<br> Complete** | ACCOUNT NAME: | ACCOUNT NUMBER: | ACCOUNT NUMBER: | ACCOUNT NUMBER: |
| **1**<br> **Employee<br> Complete** | &nbsp;&nbsp;ACCOUNT LOCATION: | &nbsp;&nbsp;TRANSACTION TYPE (CHECK ONE): <br> ☐ BUY ☐ SELL ☐ SHORT | &nbsp;&nbsp;TRANSACTION TYPE (CHECK ONE): <br> ☐ BUY ☐ SELL ☐ SHORT | &nbsp;&nbsp;TRANSACTION TYPE (CHECK ONE): <br> ☐ BUY ☐ SELL ☐ SHORT |
| **1**<br> **Employee<br> Complete** | SECURITY NAME: | SECURITY SYMBOL (TICKER or CUSIP): | SECURITY SYMBOL (TICKER or CUSIP): | SECURITY SYMBOL (TICKER or CUSIP): |
| **1**<br> **Employee<br> Complete** | &nbsp;&nbsp;QUANTITY: | &nbsp;&nbsp; FOR TRANSACTIONS INVOLVING MULTIPLE SECURITIES, ATTACH A LIST INCLUDING THE NAME, SYMBOL, QUANTITY AND TRANSACTION TYPE FOR EACH SECURITY. | &nbsp;&nbsp; FOR TRANSACTIONS INVOLVING MULTIPLE SECURITIES, ATTACH A LIST INCLUDING THE NAME, SYMBOL, QUANTITY AND TRANSACTION TYPE FOR EACH SECURITY. | &nbsp;&nbsp; FOR TRANSACTIONS INVOLVING MULTIPLE SECURITIES, ATTACH A LIST INCLUDING THE NAME, SYMBOL, QUANTITY AND TRANSACTION TYPE FOR EACH SECURITY. |
| **2** **<br> Trading<br> Liaison<br> Complete** | &nbsp;&nbsp;AS OF THE REQUEST DATE IS THIS SECURITY HELD IN ANY CLIENT PORTFOLIO (CHECK ONE)? | &nbsp;&nbsp; ☐ YES<br>| &nbsp;&nbsp; ☐ NO<br>|  |
| **2** **<br> Trading<br> Liaison<br> Complete** | &nbsp;&nbsp;AS OF THE REQUEST DATE IS THIS SECURITY BEING TRADED OR CONSIDERED FOR TRADE IN ANY CLIENT PORTFOLIO (CHECK ONE)? | &nbsp;&nbsp; ☐ YES<br>| &nbsp;&nbsp; ☐ NO<br>|  |
| **2** **<br> Trading<br> Liaison<br> Complete** | &nbsp;&nbsp;VERIFIED WITH PORTFOLIO MANAGER (CHECK ONE)? | &nbsp;&nbsp; ☐ YES<br>| &nbsp;&nbsp; ☐ NO<br>|  |
| **2** **<br> Trading<br> Liaison<br> Complete** |  |  |  |  |
| **2** **<br> Trading<br> Liaison<br> Complete** | &nbsp;&nbsp;IF TRADED IN CLIENT PORTFOLIO, IS THE SECURITY BEING BOUGHT OR SOLD (CHECK ONE) | &nbsp;&nbsp; ☐ BOUGHT<br>| &nbsp;&nbsp; ☐ SOLD<br>|  |
| **2** **<br> Trading<br> Liaison<br> Complete** | &nbsp;&nbsp;TRADING LIAISON SIGNATATURE | &nbsp;&nbsp;DATE | &nbsp;&nbsp;DATE |  |
| **3** **<br> Compliance<br> Officer<br> Complete** | &nbsp;&nbsp;☐REQUEST APPROVED ☐ REQUEST DENIED | &nbsp;&nbsp;☐REQUEST APPROVED ☐ REQUEST DENIED | &nbsp;&nbsp;☐REQUEST APPROVED ☐ REQUEST DENIED | &nbsp;&nbsp;☐REQUEST APPROVED ☐ REQUEST DENIED |
| **3** **<br> Compliance<br> Officer<br> Complete** | &nbsp;&nbsp;COMPLIANCE OFFICER SIGNATURE | &nbsp;&nbsp;DATE | &nbsp;&nbsp;DATE |  |
| **3** **<br> Compliance<br> Officer<br> Complete** |  |  |  |  |
