# EDGAR Filing Document

**Accession Number:** 0001251896
**File Stem:** 0001398344-26-007648
**Filing Date:** 2026-4
**Character Count:** 525631
**Document Hash:** 500573341101661cfa3aa9837535fc52
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-007648.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001398344-26-007648

**CONFORMED SUBMISSION TYPE**: 485BPOS

**PUBLIC DOCUMENT COUNT**: 33

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AEGIS FUNDS
- **CENTRAL INDEX KEY:** 0001251896

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21399
- **FILM NUMBER:** 26914932

**BUSINESS ADDRESS:**
- **STREET 1:** 6862 ELM STREET
- **STREET 2:** STE 830
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22101
- **BUSINESS PHONE:** 703-528-7788

**MAIL ADDRESS:**
- **STREET 1:** 6862 ELM STREET
- **STREET 2:** STE 830
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22101
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AEGIS FUNDS
- **CENTRAL INDEX KEY:** 0001251896

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** 485BPOS
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-106971
- **FILM NUMBER:** 26914931

**BUSINESS ADDRESS:**
- **STREET 1:** 6862 ELM STREET
- **STREET 2:** STE 830
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22101
- **BUSINESS PHONE:** 703-528-7788

**MAIL ADDRESS:**
- **STREET 1:** 6862 ELM STREET
- **STREET 2:** STE 830
- **CITY:** MCLEAN
- **STATE:** VA
- **ZIP:** 22101

## Series and Classes Contracts Data

### Aegis Value Fund (Series ID: S000043790)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000135823 | Class I      | AVALX           |

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

Filed with the U.S. Securities and Exchange Commission on April 29, 2026

1933 Act Registration File No. 333-106971

1940 Act Registration File No. 811-21399

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-1A**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [ X ] <br> Pre-Effective Amendment No.   [ ] <br> Post-Effective Amendment No. <u>42</u> [ X ]

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [ X ] <br> Amendment No. <u>43</u> [ X ]

(Check appropriate box or boxes.)

**THE AEGIS FUNDS**

(Exact Name of Registrant)

6862 Elm Street, Suite 830, McLean, VA 22101

(Address of Principal Executive Office)

Registrant's Telephone Number (703) 528-7788

Mr. Scott L. Barbee

6862 Elm Street, Suite 830

McLean, VA 22101

(Name and Address of Agent for Service)

Copy to:

Paul M. Miller, Esq.

Seward & Kissel LLP

901 K Street, NW

Washington, DC 20001

It is proposed that this filing will become effective (check appropriate box)

---

| | | |
|:---|:---|:---|
| [ | ] | immediately upon filing pursuant to paragraph (b) |
| [ | X] | on <u>April 30, 2026</u> 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.

**EXPLANATORY NOTE:** This Post-Effective Amendment No. 42 to the Registration Statement is being filed to add the audited financial statements and certain related financial information for the fiscal year ended December 31, 2025 for Aegis Value Fund and to make permissible changes under Rule 485(b).

AEGIS **Value Fund**

**Class I (Ticker: AVALX)** 

Prospectus

April 30, 2026

This Prospectus contains important information about the Aegis Value Fund that you should know before investing. Please read it carefully and retain it for future reference.

The Aegis Value Fund seeks to achieve long-term capital appreciation.

**LIKE ALL MUTUAL FUNDS, THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE U.S. SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION NOR HAS THE U.S. SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

**Table of Contents** 

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| | |
|:---|:---|
| Summary Section  | 3 |
| Additional Information About the Investment Strategies and Risks of the Fund  | 10 |
| Management of the Fund  | 15 |
| Investing in the Fund  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Class I Shares  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;How to Purchase Shares  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;How to Redeem Shares  | 24 |
| Additional Information Regarding Purchases and Redemptions  | 27 |
| Dividends and Distributions  | 30 |
| Tax Consequences of an Investment  | 31 |
| Shareholder Accounts and Services  | 33 |
| Index Description  | 35 |
| Financial Highlights  | 35 |
| Aegis Mutual Funds Privacy Notice  | 37 |

---

**Summary Section** 

**The Fund's Investment Objective** 

The Aegis Value Fund (the "Fund") seeks long-term capital appreciation.

**Fees and Expenses of the Fund** 

This table describes the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

---

| | |
|:---|:---|
|  | **Class I** |
| **Shareholder Fees <br> (fees paid directly from your investment)**  | None |

---

---

| | |
|:---|:---|
| **Annual Fund Operating Expenses (expenses that you pay each year <br> as a percentage of the value of your investment)** |  |
| Management Fees  | 1.20% |
| Distribution and Service (12b-1) Fees  |  |
| Other Expenses  | 0.16% |
| Total Annual Fund Operating Expenses  | 1.36% |

---

***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. You may be required to pay commissions and/or other forms of compensation to a broker on your purchases and sales of Class I shares of the Fund, which are not reflected in this table. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class I  | $138 | $430 | $743 | $1631 |

---

**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 Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating

Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year ended December 31, 2025, the Fund's portfolio turnover rate was 12% of the average value of its portfolio.

**The Fund's Principal Investment Strategies** 

The Fund invests primarily in common stocks that the Advisor believes are significantly undervalued relative to the market based on fundamental accounting measures including book value (assets less liabilities), revenues, or cash flow. This strategy is commonly known as a "deep value" investment strategy. The Fund may invest in securities issued by companies of any market capitalization, including small- and mid-capitalization companies. The Fund considers a small-capitalization company to be a company with a market capitalization (the value of all outstanding stock) of less than $1 billion at the time of investment. The Fund has no percentage allocation for investments in small- or mid-capitalization companies, and the Fund may invest up to 100% of its portfolio in the securities of these companies. The Fund may also invest in the securities of foreign companies. The Advisor may hold a significant portion of the Fund's portfolio in cash or cash equivalent instruments. If market conditions reduce the availability of securities with acceptable valuations, the Fund may, for extended periods, hold larger than usual cash reserves until securities with acceptable valuations become available. From time to time, the Fund may have significant amounts invested in securities of companies in the same economic sector. As of December 31, 2025, 44.5% and 29.3% of the Fund's total investments were invested in the Materials and Energy sectors, respectively.

The Fund may, from time to time, take temporary defensive positions in response to adverse market, economic, political or other conditions. To the extent the assets of the Fund are invested in temporary defensive positions, the Fund may not achieve its investment objective. For temporary defensive purposes, the Fund may invest in cash and/or short-term obligations.

**Principal Risks of Investing in the Fund** 

***Securities held by the Fund will fluctuate in price. The value of your investment in the Fund will go up and down. This means that you could lose money over short or extended periods of time. Before investing in this Fund, you should carefully consider all risks of investing in the Fund, including investing in: securities in general, "deep value" securities, securities of smaller companies, securities of foreign companies and securities of companies within the same sector. A summary of the principal risks of investing in the Fund is provided below. Also, for additional information, please refer to the section of the Prospectus titled "Additional Information About the Investment Strategies and Risks of the Fund."*** 

● **Equity Investment Risk .** To the extent the Fund invests in common stocks and other equity securities, it may be subject to the risks of changing economic, stock market, industry and company conditions. Equity security prices can fluctuate over a wide range in the shorter term or over extended periods of time.

In addition, the interests of equity holders are typically subordinated to the interests of creditors and other senior shareholders. Markets may, in response to governmental actions or intervention, economic or market developments, or other external factors, including global health crises, tariffs and trading disruptions, natural disasters and regional and global conflicts, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities may be difficult to value during such periods.

● **Risks of Value-Oriented Investment Strategies .** The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns.

● **Risks of Investing in Small- and Mid-Capitalization Companies .** The Fund's purchases of securities of small- and mid-capitalization companies bring specific risks. Historically, these small- and mid-capitalization securities have been more volatile in price than larger company securities, especially in the shorter term. Small- and mid-capitalization companies may not be well-known to the investing public and may not have significant institutional ownership or analyst coverage. These and other factors may contribute to higher volatility in prices.

● **Risks of Investing in Foreign Securities .** To the extent the Fund holds foreign securities, whether or not such securities are denominated in U.S. dollars, the Fund will be subject to special risks. These risks will include greater volatility, investments that are more difficult to trade or dispose of than similar U.S. securities, and adverse political or economic developments resulting from sanctions, tariffs, trade wars, global or regional conflicts and political, international or military crises. The value of the Fund's investments in securities of foreign issuers, measured in U.S. dollars, will increase or decrease as a result of changes in currency exchange rates.

● **Risks of Investing in a Managed Fund .** The investment decisions of the Advisor may cause the Fund to underperform other investments or benchmark indices.

● **Risks of Investing in a Particular Sector .** Securities of companies in the same or related businesses, if comprising a significant portion of the Fund's portfolio, could react in some circumstances negatively to market conditions, interest

rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such businesses comprised a lesser portion of the Fund's portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Energy Risk.** Energy companies may be negatively affected by natural disasters, the high investment costs of exploration and other long-term projects, maintenance costs (and risks of obsolescence) associated with significant fixed assets, commodity prices, government regulations, and conservation efforts, among other factors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Materials Risk.** The Materials sector includes companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition. The prices of the securities of companies operating in the Materials sector may fluctuate widely due to the level and volatility of commodity prices, the exchange value of the U.S. dollar, import controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

● **Cash Position Risk .** To the extent that the Fund holds assets in cash, cash equivalents, and other short-term investments, the ability of the Fund to meet objective may be limited.

As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Fund Performance** 

The following bar chart and table provide some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year and how the Fund's average annual returns for 1-year, 5-years and 10-years compare with those of a broad measure of market performance and a secondary benchmark that more closely reflects the types of securities in which the Fund invests.

**The past performance of the Fund (before and after taxes) is not necessarily an indication of how the Fund will perform in the future.** Updated information on the Fund's results can be obtained on the Fund's website at <u>www.aegisfunds.com</u> or by calling 1-800-528-3780.

**Annual Total Returns for the Year Ended December 31 – Class I**![](fp0098581-2_7.jpg)

During the period shown on the bar chart, the Fund's best and worst quarters were as follows:

---

| | | |
|:---|:---|:---|
| **Highest Quarterly Return** | **47.20%** | **(2nd Quarter 2020)**  |
| **Lowest Quarterly Return** | **-38.70%** | **(1st Quarter 2020)**  |

---

**Average Annual Total Returns for Year Ended December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
| **Class I:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Return Before Taxes  | 67.07% | 25.77% | 22.82% |
| &nbsp;&nbsp;&nbsp; Return After Taxes on Distributions  | 66.27% | 25.17% | 22.00% |
| &nbsp;&nbsp;&nbsp; Return After Taxes on Distributions and Sale of Fund Shares  | 40.46% | 21.31% | 19.57% |
| **S&P 500 Total Return Index** (index reflects no deduction for fees, expenses, or taxes)  | 17.88% | 14.42% | 14.82% |
| **S&P SmallCap 600 Pure Value Index** (index reflects no deduction for fees, expenses, or taxes)  | 8.83% | 14.21% | 9.65% |

---

After–tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your tax situation and may differ from those shown. Furthermore, the after-tax returns are not relevant to those who hold their Fund shares

through tax-deferred arrangements such as 401(k) plans or Individual Retirement Accounts ("IRAs"). All Fund performance data assumes reinvestment of dividends and capital gain distributions.

**Management** 

*Investment Advisor* 

Aegis Financial Corporation is the investment adviser to the Fund.

*Portfolio Manager* 

Scott L. Barbee, Managing Director of Aegis Financial Corporation, is the portfolio manager of the Fund and has served in that capacity since its inception in 1998.

**Purchase and Sale of Fund Shares** 

The minimum initial investment for Class I shares is $10,000 for non-IRAs and $5,000 for IRAs.

The minimum subsequent purchase amount for Class I shares is $250 unless the purchase is made in connection with the Automatic Investment Plan, in which case you can make monthly or quarterly investments of $100 or more.

You may purchase or redeem shares of the Fund on any day that the New York Stock Exchange ("NYSE") is open for trading, subject to certain restrictions. Purchases and redemptions may be made by mailing an application or redemption request to Aegis Value Fund, c/o U.S. Bank Global Fund Services, P.O. Box 219252, Kansas City, MO 64121-9252, by wire, or by calling 1-800-528-3780. Subsequent purchases and redemptions may be made by visiting the Fund's website at www.aegisfunds.com. Investors who wish to purchase or redeem shares through a broker-dealer or other financial intermediary should contact the intermediary regarding the hours during which orders to purchase or redeem shares of the Fund may be placed.

**Dividends, Capital Gains and Taxes** 

The Fund's distributions are taxable and will be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an IRA. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts.

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

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

**Additional Information About the Investment Strategies and Risks of the Fund** 

Unless otherwise stated, all investment strategies (including the investment objective) and limitations of the Fund are non-fundamental and may be changed by the Board of Trustees (the "Board") without shareholder approval upon at least 60 days' prior written notice to shareholders. The fundamental investment policies of the Fund are set forth in the Fund's Statement of Additional Information ("SAI"). The fundamental policies cannot be changed without shareholder approval. For more information, please refer to the SAI.

The Fund may invest in the securities of foreign companies and in convertible securities, which are bonds, debentures, notes, preferred stocks or other securities that may be converted into or exchanged for a prescribed amount of equity securities (generally common stock) of the same or a different issuer within a particular period of time at a specified price or formula. The Fund may lend portfolio securities to brokers, dealers and financial institutions to the extent permitted under the Investment Company Act of 1940, as amended ("1940 Act"), and the rules, regulations and interpretations thereunder.

*Cash Reserves.* The Advisor may hold a significant portion of the Fund's portfolio in cash or cash equivalent securities. If market conditions reduce the availability of securities with acceptable valuations, the Fund may, for extended periods, hold larger than usual cash reserves until securities with acceptable valuations become available. As a result, the Fund may not achieve its investment objectives during such periods. Holding larger than usual cash reserves can penalize short-term performance in rising markets, but during market declines cash reserves may allow the Fund to purchase securities at discounted prices.

*Temporary Defensive Investments.* The Fund may, from time to time, take a temporary defensive position by holding cash or by investing in money market funds, repurchase agreements on government securities and other cash equivalents when the securities markets are experiencing excessive volatility or a prolonged general decline, or when other adverse conditions exist. During these circumstances, the Fund may be unable to pursue its investment objectives. The Fund's defensive investment position may not be effective in protecting its value.

**Who Might Want to Invest?** The Fund may be an appropriate investment for investors seeking diversified participation in "deep value" investments. Investors in the Fund should be seeking long-term capital appreciation. Shares of the Fund can be purchased through both non-retirement accounts and retirement accounts. Investors should be comfortable with the higher company-specific risks associated with "deep value" investments. In addition, the Fund's investment in the securities of small- and mid-capitalization companies may result in higher price volatility versus mutual funds that limit their investments to the securities of larger companies. Therefore, the Fund is

most suitable for long-term investors who are willing to hold their shares for extended periods of time through market fluctuations and the accompanying changes in share prices.

**Risk Factors** 

As with all mutual funds, there is the risk that you could lose all or a portion of your investment in the Fund. An investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. There is no assurance that the Fund will achieve its investment objective, and an investment in the Fund is not by itself a complete or balanced investment program. The following provides additional information about the risks that could affect the value of your investment:

*Equity Investment Risk.* To the extent the Fund invests in common stocks and other equity securities, it may be subject to the risks of changing economic, stock market, industry and company conditions, currency exchange rates and the risks inherent in management's ability to anticipate any changes that can adversely affect the value of the Fund's common stock holdings. Equity security prices can fluctuate over a wide range in the shorter term or over extended periods of time. In addition, the interests of equity holders are typically subordinated to the interests of creditors and other senior shareholders. Markets may, in response to governmental actions or intervention, economic or market developments, or other external factors, including global health crises, natural disasters, tariffs and trading disruptions, supply chain disruptions, and regional and global conflicts, experience periods of high volatility and reduced liquidity. During those periods, the Fund may experience high levels of shareholder redemptions, and may have to sell securities at times when the Fund would otherwise not do so, potentially at unfavorable prices. Certain securities, particularly fixed income securities, may be difficult to value during such periods.

*Risks of Value-Oriented Investment Strategies.* The Advisor follows an investing style that favors value investments. Historically, value investments have performed best during periods of economic recovery. Therefore, the value investing style may over time go in and out of favor. At times when the value investing style is out of favor, the Fund may underperform other funds that use different investing styles. Investors should be prepared to tolerate volatility in Fund returns.

*Risks of Investing in Small- and Mid-Capitalization Companies.* Small- and mid-capitalization companies sometimes have limitations in the diversification of product lines, management depth, financial resources and market share. Therefore, these companies can be more vulnerable to adverse business or economic developments, and as a result their securities may involve considerably more risk than securities of larger and more seasoned companies.

The purchase and sale of small- and mid-capitalization company securities may have a greater impact on market prices than would be the case with larger capitalization stocks. In addition, these securities may have lower trading volumes and wider market

spreads between bid and ask prices than the shares of larger companies. Therefore, the cost of trading large amounts of these securities may be relatively higher than the cost of trading large amounts of large company securities.

*Risks of Investing in a Managed Fund.* Performance of individual securities can vary widely. The investment decisions of the Advisor may cause the Fund to underperform benchmark indexes. The Fund may also underperform other mutual funds with similar investment strategies. The Advisor may be incorrect in an assessment of a particular industry or company, or the Advisor may not buy chosen securities at the lowest possible prices or sell securities at the highest possible prices.

*Risks of Investing in Foreign Securities.* The risks of foreign markets and investing in foreign securities include currency fluctuations, possible nationalization or expropriation of assets, extraordinary taxation or exchange controls, imposition of sanctions, tariffs, political or social instability, global and regional conflicts, public health crises, such as pandemics, epidemics and other similar circumstances in one or more countries or regions, unfavorable diplomatic developments, and certain custody and settlement risks. In addition to these risks, many foreign markets have less trading volume and less liquidity than the U.S. markets, and therefore prices in foreign markets can be highly volatile. Foreign markets may also have less protection for investors than the U.S. markets. The imposition of, or an increase in, tariffs or trade restrictions between the U.S. and foreign countries, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economies of the U.S. and foreign countries. Foreign issuers may be subject to less government supervision. It may also be difficult to enforce legal and shareholder rights in foreign countries. There is no assurance that the Fund will be able to anticipate these risks or counter their effects.

Foreign investments may also involve risks associated with the level of currency exchange rates, less complete or reliable financial information about the issuers, less market liquidity, more market volatility and political instability. Future political and economic developments, the possible imposition of withholding taxes on investment income, the possible seizure or nationalization of foreign holdings, the possible establishment of exchange controls or freezes on the convertibility of currency, or the adoption of other governmental restrictions might adversely affect an investment in foreign securities. Sanctions imposed by the U.S. or a foreign country may restrict the Fund's ability to purchase or sell foreign securities or may require the Fund to divest its holdings in foreign securities, which could adversely affect the value or liquidity of such holdings. Currency exchange rates may fluctuate significantly, causing the Fund's net asset value ("NAV") to fluctuate as well. A decline in the value of a foreign currency relative to the U.S. dollar will reduce the value of a foreign currency-denominated security.

*Risks of Investing in a Particular Sector.* The Advisor's value investment strategy may, from time to time, result in the Fund investing significant amounts of its portfolio in securities of issuers principally engaged in the same or related businesses. Market conditions, interest rates and economic, regulatory or financial developments could

significantly affect a single business or a group of related businesses. Securities of companies in such business or businesses, if comprising a significant portion of the Fund's portfolio, could react in some circumstances negatively to these or other developments and adversely affect the value of the portfolio to a greater extent than if such business or businesses comprised a lesser portion of the Fund's portfolio. The imposition of sanctions or tariffs could also adversely affect global sectors, including financial, energy and metals & mining sectors, and thereby negatively affect the value of the Fund's investments beyond any direct exposure to the countries or regions subject to the sanctions.

● Energy companies may be negatively affected by natural disasters (such as earthquakes, wildfires or floods), the high investment costs of exploration and other long-term projects, maintenance costs (and risks of obsolescence) associated with significant fixed assets, commodity prices, government regulations, and conservation efforts, among other factors. Additionally, changes in the regulatory environment for the energy sector may adversely impact their profitability. Oil production and refining companies are subject to extensive federal, state and local environmental laws and regulations regarding air emissions and the disposal of hazardous materials. In addition, oil prices are generally subject to extreme volatility.

● The Materials sector includes companies that manufacture chemicals, construction materials, glass, paper, forest products and related packaging products, and metals, minerals and mining companies, including producers of steel. The Fund is subject to the risk that the securities of such issuers will underperform the market as a whole due to legislative or regulatory changes, adverse market conditions and/or increased competition. The prices of the securities of companies operating in the Materials sector may fluctuate widely due to the level and volatility of commodity prices, the exchange value of the U.S. dollar, import controls, worldwide competition, liability for environmental damage, depletion of resources, and mandated expenditures for safety and pollution control devices. Production of materials may exceed demand as a result of market imbalances or economic downturns, leading to poor investment returns.

*Risks of Political, International, Military and Health Crises.* From time to time, major political, international, military or health crises occur which could have a significant effect on economic conditions and the financial markets. In recent times, such events have caused the closure of or temporary trading halt of U.S. and other securities markets, triggered periods of very high financial market volatility, and have altered the future political, military and economic outlook on a global scale. Such crises and events, depending on their timing, location and scale, could severely impact the trading and operations of the Fund. The duration of such crises and events cannot be predicted. These events could also harm the value of the portfolio securities in the Fund and possibly harm the ability of the Advisor to operate the Fund, thereby increasing the potential of losses in the Fund.

*Risks of Investing in Convertible Securities.* Convertible securities have general characteristics similar to both fixed-income and equity securities. Yields for convertible securities tend to be lower than for non-convertible debt securities but higher than for common stocks. Although to a lesser extent than with fixed-income securities generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying security and therefore also will react to variations in the general market for equity securities and the operations of the issuer. While no securities investments are without risk, investments in convertible securities generally entail less risk than investments in common stock of the same issuer. Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. However, because of the subordination feature, convertible bonds and convertible preferred stock typically have lower ratings than similar non-convertible securities.

*Credit Risk.* The risk that an issuer, counterparty or other obligor to the Fund will fail to pay its obligations to the Fund when they are due. If an investment's issuer, counterparty or other obligor fails to pay interest or otherwise fails to meet its obligations to the Fund, the value of the investment might be lost entirely. Financial strength and solvency of an issuer are the primary factors influencing credit risk. Actual or perceived changes in the financial condition of an obligor, changes in specific economic, social or political conditions that affect a particular type of security, other instrument or an obligor, and changes in economic, social or political conditions generally can increase the risk of default by an obligor, which can affect a security's or other instrument's credit quality or value and an obligor's ability to honor its obligations when due. The values of securities or instruments also may decline for a number of other reasons that relate directly to the obligor, such as management performance, financial leverage, reduced demand for the obligor's goods and services, as well as the historical and prospective earnings of the obligor and the value of its assets. Credit risk is heightened to the extent the Fund has fewer counterparties.

*Cash Position Risk.* The Advisor may hold a significant portion of the Fund's assets in cash, cash equivalents, or other short-term investments at any time or for an extended time. The Advisor will determine the amount of the Fund's assets to be held in cash or cash equivalents at its sole discretion, based on such factors as it may consider appropriate under the circumstances. To the extent that the Fund holds assets in cash or is otherwise uninvested, the Fund's ability to meet its objective may be limited.

*Cyber Security Risk.* Mutual funds, including the Fund, and their service providers, including the Advisor, are susceptible to cyber security risk. Cyber security incidents, both intentional and unintentional, may allow an unauthorized party to gain access to Fund assets, shareholder data, or propriety information, or cause the Fund, the Advisor and/or the Fund's service providers to suffer data breaches, data corruption or lose

operational functionality, or prevent Fund investors from purchasing or redeeming shares or receiving distributions. Cyber security incidents may result in financial losses to the Fund and its shareholders, and substantial costs may be incurred in seeking to prevent or minimize future cyber security incidents.

While measures have been developed that are designed to reduce the risks associated with cyber security incidents, there can be no assurance that those measures will be effective, particularly since the Fund does not control the cyber security defenses or plans of its service providers, financial intermediaries and companies with which those entities do business and companies in which the Fund invests.

*Securities Lending Risk.* There are certain risks associated with securities lending, including the risk that when lending portfolio securities, the securities may not be available to the Fund on a timely basis and the Fund may, therefore, lose the opportunity to sell the securities at a desirable price. When the Fund loans its portfolio securities, the Fund will receive collateral consisting of cash or cash equivalents, securities issued or guaranteed by the U.S. Government or one of its agencies or instrumentalities, an irrevocable bank letter of credit, or any combination thereof. Nevertheless, the Fund risks a delay in the recovery of the loaned securities, or even the loss of rights in the collateral deposited by the borrower if the borrower should fail financially. In addition, any investments made with the collateral received are subject to the risks associated with such investments. If such investments lose value, the Fund will have to cover the loss when repaying the collateral.

**Management of the Fund** 

**Investment Advisor.** Aegis Financial Corporation, 6862 Elm Street, Suite 830, McLean, Virginia 22101, is the Fund's investment adviser. The Advisor, which has operated as a registered investment adviser since 1994, manages private account portfolios, and has served as the Fund's investment adviser since its inception on May 15, 1998. The Advisor provides investment advisory services and order placement facilities for the Fund.

At its own expense, the Advisor compensates certain financial institutions, including the Fund's distributor, for providing distribution and distribution-related services and/or for performing certain administrative/shareholder servicing functions for the benefit of the Fund's shareholders. These payments may create an incentive for such financial institutions to recommend the purchase of the Fund's shares.

**Advisor Compensation.** Pursuant to the Investment Advisory Agreement, the Fund pays the Advisor a fee to manage the Fund's portfolio. The Advisor receives an annual advisory fee from the Fund at a rate of 1.20% of the Fund's average daily net assets. The Advisor did not waive any fees during the fiscal year ended December 31, 2025.

A discussion summarizing the basis on which the Board renewed the Investment Advisory Agreement between the Fund and the Advisor is included in the Fund's [Form N-CSR/A](https://www.sec.gov/ix?doc=/Archives/edgar/data/1251896/000113322826007107/af-efp24445_ncsrs.htm) for the period ending June 30, 2025.

**Portfolio Manager.** Scott L. Barbee serves as the portfolio manager of the Fund. He is a Chartered Financial Analyst and a Managing Director of the Advisor, which he joined in 1997. Mr. Barbee has over twenty years of experience in the securities industry and has been portfolio manager of the Fund since 1998. Mr. Barbee graduated from Rice University in 1993 and received an MBA degree from the Wharton School at the University of Pennsylvania in 1997.

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

**Fund Distributor.** Quasar Distributors, LLC (the "Distributor"), 190 Middle Street, Suite 301, Portland, ME 04101, serves as the distributor of the Fund's shares. The Distributor is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority, Inc. The offering of the Fund's shares is continuous. The Distributor may enter into arrangements with banks, broker-dealers or other financial institutions through which investors may purchase or redeem the Fund's shares.

**Fund Transfer Agent and Administrator.** U.S. Bank Global Fund Services, serves as the Fund's administrator, fund accountant, transfer agent and dividend disbursing agent (the "Transfer Agent").

**Disclosure of Portfolio Holdings.** A description of the Fund's policies and procedures with respect to the disclosure of the Fund's portfolio securities is available in the SAI, which is available without charge on the Fund's website at www.aegisfunds.com and by calling the Fund at 1-(800) 528-3780.

**Further Information.** More detailed information about the Fund, its investment policies, risks and management can be found in the SAI.

**Investing in the Fund** 

**Class I Shares** 

Class I shares of the Fund may be purchased as described in this Prospectus. Investors eligible to purchase Class I shares of the Fund may do so at the Fund's NAV without a sales charge. Class I shares may also be available on brokerage platforms of firms that have agreements with the Distributor to offer such shares solely when acting as an agent for the investor. An investor transacting in Class I shares in these programs may be required to pay a commission and/or other forms of compensation to the broker.

Class I shares may be offered through certain financial intermediaries that charge their customers transaction or other service fees with respect to their customers' investments in the Fund.

Before making an initial investment in Class I shares directly with the Fund, you should call the Fund at 1-800-528-3780 to determine if you are eligible to invest in Class I shares. The Fund will provide you with an application form and give you further instructions on how to invest. The Transfer Agent must have received your completed application before you may make an initial investment. If you intend to make an initial investment in Class I shares through your financial intermediary, you should contact your financial intermediary to confirm your eligibility to purchase Class I shares.

Certain financial intermediaries that make the Fund's shares available to its customers may charge fees in addition to those described in this Prospectus for providing certain services, including: marketing, distribution or other services intended to assist in the offer and sale of the Fund's shares; shareholder servicing activities; and/or sub-transfer agency services provided to individual shareholders or beneficial owners where a financial intermediary maintains omnibus accounts with the Transfer Agent. The Advisor, the Distributor or their affiliates may pay all or a portion of those fees out of their own resources. The compensation is discretionary and may be available only to selected selling and servicing agents. The amount of fees paid to a financial intermediary in any given year will vary and may be based on one or more factors, including a fixed amount, a fixed percentage rate, a financial intermediary's sales of the Fund's shares, assets in the Fund's shares held by the intermediary's customers or other factors. In addition, consistent with applicable regulations, the Advisor, the Distributor or their affiliates may from time to time pay for or make contributions to financial intermediaries or their employees in connection with various activities including: training and education seminars for financial intermediary employees, clients and potential clients; due diligence meetings regarding the Fund; recreational activities; gifts; and/or other non-cash items.

**How to Purchase Shares** 

Shares of the Fund may be purchased directly from the Fund, or through an existing brokerage or other similar account held by the investor if the broker or intermediary has an arrangement with the Fund. The Fund reserves the right to reject any specific purchase order and to close the Fund to new or existing investors at any time. You may only purchase shares if the Fund is eligible for sale in your state or jurisdiction.

The minimum initial investment for Class I shares is $10,000 for non-IRAs and $5,000 for IRAs. The Fund may, in its sole discretion, accept purchase orders with less than the minimum investment.

The minimum subsequent purchase amount for Class I shares is $250 unless the purchase is made in connection with the Automatic Investment Plan, in which case you can make monthly or quarterly investments of $100 or more.

The Fund reserves the right to change the minimum amounts for initial and/or subsequent investments and may set different investment minimums for shares offered through financial intermediaries and waive the minimum investment requirements for employer-sponsored retirement plan accounts.

The price paid for shares of the Fund is the NAV next determined following the receipt of the purchase order in good order by the Transfer Agent or those financial intermediaries with arrangements with the Fund to offer the Fund's shares ("authorized intermediaries"). This is the offering price. "Good order" is defined as including all required account information and payment, or instructions for payment by wire or from a broker.

A purchase in "good order" must include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The name of the Fund and the shareholder account number, if issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) A completed account application or investment stub.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The amount of the transaction (specified in dollars or shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Signatures of all owners, exactly as they are registered on the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Other supporting legal documentation that may be required, in the case of trusts, corporations, associations, partnerships, estates, retirement plans and certain other accounts.

Purchase orders received by the Transfer Agent or authorized intermediaries prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) that day will be processed at that day's closing NAV. Purchase orders received after the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) will be processed at the next business day's closing NAV. Telephone trades must be received by or prior to market close. During periods of high market activity, shareholders may encounter higher than usual call waits. Please allow sufficient time to place your telephone transaction.

All shares (including reinvested dividends and distributions) are issued in full and fractional shares rounded to the third decimal place. All shares purchased will be held in book entry form by the investor's brokerage firm or by the Fund, as the case may be. Any transaction in an account, including reinvestment of dividends and distributions, will be confirmed in writing to the shareholder.

**Calculation of Net Asset Value.** The NAV of the Fund is calculated at the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) on each day the NYSE is open for business. The Fund's NAV is determined by dividing the total value of the Fund's assets (i.e., portfolio investments, cash, other assets and accrued income), less the Fund's liabilities (i.e., accrued expenses and other liabilities), by the number of outstanding shares of the Fund.

In determining the NAV, securities held by the Fund are valued based on market quotations, or if market quotations are not readily available or are unreliable, at their fair value as determined by the Advisor in good faith under procedures established and overseen by the Board. Pursuant to these procedures, the Advisor, as the Fund's "valuation designee" pursuant to Rule 2a-5 under the 1940 Act, is responsible for making all fair value determinations relating to the Fund's portfolio investments, subject to oversight by the Fund's Board.

**Fair Value Pricing.** The Fund from time to time invests in securities that are not actively traded. Securities for which market quotations are not readily available or are not reliable are carried at their fair value as determined in good faith by the Advisor, under policies approved by the Board. In accordance with Rule 2a-5, the Board has adopted specific procedures for valuing portfolio securities and delegated the responsibility of fair value determinations to the Advisor, as the Fund's valuation designee.

Fair value pricing may be used under circumstances that include, but are not limited to, the early closing of the exchange on which a security is traded or suspension of trading in the security. In addition, the Fund may use fair value pricing for securities traded in non-U.S. markets because, among other factors, foreign markets may be open on days or times when U.S. markets are closed and many foreign markets close before the Fund values its securities, normally at 4:00 p.m. Eastern time. The use of fair value pricing in these circumstances seeks to protect long-term Fund investors from certain short-term investors who may seek to take advantage of the Fund by exploiting discrepancies between a security's market quotations that may no longer be accurate, and the current fair value of that security.

When the Fund holds securities traded in foreign markets that close prior to U.S. markets, significant events, including company-specific developments or broad market moves, may affect the value of foreign securities held by the Fund. Consequently, the Fund's NAV may be affected during a period when shareholders are unable to purchase or redeem their shares in the Fund.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open may also be valued at fair value. With respect to foreign (non-U.S.) equity securities, the Fund may determine the fair value of investments based on information provided by a pricing service, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the valuation designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. The Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the valuation designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in the Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

**Purchasing Shares Through a Broker or Other Financial Intermediary.** Some brokers and other financial intermediaries have arrangements with the Fund to offer the Fund's shares. These authorized intermediaries may charge transaction fees for purchases and sales of shares of the Fund. A commission may be charged by your financial intermediary with respect to the purchase of Class I shares made through such financial intermediary. Contact your authorized intermediary for additional information regarding availability of the Fund's shares and any fees it may charge for purchases of the Fund's shares. Your purchase order will be processed at the NAV next determined after receipt of your order in good order by the authorized intermediary. Purchase orders received by an authorized intermediary prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) that day will be processed at that day's closing NAV. See the definition of "good order" under the section "How to Purchase Shares" presented above.

**Direct Investment — Opening an Account and Purchasing Shares** 

To purchase shares directly from the Fund, a New Account Application must be completed and signed. If you have any questions about the Fund or need assistance with your New Account Application, please call the Fund at 1-800-528-3780. Certain types of investors, such as trusts, corporations, associations, partnerships or estates, may be required to furnish additional documents when they open an account. These documents may include corporate resolutions, trusts, wills, partnership documents, trading authorizations, powers of attorney, or other documents.

Unless specified differently, accounts with two or more owners will be registered as joint tenants with rights of survivorship. To make any ownership change to a joint account, all owners must agree in writing, regardless of the law in your state.

Note: There are specific IRA Applications required for new IRAs, Roth IRAs and transfers of IRAs from other custodians. Please visit the Fund's website at <u>www.aegisfunds.com</u> or call the Fund at 1-800-528-3780 to obtain the correct IRA Application.

&nbsp;&nbsp;**IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT** <br>*In compliance with the USA PATRIOT Act of 2001, please note that the Transfer Agent will verify certain information on your New Account Application as part of the Fund's Anti-Money Laundering Program. As requested on the Application, you must supply your full name, date of birth, social security number and permanent street address. If you are opening the account in the name of a legal entity (e.g., partnership, limited liability company, business trust, corporation, etc.), you must also supply the identity of the beneficial owners. Mailing addresses containing only a P.O. Box will not be accepted. Please contact the Transfer Agent at 1-800-528-3780 if you need additional assistance when completing your New Account Application.* <br>*If the Fund does not have a reasonable belief of the identity of a customer, the account will be rejected or the customer will not be allowed to perform a transaction in the account until such information is received. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem Fund Shares in your account at the current day's net asset value.*<br>

**Initial Purchase – By Mail** 

To open an account at the Fund and purchase shares by mail, you must complete and return the appropriate Account Application with a check made payable to "Aegis Value Fund". Account Application(s) and checks should be mailed to:

---

| | |
|:---|:---|
| **Regular Mail:** | **Overnight Mail:** |
| &nbsp;&nbsp;&nbsp;The Aegis Funds<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121-9252 | &nbsp;&nbsp;&nbsp;The Aegis Funds<br> c/o U.S. Bank Global Fund Services<br> 801 Pennsylvania Ave, Suite 219252<br> Kansas City, MO 64105-1307 |

---

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at the Transfer Agent's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's office.

**Initial Purchase – By Telephone** 

You may not make an initial purchase of Fund shares by telephone. Prior to conducting telephone transactions, you must provide the Fund with a completed New Account Application, a voided check or savings deposit slip and other information.

**Initial Purchase – By Wire** 

To open an account by wire, a completed New Account Application is required before your wire can be accepted. You may mail or overnight deliver your New Account Application to the Transfer Agent. Upon receipt of your completed application, an account will be established for you. The account number assigned will be required as part of the instruction that should be provided to your bank to send the wire. Your bank must include the name of the Fund, the account number and your name so that monies can be applied correctly. Your bank should transmit funds by wire to:

U.S. Bank N.A.

777 East Wisconsin Avenue

ABA #: 075000022

Credit: U.S. Bancorp Fund Services, LLC

Account #: 112-952-137

**Further credit:** 

Aegis Value Fund

Shareholder name and account number:

Wired funds must be received prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) to be eligible for same day pricing. The Fund and U.S. Bank N.A. are not responsible for the consequences of delays resulting from the banking or Federal Reserve wire system, or from incomplete wiring instructions.

Please note that the Fund is offered and sold only to persons residing in the United States and some U.S. territories.

**Additional Information Regarding Direct Purchases** 

All checks must be in U.S. dollars drawn on a domestic bank. The Fund will not accept payment in cash or money orders. The Fund also does not accept any conditional order or payment. To prevent check fraud, the Fund will not accept third party checks, Treasury checks, credit card checks, traveler's checks or starter checks for the purchase of shares.

The Transfer Agent will charge a $25 fee against a shareholder's account, in addition to any loss sustained by the Fund, for any payment that is returned. The Fund reserves the right to reject any application.

Only bank accounts held at domestic financial institutions that are Automated Clearing House ("ACH") members can be used for telephone transactions. It takes at least 7 business days after receipt by the Fund of your bank account information to establish this feature. Purchases by ACH transfer may not be made during this time. You must have ACH instructions on your account in order to conduct online purchases.

**Direct Investment – Purchasing Additional Shares** 

**Subsequent Purchase – By Mail** 

Make your check payable to "Aegis Value Fund", indicate your account number on the check and mail it to The Aegis Funds at the address set forth under "Direct Investment – Opening an Account and Purchasing Shares – Initial Purchase – By Mail."

