<SEC-DOCUMENT>0001193125-19-310063.txt : 20191210
<SEC-HEADER>0001193125-19-310063.hdr.sgml : 20191210
<ACCEPTANCE-DATETIME>20191210125556
ACCESSION NUMBER:		0001193125-19-310063
CONFORMED SUBMISSION TYPE:	DEF 14C
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20191210
FILED AS OF DATE:		20191210
DATE AS OF CHANGE:		20191210
EFFECTIVENESS DATE:		20191210

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bridge Builder Trust
		CENTRAL INDEX KEY:			0001567101
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		DEF 14C
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-22811
		FILM NUMBER:		191277005

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 1920
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201
		BUSINESS PHONE:		414-287-3700

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 1920
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201
<SERIES-AND-CLASSES-CONTRACTS-DATA>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0001567101
<SERIES-ID>S000048337
<SERIES-NAME>Bridge Builder Small/Mid Cap Value Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000152652
<CLASS-CONTRACT-NAME>Bridge Builder Small/Mid Cap Value Fund
<CLASS-CONTRACT-TICKER-SYMBOL>BBVSX
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14C
<SEQUENCE>1
<FILENAME>d35342ddef14c.htm
<DESCRIPTION>DEF 14C
<TEXT>
<HTML><HEAD>
<TITLE>DEF 14C</TITLE>
</HEAD>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON D.C. 20549 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14C
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(RULE <FONT STYLE="white-space:nowrap">14C-101)</FONT> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN INFORMATION STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14C INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Information Statement Pursuant to Section&nbsp;14(c) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top" COLSPAN="3">Check the appropriate box:</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Preliminary Information Statement</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Confidential, for Use of the Commission Only (as permitted by Rule 14c-5(d)(2))</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Definitive Information Statement</TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>Bridge Builder Trust </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in its Charter) </B></P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="5">Payment of Filing Fee (Check the appropriate box):</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&#9746;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">No fee required</TD></TR>
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<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Fee computed on table below per Exchange Act Rules 14c-5(g) and 0-11</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of each class of securities to which transaction applies:</P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aggregate number of securities to which transaction applies:</P>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Per unit price or other underlying value of transaction computed pursuant to exchange Act Rule 0-11 (set forth the amount on which the filing
fee is calculated and state how it was determined):</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(4)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proposed maximum aggregate value of transaction:</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(5)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Total fee paid:</TD></TR>
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<TD HEIGHT="16" COLSPAN="2"></TD>
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<TD VALIGN="bottom">&nbsp;</TD>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>&nbsp;&nbsp;&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-size:1px; ">
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="4"></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Fee paid previously with preliminary materials.</TD></TR>
<TR STYLE="font-size:1pt">
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<TD HEIGHT="24" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Check box if any part of the fee is offset as provided by exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.</TD></TR>
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<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(1)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amount Previously Paid:</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">(2)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form, Schedule or Registration Statement No.:</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
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<TD VALIGN="top">(3)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filing Party:</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="top">(4)</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date Filed:</P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:1pt">&nbsp;</P></TD></TR>
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<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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<IMG SRC="g35342g1207051921408.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BRIDGE BUILDER SMALL/MID CAP VALUE FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>IMPORTANT NOTICE REGARDING INTERNET </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AVAILABILITY OF INFORMATION STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>The Information Statement is available at www.bridgebuildermutualfunds.com </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;10, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a
shareholder of the Bridge Builder Small/Mid Cap Value Fund (the &#147;Fund&#148;), a series of Bridge Builder Trust (the &#147;Trust&#148;), you are receiving this notice regarding the internet availability of an information statement (the
&#147;Information Statement&#148;) relating to the hiring of Advisory Research, Inc. (&#147;ARI&#148;) as an investment subadviser to the Fund. This notice presents only an overview of the more complete Information Statement. We encourage you to
review all of the important information contained in the Information Statement. The Information Statement is for informational purposes only and, as a shareholder of the Fund, you need not take any action. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SUMMARY OF INFORMATION STATEMENT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In May
2019, Piper Jaffray Companies (&#147;PJC&#148;), ARI&#146;s former parent company, announced that it was exiting the asset management business in two separate transactions. First, Tortoise Capital Advisors agreed to purchase PJC&#146;s St.
Louis-based business pursuant to a sale that was completed on September&nbsp;20, 2019. Second, the principals of ARI formed a partnership for the purpose of purchasing PJC&#146;s Chicago-based business from PJC pursuant to a stock purchase deal (the
&#147;Transaction&#148;) that closed on September&nbsp;27, 2019. Prior to the Transaction, ARI served as an investment subadviser to the Fund pursuant to an investment <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreement among the Trust,
ARI, and Olive Street Investment Advisers, LLC (&#147;Olive Street&#148;), the investment adviser to the Fund (the &#147;Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement&#148;).&nbsp;The Transaction triggered a change in control
of ARI under the Investment Company Act of 1940, as amended, and, accordingly, in the assignment and automatic termination of the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. Securities and Exchange Commission (&#147;SEC&#148;) has issued an exemptive order that permits Olive Street to enter into and
materially amend <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreements between Olive Street and unaffiliated investment subadvisers to the Fund with the approval of the Board. Although approval by the Fund&#146;s shareholders is not
required, a condition of this order requires Olive Street to furnish Fund shareholders with information about the subadvisers and the <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Accordingly, the purpose of the Information Statement is to furnish Fund shareholders with detailed information about the Board&#146;s
approval of a new <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreement between ARI and Olive Street, pursuant to which ARI continues to serve as an investment subadviser to the Fund and which became effective at the same time that the
Transaction was consummated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Information Statement will be available on the Fund&#146;s website until at least Tuesday,
March&nbsp;10, 2020. To view and print the Information Statement, click on the link of the Information Statement in order to open the document. A paper or email copy of the Information Statement is available, free of charge, by contacting the Fund
by telephone at <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-855-823-3611,</FONT></FONT></FONT> via <FONT STYLE="white-space:nowrap">e-mail</FONT> at bridgebuildertrust@edwardjones.com, or by
mail at: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Mailing Address: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bridge Builder Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P.O.