| **3** **<br> Compliance<br> Officer<br> Complete** | &nbsp;&nbsp;NOTES | &nbsp;&nbsp;NOTES | &nbsp;&nbsp;NOTES | &nbsp;&nbsp;NOTES |
| **3** **<br> Compliance<br> Officer<br> Complete** |  |  |  |  |
| &nbsp;&nbsp;**Employee<br> Signature** | &nbsp;&nbsp; THE INFORMATION ABOVE IS TRUE TO THE BEST OF MY KNOWLEDGE. I HAVE OBTAINED ALL REQUIRED SIGNATURES IN ADVANCE OF EXECUTING ANY TRADES. | &nbsp;&nbsp;EMPLOYEE SIGNATURE | &nbsp;&nbsp;EMPLOYEE SIGNATURE | &nbsp;&nbsp;DATE |
| &nbsp;&nbsp; EMPLOYEE TO PROVIDE THIS FORM TO OPERATIONS ADMINISTRATOR | &nbsp;&nbsp; EMPLOYEE TO PROVIDE THIS FORM TO OPERATIONS ADMINISTRATOR | &nbsp;&nbsp; EMPLOYEE TO PROVIDE THIS FORM TO OPERATIONS ADMINISTRATOR | &nbsp;&nbsp; EMPLOYEE TO PROVIDE THIS FORM TO OPERATIONS ADMINISTRATOR | &nbsp;&nbsp; EMPLOYEE TO PROVIDE THIS FORM TO OPERATIONS ADMINISTRATOR |
| **4** **<br> Operations<br> Administrator<br> Complete** | &nbsp;&nbsp;WAS THIS SECURITY TRADED IN ANY CLIENT PORTFOLIO? ATTACH MASTER PURCHASE & SALE REPORT. | &nbsp;&nbsp;☐ YES | &nbsp;&nbsp;☐ NO |  |
| **4** **<br> Operations<br> Administrator<br> Complete** | &nbsp;&nbsp;OPERATIONS ADMINISTRATOR SIGNATURE | &nbsp;&nbsp;DATE | &nbsp;&nbsp;DATE |  |
| **4** **<br> Operations<br> Administrator<br> Complete** |  |  |  |  |
| **4** **<br> Operations<br> Administrator<br> Complete** |  |  |  |  |
| **4** **<br> Operations<br> Administrator<br> Complete** | OPERATIONS ADMINISTRATOR RETURN FORM TO COMPLIANCE OFFICER | OPERATIONS ADMINISTRATOR RETURN FORM TO COMPLIANCE OFFICER | OPERATIONS ADMINISTRATOR RETURN FORM TO COMPLIANCE OFFICER | OPERATIONS ADMINISTRATOR RETURN FORM TO COMPLIANCE OFFICER |

---

**13.** **Appendix C – Code of Ethics Certification** 

Pursuant to Rule 204A-1 under the Investment Advisers Act of 1940, Disciplined Growth Investors, Inc has provided each access person with a copy of its Code of Ethics at the time of hire and annually thereafter. All access persons are required to certify receipt of the Code of Ethics in writing.

Name of access person:  

I hereby certify that I have read and understand Disciplined Growth Investors, Inc's Code of Ethics and will comply with the company's policies and procedures in all respects. I understand that my failure to comply with the Code of Ethics may result in sanctions, up to and including termination of my employment.

I certify that I have made all disclosures required under the Code of Ethics, including all personal securities holdings.

    <br> Signature Date