**Subsequent Purchase – By Telephone** 

You are automatically granted telephone transaction privileges unless you decline them on your Account Application or by calling the Fund at 1-800-528-3780. If your account has been open for at least 7 business days, you may call the Fund at 1-800-528-3780 to purchase shares in an existing account. Investments made by electronic funds transfer must be from a pre-designated bank account and in amount of at least $250 and not greater than $100,000. If your order is received prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time), your order will be processed at the NAV calculated on the day your order is placed. Once you place a telephone transaction request, it cannot be canceled or modified after the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time).

The Fund and its agents will employ reasonable procedures to confirm that instructions communicated by telephone are genuine. Such procedures may include, among others, requiring some form of personal identification prior to acting upon telephone instructions, providing written confirmation of all such transactions, and/or recording all telephone instructions. If reasonable procedures are followed, the Fund and its agents will not be liable for any loss, cost or expense for acting upon telephone instructions believed to be genuine or for any unauthorized telephone transactions.

**Subsequent Purchase – By Internet** 

After your account is established, you may set a user ID and password by logging into <u>www.aegisfunds.com</u>. This will enable you to purchase shares by having the purchase amount deducted from your bank account by electronic funds transfer through the ACH network. Please ensure that your Fund account is set up with bank account instructions and that your bank is an ACH member. You must have provided a voided check or savings deposit slip with which to establish your bank account instructions in order to complete Internet transactions. For important information on this feature, see "Fund Transactions through the Fund's Website" below.

**Subsequent Purchase – By Wire** 

You may also wire money to U.S. Bank N.A. per the instructions set forth above under "Direct Investment – Opening an Account and Purchasing Shares – Initial Purchase – By Wire." Prior to wiring money to purchase additional shares of the Fund, please contact the Transfer Agent to advise of your intent to wire and to ensure proper credit upon receipt.

**Automatic Investment Plan** 

The Automatic Investment Plan allows you to purchase shares of the Fund through pre-authorized transfers of funds from your bank account. Your financial institution must be a member of the ACH network. Under the Automatic Investment Plan, you may make subsequent minimum purchases on a monthly or quarterly basis of $100 or more. You can establish the Automatic Investment Plan for your account by completing the appropriate section of the Account Application. Any request to change or terminate your Automatic Investment Plan should be submitted to the Transfer Agent five calendar days prior to effective date.

**How to Redeem Shares** 

As discussed below, you may receive proceeds of your redemption by check, ACH, or federal wire transfer. The Fund typically expects that it will take one to three days following the receipt of your redemption request in good order to pay redemption proceeds. However, while not expected, payment of redemption proceeds may take up to seven days if sending proceeds earlier could adversely affect the Fund. Additionally, payment of redemption proceeds for shares purchased directly by check or electronic funds transfer through the ACH network may be delayed until the purchase amount has cleared, which may be up to 15 calendar days from the date of purchase. This delay will not apply if you purchased your shares via federal wire transfer. If payment of proceeds is to be made by federal wire transfer, a $15 wire fee will be applied. In unusual circumstances, the Fund may temporarily suspend redemptions, or postpone the payment of proceeds, as allowed by federal securities laws.

The Fund typically expects that it will hold cash or cash equivalents to meet redemption requests. The Fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in unusual market conditions.

The Fund reserves the right to redeem in-kind as described under "Redemptions 'In-Kind'" below. Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of the Fund's net assets in order to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in-kind are typically only used in unusual market conditions but may also be used as a redemption method when requested by shareholders or advisors to shareholder accounts.

**How to Redeem Shares through a Broker or Other Financial Intermediary** 

You may sell Fund shares held in a brokerage or other similar account by submitting a redemption request to your authorized intermediary. If you redeem Fund shares held in a brokerage or other similar account with an authorized intermediary, you should be aware that there may be a charge to you for such services. Redemption requests received by an authorized intermediary prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) that day will be processed at that day's closing NAV.

You may transfer your shares from the street or nominee name account of one broker-dealer to another, as long as both broker-dealers have arrangements with the Fund. The transfer will be processed after the Transfer Agent receives authorization in good order from your delivering securities dealer.

**How to Redeem Shares from Direct Investment** 

You may redeem shares as described below on any day the Fund is open for business. Shares will be redeemed at the next determined NAV after the Transfer Agent receives the redemption request in good order. Redemption requests received by the Transfer Agent prior to the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time) that day will be processed at that day's closing NAV. Redemption requests received after the close of regular trading on the NYSE will be processed at the closing NAV for the following business day.

**Redemption – By Mail** 

To redeem shares of any amount from your Fund account, you may send a request in good order to the Fund at:

---

| | |
|:---|:---|
| **Regular Mail:** | **Overnight Mail:** |
| &nbsp;&nbsp;&nbsp;The Aegis Funds<br> c/o U.S. Bank Global Fund Services<br> P.O. Box 219252<br> Kansas City, MO 64121-9252 | &nbsp;&nbsp;&nbsp;The Aegis Funds<br> c/o U.S. Bank Global Fund Services<br> 801 Pennsylvania Ave, Suite 219252<br> Kansas City, MO 64105-1307  |

---

The Fund does not consider the U.S. Postal Service or other independent delivery services to be its agents. Therefore, deposit in the mail or with such services, or receipt at the Transfer Agent's post office box, of purchase orders or redemption requests does not constitute receipt by the Transfer Agent of the Fund. Receipt of purchase orders or redemption requests is based on when the order is received at the Transfer Agent's office.

If made in writing, a redemption request in good order must include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The name of the Fund and the shareholder account number.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The amount of the transaction (specified in dollars or shares).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Signatures (and, if applicable, signature guarantees as discussed below) of all owners, exactly as they are registered on the account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Other supporting legal documentation that may be required, in the case of trusts, corporations, associations, partnerships, estates, retirement plans and certain other accounts.

A signature guarantee, from either a Medallion program member or a non-Medallion program member, is required in the following situations:

● If ownership is being changed on your account;

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

● When a redemption is received by the Transfer Agent and the account address has changed within the last 15 calendar days; or

● 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.

In addition to the situations described above, the Fund and/or the Transfer Agent reserve the right to require a signature guarantee in other instances based on the circumstances relative to the particular situation. The Fund reserves the right to waive any signature requirement at its discretion.

**Redemption – By Telephone** 

You are automatically granted telephone transaction privileges unless you decline them on your Account Application. You may redeem Fund shares by calling 1-800-528-3780. Redemption proceeds will be mailed directly to you, sent by wire to your predetermined bank account, or electronically transferred to your pre-designated bank account. You may redeem as much as $100,000 by telephone redemption. Unless you decline telephone privileges on your Account Application, as long as the Fund and its agents take reasonable measures to verify the order, you will be responsible for any fraudulent telephone order. The Fund does not accept IRA redemption requests by telephone. Once a telephone transaction has been placed, it cannot be canceled or modified after the close of regular trading on the NYSE (normally 4:00 p.m. Eastern time).

**Redemption – By Internet** 

If your account is set up to perform online transactions you may redeem your Fund shares through the Fund's website at www.aegisfunds.com. You may redeem up to $100,000 per transaction. For important information on this feature, see ''Fund Transactions through the Fund's Website'' below.

**Additional Information Regarding Redemptions of Direct Investments** 

Non-financial transactions, including establishing or modifying certain services on an account, may require a signature guarantee, a signature verification from a Medallion program member or non-Medallion program member, or other acceptable form of authentication from a financial institution source.

If an account has more than one owner or authorized person, the Fund will accept telephone and Internet instructions from any one owner or authorized person.

If you have any questions about what is required for your redemption request, please call the Fund at 1-800-528-3780.

**Systematic Withdrawal Plan** 

For non-IRAs that have a value of at least $10,000 or IRAs where the shareholder is eligible for withdrawals, the Fund offers a Systematic Withdrawal Plan ("SWP") whereby shareholders or their representatives may request a redemption in a specific dollar amount be sent to them each month, calendar quarter or annually. Investors may choose to have a check sent to the address of record, or proceeds may be sent to a pre-designated bank account via the ACH network. To start the SWP, your non-IRA must have a value of at least $10,000, and the minimum amount that may be withdrawn is $100 (there is no minimum account balance to start a SWP for IRAs, nor a minimum amount that may be withdrawn for IRAs). The SWP may be terminated or modified by the Fund at any time. Any request to change or terminate your SWP should be communicated in writing or by telephone to the Transfer Agent no later than five days before the next scheduled withdrawal. A withdrawal under the SWP involves a redemption of Fund shares and may result in a gain or loss for federal income tax purposes. In addition, if the amount withdrawn exceeds the distributions credited to your account, the account ultimately may be depleted. Please call 1-800-528-3780 for additional information regarding the SWP and eligibility requirements.

**Additional Information Regarding Purchases and Redemptions** 

**Policy on Foreign Shareholders** 

Shares of the Fund have not been registered for sale outside of the United States. To invest in the Fund, you must be a U.S. citizen, resident alien or a U.S. entity, you must have a U.S. tax identification (social security or employer identification) number and you must reside in the United States and its territories or have a U.S. military address. The Fund reserves the right to refuse investments from shareholders or entities that must file a W-8 tax form. In the rare event that the Transfer Agent is unable to verify your identity, the Fund reserves the right to redeem Fund shares in your account at the current day's net asset value.

**Fund Transactions through the Fund's Website** 

You may visit us online at www.aegisfunds.com, where you may establish online transaction privileges by enrolling on the website. In addition to checking your Fund account balance, you may purchase additional shares and redeem shares of the Fund through the website. You automatically have the ability to establish online transaction privileges unless you decline them on your Account Application or by calling 1-800-528-3780. You will be required to enter into a users' agreement through the website in order to enroll for these privileges. In order to conduct online transactions, you must have telephone transaction privileges. Purchase of shares online will occur via ACH, you must have ACH instructions on your account. Proceeds from an online redemption can be sent via check to the address of record or can be sent to you by wire or ACH to the previously established bank account.

Payment for purchases of shares through the website may be made only through an ACH debit of your bank account. Redemptions from accounts established through the website will be paid only to the bank account of record. Only bank accounts held at domestic financial institutions that are ACH members can be used for transactions through the Fund's website. The Fund imposes a maximum of $100,000 on purchase and redemption transactions through the website. Transactions through the website are subject to the same minimums as other transaction methods.

You should be aware that the Internet is an unsecured, unstable, and unregulated environment. Your ability to use the website for transactions is dependent upon the Internet and equipment, software and systems provided by various vendors and third parties. While the Fund and its service providers have established certain security procedures, they cannot assure you that inquiries, account information or trading activity will be completely secure. There may also be delays, malfunctions or other inconveniences generally associated with this medium. There may also be times when the website is unavailable for Fund transactions or other purposes. Should this happen, you should consider purchasing or redeeming shares by another method. Neither the Fund, Transfer Agent, nor the Advisor will be liable for any such delays or malfunctions or unauthorized interception or access to communications or account information. In addition, neither the Fund, Transfer Agent, nor the Advisor will be liable for any loss, liability cost or expense for following instructions communicated through the Internet, including fraudulent or unauthorized instructions.

**Redemptions "In-Kind"** 

The Fund reserves the right to redeem in-kind, which means that the Fund may deliver portfolio securities to satisfy a redemption request. The Fund has elected to be governed by Rule 18f-1 of the 1940 Act. As a result of this election, the Fund will pay all redemptions up to the lesser of $250,000 or 1.00% of the Fund's assets in cash that are requested by a shareholder during any 90-day period.

You should understand that you will incur brokerage and other costs in connection with the subsequent sale of any portfolio security that you receive in connection with a redemption request. You should also understand that, as a result of subsequent market volatility, the net proceeds from the ultimate sale of any securities that you receive upon a redemption may vary, either positively or negatively, and perhaps significantly, from the redemption value of your Fund shares. More information on redemption in-kind is available in the SAI.

**Retirement Distributions** 

A request for distribution from an IRA or other retirement account may be delayed by the Fund pending proper documentation. If a shareholder does not want tax withholding from distributions, the shareholder may state in the written distribution request that no withholding is desired and that the shareholder understands that there may be a liability for income tax on the distribution, including penalties for failure to pay estimated taxes. Redemption requests failing to indicate an election not to have tax withheld will be subject to 10% withholding.

**Account Minimum** 

The Fund requires that a shareholder maintain a minimum of $1,000 in an account to keep the account open. The Fund may, upon 30 days' prior written notice to a shareholder, redeem shares in any account other than a retirement account if the account has an asset value less than $1,000 due to redemption.

**Responsibility for Fraud** 

The Fund will not be responsible for any account losses due to fraud, so long as the Fund reasonably believes that the person transacting on an account is authorized to do so. Please protect your account information and keep it private. Contact the Fund immediately about any transactions you believe to be unauthorized.

**Policies Addressing Frequent Trading in Fund Shares** 

The Board has adopted policies and procedures with respect to frequent purchases and redemptions of Fund shares by the Fund's shareholders. These policies and procedures take into account the historic volatility of the Fund's NAV, the Fund's ability to invest at least a portion of its assets in illiquid securities, and the Fund's limitations on exchange privileges. The Board may amend the policies and procedures without prior notice to shareholders.

Certain types of transactions generally do not raise frequent trading concerns and normally will not require application of the Fund's policies and procedures with respect to frequent purchases and redemptions of Fund shares. These transactions include, but are not limited to, reinvestment of distributions, automatic investment or withdrawal plans, transactions initiated by a plan sponsor and certain transfers of shares.

In consultation with the Fund's Chief Compliance Officer, the Fund monitors shareholder accounts, including omnibus accounts, on a systematic basis by employing parameters to observe the intervals between and size of a shareholder's purchases and redemptions. Though the monitoring methods involve judgments that are inherently subjective and involve some selectivity in their application, the Fund will consider imposition of shareholder account restrictions when frequent shareholder transactions are made that may be judged to be counter to the interests of all the Fund's shareholders. The Fund may take action to impose account restrictions even if historically applied parameters are not met.

Omnibus account arrangements are common forms of holding shares of the Fund, particularly among certain financial intermediaries, such as brokers. These arrangements often permit the financial intermediary to aggregate their clients' transactions and ownership positions. In these circumstances, the identity of the shareholders is not known to the Fund. With respect to the omnibus accounts, the Fund will rely on reports provided by the financial intermediary. In addition, the Fund has entered into agreements with the intermediaries that will require an intermediary to provide the Fund with information, upon the Fund's request, about shareholders' identities and their transactions in Fund shares. These agreements also require a financial intermediary to execute instructions from the Fund to restrict or prohibit further purchases of Fund shares by any shareholder identified by the Fund. The Fund may accept undertakings from intermediaries to enforce frequent trading policy limitations on behalf of the Fund. There is no assurance that the Fund or its agents will gain access to any or all information necessary to detect frequent purchases and sales in omnibus accounts.

While the Fund systematically seeks to take actions (directly and with the assistance of financial intermediaries) that will detect and monitor frequent purchases and sales, the Fund does not represent that all or any such trading activity will necessarily be restricted or minimized. Transactions placed in violation of the Fund's policies are not necessarily deemed accepted by the Fund and may be canceled or revoked by the Fund following receipt by the Fund.

**Dividends and Distributions** 

The Fund expects to declare and pay income dividends annually, generally in December, representing substantially all of the net investment income of the Fund. Capital gains, if any, may be distributed annually by the Fund, also generally in December. The amount of the Fund's distributions will vary and there is no guarantee the Fund will pay dividends.

To receive a distribution, you must be a shareholder of the Fund on the record date. The record dates for the Fund's distributions will vary. Please keep in mind that if you invest in the Fund shortly before the record date of a distribution, any distribution will lower the value of the Fund's shares by the amount of the distribution and the amount of the distribution may be taxable.

Distributions may be taken in cash or in additional shares at NAV. Dividends and capital gain distributions will be automatically reinvested in additional shares of the Fund unless a shareholder has elected, by written notice to the Fund, or by telephone, to receive dividends and/or capital gain distributions in cash. Please note, cash dividends received by IRA account holders may be treated as pre-mature distributions subject to penalties, in addition to income tax. Any changes to the distribution option should be submitted at least 5 days in advance of the payment date for the distribution.

If you elect to receive dividends and/or capital gain distributions in cash, and the U.S. Postal Service cannot deliver the check, or if a check remains outstanding for six months, the Fund reserves the right to reinvest the distribution in your account, at the current NAV for the Fund, and to reinvest all subsequent distributions.

**Tax Consequences of an Investment** 

Generally, distributions from the net investment income of the Fund and short-term capital gains are treated as dividends for tax purposes, and long-term capital gain distributions are treated as long-term capital gains, regardless of how long shares have been held. Distributions from the Fund are taxable when paid, whether a shareholder takes them in cash or reinvests them in additional shares, except that distributions declared in December and paid in January are taxable as if paid on December 31. Each January, the Fund or your custodian broker will mail a statement that shows the tax status of the distributions you received for the previous year.

Current tax law generally provides for a maximum tax rate for taxpayers which are individuals, trusts or estates, of 20% on long-term capital gains and from certain qualifying dividends. These rates do not apply to corporate taxpayers.

The following are guidelines for how certain distributions by the Fund are generally taxed to taxpayers which are individuals, trusts or estates:

● Distributions of net long-term capital gain by the Fund are taxable as long-term capital gains, regardless of how long a shareholder has held shares in the Fund.

● Some or all of the distributions from the Fund may be treated as "qualified dividend income," taxable to individuals, trusts and estates at the same preferential tax rates as long-term capital gains, provided that both the Fund and the individual satisfy certain holding period and other requirements. A distribution from the Fund will be treated as qualified dividend income to the extent that it is comprised of dividend income received by the Fund from taxable domestic corporations and certain qualified foreign corporations, and provided that the Fund meets certain holding period and other requirements with respect to the security paying the dividend. In addition, the individual, trust or estate must meet certain holding period requirements with respect to the shares of the Fund in order to take advantage of these preferential tax rates.

● To the extent distributions from the Fund are attributable to other sources, such as taxable interest or short-term capital gains, dividends paid by the Fund will not be eligible for the lower rates.

**Taxation Upon Sale of Shares** 

The redemption of shares of the Fund is a taxable event, and a shareholder may realize a capital gain or a capital loss. The Fund or your custodian broker will report to redeeming shareholders the proceeds of their sales. The individual tax rate on any gain from the sale of your shares depends on how long you have held your shares.

Fund distributions and gains from the sale of Fund shares will generally be subject to state and local income taxes. Non-U.S. investors may be subject to U.S. withholding taxes. You should consult your own tax adviser concerning the tax consequences of an investment in the Fund.

*Backup Withholding* 

By law, some Fund shareholders may be subject to tax withholding on reportable dividends, capital gains distributions and redemption proceeds. Generally, shareholders subject to this "backup withholding" will be those for whom a taxpayer identification number is not on file with the Fund; or who, to the Fund's knowledge, have furnished an incorrect number; or from whom the Internal Revenue Service ("IRS") has instructed the Fund to withhold tax. In order to avoid this withholding requirement, you must certify on the Account Application that the taxpayer identification number provided is correct and that the investment is not otherwise subject to backup withholding, or is exempt from backup withholding.

*Medicare Tax* 

A 3.8% Medicare tax will be imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Fund shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds a threshold amount. This Medicare tax, if applicable, is reported by you on, and paid with, your U.S. federal income tax return. Net investment income does not include exempt-interest dividends.

*Other Reporting and Withholding Requirements* 

The Foreign Account Tax Compliance Act ("FATCA") requires the reporting to the IRS of certain direct and indirect ownership of foreign financial accounts by U.S. persons. Failure to provide this required information can result in a generally nonrefundable 30% tax on income dividends paid by the Fund to certain "foreign financial institutions" and "non-financial foreign entities."

*Cost-Basis Reporting* 

U.S. federal law requires that mutual fund companies report their shareholders' cost basis, gain/loss, and holding period to the IRS on the shareholders' Consolidated Form 1099s when "covered" shares of the mutual funds are sold. Covered shares are any fund and/or dividend reinvestment plan shares acquired on or after January 1, 2012.

The Fund has chosen first-in, first-out ("FIFO") as its standing (default) tax lot identification method for all shareholders, which means this is the method the Fund will use to determine which specific shares are deemed to be sold when there are multiple purchases on different dates at differing NAVs, and the entire position is not sold at one time. You may choose a method other than the Fund's standing method at the time of your purchase or upon the sale of covered shares. The cost basis method a shareholder elects may not be changed with respect to a redemption of shares after the settlement date of the redemption. Fund shareholders should consult with their tax advisors to determine the best IRS-accepted cost basis method for their tax situation and to obtain more information about how the new cost basis reporting rules apply to them.

This summary is not intended to be and should not be construed to be legal or tax advice to any current holder of the shares of the Fund. Shareholders should consult their own tax advisors to determine the tax consequences of owning Fund shares.

**Shareholder Accounts and Services** 

**Account Information** 

The Fund will establish an account for each shareholder purchasing shares directly from the Fund, and send written confirmation of the initial purchase of shares and any subsequent transactions. When there is any transaction in the shareholder account, such as a purchase, redemption, change of address, reinvestment of dividends and distributions, or withdrawal of share certificates, a confirmation statement will be sent to the shareholder giving complete details of the transaction.

**Annual Statements** 

The Fund will send an annual account statement to each shareholder showing the distributions paid during the year and a summary of any other transactions.

The Fund will also provide year-end tax information mailed to the shareholder by the applicable IRS deadline, a copy of which will also be filed with the IRS.

**Fund Reports** 

Shareholders will be notified when the financial statements of the Fund are made available on the Fund's website at www.aegisfunds.com. Shareholders will be notified when the Fund's annual/semi-annual reports with a summary of portfolio composition and performance of the Fund, along with the management's letter to shareholders are made available on the Fund's website at www.aegisfunds.com. The Fund's filings on

Form N-CSR, which are filed with the SEC and are available from the Fund at no charge upon request, contain additional information on the Fund, including the Fund's annual and semi-annual financial statements and a discussion regarding the basis for the Board's approval of the Funds' investment advisory agreement.

**Householding** 

Many shareholders have family members living in the same home who also own Fund shares. In order to control costs associated with mailings on behalf of the Fund, the Fund will, until notified otherwise, send only one copy of each Prospectus, proxy statement and certain other shareholder documents, as applicable, to each household address that it has on record for you and your family members living in the same home.

This process, known as "householding," does not apply to account statements, confirmations or personal tax information. If you do not wish to participate in householding, or wish to discontinue householding at any time, call 1-800-528-3780. The Fund will resume separate mailings to you within 30 days of your request.

**Automatic Reinvestment** 

Unless the shareholder elects to receive cash distributions, dividends and capital gains distributions will automatically be reinvested without charge in additional shares of the Fund. Such distributions will be reinvested at the NAV determined on the dividend or distribution payment date in full and fractional shares rounded to the third decimal place.

**Fund Website** 

The Fund maintains a website for current and prospective investors which contains information about the Fund and its history. The Fund's website address is www.aegisfunds.com. The website allows investors to download the Fund's documents, view the daily NAV and performance history and contact the Fund via e-mail, and provides links to other websites for additional information.

**Lost Shareholders, Inactive Accounts and Unclaimed Property** 

It is important that the Fund maintains a correct address for each shareholder. An incorrect address may cause a shareholder's account statements and other mailings to be returned to the Fund. Based upon statutory requirements for returned mail, the Fund will attempt to locate the shareholder or rightful owner of the account. If the Fund is unable to locate the shareholder, then it will determine whether the shareholder's account can legally be considered abandoned. Your mutual fund account may be transferred to the state government of your state of residence if no activity occurs within your account during the "inactivity period" specified in your state's abandoned property laws. The Fund is legally obligated to escheat (or transfer) abandoned property to the appropriate state's unclaimed property administrator in accordance with statutory requirements.

The shareholder's last known address of record determines which state has jurisdiction. Please proactively contact the Transfer Agent toll-free at 1-800-528-3780 at least annually to ensure your account remains in active status.

If you are a resident of the state of Texas, you may designate a representative to receive notifications that, due to inactivity, your mutual fund account assets may be delivered to the Texas Comptroller. Please contact the Transfer Agent if you wish to complete a Texas Designation of Representative form.

**Index Description** 

**S&P SmallCap 600 Pure Value Index** 

An index that seeks to measure stocks that exhibit strong value characteristics, and weights them by score. Constituents are drawn from the S&P SmallCap 600 Index, a market capitalization weighted index that seeks to measure the small-cap segment of the U.S. equity market. One cannot invest directly in the index, nor is the index representative of the Fund's portfolio.

**S&P 500 Total Return Index** 

An Index is an unmanaged market capitalization-weighted index which is comprised of the largest U.S. domiciled companies and includes the reinvestment of all dividends. Investors cannot directly invest in an index.

**Financial Highlights** 

The financial highlights table is intended to help you understand the financial performance of the Fund for the past 5 years. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned (or lost) on an investment in the Fund, assuming reinvestment of all dividends and distributions. The information for the fiscal year ended December 31, 2025 has been derived from the financial statements audited by the Cohen & Company, Ltd., an independent registered public accounting firm. All information prior to 2023 was audited by the Fund's previous independent registered public accounting firm. Cohen & Company, Ltd is the Fund's current independent registered public accounting firm, whose report, along with the Fund's financial statements, is included in the Fund's Form N-CSR for its most recent fiscal year, which was filed with the SEC and is available without charge upon request.

The table below sets forth financial data for a share outstanding in Class I throughout each year:

**Aegis Value Fund - Class I** 

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| **PER SHARE DATA:** |  |  |  |  |  |
| Net asset value, beginning of year  | $35.86 | $35.35 | $31.97 | $28.98 | $21.05 |
| **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(a)</sup>  | 0.56 | 0.36 | 0.25 | 0.07 | 0.07 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments<sup>(b)</sup>  | 23.48 | 3.06 | 3.92 | 2.97 | 7.86 |
| Total from investment operations  | 24.04 | 3.42 | 4.17 | 3.04 | 7.93 |
| **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income  | (0.43) | (0.37) | (0.23) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;Net realized gains  | (0.94) | (2.54) | (0.56) |  |  |
| **Total distributions**  | (1.37) | (2.91) | (0.79) | (0.05) |  |
| **Net asset value, end of year**  | $58.53 | $35.86 | $35.35 | $31.97 | $28.98 |
| **Total return**  | 67.07% | 9.43% | 13.13% | 10.50% | 37.67% |
| **SUPPLEMENTAL DATA AND RATIOS** |  |  |  |  |  |
| Net assets at end of year (in thousands)  | $1035994 | $331613 | $371193 | $274310 | $179564 |
| Ratio of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Before expense reimbursement/recoupment  | 1.36% | 1.45% | 1.43% | 1.45% | 1.48% |
| &nbsp;&nbsp;&nbsp;After expense reimbursement/recoupment  | 1.36% | 1.45% | 1.46% | 1.50% | 1.50% |
| Ratio of met investment income (loss) to average net assets  | 1.17% | 0.97% | 0.75% | 0.23% | 0.25% |
| Portfolio turnover rate  | 12% | 9% | 2% | 20% | 40% |

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<sup>*(a)*</sup> *Net investment income per share has been calculated based on average shares outstanding during the years.* 

<sup>*(b)*</sup> *Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the years, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the years.* 

**Aegis Mutual Funds Privacy Notice** 

(This information is not part of the Prospectus)

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| | | | |
|:---|:---|:---|:---|
| **FACTS** | &nbsp;&nbsp;**WHAT DOES THE AEGIS FUNDS DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES THE AEGIS FUNDS DO WITH YOUR PERSONAL INFORMATION?** | &nbsp;&nbsp;**WHAT DOES THE AEGIS FUNDS DO WITH YOUR PERSONAL INFORMATION?** |
| &nbsp;&nbsp;**WHY?** | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. | &nbsp;&nbsp;Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. |
| &nbsp;&nbsp;**WHAT?** | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>● Social Security number and other information including address and date of birth <br>● Asset and income <br>● Account balances and account transactions <br>When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>● Social Security number and other information including address and date of birth <br>● Asset and income <br>● Account balances and account transactions <br>When you are *no longer* our customer, we continue to share your information as described in this notice. | &nbsp;&nbsp;The types of personal information we collect and share depend on the product or service you have with us. This information can include: <br>● Social Security number and other information including address and date of birth <br>● Asset and income <br>● Account balances and account transactions <br>When you are *no longer* our customer, we continue to share your information as described in this notice. |
| &nbsp;&nbsp;**HOW?** | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons. The Aegis Funds chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons. The Aegis Funds chooses to share; and whether you can limit this sharing. | &nbsp;&nbsp;All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information; the reasons. The Aegis Funds chooses to share; and whether you can limit this sharing. |
| &nbsp;&nbsp;***Reasons we can share your personal information*** | &nbsp;&nbsp;***Reasons we can share your personal information*** | ***Does The Aegis<br> Funds share?*** | ***Can you limit this sharing?*** |
| &nbsp;&nbsp;**For our everyday business purposes—**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | &nbsp;&nbsp;**For our everyday business purposes—**<br> such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus | Yes | No |
| &nbsp;&nbsp;**For our marketing purposes—**<br> to offer our products and services to you | &nbsp;&nbsp;**For our marketing purposes—**<br> to offer our products and services to you | Yes | No |
| &nbsp;&nbsp;**For joint marketing with other financial companies** | &nbsp;&nbsp;**For joint marketing with other financial companies** | No | We don't share |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes—**<br> information about your transactions and experiences | &nbsp;&nbsp;**For our affiliates' everyday business purposes—**<br> information about your transactions and experiences | Yes | No |
| &nbsp;&nbsp;**For our affiliates' everyday business purposes**—<br> information about your creditworthiness | &nbsp;&nbsp;**For our affiliates' everyday business purposes**—<br> information about your creditworthiness | No | We don't share |
| &nbsp;&nbsp;**For non-affiliates to market to you** | &nbsp;&nbsp;**For non-affiliates to market to you** | No | We don't share |
| &nbsp;&nbsp;**Questions?** | &nbsp;&nbsp;**Call 800-528-3780 or go to www.aegisfunds.com** | &nbsp;&nbsp;**Call 800-528-3780 or go to www.aegisfunds.com** | &nbsp;&nbsp;**Call 800-528-3780 or go to www.aegisfunds.com** |

---

**Aegis Mutual Funds Privacy Notice** 

(This information is not part of the Prospectus)

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Who we are** | &nbsp;&nbsp;**Who we are** |
| &nbsp;&nbsp;**Who is providing this Notice?** | &nbsp;&nbsp;The Aegis Funds |
| &nbsp;&nbsp;***What we do*** | &nbsp;&nbsp;***What we do*** |
| &nbsp;&nbsp;**How does The Aegis Funds protect my personal information?** | &nbsp;&nbsp;To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
| &nbsp;&nbsp;**How does The Aegis Funds collect my personal information?** | &nbsp;&nbsp;We collect your personal information, for example, when you <br>● open an account or perform transactions <br>● make a transfer or tell us where to send money <br>● tell us about your personal financial information |
| &nbsp;&nbsp;**Why can't I limit all sharing?** | &nbsp;&nbsp;Federal law gives you the right to limit only <br>● sharing for affiliates' everyday business purposes—information about your creditworthiness <br>● affiliates from using your information to market to you <br>● sharing for nonaffiliates to market to you <br>State laws and individual companies may give you additional rights to limit sharing. |
| &nbsp;&nbsp;**Definitions** | &nbsp;&nbsp;**Definitions** |
| &nbsp;&nbsp;**Affiliates** | &nbsp;&nbsp;Companies related by common ownership or control. They can be financial and nonfinancial companies. <br>***●** **Our affiliates include Aegis Financial Corporation.*** |
| &nbsp;&nbsp;**Nonaffiliates** | &nbsp;&nbsp;Companies not related by common ownership or control. They can be financial and nonfinancial companies. <br>***●** **The Aegis Funds does not share with nonaffiliates so they can market to you.*** |
| &nbsp;&nbsp;**Joint marketing** | &nbsp;&nbsp;A formal agreement between nonaffiliated financial companies that together market financial products or services to you. <br>***●** **See Other important information.*** |
| &nbsp;&nbsp;**Other important information** | &nbsp;&nbsp;**Other important information** |
| &nbsp;&nbsp;Non-affiliates with whom we may share information (except to permit them to market to you) can include financial companies, such as custodians, transfer agents, registered representatives and financial advisors, and nonfinancial companies, such as fulfillment, proxy voting and class action service providers. | &nbsp;&nbsp;Non-affiliates with whom we may share information (except to permit them to market to you) can include financial companies, such as custodians, transfer agents, registered representatives and financial advisors, and nonfinancial companies, such as fulfillment, proxy voting and class action service providers. |

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**Aegis Funds** 

c/o U.S. Bank Global Fund Services

P.O. Box 219252

Kansas City, MO 64121-9252

Phone: 800-528-3780

Internet: www.aegisfunds.com

**For More Information:** 

You can learn more about the Aegis Value Fund in the following documents:

**Annual and Semi-Annual Reports and Form N-CSR Filings** 

Additional information about the Fund's investments is available in the Fund's annual and semi-annual reports to shareholders and in Form N-CSR. In the Fund's annual report, you will find a discussion of the market conditions and investment strategies that significantly affected the Fund's performance during its last fiscal year. In Form N-CSR, you will find the Fund's annual and semi-annual financial statements.

**Statement of Additional Information (SAI)** 

The SAI contains more information about the Fund, its investments and policies. The SAI and the Fund's financial statements in the filings on Form N-CSR are [incorporated by reference](https://www.sec.gov/ix?doc=/Archives/edgar/data/1251896/000113322826003225/af-efp22714_ncsr.htm#fihi) into, and are legally part of, this Prospectus.

**For a free copy** of the current annual/semi-annual report, the SAI, or other information such as the Fund's financial statements, or to request other information about the Fund or to make shareholder inquiries, please call the Fund at (800) 528-3780 or visit the Fund's website at www.aegisfunds.com. You may also visit the SEC's Internet site at http://www.sec.gov, where reports and other information about the Fund are available in the SEC's EDGAR database. Copies of this information can be obtained, for a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

Investment Company Act file # 811-21399

**THE AEGIS FUNDS**

**AEGIS VALUE FUND**

Class I (Ticker: AVALX)

**STATEMENT OF ADDITIONAL INFORMATION**

**April 30, 2026**

This Statement of Additional Information ("SAI") supplements the current Prospectus of the Aegis Value Fund (the "Fund") dated April 30, 2026. This SAI does not present a complete picture of the various topics discussed and should be read in conjunction with the Prospectus. Although this SAI is not itself a Prospectus, this SAI is, in its entirety, incorporated by reference into the Prospectus. The audited financial statements included in the Fund's [Form N](https://www.sec.gov/ix?doc=/Archives/edgar/data/1251896/000113322826003225/af-efp22714_ncsr.htm#fihi)[-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1251896/000113322826003225/af-efp22714_ncsr.htm#fihi) for the fiscal year ended December 31, 2025 are incorporated herein by reference. A copy of the Prospectus or Annual or Semi-Annual Reports to Shareholders may be obtained without charge by contacting the Fund, c/o U.S. Bancorp Fund Services, LLC, P.O. Box 219252, Kansas City, MO 64121-9252, or by telephone at (800) 528-3780. Please retain this document for future reference.

**Table of Contents**

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| | |
|:---|:---|
| The Trust | **1** |
| Additional Information About the Investment Strategies and Risks of the Fund | **1** |
| Management of the Fund | **13** |
| Proxy Voting Policy | **17** |
| Principal Holders of Shares | **18** |
| Investment Advisory and Other Services | **19** |
| Distributor | **21** |
| Fund Administrator and Transfer Agent | **21** |
| Custodian | **22** |
| Independent Registered Public Accounting Firm | **22** |
| Brokerage Allocation | **22** |
| Organization and Shares of Beneficial Interest | **23** |
| Purchase, Redemptions and Pricing of Shares | **24** |
| Tax Status | **25** |
| Financial Statements | **27** |

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i

**THE TRUST**

The Aegis Funds (the "Trust") is a Delaware statutory trust organized on July 11, 2003 and is registered with the U.S. Securities and Exchange Commission ("SEC") as an open-end management investment company.

The Trust's Declaration of Trust (the "Declaration of Trust") permits the Trust's Board of Trustees (the "Board") to issue an unlimited number of full and fractional shares of beneficial interest, without par value, which may be issued in any number of series. The Trust currently consists of one investment series, the Aegis Value Fund (the "Fund"). The Board may from time to time issue other series, the assets and liabilities of which will be separate and distinct from any other series. The Fund offers one class of shares: Class I shares. The Fund may offer additional share classes in the future.

As a Delaware statutory trust, the Trust is subject to Delaware law, including the Delaware Statutory Trust Act. The Delaware Statutory Trust Act provides that a shareholder of a Delaware statutory trust shall be entitled to the same limitation of personal liability extended to shareholders of Delaware corporations, and the Declaration of Trust further provides that no shareholder of the Trust shall be personally liable for the obligations of the Trust or of any series or class thereof except by reason of his or her own acts or conduct.

The Fund is a diversified series of the Trust. Please see the Prospectus for a discussion of the principal investment policies and risks of investing in the Fund.

The Fund's Prospectus and this SAI are a part of the Trust's Registration Statement filed with the SEC. Copies of the Trust's complete Registration Statement may be obtained from the SEC upon payment of the prescribed fee or may be accessed free of charge at the SEC's website at www.sec.gov.

The Fund is the successor in interest to a fund having the same name and investment objective, Aegis Value Fund, Inc. (the "Predecessor Fund"), and that was also advised by the same investment adviser, Aegis Financial Corporation (the "Advisor"). On February 20, 2014, the shareholders of the Predecessor Fund approved the reorganization of the Predecessor Fund with and into the Fund, and effective on February 28, 2014, the assets and liabilities of the Predecessor Fund were transferred to the Trust in exchange for Class I shares of the Fund.

**ADDITIONAL INFORMATION ABOUT THE FUND'S INVESTMENTS AND RISKS**

**Fund Investment Policies**

Unless otherwise noted, whenever an investment policy or limitation states a maximum percentage of the Fund's assets that may be invested in any security or other asset or sets forth a policy regarding quality standards, the percentage limitation or standard will be determined immediately after giving effect to the Fund's acquisition of the security or other asset. Accordingly, any subsequent change in values, net assets or other circumstances will not be considered in determining whether the investment complies with the Fund's investment policies and limitations. It should be noted that Items 3 and 4 below, regarding borrowing and lending money, will be applied at all times and not just at the initial time of the transaction. If at any time the Fund should exceed the permissible limitations on borrowing, it will take such action as necessary to bring borrowing levels back into compliance as required by SEC guidance, rules and regulations. The Fund's fundamental investment policies cannot be changed without the approval of a "majority of the outstanding voting securities", as defined in the Investment Company Act of 1940 ("1940 Act") of the Fund. Except for the fundamental investment restrictions set forth below, the investment policies and limitations described in this SAI are operating policies and may be changed by the Board without shareholder approval. However, shareholders will be notified prior to a material change in an operating policy affecting the Fund.

**The Fund may not, as a matter of fundamental policy:**

1) With respect to 75% of its total assets, (a) invest more than 5% of its total assets (taken at market value at the time of each investment) in the securities of any one issuer, nor (b) purchase more than 10% of the outstanding voting securities of an issuer, except that such restrictions shall not apply to securities issued or guaranteed by the U.S. Government or its agencies.