Box 1920 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Denver, CO 80201 </P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Overnight Address: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bridge Builder Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1290
Broadway Suite 1000 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Denver, CO 80203 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you
do not request a paper or email copy of the Information Statement by this date, you will not otherwise receive a paper or email copy. The Fund&#146;s most recent annual and semi-annual reports are available upon request, without charge, by
contacting your financial advisor, by making a request to the Fund via <FONT STYLE="white-space:nowrap">e-mail</FONT> at bridgebuilder@edwardjones.com, by calling <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">1-855-823-3611,</FONT></FONT></FONT> or by making a request in writing to the Fund at: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Mailing Address: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bridge Builder Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P.O.
Box 1920 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Denver, CO 80201 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Overnight Address: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bridge
Builder Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1290 Broadway Suite 1000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Denver, CO 80203 </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>


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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BRIDGE BUILDER SMALL/MID CAP VALUE FUND </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">December&nbsp;10, 2019 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This
information statement (the &#147;Information Statement&#148;) is being made available to the shareholders of the Bridge Builder Small/Mid Cap Value Fund (the &#147;Fund&#148;), a series of Bridge Builder Trust (the &#147;Trust&#148;). This
Information Statement relates to the approval by the Board of Trustees of the Trust (the &#147;Board&#148;) of a new investment <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreement among Olive Street Investment Advisers, LLC (&#147;Olive
Street&#148; or the &#147;Adviser&#148;), the investment adviser to the Fund, the Trust, and Advisory Research, Inc. (&#147;ARI&#148; or the &#147;Subadviser&#148;), pursuant to which ARI serves as an investment subadviser to the Fund (the &#147;New
<FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The U.S. Securities and Exchange Commission (the &#147;SEC&#148;)
has issued an exemptive order that permits Olive Street to enter into and materially amend <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreements between Olive Street and unaffiliated investment subadvisers to the Fund with the approval of
the Board. Although approval by the Fund&#146;s shareholders is not required, pursuant to a condition of this order, Olive Street is required to furnish Fund shareholders with information about ARI and the New
<FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>THIS IS NOT A PROXY STATEMENT. WE ARE NOT ASKING YOU FOR A PROXY AND YOU ARE
REQUESTED NOT TO SEND US A PROXY. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INTRODUCTION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Olive Street is the Fund&#146;s investment adviser. Pursuant to the terms of an exemptive order granted to Olive Street and the Trust by the
SEC on August&nbsp;6, 2013 (the &#147;Exemptive Order&#148;), Olive Street employs a <FONT STYLE="white-space:nowrap">so-called</FONT> <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;manager-of-managers&#148;</FONT></FONT>
arrangement in managing the Fund. Section&nbsp;15(a) of the Investment Company Act of 1940 (the &#147;1940 Act&#148;) generally requires that a fund&#146;s shareholders approve all agreements pursuant to which persons serve as investment adviser or
subadviser to the fund. The Exemptive Order exempts Olive Street and the Trust from the shareholder voting requirements of Section&nbsp;15(a) of the 1940 Act and allows Olive Street, subject to Board approval and certain other conditions, to enter
into and materially amend <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreements on behalf of the Fund without a shareholder vote. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>TERMINATION OF THE PRIOR <FONT STYLE="white-space:nowrap">SUB-ADVISORY</FONT> AGREEMENT </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Prior to the consummation of the Transaction (defined below), ARI had been serving as an investment subadviser to the Fund pursuant to an
investment <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreement among the Trust, Olive Street, and ARI (the &#147;Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement&#148;). In May 2019, Piper Jaffray Companies
(&#147;PJC&#148;), ARI&#146;s former parent company, announced that it was exiting the asset management business in two separate transactions. First, Tortoise Capital Advisors agreed to purchase PJC&#146;s St. Louis-based business pursuant to a sale
that was completed on September&nbsp;20, 2019. Second, the principals of ARI formed a partnership for the purpose of purchasing PJC&#146;s Chicago-based business from PJC pursuant to a stock purchase deal (the &#147;Transaction&#148;) that closed on
September&nbsp;27, 2019. The Transaction may have been considered to result in a change in control of ARI under the 1940 Act, resulting in the assignment, and automatic termination, of the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT>
Agreement.&nbsp;Section&nbsp;15(a)(4) of the 1940 Act requires the automatic termination of an advisory contract when it is assigned.&nbsp;At a quarterly <FONT STYLE="white-space:nowrap">in-person</FONT> meeting held on August <FONT
STYLE="white-space:nowrap">27-28,</FONT> 2019 (the &#147;August 2019 Meeting&#148;), the Board unanimously approved: (i)&nbsp;the <FONT STYLE="white-space:nowrap">re-appointment</FONT> of ARI as a subadviser to the Fund and (ii)&nbsp;the New <FONT
STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, each to be effective at the same time as the consummation of the Transaction. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">re-appointment</FONT> of ARI as subadviser to the Fund is
not expected to result in an increase to the Fund&#146;s expenses as the fees due to ARI under the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement are the same as those under the Prior
<FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. In addition, Olive Street has contractually agreed to waive its management fee to the extent management fees to be paid to Olive Street exceed the management fees the Fund is required
to pay the subadvisers. If Olive Street determines to hire new subadvisers or reallocate the Fund&#146;s assets in the future, the Fund&#146;s expenses may increase. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>THE BOARD&#146;S CONSIDERATIONS IN APPROVING THE NEW <FONT STYLE="white-space:nowrap">SUB-ADVISORY</FONT> AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to Section&nbsp;15 of the 1940 Act, a <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreement for the Fund must be approved:
(i)&nbsp;by a vote of a majority of the shareholders of the Fund; and (ii)&nbsp;by a vote of a majority of the members of the Board who are not parties to the agreement or &#147;interested persons&#148; of any party, as defined in the 1940 Act (the
&#147;Independent Trustees&#148;), cast in person at a meeting called for the purpose of voting on such approval. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the August 2019 <FONT
STYLE="white-space:nowrap">in-person</FONT> Meeting of the Board (the &#147;August 2019 Meeting&#148;), the Board, including a majority of the Independent Trustees, considered and approved the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT>