2) Invest more than 25% of its total assets in securities or issuers in any one industry. This restriction does not apply to U.S. Government securities.

3) Borrow money, except that the Fund may (i) enter into reverse repurchase agreements, (ii) borrow money only from a bank and only in an amount up to one-third of the value of the Fund's total assets, and (iii) borrow money in an additional amount up to 5% of the value of the Fund's assets on a secured or unsecured basis from banks for temporary or emergency purposes.

4) Loan money, except by the purchase of bonds and other debt obligations or by engaging in repurchase agreements. However, the Fund may lend its securities in an amount up to one-third of its total assets to qualified brokers, dealers or institutions (provided that such loans are fully collateralized at all times).

5) Issue senior securities, as defined in the 1940 Act.

6) Underwrite securities of others, except to the extent that the Fund may be considered an underwriter within the meaning of the Securities Act of 1933 in the disposition of restricted securities.

7) Purchase real estate unless acquired as a result of the ownership of securities or instruments, but this restriction shall not prohibit the Fund from purchasing securities issued by entities or investment vehicles that own or deal in real property or interests therein, or instruments secured by real estate or interest therein.

8) Purchase or sell physical commodities or commodity futures contracts, except as permitted by the 1940 Act, and as interpreted or modified by regulatory authority having jurisdiction, from time to time.

With respect to Item 8 above, while the Fund has reserved the authority to invest in commodities and commodities futures contracts to the extent permitted by the 1940 Act, the Advisor has no present intention to utilize investments of this type for the Fund.

**Temporary Defensive Position.** The Fund may take a temporary defensive position when the securities markets are experiencing excessive volatility, a speculative increase in value, or when other conditions adverse to the Fund's investment strategy exist. In such cases, the Fund may invest in U.S. Government securities, agency securities, commercial paper, repurchase agreements, or other short-term money market instruments.

Under some circumstances, the Fund may best pursue its investment objective by holding a higher cash balance than it would hold during ideal market conditions. The Fund may choose to maintain significant cash balances. Like all portfolio decisions, the decision of the Fund's manager to maintain a cash balance may ultimately help or hinder the ability of the Fund to meet its investment objective.

**Portfolio Turnover.** Typically, the Fund focuses on making long-term investments rather than engaging in short-term trading strategies. The Fund calculates its portfolio turnover rates by dividing the lesser of portfolio purchases or portfolio sales, excluding short-term securities, by the average month-end value of portfolio securities owned by the Fund during the fiscal year.

The Fund's portfolio turnover will vary from year to year based upon market conditions and factors affecting the particular securities held in the portfolio. It is the operating policy of the Fund to hold its securities at least as long as they remain undervalued, and to benefit from the lower transaction costs and more favorable tax rates available to long-term holders of equity securities. However, when circumstances warrant, securities will be sold without regard to the duration of their holding period. The portfolio turnover rates for the Fund for the fiscal years ended December 31, 2025 and 2024 were 12% and 9%, respectively.

**Disclosure of Portfolio Holdings.** To prevent the misuse of nonpublic information about the Fund's portfolio holdings, and provide fair disclosure to all investors, it is the policy of the Fund and its affiliated persons not to disclose to third parties nonpublic information of a material nature about the Fund's specific portfolio holdings.

Disclosure of nonpublic information about the Fund's specific portfolio holdings may be made when the Fund has a legitimate business purpose for making the disclosure, such as making disclosures to the Fund's service providers to facilitate the performance of their duties to the Fund. Nonpublic information about the Fund's portfolio holdings is made available to the Fund's Advisor, brokers, custodian, printer, accountants, transfer agent and counsel and, as applicable, each of their respective affiliates and advisers. Additionally, portfolio holdings are disclosed to Bloomberg and FactSet on a daily basis for internal use by the Adviser. Neither service provider is authorized to publicly release the portfolio holdings. These service providers have either an explicit duty to keep the information confidential pursuant to a confidentiality agreement, or an implied duty to keep the information confidential pursuant to instructions from the Fund to keep the information confidential. In order for the Fund to disclose nonpublic information about specific portfolio holdings, in addition to a legitimate business purpose, the Fund must also have a reasonable belief that the recipient(s) will refrain from trading on the basis of material nonpublic information that may be included in these disclosures.

The Fund cannot guarantee that third parties will honor instructions or conform to explicit duties to keep nonpublic portfolio holdings information confidential. It is possible that a third party may not honor its confidentiality obligation, in which case the Fund may lose an investment advantage it might have otherwise had, had the third party honored its confidentiality agreement or honored the Fund's instructions.

In addition, the Fund's executive officers, or their designee(s), may authorize disclosure of the Fund's portfolio holdings to other persons after considering: the anticipated benefits and costs to the Fund and its shareholders, the purpose of the disclosure, and any conflicts of interest between the Fund's shareholders and the interests of the Advisor and any of its affiliates. Disclosure of nonpublic portfolio holdings to third parties may only be made if an executive officer determines that such disclosure is not impermissible under applicable law or regulation. If an executive officer has authorized the disclosure of the Fund's nonpublic portfolio holdings, the officer will promptly report such authorizations to the Fund's Chief Compliance Officer. The Chief Compliance Officer will report such authorizations to the Board. If the Board determines that the authorization was inconsistent with the Fund's policy, the Chief Compliance Officer will take appropriate actions to cease the disclosure.

The Fund has procedures for preventing the unauthorized disclosure of material nonpublic information about the Fund's portfolio holdings and prohibits any person from receiving compensation or consideration of any kind in connection with any disclosures of portfolio holdings. The Fund and the Advisor have adopted a code of ethics that prohibits Fund or advisory personnel from using non-public information for their personal benefit.

Quarter-ending portfolio holdings are released on a 45-day lag to various rating and ranking organizations, including, but not limited to Lipper, Morningstar, S&P, Bloomberg, Thomson Financial, Vickers Stock, and CapitalBridge, Inc. The Fund publicly files monthly portfolio disclosures with the SEC on Form N-PORT, with quarter-end disclosures being made public 60 days after the end of each fiscal quarter. These reports are available to the public by calling the Fund at (800) 528-3780, and on the SEC's website at www.sec.gov.

**Risk Factors and Special Considerations**

**Cash Position Risk.** The Advisor may hold a significant portion of the Fund's assets in cash, cash equivalents, or other short-term investments at any time or for an extended time. The Advisor will determine the amount of the Fund's assets to be held in cash or cash equivalents at its sole discretion, based on such factors as it may consider appropriate under the circumstances. To the extent that the Fund holds assets in cash or is otherwise uninvested, the Fund's ability to meet its objective may be limited.

**Common Stock.** Shares of common stock represent units of ownership in a corporation. Owners of common stock are typically entitled to vote on the selection of directors and other important matters as well as to receive dividends on their holdings (if applicable). In the event of liquidation of the corporation, the claims of secured and unsecured creditors and owners of bonds and preferred stock take precedence over the claims of those who own common stock. Increases and decreases in earnings are usually reflected in a corporation's stock price, so shares of common stock generally have the greatest appreciation and depreciation potential of all corporate securities.

**Sector Risk.** From time to time, the Fund may be invested in securities of companies in the same economic sector. Securities of companies in the same or related businesses, if comprising a significant portion of the Fund's portfolio, could react in some circumstances negatively to market conditions, interest rates and economic, regulatory or financial developments and adversely affect the value of the portfolio to a greater extent than if such businesses comprised a lesser portion of the Fund's portfolio.

**Currency Exchange Transactions.** The Fund may buy and sell securities denominated in currencies other than the U.S. dollar and receive interest, dividends and sale proceeds in currencies other than the U.S. dollar. The Fund may, from time to time, enter into currency exchange transactions to convert to and from different foreign currencies and to convert foreign currencies to and from the U.S. dollar. The Fund either enters into these transactions on a spot (*i.e.*, cash) basis at the spot rate prevailing in the foreign currency exchange market or uses forward contracts to purchase or sell foreign currencies.

**Forward Currency Exchange Contracts.** The Fund may enter into foreign currency exchange contracts. A forward currency exchange contract (forward contract) is an obligation by the Fund to purchase or sell a specific currency at a future date. Forward foreign currency exchange contracts establish an exchange rate at a future date. These contracts are transferable in the interbank market conducted directly between currency traders (usually large commercial banks and brokerages) and their customers. A forward contract may not have a deposit requirement and may be traded at a net price without commission.

Rule 18f-4 under the 1940 Act ("Rule 18f-4" or the "Derivatives Rule"), regulates the ability of a fund to enter into derivative transactions. The Derivatives Rule defines the term "derivatives" to include short sales and forward contracts, such as To Be Announced or "TBA" transactions, in addition to instruments traditionally classified as derivatives, such as swaps, futures, and options. Rule 18f-4 also regulates other types of leveraged transactions, such as reverse repurchase transactions and transactions deemed to be "similar to" reverse repurchase transactions, such as certain securities lending transactions in connection with which the Fund obtains leverage. The Derivatives Rule requires the Fund to trade derivatives and other transactions that create future payment or delivery obligations (except reverse repurchase agreements and similar financing transactions) subject to a value-at-risk ("VaR") leverage limit and certain derivatives risk management program and reporting requirements. Generally, these requirements apply unless the Fund qualifies as a "limited derivatives user," as defined in the Derivatives Rule.

Under Rule 18f-4, when a fund trades reverse repurchase agreements or similar financing transactions, including certain tender option bonds, it needs to aggregate the amount of indebtedness associated with the reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the fund's asset coverage ratio or it can decide to treat all such transactions as derivatives transactions.

Among other things, under Rule 18f-4, the Fund is prohibited from entering into these derivatives transactions except in reliance on the provisions of the Derivatives Rule. The Fund will generally satisfy the limits under the Derivatives Rule if the VaR of its portfolio (inclusive of derivatives transactions) does not exceed 200% of the VaR of its "designated reference portfolio." The "designated reference portfolio" is a representative unleveraged index or a fund's own portfolio absent derivatives holdings, as determined by such fund's derivatives risk manager. This limits test is referred to as the "Relative VaR Test." In addition, among other requirements, Rule 18f-4 requires a fund to establish a derivatives risk management program, appoint a derivatives risk manager, and carry out enhanced reporting to the Board, the SEC and the public regarding a fund's derivatives activities.

The Fund may enter into currency hedging transactions in an attempt to protect against changes in currency exchange rates between the trade and settlement dates of specific securities transactions or changes in currency exchange rates that would adversely affect the Fund's position or an anticipated investment position. Since consideration of the prospect for currency parities will be incorporated into the Advisor's long-term investment decisions, the Fund will not routinely enter into currency hedging transactions with respect to securities transactions; however, the Advisor believes that it is important to have the flexibility to enter into currency hedging transactions when it determines that the transactions would be in the Fund's best interest. Although these transactions tend to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time they tend to limit any potential gain that might be realized should the value of the hedged currency increase. The precise matching of the forward contract amounts and the value of the securities involved will not generally be possible because the future value of such securities in foreign currencies will change as a consequence of market movements in the value of such securities between the date the forward contract is entered into and the date it matures. The projection of currency market movements is extremely difficult, and the successful execution of a hedging strategy is highly uncertain.

Forward contracts may reduce the potential gain from a positive change in the relationship between the U.S. dollar and foreign currencies. Unanticipated changes in currency prices may result in poorer overall performance for the Fund than if it had not entered into such contracts. The use of forward contracts may not eliminate fluctuations in the underlying U.S. dollar equivalent value of the prices of or rates of return on the Fund's foreign currency denominated fund securities and the use of such techniques will subject the Fund to certain risks.

The matching of the increase in value of a forward contract and the decline in the U.S. dollar equivalent value of the foreign currency denominated asset that is the subject of the hedge generally will not be precise. In addition, the Fund may not always be able to enter into forward contracts at attractive prices and this will limit the Fund's ability to use such contracts to hedge or cross-hedge its assets. The Fund's cross-hedges would generally entail hedging one currency to minimize or eliminate the currency risk of another, correlated currency. Also, with regard to the Fund's use of cross-hedges, there can be no assurance that historical correlations between the movement of certain foreign currencies relative to the U.S. dollar will continue.

Thus, at any time a poor correlation may exist between movements in the exchange rates of the foreign currencies underlying the Fund's cross-hedges and the movements in the exchange rates of the foreign currencies in which the Fund's assets that are the subject of such cross-hedges are denominated.

**Options on Securities.** The Fund may purchase or write a put or call option on securities. Normally, the Fund will only write "covered" options, which means writing an option for securities the Fund owns, but may write uncovered options for cross-hedging purposes. The Fund may also write an option if a bond held by the Fund is convertible into the underlying security on which the option is being written.

When the Fund writes a covered call option, it gives the purchaser of the option the right to buy the security at the price specified in the option (the "exercise price") by exercising the option at any time during the option period. If the option expires unexercised, the Fund will realize income in an amount equal to the premium received for writing the option. If the option is exercised, the Fund must sell the security to the option holder at the exercise price. By writing a covered call option, the Fund forgoes, in exchange for the premium less the commission (net premium), the opportunity to profit during the option period from an increase in the market value of the underlying security above the exercise price. In addition, the Fund may continue to hold a stock which might otherwise have been sold to protect against depreciation in the market price of the stock.

A put option sold by the Fund is covered when, among other things, cash or securities acceptable to the broker are placed in a segregated account to fulfill the Fund's obligations. When the Fund writes a covered put option, it gives the purchaser of the option the right to sell the underlying security to the Fund at the specified exercise price at any time during the option period. If the option expires unexercised, the Fund realizes income in the amount of the premium received for writing the option. If the put option is exercised, the Fund must purchase the underlying security from the option holder at the exercise price. By writing a covered put option, the Fund, in exchange for the net premium received, accepts the risk of a decline in the market value of the underlying security below the exercise price. The Fund will only write put options involving securities for which a determination is made at the time the option is written that the Fund wishes to acquire the securities at the exercise price.

The Fund may terminate or cover its obligation as the writer of a call or put option by purchasing an option with the same exercise price and expiration date as the option previously written. This transaction is called a "closing purchase transaction." The Fund realizes a profit or loss from a closing purchase transaction if the amount paid to purchase an option is less or more, respectively, than the amount received from the sale thereof. To close out a position as a purchaser of an option, the Fund may make a "closing sale transaction" which involves liquidating the Fund's position by selling the option previously purchased. Where the Fund cannot effect a closing purchase transaction, it may be forced to incur brokerage commissions or dealer spreads in selling securities it receives or it may be forced to hold underlying securities until an option is exercised or expires.

When the Fund writes an option, the fund records a reduction to the cost of investments. The amount of the cost will be subsequently marked to market to reflect the current market value of the option written. The current market value of a traded option is the last sale price or, in the absence of a sale, the mean between the closing bid and asked prices. If an option expires on its stipulated expiration date or if the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was sold) and the deferred credit related to such option is eliminated. If a call option is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds of the sale are increased by the premium originally received. The writing of covered call options may be deemed to involve the pledge of the securities against which the option is being written. Securities against which call options are written are segregated on the books of the Fund's custodian.

The Fund may purchase call and put options on any securities in which it may invest. The Fund would normally purchase a call option in anticipation of an increase in the market value of such securities. The purchase of a call option entitles the Fund, in exchange for the premium paid, to purchase a security at a specified price during the option period. The Fund would ordinarily have a gain if the value of the securities increases above the exercise price sufficiently to cover the premium and would have a loss if the value of the securities remains at or below the exercise price during the option period.

The Fund normally purchases put options in anticipation of a decline in the market value of securities in its portfolio ("protective puts") or securities of the type in which it is permitted to invest. The purchase of a put option entitles the Fund, in exchange for the premium paid, to sell a security, which may or may not be held in the Fund's holdings, at a specified price during the option period. The purchase of protective puts is designed merely to offset or hedge against a decline in the market value of the Fund's holdings. Put options also may be purchased by the Fund for the purpose of benefiting from a decline in the price of securities which the Fund does not own. The Fund ordinarily recognizes a gain if the value of the securities decreases below the exercise price sufficiently to cover the premium and recognizes a loss if the value of the securities does not sufficiently decline. Gains and losses on the purchase of protective put options tend to be offset by countervailing changes in the value of underlying Fund securities.

The hours of trading for options on securities may not conform to the hours during which the underlying securities are traded. To the extent that the option markets close before the markets for the underlying securities, significant price and rate movements can take place in the underlying securities markets that cannot be reflected in the option markets. It is impossible to predict the volume of trading that may exist in such options, and there can be no assurance that viable exchange markets will develop or continue.

The Fund may engage in over-the-counter options ("OTC Options") transactions with broker-dealers who make markets in these options. The ability to terminate OTC Options positions is more limited than with exchange-traded option positions because the predominant market is the issuing broker rather than an exchange and may involve the risk that broker-dealers participating in such transactions will not fulfill their obligations. To reduce this risk, the Fund will purchase such options only from broker-dealers who are primary government securities dealers recognized by the Federal Reserve Bank of New York and who agree to (and are expected to be capable of) entering into closing transactions, although there can be no guarantee that any such option will be liquidated at a favorable price prior to expiration. The Advisor, under the general supervision of the Fund's Trustees, will monitor the creditworthiness of dealers with whom the Fund enters into such options transactions.

**Options on Securities Indices.** An option on a securities index is similar to an option on a security except that, rather than taking or making delivery of a security at a specified price, an option on a securities index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the chosen index is greater than (in the case of a call) or less than (in the case of a put) the exercise price of the option.

Cross-hedging is a technique used in a variety of markets in an attempt to counter the risk of one instrument by taking a risk offsetting position in another instrument whose risk characteristics do not perfectly offset the position to be hedged. Among the risks in a cross-hedge are that different maturities of the offsetting positions will lead to a maturity mismatch, that the market for one of the instruments will be illiquid with correspondingly larger price fluctuations, or that differences in credit quality will affect the cross-hedge basis.

**Investment Companies.** The Fund may acquire securities issued by other investment companies to the extent permitted by the 1940 Act and the rules, regulations and interpretations thereunder. As a shareholder of another investment company, the Fund would bear its pro rata portion of that company's advisory fees and other expenses. Such fees and expenses will be borne indirectly by the Fund's shareholders. To the extent that the Fund is an "acquired fund" for purposes of Rule 12d1-4, the Fund intends to limit its investments in the securities of other investment companies and private funds to no more than 10% of its total assets, subject to certain limited exceptions permitted under the Rule.

**Short Sales.** The Fund may make short sales as a part of overall portfolio management or to offset a potential decline in the value of a security. A short sale involves the sale of a security that the Fund does not own, or if the Fund owns the security, is not to be delivered upon consummation of the sale. When the Fund makes a short sale of a security that it does not own, it must borrow from a broker-dealer the security sold short and deliver the security to the broker-dealer upon conclusion of the short sale.

If the price of the security sold short increases between the time of the short sale and the time the Fund replaces the borrowed security, the Fund will incur a loss; conversely, if the price declines, the Fund will realize a short-term capital gain. Although the Fund's gain is limited to the price at which it sold the security short, its potential loss is theoretically unlimited. Short sales potentially expose the Fund to the risk of the underlying security being called back by the broker-dealer, in which case the Fund would be required to cover its short-sale position regardless of whether the security is covered at a profit or a loss.

**Defaulted or Bankrupt Securities.** The Fund may invest in securities that are in, have been in or are about to enter default or bankruptcy or are otherwise experiencing severe financial or operational difficulties. Investment by the Fund in defaulted securities poses the risk of loss should nonpayment of principal and interest continue in respect of such securities. Even if such securities are held to maturity, recovery by the Fund of its initial investment and any anticipated income or appreciation will be uncertain. If an issuer of a security defaults, the Fund may incur additional expenses to seek recovery. In addition, periods of economic uncertainty would likely result in increased volatility for the market prices of lower quality securities as well as the Fund's net asset value ("NAV").

Although defaulted or bankrupt securities may already be trading at substantial discounts to prior market values, there is significant risk that the financial, legal or other status of the issuer may deteriorate even further. Access to financing is more difficult for distressed issuers, and relationships with customers and vendors often get worse as the issuer's financial posture weakens. Financial restructurings are subject to numerous factors beyond the control or anticipation of any of the parties involved, and the eventual timing and form of restructuring may be far different than anticipated by the Advisor.

Furthermore, publicly available information concerning defaulted or bankrupt securities is often less extensive and less reliable compared to that of other securities. Consequently, the market for these assets is often inefficient compared to securities traded on major securities exchanges, and short-term volatility can be extreme.

**Borrowing and Leveraging.** The Fund may borrow up to 33 1/3% of its assets in order to meet redemption requests or to make investments (a practice known as "leveraging"). Borrowing may be unsecured. The 1940 Act requires the Fund to maintain continuous asset coverage of 300% of the amount borrowed. If the 300% asset coverage should decline as a result of market fluctuations or other reasons, the Fund will be required to sell some of its portfolio holdings within three days to reduce the debt and restore the 300% asset coverage, even though it may be disadvantageous from an investment standpoint to sell securities at that time. Borrowed funds are subject to interest costs that may or may not be offset by amounts earned on the borrowed funds. The Fund may also be required to maintain minimum average balances in connection with such borrowing or to pay a commitment or other fees to maintain a line of credit; either of these requirements would increase the cost of borrowing over the stated interest rate. The Fund may, in connection with permissible borrowings, transfer, as collateral, its portfolio securities. The Fund may also borrow money in an additional amount up to 5% of the value of its assets at the time of such borrowings for temporary or emergency purposes.

The Fund may use leverage to increase potential returns. Leverage involves special risks and may involve speculative investment techniques. For example, leveraging may exaggerate the effect on NAV of any increase or decrease in the market value of the Fund's portfolio. Money borrowed for leveraging will be subject to interest costs that may or may not be recovered by appreciation of the securities purchased; in certain cases, interest costs may exceed the return received on the securities purchased, which will reduce net income.

**Restricted/Illiquid Securities.** The Fund may invest in securities acquired in a privately negotiated transaction directly from the issuer or a holder of the issuer's securities and which, therefore, could not ordinarily be sold by the Fund except in another private placement or pursuant to an effective registration statement under the Securities Act of 1933 or an available exemption from such registration requirements, which may include Rule 144A. Rule 144A securities are securities that are restricted as to resale among those eligible institutional investors that are referred to in Rule 144A under the Securities Act of 1933 as "qualified institutional buyers" (or "QIBs").

The Fund will not invest in illiquid securities that will cause the then aggregate value of all such securities to exceed 15% of the value of the Fund's net assets. Under Rule 22e-4 under the 1940 Act, a security is considered illiquid if the Fund reasonably expects that it cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

Restricted and illiquid securities are valued by the Advisor in accordance with procedures approved by the Board in a manner intended to reflect the fair market value of such securities.

Investments in restricted and illiquid securities involve certain risks. Illiquid securities may be difficult to dispose of at a fair price when the Fund believes that it is desirable and timely to do so. The market prices of illiquid securities are generally more volatile than those for more liquid securities. Investments in Rule 144A securities could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if QIBs are unwilling to purchase these Rule 144A securities and the securities are not deemed liquid.

**Lending Portfolio Securities.** The Fund may lend portfolio securities to brokers, dealers and financial institutions to the extent permitted by the 1940 Act or the rules and regulations thereunder (as such statute, rules or regulations may be amended from time to time) or by guidance regarding, interpretations of, or exemptive orders under, the 1940 Act. The Fund may lend portfolio securities in an amount up to 33 1/3% of its total assets.

The Fund complies with the view of the staff of the SEC that a mutual fund may engage in such loan transactions only if: (i) the Fund receives initial collateral in the form of cash or securities issued or guaranteed by the U.S. Government or its agencies or instrumentalities having a market value not less than (A) 102% of the market value of domestic U.S. loaned securities or (B) 105% of the market value of foreign equity loaned securities; (ii) the borrower must increase the collateral whenever the market value of the securities loaned (determined daily) rises above the value of the collateral; (iii) after giving notice, the Fund must be able to terminate the loan at any time; (iv) the Fund must receive reasonable interest on the loan or a flat fee from the borrower, as well as amounts equivalent to any dividends, interest or other distributions on the securities loaned and to any increase in market value; (v) the Fund may pay only reasonable fees in connection with the loan; and (vi) the Fund must be able to vote proxies on the securities loaned, either by terminating the loan or by entering into an alternative arrangement with the borrower.

The Fund did not engage in any securities lending activities, during the most recent fiscal year.

**Foreign Securities.** The Fund invests in the securities of foreign companies. Financial market fluctuations in any country where the Fund has investments will likely affect the value of the securities that the Fund owns in that country. These movements will affect the Fund's share price and investment performance. The political, economic, and social structures of some countries may be less stable and more volatile than those in the United States. The risks of foreign markets include currency fluctuations, possible nationalization or expropriation of assets, imposition of extraordinary taxation or exchange controls, imposition of sanctions, tariffs, trade wars, political or social instability, public health crises, such as pandemics, epidemics and other similar circumstances in one or more countries or regions, unfavorable diplomatic developments, and certain custody and settlement risks. The imposition of, or an increase in, tariffs or trade restrictions between the U.S. and foreign countries, or even the threat of such developments, could lead to a significant reduction in international trade, which could have a negative impact on the economies of the U.S. and foreign countries. In addition to these risks, many foreign markets have less trading volume and less liquidity than the U.S. markets, and therefore prices in foreign markets can be highly volatile. Foreign markets may be closed for extended periods or for local holidays.

Foreign markets may also have less protection for investors than the U.S. markets. Other risk considerations include: less available information than is generally the case in the United States, higher transaction costs, less government supervision of exchanges, brokers and foreign issuers, difficulty in enforcing contractual obligations and shareholder rights and lack of uniform accounting and auditing standards. There is no assurance that the Fund will be able to anticipate these risks or counter their effects.

**Convertible Securities.** Convertible securities have general characteristics similar to both fixed-income and equity securities. Yields for convertible securities tend to be lower than for non-convertible debt securities but higher than for common stocks. Although to a lesser extent than with fixed-income securities generally, the market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying security and therefore also will react to variations in the general market for equity securities and the operations of the issuer. While no securities investments are without risk, investments in convertible securities generally entail less risk than investments in common stock of the same issuer, although the extent to which such risk is reduced depends in large measure upon the degree to which the convertible security sells above its value as a fixed-income security. Convertible securities generally are subordinated to other similar but non-convertible securities of the same issuer, although convertible bonds, as corporate debt obligations, enjoy seniority in right of payment to all equity securities, and convertible preferred stock is senior to common stock of the same issuer. However, because of the subordination feature, convertible bonds and convertible preferred stock typically have lower ratings than similar non-convertible securities.

**Real Estate Investment Trusts.** The Fund may invest in real estate investment trusts ("REITs"). REITs are pooled investment vehicles that invest primarily in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. Similar to investment companies, REITs are not taxed on income distributed to shareholders provided they comply with several requirements of the Code. The Fund will indirectly bear its proportionate share of expenses incurred by REITs in which the Fund invests in addition to the expenses incurred directly by the Fund.

**Preferred Stock.** The Fund may invest in shares of preferred stock. Preferred shares generally pay dividends at a specified rate and generally have preference over common shares in the payments of dividends and the liquidation of an issuer's assets. Dividends on preferred shares are generally payable at the discretion of the issuer's board of directors. Accordingly, shareholders may suffer a loss of value if dividends are not paid. The market prices of preferred shares are also sensitive to changes in interest rates and in the issuer's creditworthiness. Accordingly, shareholders may experience a loss of value due to adverse interest rate movements or a decline in the issuer's credit rating. Preferred stock also may be subject to fluctuations in market value due to changes in market participants' perceptions of the issuer's ability to continue to pay dividends, more than debt of the same issuer.

**Warrants.** The Fund invests from time to time in warrants. Warrants are options to purchase equity securities at a specific price for a specific period of time. They do not represent ownership of the securities, but only the right to buy them. Hence, warrants have no voting rights, pay no dividends and have no rights with respect to the assets of the corporation issuing them. The value of warrants is derived solely from capital appreciation of the underlying equity securities. Warrants differ from call options in that the underlying corporation issues warrants, whereas call options may be written by anyone.

An investment in warrants may entail greater risks than certain other types of investments. Generally, 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, although their value is influenced by the value of the underlying security, 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 warrants increases the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities.

**The Fund's Exercise of Its Shareholder Rights.** The Fund may exercise its rights as a shareholder in any of its portfolio companies and communicate its views on important matters of policy to management, the board of directors and other shareholders of those companies if the Fund or the Board determines that such matters could have a significant effect on the value of the Fund's investment in those companies.

From time to time, the Fund may engage in activities in conjunction with other shareholders or interested parties which may include, among others, supporting or opposing proposed changes in a company's structure; seeking changes in a company's board or management; seeking the sale or reorganization of a company or a portion of its assets; or supporting or opposing third party attempts to acquire or control a company. When it engages in such activities, the Fund may be limited in conducting transactions in securities of the particular portfolio company for a period of time.

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

**MANAGEMENT OF THE FUND**

**Board of Trustees.** The Board of Trustees (the "Board") is responsible for overseeing the business affairs of the Trust and the Fund. The Trustees' duties are established by state and federal law. In general, Trustees have a duty to exercise care and prudent business judgment in their oversight of the Fund. Trustees also have a duty to exercise loyalty to the Fund's shareholders which requires them to act in good faith, avoid unfair dealing, and resolve any conflicts of interest in favor of the Fund and its shareholders.

The Board has five Trustees, four of whom are not "interested persons" as that term is defined in Section 2(a)(19) of the 1940 Act ("Independent Trustees") of the Trust.

Mr. Scott L. Barbee is an officer and director of the Advisor and is, therefore, considered to be an "interested person" of the Trust ("Interested Trustee").

The Board annually elects the officers of the Trust to actively supervise the day-to-day operations of the Fund. The Trustees serve for an indefinite period.

Information about each Trustee and officer of the Trust is provided in the table below:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth, and Address** | **Position(s) Held<br> with the Trust** | **Term of Office and<br> Length of Time Served** | **Principal Occupation During<br> Past 5 Years** | **Number of Portfolios in Fund<br> Complex Overseen by Trustee** | **Other Directorships Held by Trustee<br> During the Past 5 Years** |
| ***Independent Trustees*\*** | ***Independent Trustees*\*** | ***Independent Trustees*\*** | | | |
| **Eskander Matta**<br> Born: 1970<br> c/o Aegis Financial Corporation<br> 6862 Elm Street, Suite 830<br> McLean, VA 22101 | Trustee | Since 2003 | Chief Executive Officer of Tasharina Corporation (an eCommerce business services firm) since 2012. | 1 | None. |
| **Andrew R. Bacas**<br> Born: 1958<br> c/o Aegis Financial Corporation<br> 6862 Elm Street, Suite 830<br> McLean, VA 22101 | Trustee | Since August 2016 | President of Jefferson Management Consultants, Inc. (a commercial real estate investment and advisory firm) since 2006. | 1 | None. |
| **Jordan F. Nasir**<br> Born: 1969<br> c/o Aegis Financial Corporation<br> 6862 Elm Street, Suite 830<br> McLean, VA 22101 | Trustee | Since February 2018 | Fund Manager of Mizuho Gulf Capital Partners (a private equity firm) since September 2017 | 1 | Board Member, Mizuho Gulf Capital Partners, Ltd. (Dubai-incorporated investment management company) 2017 – present; Board Member, Gulf Japan Food Fund (a private equity fund) 2017 – present. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Year of Birth, and Address** | **Position(s) Held<br> with the Trust** | **Term of Office and<br> Length of Time Served** | **Principal Occupation During<br> Past 5 Years** | **Number of Portfolios in Fund<br> Complex Overseen by Trustee** | **Other Directorships Held by Trustee<br> During the Past 5 Years** |
| Brant Imperatore<br> Born: 1971<br> c/o Aegis Financial Corporation<br> 6862 Elm Street, Suite 830<br> McLean, VA 22101 | Trustee | Since February 2026 | Partner of Mindset, LLC (government affairs and advisory firm) | 1 | None. |
| ***Interested Trustee\*\**** | ***Interested Trustee\*\**** | ***Interested Trustee\*\**** | ***Interested Trustee\*\**** |  |  |
| **Scott L. Barbee**<br> Born: 1971<br> c/o Aegis Financial Corporation<br> 6862 Elm Street, Suite 830<br> McLean, VA 22101 | President Trustee Treasurer Secretary | Since 2009<br> Since 2003<br> 2003 – 2008<br> 2006 – 2008 | President of Aegis Financial Corporation since 2009. | 1 | Director of Donald Smith & Co. (SEC-registered investment adviser) since 2014; Director of The Barbee Family Foundation since 2012; Director of The Donald & Paula Smith Family Foundation since 2014. |
| ***Officer of the Trust who is not also a Trustee*** | ***Officer of the Trust who is not also a Trustee*** | ***Officer of the Trust who is not also a Trustee*** | ***Officer of the Trust who is not also a Trustee*** |  |  |
| Justin P. Harrison<br> Born: 1973<br> c/o Aegis Financial Corporation<br> 6862 Elm Street, Suite 830<br> McLean, VA 22101 | Chief Compliance Officer, Treasurer and Secretary | Since November 2018 | Chief Operating Officer and Chief Compliance Officer of Aegis Financial Corporation since 2018. | N/A | N/A |

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\* The "Independent Trustees" are those Trustees that are not considered "interested persons" of the Trust, as that term is defined in the 1940 Act.

\*\* Mr. Barbee is considered to be an "Interested Trustee" because of his affiliation with the Advisor.

**Leadership Structure and the Board of Trustees.** The Board is responsible for overseeing the business affairs of the Trust and the Fund and exercising all of its powers except those reserved for shareholders. The Board is composed of five Trustees, four of whom are Independent Trustees.

The Independent Trustees meet regularly in executive sessions among themselves and with Fund counsel to consider a variety of matters affecting the Fund. These sessions generally occur prior to, or following, scheduled Trustee meetings and at such other times as the Independent Trustees may deem necessary. As discussed in further detail below, the Board has established two standing committees to assist the Board in performing its oversight responsibilities. The Board has engaged the Advisor to manage the Fund and is responsible for overseeing the Advisor and other service providers to the Trust and the Fund in accordance with the provisions of the 1940 Act and other applicable laws.

The Trust's By-Laws do not set forth any specific qualifications to serve as a Trustee. The Nominating Committee Charter sets forth a number of factors that the Nominating and Corporate Governance Committee ("Nominating Committee") will take into account in considering candidates for membership on the Board, including (but not limited to): (i) the candidate's knowledge in matters relating to the investment company industry; (ii) any experience possessed by the candidate as a director/trustee or senior officer of other public companies; (iii) the candidate's educational background; (iv) the candidate's reputation for high ethical standards and personal and professional integrity; (v) any specific financial, technical or other expertise possessed by the candidate, and the extent to which such expertise would complement the Board's existing mix of skills and qualifications; (vi) the candidate's perceived ability to contribute to the ongoing functions of the Board, including the candidate's ability and commitment to attend meetings regularly, work collaboratively with other members of the Board and carry out his or her duties in the best interests of the Fund; and (vii) such other factors as the Nominating Committee determines to be relevant in light of the existing composition of the Board and any anticipated vacancies or other factors. The Nominating Committee Charter also sets forth certain factors that the Nominating Committee may take into account in evaluating potential conflicts of interest. In evaluating a candidate for nomination or election as a Trustee, the Nominating Committee will take into account the contribution that the candidate would be expected to make to the diverse mix of experience, qualifications, attributes and skills that the Nominating Committee believes contributes to good governance for the Fund.

The Trust does not have a lead Independent Trustee. As President of the Trust, Mr. Barbee sets the agenda at each Board meeting, presides at all meetings of the Board and acts as a liaison with service providers, officers, attorneys, and other Trustees generally between meetings. He may also perform other such functions as may be provided by the Board from time to time.

Among the attributes or skills common to all Trustees are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Trustees, Advisor, other service providers, counsel and the independent registered public accounting firm, and to exercise effective and independent business judgment in the performance of their duties as Trustees. Each Trustee's ability to perform his or her duties effectively has been attained through the Trustee's business, consulting, public service and/or academic positions and through experience from service as a board member of the Trust, public companies or other organizations as set forth above. Each Trustee's ability to perform his or her duties effectively also has been enhanced by his or her educational background, professional training, and/or other life experiences.

The Board has determined that the Board's leadership structure is appropriate in light of the characteristics and circumstances of the Trust and the Fund, including factors such as the Fund's investment strategy and style, the net assets of the Fund, the committee structure of the Trust, and the management, distribution and other service arrangements of the Fund. The Board believes that the current leadership structure permits the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among service providers, committees of Trustees and the full Board in a manner that enhances effective oversight. The Board believes that having a majority of Independent Trustees is appropriate and in the best interest of the Fund, and that the Board leadership by Mr. Barbee provides the Board with valuable corporate and financial insights that assist the Board as a whole with the decision-making process. The leadership structure of the Board may be changed, at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Fund.

**Risk Oversight.** The Fund is subject to a number of risks, including investment, compliance, operational, and valuation risks, among others. Day-to-day risk management functions are subsumed within the responsibilities of the Fund's management, the Advisor and other service providers (depending on the nature of the risk), who carry out the Fund's investment management and business affairs.

Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and Committee activities. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Fund, the Board, directly or through a Committee, interacts with and reviews reports from, among others, Fund's management, the Advisor, the Chief Compliance Officer of the Fund, and the independent registered public accounting firm for the Fund, as appropriate, regarding risks faced by the Fund and relevant risk functions. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Fund's compliance program and reports to the Board regarding compliance matters for the Fund and its principal service providers. In addition, as part of the Board's periodic review of the Fund's advisory and other service provider agreements, the Board may consider risk management aspects of their operations and the functions for which they are responsible. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

**Committees of the Board.** The Board has two committees: an Audit Committee and a Nominating Committee.

The Audit Committee oversees the Trust's accounting and financial reporting policies and practices and oversees the quality and objectivity of the Trust's financial statements and the independent audit thereof. The Audit Committee also pre-approves all audit and non-audit services to be provided by the independent auditors. The members of the Audit Committee include all of the Board's Independent Trustees. The Audit Committee met once during the fiscal year ended December 31, 2025.

The Nominating Committee, also comprised of all of the Independent Trustees, evaluates the qualifications of candidates and makes nominations for Independent Trustee membership on the Board. In addition, this Committee also performs various tasks related to Board governance procedures, including, without limitation, periodically reviewing Board composition and Trustee compensation, reviewing the responsibilities of Board committees and the need for additional committees. The Nominating Committee does not consider nominees recommended by shareholders. The Nominating Committee did not meet during the fiscal year ended December 31, 2025.

**Share Ownership by Trustees.** As of April 1, 2026, the officers and Trustees of the Fund, as a group, owned approximately 14.11% of the Class I shares of the Fund. As of December 31, 2025, the Trustees owned the following dollar amounts of shares in the Fund using the following ranges: None; $1 – $10,000; $10,001 – $50,000; $50,001 – $100,000; and Over $100,000.

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| | |
|:---|:---|
| **Name of Trustee** | **Dollar Range of Shares in the Fund\*** |
| ***Independent Trustees*** | |
| Eskander Matta | Over $100,000 |
| Andrew R. Bacas | Over $100,000 |
| Jordan F. Nasir |  |
| Brant Imperatore\*\* |  |
| ***Interested Trustees*** |  |
| Scott L. Barbee | Over $100,000 |

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\* The Fund is the only series of the Trust.

\*\* Brant Imperatore was elected Trustee on February 17, 2026.

**Compensation.** The Trust does not pay any fees or compensation to its officers or Interested Trustee that is an employee of the Advisor. Effective February 2026, the Independent Trustees receive a fee of $2,500 for each meeting of the Board which they attend. Each Independent Trustee also receives a fee of $2,500 for each Audit Committee meeting attended and $500 for each Nominating Committee meeting attended (Jordan Nasir, who is an Independent Trustee, has declined compensation.) In addition, the Trust reimburses its Independent Trustees and the Interested Trustee that is not an employee of the Advisor for reasonable travel or incidental expenses incurred by them in connection with their attendance at Board meetings. The Trust offers no retirement plan or other benefits to its Trustees.

The following table sets forth information regarding compensation of the Trustees by the Fund for the fiscal year ended December 31, 2025:

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| | | |
|:---|:---|:---|
| **Trustees** | **Aggregate Compensation from the Fund** | **Total Compensation from the Fund and Fund Complex\* Paid to Trustees** |
| David A. Giannini\*\* | $2000 | $2000 |
| Eskander Matta | $4500 | $4500 |
| Andrew R. Bacas | $4500 | $4500 |
| Scott L. Barbee | $0 | $0 |
| Jordan F. Nasir | $0 | $0 |
| Brant Imperatore\*\*\* | $0 | $0 |

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\* The Fund is the only series of the Trust.

\*\* David A. Giannini served as Trustee until December 20, 2025.

\*\*\* Brant Imperatore was elected Trustee on February 17, 2026

**Codes of Ethics.** Rule 17j-1 under the 1940 Act is designed to prevent abuses that could occur as a result of conflicts of interest arising out of personal trading by persons involved with, or with access to, information about the Trust's investment activities. The Board and the Advisor have adopted detailed Codes of Ethics regarding personal investing by their personnel pursuant to Rule 17j-1. The Codes of Ethics apply to the personal investing activities of Trustees, officers, and certain employees ("access persons"). Under the Codes of Ethics, access persons are permitted to engage in personal securities transactions, but are required to receive prior approval of each transaction in a non-exempt security, and are required to report their non-exempt personal securities transactions on a quarterly basis for monitoring purposes. The Distributor, as defined below, relies on the principal underwriter's exception under Rule 17j-1(c)(3), of the 1940 Act, specifically where the Distributor is not affiliated with the Trust or the Advisor, and no officer, director or general partner of the Distributor serves as an officer, director or general partner of the Trust or the Advisor. Copies of the Codes of Ethics are on file with the SEC and are available to the public.

The Advisor's Code of Ethics is also designed to comply with the Investment Advisers Act of 1940, as amended. The Board has reviewed and approved the Advisor's Code of Ethics.

**PROXY VOTING POLICY**

In accordance with a proxy voting policy approved by the Fund's Board, the Advisor votes proxies in a manner that it believes best serves the interest of the Fund's investors in their capacity as shareholders of a company. As the Fund's investment advisor, the Advisor is primarily concerned with maximizing the value of the Fund's investment portfolio. Consequently, the Advisor has voted and will continue to vote the Fund's proxies based on the principle of maximizing shareholder value. From time to time, the Advisor may abstain from voting where it determines that the costs associated with voting a proxy outweigh the benefits derived from exercising the right to vote.

All proxies are reviewed by the Advisor's designated Proxy Officer. The Proxy Officer votes the proxies in accordance with the result he or she believes is consistent with maximizing the return of the Fund's investment portfolio. As a general matter, the Advisor typically votes the Fund's proxies in favor of routine corporate housekeeping proposals including the election of directors (where no corporate governance issues are implicated). The Advisor generally votes against proposals for compensation plans deemed to be excessive. For all other proposals, the Advisor foremost considers the economic benefit of the proposal to the Fund's shareholders to determine whether the proposal is in the best interest of shareholders and may take into account the following factors, among others: (i) whether the proposal was recommended by management and the Advisor's opinion of management; (ii) whether the proposals act to entrench existing management; and (iii) whether the proposal fairly compensates management for past and future performance.

In the event a decision to vote a proxy cannot be addressed by the existing proxy voting policy, the Proxy Officer will consult with the Portfolio Manager to decide how to vote a proxy. The Proxy Officer will periodically review new types of corporate governance issues and inform the principals of the Advisor regarding issues that are not clearly covered by the proxy voting policy. Upon being so informed, the principals of the Advisor will decide upon appropriate policy changes.

**Conflicts of Interest.** The Advisor is sensitive to conflicts of interest that may arise in the proxy decision making process. In proxy voting, there are many potential conflicts of interest between management and shareholders. The Advisor seeks to protect the interests of its clients independently of the views expressed by management of a portfolio company and is committed to resolving all conflicts in its clients' collective best interest. Material conflicts will be reviewed and resolved with the assistance of outside counsel.

**How to Obtain the Fund's Proxy Voting Record.** Information regarding how the Advisor voted proxies relating to the Fund's portfolio securities during the most recent 12-month period ending June 30 is available without charge by calling the Fund at (800) 528-3780, and on the SEC's website at www.sec.gov.

**PRINCIPAL HOLDERS OF SHARES**

**Principal Shareholders.** A principal shareholder is any person who owns of record or beneficially 5% or more of the outstanding shares of the Fund. Control persons are persons deemed to control the Fund because they own beneficially over 25% of the outstanding shares of the Fund. Shareholders with a controlling interest could affect the outcome of proxy voting or the direction of management of the Fund. As of April 1, 2026, the Fund does not know of any person who owns beneficially or through controlled companies more than 25% of the Fund's shares or who acknowledges the existence of control. As of April 1, 2026, the following shareholders were considered to be principal shareholders of the Fund.

**Class I**

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| | | |
|:---|:---|:---|
| **Name and Address** | **Percentage Ownership** | **Type of Ownership** |
| Charles Schwab & Co., Inc.<br> Special Custody A/C FBO Customers<br> Attn: Mutual Funds<br> 211 Main Street<br> San Francisco, CA 94105-1901 | 31.55% | Record |
| National Financial Services LLC<br> 499 W. Washington Blvd., Fl. 4<sup>th</sup><br> Jersey City, NJ 07310-2010 | 24.65% | Record |
| Pershing LLC<br> 1 Pershing Plz., Fl. 14<br> Jersey City, NJ 07399-0002 | 11.69% | Record |
| LPL Financial LLC<br> 9785 Towne Centre DR.<br> San Diego, CA 92121-1968 | 6.43% | Record |

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**INVESTMENT ADVISORY AND OTHER SERVICES**

**Investment Advisor of the Fund.** The Fund is advised by Aegis Financial Corporation (the "Advisor"), under an Investment Advisory Agreement initially approved for a two-year period by the Board on October 21, 2013 and approved for a two-year period by the Fund's initial shareholder on February 25, 2014. The Investment Advisory Agreement became effective on February 25, 2014, and was in effect for an initial two-year period. Thereafter, the Investment Advisory Agreement continues in effect from year to year as long as the continuance is approved at least annually (i) by the Trustees or by vote of a majority of the outstanding voting securities of the Fund, and (ii) by a vote of the majority of the Independent Trustees. The Advisor is a value-oriented investment firm founded in 1994. Each of the principals of the Advisor serves as an officer and director of the Advisor. Scott L. Barbee serves as President and a director of the Advisor, and also serves as President and Trustee of the Trust. Justin P. Harrison serves as Chief Operating Officer and Chief Compliance Officer of the Advisor, and also serves as Chief Compliance Officer, Secretary and Treasurer to the Trust. Scott L. Barbee is the sole stockholder of the Advisor and is therefore considered to be a "controlling person" of the Advisor.

**Advisory Services.** Under the Investment Advisory Agreement, the Advisor determines the composition of the Fund's portfolio and supervises the investment management of the Fund. The Advisor also provides investment research and research evaluation and makes and executes recommendations for the purchase and sale of securities. The Advisor furnishes at its expense all personnel and office equipment necessary for the performance of its obligations under the Investment Advisory Agreement and pays the compensation and expenses of the officers and Trustee of the Fund who are affiliated with the Advisor.

The Fund will bear all of its other expenses, including but not limited to the expenses of rent; telecommunications expense; administrative personnel; interest expense; accounting and legal fees; taxes, registration and governmental fees; fees and expenses of the custodian and transfer agent; brokerage commissions; insurance; expenses of shareholder meetings; and the preparation, printing and distribution to existing shareholders of reports, proxies and prospectuses.

**Investment Advisory Fees.** As compensation for its services to the Fund under the Investment Advisory Agreement, the Advisor is entitled to receive an annual advisory fee of 1.20% of the Fund's average daily net assets. The Fund pays the advisory fee on a monthly basis, computed based on the Fund's average daily net assets for the preceding month.

**Expense Limitation Agreement.** As a means of reducing the Fund's operating expense ratio, the Advisor has entered into a contractual expense limitation agreement with the Fund pursuant to which the Advisor has agreed to waive fees and/or reimburse the Fund's expenses through April 30, 2027 in order to limit the Fund's total operating expenses (exclusive of brokerage costs, interest, taxes and dividend and extraordinary expenses) to 1.50% of the Class I shares' average daily net assets.

The Fund may reimburse the Advisor for amounts waived or reimbursed by the Advisor pursuant to the expense limitation agreement provided that such repayment does not cause the Fund's total annual operating expenses (exclusive of brokerage costs, interest, taxes and dividend and extraordinary expenses) to exceed 1.50% of the Class I shares' average daily net assets.

Reimbursement, if any, must occur within three years from the month in which the Advisor's Fund waiver and/or Fund reimbursement occurred.

During the three most recent fiscal years, the Fund paid the Advisor the following advisory fees:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended** | **Advisory Fees Incurred** | **Fees Waived/Expenses Reimbursed by Advisor** | **Recouped Fees and Expenses** | **Net Fees Paid to the Advisor** |
| December 31, 2025 | $7188579 | $0 | $0 | $7188579 |
| December 31, 2024 | $4084727 | $0 | $0 | $4084727 |
| December 31, 2023 | $4059443 | $0 | $93100 | $4152543 |

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The Fund's custodian may apply credits against custodial fees in recognition of cash balances of the Fund held by the custodian. These credits may only be used to reduce the Fund's expenses. The credits will not be applied to reduce amounts payable to the Fund by the Advisor under its expense limitation agreement with the Fund.

**Potential Conflicts of Interest.** The Advisor has adopted policies and procedures that address conflicts of interest that may arise between the Portfolio Manager's management of the Fund and his management of other funds and accounts. Potential areas of conflict may include: allocation of investment opportunities and trades among funds and accounts, use of information regarding the timing of the Fund's trades, personal investing activities, portfolio manager compensation, use of client commissions to acquire research and brokerage services and proxy voting of portfolio securities. The Advisor has adopted policies and procedures that it believes are reasonably designed to address these conflicts. However, there is no guarantee that such policies and procedures will be effective or that the Advisor will anticipate all potential conflicts of interest.

The Advisor pays additional compensation (at its own expense and not as an expense of the Fund) to certain brokers, dealers or other financial intermediaries in connection with the sale or retention of the Fund's shares and/or shareholder servicing.

**Compensation of the Portfolio Manager.** The Portfolio Manager of the Fund, Scott L. Barbee, is paid a salary by the Advisor. The Portfolio Manager's fixed salary is not based on the Fund or the other accounts managed by Mr. Barbee achieving certain performance targets or certain asset values in their portfolios. As the sole shareholder of the Advisor, Mr. Barbee also receives the overall profits of the Advisor.

**Ownership of the Fund by the Portfolio Manager.** As of December 31, 2025, Mr. Barbee beneficially owned shares of the Fund worth over $1,000,000.

**Other Accounts Managed by the Portfolio Manager.** Mr. Barbee is responsible for the day-to-day management of accounts other than the Fund. Information regarding the other accounts managed by Mr. Barbee, including the number of accounts, the total assets in those accounts and the categorization of the accounts as of the fiscal year ended December 31, 2025, is set forth in the following table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Accounts** | **Total Number of Accounts** | **Total Assets** | **Total Number of Accounts with Performance-Based Fees** | **Total Assets of Accounts with Performance-Based Fees** |
| Registered Investment Companies | 0 | $0 | 0 | $0 |
| Other Pooled Investment Vehicles | 0 | $0 | 0 | $0 |
| Other Accounts | 64 | $47 million | 0 | $0 |

---

**DISTRIBUTOR**

The Trust and the Advisor entered into a Distribution Agreement with Quasar Distributors, LLC (the "Distributor"), pursuant to which the Distributor serves as principal underwriter for the Fund. Its principal business address is 190 Middle Street, Suite 301, Portland, ME 04101. The Distributor sells the Fund's shares on a best efforts basis. Shares of the Fund are offered continuously. Pursuant to the terms of the Distribution Agreement, the Advisor compensates the Distributor for the services that the Distributor provides to the Fund under the Agreement. The Fund did not pay any underwriting commissions to the Distributor during the fiscal year ended December 31, 2025.

**FUND ADMINISTRATOR AND TRANSFER AGENT**

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services, 615 East Michigan Street, Milwaukee, Wisconsin 53202, serves as administrator ("Fund Services" or the "Administrator") to the Fund. In connection with its duties as Administrator, Fund Services prepares and maintains the books, accounts and other documents required by the 1940 Act, calculates the Fund's NAV, responds to shareholder inquiries, prepares the Fund's financial statements, prepares reports and filings with the SEC and with state Blue Sky authorities, furnishes statistical and research data, clerical, accounting and bookkeeping services and stationery and office supplies, keeps and maintains the Fund's financial accounts and records and generally assists in all aspects of the Fund's operations.

Fund Services acts as the Fund's transfer agent and dividend disbursing agent and also serves as fund accountant for the Fund. The Fund paid the following amount to Fund Services for fund administration services for the fiscal years listed on the chart below:

---

| | | |
|:---|:---|:---|
| **Fiscal Year Ended<br> December 31, 2025** | **Fiscal Year Ended<br> December 31, 2024** | **Fiscal Year Ended<br> December 31, 2023** |
| $381022 | $263183 | $258018 |

---

**CUSTODIAN**

U.S. Bank N.A. (the "Custodian"), 1555 North RiverCenter Drive, Suite 302, Milwaukee, Wisconsin 53212, an affiliate of Fund Services, serves as custodian of the assets of the Fund pursuant to a Custody Agreement. Under the Custody Agreement, the Custodian has agreed to (i) maintain a separate account in the name of the Fund; (ii) make receipts and disbursements of money on behalf of the Fund; (iii) collect and receive all income and other payments and distributions on account of the Fund's portfolio investments; (iv) respond to correspondence from shareholders, security brokers and others relating to its duties; and (v) make periodic reports to the Fund concerning the Fund's operations. Fund Services and the Custodian are affiliates.

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

Cohen & Company, Ltd. serves as the Fund's independent registered public accounting firm and performs an annual audit of the Fund's financial statements. Cohen & Company, Ltd.'s address is 1835 Market Street, Suite 310, Philadelphia, Pennsylvania 19103.

**BROKERAGE ALLOCATION**

**Portfolio Transactions.** As provided in the Investment Advisory Agreement, the Advisor is responsible for the Fund's portfolio decisions and the placing of portfolio transactions. Purchase and sale orders for portfolio securities may be effected through brokers who charge a commission for their services.

The aggregate brokerage commissions paid by the Fund for the following fiscal years are shown in the table below.

---

| | | |
|:---|:---|:---|
| **Brokerage Fees Paid** | **Brokerage Fees Paid** | **Brokerage Fees Paid** |
| **Fiscal Year Ended**<br> **December 31, 2025\*\*** | **Fiscal Year Ended**<br> **December 31, 2024\*** | **Fiscal Year Ended**<br> **December 31, 2023** |
| $599035 | $229497 | $156418 |

---

\* The increase in brokerage commissions paid between the fiscal years ended December 31, 2023 and December 31, 2024 can be attributed primarily to higher turnover.

\*\* The increase in brokerage commissions paid between the fiscal years ended December 31, 2024 and December 31, 2025 can be attributed primarily to an increase in total net assets.

While the Advisor seeks reasonably competitive rates, it does not necessarily pay the lowest commission or spreads available. Transactions in smaller company shares may involve specialized services on the part of the broker and thus entail higher commissions or spreads than would be paid in transactions involving more widely traded securities.

As of December 31, 2025, the Fund did not own securities of any "regular brokers or dealers" (as defined in the 1940 Act) or their parents.

**Brokerage Selection.** The Advisor has full brokerage discretion. The Advisor evaluates the range and quality of a broker's services in placing trades such as, but not limited to, reputation, financial strength and stability, creditworthiness, efficiency of execution and error resolution, the actual executed price and the commission, research (including economic forecasts, fundamental and technical advice on securities, valuation advice on market analysis); custodial and other services provided for the enhancement of the Advisor's portfolio management capabilities; the size and type of the transaction; the difficulty of execution and the ability to handle difficult trades; and the operational facilities of the brokers and/or dealers involved (including back office efficiency). Under Section 28(e) of the Securities Exchange Act of 1934, as amended, the Advisor may give consideration to research services furnished by brokers to the Advisor for its use and may cause the Fund to pay these brokers a higher commission than may be charged by other brokers. This research is designed to augment the Advisor's own internal research and investment strategy capabilities. Research services may include, but are not limited to, research reports (including market research); certain financial newsletters and trade journals; software providing analysis of securities portfolios; corporate governance research and rating services; attendance at certain seminars and conferences; discussions with research analysts; meetings with corporate executives; consultants' advice on portfolio strategy; data services (including services providing market data, company financial data and economic data); advice from broker-dealers on order execution; and certain proxy services. Typically, the research will be used to service all of the Advisor's accounts, although a particular client may not benefit from all of the research received by the Advisor on each occasion. Investment advisory fees are not reduced by reason of receipt of research services.

The Advisor does not take into account the sale of Fund shares when selecting brokers to execute portfolio transactions. No affiliate of the Fund receives reciprocal business in connection with its portfolio transactions.

Brokerage and research services furnished by brokers through whom the Fund effects securities transactions may be used by the Advisor in servicing all of its accounts and not all of such services may be used by the Advisor in connection with the Fund.

The brokerage commissions paid by the Fund to brokers who also provided eligible third-party Section 28(e) services for the following fiscal years are shown in the following table. The dollar values of the securities traded for the fiscal years are also shown:

---

| | | |
|:---|:---|:---|
| **Fiscal Year Ended December 31,** | **Commissions Paid to Brokers who Provided 28(e) Eligible Services** | **Dollar Value of Securities Traded** |
| **2025** | $87397 | $221434083 |
| **2024** | $129062 | $92281591 |
| **2023** | $35228 | $38954068 |

---

The Board reviews information concerning the prevailing level of commissions charged by qualified brokers.

**ORGANIZATION AND SHARES OF BENEFICIAL INTEREST**

**Organization.** The Trust is a Delaware statutory trust organized on July 11, 2003. The Trust is registered under the 1940 Act as an open-end management investment company, commonly known as a mutual fund. The Fund currently offers one class of shares – Class I. The Trustees may, from time to time, establish additional series or classes of shares without the approval of shareholders. The assets of each series belong only to that series, and the liabilities of each series are borne solely by that series and no other.

**Shares of Beneficial Interest.** The Trust is authorized to issue an unlimited number of shares of beneficial interest. The Trust has registered an indefinite number of Fund shares under Rule 24f-2 of the 1940 Act. Each share is entitled to one vote and is freely transferable; shares represent equal proportionate interests in the assets of the Fund only and have identical voting, dividend, redemption, liquidation and other rights except that expenses allocated to a class of shares may be borne solely by such class as determined by the Trustees and a class may have exclusive voting rights with respect to matters affecting only that class. The shares, when issued and paid for in accordance with the terms of the prospectus, are deemed to be fully paid and non-assessable. Shares have no preemptive, cumulative voting, subscription or conversion rights. Shares can be issued as full shares or as fractions of shares (such shares being rounded to the third decimal place). A fraction of a share has the same rights and privileges as a whole share on a pro-rata basis.

**PURCHASE, REDEMPTION AND PRICING OF SHARES**

**Purchase Orders — General Policies.** Shares of Class I of the Fund are offered at NAV directly by the Fund or through various authorized intermediaries. The Fund determines its NAV as described in the Prospectus. The Fund reserves the right to reject any specific purchase order in its sole discretion. The Fund also reserves the right to suspend the offering of Fund shares. You may only purchase shares if the Fund is eligible for sale in your state or jurisdiction. The Fund has authorized one or more financial intermediaries to accept purchase and redemption orders on its behalf ("Authorized Intermediaries"). Authorized Intermediaries are authorized to designate other Authorized Intermediaries to accept orders on the Fund's behalf. An order is deemed to be received when the Fund or an Authorized Intermediary accepts the order.

Class I shares of the Fund are offered at NAV directly by the Fund or through various intermediary arrangements. A commission or other transaction fee may be charged by your financial intermediary with respect to the purchase, sale or exchange of Class I shares made through such financial intermediary.

**Redemptions.** Shares may be redeemed at NAV. You may receive proceeds of your redemption by check, ACH, or federal wire transfer. The Fund typically expects that it will take one to three days following the receipt of your redemption request in good order to pay redemption proceeds. However, while not expected, payment of redemption proceeds may take up to seven days if sending proceeds earlier could adversely affect the Fund. Additionally, payment of redemption proceeds for shares purchased directly by check or electronic funds transfer through the ACH network may be delayed until the check has cleared, which may be up to 15 calendar days from the date of purchase. This delay will not apply if you purchased your shares via federal wire transfer. If payment of proceeds is to be made by federal wire transfer, a $15 wire fee will be applied. In unusual circumstances, the Fund may temporarily suspend redemptions, or postpone the payment of proceeds, as allowed by federal securities laws.

The Fund typically expects that it will hold cash or cash equivalents to meet redemption requests. The Fund may also use the proceeds from the sale of portfolio securities to meet redemption requests if consistent with the management of the Fund. These redemption methods will be used regularly and may also be used in unusual market conditions.

The Fund reserves the right to redeem in-kind as described under "Redemptions 'In-Kind'" below. Redemptions in-kind are typically used to meet redemption requests that represent a large percentage of the Fund's net assets in order to minimize the effect of large redemptions on the Fund and its remaining shareholders. Redemptions in-kind are typically only used in unusual market conditions but may also be used as a redemption method when requested by shareholders or advisors to shareholder accounts.

**Redemptions "In-Kind"**

The Fund has elected to be governed by Rule 18f-1 of the 1940 Act pursuant to which the Fund is obligated during any 90-day period to redeem shares for any one shareholder of record solely in cash up to the lesser of $250,000 or 1% of the NAV of the Fund at the beginning of such period. Should a redemption exceed such limitation, the Fund may deliver, in lieu of cash, securities from its portfolio. The securities delivered will be selected at the sole discretion of the Fund, will not necessarily be representative of the Fund's entire portfolio and may be securities which the Fund would otherwise sell. The redeeming shareholder will usually incur brokerage costs in subsequently converting the securities to cash, and will bear any market risks associated with such securities until they are converted into cash.

The same method of valuing securities used to make the redemptions in-kind will be used to value portfolio securities and such valuation will be made as of the time the redemption price is determined. See the "Calculation of Net Asset Value" section of the Prospectus.

**Pricing of Shares.** The purchase and redemption price of the Fund's shares is based on the Fund's next determined NAV per share. See the "How to Purchase Shares" and "How to Redeem Shares" sections of the Prospectus.

**Arrangements Permitting Frequent Purchases and Redemptions of Fund Shares.** The Fund has no arrangements with any party permitting frequent purchases and redemptions of the Fund's shares. The Fund is intended for long-term investment and discourages frequent purchases and redemptions of the Fund's shares that are counter to the interests of all of the Fund's shareholders.

**TAX STATUS**

The information set forth in the Prospectus and the following discussion relate solely to U.S. federal income tax law and assumes that the Fund qualifies to be taxed as a regulated investment company (as discussed below). Such information is only a summary of certain key U.S. federal income tax considerations and is based on current law. No attempt has been made to present a complete explanation of the U.S. federal tax treatment of the Fund or its shareholders. Investors are encouraged to consult their own tax advisors with respect to the specific tax consequences of being a shareholder in the Fund, including the effect and applicability of U.S. federal, state, local and foreign tax laws to their own particular situations.

**General.** The Fund intends to qualify as a "regulated investment company" under Subchapter M of the Internal Revenue Code (the "Code"), and if so qualified, will not be subject to U.S. federal income taxes to the extent its earnings are timely distributed. To qualify, the Fund must comply with certain requirements relating to, among other things, the source of its income and the diversification of its assets. The Fund must also annually distribute at least 90% of its investment company taxable income.

Should the Fund not qualify as a "regulated investment company" under Subchapter M, the Fund would be subject to U.S. federal income taxes on earnings whether or not such earnings were distributed to shareholders. Payment of income taxes by the Fund would reduce the Fund's NAVs and result in lower returns to the Fund's shareholders.

The Fund also intends to make distributions as required by the Code to avoid the imposition of a non-deductible 4% excise tax. The Fund must distribute during each calendar year (i) 98% of its ordinary income for such calendar year, (ii) 98.2% of its capital gain net income for the one-year period ending October 31 of such calendar year (or the Fund's actual taxable year ending December 31, if elected) and (iii) certain other amounts not distributed in previous years.

The Fund may invest in foreign securities. Some foreign countries withhold income taxes from dividend or interest payments to investors. The Fund either cannot recoup these tax payments in some cases, or can only receive refunds of withheld taxes after a lengthy application process. It is not anticipated that tax withholdings on foreign income will have a material effect on the Fund's investment performance.

Distributions of the Fund's investment company taxable income (taxable interest, dividends, net short-term capital gains and other taxable ordinary income, net of expenses) are taxable to you as ordinary income. A portion of the Fund's distributions may be treated as "qualified dividend income," taxable to individuals, trusts and estates at the same preferential U.S. federal tax rate as long-term capital gains income. A distribution is treated as qualified dividend income to the extent that the Fund receives dividend income from taxable domestic corporations and certain qualified foreign corporations, provided that holding period and other requirements are met. To the extent the Fund's distributions are attributable to other sources, such as interest or capital gains, the distributions are not treated as qualified dividend income.

Distributions of the Fund's net capital gain (the excess of net long-term capital gains over net short-term capital losses) generally are taxable to you as long-term capital gain, regardless of how long you have held shares in the Fund.

Distributions that do not constitute ordinary income dividends or capital gain dividends will be treated as a return of capital. Return of capital distributions reduce your tax basis in the shares and are treated as gain from the sale of the shares to the extent your basis would be reduced below zero.

All distributions will be treated in the manner described above regardless of whether the distribution is paid in cash or reinvested in additional shares of the Fund. Distributions declared and payable to shareholders of record as of a date in October, November or December of a given year and actually paid in the immediately following January will be treated as if paid by the Fund and are taxable to shareholders as if paid on December 31 of that calendar year and not the year in which the shareholder received such distribution.

If you invest in the Fund shortly before the record date of a distribution, any distribution will lower the value of the Fund's shares by the amount of the distribution and the amount of the distribution will be taxable in the manner described above.

In general, you will recognize a gain or loss on a sale or exchange of shares of the Fund in an amount equal to the difference between the amount of your net sales proceeds and your tax basis in the shares. All or a portion of any such loss may be disallowed if you purchase (for example, by reinvesting dividends) other shares of the Fund within 30 days before or after the sale or exchange. If disallowed, the loss will be reflected in an upward adjustment to the basis of the shares purchased. In general, any gain or loss will be capital gain or loss if you held your Fund shares as capital assets. Any capital gain or loss will be treated as long-term capital gain or loss if you held the Fund shares for more than one year at the time of the sale or exchange. Any capital loss arising from the sale or exchange of shares held for six months or less is treated as a long-term capital loss to the extent of the amount of distributions of net capital gain received on such shares. The deduction of capital losses by U.S. individual shareholders is subject to limitations.

As of December 31, 2025, the Fund had no capital loss carryforwards.

The Fund may on its tax return treat as a distribution of investment company taxable income and net capital gain the portion of redemption proceeds paid to redeeming shareholders that represents the redeeming shareholders' portion of the Fund's undistributed investment company taxable income and net capital gain. This practice, which involves the use of equalization accounting, will have the effect of reducing the amount of income and gains that the Fund is required to distribute as dividends to shareholders in order for the Fund to avoid U.S. federal income tax and excise tax. This practice may also reduce the amount of distributions required to be made to non-redeeming shareholders and the amount of any undistributed income reflected in the value of the Fund's shares; the total return on a shareholder's investment will not be reduced as a result of the Fund's distribution policy. Investors who purchase shares shortly before the record date of a distribution will pay the full price for the shares and then receive some portion of the price back as a taxable distribution.

**FINANCIAL STATEMENTS**

Financial statements for the fiscal year ended December 31, 2025, have been audited by the Cohen & Company, Ltd., an independent registered public accounting firm. All information prior to 2023 was audited by the Fund's previous independent registered public accounting firm. The Fund's financial statements are included in the Fund's [Form N-CSR](https://www.sec.gov/ix?doc=/Archives/edgar/data/1251896/000113322826003225/af-efp22714_ncsr.htm#fihi) for the fiscal year ended December 31, 2025 and are incorporated herein by reference. To obtain a copy of the Prospectus, the Annual Report to Shareholders, or filings on Form N-CSR please call (800) 528-3780.

**The Aegis Funds**

<u>Part C</u>

**<u>OTHER INFORMATION</u>**

Item 28. <u>Exhibits</u>

(a) (1) [Certificate of Trust – Incorporated by reference to the initial registration statement on Form N-1A as filed with the Securities and Exchange Commission on July 11, 2003.](https://www.sec.gov/Archives/edgar/data/1251896/000094366303000334/certificate.htm)

(2) [Declaration of Trust – Incorporated by reference to the initial registration statement on Form N-1A as filed with the Securities and Exchange Commission on July 11, 2003.](https://www.sec.gov/Archives/edgar/data/1251896/000094366303000334/declaration2.htm)

(b) [By-Laws – Incorporated by reference to Post-Effective Amendment No. 3 filed with the Securities and Exchange Commission on April 27, 2007.](https://www.sec.gov/Archives/edgar/data/1251896/000091957407002160/d768901_ex99-b.txt)

(c) Not Applicable.

(d) [Investment Advisory Agreement between The Aegis Funds and Aegis Financial Corporation relating to the Aegis Value Fund – Incorporated by reference to Post-Effective Amendment No. 20 filed with the Securities and Exchange Commission on February 26, 2014.](https://www.sec.gov/Archives/edgar/data/1251896/000089418914000948/invest-advsry_agmnt.htm)

(e) (1) [Distribution Agreement between The Aegis Funds and Quasar Distributors, LLC – Incorporated by reference to Post-Effective Amendment No. 10 filed with the Securities and Exchange Commission on April 27, 2012.](https://www.sec.gov/Archives/edgar/data/1251896/000089418912002302/dist_agmnt.htm)

(2) [Amendment to the Distribution Agreement – Incorporated by reference to Post-Effective Amendment No. 13 filed with the Securities and Exchange Commission on August 22, 2012.](https://www.sec.gov/Archives/edgar/data/1251896/000089418912004692/amend-dist_agmnt.htm)

(3) [Second Amendment to the Distribution Agreement – Incorporated by reference to Post-Effective Amendment No. 20 filed with the Securities and Exchange Commission on February 26, 2014.](https://www.sec.gov/Archives/edgar/data/1251896/000089418914000948/amend-dist_agmnt.htm)

(4) [Novation Agreement dated March 31, 2020 – Incorporated by reference to Post-Effective Amendment No.34 filed with the Securities and Exchange Commission on April 29, 2020](https://www.sec.gov/Archives/edgar/data/1251896/000139834420008714/fp0053125_ex9928e4.htm) .

(f) Not Applicable.

(g) (1) [Amended and Restated Custody Agreement between The Aegis Funds and U.S. Bank National Association – Incorporated by reference to Post-Effective Amendment No. 20 filed with the Securities and Exchange Commission on February 26, 2014.](https://www.sec.gov/Archives/edgar/data/1251896/000089418914000948/restated-custody_agmnt.htm)

(2) [First Amendment to the Amended and Restated Custody Agreement – Incorporated by reference to Post-Effective Amendment No. 20 filed with the Securities and Exchange Commission on February 26, 2014.](https://www.sec.gov/Archives/edgar/data/1251896/000089418914000948/amend-custody_agmnt.htm)

(3) [Second Amendment to the Amended and Restated Custody Agreement dated April 30, 2019 – Incorporated by reference to Post-Effective Amendment No.34 filed with the Securities and Exchange Commission on April 29, 2020.](https://www.sec.gov/Archives/edgar/data/1251896/000139834420008714/fp0053125_ex9928g3.htm)

(4) [Second Amended and Restated Custody Agreement between The Aegis Funds and U.S. Bank National Association – **Filed Herewith.**](fp0098581-1_ex9928g4.htm)

(h) (1) [Fund Servicing Agreement between The Aegis Funds and U.S. Bancorp Fund Services, LLC – **Filed Here** **w** **ith** **.**](fp0098581-1_ex9928h1.htm)

---

| | | | |
|:---|:---|:---|:---|
|  | (2) | [Amended and Restated Expense Limitation Agreement for the Aegis Value Fund dated February 23, 2023 – Incorporated by reference to Post-Effective Amendment No. 39 filed with the Securities and Exchange Commission on April 26, 2023.](https://www.sec.gov/Archives/edgar/data/1251896/000139834423007848/fp0083056-1_ex9928h9.htm) | [Amended and Restated Expense Limitation Agreement for the Aegis Value Fund dated February 23, 2023 – Incorporated by reference to Post-Effective Amendment No. 39 filed with the Securities and Exchange Commission on April 26, 2023.](https://www.sec.gov/Archives/edgar/data/1251896/000139834423007848/fp0083056-1_ex9928h9.htm) |
|  | (3) | Powers of Attorney | Powers of Attorney |
|  |  | (a) | [Power of Attorney of Brant Imperatore, dated April 24, 2026 – **Filed Herewith.**](fp0098581-1_ex9928h3a.htm) |
|  |  | (b) | [Power of Attorney of Eskander Matta, dated April 28, 2025 – Incorporated by reference to Post-Effective Amendment No. 41 filed with the Securities and Exchange Commission on April 29, 2025.](https://www.sec.gov/Archives/edgar/data/1251896/000139834425007904/fp0093167-1_ex9928h10b.htm) |
|  |  | (c) | [Power of Attorney of Andrew R. Bacas, dated April 28, 2025 – Incorporated by reference to Post-Effective Amendment No. 41 filed with the Securities and Exchange Commission on April 29, 2025.](https://www.sec.gov/Archives/edgar/data/1251896/000139834425007904/fp0093167-1_ex9928h10c.htm) |
|  |  | (d) | [Power of Attorney of Jordan F. Nasir, dated April 28, 2025 – Incorporated by reference to Post-Effective Amendment No. 41 filed with the Securities and Exchange Commission on April 29, 2025.](https://www.sec.gov/Archives/edgar/data/1251896/000139834425007904/fp0093167-1_ex9928h10d.htm) |
| (i) |  | [Legal Opinion and Consent –**Filed herewith.**](fp0098581-1_ex9928i.htm) | [Legal Opinion and Consent –**Filed herewith.**](fp0098581-1_ex9928i.htm) |
| (j) |  | [Consent of Independent Registered Public Accounting Firm –**Filed herewith.**](fp0098581-1_ex9928j.htm) | [Consent of Independent Registered Public Accounting Firm –**Filed herewith.**](fp0098581-1_ex9928j.htm) |
| (k) |  | Not Applicable. | Not Applicable. |
| (l) |  | [Initial Capital Agreement – Incorporated by reference to Pre-Effective Amendment No. 1 filed with the Securities and Exchange Commission on December 30, 2003.](https://www.sec.gov/Archives/edgar/data/1251896/000094366303000481/subscription.htm) | [Initial Capital Agreement – Incorporated by reference to Pre-Effective Amendment No. 1 filed with the Securities and Exchange Commission on December 30, 2003.](https://www.sec.gov/Archives/edgar/data/1251896/000094366303000481/subscription.htm) |
| (m) |  | Not Applicable. | Not Applicable. |
| (n) |  | Not Applicable. | Not Applicable. |
| (o) |  | Reserved. | Reserved. |
| (p) | (1) | [Code of Ethics of The Aegis Funds dated April 21, 2015 – Incorporated by reference to Post-Effective Amendment No. 24 filed with the Securities and Exchange Commission on April 28, 2015.](https://www.sec.gov/Archives/edgar/data/1251896/000089418915002063/coe_aegis.htm) | [Code of Ethics of The Aegis Funds dated April 21, 2015 – Incorporated by reference to Post-Effective Amendment No. 24 filed with the Securities and Exchange Commission on April 28, 2015.](https://www.sec.gov/Archives/edgar/data/1251896/000089418915002063/coe_aegis.htm) |
|  | (2) | [Code of Ethics of Aegis Financial Corporation dated June 6, 2014 – Incorporated by reference to Post-Effective Amendment No. 24 filed with the Securities and Exchange Commission on April 28, 2015.](https://www.sec.gov/Archives/edgar/data/1251896/000089418915002063/coe-aegis_financial.htm) | [Code of Ethics of Aegis Financial Corporation dated June 6, 2014 – Incorporated by reference to Post-Effective Amendment No. 24 filed with the Securities and Exchange Commission on April 28, 2015.](https://www.sec.gov/Archives/edgar/data/1251896/000089418915002063/coe-aegis_financial.htm) |

---

**ITEM 29. PERSONS CONTROLLED BY OR UNDER COMMON CONTROL WITH REGISTRANT**

No person is directly or indirectly controlled by, or under common control with, the Registrant.

**ITEM 30. INDEMNIFICATION**

Reference is made to Article VII Section 3 in the Declaration of Trust of The Aegis Funds (the "Registrant") which is incorporated by reference herein.

Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to trustees, officers and controlling persons of the Registrant by the Registrant pursuant to the Declaration of Trust or otherwise, the Registrant is aware that in the opinion of the Securities and Exchange Commission, such indemnification is against public policy as expressed in the Act, and therefore, is 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 trustees, officers or controlling persons of the Registrant in connection with the successful defense of any act, suit or proceeding) is asserted by such trustees, officers or controlling persons in connection with the shares 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 Act and will be governed by the final adjudication of such issues.

**ITEM 31. BUSINESS AND OTHER CONNECTIONS OF INVESTMENT ADVISOR AND THEIR OFFICERS AND DIRECTORS**

Scott L. Barbee has been officer and director of the Investment Advisor. Justin P. Harrison has been officer of the Investment Advisor. There have been no other connections of a substantial nature in which the officers or directors of the Investment Advisor have been involved during the last two years.