Agreement for an initial <FONT STYLE="white-space:nowrap">two-year</FONT> term. In connection with its approval, the Board considered materials provided in advance of the August 2019 Meeting that detailed, among other things, the terms of the
Transaction, the post-Transaction ownership structure of ARI, the outsourcing of certain compliance functions to Foreside Consulting Services, LLC, and the continuity of services expected to be provided by ARI after the Transaction.&nbsp;The Board
also considered the terms of the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement and noted that the terms of the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement were materially the same as those of the Prior <FONT
STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement.&nbsp;The Board further noted that the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement would go into effect upon the closing of the Transaction. The Board also determined
that it was reasonable to take into account the conclusions the Board made when considering and evaluating the most recent renewal of the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement for the Subadviser, which occurred at an <FONT
STYLE="white-space:nowrap">in-person</FONT> Board meeting held on May <FONT STYLE="white-space:nowrap">14-15,</FONT> 2019 (the &#147;May 2019 <FONT STYLE="white-space:nowrap">In-Person</FONT> Meeting&#148;), as part of its considerations to approve
the New <FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The discussion immediately below outlines the materials and
information presented to the Board in connection with the Board&#146;s renewal of the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement at the May 2019 <FONT STYLE="white-space:nowrap">In-Person</FONT> Meeting, and the conclusions
made by the Board when determining to renew the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement for an additional <FONT STYLE="white-space:nowrap">one-year</FONT> term. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the annual review process and in advance of the May 2019 <FONT STYLE="white-space:nowrap">In-Person</FONT> Meeting, the
Adviser and the Subadviser provided information to the Board in response to requests for information by the Independent Trustees to facilitate the Board&#146;s evaluation of the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement.
The information furnished by the Adviser and Subadviser is included in materials describing, among other matters: (i)&nbsp;the nature, extent, and quality of the services provided by the Subadviser; (ii)&nbsp;the Fund&#146;s historical investment
performance and the historical investment performance of the Subadviser; (iii)&nbsp;the Subadviser&#146;s personnel, including portfolio managers; (iv)&nbsp;the investment practices and techniques used by the Subadviser in managing the Fund;
(v)&nbsp;the Fund&#146;s overall fees and operating expenses, compared with those of a category and a peer group of mutual funds; (vi)&nbsp;the <FONT STYLE="white-space:nowrap">sub-advisory</FONT> fees payable to the Subadviser; (vii)&nbsp;the
Subadviser&#146;s compliance policies and procedures; and (viii)&nbsp;other <FONT STYLE="white-space:nowrap">&#147;fall-out&#148;</FONT> benefits the Subadviser may receive based on its relationships with the Fund. At a telephonic Board meeting held
on May&nbsp;7, 2019 and at the May 2019 <FONT STYLE="white-space:nowrap">In-Person</FONT> Meeting (collectively, the &#147;May Meetings&#148;), representatives of the Adviser made presentations and responded to questions regarding services, fees,
and other aspects of the Fund&#146;s advisory relationships with the Adviser and the Subadviser. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition to the May Meetings, the Board met periodically over the course of the year since the
most recent annual renewal of the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. At these meetings, representatives of the Adviser furnished reports and other information to the Board regarding the performance of the Fund, the
services provided to the Fund by the Adviser and the Subadviser, and compliance and operations matters related to the Trust, the Fund, the Adviser, and the Subadviser. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">At the May Meetings, the Trustees received advice from Fund counsel, and the Independent Trustees received additional advice from their
independent legal counsel, including advice regarding the legal standards applicable to the consideration of the approval of Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. The Independent Trustees met in executive session,
outside the presence of the interested Trustees, Trust officers, and representatives of the Adviser and the Subadviser, to discuss the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement and the services provided by the Subadviser.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In considering the approval of the renewal of the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, the Board
considered various factors, as discussed in further detail below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>1. The nature, extent and quality of the services provided by the Subadviser.</B> The
Trustees considered the nature, extent and quality of the services provided to the Fund by the Subadviser, including its responsibilities for management of the Fund. In this regard, the Board considered the Subadviser&#146;s role in the <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> management of the Fund&#146;s portfolio. The Board also contemplated the Adviser&#146;s oversight of the Subadviser, which includes continuous analysis of, and
regular discussions with the Subadviser about, the investment strategies and performance of the Fund and of the portion of the Fund&#146;s assets allocated to the Subadviser (the &#147;Allocated Portion&#148;), periodic <FONT
STYLE="white-space:nowrap">on-site</FONT> and other meetings with the Subadviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board also noted the Subadviser&#146;s operations,
including resources devoted to support such operations. The Board considered the Subadviser&#146;s ability to attract and retain qualified investment professionals and the experience and skills of management and investment personnel of the
Subadviser. The Board also noted the compliance program and compliance record of the Subadviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the above factors, as well as
those discussed below, the Board concluded, within the context of its full deliberations, that the Subadviser is capable of continuing to provide services of the nature, extent and quality contemplated by the terms of the Prior <FONT
STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>2. Fees and Other Expenses</B>. The Board received and reviewed reports prepared by
Broadridge Financial Solutions (&#147;Broadridge&#148;), an independent provider of mutual fund industry data, comparing the Fund&#146;s advisory fees and gross and net expense ratios (net of fee and expense waivers and reimbursements) to those paid
by an independently-selected category and peer group of mutual funds. The Board noted that the Fund&#146;s&#146; advisory fees and net expenses were below their respective peer group medians. The Board reviewed the information provided by the
Subadviser regarding fees charged to other similarly managed accounts. The Board reviewed information about the differences, including the range of services provided and different regulatory requirements, between such similarly managed accounts and
the portion of the Fund&#146;s assets allocated to the Subadviser. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board noted that the Adviser has contractually agreed to waive its
advisory fees to the extent advisory fees payable to the Adviser exceed the <FONT STYLE="white-space:nowrap">sub-advisory</FONT> fees paid to the Subadviser for management of its allocated portion of a Fund. The Board noted that the Adviser may
terminate this waiver arrangement without Board approval effective upon the end of the then current <FONT STYLE="white-space:nowrap">one-year</FONT> period, by providing at least ninety (90)&nbsp;days&#146; prior written notice of such termination.