**ITEM 32. PRINCIPAL UNDERWRITER**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Quasar Distributors, LLC (the "Distributor") serves as principal underwriter for the following investment companies registered under the Investment Company Act of 1940, as amended:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Abacus FCF ETF Trust

2. Advisor Managed Portfolios

3. Antares Private Credit Fund

4. Capital Advisors Growth Fund, Series of Advisors Series Trust

5. Chase Growth Fund, Series of Advisors Series Trust

6. Davidson Multi-Cap Equity Fund, Series of Advisors Series Trust

7. Edgar Lomax Value Fund, Series of Advisors Series Trust

8. Huber Large Cap Value Fund, Series of Advisors Series Trust

9. Huber Mid Cap Value Fund, Series of Advisors Series Trust

10. Huber Select Large Cap Value Fund, Series of Advisors Series Trust

11. Huber Small Cap Value Fund, Series of Advisors Series Trust

12. Logan Capital Broad Innovative Growth ETF, Series of Advisors Series Trust

13. Medalist Partners MBS Total Return Fund, Series of Advisors Series Trust

14. Medalist Partners Short Duration Fund, Series of Advisors Series Trust

15. O'Shaughnessy Market Leaders Value Fund, Series of Advisors Series Trust

16. PIA BBB Bond Fund, Series of Advisors Series Trust

17. PIA High Yield (MACS) Fund, Series of Advisors Series Trust

18. PIA High Yield Fund, Series of Advisors Series Trust

19. PIA MBS Bond Fund, Series of Advisors Series Trust

20. PIA Short-Term Securities Fund, Series of Advisors Series Trust

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. Poplar Forest Cornerstone Fund, Series of Advisors Series Trust

22. Poplar Forest Partners Fund, Series of Advisors Series Trust

23. Pzena Emerging Markets Value Fund, Series of Advisors Series Trust

24. Pzena International Small Cap Value Fund, Series of Advisors Series Trust

25. Pzena International Value ETF, Series of Advisors Series Trust

26. Pzena International Value Fund, Series of Advisors Series Trust

27. Pzena Mid Cap Value Fund, Series of Advisors Series Trust

28. Pzena Small Cap Value Fund, Series of Advisors Series Trust

29. Pzena U.S. Large Cap Value ETF, Series of Advisors Series Trust

30. Vox populi ETF, Series of Advisors Series Trust

31. Scharf ETF, Series of Advisors Series Trust

32. Scharf Global Opportunity ETF, Series of Advisors Series Trust

33. Scharf Multi-Asset Opportunity Fund, Series of Advisors Series Trust

34. Shenkman Capital Floating Rate High Income Fund, Series of Advisors Series Trust

35. Shenkman Capital Short Duration High Income Fund, Series of Advisors Series Trust

36. The Aegis Funds

37. Allied Asset Advisors Funds

38. Angel Oak Funds Trust

39. Angel Oak Strategic Credit Fund

40. Brookfield Infrastructure Income Fund Inc.

41. Brookfield Investment Funds

42. Buffalo Funds

43. RJ Eagle GCM Dividend Select Income ETF, Series of Carillon Series Trust

44. RJ Eagle Municipal Income ETF, Series of Carillon Series Trust

45. RJ Eagle Vertical Income ETF, Series of Carillon Series Trust

46. DoubleLine Funds Trust

47. AAM Bahl & Gaynor Small/Mid Cap Income Growth ETF, Series of ETF Series Solutions

48. AAM Brentview Dividend Growth ETF, Series of ETF Series Solutions

49. AAM Crescent CLO ETF, Series of ETF Series Solutions

50. AAM Low Duration Preferred and Income Securities ETF, Series of ETF Series Solutions

51. AAM S&P 500 High Dividend Value ETF, Series of ETF Series Solutions

52. AAM Sawgrass U.S. Large Cap Quality Growth ETF, Series of ETF Series Solutions

53. AAM Sawgrass U.S. Small Cap Quality Growth ETF, Series of ETF Series Solutions

54. AAM SLC Low Duration Income ETF, Series of ETF Series Solutions

55. AAM Todd International Intrinsic Value ETF, Series of ETF Series Solutions

56. AAM Transformers ETF, Series of ETF Series Solutions

57. Acquirers Small and Micro Deep Value ETF, Series of ETF Series Solutions

58. Aptus April Buffer, Series of ETF Series Solutions

59. Aptus Collared Investment Opportunity ETF, Series of ETF Series Solutions

60. Aptus Deferred Income ETF, Series of ETF Series Solutions

61. Aptus Defined Risk ETF, Series of ETF Series Solutions

62. Aptus Drawdown Managed Equity ETF, Series of ETF Series Solutions

63. Aptus Enhanced Yield ETF, Series of ETF Series Solutions

64. Aptus International Enhanced Yield ETF, Series of ETF Series Solutions

65. Aptus January Buffer ETF, Series of ETF Series Solutions

66. Aptus July Buffer ETF, Series of ETF Series Solutions

67. Aptus Laddered Buffer ETF, Series of ETF Series Solutions

68. Aptus Large Cap Enhanced Yield ETF, Series of ETF Series Solutions

69. Aptus Large Cap Upside ETF, Series of ETF Series Solutions

70. Aptus October Buffer ETF, Series of ETF Series Solutions

71. Bahl & Gaynor Dividend ETF, Series of ETF Series Solutions

72. Bahl & Gaynor Income Growth ETF, Series of ETF Series Solutions

73. Bahl & Gaynor Small Cap Dividend ETF, Series of ETF Series Solutions

74. BTD Capital Fund, Series of ETF Series Solutions

75. Carbon Strategy ETF, Series of ETF Series Solutions

76. ClearShares OCIO ETF, Series of ETF Series Solutions

77. ClearShares Piton Intermediate Fixed Income Fund, Series of ETF Series Solutions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78. ClearShares Ultra-Short Maturity ETF, Series of ETF Series Solutions

79. Colterpoint Net Lease Real Estate ETF, Series of ETF Series Solutions

80. Distillate International Fundamental Stability & Value ETF, Series of ETF Series Solutions

81. Distillate Small/Mid Cash Flow ETF, Series of ETF Series Solutions

82. Distillate U.S. Fundamental Stability & Value ETF, Series of ETF Series Solutions

83. ETFB Green SRI REITs ETF, Series of ETF Series Solutions

84. Hoya Capital High Dividend Yield ETF, Series of ETF Series Solutions

85. Hoya Capital Housing ETF, Series of ETF Series Solutions

86. LHA Market State Tactical Beta ETF, Series of ETF Series Solutions

87. LHA Market State Tactical Q ETF, Series of ETF Series Solutions

88. LHA Risk-Managed Income ETF, Series of ETF Series Solutions

89. McElhenny Sheffield Managed Risk ETF, Series of ETF Series Solutions

90. Opus Small Cap Value ETF, Series of ETF Series Solutions

91. The Acquirers Fund, Series of ETF Series Solutions

92. The Brinsmere Fund - Conservative ETF, Series of ETF Series Solutions

93. The Brinsmere Fund - Growth ETF, Series of ETF Series Solutions

94. U.S. Global GO GOLD and Precious Metal Miners ETF, Series of ETF Series Solutions

95. U.S. Global JETS ETF, Series of ETF Series Solutions

96. U.S. Global Sea to Sky Cargo ETF, Series of ETF Series Solutions

97. U.S. Global Technology and Aerospace & Defense ETF, Series of ETF Series Solutions

98. US Vegan Climate ETF, Series of ETF Series Solutions

99. First American Funds Trust

100. FundX Investment Trust

101. The Glenmede Fund, Inc.

102. The GoodHaven Funds Trust

103. Harding, Loevner Funds, Inc.

104. Hennessy Funds Trust

105. Horizon Funds

106. Hotchkis & Wiley Funds

107. Intrepid Capital Management Funds Trust

108. Jacob Funds Inc.

109. The Jensen Quality Growth Fund Inc.

110. Kirr, Marbach Partners Funds, Inc.

111. Core Alternative ETF, Series of Listed Funds Trust

112. Optimized Equity Income ETF, Series of Listed Funds Trust

113. Wahed Dow Jones Islamic World ETF, Series of Listed Funds Trust

114. Wahed FTSE USA Shariah ETF, Series of Listed Funds Trust

115. LKCM Funds

116. LoCorr Investment Trust

117. MainGate Trust

118. ATAC Rotation Fund, Series of Managed Portfolio Series

119. Kensington Active Advantage Fund, Series of Managed Portfolio Series

120. Kensington Credit Opportunities ETF, Series of Managed Portfolio Series

121. Kensington Defender Fund, Series of Managed Portfolio Series

122. Kensington Dynamic Allocation Fund, Series of Managed Portfolio Series

123. Kensington Hedged Premium Income ETF, Series of Managed Portfolio Series

124. Kensington Managed Income Fund, Series of Managed Portfolio Series

125. LK Balanced Fund, Series of Managed Portfolio Series

126. Leuthold Core ETF, Series of Managed Portfolio Series

127. Leuthold Core Investment Fund, Series of Managed Portfolio Series

128. Leuthold Global Fund, Series of Managed Portfolio Series

129. Leuthold Grizzly Short Fund, Series of Managed Portfolio Series

130. Leuthold Select Industries ETF, Series of Managed Portfolio Series

131. Muhlenkamp Fund, Series of Managed Portfolio Series

132. Nuance Concentrated Value Fund, Series of Managed Portfolio Series

133. Nuance Mid Cap Value Fund, Series of Managed Portfolio Series

134. Olstein All Cap Value Fund, Series of Managed Portfolio Series

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135. Olstein Strategic Opportunities Fund, Series of Managed Portfolio Series

136. Port Street Quality Growth Fund, Series of Managed Portfolio Series

137. Reinhart Genesis PMV Fund, Series of Managed Portfolio Series

138. Reinhart International PMV Fund, Series of Managed Portfolio Series

139. Reinhart Mid Cap PMV Fund, Series of Managed Portfolio Series

140. Tremblant Global ETF, Series of Managed Portfolio Series

141. Greenspring Income Opportunities Fund, Series of Manager Directed Portfolios

142. Hood River Emerging Markets Fund, Series of Manager Directed Portfolios

143. Hood River International Opportunity Fund, Series of Manager Directed Portfolios

144. Hood River New Opportunities Fund, Series of Manager Directed Portfolios

145. Hood River Small-Cap Growth Fund, Series of Manager Directed Portfolios

146. SanJac Alpha Core Plus Bond ETF, Series of Manager Directed Portfolios

147. SanJac Alpha Low Duration ETF, Series of Manager Directed Portfolios

148. SWP Growth & Income ETF, Series of Manager Directed Portfolios

149. Vert Global Sustainable Real Estate ETF, Series of Manager Directed Portfolios

150. Mason Capital Fund Trust

151. Matrix Advisors Funds Trust

152. Monetta Trust

153. Nicholas Equity Income Fund, Inc.

154. Nicholas Fund, Inc.

155. Nicholas II, Inc.

156. Nicholas Limited Edition, Inc.

157. Oaktree Asset-Backed Income Fund Inc.

158. Oaktree Diversified Income Fund Inc.

159. Permanent Portfolio Family of Funds

160. Procure ETF Trust II

161. Professionally Managed Portfolios

162. Provident Mutual Funds, Inc.

163. Abbey Capital Futures Strategy Fund, Series of The RBB Fund, Inc.

164. Abbey Capital Multi-Asset Fund, Series of The RBB Fund, Inc.

165. Adara Smaller Companies Fund, Series of The RBB Fund, Inc.

166. Aquarius International Fund, Series of The RBB Fund, Inc.

167. Boston Partners All Cap Value Fund, Series of The RBB Fund, Inc.

168. Boston Partners Global Equity Fund, Series of The RBB Fund, Inc.

169. Boston Partners Long/Short Equity Fund, Series of The RBB Fund, Inc.

170. Boston Partners Long/Short Research Fund, Series of The RBB Fund, Inc.

171. Boston Partners Small Cap Value Fund II, Series of The RBB Fund, Inc.

172. Campbell Systematic Macro Fund, Series of The RBB Fund, Inc.

173. F/m 10-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

174. F/m 2-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

175. F/m 3-Year Investment Grade Corporate Bond ETF, Series of The RBB Fund, Inc.

176. F/m Callable Tax-Free Municipal ETF, Series of The RBB Fund, Inc.

177. F/m Compoundr High Yield Bond ETF, Series of The RBB Fund, Inc.

178. F/m Compoundr U.S. Aggregate Bond ETF, Series of The RBB Fund, Inc.

179. F/m Emerald Life Sciences Innovation ETF, Series of The RBB Fund, Inc.

180. F/m Emerald Special Situations ETF, Series of The RBB Fund, Inc.

181. F/m High Yield 100 ETF, Series of The RBB Fund, Inc.

182. F/m Investments Large Cap Focused Fund Series of The RBB Fund, Inc.

183. F/m Opportunistic Income ETF, Series of The RBB Fund, Inc.

184. F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF Series of The RBB Fund, Inc.

185. F/m US Treasury 10 Year Note ETF, Series of The RBB Fund, Inc.

186. F/m US Treasury 12 Month Bill ETF, Series of The RBB Fund, Inc.

187. F/m US Treasury 2 Year Note ETF, Series of The RBB Fund, Inc.

188. F/m US Treasury 20 Year Bond ETF, Series of The RBB Fund, Inc.

189. F/m US Treasury 3 Month Bill ETF, Series of The RBB Fund, Inc.

190. F/m US Treasury 3 Year Note ETF, Series of The RBB Fund, Inc.

191. F/m US Treasury 30 Year Bond ETF, Series of The RBB Fund, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192. F/m US Treasury 5 Year Note ETF, Series of The RBB Fund, Inc.

193. F/m US Treasury 6 Month Bill ETF, Series of The RBB Fund, Inc.

194. F/m US Treasury 7 Year Note ETF, Series of The RBB Fund, Inc.

195. Motley Fool 100 Index ETF, Series of The RBB Fund, Inc.

196. Motley Fool Capital Efficiency 100 Index ETF, Series of The RBB Fund, Inc.

197. Motley Fool Global Opportunities ETF, Series of The RBB Fund, Inc.

198. Motley Fool Innovative Growth Factor ETF, Series of The RBB Fund, Inc.

199. Motley Fool Mid-Cap Growth ETF, Series of The RBB Fund, Inc.

200. Motley Fool Momentum Factor ETF, Series of The RBB Fund, Inc.

201. Motley Fool Next Index ETF, Series of The RBB Fund, Inc.

202. Motley Fool Small-Cap Growth ETF, Series of The RBB Fund, Inc.

203. Motley Fool Value Factor ETF, Series of The RBB Fund, Inc.

204. MUFG Japan Small Cap Active ETF, Series of The RBB Fund, Inc.

205. Oakhurst Fixed Income Fund, Series of The RBB Fund, Inc.

206. SGI Dynamic Tactical ETF, Series of The RBB Fund, Inc.

207. SGI Enhanced Core ETF, Series of The RBB Fund, Inc.

208. SGI Enhanced Global Income ETF, Series of The RBB Fund, Inc.

209. SGI Enhanced Market Leaders ETF, Series of The RBB Fund, Inc.

210. SGI Global Equity Fund, Series of The RBB Fund, Inc.

211. SGI Peak Growth Fund, Series of The RBB Fund, Inc.

212. SGI Prudent Growth Fund, Series of The RBB Fund, Inc.

213. SGI Small Cap Core Fund, Series of The RBB Fund, Inc.

214. SGI U.S. Large Cap Core ETF, Series of The RBB Fund, Inc.

215. SGI U.S. Large Cap Equity Fund, Series of The RBB Fund, Inc.

216. WPG Partners Select Small Cap Value Fund, Series of The RBB Fund, Inc.

217. WPG Partners Small Cap Value Diversified Fund, Series of The RBB Fund, Inc.

218. The RBB Fund Trust

219. RBC Funds Trust

220. Rockefeller Municipal Opportunities Fund

221. SEG Partners Long/Short Equity Fund

222. Series Portfolios Trust

223. Thompson IM Funds, Inc.

224. Tortoise Capital Series Trust

225. Bright Rock Mid Cap Growth Fund, Series of Trust for Professional Managers

226. Bright Rock Quality Large Cap Fund, Series of Trust for Professional Managers

227. CrossingBridge Low Duration High Income Fund, Series of Trust for Professional Managers

228. CrossingBridge Nordic High Income Bond Fund, Series of Trust for Professional Managers

229. CrossingBridge Responsible Credit Fund, Series of Trust for Professional Managers

230. CrossingBridge Ultra-Short Duration Fund, Series of Trust for Professional Managers

231. RiverPark Strategic Income Fund, Series of Trust for Professional Managers

232. Dearborn Partners Rising Dividend Fund, Series of Trust for Professional Managers

233. Jensen Global Quality Growth Fund, Series of Trust for Professional Managers

234. Jensen Quality MidCap Fund, Series of Trust for Professional Managers

235. Rockefeller Climate Solutions Fund, Series of Trust for Professional Managers

236. Rockefeller US Small Cap Core Fund, Series of Trust for Professional Managers

237. Wall Street EWM Funds Trust

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

---

| | | | |
|:---|:---|:---|:---|
| Name | Address | Position with Underwriter | Position with Registrant |
| Teresa Cowan | 190 Middle Street, Suite 301, Portland, ME 04101 | President/Manager |  |
| Chris Lanza | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Kate Macchia | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President |  |
| Susan L. LaFond | 190 Middle Street, Suite 301, Portland, ME 04101 | Vice President and Chief Compliance Officer and Treasurer |  |
| Gabriel E. Edelman | 190 Middle Street, Suite 301, Portland, ME 04101 | Secretary |  |
| Weston Sommers | 190 Middle Street, Suite 301, Portland, ME 04101 | Financial and Operations Principal and Chief Financial Officer |  |

---

 

**ITEM 33. LOCATION OF ACCOUNTS AND RECORDS**

The accounts, books and other documents required to be maintained by Registrant pursuant to Section 31(a) of the Investment Company Act of 1940 and the Rules thereunder are maintained: (i) at the offices of the Registrant located at, 6862 Elm Street, Suite 830, McLean, Virginia 22201; (ii) at the offices of the Registrant's Custodian located at 1555 North RiverCenter Drive, Suite 302, Milwaukee, Wisconsin 53212; and (iii) at the offices of the Registrant's Transfer Agent, Administrator and Accountant at 615 East Michigan Street, Milwaukee, WI, 53202.

**ITEM 34. MANAGEMENT SERVICES**

Not applicable.

**ITEM 35. UNDERTAKINGS.**

None.

<u>SIGNATURES</u>

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Amendment to the Registration Statement pursuant to Rule 485(b) under the 1933 Act and has duly caused this Amendment to the Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of McLean in the Commonwealth of Virginia on April 29, 2026.

---

| | |
|:---|:---|
| THE AEGIS FUNDS | THE AEGIS FUNDS |
| By: | /s/ Scott L. Barbee |
|  | Scott L. Barbee |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, this Amendment to the Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

---

| | | |
|:---|:---|:---|
| Signature | Title | Date |
| /s/ Scott L. Barbee | President, Trustee | April 29, 2026 |
| Scott L. Barbee | (Principal Executive Officer) |  |
| /s/ Justin P. Harrison | Secretary, Treasurer | April 29, 2026 |
| Justin P. Harrison | (Principal Financial Officer) |  |
| Andrew R. Bacas\* | Trustee | April 29, 2026 |
| Andrew R. Bacas |  |  |
| Brant Imperatore\* | Trustee | April 29, 2026 |
| Brant Imperatore |  |  |
| Eskander Matta\* | Trustee | April 29, 2026 |
| Eskander Matta |  |  |
| Jordan F. Nasir\* | Trustee | April 29, 2026 |
| Jordan F. Nasir |  |  |

---

---

| | |
|:---|:---|
| \* By: | /s/ Scott L. Barbee |
| Scott L. Barbee | Scott L. Barbee |
| Attorney-in-Fact pursuant to Powers of Attorney. | Attorney-in-Fact pursuant to Powers of Attorney. |

---

**<u>INDEX TO EXHIBITS</u>**

---

| | | |
|:---|:---|:---|
| **<u>Exhibit No.</u>** |  | **<u>Exhibit Description</u>** |
| (g) | (4) | [Second Amended and Restated Custody Agreement between The Aegis Funds and U.S. Bank National Association](fp0098581-1_ex9928g4.htm) |
| (h) | (1) | [Fund Servicing Agreement between The Aegis Funds and U.S. Bancorp Fund Services, LLC](fp0098581-1_ex9928h1.htm) |
|  | (3)(a) | [Power of Attorney of Brant Imperatore](fp0098581-1_ex9928h3a.htm) |
| (i) |  | [Legal Opinion and Consent](fp0098581-1_ex9928i.htm) |
| (j) |  | [Consent of Independent Registered Public Accounting Firm](fp0098581-1_ex9928j.htm) |

---

## Exhibit 99.28

*Certain identified information has been excluded from the exhibit because it is both not material and the type that the Registrant treats as private or confidential.*

 

**SECOND AMENDED AND RESTATED**

**CUSTODY AGREEMENT**

THIS AGREEMENT is made and entered into as October 1, 2024 (the "Effective Date"), by and between **THE AEGIS FUNDS**, a Delaware business 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 and the Custodian entered into an Amended and Restated Custody Agreement dated as of, January 20, 2012, as amended (the "Original Agreement"); and

WHEREAS, the Original Agreement is hereby amended and restated in its entirety with this Agreement; and

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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(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 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;(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;(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;(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;(c) For the payment of any dividends or capital gain distributions declared by the Fund;

&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;(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;(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;(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;(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;(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;(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;(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;(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;(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;(e) To the broker selling the Securities, for examination in accordance with the "street delivery" custom;

&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;(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;(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;(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;(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;(k) Pursuant to any authorized plan of liquidation, reorganization, merger, consolidation or recapitalization of the Trust;

&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;(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;(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;(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 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;(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;(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;(c) Endorse for collection, in the name of the Fund, checks, drafts and other negotiable instruments;

&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;(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;(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;(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;(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;(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;(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;(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;(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;(c) which constitute collateral for loans of Securities made by the Fund;

&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;(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;(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;(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;(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;(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;(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;(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;(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, 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, 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, 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, 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;(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;(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;(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**

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 one (1) year.

13.02 <u>Termination.</u>

&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;(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;(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;(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;(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;13.02 <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 life 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

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.

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-2. 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:

The Aegis Funds

c/o Aegis Financial Corporation

1100 N. Grebe Road

Suite 1040

Arlington, VA 22201

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 Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **THE AEGIS FUNDS** | **THE AEGIS FUNDS** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Justin P. Harrison | By: | /s/ Gregory Farley |
| Name: | Justin P. Harrison | Name: | Gregory Farley |
| Title: | Treasurer | Title: | Senior Vice President |
| Date: | 6/24/2025 | Date: | 6/30/2025 |

---

**<u>EXHIBIT A</u>**

**Custody Agreement**

Separate Series of The Aegis Funds

<u>Name of Series</u>

Aegis Value Fund

**<u>EXHIBIT B</u>**

**Custody Agreement Fee Schedule**

Based upon an annual rate of average daily market value of all long securities and cash held in the portfolio\*:

[...] basis points

$[...] - Minimum annual fee per fund

Plus portfolio transaction fees

***Portfolio Transaction Fees***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Book entry DTC transaction, Federal Reserve transaction,
principal paydown

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Repurchase agreement, reverse repurchase agreement, time
deposit/CD or other non-depository transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Option/SWAPS/future contract written, exercised or expired

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Mutual fund trade, Margin Variation Wire and outbound
Fed wire

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Physical security transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Check disbursement (waived if U.S. Bank is Administrator)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Chief Compliance Officer Support Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per year per fund complex

Miscellaneous Expenses

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

Additional Services

&nbsp;&nbsp;&nbsp;&nbsp;■ See Additional Services fee schedule for global servicing.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per custody sub - account per year (e.g., per sub -adviser,
segregated account, etc.)

&nbsp;&nbsp;&nbsp;&nbsp;■ Class Action Services - $[...] filing fee per class action per
account, plus [..]% of gross proceeds, up to a maximum per recovery not to exceed $[...] .

&nbsp;&nbsp;&nbsp;&nbsp;■ No charge for the initial conversion free receipt.

&nbsp;&nbsp;&nbsp;&nbsp;■ Overdrafts - charged to the account at prime interest rate plus
[...]%, unless a line of credit is in place.

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional fees will apply - Third Party lending.

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., margin management services, securities lending services, compliance with new SEC rules and reporting requirements).

\*Subject to annual CPI increase - All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative). CPI will reset as of the effective date of this contract.

Fees are calculated pro rata and billed monthly.

Additional Global Sub-Custodial Services Annual Fee Schedule

At U.S. Bank, we hold ourselves to the highest standard of service and commitment to the industry. We innovate and evolve along with our clients to ensure that U.S. Bank remains a reliable and effective advocate for each of our client relationships. U.S. Bank has developed a bespoke service model that provides each client with a dedicated service team, timely and accurate processing and reporting standards, effective regulatory and compliance controls, and consistent investment in technology. U.S. Bank has earned a reputation as a stable and reliable partner by responding successfully and strategically to an ever-changing economic landscape. With more than 150 years of experience, U.S. Bank possesses the breadth and depth of knowledge and experience to meet your needs, both now and in the future.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Country | Safekeeping (BPS) | Transaction Fee | Country | Safekeeping (BPS) | Transaction Fee | Country | Safekeeping (BPS) | Transaction Fee |
| Argentina | [...] | $[...] | Hong Kong | [...] | $[...] | Poland | [...] | $[...] |
| Australia | [...] | $[...] | Hungary | [...] | $[...] | Portugal | [...] | $[...] |
| Austria | [...] | $[...] | Iceland | [...] | $[...] | Qatar | [...] | $[...] |
| Bahrain | [...] | $[...] | India | [...] | $[...] | Romania | [...] | $[...] |
| Bangladesh | [...] | $[...] | Indonesia | [...] | $[...] | Russia | [...] | $[...] |
| Belgium | [...] | $[...] | Ireland | [...] | $[...] | Saudi Arabia | [...] | $[...] |
| Bermuda | [...] | $[...] | Israel | [...] | $[...] | Serbia | [...] | $[...] |
| Botswana | [...] | $[...] | Italy | [...] | $[...] | Singapore | [...] | $[...] |
| Brazil | [...] | $[...] | Japan | [...] | $[...] | Slovakia | [...] | $[...] |
| Bulgaria | [...] | $[...] | Jordan | [...] | $[...] | Slovenia | [...] | $[...] |
| Canada | [...] | $[...] | Kenya | [...] | $[...] | South Africa | [...] | $[...] |
| Chile | [...] | $[...] | Kuwait | [...] | $[...] | South Korea | [...] | $[...] |
| China Connect | [...] | $[...] | Latvia | [...] | $[...] | Spain | [...] | $[...] |
| China (B Shares) | [...] | $[...] | Lithuania | [...] | $[...] | Sri Lanka | [...] | $[...] |
| Colombia | [...] | $[...] | Luxembourg | [...] | $[...] | Sweden | [...] | $[...] |
| Costa Rica | [...] | $[...] | Malaysia | [...] | $[...] | Switzerland | [...] | $[...] |
| Croatia | [...] | $[...] | Malta | [...] | $[...] | Tanzania | [...] | $[...] |
| Cyprus | [...] | $[...] | Mauritius | [...] | $[...] | Taiwan | [...] | $[...] |
| Czech Republic | [...] | $[...] | Mexico | [...] | $[...] | Thailand | [...] | $[...] |
| Denmark | [...] | $[...] | Morocco | [...] | $[...] | Tunisia | [...] | $[...] |
| Egypt | [...] | $[...] | Namibia | [...] | $[...] | Turkey | [...] | $[...] |
| Estonia | [...] | $[...] | Netherlands | [...] | $[...] | UAE | [...] | $[...] |
| Eswatini | [...] | $[...] | New Zealand | [...] | $[...] | Uganda | [...] | $[...] |
| Euroclear (Eurobonds) | [...] | $[...] | Nigeria | [...] | $[...] | Ukraine | [...] | $[...] |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Country | Safekeeping (BPS) | Transaction Fee | Country | Safekeeping (BPS) | Transaction Fee | Country | Safekeeping (BPS) | Transaction Fee |
| Euroclear (Non-Eurobonds) | Rates are available upon request | Rates are available upon request | Norway | [...] | $[...] | United Kingdom | [...] | $[...] |
| Finland | [...] | $[...] | Oman | [...] | $[...] | Uruguay | [...] | $[...] |
| France | [...] | $[...] | Pakistan | [...] | $[...] | Vietnam | [...] | $[...] |
| Germany | [...] | $[...] | Panama | [...] | $[...] | West African Economic Monetary Union (WAEMU)\*\* | [...] | $[...] |
| Ghana | [...] | $[...] | Peru | [...] | $[...] | Zambia | [...] | $[...] |
| Greece | [...] | $[...] | Philippines | [...] | $[...] | Zimbabwe | [...] | $[...] |

---

\* Transaction Fee includes: Receive Versus Payment (RVP), Delivery Versus Payment (DVP), FREE REC, and FREE DEL activity related to securities settlement within U.S. Bank sub-custodian network. \*\*Includes Ivory Coast, Mali, Niger, Burkina Faso, Senegal, Guinea Bissau, Togo and Benin.

Global Custody Base Fee

$[...] monthly base fee of per fund will apply. If no global assets are held within a given month, the monthly base charge will not apply for that month. "Safekeeping and transaction fees are assessed on security and currency transactions."

Global Custody Tax Services:

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per annum - Global Filing

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per annum - U.S. Domestic Filing (Only ADRs)

&nbsp;&nbsp;&nbsp;&nbsp;■ Any client who does not elect for tax services (and does them
themselves, would be charged an out of pocket expense per the normal process).

***Miscellaneous Expenses***

&nbsp;&nbsp;&nbsp;&nbsp;■ Charges incurred by U.S. Bank, N.A. directly or through sub-custodians
for account opening fees, tax reclaim fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, central
securities depository fees, securities market regulator fees, foreign exchange transactions, postage and insurance for shipping, facsimile
reporting, extraordinary telecommunications fees, SWIFT reporting and message fees, proxy services and other shareholder communications,
recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which
the client or its clients is investing will be passed along as incurred.

&nbsp;&nbsp;&nbsp;&nbsp;■ The client may also be charged certain expenses listed herein
to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain
expenses are charged at a predetermined flat rate.

**<u>EXHIBIT C</u>**

**SHAREHOLDER COMMUNICATIONS ACT AUTHORIZATION**

**THE AEGIS FUNDS**

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. |

---

**THE AEGIS FUNDS**

---

| | |
|:---|:---|
| By: | /s/ Justin P. Harrison |
| Title: | Treasurer |
| Date: | 6/27/2025 |

---

## Exhibit 99.28

*Certain identified information has been excluded from the exhibit because it is both not material and the type that the Registrant treats as private or confidential.*

**FUND SERVICING AGREEMENT**

This Fund Servicing Agreement (this "<u>Agreement</u>") is made and entered into effective as of January 1, 2025 (the "Effective Date") by and between The Aegis Funds, a Delaware business trust (the "<u>Trust</u>") and U.S. Bancorp Fund Services, LLC (d/b/a U.S. Bank Global Fund Services), a Wisconsin limited liability company ("<u>USBGFS</u>").

WHEREAS, the Trust and USBGFS entered into a Fund Administration Servicing Agreement, Fund Accounting Servicing Agreement, and Transfer Agent Servicing Agreement, dated as of November 10, 2011, as amended (the "Original Agreements"); and

WHEREAS, the Original Agreements are hereby superseded and replaced in their entirety with this Agreement; and

WHEREAS, the Trust is registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), 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, USBGFS is, among other things, in the business of providing administration, accounting, and transfer agency functions for the benefit of its customers; and

WHEREAS, the Trust desires to retain USBGFS to provide certain services, as expressly delineated and limited herein, to each series of the Trust listed on <u>Exhibit A</u> hereto (as amended from time to time) (collectively, the "<u>Funds</u>").

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:

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Appointment of USBGFS as Service Provider.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby appoints USBGFS as a service provider to the Trust on the terms and conditions set forth in this Agreement, and USBGFS
hereby accepts such appointment and agrees to perform the services and duties set forth on <u>Exhibit B</u> (the " <u>Services</u> ")
in accordance with the terms and conditions of this Agreement. The services and duties of USBGFS shall be confined to those matters expressly
set forth herein, and no implied duties are assumed by or may be asserted against USBGFS hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS shall not be bound by any Trust policies or procedures, or changes thereto, that purport to impose any additional duties, obligations,
or care on USBGFS other than as expressly set forth herein, or that purport to affect in any way the Services or the manner in which they
are provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Services set forth herein may not be modified or enlarged by implication or course of dealing between the Parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. USBGFS may use its affiliates to provide any of the Services. Any such affiliate shall be held to the same standard of care as USBGFS
would be under this Agreement, and USBGFS shall be responsible for the provision of such Services to the same extent as if provided by
USBGFS. The Trust consents to the use of such affiliates and to USBGFS providing to such affiliates any information regarding the Trust
or its shareholders as may be required to provide such Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS reserves the right to make changes from time to time, as it deems advisable, relating to its systems, programs, rules, operating
schedules and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. The Trust or its agent shall furnish to USBGFS the data necessary to perform the Services described herein at such times and in such
form as mutually agreed upon.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. The Trust may from time-to-time request that USBGFS modify its internal operating procedures with respect to the provision of the
Services, which request shall be provided in writing by a duly authorized officer of the Trust or by any other person authorized by the
Trust to provide such request. USBGFS is under no obligation to agree to such modifications. If USBGFS agrees to comply with such request,
then it shall be entitled to follow such modified operating procedure without further inquiry or diligence, and its actions or inactions
in connection with following such modified operated procedures shall be deemed to be within its standard of care under <u>Section 10</u> for all purposes.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compensation.** 

USBGFS shall be compensated for providing the Services in accordance with the fee schedule set forth on <u>Exhibit C</u> hereto (as amended from time to time). USBGFS shall also be reimbursed for such miscellaneous expenses set forth in <u>Exhibit C</u> hereto as are reasonably incurred by USBGFS in performing its duties hereunder. The Trust shall pay all such fees and reimbursable expenses within thirty (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 USBGFS in writing within thirty (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 ten (10) calendar days of the day on which the parties agree to the amount to be paid Notwithstanding anything to the contrary, amounts owed by the Trust to USBGFS shall only be paid out of the assets and property of the particular Fund involved.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **License of Data; Warranty; Termination of Rights.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS has entered into agreements with various data service providers (each, a " <u>Data Provider</u> "), including, without
limitation, MSCI index data services (" <u>MSCI</u> "), Standard & Poor Financial Services LLC (" <u>S&P</u> "),
Morningstar, Broadridge, FTSE, ICE, and Confluence Technologies to provide data services that may include, without limitation, index returns
and pricing information (collectively, the " <u>Data</u> ") to facilitate the services provided by USBGFS to each Fund. These
Data Providers have required USBGFS to include certain provisions regarding the use of the Data in this Agreement attached hereto as <u>Exhibit D</u>. The Data is being licensed, not sold, to the Trust. The Trust has a limited license to use the Data only for purposes necessary
for valuing each Fund's assets and making any required reporting relating thereto (the " <u>License</u> "). The Trust
does not have any license or right to use the Data for purposes outside the scope of this Agreement including, but not limited to, resale
to other users or for use in creating any type of historical database. The Trust acknowledges and agrees that certain Data Providers may
also require the Trust or one or more Funds to enter into an agreement directly with the Data Provider for the use of that Data Provider's
Data. The provisions in <u>Exhibit D</u> shall not have any effect upon the standard of care and liability USBGFS has set forth in <u>Section 10</u> of this Agreement. The Trust acknowledges the proprietary rights that USBGFS and its Data Providers have in the Data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. THE TRUST HEREBY ACCEPTS THE DATA AS IS, WHERE IS, WITH NO WARRANTIES, EXPRESS OR IMPLIED, AS TO MERCHANTABILITY OR FITNESS FOR ANY
PURPOSE OR ANY OTHER MATTER. USBGFS IS NOT RESPONSIBLE FOR ANY OF THE DATA ACCESSED BY THE TRUST OR ANY OF ITS SERVICE PROVIDERS OR AGENTS
AND USBGFS ASSUMES NO DUTY TO VERIFY SUCH DATA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS may stop supplying some or all Data to the Fund if USBGFS' Data Providers terminate any agreement to provide Data to
USBGFS. Also, USBGFS may stop supplying some or all Data to the Fund if USBGFS reasonably believes that the Fund is using the Data in
violation of the License, or breaching its duties of confidentiality provided for hereunder, or if any of USBGFS' Data Providers
demand that the Data be withheld from the Fund. USBGFS will provide notice to the Fund of any termination of provision of Data as soon
as reasonably possible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust agrees to indemnify and hold harmless USBGFS, its Data Providers, and any other third party involved in or related to the
making or compiling of the Data, their affiliates and subsidiaries and their respective directors, officers, employees and agents from
and against any claims, losses, damages, liabilities, costs and expenses, including reasonable attorneys' fees and costs, as incurred,
arising in and any manner out of the Trust's or any third party's use of, or inability to use, the Data or any breach by the
Trust of any provision contained in this Agreement regarding the Data. The immediately preceding sentence shall not have any effect upon
the standard of care and liability of USBGFS as set forth in <u>Section 10</u> of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. USBGFS has entered into agreements with Bloomberg Finance L.P. (" <u>Bloomberg</u> ") to provide data (the " <u>N-PORT Data</u> ") for use in or in connection with the reporting requirements under Rule 30b1-9, including preparation and filing of Form
N-PORT. In connection with the provision of the N-PORT Data, Bloomberg requires the following provisions to be included in the Agreement:

The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the N-PORT Data, (b) not extract the N-PORT Data from the view-only portal, (c) not use the N-PORT Data for any purpose independent of complying with the requirements of Rule 30b1-9 (which prohibition shall include, for the avoidance of doubt, use in risk reporting or other systems or processes (e.g., systems or processes made available enterprise-wide for the Trust's internal use)), (d) permit audits of its use of the N-PORT Data by Bloomberg, its affiliates or, at the Trust's request, a mutually agreed upon third party auditor (provided that the costs of an audit by a third party shall be borne by the Trust), and (e) exculpate Bloomberg, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use of the N-PORT Data (including expressly disclaiming all warranties). The Trust further agrees that Bloomberg shall be a third party beneficiary of the Agreement solely with respect to the foregoing provisions (a) – (e).