The Board further noted that the Adviser has irrevocably agreed not to exercise its right to terminate the waiver arrangement upon the end of the current <FONT STYLE="white-space:nowrap">one-year</FONT> period, resulting in the arrangement
continuing until at least October&nbsp;28, 2020.</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the above factors, as well as those discussed below, the Board concluded, within the
context of its full deliberations, that the <FONT STYLE="white-space:nowrap">sub-advisory</FONT> fee was reasonable in light of the nature, extent and quality of the services rendered by the Subadviser. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>3.</B> <B>The Fund&#146;s Investment Performance Record</B>. The Board reviewed the investment performance of the Fund on an absolute basis and in
comparison to the Fund&#146;s benchmark index and Morningstar category and peer group as independently selected by Broadridge. The Board observed the Fund underperformed its peer group median and benchmark index for the <FONT
STYLE="white-space:nowrap">one-</FONT> and three-year periods ended March&nbsp;31, 2019. The Board also reviewed the performance of the Subadviser as well, observing that ARI underperformed its benchmark index for the three-year period, but
outperformed its benchmark index for the <FONT STYLE="white-space:nowrap">one-year</FONT> period. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Taking into account the performance
information referenced above and other performance information deemed relevant by the Board, the Board concluded that the investment performance generated by the Subadviser was generally satisfactory. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>4. Profitability and Economies of Scale.</B> The Board did not consider the profitability of the Subadviser to be a material factor, given that the
Subadviser is not affiliated with the Adviser and, therefore, the fees were negotiated at arm&#146;s length. Further, the Board was satisfied that the Adviser employed a rigorous <FONT STYLE="white-space:nowrap">sub-advisory</FONT> fee negotiation
process. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>5. Indirect Benefits.</B> The Board noted that Fund shares are currently available exclusively to investors participating in Edward Jones
Advisory Solutions<SUP STYLE="font-size:85%; vertical-align:top">&reg;</SUP>, an investment advisory program (asset-based fee program) sponsored by Edward D. Jones&nbsp;&amp; Co., L.P. (&#147;Edward Jones&#148;), an affiliate of the Adviser.
Accordingly, the Board received and considered information about asset-based fees received by Edward Jones from participants in Edward Jones Advisory Solutions in connection with their investments in the Fund as an indirect or <FONT
STYLE="white-space:nowrap">&#147;fall-out&#148;</FONT> benefit. In addition, the Board considered that the Adviser, Edward Jones and the Subadviser may derive a benefit to their reputations and standing in the investment community from their
relationship with the Fund. The Board also noted that the Subadviser may use soft dollars generated from executing Fund portfolio trades to purchase research, which could be viewed as a <FONT STYLE="white-space:nowrap">fall-out</FONT> benefit to the
Subadviser to the extent the Subadviser uses the research generated from such trading activities across its client base. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>CONCLUSION </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Based on the Board&#146;s deliberations and its evaluation of the information described above and other factors and information it believed
relevant, the Board concluded, in the exercise of its reasonable judgment, that the terms of the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, which the Board noted were materially the same as those of the Prior <FONT
STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, were reasonable in relation to the services expected to be provided by the Subadviser to the Fund and that the approval of the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT>
Agreement would be in the best interests of the Fund and its shareholders. Based on the Board&#146;s deliberations and its evaluation of the information described above and other factors and information it believed relevant, the Board, including all
of the Independent Trustees, unanimously approved the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. In considering the approval of the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, the Board considered not
only the specific information presented in connection with the August 2019 Meeting, but also information from the May 2019 Meetings. The Board did not identify any particular information or consideration that was all important or controlling, and
each individual Trustee may have attributed different weights to various factors and information. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DESCRIPTION OF THE MATERIAL TERMS OF THE NEW <FONT
STYLE="white-space:nowrap">SUB-ADVISORY</FONT> AGREEMENT </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement is
materially the same as the Prior <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, as amended, except with respect to the date. Set forth below is a summary of all material terms of the New Sub-advisory Agreement. Although the summary
below is qualified in its entirety by reference to the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement included as <U>Exhibit A</U> hereto, shareholders should still read the summary below carefully. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>


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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INVESTMENT ADVISORY SERVICES </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the supervision of the Board and the Adviser, the Subadviser shall manage the investments of the Allocated Portion in accordance
with the Fund&#146;s investment objective, policies, and restrictions as provided in the Fund&#146;s Prospectus and Statement of Additional Information, as currently in effect and as amended or supplemented from time to time and provided to the
Subadviser, and in compliance with the requirements applicable to registered investment companies under applicable laws, including, but not limited to, the 1940 Act, the Commodity Exchange Act and the rules of the National Futures Association, and
those requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended.&nbsp;From time to time, the Adviser or the Fund may provide the Subadviser with written copies of other investment
policies, guidelines and restrictions applicable to the Subadviser&#146;s management of the Allocated Portion, which shall become effective at such time as agreed upon by both parties.&nbsp;Subject to each of the foregoing sentences above, the
Subadviser shall have full discretionary authority to manage the investment of the assets of the Allocated Portion, including the authority to purchase, sell, cover open positions, and generally to deal in securities, financial and commodity futures
contracts, options, short-term investment vehicles and other property and assets comprising or relating to the Allocated Portion. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In
addition, among other things, the Subadviser will, at its own expense: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">make available to the Adviser and the Fund at reasonable times its portfolio managers as mutually agreed to by
the Adviser and the Subadviser, either in person or by telephone, in order to review the investment policies and to consult with the Fund and Adviser regarding the Allocated Portion&#146;s investment affairs, including economic, statistical, and
investment matters relevant to the Subadviser&#146;s duties hereunder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">submit such reports and information as the Adviser or the Fund may reasonably request to assist the Fund&#146;s