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Lost Shareholder Due Diligence Searches and Servicing. <sup>1</sup>** 

The Trust hereby acknowledges that USBGFS has an arrangement with an outside vendor to conduct lost shareholder searches required by Rule 17Ad-17 under the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>"). Costs associated with such searches will be passed through to the Trust as a miscellaneous expense in accordance with the fee schedule set forth in <u>Exhibit C</u> hereto. If a shareholder remains lost and the shareholder's account unresolved after completion of the mandatory Rule 17Ad-17 search, the Trust hereby authorizes USBGFS to conduct a more in-depth search in order to seek to locate the lost shareholder before the shareholder's assets escheat to the applicable state, to enter into agreements with vendors to conduct such additional searches, and to charge the costs of such additional searches to the account of the lost shareholder. There can be no guarantee that any in-depth search will be successful.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Anti-Money Laundering and Red Flag Identity Theft Prevention Programs. <sup>2</sup>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust acknowledges that it had an opportunity to review, consider and approve the written procedures provided by USBGFS describing
various processes used by USBGFS which are designed to promote the detection and reporting of potential money laundering activity and
identity theft by monitoring certain aspects of shareholder activity as well as written procedures for verifying a customer's identity
(collectively, the " <u>Procedures</u> "). Further, the Trust has determined that the Procedures, as part of the Trust's
overall anti-money laundering program and identity theft prevention program responsibilities, are reasonably designed to help: (i) prevent
the Trust from being used for money laundering or the financing of terrorist activities; (ii) prevent identity theft; and (iii) achieve
compliance with the applicable provisions of the Bank Secrecy Act, the USA Patriot Act of 2001, the Fair and Accurate Credit Transactions
Act of 2003, and the implementing regulations thereunder (together " <u>AML Rules</u> ").

**<sup>1</sup>** **[Only include "Lost Shareholder Due Diligence Searches and Servicing" section if TA services are being provided.]**

**<sup>2</sup>** **[Only include "Anti-Money Laundering and Red Flag Identity Theft Prevention Programs" section if TA services are being provided.]**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust hereby instructs and directs USBGFS to implement the Procedures, as applicable, on the Trust's behalf, as such may
be amended from time to time. It is contemplated that these Procedures will be amended from time to time by USBGFS and any such amended
Procedures will be provided to the Trust. Should the Trust desire that USBGFS perform services not provided for in the Procedures, such
additional services and the associated cost must be specifically detailed in writing in the attached fee schedule.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that although it is directing USBGFS to implement the Procedures on its behalf, USBGFS is implementing
the Procedures as a service provider to the Trust and the Trust is and remains ultimately responsible for complying with all applicable
laws, rules, and regulations with respect to anti-money laundering, customer identification, identity theft prevention, economic sanctions,
and terrorist financing, whether under the AML Rules, or otherwise, such as, the establishment and adoption by the Trust's board
of Trustees (the "Board") of the Trust's own formal anti-money laundering program and the designation of its own anti-money
laundering officer, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust further acknowledges and agrees that certain portions of the Procedures are applicable to certain products, entities, structures,
or geographies and, accordingly, certain portions of the Procedures may not be implemented with respect to the Trust. The Trust has had
the opportunity to discuss the Procedures with USBGFS, and the Trust understands and agrees which portions of the Procedures may not be
implemented on behalf of the Trust. Without limitation of the foregoing, USBGFS shall not be responsible for providing anti-money laundering
or customer identification services with respect to certain intermediary or dealer-controlled customer accounts (i.e., level 0 sub-accounts
through the Fund/SERV system operated by the National Securities Clearing Corporation) and other fund client relationships where there
is a sub-transfer agency or similar arrangement between the Trust and the intermediary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. The Trust hereby directs, and USBGFS acknowledges, that USBGFS shall (i) permit federal regulators access to such information and
records maintained by USBGFS and relating to USBGFS' implementation of the Procedures, on behalf of the Trust, as they may request,
and (ii) permit such federal regulators to inspect USBGFS' implementation of the Procedures on behalf of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Pricing of Portfolio Positions.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For each valuation date, obtain prices from a pricing source as instructed to USBGFS by an individual authorized by the applicable
Fund or its appointed Valuation Designee and apply those prices to the portfolio positions. For those securities where market quotations
are not readily available, the Fund's Valuation Designee, or another person authorized by the Fund or the Valuation Designee, will
be responsible to supply USBGFS with valuations. The Fund's appointed Valuation Designee(s) is (are) responsible for the accuracy
of the lists supplied to USBGFS of pricing sources and the list of individuals authorized to designate pricing sources or valuations on
behalf of the Valuation Designee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. If one or more of the primary pricing sources for the portfolio positions of the Fund is unavailable when needed, USBGFS may use an
alternative pricing source identified by USBGFS on a temporary basis. In such event the alternative price is subject to the review and
approval of the Trust, and the Trust shall promptly notify USBGFS of any desired changes to such alternative price. USBGFS shall not have
any liability for the use of such alternative price so long as it has met its standard of care under <u>Section 10</u> with respect to
the selection of such alternative pricing source.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If the Fund desires to provide a price for a portfolio position that varies from the price provided by the pricing source, the Fund
shall promptly notify and supply USBGFS with the price of any such security on each valuation date. All pricing changes made by the Fund
will be in writing and must specifically identify the securities to be changed by CUSIP, name of security, new price or rate to be applied,
and, if applicable, the time period for which the new price(s) is/are effective. In such case USBGFS shall apply the price provided by
the Fund without further investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In the event that the Fund at any time receives Data containing price evaluations, rather than market quotations, for certain securities
or certain other data related to such securities, the following provisions will apply:

&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. evaluated securities are typically complicated financial instruments. There are many methodologies (including computer-based analytical
modeling and individual security evaluations) available to generate approximations of the market value of such securities, and there is
significant professional disagreement about which method is best. No evaluation method may consistently generate approximations that correspond
to actual traded prices of the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. methodologies used to provide the pricing portion of certain Data may rely on evaluations; however, the Trust acknowledges that there
may be errors or defects in the software, databases, or methodologies generating the evaluations that may cause resultant evaluations
to be inappropriate for use in certain applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. the Trust assumes all responsibility for edit checking, external verification of evaluations, and ultimately the appropriateness of
using Data containing evaluations, regardless of any efforts made by USBGFS and its suppliers in this respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Neither USBGFS, nor any of its employees, agents or suppliers is acting as the valuation designee within the meaning of Rule 2a-5
under the 1940 Act in respect of any Fund, and USBGFS shall not have any obligation for making fair value determinations or to investigate
or verify the accuracy or appropriateness of any prices, evaluations, market quotations, or other data or pricing related inputs received
from the Trust, the Fund, any of their affiliates, or any pricing service approved by the Board, or fair values obtained from the Board
or its valuation designee. USBGFS may perform certain tests on pricing data received each day, on a limited basis, which may include day
over day tolerance breaks, NAV impact price analysis, and stale price testing, based on the availability of data from data vendors. However,
such tests are limited, are not intended or designed to determine whether any price is fair or appropriate, and do not replace the valuation
designee's responsibility for the appropriateness of prices used in calculating the NAV of each Fund. Valuations received from a
pricing source employed by the Trust, a Fund, or a Fund's investment adviser, or from calculation models that are based on inputs
or data delivered to these sources from individuals associated with a Fund or the Fund's investment adviser, are not subject to
these tests and will be utilized as instructed by the valuation designee. The Trust acknowledges that the same or similar positions held
by a Fund may be valued differently by other customers of USBGFS and that USBGFS is not under any obligation to compare such prices or
notify the Trust or the Fund of any such discrepancies. Notwithstanding anything else in this Agreement to the contrary, USBGFS and its
affiliates shall not be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any
inaccurate, inappropriate, or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received from
the Trust, the Fund, any of their affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Changes in Accounting Procedures.** 

USBGFS shall perform its Services in accordance with the accounting practices and procedures of the Trust, provided that any changes to such accounting practices and procedures shall only be effective upon the Services following a resolution passed by the Board and receipt of written notice to and acceptance by USBGFS, which shall not be unreasonably withheld, and which may not be withheld when such change is required by applicable laws. USBGFS agrees to implement such changes in a timely fashion.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Representations & Warranties.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust hereby represents and warrants to USBGFS, which representations and warranties shall be deemed to be continuing throughout
the term of this Agreement, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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;

&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. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. A registration statement under the 1940 Act and, if applicable, the Securities Act of 1933, as amended (the " <u>Securities Act</u> "),
will be made effective prior to the effective date of this Agreement and will remain effective during the term of this Agreement, and
appropriate state securities law filings will be made prior to the effective date of this Agreement and will continue to be made during
the term of this Agreement as necessary to enable the Trust to make a continuous public offering of its shares; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. All records of the Trust provided to USBGFS by the Trust or by any prior or present service provider of the Trust are accurate and
complete and USBGFS is entitled to rely on all such records in the form provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. This Agreement has been duly authorized, executed and delivered by USBGFS in accordance with all requisite action and constitutes
a valid and legally binding obligation of USBGFS, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. 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;**9.** **Notification of Error.** 

The Trust will notify USBGFS of any discrepancy between USBGFS and the Trust, including, but not limited to, failing to account for a security position in the Fund's portfolio, upon the later to occur of: (i) three (3) business days after receipt of any reports rendered by USBGFS to the Trust; (ii) three (3) business days after discovery of any error or omission not covered in the balancing or control procedure; or (iii) three (3) business days after receiving notice from any shareholder regarding any such discrepancy. Notwithstanding any other provision in this Agreement, USBGFS shall have no liability with respect to any such discrepancy that the Trust does not notify USBGFS of within such time period.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Standard of Care; Indemnification; Limitation of Liability.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS shall exercise reasonable care in the performance of its duties under this Agreement. Neither USBGFS nor any of its affiliates
or suppliers shall be liable for any error of judgment; mistake of law; fraud or misconduct by the Trust, any Fund, the adviser or any
other service provider to the Trust or a Fund, or any employee of the foregoing; or for any loss suffered by the Trust, a Fund, or any
third party in connection with USBGFS' duties under this Agreement, including losses resulting from mechanical breakdowns or the
failure of communication or power supplies beyond USBGFS' reasonable control, except a loss arising out of or relating to USBGFS'
material breach of this agreement or from its bad faith, gross negligence, or willful misconduct in the performance of its duties under
this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Notwithstanding any other provision of this Agreement, if USBGFS has exercised reasonable care in the performance of its duties under
this Agreement, the Trust shall indemnify and hold harmless USBGFS, its affiliates, and its and their officers, directors, managers, employees,
and suppliers (the " <u>USBGFS Indemnified Parties</u> ") from and against any and all claims, demands, losses, expenses, and
liabilities of any and every nature (including reasonable attorneys' fees) (collectively " <u>Losses</u> ") that any such USBGFS
Indemnified Party may sustain or incur or that may be asserted against a USBGFS Indemnified Party by any person arising out of any action
taken or omitted to be taken by it in performing the services hereunder (i) in accordance with the foregoing standards, or (ii) in reliance
upon any written or oral instruction provided to a USBGFS Indemnified Party by any duly authorized officer of the Trust or by any other
person authorized by the Trust to provide such instruction, except for any and all claims, demands, losses, expenses, and liabilities
arising out of or relating to USBGFS' material breach of this Agreement or from its bad faith, gross negligence or willful misconduct
in the performance of its duties under this Agreement. This indemnity shall be a continuing obligation of the Trust, its successors and
assigns, notwithstanding the termination of this Agreement. If requested by a USBGFS Indemnified Party, the Trust shall advance (within
thirty days of such request) any and all costs and expenses of such USBGFS Indemnified Party incurred in connection with any Losses or
investigating or defending any matter to which such USBGFS Indemnified Party may be entitled to indemnification including, without limitation,
attorneys' and experts' fees. The USBGFS Indemnified Party shall, in connection with any such advancement, agree to an undertaking
to repay such advancement if and to the extent that it is ultimately determined by a court of competent jurisdiction in a final non-appealable
judgement that the USBGFS Indemnified Party is not entitled to be indemnified by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. USBGFS shall indemnify and hold the Trust and its trustees, officers, and employees (collectively the " <u>Trust Indemnified Parties</u> ") harmless from and against any and all Losses that the Trust may sustain or incur or that may be asserted against the
Trust by any person arising out of any action taken or omitted to be taken by USBGFS as a result of USBGFS' material breach of this
Agreement, or from USBGFS' bad faith, gross negligence, or willful misconduct in the performance of its duties under this Agreement.
This indemnity shall be a continuing obligation of USBGFS, its successors and assigns, notwithstanding the termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. In no case shall either party be liable to the other for (i) any special, indirect or consequential damages, loss of profits or goodwill
(even if advised of the possibility of such); (ii) any delay by reason of circumstances beyond its control, including acts of civil or
military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God, insurrection,
war, riots, or failure beyond its control of transportation or power supply, or (iii) any claim that arose more than one year prior to
the institution of suit therefore.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. In the event of a mechanical breakdown or failure of communication or power supplies beyond its reasonable control, USBGFS shall take
all reasonable steps to minimize service interruptions for any period that such interruption continues. USBGFS will make every reasonable
effort to restore any lost or damaged data and correct any errors resulting from such a breakdown at the expense of USBGFS. USBGFS agrees
that it shall, at all times, have reasonable business continuity and disaster contingency plans with appropriate parties, making reasonable
provision for emergency use of electrical data processing equipment to the extent appropriate equipment is available. Representatives
of the Trust shall be entitled to inspect USBGFS' premises and operating capabilities at any time during regular business hours
of USBGFS, upon reasonable notice to USBGFS. Moreover, USBGFS shall provide the Trust, at such times as the Trust may reasonably require,
copies of reports rendered by independent accountants on the internal controls and procedures of USBGFS relating to the services provided
by USBGFS under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Notwithstanding anything herein to the contrary, USBGFS reserves the right to reprocess and correct administrative errors at its own
expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. In order that the indemnification provisions contained in this section 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. Unless it reserves
any rights to deny 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 shall be totally responsible for any liability of the indemnitee, and the indemnitee shall
in such situation incur no further legal or other expenses for which it shall seek indemnification under this section. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. The indemnity and defense provisions set forth in this <u>Section 10</u> shall indefinitely survive the termination and/or assignment
of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. If USBGFS is acting in another capacity for the Trust pursuant to a separate agreement, nothing herein shall be deemed to relieve
USBGFS of any of its obligations in such other capacity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;j. In conjunction with the tax services provided to the Fund by USBGFS hereunder, USBGFS shall not be deemed to act as an income tax
return preparer for any purpose including as such term is defined under Section 7701(a)(36) of the IRC, or any successor thereof. Any
information provided by USBGFS to a Fund for income tax reporting purposes with respect to any item of income, gain, loss, or credit will
be performed solely in USBGFS' administrative capacity. USBGFS shall not be required to determine, and shall not take any position
with respect to whether, the reasonable belief standard described in Section 6694 of the IRC has been satisfied with respect to any income
tax item. Each Fund, and any appointees thereof, shall have the right to inspect the transaction summaries produced and aggregated by
USBGFS, and any supporting documents thereto, in connection with the tax reporting services provided to each Fund by USBGFS. USBGFS shall
not be liable for the provision or omission of any tax advice with respect to any information provided by USBGFS to a Fund. The tax information
provided by USBGFS shall be pertinent to the data and information made available to USBGFS, and is neither derived from nor construed
as tax advice.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Proprietary and Confidential Information.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. USBGFS 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 USBGFS 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 pursuant to legal process, (iii) to defend a claim brought against
USBGFS arising out of or related to any Services provided hereunder, or (iv) when so requested by the Trust. Records and other information
which have become known to the public through no wrongful act of USBGFS or any of its employees, agents or representatives, and information
that was already in the possession of USBGFS 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;&nbsp;&nbsp;&nbsp;&nbsp;b. USBGFS 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. USBGFS has implemented and will maintain an effective information security program reasonably designed to protect information
relating to the shareholders of the Trust (such information, " <u>Personal Information</u> "), which program includes sufficient
administrative, technical and physical safeguards and written policies and procedures reasonably designed to (a) ensure the security and
confidentiality of such Personal Information; (b) protect against any anticipated threats or hazards to the security or integrity of such
Personal Information, including identity theft; and (c) protect against unauthorized access to or use of such Personal Information that
could result in substantial harm or inconvenience to the Fund or any Shareholder (the " <u>Information Security Program</u> ").
The Information Security Program complies and shall comply with reasonable information security practices within the industry (including
the encryption of data where necessary or appropriate). Upon written request from the Trust, USBGFS shall provide a written description
of its Information Security Program. USBGFS shall provide related reports and information responding to reasonable due diligence requests
regarding its compliance with its Information Security Program and shall notify the Trust, expeditiously and without unreasonable delay,
in writing of any breach of security, misuse or misappropriation of, or unauthorized access to, (in each case, whether actual or alleged)
any information of a Fund (any or all of the foregoing referred to individually and collectively for purposes of this provision as a " <u>Security Breach</u> "). USBGFS shall promptly investigate, remedy and bear the cost of the measures (including notification to any affected
parties), if any, to address any Security Breach. USBGFS shall bear the cost of the Security Breach only if USBGFS is determined to be
directly responsible for such Security Breach. In addition to, and without limiting the foregoing, USBGFS shall promptly cooperate with
the Trust or any of its affiliates' regulators at USBGFS's expense to prevent, investigate, cease or mitigate any Security Breach,
including but not limited to investigating, bringing claims or actions and giving information and testimony. Notwithstanding any other
provision in this Agreement, the obligations set forth in this paragraph shall survive termination of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust agrees on behalf of itself and its trustees, officers, and employees to treat confidentially and as proprietary information
of USBGFS, all non-public information relative to USBGFS (including, without limitation, information regarding USBGFS' 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 USBGFS, 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 USBGFS. 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 USBGFS, shall not be subject to this paragraph.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust shall not make or change any written representations regarding the services provided by or the responsibilities of USBGFS
or its affiliates under this Agreement, whether in the Trust's registration statement, offering documents, marketing or promotional
materials, policies, or otherwise, that explicitly or implicitly ascribe to USBGFS or its affiliates any duties or responsibilities under
this Agreement that are not specifically stated herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Notwithstanding anything herein to the contrary, (i) the Trust shall be permitted to disclose the identity of USBGFS 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) USBGFS 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.

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Records.** 

USBGFS shall keep records relating to the services to be performed hereunder in the form and manner, and for such period, as it may deem advisable, but not inconsistent with the rules and regulations of appropriate government authorities, in particular, Section 31 of the 1940 Act and the rules thereunder. USBGFS agrees that records relating to the services to be performed by USBGFS hereunder are the property of the Trust and will be preserved, maintained, and made available in accordance with such applicable sections and rules of the 1940 Act and will be promptly surrendered to the Trust or its designee on and in accordance with its request, provided, however, that the Trust shall bear the reasonable cost of transfer (including, without limitation, costs related to image conversions), and USBGFS may retain such copies of such records in such form as may be required to comply with any applicable law, rule, regulation, or order of any governmental, regulatory, or judicial authority of competent jurisdiction. Notwithstanding anything in this Agreement to the contrary, the Trust acknowledges and agrees that if the Trust elects to use an FTP or other electronic transmission method to communicate trade instructions to USBGFS the Trust shall be responsible for maintaining the Trust's records as they relate to the Trust's review and approval of individuals authorized to place trading instructions as described in Rule 31a-1(b)(10) promulgated under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Compliance with Laws.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Trust has and retains primary responsibility for all compliance matters relating to the Fund, including but not limited to compliance
with the Securities Act; the Exchange Act; the 1940 Act; the Investment Advisers Act of 1940, as amended; the Internal Revenue Code of
1986, as amended (the " <u>Code</u> "); the Sarbanes-Oxley Act of 2002 (the " <u>SOX Act</u> "); the USA PATRIOT Act
of 2001; and the policies and limitations of the Trust relating to its portfolio investments as set forth in its Registration Statement.
USBGFS' services hereunder shall not relieve the Trust of its responsibilities for assuring such compliance or the Board's
oversight responsibility with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust shall immediately notify USBGFS if the investment strategy of any Fund materially changes or deviates from the investment
strategy disclosed 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. If, and only to the extent that, the General Data Protection Regulation (EU) 2016/679, as amended (" <u>GDPR</u> ") or the
Cayman Islands Data Protection Law, 2017, as amended (" <u>DPL</u> "), are applicable to USBGFS and the Trust the following
provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The parties agree USBGFS is a " <u>Data Processor</u> " under GDPR and DPL, as applicable, in the performance of its services
under this the Agreement. Notwithstanding the foregoing, the parties agree USBFS is a " <u>Data Controller</u> " under GDPR
and DPL, as applicable, solely for the purpose of fulfilling its own pre-contractual AML/KYC new fund client onboarding obligations. In
either case, the Trust shall ensure that all necessary and appropriate consents, disclosures and notices, including data subject consents,
are in place to enable the processing of "Personal Data" (as defined by GDPR and DPL) by USBGFS, the transfer of Personal
Data to USBGFS, and the transfer of Personal Data by USBGFS to third countries or regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The parties further agree the Trust is a " <u>Data Controller</u> " under GDPR and DPL, as applicable. The Trust, either
alone or jointly with others, determines or controls the content, use, purpose and means of processing the Personal Data.

&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. USBGFS shall process the Personal Data: (i) in accordance with instructions of the Trust pursuant to this Agreement and any authorized
persons list executed pursuant thereto, for the purpose of discharging USBGFS' obligations under the Agreement; and (ii) when required
by law or regulation, or required or requested by any court or regulator (each a " <u>Processing Order</u> ") to which USBGFS
is subject. In the event USBGFS receives a request to process Personal Data pursuant to any Processing Order, it shall, to the extent
legally permissible and reasonably practicable under the circumstances, notify the Trust prior to processing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. The Trust is solely responsible for developing and implementing its internal policies and procedures with respect to GDPR and DPL.

&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. USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. ensure that persons handling Personal Data on its behalf are subject to confidentiality obligations similar to those contained in
this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. implement appropriate technical and organizational measures to protect Personal Data including against unauthorized or unlawful processing
and against accidental loss, damage or destruction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. only appoint sub-processors with the prior written consent of the Trust (standing instructions or general written authorization are
sufficient), and only if the sub-processors provide sufficient guarantees in writing to USBGFS that they have implemented appropriate
technical and organizational measures in such a manner that processing will comply with GDPR and DPL, as applicable <sup>3</sup> ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. beyond the initial appointment, inform the Trust of any intended material changes concerning the addition or replacement of sub-processors,
thereby giving the Trust the opportunity to object;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. taking into account the nature of the processing, reasonably assist the Trust by appropriate technical and organizational measures,
insofar as possible, to enable the Trust to comply with its obligation to respond to requests for exercising a data subject's rights
under GDPR or DPL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. provide reasonable assistance to the Trust in ensuring their compliance with obligations regarding Personal Data breaches, data protection
impact assessments and prior consultation subject to the nature of the processing and the information reasonably available to USBGFS,
and inform the Trust of Personal Data breaches without undue delay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. at the written direction of the Trust, delete or return all Personal Data to the Trust after the end of the provision of services
under the Agreement relating to processing, and delete existing copies of Personal Data unless applicable law or internal data retention
or backup procedures require the storage of such Personal Data; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. make available to the Trust all information reasonably necessary to demonstrate compliance with GDPR or DPL, as applicable, and allow
for and reasonably cooperate with audits, including inspections, conducted by the Trust or its auditor; and immediately inform the Trust
if, in its opinion, the Trust's instructions regarding this subsection infringes on GDPR or DPL.

<sup>3</sup> For the avoidance of doubt, USBGFS' affiliates and third party software providers will be used as sub-processors under this Agreement, and the Trust hereby authorizes such use.

&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. Each party shall comply with any other applicable law or regulation which implements GDPR and DPL in relation to the Personal Data.
Nothing in the Agreement shall be construed as preventing either party from taking such other steps as are necessary to comply with GDPR,
DPL or any other applicable data protection laws.

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Term of Agreement; Amendment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement shall become effective as of the Effective Date and will continue in effect for a period of one (1) year. Following
the initial term, this Agreement shall automatically renew for successive one (1) year terms unless either party provides written notice
at least ninety (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;b. Subject to <u>Section 15</u>, this Agreement may be terminated by either party (in whole or with respect to one or more Funds) upon
giving ninety (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;c. USBGFS 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 USBGFS 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, or if the Funds or the Trust (or any affiliate thereof) commits any act, or
becomes involved in any situation or occurrence, tending to bring itself into public disrepute, contempt, scandal, or ridicule, or such
that the continued association with the Funds or the Trust would reflect unfavorably upon USBGFS' reputation, provided that in such
event USBGFS 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;d. This Agreement shall automatically terminate with respect to any Funds with respect to which the Trust fails to maintain an effective
registration statement under the 1940 Act and, if applicable, the Securities Act, or appropriate state securities law filings as necessary
to enable the Trust to make a continuous public offering of its shares with respect to such Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. This Agreement may be terminated by the non-breaching party upon the breach of the other party of any material term of this Agreement
if such breach is not cured within fifteen (15) days of notice of such breach to the breaching party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. This Agreement may not be amended or modified in any manner except by written agreement executed by USBGFS and the Trust and authorized
or approved by the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Early Termination.** 

In the absence of a breach of a material term 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 with respect to each Fund subject to the termination:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. all fees associated with converting services to successor service provider;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. 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;c. all miscellaneous costs associated with a.-b. above.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Duties in the Event of Termination.** 

In the event that, in connection with termination, a successor to any of USBGFS' duties or responsibilities hereunder is designated by the Trust by written notice to USBGFS, USBGFS will promptly, upon such termination and at the expense of the Fund, transfer to such successor all relevant books, records, correspondence, and other data established or maintained by USBGFS under this Agreement in a form reasonably acceptable to the Trust (if such form differs from the form in which USBGFS 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 USBGFS' personnel in the establishment of books, records, and other data by such successor. If no such successor is designated, then such books, records and other data shall be returned to the Trust. The Trust shall also pay any fees associated with record retention and/or tax reporting obligations that USBGFS is obligated under applicable law, regulation, or rule to continue following the termination. USBGFS is authorized to destroy such books, records, and other data following termination in accordance with its record retention policy and applicable regulatory requirements if the Trust or its designee do not take possession of such records.

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Assignment.** 

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 USBGFS, or by USBGFS without the written consent of the Trust accompanied by the authorization or approval of the Trust's Board.

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Governing Law.** 

This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to conflicts of law principles. To the extent that the applicable laws of the State of New York, 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.

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **No Agency Relationship.** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust acknowledges that the Board and officers of the Trust are responsible for management of the Trust and Fund and that USBGFS
has no duties or obligations to manage or control the Trust or any Fund. Any duties and obligations of USBGFS are strictly limited to
those set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as a trustee of the trust such person
is serving in their own individual capacity at the pleasure of the shareholders of the Trust and not as a representative of USBGFS or
any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The Trust acknowledges and agrees that if any employee of USBGFS or any of its affiliates serves as an officer of the trust, or in
any other similar capacity, such person is engaged in such position at the direction of, and subject to the supervision and oversight
of, and removal by, the Board of the Trust, and when such person is acting in such capacity they are doing so on behalf of the Trust and
not as a representative of USBGFS or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Services Not Exclusive.** 

Nothing in this Agreement shall limit or restrict USBGFS from providing services to other parties that are similar or identical to some or all of the services provided hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Invalidity.** 

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.

&nbsp;&nbsp;&nbsp;&nbsp;**22.** **Regulatory Services.** 

Nothing in this Agreement shall be deemed to appoint USBGFS or any of its officers, directors or employees as the Trust attorneys, form attorney-client relationships or require the provision of legal advice. No work performed by employees of USBGFS or its affiliates (whether relating to assisting in the preparation or filing of regulatory materials, compliance with applicable laws, rules, or regulations, or otherwise) shall constitute legal advice. The Trust acknowledges that employees of USBGFS and its affiliates who are attorneys do not represent the Trust and rely on outside counsel retained by the Trust to review all services provided by USBGFS and to provide independent judgment on the Trust's behalf. The Trust acknowledges that because no attorney-client relationship exists between the Trust and USBGFS (or any employee of USBGFS or its affiliates), any information provided may not be privileged and may be subject to compulsory disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;**23.** **Notices.** 

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, to the other party's address set forth below:

Notice to USBGFS shall be sent to:

U.S. Bank Global Fund Services

777 E. Wisconsin Ave.

Milwaukee, WI 53202

Attn: **GFS Contracts**

and notice to the Trust shall be sent to:

The Aegis Funds

c/o Aegis Financial Corporation

6862 Elm Street, STE 830

Mclean, VA 22101

Attn: President

&nbsp;&nbsp;&nbsp;&nbsp;**24.** **No Third-Party Rights.** 

Nothing expressed or referred to in this Agreement will be construed to give any third party (including, without limitation, shareholders of any Fund) any legal or equitable right, remedy or claim under or with respect to this Agreement, other than the limited third party rights of the Data Providers as expressly set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;**25.** **Multiple Originals; Electronic Signatures.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. This Agreement may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but
such counterparts shall together constitute but one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. This Agreement may be executed by means of electronic signatures, and a signed copy of this Agreement transmitted by facsimile, email,
or other means of electronic transmission shall be deemed to have the same legal effect as delivery of an original executed copy of this
Agreement for all purposes.

**SIGNATURE PAGES FOLLOW**

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by a duly authorized officer effective as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **THE AEGIS FUNDS** | **THE AEGIS FUNDS** | **U.S. BANK NATIONAL ASSOCIATION** | **U.S. BANK NATIONAL ASSOCIATION** |
| By: | /s/ Justin P. Harrison | By: | /s/ Gregory Farley |
| Name: | Justin P. Harrison | Name: | Gregory Farley |
| Title: | Treasurer | Title: | Senior Vice President |
| Date: | 6/24/2025 | Date: | 6/30/2025 |

---

**EXHIBIT A**

**<u>Funds</u>**

Aegis Value Fund

**EXHIBIT B**

**<u>Services</u>**

**<u>CORE SERVICE LINES</u>**

&nbsp;&nbsp;&nbsp;&nbsp;I. Administration Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General Fund Administration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Act as a liaison among Fund Service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Supply non-investment-related statistical and research data as requested

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Digital Board Services as described in Exhibit E

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Coordinate the Trust's Board communications, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare meeting agendas and resolutions, with the assistance of Fund counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Prepare reports for the Board based on financial, tax and administrative data.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Assist with the information provision to the Funds' independent registered public accounting firm (" <u>IRPAF</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Monitor fidelity bond and director and officer liability coverage, and make the necessary Securities and Exchange Commission (the
" <u>SEC</u> ") filings relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Prepare minutes of meetings of the Board, audit committee, and Fund shareholders subject to the review and approval of the Board and
legal counsel for 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;&nbsp;&nbsp;&nbsp;&nbsp;f. Calculate dividends for review, approval, and ratification by the Board and prepare and distribute to appropriate parties notices
announcing declaration of dividends and other distributions to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Attend Board meetings (including audit committee meetings) and present materials for the Board's review at such meetings.

&nbsp;&nbsp;&nbsp;&nbsp;&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. If and for so long as the Trust has elected to use the Comprehensive Digital Services as described in Exhibit E, post materials to
the Board's web portal (Diligent).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Audits/Examinations:

&nbsp;&nbsp;&nbsp;&nbsp;&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. For the annual Fund audit, prepare appropriate schedules and materials. Provide requested information to the IRPAF and facilitate
the audit process.

&nbsp;&nbsp;&nbsp;&nbsp;&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. For SEC or other regulatory examinations, provide requested information to the Trust to assist the examination process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Pay Fund expenses upon written authorization from the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Regulatory Compliance Support

&nbsp;&nbsp;&nbsp;&nbsp;&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. Test compliance with portfolio holdings limitation under applicable 1940 Act requirements on a quarterly basis.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Test on a quarterly basis each Fund's compliance, on a post-trade basis, with the policies and investment limitations as set
forth in its prospectus (the " <u>Prospectus</u> ") and statement of additional information (the " <u>SAI</u> ") included
in its registration statement on Form N-1A (or similar documents) filed with the SEC (" <u>Registration Statement</u> "). Provide
the results of such testing 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;&nbsp;&nbsp;&nbsp;&nbsp;c. Provide any sub-certifications reasonably requested by the Trust in connection with (i) any certification required of the Trust pursuant
to the SOX Act or any rules or regulations promulgated by the SEC thereunder, and (ii) the operation of USBGFS' compliance program
as it relates to the Trust, provided the same shall not be deemed to change USBGFS' standard of care as set forth herein or to broaden
any duties or obligations of USBGFS set forth here.

&nbsp;&nbsp;&nbsp;&nbsp;&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. In order to assist the Trust in satisfying the requirements of Rule 38a-1 under the 1940 Act, USBGFS will provide the Trust's
Chief Compliance Officer with reasonable access to USBGFS' fund records relating to the services provided by it under this Agreement,
and will provide quarterly compliance reports and related certifications regarding any Material Compliance Matter (as defined in Rule
38a-1) involving USBGFS that affect or could affect the Trust or any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Blue Sky Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Prepare and file initial registrations and renewals at the Trust's expense with state securities authorities in specific states/territories
or all fifty states and territories (District of Columbia, Guam, Puerto Rico, and the U.S. Virgin Islands) as instructed by the Trust.
USBGFS is not responsible for preparing or filing with the SEC or any state authority any registrations on Form D.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Establish sales data feeds (at the Trust's expense) from applicable financial intermediaries with shareholder accounts for the
Fund(s) to monitor daily sales activity.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Monitor daily sales activity from direct shareholder accounts and intermediary sales data feeds to identify U.S. jurisdictions necessitating
new registrations or additional sales permits.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Obtain additional permits at the Trust's expense where appropriate unless the Trust requires approval prior to obtaining additional
permits.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Evaluate sales activity for exemptions based on sales to existing shareholders in applicable states. The Trust is responsible for
instructing USBGFS regarding any additional accounts or transactions that may be eligible for an exemption.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. SEC Registration and Reporting Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Assist Fund counsel with respect to filings of 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;&nbsp;&nbsp;&nbsp;&nbsp;b. Assistance Fund counsel in the preparation and filing of the annual and semiannual shareholder reports and other filings (e.g., Form
N-CEN, Form N-CSR, Form N-PORT, and Rule 24f-2 notices). As requested by the Trust or any Fund, prepare and file Form N-PX and Form N-RN.

&nbsp;&nbsp;&nbsp;&nbsp;&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. Coordinate the printing, filing and mailing (including delivery to intermediaries who print and mail to their own clients) of Prospectuses
and shareholder reports, and amendments and supplements thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. File the fidelity bond under Rule 17g-1 of the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Assist Fund counsel in preparation of proxy statements, repurchase offers, tender offers and information statements, as 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;&nbsp;&nbsp;&nbsp;&nbsp;f. Prepare the tailored shareholder 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;&nbsp;&nbsp;&nbsp;&nbsp;g. While USBGFS shall assist in the preparation and filing of the materials noted above, the Trust acknowledges and agrees that USBGFS
is not ultimately responsible for the content of such materials and shall not be held to be the maker of statements or opinions in any
such materials unless USBGFS expressly agrees in a writing to be filed with such materials.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. IRS Compliance Support:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Test on a quarterly basis the Fund's status as a regulated investment company under Subchapter M of the Code, including review
of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Diversification requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Qualifying income requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Distribution requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Calculate required annual excise distribution amounts for the review and approval of Fund management and/or its IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Financial Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Provide financial data required by the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Prepare financial reports for officers, shareholders, tax authorities, performance reporting companies, the Board, the SEC, and the
IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Assist the Trust's custodian and fund accountants in the maintenance of the Funds' general ledger and in the preparation
of the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Compute the yield, total return, expense ratio and portfolio turnover rate of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitor expense accruals and make adjustments as necessary; notify the Fund's management of adjustments expected to materially
affect the Fund's expense ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare financial statements subject to review and approval from the Fund and the Fund's auditors, which include the following
items:

&nbsp;&nbsp;&nbsp;&nbsp;&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. Schedule of Investments

&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Assets and Liabilities

&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Operations

&nbsp;&nbsp;&nbsp;&nbsp;&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. Statement of Changes in Net Assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Statement of Cash Flows (if applicable)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. Financial Highlights

&nbsp;&nbsp;&nbsp;&nbsp;&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. Financial data for inclusion in Notes to Financial Statements

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare broker security transaction summaries in accordance with Rule 31a-1(b)(9).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Reporting

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Prepare for the review of the IRPAF and/or Fund management the federal and state tax returns including Form 1120 RIC and applicable
state returns including any necessary schedules. USBGFS will prepare annual Fund federal and state income tax return filings as authorized
by and based on the instructions received by Fund management and/or its IRPAF. File on a timely basis appropriate federal and state tax
returns including Forms 1120/8613, with any necessary schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Provide the Fund's management and IRPAF with tax reporting information pertaining to the Funds, as available to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Prepare Fund financial statement tax disclosures for the review and approval of Fund management and/or the Funds' IRPAF.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Prepare and file on behalf of Fund management Form 1099 NEC for payments to disinterested trustees and other qualifying service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Monitor wash sale losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Calculate Qualified Dividend Income (" <u>QDI</u> ") for qualifying Fund shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Assist in the determination of the taxable/non-taxable nature of corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Provide reports to assist the Fund with tax loss harvesting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Assist with the determination of whether portfolio holdings will yield bad income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Provide FATCA/FBAR reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Respond to IRS and other tax regulatory agency notices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Assist with Passive Foreign Investment Company (PFIC) monitoring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. If the Trust so elects, USBGFS shall provide additional services that are further described in the fee schedule on <u>Exhibit C</u>.

&nbsp;&nbsp;&nbsp;&nbsp;II. Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Portfolio Accounting Services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain the security master file for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain portfolio records on a trade date+1 basis using security trade information communicated from the Funds' investment
adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Track and properly reflect corporate actions (e.g., stock splits, dividends, mergers, rights issuances, spin-offs, etc.) impacting
the securities positions held by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. As of the close of business on each day the Funds value their portfolio positions (each, a " <u>Valuation Date</u> "), obtain
prices from a pricing source approved by the Board or its valuation designee and apply those prices to the Funds' portfolio positions
(also hereinafter referred to as " <u>securities</u> "). For those securities where market quotations are not readily available,
the Board or its valuation designee shall determine fair value. USBGFS shall be entitled to rely on such prices and/or fair valuations
without investigation or verification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Identify interest and dividend accrual balances as of each Valuation Date and calculate gross earnings on investments for each accounting
period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Determine gain/loss on security sales and identify them as short-term or long-term; account for periodic distributions of gains or
losses to shareholders and maintain undistributed gain or loss balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. On a daily basis, reconcile cash of the Funds with the Funds' custodian and/or prime brokerage account(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Transmit a copy of the Funds' portfolio valuations to the Funds' investment adviser(s) daily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Review the impact of current day's activity on a per share basis, and review changes in market value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Expense Accrual and Payment Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. For each Valuation Date, monitor the expense accrual amounts as directed by the Funds as to methodology, rate or dollar amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Process and record payments for Fund expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Account for Fund expenditures and maintain expense accrual balances at the level of accounting detail, as agreed upon by USBGFS and
the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide expense accrual and payment reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. NAV Calculation and Financial Reporting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Account for Fund share purchases, sales, exchanges, transfers, dividend reinvestments, and other Fund share activity as reported by
the Funds' transfer agent on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Apply equalization accounting as directed by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Determine net investment income (earnings) for the Funds as of each Valuation Date. Account for periodic distributions of earnings
to shareholders and maintain undistributed net investment income balances as of each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Determine the net asset value of the Funds according to the accounting policies and procedures set forth in each Fund's current Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Calculate per share net asset value, per share net earnings, and other per share amounts reflective of Fund operations at such time
as required by the nature and characteristics of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Communicate to the Funds, at an agreed upon time, the per share net asset value for each Valuation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Prepare monthly reconciliations of sub-ledger reports to month-end ledger balances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Prepare monthly security transactions listings for each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Tax Accounting Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Maintain accounting records for the investment portfolio of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Maintain tax lot detail for each Fund's investment portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Calculate taxable gain/loss on security sales using the tax lot relief method designated by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Provide the necessary financial information to calculate the taxable components of income and capital gains distributions to support
tax reporting to the shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Audit Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Support reporting to regulatory bodies and financial statement preparation by making the Funds' accounting records available
to the Funds, the SEC, and the Funds' independent registered public accounting firm (" <u>IRPAF</u> "), in each case as
requested by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Perform its duties hereunder in compliance with all applicable laws and regulations and provide any sub-certifications reasonably
requested by the Funds in connection with any certification required of a Fund pursuant to the SOX Act or any rules or regulations promulgated
by the SEC thereunder, provided the same shall not be deemed to change USBGFS' standard of care as set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Cooperate with the Funds' IRPAF and take all reasonable action in the performance of its obligations under this Agreement to
ensure that the necessary information is made available to such IRPAF for the expression of their opinion on the Funds' financial
statements, without any qualification as to the scope of their examination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. If the Trust so elects, USBGFS shall provide the Rule 2a-5 supplemental services described on, and subject to the terms and conditions
of, <u>Exhibit F</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. If the Trust so elects, USBGFS shall provide the Rule 18f-4 supplemental services described on, and subject to the terms and conditions
of, <u>Exhibit G</u>.