Custodian in its determination of the market value of securities held in its Allocated Portion; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">furnish the Adviser with information regarding the investment strategies it employs, individual companies whose
securities are included in the Allocated Portion, the industries in which they engage, the economic, social, or political conditions prevailing in each country in which the Allocated Portion is invested, or statistical and analytical information
with respect to investments of the Allocated Portion; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">employ professional portfolio managers and securities analysts who provide research services to the Fund;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">place orders for purchases and sales of portfolio investments for its Allocated Portion; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">give instructions to the Fund&#146;s custodian concerning the delivery of securities and transfer of cash for its
Allocated Portion; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">as soon as practicable after the close of business each day but no later than 11:00 a.m. Eastern time the
following business day, provide the Fund&#146;s Custodian with copies of trade tickets for each transaction effected for its Allocated Portion, provide copies to the Adviser and the Fund upon request, and promptly forward to the Fund&#146;s
Custodian copies of all brokerage or dealer confirmations received by ARI; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">as soon as practicable following the end of each calendar month, provide the Adviser and the Fund with written
statements showing all transactions effected for its Allocated Portion during the month by the Subadviser, a summary listing all investments attributable to transactions of the Subadviser that are held in its Allocated Portion as of the last day of
the month, and such other information as the Adviser or the Fund may reasonably request in connection with any accounting or marketing services that the Adviser provides for the Fund; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to the extent reasonably requested by the Trust or the Adviser, use its best efforts to assist the Chief
Compliance Officer of the Trust in respect of Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the 1940 Act including, without limitation, providing the Chief Compliance Officer of the Trust or the Adviser with (a)&nbsp;current copies of
ARI&#146;s compliance policies and procedures in effect from time to time (including prompt notice of any material changes thereto), (b) reports of any violations to ARI&#146;s compliance policies and procedures that occurred in connection with the
provision of services to the Fund, (c)&nbsp;a copy of ARI&#146;s annual compliance report as required by Rule <FONT STYLE="white-space:nowrap">206(4)-7</FONT> of the Advisers Act, (d)&nbsp;summaries of any correspondence between ARI and a regulatory
agency in connection with regulatory examinations or proceedings, and ARI will make a copy of any such correspondence available to the Adviser or the Trust&#146;s Chief Compliance Officer to review and/or discuss with ARI, during normal business
hours, at offices of the Subadviser, and (e)&nbsp;upon request, a certificate of the Chief Compliance Officer of the Subadviser to the effect that the policies and procedures of the Subadviser are reasonably designed to prevent violation of the
Federal Securities Laws (as such term is defined in Rule <FONT STYLE="white-space:nowrap">38a-1);</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">comply with all applicable policies and procedures adopted by the Board that are applicable to the Fund and any
amendments to those procedures that are provided to ARI by the Adviser or the Fund (&#147;Board Procedures&#148;) and notify the Adviser as soon as reasonably practicable upon (a)&nbsp;detection of any breach of such Board Procedures or
(b)&nbsp;determination that a Board Procedure conflicts with a procedure adopted by ARI; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">maintain a written code of ethics (the &#147;Code of Ethics&#148;) that it reasonably believes complies with the
requirements of Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> under the 1940 Act, a copy of which will be provided to the Adviser and the Fund, including any amendments thereto, and institute and enforce procedures reasonably necessary to
prevent Access Persons (as defined in Rule <FONT STYLE="white-space:nowrap">17j-1)</FONT> from violating its Code of Ethics; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">promptly complete and return to the Adviser or the Trust any compliance questionnaires or other inquiries that
are submitted to ARI in writing; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">furnish to the Trustees such information as may reasonably be requested in order for the Board to evaluate the
New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement or any proposed amendments thereto for the purposes of approving the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, the renewal thereof or any amendment thereto;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">as reasonably requested by the Fund, provide the Fund with information and advice regarding assets in ARI&#146;s
Allocated Portion to assist the Fund in determining the appropriate valuation of such assets and the appropriate pricing sources for such assets and whether pricing information provided by the Fund&#146;s pricing agents is reasonable;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">file with the SEC any report on Form 13F or Schedule 13G and any amendments thereto, required by the Securities
Exchange Act of 1934, with respect to its duties as are set forth in the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>


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<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">except as permitted by the Board Procedures, treat confidentially, and not disclose without the consent of the
Fund, all information in respect of the portfolio investments of the Fund, including, without limitation, the identification and market value or other pricing information of any and all portfolio securities or other financial instruments held by the
Fund, and any and all trades of portfolio securities or other transactions effected for the Fund (including past, pending and proposed trades); and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">upon request, review the Fund&#146;s Summary Prospectus, Prospectus, Statement of Additional Information,
periodic reports to shareholders, reports and schedules filed with the SEC (including any amendment, supplement or sticker to any of the foregoing) and advertising and sales material relating to the Fund (collectively, the &#147;Disclosure
Documents&#148;) in order to ensure that, with respect to the disclosure about ARI, the manner in which ARI manages the Fund and information relating directly or indirectly to ARI (the &#147;Subadviser Disclosure&#148;), such Disclosure Documents
contain no untrue statements of material fact and do not omit any statement of material fact required to be stated therein or necessary to make the statements therein not misleading. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INDEMNIFICATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ARI is obligated to
indemnify and hold harmless the Adviser and the Fund from and against any and all claims, losses, liabilities or damages (including reasonable attorney&#146;s fees and other related expenses)&nbsp;(i) arising out of or based upon any untrue
statement or alleged untrue statement of a material fact contained in any Disclosure Document or the omission or alleged omission from a Disclosure Document of a material fact required to be stated therein or necessary to make the statements therein
not misleading, in each case solely with respect to the Subadviser Disclosure; and (ii)&nbsp;resulting from the Subadviser&#146;s willful misfeasance, bad faith or gross negligence in connection with the performance of the Subadviser&#146;s
obligations under this Agreement, or from the Subadviser&#146;s reckless disregard of its obligations and duties under the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement; provided, however, that the Subadviser&#146;s obligation
is reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser, is caused by or is otherwise directly related to the Adviser&#146;s own willful misfeasance, bad faith or gross negligence, or to the
reckless disregard of its duties under the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Adviser is obligated
to indemnify and hold harmless the Subadviser from and against any and all claims, losses, liabilities or damages (including reasonable attorney&#146;s fees and other related expenses) resulting from the Adviser&#146;s willful misfeasance, bad faith
or gross negligence in connection with the performance of the Adviser&#146;s obligations under the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, or from the Adviser&#146;s reckless disregard of its obligations and duties under
the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement; provided, however, that the Adviser&#146;s obligation is reduced to the extent that the claim against, or the loss, liability or damage experienced by the Subadviser, is caused
by or is otherwise directly related to the Subadviser&#146;s own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>MAINTENANCE OF BOOKS AND RECORDS </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Under
the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, the Subadviser is required to maintain separate books and detailed records of all matters pertaining to the securities and other assets advised by the Subadviser as required by <FONT
STYLE="white-space:nowrap">Rule&nbsp;31a-1</FONT> under the 1940 Act (other than those records being maintained by Olive Street or the Fund&#146;s other service providers) relating to its responsibilities under the New
<FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement, and is obligated to preserve such records for the periods and in the manner prescribed by <FONT STYLE="white-space:nowrap">Rule&nbsp;31a-2</FONT> under the 1940 Act. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REPORTING OBLIGATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ARI has an
obligation to provide prompt notice to the Adviser and the Fund about developments relating to its duties as Subadviser of which it has, or should have, knowledge that would materially affect the Fund, including but not limited to material changes
in the employment status of key investment management </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
personnel involved in the management of the Fund, material changes in the investment process used to manage the Fund, any changes in senior management, operations, financial condition or
ownership of the Subadviser&#146;s firm, and the occurrence of any event that would disqualify the Subadviser from serving as an investment adviser of an investment company pursuant to Section&nbsp;9(a) of the 1940 Act or otherwise. ARI also has an
obligation to immediately notify the Adviser and the Trust in the event that the Subadviser: (1)&nbsp;becomes subject to a statutory disqualification that prevents the Subadviser from serving as an investment adviser pursuant to the New <FONT
STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement; or (2)&nbsp;is or becomes the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority (including, without limitation, any self-regulatory
organization). In addition, ARI has the obligation to immediately forward, upon receipt, to the Adviser any correspondence (or portion of such correspondence) from the SEC or other regulatory authority that relates to the Trust or the Fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>DURATION AND TERMINATION </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The New <FONT
STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement was approved by the Board at the August 2019 Meeting for an initial term of two years and is scheduled to continue in effect for subsequent periods only so long as continuance is specifically
approved at least annually in conformance with the 1940&nbsp;Act; provided, however, that the New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement may be terminated (a)&nbsp;by the Fund at any time, without the payment of any penalty,
by the vote of a majority of the Board or by the vote of a majority of the outstanding voting securities of the Fund, (b)&nbsp;by the Adviser at any time, without the payment of any penalty, on not more than 60&nbsp;days&#146; nor less than 30
days&#146; written notice to the Subadviser, or (c)&nbsp;by the Subadviser at any time, without the payment of any penalty, on 90 days&#146; written notice to the Adviser. The New <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement will
terminate automatically and immediately in the event of its assignment (as defined under the 1940&nbsp;Act), or in the event of a termination of the Adviser&#146;s investment advisory agreement with the Trust, on behalf of the Fund. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>GOVERNING LAW </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The New <FONT
STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement is governed by and construed in accordance with the substantive laws of the State of Delaware. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INFORMATION ABOUT OLIVE STREET </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Olive
Street, located at 12555&nbsp;Manchester Road, St. Louis, Missouri 63131, currently serves as the investment adviser to the Fund pursuant to an investment advisory agreement between the Trust, on behalf of the Fund, and Olive Street dated
July&nbsp;10, 2013, and amended with respect to the Fund as of February&nbsp;19, 2015 and June&nbsp;9, 2017. As of June&nbsp;30, 2019, Olive Street had approximately $73.4&nbsp;billion in assets under management. As investment adviser, Olive Street
manages the Fund pursuant to a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">manager-of-managers</FONT></FONT> structure, whereby Olive Street has overall responsibility for the general management and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of the Fund, but has retained one or more investment subadvisers to make the investment decisions for allocated portions of the Fund&#146;s assets. For
these services, the Fund pays Olive Street an annual fee of 0.64% of its average daily net assets. Olive Street has contractually agreed, until at least October&nbsp;28, 2020, to waive its management fees to the extent management fees to be paid to
the Adviser exceed the management fees the Fund is required to pay the Fund&#146;s Subadvisers. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the fiscal year ended June&nbsp;30,
2019, the Fund paid Olive Street advisory fees in the amount of $28,441,421. Olive Street waived $10,391,134 of such advisory fees. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>INFORMATION ABOUT
ARI </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ARI, Two Prudential Plaza, 180 N Stetson Avenue, Suite 5500, Chicago, Illinois 60601, is a Delaware corporation and is 100%