&nbsp;&nbsp;&nbsp;&nbsp;III. Transfer Agency and Investor Support Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Maintain records of the accounts for each Fund shareholder including the following information: (i) name, address and United States
Tax Identification or Social Security number; (ii) number and class of shares held and number and class of shares for which certificates,
if any, have been issued, including certificate numbers and denominations; (iii) historical information regarding the account of each
shareholder, including dividends and distributions paid and the date and price for all transactions on a shareholder's account; (iv) any
stop or restraining order placed against a shareholder's account; (v) any correspondence relating to the current maintenance of a shareholder's
account; and (vi) Information with respect to tax withholdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Receive and process all orders for transactions of shares in accordance with applicable statutes, rules and regulations under the
1940 Act and other relevant law, and as specified in the Fund's Prospectus and statement of additional information (or similar disclosure
documents) as filed from time to time with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Process purchase and redemption orders with prompt delivery, where appropriate, of payment and supporting documentation to the shareholder
based on the shareholder's or the Fund's custodian instructions, and record the appropriate number of shares being held in
the appropriate shareholder account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Process redemption requests received in good order and, where relevant, deliver appropriate documentation to the Fund's custodian.
Calculate and impose any redemption or exchange fees as may be applicable under the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Pay proceeds upon receipt from the Fund's custodian, where relevant, in accordance with the instructions of redeeming shareholders
and the terms of the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Process transfers of shares in accordance with the shareholder's instructions, after receipt of appropriate documentation from the
shareholder as specified in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Process exchanges between Funds and/or conversions between shares classes of Funds in accordance with the procedures described in
the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Prepare and transmit payments, or apply reinvestments for income dividends and capital gains distributions declared by the Trust with
respect to a Fund, after deducting any amount required to be withheld by any applicable laws, rules and regulations and in accordance
with shareholder instructions and the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Serve as the Fund's agent in connection with systematic plans including systematic investment plans, systematic withdrawal plans,
and systematic exchange plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Maintain and make changes to shareholder records, including account names, addresses and investment or withdrawal plans (e.g., systematic
investment and withdrawal and dividend reinvestment), upon presentation of proper documentation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Handle sales load and multi-class transaction processing, including rights of accumulation and purchases by letters of intent, in
each case in accordance with the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Record the issuance of shares of the Funds and maintain, pursuant to Rule 17Ad-10(e) promulgated under the Exchange Act, a record
of the total number of shares of each Fund which are authorized, issued and outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Prepare ad-hoc reports as necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Assist with mailing shareholder reports, Prospectuses and all other communications to shareholders required to be sent by the 1940
Act and the rules and regulations thereunder to all current shareholders of record, at intervals required by applicable law, including
the 1940 Act and the rules and regulations thereunder or at the request of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Collect counts from the record shareholders who are themselves financial intermediaries with clients who are Fund shareholders of
beneficial interest (the " <u>Beneficial Shareholders</u> ") and assist such financial intermediaries to provide an adequate
number of Prospectuses, shareholder reports and all other communications to Beneficial Shareholders required to be sent by applicable
law, including the 1940 Act and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Prepare and file U.S. Treasury Department Forms 1099, 5498 and other appropriate information returns required with respect to dividends
and distributions for all shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Q. Provide shareholder account information upon shareholder or Fund requests and prepare and mail confirmations and statements of account
to shareholders for all purchases, redemptions and other confirmable transactions as agreed upon with the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;R. Provide to the Trust, promptly upon request, the Taxpayer Identification Number or other identifying information of any shareholder
that purchased, redeemed, transferred or exchanged shares of the Funds, and the amount and dates of such shareholder purchases, redemptions,
transfers, and exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S. Assist in monitoring shareholder transaction activity for the purposes of identifying transaction activity that may be excessive to
the Funds or their shareholders as outlined in the Prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;T. Execute on any directly held investor account with the Transfer Agent any instructions from the Trust to restrict or prohibit further
purchases or exchanges of a Fund's shares by a shareholder of record who has been identified by the Trust as having engaged in transactions
of a Fund's shares that violates applicable law or any policies established by the Trust for the purposes of eliminating or reducing
any dilution of the value of the outstanding securities issued by the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U. Mail and/or obtain shareholders' certifications under penalties of perjury and pay on a timely basis to the appropriate federal
or state authorities any taxes to be withheld on dividends and distributions paid by a Fund, all as required by applicable federal and
state tax laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;V. Provide a daily report of the total number of shares of a Fund sold in each state to enable the Trust or its agent to monitor such
sales for blue sky law purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;W. Answer telephone calls and correspondence from Fund shareholders, securities brokers and others relating to USBGFS' duties hereunder
within required time periods established by regulation and agreed-upon service levels (as applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;X. Reimburse a Fund each month for all material losses resulting from "as of" processing errors for which USBGFS is responsible
in accordance with USBGFS' "as of" processing guidelines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Y. Calculate average assets held in shareholder accounts for purposes of paying Rule 12b-1 and/or shareholder servicing fees as directed
by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Z. Provide service and support to financial intermediaries including trade placements, settlements and corrections.

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| | |
|:---|:---|
| AA. | After receiving specific written authorization from an officer of the Trust, enter into an agreement on behalf of the Funds that appoints one or more designated financial intermediaries as agents of the Funds for the limited purpose of accepting orders for the purchase, exchange, and/or redemption of shares of the Funds in accordance with the Prospectus and Rule 22c-1 under the 1940 Act. |

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| | |
|:---|:---|
| BB. | In the event (i) USBGFS directly receives a Legal Process Item (defined immediately below) that has been properly served, (ii) a Fund receives a Legal Process Item that has been properly served and delivers the Legal Process Item to USBGFS, or (iii) a Fund accepts service of a Legal Process Item that has not been properly served and delivers the Legal Process Item to USBGFS, USBGFS will act in accordance with any applicable written instructions or procedures in effect between the Trust and USBGFS. "Legal Process Item" means civil and criminal subpoenas, civil or criminal seizure or restraining orders, IRS and state tax authority civil or criminal notices including notices of lien or levy, writs of execution and other functionally equivalent legal process items directed at USBGFS or a Fund requiring that a particular action or actions be taken with respect to a current or former shareholder of a Fund or a Fund account of such a shareholder. USBGFS may in its reasonable discretion seek to limit or reduce by any reasonable means the scope and coverage of a Legal Process Item and seek extensions of the period to respond. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CC. USBGFS agrees to reasonably cooperate with and assist the Trust with the filing by the Trust or any Fund and/or its respective officers
and auditors of certifications or attestations as required by applicable law and will furnish such certifications and sub-certifications
from relevant officers of USBGFS with respect to the services and recordkeeping performed by USBGFS under this Agreement as the Trust
shall reasonably request. USBGFS shall also make available to the Trust on an annual basis a copy of its SOC1 report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DD. Provide the following administrative services for accounts that are (a) a Traditional, SEP, Roth, SIMPLE, or other types of individual
retirement account within the meaning of Section 408 of the Code, or (b) a " <u>CESA</u>," hereby defined to mean a Coverdell
educational savings account within the meaning of Section 530 of the Code (each, a " <u>Tax Advantaged Account</u> "), in each
case only with respect to accounts for which a qualified affiliate of USBGFS is separately serving as the custodian (a " <u>Custodied Account</u> ") and to the extent the particular administrative service is appropriate under the Code (as hereinafter defined), subject
to applicable terms and conditions of the Code, this Agreement, appropriate written procedures, account documentation and a Fund's Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Process instructions received in good order regarding contributions, including using contribution payments actually received to purchase
shares of a Fund and keep appropriate records of contributions for tax reporting purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Effect instructions for distributions received in good order and establish and maintain a record of the types and reasons for distributions
(e.g., attainment of age 59-1/2, disability, death, return of excess contributions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Send blank designation of beneficiary forms to beneficial owners of Custodied Accounts (" <u>Participants</u> ") and process
designation of beneficiary forms completed and received from Participants in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Process instructions received in good order for exchanges of Fund shares, rollovers, direct rollovers, conversions, reconversions,
recharacterizations, return of excess contributions and transfers of assets (or the proceeds of liquidated assets) to a successor custodian
or successor trustee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Upon receipt in good order of a notification of the death of a Participant, process transfers and distributions in accordance with
instructions received in good order;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Prepare any annual reports or returns required to be prepared and/or filed by a custodian of Tax Advantaged Accounts, including an
annual fair market value report, Forms 1099R and 5498; and file same with the Internal Revenue Service and provide same to the Participant
or Participant's beneficiary, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Perform applicable federal withholding and send to the Participant or Participant's beneficiary, as applicable, any required annual
notice regarding federal tax withholding; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Upon the receipt of a request to open a Custodied Account, provide appropriate account documentation to open the Custodied Account
and thereafter as necessary to maintain the Custodied Account in compliance with the Code.

The Trust, at the reasonable request of USBGFS and in accordance with all applicable provisions of the Code, shall assist the custodian to the Custodied Accounts to transfer said accounts to a successor custodian meeting all qualifications under the Code.

EE. If the Trust so elects, USBGFS shall provide the Digital Investor, Digital Investor Institutional, Vision Electronic Statement, Chat, and <u>INFORMA</u><sup>TM</sup> services described on, and subject to the terms and conditions of, <u>Exhibit H</u>.

**<u>ADDITIONAL AND SUPPLEMENTAL SERVICES</u>**

Any additional or supplemental services not listed above may be provided from time to time upon mutual agreement of the parties, subject in all cases to the terms and conditions of this Agreement. Any such additional or supplemental services shall be provided at the fees specified on <u>Exhibit C</u> or at USBGFS' then current standard rates for such services if not specified.

**EXHIBIT C**

**<u>Fees</u>**

**Fund Start-Up & Registration Services Project Fee Schedule**

Additional Regulatory Administration Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund, or as negotiated - Subsequent new fund launch

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per project - Subsequent new share class launch

&nbsp;&nbsp;&nbsp;&nbsp;■ Multi-managed funds - as negotiated based upon specific requirements

&nbsp;&nbsp;&nbsp;&nbsp;■ Proxy - as negotiated based upon specific requirements

Ongoing annual regulatory administration services in support of external legal counsel, including annual registration statement update and drafting of supplements:

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] for first three funds in same statutory prospectus

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees will be negotiated for fund 4+

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

&nbsp;&nbsp;&nbsp;&nbsp;■ Postage, if necessary, Federal and state regulatory filing fees,
expenses from Board of Trustee meetings, third party auditing and legal expenses, EDGAR/iXBRL filing

The Fund start-up and registration services project fee is paid for by the advisor and not the Fund(s). This fee is not able to be recouped by the advisor under an expense waiver limitation or similar agreement. Fund startup and registration service fees are billed [...]% following the selection of U.S. Bank and [...]% [...] days after the preliminary registration statement is filed with the SEC filings.

Extraordinary services - negotiated based upon specific requirements

&nbsp;&nbsp;&nbsp;&nbsp;■ Multi-managed funds, proxy, expedited filings, asset conversion,
fulcrum fee, exemptive applications

**Fund Administration & Portfolio Administration Services Fee Schedule**

*Annual Fee Based Upon Average Net Assets per Fund for Fund Administration services and Fund Accounting Services\**

**Basis points**

[...] on the first $[...] million

[...] on the next $[...] million

[...] on the balance

$[...] per fund for both service lines, Minimum Annual Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] additional fee for each additional class, Controlled Foreign
Corporation (CFC), and/or sub-advisor

 ****

***Services Included in Annual Fee per Fund***

Advisor Information Source - On-line access to portfolio management and compliance information.

Daily Performance Reporting - Daily pre- and post-tax fund and/or sub-advisor performance reporting.

Core Tax Services - See Additional Services Fee Schedule

**Third Party Administrative Data Charges (descriptive data for each security)**

$[...] per security per month for fund administrative data

**SEC Modernization Requirements**

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per year, per Fund - Form N-PORT

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per year, per Fund - Form N-CEN

Chief Compliance Officer Support Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per year per fund complex

 ****

***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: postage, stationery, programming, special reports, third-party data provider costs (including Bloomberg, S&P, Moody's, Morningstar GICS, MSCI, Lipper, etc.), proxies, insurance, EDGAR/XBRL filing, record retention, federal and state regulatory filing fees, liquidity classifications, expenses related to and including travel to and from Board of directors meetings, third party auditing and legal expenses, wash sales reporting (GainsKeeper), tax e-filing charges, PFIC monitoring and conversion expenses (if necessary).

 ****

***Additional Services***

Additional services not included above shall be mutually agreed upon at the time of the service being added. U.S. Bank regulatory administration (e.g., annual registration statement updates and subsequent new fund launch), daily performance reporting, daily compliance testing, Section 18 compliance testing, Section 15(c) reporting, equity & fixed income attribution reporting, electronic Board book portal, Master/Feeder Structures and additional services mutually agreed upon.

In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided.

\*Subject to annual CPI increase-All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative). CPI will reset as of the effective date of this contract. Fees are calculated pro rata and billed monthly.Additional Services Fee Schedule

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per sub-account per year - Tax Free Transfer In-Kind Cost
Basis Tracking\*

Daily Compliance Services (if required)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund per year - Base fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund group - Setup

Section 18 Compliance Testing

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] set up fee per fund complex

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund per month

Section 15(c) Reporting

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund per standard reporting package\*

&nbsp;&nbsp;&nbsp;&nbsp;■ Additional 15(c) reporting is subject to additional charges

&nbsp;&nbsp;&nbsp;&nbsp;■ Standard data source - Morningstar; additional charges will apply
for other data services

\*Standard reporting packages for annual 15(c) meeting

● Expense reporting package: 2 peer comparison reports (adviser fee) and (net expense ratio with classes on one report) OR Full 15(c) report

● Performance reporting package: Peer Comparison Report

Equity & Fixed Income Attribution Reporting

&nbsp;&nbsp;&nbsp;&nbsp;■ Fees are dependent upon portfolio makeup, services required, and
benchmark requirements.

Fees for Special Situation:

&nbsp;&nbsp;&nbsp;&nbsp;■ Fee will be assessed.

Rule 2a-5 Reporting (valuation reporting and support):

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund

Customized delivery of data:

&nbsp;&nbsp;&nbsp;&nbsp;■ TBD

Core Tax Services

M-1 book-to-tax adjustments at fiscal and excise year-end, prepare tax footnotes in conjunction with fiscal year-end audit, Prepare Form 1120-RIC federal income tax return and relevant schedules, Prepare Form 8613 and relevant schedules, Prepare Form 1099-MISC Forms, Prepare Annual TDF FBAR (Foreign Bank Account Reporting) filing, Prepare state returns (Limited to two) and Capital Gain Dividend Estimates (Limited to two).

Optional Tax Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per year - Prepare book-to-tax adjustments & Form 5471
for Controlled Foreign Corporations (CFCs)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per additional estimate - Additional Capital Gain Dividend
Estimates - (First two included in core services)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per additional return - State tax returns - (First two
included in core services)

Tax Reporting - MLP C-Corporations

**Federal Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Prepare corporate Book to tax calculation, average cost
analysis and cost basis role forwards, and federal income tax returns for investment fund (Federal returns & 1099 Breakout Analysis)

&nbsp;&nbsp;&nbsp;&nbsp;■ Prepare Federal and State extensions (If Applicable) - Included
in the return fees

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] Per estimate -Prepare provision estimates

**State Tax Returns**

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund - State tax notice consultative support and resolution

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per state return - Prepare state income tax returns for
funds and blocker entities

● $[...] per state return - Sign state income tax returns

● Assist in filing state income tax returns - Included with preparation of returns

Electronic Board Book Portal

&nbsp;&nbsp;&nbsp;&nbsp;■ U.S. Bank will establish a central, secure portal for Board materials
using a unique client board URL.

&nbsp;&nbsp;&nbsp;&nbsp;■ Your Fund Administrator will load/maintain all fund board book
data for the main fund board meetings and meetings.

&nbsp;&nbsp;&nbsp;&nbsp;■ Features password-protected, encrypted servers with automatic
failover.

&nbsp;&nbsp;&nbsp;&nbsp;■ Training and ongoing system support.

&nbsp;&nbsp;&nbsp;&nbsp;■ Accessible from your smart phone or iPad.

&nbsp;&nbsp;&nbsp;&nbsp;■ Allows multiple users to access materials concurrently.

&nbsp;&nbsp;&nbsp;&nbsp;■ Searchable archive.

&nbsp;&nbsp;&nbsp;&nbsp;■ Ability to make personal comments.

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***Annual Fee per Trust***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - 0 - 10 users

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - 10 - 20 users

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - 20 - 30 users

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - 30 - 40 users

Diligent Boardbooks

&nbsp;&nbsp;&nbsp;&nbsp;■ Online portal to access board book documents. Each user will receive
both online and offline capability access

&nbsp;&nbsp;&nbsp;&nbsp;■ Minimum fee (includes 1 board, 1 committee and 12 users)

&nbsp;&nbsp;&nbsp;&nbsp;■ 12 users may consist of any combination of Board Members/ Executives
and Administrators

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***Accessing Entities and Individuals***

$[...] /$[...] - Installation Fee/Annual Fee - Affiliate Package

$[...] /$[...] - Installation Fee/Annual Fee - Additional Boards

$[...] /$[...] - Installation Fee/Annual Fee - Additional Committees/Meeting Groups

$[...] /$[...] - Installation Fee/Annual Fee - Additional Online & Offline Users (Board Members/Execs)

$[...] /$[...] - Installation Fee/Annual Fee - Online and Offline Users (Administrative)

**Fund Accounting Services Fee Schedule**

*Annual Fund Administration and Fund Accounting Fee Based Upon Average Net Assets per Fund\**

**Basis points**

[...] on the first $[...] million

[...] on the next $[...] million

[...] on the balance

$[...] Minimum Annual Fee per fund for both Fund Administration and Fund Accounting services\*

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] additional fee for each additional class and/or for a Controlled
Foreign Corporation (CFC), or sub-advisor

All schedules subject to change depending upon the use of unique security types requiring special pricing or accounting arrangements

Chief Compliance Officer Support Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per year per fund complex

Data Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Listed Instruments and rates which may include but are
not limited to: Domestic Equities, Options, ADRs, Foreign Equities, Futures, Forwards, Currency Rates, Total Return Swaps

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Lower Tier Cost Fixed Income Instruments which may include
but are not limited to: Domestic Corporate Governments and Agency Bonds, Mortgage Backed Securities, and Municipal Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Higher Tier Cost Fixed Income Instruments which may include
but are not limited to: CMO and Asset Backed Securities, Money Market Instruments, Foreign Corporates, Governments and Agency Bonds,
and High Yield Bonds

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Bank Loans

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Intraday money market funds pricing, up to [...] times
per day

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per Month Manual Security Pricing (>[...]per day)

&nbsp;&nbsp;&nbsp;&nbsp;■ Derivative Instruments are generally charged at the following
rates:

● $[...] - Interest Rate Swaps, Foreign Currency Swaps

● $[...] - Swaptions

● $[...] - Credit Default Swaps

NOTE: Prices above are based on using U.S. Bank primary pricing service which may vary by security type and are subject to change. Use of alternative and/or additional sources may result in additional fees. Pricing vendors may designate certain securities as hard to value or as a non-standard security type, such as CLOs and CDOs, which may result in additional fees.

Corporate Actions and Factor Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per Foreign Equity Security per Month for Corporate Actions

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per Domestic Equity Security per Month for Corporate Actions

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per CMOs and Asset Backed per month for Factor Services

$[...] per Mortgage Backed Security per Month for Factor Services<br>

Index Service Fees

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per month per fund: Tier 0 for maintenance of data for
performance calculations where the client is supplying the Index data

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per month per fund: Tier 1 including but not limited to:
ICE Indexes, Morningstar, Bloomberg, S&P Global, Dow Jones, CBOE, and HFRI Indexes

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per month per fund: Tier 2 including but not limited to:
MSCI Indexes, FTSE Russell

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per month per fund: Tier 3 including but not limited to:
Wilshire Indexes, Lipper JPM

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per month per fund additional fee for creation of a blended
index, in addition to Tier index fees.

Note: Rates are tiered based upon rates charged by the index provider and are subject to change. S&P Global and Dow Jones are their standard packages only, specialized packages from all index providers will result in a higher fee. Use of other, custom, and blended indexes may result in additional fees. Index providers may require a direct contract in addition to the above service contract, which may result in additional fees payable to the index provider.

**Miscellaneous Expenses**

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

Fair Value Services, SWIFT processing and customized reporting.

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***Additional Services***

Additional services not included above shall be mutually agreed upon at the time of the service being added for other services and unique fund structures such as Master/ Feeder funds.

In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

\*Subject to annual CPI increase-All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative). CPI will reset as of the effective date of this contract. Fees are calculated pro rata and billed monthly.

**Transfer Agent, Shareholder & Account Services Fee Schedule**

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***Annual Service Charges to the Fund\****

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] for first CUSIP in Fund Complex - Base Fee per CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] each additional class CUSIP in Fund Complex

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per open Matrix Level 0 account

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per open Matrix Level 3 account

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per closed account - Closed (zero balance) Accounts

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per open account - Daily Accrual Fund Accounts

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***Annual Basis Point Fee per Fund Complex***

Basis points

[...] on the balance

 ****

***Services Included in Annual Basis Point Fee***

&nbsp;&nbsp;&nbsp;&nbsp;■ Telephone Calls

&nbsp;&nbsp;&nbsp;&nbsp;■ Voice Response Calls

&nbsp;&nbsp;&nbsp;&nbsp;■ Manual Shareholder Transaction & Correspondence

&nbsp;&nbsp;&nbsp;&nbsp;■ Omnibus Account Transaction

&nbsp;&nbsp;&nbsp;&nbsp;■ Daily Valuation/Manual 401k Trade

&nbsp;&nbsp;&nbsp;&nbsp;■ NSCC System Interface

&nbsp;&nbsp;&nbsp;&nbsp;■ Short-Term Trader Reporting - Software application used to track
and/or assess transaction fees that are determined to be short-term trades.

&nbsp;&nbsp;&nbsp;&nbsp;■ Excessive Trader - Software application that monitors the number
of trades (exchanges, redemptions) that meet fund family criteria for excessive trading and automatically prevents trades in excess of
the fund family parameters.

&nbsp;&nbsp;&nbsp;&nbsp;■ 12b-1 Aging - Aging shareholder account share lots in order to
monitor and begin assessing 12b-1 fees after a certain share lot age.

Chief Compliance Officer Support Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per year

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***Miscellaneous Expenses***

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred:

Telephone toll-free lines, mailing, sorting and postage, stationery, envelopes, service/data conversion, AML verification services, special reports, record retention, lost shareholder search, disaster recovery charges, ACH fees, Fed wire charges, NSCC activity charges, DST charges, shareholder/dealer print out (daily confirms, investor statements, tax, check printing and writing and commissions), voice response (VRU) maintenance and development, data communication and implementation charges, specialized programming, omnibus conversions, travel, excess history, FATCA and other compliance mailings, electronic document archiving.

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***Additional Services***

Additional services not included above shall be mutually agreed upon at the time of the service being added. Digital Investor shareholder e-commerce, FAN Mail electronic data delivery, Vision intermediary e-commerce, client Web data access, recordkeeping application access, programming charges, cost basis reporting, investor email services, dealer reclaim services, literature fulfillment, money market fund service organizations, charges paid by investors, physical certificate processing, CUSIP setup, CTI reporting, sales reporting & Rule 22c-2 reporting (MARS), electronic statements (Informa), EConnect Delivery, Shareholder Call review analysis, statement support, dealer/fund merger events, NAV reprocessing, voluntary state withholdings and additional services mutually agreed upon.

In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

\*Subject to annual CPI increase-All Urban Consumers - U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative). CPI will reset as of the effective date of this contract. Fees are calculated pro rata and billed monthly.

**The monthly fee for an open account shall be charged in the month during which an account is opened through the month in which such account is closed. The monthly fee for a closed account shall be charged in the month following the month during which such account is closed**

Additional Services Fee Schedule

Charges Paid by Investors

Shareholder accounts will be charged based upon the type of activity and type of account, including the following:

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***Qualified Plan Fees***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per qualified plan account or Coverdell ESA account (Cap
at $[...] per SSN)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per transfer to successor trustee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per participant distribution (Excluding SWPs)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per refund of excess contribution

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per reconversion/recharacterization

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***Additional Shareholder Paid Fees***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per outgoing wire transfer or overnight delivery

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per telephone exchange

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...]per return check or ACH or stop payment

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per statement year requested per account (This fee applies
to research requests for statements older than the prior year)

CUSIP Setup

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per CUSIP - CUSIP Setup beyond the initial CUSIP

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per CUSIP (Less than 35 days) - Expedited CUSIP Setup

Fund Characteristic Change

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund/ per change - Fund Name Change

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund/ per change - Fund CUSIP Change

Digital Investor

Shareholder account access through the internet. Shareholders can securely access account information, conduct financial transactions, and perform account maintenance activities. Electronic document delivery is also available as an adjunct service. Digital Investor includes user interface which caters to a full range of connected devices, including tablets and smart phones. The standard implementation comes with advanced authentication, eCommerce inspired workflows, and a base package of transaction and maintenance functionality.

● $[...] per fund group, base transactional and maintenance functionality

● [...]-year minimum term

&nbsp;&nbsp;&nbsp;&nbsp;■ Activity Fees:

● $[...] per event, per login

● $[...] per event, Login Challenge (email or SMS Text)

● $[...] per event, Inquiry

● $[...] per event, Account Maintenance

● $[...] per event, Transaction - financial transactions, duplicate statements requests, etc.

● $[...] per event, New Account Set-up

● $[...] per event, Bank Verification Attempt

FAN Mail

Financial planner mailbox provides transaction, account and price information to financial planners and small broker/dealers for import into a variety of financial planning software packages.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per year - Base Fee Per Management Company - file generation
and delivery

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per record or $[...] per user per month, whichever is less
- Price Files

&nbsp;&nbsp;&nbsp;&nbsp;■ Per Record Charge

● $[...] - Rep/Branch/ID

● $[...] - Dealer

Vision Electronic Statement Services

Online account access for broker/dealers, financial planners, and RIAs.

&nbsp;&nbsp;&nbsp;&nbsp;■ Account inquiry

● $[...] per event - Inquiry

● $[...] per month per ID - Vision ID

&nbsp;&nbsp;&nbsp;&nbsp;■ Transaction Processing\*

● $[...] per Management Company - Implementation Fee

● $[...] per event - Transaction - purchase, redeem, and exchange

● $[...] per month - Monthly Minimum Charge

&nbsp;&nbsp;&nbsp;&nbsp;■ Electronic Statements\*

● $[...] per fund group - Implementation

● $[...] per image - Load charges

● $[...] per document - Archive charge (for any image stored beyond [...] years)

\*Vision ID and event charges also apply.

&nbsp;&nbsp;&nbsp;&nbsp;■ Threatmetrix Services: MFA Annual Product Fee

● $[...] Monthly, $[...] Annually - Below 1,000 IDs

● $[...] Monthly, $[...] Annually - 1000-3450 IDs

● $[...] Monthly, $[...] Annually - 3451 IDs and above

Electronic Correspondence

Upon consent from shareholder caller, forms and fulfillment pieces can be sent via email through a secured service rather than mailed.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per Email

Client Web Data Access

U.S. Bank client on-line access to fund and investor data through U.S. Bank technology applications and data delivery and security software.

&nbsp;&nbsp;&nbsp;&nbsp;■ STAT - Statement and Tax Form Storage & Retrieval

● $[...] per user: Setup

● $[...] per user per month: Support

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***Additional Data Delivery Services***

&nbsp;&nbsp;&nbsp;&nbsp;■ Ad Hoc/PowerSelect File Development

● $[...] per file: Standard ad-hoc select

● $[...] per hour consultation and programming development: Custom coded data for recurring, scheduled delivery:

● $[...] per file per month for recurring files/reports scheduled for delivery Support

● Recurring files scheduled for delivery via Pivot or Managed File Service.

&nbsp;&nbsp;&nbsp;&nbsp;■ Custom Electronic File Exchange (MFS delivery of standard TIP
files)

● $[...] one-time fee ,Setup

● $[...] per file per month, Support

&nbsp;&nbsp;&nbsp;&nbsp;■ File Delivery to Alternate Sales Reporting Provider

● $[...] one-time fee, Setup

● $[...] per file per month, Maintenance Fee

Chat Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Implementation Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per month - Monthly Fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per chat or $[...] per minute of chat - Per Chat Fee

Virtual Assistant

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] Implementation Fee

● $[...] per month administration fee

Electronic Form Delivery and Signature Capture

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] (includes 15 forms) - Implementation fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] for each additional form and email template - Additional
setup fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per form, $[...] per updated Fund Logo - Form and fund
logo modifications

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per month - Monthly minimum fee

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Per electronic envelope Fee

Recordkeeping Application Access

&nbsp;&nbsp;&nbsp;&nbsp;■ Internet VPN - Infrastructure to allow for application accessibility
to host systems and file transfers

● $[...] implementation

● $[...] per month

&nbsp;&nbsp;&nbsp;&nbsp;■ Physical Network - Infrastructure to allow for application accessibility
to host systems and file transfers

● Cost varies depending upon location and bandwidth

&nbsp;&nbsp;&nbsp;&nbsp;■ TA2000 3270 Emulation (Mainframe Green Screen) - Account inquiry
and ability to perform financial transactions or account maintenance depending upon user access.

● $[...] implementation

● $[...] per ID per month

&nbsp;&nbsp;&nbsp;&nbsp;■ TA2000 Desktop (Graphic User Interface to the TA2000 Mainframe) - Account inquiry and ability to perform financial transactions or
account maintenance depending upon user access provisioning.

● $[...] implementation

● $[...] per ID per month

&nbsp;&nbsp;&nbsp;&nbsp;■ TA2000 SmartDesk (Web Application to TA2000 Mainframe) - Account
inquiry only.

● $[...] implementation

● $[...] per ID per month

&nbsp;&nbsp;&nbsp;&nbsp;■ Automated Work Distributor (AWD) - Image and workflow application.

● $[...[ implementation

● $[...] per ID per month

&nbsp;&nbsp;&nbsp;&nbsp;■ Same Day Cash Management (SDCM) - Fund level transaction and cash
reporting.

● $[...] implementation

● $[...] per ID per month

&nbsp;&nbsp;&nbsp;&nbsp;■ PowerSelect - SQL database used for ad hoc reporting from the
shareholder recordkeeping system.

● $[...] per month

Programming Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per hour (subject to change)

&nbsp;&nbsp;&nbsp;&nbsp;■ Charges incurred for customized services based upon fund family
requirements including but not limited to:

● Fund setup programming (transfer agent system, statements, options, etc.)

● Customized service development

● Voice response system setup (menu selections, shareholder system integration, testing, etc.)

● All other client specific customization and/or development services

Cost Basis Reporting

Annual reporting of shareholder cost basis for non-fiduciary direct accounts.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per direct open account per year

Email Services

Services to capture, queue, monitor, service and archive shareholder email correspondence:

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] setup per fund group

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per month administration

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per received email correspondence

Dealer Reclaim Services

Services reclaim fund losses due to the pricing differences for dealer trade adjustments such as between dealer placed trades and cancellations. There will be no correspondence charges related to this service.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per fund group per month

CTI Reporting

$[...] per monthly report - Integrated custom detailed call reporting

Literature Fulfillment Services

&nbsp;&nbsp;&nbsp;&nbsp;■ Account Management/Database Administration

● $[...] per month

● $[...] per SKU -Receiving

● $[...] per order - Order Processing

● $[...] per month per location - Skid Storage

● $[...] per SKU - Disposal

&nbsp;&nbsp;&nbsp;&nbsp;■ Inbound Teleservicing Only

● $[...] per month (OR) - Account Management

● $[...] per call - Call Servicing

&nbsp;&nbsp;&nbsp;&nbsp;■ Lead Source Reporting

● $[...] per month

&nbsp;&nbsp;&nbsp;&nbsp;■ Closed Loop Reporting

● $[...] per month - Account Management

● $[...] per fund group Database Installation, Setup

&nbsp;&nbsp;&nbsp;&nbsp;■ Miscellaneous Expenses

● Included but not limited to specialized programming, kit and order processing expenses, postage, and printing.

Shareholder Call Review Analysis

Includes Call Sampling sent securely to client and Reporting of internal representative reviews.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per Month

Fund Event\* Services

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...]/hour - Programming & File Delivery

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...]/hour - Project Management/Analysis

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...]/account/month until purged\* - Account Data Retention

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...]/CUSIP/month until purged\* - CUSIP Data Retention

\*Fund Event are defined as Fund Liquidations, De-conversions, Mergers, Fully History Conversions (Manual and Systematic) and Non-Taxable Reorganizations (into U.S. Bank or out to another Transfer Agent) \*FINCEN regulations require account retention for 12 months following closing. Data is purged the first July after retention requirements have been fulfilled.

MARS Sales Reporting & Compliance Services

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***Standard MARS Version 8i Implementation Cost***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - $[...] MARS Sales Reporting Module, CRM Module or 22c-2
Compliance Module (Includes up to one year of DST/TA2000 data)

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***Standard MARS Products & Services (Monthly fees)***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] MARS Sales & Compliance Reporting (Includes 1 Sale
& 1 Compliance Users)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] MARS Sales Reporting (Includes 1 Sales Users)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] MARS 22c-2 Compliance (Includes 1 Compliance Users)

Basic support includes file import assistance, database query requests, compliance report monitoring/review/analysis (only with compliance module), and business requirement analysis. Additional Enhanced Services support can be negotiated. Any System Upgrades & Enhancements (quoted separately through a Statement of Work). Base includes initial four dealer interfaces plus DST. Each additional interface requires a setup fee and monthly maintenance fee. Storage allocation includes initial 10GB of data. Each additional 1GB of storage space is $[...] per month.

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***Standard MARS Setup & Implementation Costs (One-time fee)***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - SalesForce.com Integration (if added after initial MARS
implementation)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Custom Data Interface

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - OmniSERV Setup ($[...] Monthly Maintenance Fee)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Standard DCIO Interface Setup ($[...] Monthly Maintenance
Fee)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Standard Interface Setup ($[...] Monthly Maintenance
Fee)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Additional OmniSERV Interface ($[...] Monthly Maintenance
Fee)

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***Standard MARS Licenses (Monthly Fee Per User)***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Sales Reporting

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - 22c-2 Compliance

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - CRM

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - SFDC

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***MARS Training (in-person)***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] /day plus travel and out-of-pocket expenses.

***Data scrubbing/Transaction cleaning (daily cleaning of firm, office and rep information):***

*Transaction cleaning Fees:*

Below fees are based on Monthly Transaction Volume

● 0 - 5K $[...] 5K - 7.5K $[...]

● 7.5K - 10K $[...] 10K - 15K $[...]

● 15K - 20K $[...] 20K - 40K $[...]

● 40K - 60K $[...] 60K - 80K $[...]

● 80K - 100K $[...] 100K - 120K $[...]

● 120K - 140K $[...] 140K - 160K $[...]

● 160K - 180K $[...] 180K - 200K $[...]

● 200K - 220K $[...] 220K - 240K $[...]

● 240K - 260K $[...] 260K - 280K $[...]

● 280K - 300K $[...] 300K - 320K $[...]

● 320K - 340K $[...] 340K - 360K $[...]

● 360K - 380K $[...] 380K - 400K $[...]

● 400K - 420K $[...] 420K - 440K $[...]

● 440K - 460K $[...] 460K - 480K $[...]

● 480K - 500K $[...] 500K - 520K $[...]

● 520K - 540K $[...] 540K - 560K $[...]

● 560K - 580K $[...] 580K - 600K $[...]

● 600K - 620K $[...] 620K - 640K $[...]

● 640K - 660K $[...] 660K - 680K $[...]

● 680K - 700K $[...] 700K - 720K $[...]

● 720K - 740K $[...] 740K - 760K $[...]

● 760K - 780K $[...] 780K - 800K $[...]

● 800K - 820K $[...] 820K - 840K $[...]

● 840K - 860K $[...] 860K - 880K $[...]

● 880K - 900K $[...] 900K - 920K $[...]

● 920K - 940K $[...] 940K - 960K $[...]

● 960K - 980K $[...] 980K - 1M $[...]

CFG Fulfillment, Customer/Account Module, Document Management, Exact Target, iPad/iPhone, Mapping Integration, Merrill Lynch (Compliance Only), Profiling, Market Metrics, Team Buying Units and RIA Monthly Load.

\*\* The implementation fee will be charged the month following the signed statement of work. Monthly Billing commences once you are live on the MARS system. A project plan will be put in place to clean all historical transactions once live on the MARS system. This will take several months to complete. The system will need one month of testing and report setup after go-live. This statement of work is valid for 60 days from the date requested. Once signed this agreement is binding for two years. MARS pricing does not include any fees imposed by intermediaries such as OmniServ

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***MARS Lite Implementation Cost - Eligibility Based on AUM and Transaction Size***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - MARS Lite Base Sales Reporting Only (Includes up to one
year of DST/TA2000 data)

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***MARS Lite Products & Services (Monthly fees)***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] MARS Sales & Compliance Reporting

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] MARS Sales Reporting Only

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] MARS 22c-2 Compliance Only

Once an AUM of $[...] has been reached client must transition to a Standard MARS environment. Additional fees will be negotiated. After an AUM range is surpassed, the monthly services fee would not decrease regardless of negative fluctuations.