employee owned. ARI is registered as an investment adviser with the SEC and was founded in 1974. As of October&nbsp;31, 2019, ARI had assets under management of approximately $2.5&nbsp;billion. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="19%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="39%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="40%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Name</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Address</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Matthew Swaim</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Executive Officer and Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">180 N. Stetson Ave., Suite 5500, Chicago, IL 60601</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Ellen Freeman</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Operating Officer and Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">180 N. Stetson Ave., Suite 5500, Chicago, IL 60601</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Bruce Zessar</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Director</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">180 N. Stetson Ave., Suite 5500, Chicago, IL 60601</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Kenton Pettit</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chief Compliance Officer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">690 Taylor Road, Suite 210, Gahanna, OH 43230</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">ARI does not currently acts as an adviser or subadviser to other registered investment companies with similar
investment objectives to those of the Fund. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>ADDITIONAL INFORMATION </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION ABOUT OTHER SERVICE PROVIDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Brown Brothers Harriman&nbsp;&amp; Co. (&#147;BBH&#148;), located at 50 Post Office Square, Boston, MA 02110, serves as the Fund&#146;s
Administrator and Custodian. ALPS Fund Services, Inc., located at 1290 Broadway, Suite 1100 Denver, Colorado 80203, serves as the Fund&#146;s Transfer Agent and dividend disbursing agent. ALPS Distributors, Inc. (&#147;ALPS Distributors&#148;),
located at 1290 Broadway, Suite 1100, Denver Colorado 80203, acts as principal underwriter in a continuous public offering of the Fund&#146;s shares. ALPS Distributors receives no compensation for distributing Fund shares. For the fiscal year ended
June&nbsp;30, 2019, the Fund paid $17,229 to BBH for administrative and custodial services. This amount covers the fiscal period from May&nbsp;17, 2019 (when BBH began as a service provider to the Fund) to June&nbsp;30, 2019. Prior to May&nbsp;17,
2019, U.S. Bancorp Fund Services, LLC (&#147;U.S. Bancorp&#148;), doing business as U.S. Bank Global Fund Services, served as Administrator to the Trust. For the fiscal year ended June&nbsp;30, 2019, the Fund paid $389,567 to U.S. Bancorp for
administrative and fund accounting services. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PAYMENT OF EXPENSES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund will pay the expenses of the preparation, printing and mailing of this Information Statement. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COMMISSIONS PAID TO AFFILIATED BROKERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">During the Fund&#146;s most recently completed fiscal year ended June&nbsp;30, 2019, the Fund did not pay any commissions to any affiliated
brokers. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>BENEFICIAL OWNERSHIP OF SHARES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of October&nbsp;31, 2019, the following persons owned of record, or were known by the Trust to own beneficially, more than 5% of the shares
of the Fund. On that date, the trustees and officers of the Fund, together as a group, beneficially owned less than 1% of the Fund&#146;s outstanding shares. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="66%"></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>

<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>NAME AND ADDRESS</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>NUMBER&nbsp;OF&nbsp;SHARES</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>PERCENT</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Edward D. Jones&nbsp;&amp; Co.<BR>FBO Customers<BR>12555 Manchester Road<BR>St. Louis, MO
63131-3729</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">425,710,250.664</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">99.99</TD>
<TD NOWRAP VALIGN="bottom">%&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information as to beneficial ownership is based on statements furnished to the Fund by the trustees of the
Trust, and/or on the records of the Trust&#146;s transfer agent. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">11 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ANNUAL REPORT TO SHAREHOLDERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For a free copy of the Fund&#146;s annual report dated June&nbsp;30, 2019 or semi-annual report dated December&nbsp;31, 2018, shareholders of
the Fund may visit www.bridgebuildermutualfunds.com, call <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-855-823-3611,</FONT></FONT></FONT> write to the Fund via
<FONT STYLE="white-space:nowrap">e-mail</FONT> at bridgebuilder@edwardjones.com, or write to the Fund at: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Mailing Address: </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bridge Builder Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P.O.
Box 1920 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Denver, CO 80201 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Overnight Address: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bridge
Builder Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1290 Broadway Suite 1000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Denver, CO 80203 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SHAREHOLDERS
SHARING THE SAME ADDRESS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If two or more Fund shareholders share the same address, only one copy of this Information Statement is being delivered to
that address, unless the Trust has received contrary instructions from one or more of the shareholders at that shared address. Upon written or oral request, the Trust will deliver promptly a separate copy of this Information Statement to a
shareholder at a shared address. Please call <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-855-823-3611</FONT></FONT></FONT> or forward a written request to </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bridge Builder Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">P.O.
Box 1920 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Denver, CO 80201 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Overnight Address: </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Bridge
Builder Trust </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1290 Broadway Suite 1000 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Denver, CO 80203 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">if you would like to:
(1)&nbsp;receive a separate copy of this Information Statement; (2)&nbsp;receive your annual reports, semi-annual reports or information statements separately in the future; or (3)&nbsp;request delivery of a single copy of annual reports,
semi-annual reports or information statements if you are currently receiving multiple copies at a shared address. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SUBMISSION OF
SHAREHOLDER PROPOSALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Trust is organized as a Delaware statutory trust under the laws of the State of Delaware. As such, the
Trust is not required to, and does not, hold annual meetings. Nonetheless, the Board may call a special meeting of shareholders for action by shareholder vote as may be required by the 1940 Act or as required or permitted by the Declaration of Trust
and <FONT STYLE="white-space:nowrap">By-Laws</FONT> of the Trust. Shareholders of the Fund who wish to present a proposal for action at a future meeting should submit a written proposal to the Trust for inclusion in a future proxy statement.