Basic support includes file import assistance, database query requests, compliance report monitoring/review/analysis (only with compliance module), and business requirement analysis. Additional Enhanced Services support can be negotiated. Any System Upgrades & Enhancements (quoted separately through a Statement of Work). Base includes initial two dealer interfaces plus DST. Each additional interface requires a setup fee and monthly maintenance fee. Storage allocation includes initial 10GB of data. Each additional 1GB of storage space is $[...] per month. No CRM real-time integration. There is no system access with MARS Lite

***Additional MARS Lite System Setup & Implementation Costs (One-time fee)***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Custom Data Interface

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Additional OmniSERV Setup ($[...] Monthly)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Standard DCIO Interface Setup ($[...] Monthly)

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] - Standard Interface Setup ($[...] Monthly)

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***Data scrubbing/Transaction cleaning (daily cleaning of firm, office and rep information):***

*Transaction cleaning Fees:*

Below fees are based on Monthly Transaction Volume

● 0 - 5K $[...] 5K - 7.5K $[...]

● 7.5K - 10K $[...] 10K - 15K $[...]

● 15K - 20K $[...] 20K - 40K $[...]

● 40K - 60K $[...] 60K - 80K $[...]

● 80K - 100K $[...] 100K - 120K $[...]

● 120K - 140K $[...] 140K - 160K $[...]

● 160K - 180K $[...] 180K - 200K $[...]

● 200K - 220K $[...] 220K - 240K $[...]

● 240K - 260K $[...] 260K - 280K $[...]

● 280K - 300K $[...] 300K - 320K $[...]

● 320K - 340K $[...] 340K - 360K $[...]

● 360K - 380K $[...] 380K - 400K $[...]

● 400K - 420K $[...] 420K - 440K $[...]

● 440K - 460K $[...] 460K - 480K $[...]

● 480K - 500K $[...] 500K - 520K $[...]

● 520K - 540K $[...] 540K - 560K $[...]

● 560K - 580K $[...] 580K - 600K $[...]

● 600K - 620K $[...] 620K - 640K $[...]

● 640K - 660K $[...] 660K - 680K $[...]

● 680K - 700K $[...] 700K - 720K $[...]

● 720K - 740K $[...] 740K - 760K $[...]

● 760K - 780K $[...] 780K - 800K $[...]

● 800K - 820K $[...] 820K - 840K $[...]

● 840K - 860K $[...] 860K - 880K $[...]

● 880K - 900K $[...] 900K - 920K $[...]

● 920K - 940K $[...] 940K - 960K $[...]

● 960K - 980K $[...] 980K - 1M $[...]

The implementation fee will be charged the month following the signed statement of work. Monthly Billing commences once you are live on the MARS system. A project plan will be put in place to clean all historical transactions once live on the MARS system. This will take several months to complete. The system will need one month of testing and report setup after go-live. This statement of work is valid for 60 days from the date requested. Once signed this agreement is binding for two years. MARS pricing does not include any fees imposed by intermediaries such as OmniServ. To qualify for MARS Lite a fund's AUM must be under one billion dollars. Once a client has reached and AUM of $[...] in the MARS Lite environment a separate Work Order will be required to transition to a Standard MARS environment. There may be fees associated with this transition.

Informa Shareholder Electronic Statement Services

 ****

***Electronic Confirm Presentation***

eCDLY will load shareowner daily confirmations (financial transactions only, does not include maintenance confirmations) and send notification to consented shareowners of a new document to view.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per statement - Document Loading, Storage, and Access

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per suppressed statement - Document Consent Processing,
Suppression, and Notification

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] initial setup fee - Development & Implementation of
Electronic Confirm Statements

 ****

***Electronic Investor Statement Presentation***

eStatements will load shareowner investor statements in a PDF format and send notification to the consented shareowners of a new document to view.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per statement - Document Loading, Storage, and Access

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per suppressed statement - Document Consent Processing,
Suppression, and Notification

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] initial setup fee - Development & Implementation of
Electronic Investor Statements

 ****

***Electronic Tax Presentation***

eTax will load TA2000 tax forms and send notification to the consented shareowners of a new document to view.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per statement - Document Loading, Storage, and Access

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per suppressed statement - Document Consent Processing,
Suppression, and Notification

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] initial setup fee - Development & Implementation of
Electronic Tax Statements

 ****

***Electronic Compliance Presentation***

eCompliance allows consented users to receive an email containing a link to the respective compliance material for each compliance run.

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per suppressed statement - Document Consent Processing,
Suppression, and Notification

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] initial setup fee - Development & Implementation of
Electronic Compliance Documents

 ****

***Related Digital Investor Fees***

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per transaction - View Consent Enrollment

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per transaction - Consent Enrollment

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] per view - View Statements

 ****

***Notes:***

&nbsp;&nbsp;&nbsp;&nbsp;■ Statements presented as PDF documents

&nbsp;&nbsp;&nbsp;&nbsp;■ Statements will be loaded for all accounts, regardless of consent

&nbsp;&nbsp;&nbsp;&nbsp;■ Three-year minimum term

&nbsp;&nbsp;&nbsp;&nbsp;■ $[...] archive fee per document per year for three years and greater,
if desired. Storage for two years included in Document Loading, Storage and Access fee

Digital Investor customization charges apply

**ESG Compliance Reporting Services**

&nbsp;&nbsp;&nbsp;&nbsp;■ Monthly Investor Transparency Reporting $[...] per annum per fund.

Global Fund Services will provide a portfolio level ESG risk rating – across several criteria – to either the investment manager or the underlying investors as needed monthly. The ESG risk rating will be derived from leading market vendor data received in respect of those equity or equity derived portfolio investments where the corresponding risk data can be sourced. The risk rating will be assigned at a portfolio level based on its month end holdings and will be expressed as either a percentage of Net Asset Value or as a percentage of total portfolio holdings.

**EXHIBIT D**

**<u>Required Provisions of Data Service Providers</u>**

● The Trust shall use the Data solely for internal purposes and will not redistribute the Data in any form or manner to any third party, except as may otherwise be expressly agreed to by the Data Provider.

● The Trust will not use or permit anyone else to use the Data in connection with creating, managing, advising, writing, trading, marketing or promoting any securities or financial instruments or products, including, but not limited to, funds, synthetic or derivative securities (e.g., options, warrants, swaps, and futures), whether listed on an exchange or traded over the counter or on a private-placement basis or otherwise or to create any indices (custom or otherwise).

● The Trust agrees that it shall (a) comply with all laws, rules and regulations applicable to accessing and using the Data, (b) not use the Data for any purpose independent of those for which it is provided by the Data Provider, and (c) exculpate the Data Provider, its affiliates and their respective suppliers from any liability or responsibility of any kind relating to the Trust's receipt or use of the Data (including expressly disclaiming all warranties).

● The Trust will treat the Data as proprietary to the Data Provider. Further, the Trust shall acknowledge that the Data Provider is the sole and exclusive owners of the Data and all trade secrets, copyrights, trademarks and other intellectual property rights in or to the Data.

● The Trust will not (i) copy any component of the Data, (ii) alter, modify or adapt any component of the Data, including, but not limited to, translating, decompiling, disassembling, reverse engineering or creating derivative works, or (iii) make any component of the Data available to any other person or organization (including, without limitation, the Trust's present and future parents, subsidiaries or affiliates) directly or indirectly, for any of the foregoing or for any other use, including, without limitation, by loan, rental, service bureau, external time sharing or similar arrangement.

● The Trust shall reproduce on all permitted copies of the Data all copyright, proprietary rights and restrictive legends appearing on the Data.

● The Trust shall assume the entire risk of using the Data and shall agree to hold the Data Providers harmless from any claims that may arise in connection with any use of the Data by the Trust.

● The Trust acknowledges that the Data Providers may, in their sole and absolute discretion and at any time, terminate USBGFS' right to receive and/or use the Data.

● The Trust acknowledges and agrees that the Data Providers are third party beneficiaries of the agreements between the Trust and USBGFS with respect to the provision of the Data, entitled to enforce all provisions of such agreements relating to the Data.

● THE DATA IS PROVIDED TO THE TRUST ON AN "AS IS" BASIS. USBGFS, ITS INFORMATION PROVIDERS, AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA MAKE NO REPRESENTATION OR WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO THE DATA (OR THE RESULTS TO BE OBTAINED BY THE USE THEREOF). USBGFS, ITS INFORMATION PROVIDERS AND ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA EXPRESSLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES OF ORIGINALITY, ACCURACY, COMPLETENESS, NON-INFRINGEMENT, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

THE TRUST ASSUMES THE ENTIRE RISK OF ANY USE THE TRUST MAY MAKE OF THE DATA. IN NO EVENT SHALL USBGFS, ITS INFORMATION PROVIDERS OR ANY THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA, BE LIABLE TO THE TRUST, OR ANY OTHER THIRD PARTY, FOR ANY DIRECT OR INDIRECT DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY LOST PROFITS, LOST SAVINGS OR OTHER INCIDENTAL OR CONSEQUENTIAL DAMAGES ARISING OUT OF THIS AGREEMENT OR THE INABILITY OF THE TRUST TO USE THE DATA, REGARDLESS OF THE FORM OF ACTION, EVEN IF USBGFS, ANY OF ITS INFORMATION PROVIDERS, OR ANY OTHER THIRD PARTY INVOLVED IN OR RELATED TO THE MAKING OR COMPILING OF THE DATA HAS BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES.

**EXHIBIT E**

**<u>Digital Board Materials</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Services</u>. USBGFS shall provide one of the following supplemental digital board services to the Trust (the "Digital Board
Services") as the Fund may elect as described below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Comprehensive Digital Services

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Full access to the premium version of Diligent's board portal, including compilation and distribution of all board materials
by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Light Digital Offering

&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. Compilation of all board materials by USBGFS into a PDF stored on a OneDrive site to be accessed by the Trust's Board participants.

&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Compensation</u>. The Trust shall pay to USBGFS fees for the Board Services selected in accordance with the fee schedules as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Comprehensive Digital Services

---

| | |
|:---|:---|
| Comprehensive Digital Services | Comprehensive Digital Services |
| **Description** | **Annual Price<sup>1</sup> (USD)** |
| Base Fee | $[...] |
| Per User Fee<sup>2</sup> | $[...] |
| Per Separate Committee<sup>3</sup> Fee | $[...] |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Light Digital Offering

---

| | |
|:---|:---|
| Light Digital Offering | Light Digital Offering |
| **Description** | **Annual Price<sup>1</sup> (USD)** |
| Base Fee | $[...] |

---

<sup>1</sup> Subject to annual "CPI increase – All Urban Consumers – U.S. City Average" index, provided that the CPI adjustment will not decrease the base fees (even if the cumulative CPI rate at any point in time is negative).

<sup>2</sup> Per user fee applies to all users excluding any USBGFS employee who is not an officer of the Trust

<sup>3</sup> A committee consists of a separate space on Diligent's board portal that can be used to host and organize materials outside of the main board meeting, such as audit committees, governance committees, and executive committees.

&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Selection of Services</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Comprehensive Digital Services</u>. The selection of Comprehensive Digital Services shall be binding on the Trust for one year.
Following any one year period of Comprehensive Digital Services the Trust may select (i) Comprehensive Digital Services for an additional
one year period, (ii) the Light Digital Offering, or (iii) only the basic board services provided under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Light Digital Offering</u>. The selection of the Light Digital Offering shall be binding on the Trust for one quarter. Following
any quarter for which the Trust has selected the Light Digital Offering the Trust may select (i) Comprehensive Digital Services, (ii)
the Light Digital Offering for an additional quarter, or (iii) only the basic board services provided under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Third-Party Vendors</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The Comprehensive Digital Services are reliant upon services provided by Diligent as a third-party vendor to USBGFS, and if USBGFS
shall cease to have access to the Diligent services for any reason the obligations of the parties hereto with respect to the Comprehensive
Digital Services shall immediately terminate further liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The Trust agrees that it shall, and it shall cause its Board participants and other users to, comply with any terms of use established
by Diligent, applicable to the use of the services and the access to any Diligent portals or electronic sites.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The Trust agrees that USBGFS shall not be responsible or liable for any actions or inactions of Diligent or any other third-party
vendor, for any lack of access to any Diligent portal or other electronic site, or for any errors, data loss, or other cyber-security
event by Diligent, at or through a Diligent maintained electronic site, or at any other third-party vendor. The Trust acknowledges that
Diligent is not responsible for maintaining records of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** USBGFS MAKES NO WARRANTY OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE ACCURACY, COMPLETENESS, OR SUFFICIENCY OF ANY
DATA OR OTHER INFORMATION PROVIDED THROUGH THE DILIGENT PORTALS, ANY DILIGENT ELECTRONIC SITE, OR OTHERWISE THROUGH THE COMPREHENSIVE
DIGITAL SERVICES OR THE LIGHT DIGITAL OFFERING.

**EXHIBIT F**

**<u>Rule 2a-5 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. If the Trust elects to receive the Rule 2a-5 Supplemental Services, USBGFS shall provide the following
services to the Funds (the "Rule 2a-5 Supplemental Services"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Price Comparison Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Price Comparison Report is a monthly report showing prices from an alternative source chosen by USBGFS
for certain instruments held by a Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Back-testing and Calibration Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Back-testing and Calibration Report shows (a) the actual buy price for certain instruments held by
a Fund compared to the next price used for such instrument in the Fund's NAV and (b) the actual sale price of certain instruments
held by a Fund compared to the prior price used for such instrument in the Fund's NAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Adviser Valuation Oversight Report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. The Adviser Valuation Oversight Report is graphic overview of the Fund's assets, the pricing sources
used by the Fund, the types of prices used, and the preliminary fair value leveling utilized for Form NPORT.

&nbsp;&nbsp;&nbsp;&nbsp;2. The Trust shall pay USBGFS fees for the Rule 2a-5 Supplemental Services for each Fund receiving such services
based upon the number of level 2 instruments (as defined by the Fund's Topic 820 Report) held by each such Fund as a percentage
of that Fund's total positions in accordance with the following table:

---

| | |
|:---|:---|
| **Percentage of individual level 2 instruments held by a Fund** | **Monthly Fee for Such Fund<sup>4</sup>** |
| 5% or less | $[...] |
| More than 5% but less than 25% | $[...] |
| 25% or more | $[...] |

---

&nbsp;&nbsp;&nbsp;&nbsp;3. The availability of the Rule 2a-5 Supplemental Services and the associated fees are subject to USBGFS'
ability to obtain comparison prices from its chosen comparison third-party pricing sources at reasonable cost. The reports provided as
part of the Rule 2a-5 Supplemental Services may, in USBGFS' sole discretion, exclude information for instruments for which an alternative
comparison price is unavailable or difficult or costly to obtain. In addition, the reports provided may cease to include instruments that
were previously included if alternative prices are no longer available from third-party sources or if the fees for such alternative prices
rise.

<sup>4</sup> **NOTE: The Rule 2a-5 Supplemental Services and the associated fees are dependent on comparison prices from USBGFS' chosen comparison third-party pricing source. The Fund may choose to perform comparison pricing with a different comparison pricing vendor under an alternative service with different associated costs.**

&nbsp;&nbsp;&nbsp;&nbsp;4. The alternative pricing information provided in the Rule 2a-5 Supplemental Services is intended for comparison
purposes only. THE TRUST IS RESPONSIBLE FOR SELECTING THE PRICING SOURCES USED FOR EACH INSTRUMENT HELD BY EACH FUND FOR CALCULATING THE
FUND'S NET ASSET VALUE, FOR DETERMINING THE APPROPRIATE PRICING METHODOLOGIES USED BY EACH FUND, AND FOR DETERMINING THAT THE PRICES
USED FOR EACH INSTRUMENT ARE APPROPRIATE. USBGFS shall not have any obligation to verify the accuracy or appropriateness of any prices,
evaluations, market quotations, or other data or pricing related inputs received from the Trust, the Fund, any of their affiliates, or
any third-party source. Notwithstanding anything else in this Addendum or the Agreement to the contrary, USBGFS and its affiliates shall
not be responsible or liable for any mistakes, errors, or mispricing, or any losses related thereto, resulting from any inaccurate, inappropriate,
or fraudulent prices, evaluations, market quotations, or other data or pricing related inputs received from the Trust, the Fund, any of
their affiliates, or any third-party source.

&nbsp;&nbsp;&nbsp;&nbsp;5. USBGFS shall only include pricing comparison information in the Rule 2a-5 Supplemental Services from third-party
sources. USBGFS shall not be responsible for (i) providing any discretionary or subjective valuation of any instrument, (ii) providing
any pricing information not available from a third-party source, (iii) providing any recommendation or opinion on whether a primary price
or a comparison price is appropriate, or (iv) determining the appropriate pricing source for any instrument.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Trust acknowledges that it is responsible for determining the suitability and applicability of the
information obtained through the Rule 2a-5 Supplemental Services. USBGFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED,
WITH RESPECT TO THE SUITABILITY AND ACCURACY OF INFORMATION PROVIDED IN THE RULE 2a-5 SUPPLEMENTAL SERVICES.

**EXHIBIT G**

**<u>SEC Derivatives Rule 18f-4 Supplemental Services</u>**

&nbsp;&nbsp;&nbsp;&nbsp;1. USBFS has entered into agreements with Confluence Technologies ("Confluence") to provide data
(the "Confluence Data") and access for the Trust to Confluence's web platform ("Platform") for use in or
in connection with the compliance and reporting requirements under the Rule (the "Rule 18f-4 Supplemental Services").

&nbsp;&nbsp;&nbsp;&nbsp;2. If the Trust elects to receive the Rule 18f-4 Supplemental Services, the Trust shall pay the following
additional fees associated with complying with the requirements of the Rule, including the access to the third-party web platform, commencing
on the date the Trust begins accessing the third-party web platform:

---

| | |
|:---|:---|
| **Offering** | **Price per Fund per Month\*** |
| Limited Derivatives User | $[...] |
| Full Derivatives User (no OTC derivatives) | $[...] |
| Full Derivative User (with 1-5 OTC derivatives) | $[...] |
| Full Derivative User (with 5 or more OTC derivatives) | $[...] |
| Closed Fund Data Maintenance Fee | $[...] |

---

\* Additional fees may apply from index providers

&nbsp;&nbsp;&nbsp;&nbsp;3. In connection with the provision of the Confluence Data and access to the Platform, Confluence requires
certain provisions to be included in the Agreement. Accordingly, the Trust agrees that it shall (a) comply with all laws, rules and regulations
applicable to accessing and using the Confluence Data and Platform, (b) not use the Confluence Data for any purpose independent of complying
with the requirements of the Rule, (c) exculpate Confluence, its affiliates and their respective suppliers from any liability or responsibility
of any kind relating to the Trust's receipt or use of the Confluence Data (including expressly disclaiming all warranties). The
Trust further agrees that Confluence shall be a third-party beneficiary of the Agreement solely with respect to the foregoing provisions
(a) – (c).

&nbsp;&nbsp;&nbsp;&nbsp;4. The Trust acknowledges that it is responsible for determining the suitability and accuracy of the information
obtained through its access to the Platform. USBFS MAKES NO WARRANTIES OR REPRESENTATIONS, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SUITABILITY
AND ACCURACY OF FUND DATA, SYSTEMS, INDUSTRY INFORMATION AND PROCESSES ACCESSED THROUGH THE PLATFORM.

&nbsp;&nbsp;&nbsp;&nbsp;5. In the event of termination of the Rule 18f-4 Supplemental Services, the Trust shall immediately end its
access to the Platform and return all codes, system access mechanisms, programs, manuals and other written information to USBFS, and shall,
to the extent reasonably technically practicable and permitted by applicable law, destroy or erase all such information on any storage
medium, unless such access continues to be permitted pursuant to a separate agreement.

&nbsp;&nbsp;&nbsp;&nbsp;6. The Trust assumes exclusive responsibility for the consequences of any instructions it may give to USBFS,
for failure to properly access the Platform in the manner prescribed by USBFS, and for the Trust's failure to supply accurate and
complete information to USBFS.

The Trust must provide USBFS with such information as is requested by USBFS or Confluence to assist in developing the Confluence Data needed for the Trust's obligations under the Rule. The Trust must provide USBFS with such information as is necessary for USBFS to provide the Trust with access to the Platform.

**EXHIBIT H**

**<u>Digital Investor, Digital Investor Institutional, Vision Electronic Statement Service, Chat and INFORMA<sup>TM</sup></u>**

**1.** **Services and Definitions** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Internet Access – Internet access by Shareholders to their account information and investment transaction capabilities (" <u>Internet Service</u> "). Internet Service is connected directly to the Fund group's web site(s) through a transparent hyperlink. To
the extent offered by the Trust, Shareholders can access, among other information, account information and portfolio holdings within the
Funds, view their transaction history, and purchase additional shares through the Automated Clearing House (" <u>ACH</u> ").<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. " <u>Informa</u> <sup>TM</sup>" means the system made available through DST Output, a wholly owned subsidiary of DST Systems,
Inc. (" <u>DST</u> ") known as "Informa<sup>TM</sup>"

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. " <u>INFORMA Services</u> " means the services that enable DST to make available certain data from DST's TA2000®
mutual fund record-keeping systems through the Internet to authorized Users available to consenting end-users (" <u>User</u> ",
as defined below) through the systems known as Digital Investor or Digital Investor Institutional (as defined below), whereby certain
electronic statements (" <u>E-Statements</u> ", as further defined below) may be searched, viewed, downloaded and printed. INFORMA
Services also include notification to the end-user of the availability of E-Statements and storage of E-Statement documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. " <u>E-Statement</u> " means an electronic version of daily confirms, monthly, quarterly or annual statements, and shareholder
tax statements created with investor transaction data housed on DST's TA2000® mutual fund record keeping system, with images
available online via a secure web site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. " <u>Vision Electronic Statement Services</u> " – Online account access for broker/dealers, financial planners, and
registered investment advisers (" <u>RIAs</u> ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. " <u>Chat</u> " – A web-based system to permit Shareholders to engage customer service agents through Internet chat.
Services offered through chat are the same as through telephone servicing and include account information, transaction history, account
maintenance, purchase, liquidation, etc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. " <u>Digital Investor</u> " – An internet portal for Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. " <u>Digital Investor Institutional</u> " – An internet portal for Institutional Shareholder access

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. " <u>Electronic Services</u> " shall consist of those services set out in paragraph A through H above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. " <u>End User(s)</u> " or " <u>User(s)</u> " means the consenting person(s) to whom Electronic Services are made
available.

**2.** **Duties and Responsibilities of USBGFS** 

USBGFS shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Make the Internet Service available 24 hours a day, 7 days a week, subject to scheduled maintenance and events outside of USBGFS'
reasonable control. Unless an emergency is encountered, no routine maintenance will occur during the hours of 8:00 a.m. to 3:00 p.m. Central
Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Provide installation services for Electronic Services, which shall include review and approval of the Trust's network requirements,
recommending method of establishing (and, as applicable, cooperate with the Fund to implement and maintain) a hypertext link between the
Electronic Services site and the Fund's web site(s) and testing the network connectivity and performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Maintain and support the Electronic Services, which shall include providing error corrections, minor enhancements and interim upgrades
to the Electronic Services that are made generally available to the Electronic Services customers and providing help desk support to provide
assistance to the Trust's officers and agents with their use of the Electronic Services. Maintenance and support, as used herein,
shall not include (i) access to or use of any substantial added functionality, new interfaces, new architecture, new platforms, new versions
or major development efforts, unless made generally available by USBGFS to the Electronic Services customers, as determined solely by
USBGFS or (ii) maintenance of customized features.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Establish systems to guide, assist and permit End Users (as defined above) who access the Electronic Services from the Trust's
web site(s) to electronically perform inquiries and create and transmit transaction requests to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Address and mail, at each applicable Fund's expense, notification and promotional mailings and other communications provided
by the Fund to shareholders regarding the availability of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Prepare and process new account applications received through the Internet Service from Shareholders determined by a Fund to be eligible
for such services and in connection with such, the Fund agrees to permit the establishment of Shareholder bank account information over
the Internet in order to facilitate purchase activity through ACH.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Provide the End User with a transaction confirmation number for each completed purchase, redemption, or exchange of the applicable
Fund's shares upon completion of the transaction. Transactions are not considered in good order, and will not be processed, until
the entry of the trade and proper authorization has been completed. If order entry or authorization occur after market close the
transaction will be posted and receive the Net Asset Value for the next business day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;H. Informa, Digital Investor, Digital Investor Institutional, Vision, and E-Statement are provided by a third party (" <u>Third Party Electronic Services</u> "). Third Party Electronic Services utilize commercially reasonable encryption and secure transport
protocols intended to prevent fraud and ensure confidentiality of End User accounts and transactions. USBGFS will take commercially standard
actions, including periodic scans of Internet interfaces and the Electronic Services, to protect the Internet web site(s) that provide
the Electronic Services and related network(s), against viruses, worms and other data corruption or disabling devices, and unauthorized,
fraudulent or illegal use, by using appropriate anti-virus and intrusion detection software and by adopting such other security procedures
as may be necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I. Inform the Trust promptly of any malfunctions, problems, errors or service interruptions with respect to the Electronic Services of
which USBGFS becomes aware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Exercise reasonable efforts to maintain all on-screen disclaimers and copyright, trademark and service mark notifications, if any,
provided by the Trust to USBGFS in writing from time to time, and all "point and click" features of the Electronic Services
relating to Shareholder acknowledgment and acceptance of such disclaimers and notifications.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;K. Establish and provide to the Trust written procedures, which may be amended from time to time by USBGFS with the written consent of
the Trust, regarding End User access to the Electronic Services and that are reasonably designed to protect the security and confidentiality
of information relating to the Funds and End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;L. Provide the Funds with daily reports of transactions listing all purchases or transfers made by each End User separately. USBGFS shall
also furnish the Funds with monthly reports summarizing shareholder inquiry and transaction activity without listing all transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;M. Annually engage a third party to audit its internal controls for the Electronic Services and compliance with all guidelines for the
Electronic Services included herein and provide the Trust with a copy of the auditor's report promptly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;N. Maintain its systems and perform its duties and obligations hereunder in accordance with all applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;O. Be responsible for timely and adequately notifying User via e-mail that the User's E-Statement is available at the appropriate
Internet site.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P. Ensure the E-Statement is available for the User on the Fund's Internet site for a minimum period of twenty-four (24) months
after delivery.

**3.** **Duties and Responsibilities of the Trust** 

The Fund or the End User, respectively, assume exclusive responsibility for the consequences of any instructions it may give to USBGFS, its own failure to properly access the Electronic Services in the manner prescribed by USBGFS, and its failure to supply accurate information to USBGFS.

The Trust or a Fund, as applicable, shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Revise and update the applicable Prospectus(es) and other pertinent materials including, without limitation, the fund's website(s),
and obtain all necessary consents and agreements with respect to the Electronic Services (such as user agreements with End Users), to
include the appropriate consents, notices and disclosures for Electronic Services, including disclaimers and information reasonably requested
by USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Be responsible for designing, developing and maintaining one or more web sites for the Funds through which End Users may access the
Electronic Services, including provision of software necessary for access to the Internet, which must be acquired from a third party vendor.
Such web sites shall have the functionality necessary to facilitate, implement and maintain the hypertext links to the Electronic Services
and the various inquiry and transaction web pages. The Funds shall provide USBGFS with the name of the host of the Funds' web site
server and shall notify USBGFS of any change to the Funds' web site server host.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Provide USBGFS with such information and/or access to the Funds' web site(s) as is necessary for USBGFS to provide the Electronic
Services to End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Promptly notify USBGFS of any problems or errors with the applicable Electronic Services of which the Trust becomes aware or any changes
in policies or procedures of the Fund requiring changes to the Electronic Services.

**4.** **Additional Representations and Warranties** 

The parties hereby warrant that neither party shall knowingly insert into any interface, other software, or other program provided by such party to the other hereunder, or accessible through the Electronic Services or Funds' web site(s), as the case may be, any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other computer software code or routines or hardware components designed to disable, damage or impair the operation of any system, program or operation hereunder. For failure to comply with this warranty, the non-complying party shall immediately replace all copies of the affected work product, system or software. All costs incurred with replacement including, but not limited to, cost of media, shipping, deliveries and installation, shall be borne by such party.

**5.** **Proprietary Rights** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each party acknowledges and agrees that it obtains no rights in or to any of the software, hardware, processes, trade secrets, proprietary
information or distribution and communication networks of the other hereunder. Any software, interfaces or other programs a party provides
to the other hereunder shall be used by such receiving party only in accordance with the provisions of this <u>Exhibit C</u>. Any interfaces,
other software or other programs developed by one party shall not be used directly or indirectly by or for the other party or any of its
affiliates to connect such receiving party or any affiliate to any other person, without the first party's prior written approval,
which it may give or withhold in its sole discretion. Except in the normal course of business and in conformity with Federal copyright
law or with the other party's consent, neither party nor any of its affiliates shall disclose, use, copy, decompile or reverse engineer
any software or other programs provided to such party by the other in connection herewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Funds' web site(s) and the Electronic Services may contain certain intellectual property, including, but not limited to,
rights in copyrighted works, trademarks and trade dress that is the property of the other party. Each party retains all rights in such
intellectual property that may reside on the other party's web site, not including any intellectual property provided by or otherwise
obtained from such other party. To the extent the intellectual property of one party is cached to expedite communication, such party grants
to the other a limited, non-exclusive, non-transferable license to such intellectual property for a period of time no longer than that
reasonably necessary for the communication. To the extent that the intellectual property of one party is duplicated within the other party's
web site to replicate the "look and feel," "trade dress" or other aspect of the appearance or functionality of
the first site, that party grants to the other a limited, non-exclusive, non-transferable license to such intellectual property for the
period during which this <u>Exhibit C</u> is in effect. This license is limited to the intellectual property needed to replicate the appearance
of the first site and does not extend to any other intellectual property owned by the owner of the first site. Each party warrants that
it has sufficient right, title and interest in and to its web site and its intellectual property to enter into these obligations, and
that to its knowledge, the license hereby granted to the other party does not and will not infringe on any U.S. patent, copyright or other
proprietary right of a third party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Each party agrees that the nonbreaching party would not have an adequate remedy at law in the event of the other party's breach
or threatened breach of its obligations under this Section of this <u>Exhibit C</u> and that the nonbreaching party would suffer irreparable
injury and damage as a result of any such breach. Accordingly, in the event either party breaches or threatens to breach the obligations
set forth in this Section of this <u>Exhibit C</u>, in addition to and not in lieu of any legal or other remedies a party may pursue hereunder
or under applicable law, each party hereby consents to the aggrieved party seeking equitable relief (including the issuance of a temporary
restraining order, preliminary injunction or permanent injunction) against it by a court of competent jurisdiction, without the necessity
of proving actual damages or posting any bond or other security therefor, prohibiting any such breach or threatened breach. In any proceeding
upon a motion for such equitable relief, a party's ability to answer in damages shall not be interposed as a defense to the granting
of such equitable relief. The provisions of this Section relating to equitable relief shall survive termination of the provision of services
set forth in this <u>Exhibit C</u>.

**6.** **Compensation** 

USBGFS shall be compensated for providing the Electronic Services selected by the Trust from time to time in accordance with the fee schedule set forth in <u>Exhibit D</u> (as amended from time to time).

**7.** **Additional Indemnification; Limitation of Liability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Subject to <u>Section 2</u> of this Exhibit, USBGFS CANNOT AND DOES NOT GUARANTEE AVAILABILITY OF THE ELECTRONIC SERVICES. Accordingly,
USBGFS' sole liability to the Trust, a Fund, or any third party (including End Users) for any claims, notwithstanding the form of
such claims (e.g., contract, negligence, or otherwise), arising out of the delay of or interruption in the Electronic Services to be provided
by USBGFS hereunder shall be to use its best efforts to commence or resume the Electronic Services as promptly as is reasonably possible,
so long as the delay or interruption was not the proximate result of USBGFS's gross negligence or willful misconduct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. USBGFS shall, at its sole cost and expense, defend, indemnify, and hold harmless the Trust, each Fund and their trustees, officers,
agents, and employees from and against any and all claims, demands, losses, expenses and liabilities of any and every nature (including
reasonable attorneys' fees) arising out of or relating to any infringement, or claim of infringement, of any United States patent,
trademark, copyright, trade secret, or other proprietary rights based on the use or potential use of the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. If an injunction is issued against the Trust or a Fund's use of the Electronic Services by reason of infringement of a patent,
copyright, trademark, or other proprietary rights of a third party, USBGFS shall, at its own option and expense, either (i) procure for
the Trust or Fund the right to continue to use the Electronic Services on substantially the same terms and conditions as specified hereunder,
or (ii) after notification to the Trust or Fund, replace or modify the Electronic Services so that they become non-infringing, provided
that, in the Trust's judgment, such replacement or modification does not materially and adversely affect the performance of the
Electronic Services or significantly lessen their utility to the Fund. If in the Trust's judgment, such replacement or modification
does materially adversely affect the performance of the Electronic Services or significantly lessen their utility to the Trust or Fund,
the Trust may terminate all rights and responsibilities under this <u>Exhibit C</u> immediately on written notice to USBGFS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Because the ability of USBGFS to deliver Electronic Services is dependent upon the Internet and equipment, software, systems, data
and services provided by various telecommunications carriers, equipment manufacturers, firewall providers and encryption system developers
and other vendors and third parties, USBGFS shall not be liable for delays or failures to perform its obligations hereunder to the extent
that such delays or failures are attributable to circumstances beyond its reasonable control which interfere with the delivery of the
Electronic Services by means of the Internet or any of the equipment, software and services which support the Internet provided by such
third parties. USBGFS shall also not be liable for the actions or omissions of any third party wrongdoers (i.e., hackers not employed
by USBGFS or its affiliates) that cause a disruption of the Electronic Services, unless USBGFS did not exercise reasonable care in following
commercial standards to protect the Electronic Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. USBGFS shall not be responsible for the accuracy of input material from End Users nor the resultant output derived from inaccurate
input.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Certain Electronic Services may permit the Trust or the Fund to provision End Users. If the Trust or the Fund undertake to provision
End Users, the Trust or the Fund, as applicable, shall be solely responsible for providing access to End Users, removing access for End
Users, and for maintaining appropriate safeguards over access credentials for End Users. USBGFS shall not be responsible for any unauthorized
or improper use of the Electronic Services by such End Users or by any other person accessing the Electronic Services through the action
or inaction of the Trust, the Fund, or such End Users.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. Notwithstanding anything to the contrary contained herein, USBGFS shall not be obligated to ensure or verify the accuracy or actual
receipt, or the transmission, of any data or information contained in any transaction via the Electronic Services or the consummation
of any inquiry or transaction request not actually reviewed by USBGFS. USBGFS is entitled to reasonably presume that all information and
transaction requests submitted through the Electronic Services are genuine in the absence of actual information to the contrary. USBGFS
will not be liable for any loss, liability, cost or expense for reasonably following instructions communicated through the Electronic
Services, including fraudulent or unauthorized instructions.

**8.** **Warranties** 

EXCEPT AS OTHERWISE PROVIDED IN THIS EXHIBIT, THE ELECTRONIC SERVICES ARE PROVIDED BY USBGFS "AS IS" ON AN "AS-AVAILABLE" BASIS WITHOUT WARRANTY OF ANY KIND, AND USBGFS EXPRESSLY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, WITH RESPECT TO THE ELECTRONIC SERVICES INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE AND WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.

**9.** **Duties in the Event of Termination** 

In the event of termination of the services provided pursuant to this <u>Exhibit C</u>, (i) End Users will no longer be able to access the Electronic Services and (ii) the applicable Funds will, to the extent reasonably technically practicable and permitted by applicable law, return all codes, system access mechanisms, programs, manuals and other written information provided to it by USBGFS in connection with the Electronic Services provided hereunder, and shall destroy or erase all such information on any diskettes or other storage medium, except to the extent a Fund is required to keep copies of such records under applicable law.

## Exhibit 99.28

**THE AEGIS FUNDS**

**POWER OF ATTORNEY**

**KNOWN ALL PERSONS BY THESE PRESENTS**, that the undersigned constitutes and appoints each of Scott L. Barbee, Justin P. Harrison and Paul M. Miller his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for him and in his name, place, and stead, in the capacity as a Trustee of The Aegis Funds, a Delaware statutory trust, to sign on his behalf the Registration Statement on Form N-1A, and any amendments thereto, under the Securities Act of 1933, and to file with the Securities and Exchange Commission and any other regulatory authority having jurisdiction over the offer and sale of shares, any such amendments and supplements thereto and applications thereunder, and any and all exhibits and other documents required in connection therewith, granting unto said attorney-in-fact and agent, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to comply with the Securities Act of 1933 and the Investment Company Act of 1940, as fully as to all intents and purposes as he might or could do in person, hereby ratifying and confirming each signature as it may be signed by all that said attorney-in-fact and agent, and each of them, may lawfully do or cause to be done by virtue thereof.

---

| | |
|:---|:---|
| /s/ Brant Imperatore | 4/24/2026 |
| Brant Imperatore | Date |
| Trustee |  |

---

## Exhibit 99.28

![](image_003.gif)

April 29, 2026

The Aegis Funds

6862 Elm Street, Suite 830

McLean, VA 22101

Ladies and Gentlemen:

We have acted as counsel to The Aegis Funds, a Delaware statutory trust (the "Trust"), in connection with the registration under the Securities Act of 1933, as amended (the "Securities Act"), of an indefinite number of Class I shares of beneficial interest of the Aegis Value Fund, a series of the Trust (the "Fund"). The Trust is registered under the Investment Company Act of 1940, as amended, as an open-end management investment company.

As counsel to the Trust, we have participated in the preparation of the Post-Effective Amendment to the Trust's Registration Statement on Form N-1A (as so amended, the "Registration Statement") to be filed with the Securities and Exchange Commission (the "Commission") to become effective on April 30, 2026, pursuant to paragraph (b) of Rule 485 under the Securities Act, in which this letter is included as an exhibit. We have examined the Declaration of Trust and By-Laws of the Trust, and have relied upon such records of the Trust and such other documents, including certificates as to factual matters, as we have deemed to be necessary to render the opinions expressed herein.

Based on such examination, we are of the opinion that the Class I shares of the Fund to be offered for sale pursuant to the Registration Statement are duly authorized, and, when sold, issued and paid for as contemplated by the Registration Statement, will have been validly issued and fully paid and non-assessable under the laws of the State of Delaware.

We do not express an opinion with respect to any laws other than the laws of Delaware applicable to the issuance of shares of beneficial interest in a statutory business trust. Accordingly, our opinion does not extend to, among other laws, the federal securities laws or the securities or "blue sky" laws of Delaware or any other jurisdiction. Additionally, we do not express any opinion with respect to any laws, rules, regulations or orders concerning emergencies declared by any governmental authority or the effect thereof on the opinions expressed herein. Members of this firm are admitted to the bars of the State of New York and the District of Columbia.

The Aegis Funds

April 29, 2026

We hereby consent to the filing of this opinion with the Commission as an exhibit to the Registration Statement.

---

| |
|:---|
| Very truly yours, |
| /s/ Seward & Kissel LLP |

---

## Exhibit 99.28

![](cohen_01.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 February 27, 2026, relating to the financial statements and financial highlights of Aegis Value Fund, a series of shares of beneficial interest in The Aegis Funds, which are included in Form N-CSR for the year ended December 31, 2025, and to the references to our firm under the headings "Financial Highlights" in the Prospectus and "Independent Registered Public Accounting Firm" and "Financial Statements" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

April 29, 2026

![](cohen_02.jpg)