Submission of a proposal does not necessarily mean that such proposal will be included in the Fund&#146;s proxy statement since inclusion in the proxy statement is subject to compliance with certain federal regulations. Shareholders retain the right
to request that a meeting of the shareholders be held for the purpose of considering matters requiring shareholder approval. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">12 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT INDEX </U></B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="8%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Exhibit</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(A)</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Investment <FONT STYLE="white-space:nowrap">Sub-advisory</FONT> Agreement among Bridge Builder Trust, Olive Street Investment Advisers, LLC and Advisory Research, Inc., relating to the Bridge Builder Small/Mid Cap Value
Fund.</TD></TR>
</TABLE> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">13 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>EXHIBIT A </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INVESTMENT <FONT STYLE="white-space:nowrap">SUB-ADVISORY</FONT> AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This <B>AGREEMENT </B>is made as of the 28<SUP STYLE="font-size:85%; vertical-align:top">th</SUP> day of August, 2019, and effective as of the
&#147;Effective Date&#148;, as defined in Section&nbsp;9 of the Agreement, by and among Advisory Research Inc., a Delaware corporation located at 180 N Stetson Avenue, Suite 5500, Chicago, IL 60601 (the
<B><FONT STYLE="white-space:nowrap">&#147;Sub-Adviser&#148;</FONT></B>), Olive Street Investment Advisers, LLC, a Missouri limited liability corporation located at 12555 Manchester Road, St. Louis, MO 63131(the <B>&#147;Adviser&#148;</B>), and the
Bridge Builder Trust, a Statutory trust located at 12555 Manchester Road, St. Louis, MO 63131 (the <B>&#147;Trust&#148;</B>), on behalf of the series of the Trust indicated on Schedule A to this Agreement (each, a &#147;Fund&#148; and collectively,
the <B>&#147;Funds&#148;</B>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>the Adviser and the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> are each
registered as investment advisers under the Investment Advisers Act of 1940 (the <B>&#147;Advisers Act&#148;</B>);<B> </B>and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,
</B>Bridge Builder Trust, a Delaware statutory trust located at 615 East Michigan Street, Milwaukee, WI 53202 (the <B>&#147;Trust&#148;</B>),<B> </B>is an <FONT STYLE="white-space:nowrap">open-end</FONT> investment company with one or more series of
shares and is registered under the Investment Company Act of 1940, as amended (the <B>&#147;1940 Act&#148;</B>);<B> </B>and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS,
</B>the Trust has retained the Adviser to perform investment advisory services for the Bridge Builder Small/Mid Value Fund, a series of the Trust (the <B>&#147;Fund&#148;</B>), under the terms of an investment advisory agreement, dated
February&nbsp;19, 2015, between the Adviser and the Trust on behalf of the Fund (the <B>&#147;Advisory Agreement</B><B>&#148;</B>)<B> </B>(a copy of which is attached as Exhibit A to this agreement); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>the Advisory Agreement provides that the Adviser may retain one or more <FONT STYLE="white-space:nowrap">sub-advisers,</FONT>
subject to the approval of the Trust&#146;s Board of Trustees (the <B>&#147;Board&#148;</B>),<B> </B>including a majority of trustees of the Board who are not &#147;interested persons&#148; of the Adviser (the <B>&#147;Independent
Trustees&#148;</B>), in accordance with the requirements of the 1940 Act, to render portfolio management services to the Fund pursuant to investment <FONT STYLE="white-space:nowrap">sub-advisory</FONT> agreements between the Fund, the Adviser and
each such <FONT STYLE="white-space:nowrap">sub-adviser;</FONT> and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>the Trust&#146;s Board has duly consented to and
approved the appointment of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to provide investment advisory services (the <B>&#147;Services&#148;</B>)<B> </B>to a portion of the assets of the Fund allocated to the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> (the <B>&#147;Allocated Portion&#148;</B>);<B> </B>and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>WHEREAS, </B>the Adviser, acting
pursuant to the Advisory Agreement, wishes to retain the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to provide the Services to the Allocated Portion in the manner and on the terms set out in this Agreement, and the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> desires to provide such Services; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>NOW, THEREFORE, WITNESSETH: </B>The parties hereby
agree as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>APPOINTMENT OF <FONT STYLE="white-space:nowrap">SUB-ADVISER.</FONT> </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Acceptance</U>. The Adviser hereby appoints the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> and the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> hereby accepts the appointment, on the terms herein set forth and for the compensation herein provided, to act as an investment adviser to the Fund with respect to the Allocated Portion.
</P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-1 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Independent</U> <U>Contractor</U>. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall for all
purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized in this Agreement or another writing by the Trust or Adviser to the Sub-Adviser, have no authority to act for or be deemed an
agent of the Trust of the Fund in any way, or in any way be deemed an agent for the Trust or for the Fund. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>The <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> Representations</U>. The <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> represents, warrants and agrees that (i)&nbsp;it has all requisite power and authority to enter into and perform its obligations under this Agreement; (ii)&nbsp;it has taken all necessary corporate
action to authorize its execution, delivery and performance of this Agreement; (iii)&nbsp;neither it nor any affiliated person of it, as such term is defined in Section&nbsp;2(a)(3) of the 1940 Act <B>(&#147;affiliated person&#148;</B>),<B> </B>is
subject to any disqualification that would make it unable to serve as an investment adviser to a registered investment company under Section&nbsp;9 of the 1940 Act; (iv)&nbsp;it is duly registered as an adviser under the Advisers Act; and (v) except
as otherwise specified herein, it will not delegate any obligation assumed pursuant to this Agreement to any third party without first obtaining the written consent of the Fund and the Adviser. </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> further represents, warrants, and agrees that it shall: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Use its best judgment and efforts in rendering the advice and services to Trust and Fund as contemplated by
this Agreement; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Maintain all licenses and registrations necessary to perform its duties hereunder in good order;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Conduct its operations at all times in conformance with the Advisers Act, the 1940 Act, and any other
applicable state and/or self-regulatory organization regulations; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Maintain errors and omissions insurance coverage in an appropriate amount and shall provide written notice to
the Trust (i)&nbsp;of any material changes in its insurance policies or insurance coverage; or (ii)&nbsp;of any material claims made on its insurance policies. Furthermore, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall, upon
reasonable request, provide the Trust with any information it may reasonably require concerning the amount of or scope of such insurance. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>The Adviser&#146;s Representations</U>. The Adviser represents, warrants and agrees that it has all
requisite power and authority to enter into and perform its obligations under this Agreement, and has taken all necessary corporate action to authorize its execution, delivery and performance of this Agreement. The Adviser further represents,
warrants and agrees that it has the authority under the Advisory Agreement to appoint the <FONT STYLE="white-space:nowrap">Sub-Adviser.</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><U>Plenary authority of the Board of Trustees</U>. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and
Adviser both acknowledge that the Fund is a mutual fund that operates as a series of the Trust under the authority of the Board of Trustees. </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-2 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DELIVERY OF DOCUMENTS. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Adviser has furnished or will furnish to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> copies of each of the following
documents: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Declaration of Trust of the Trust as in effect on the date hereof; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the <FONT STYLE="white-space:nowrap">By-laws</FONT> of the Trust in effect on the date hereof;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the resolutions of the Board approving the engagement of the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> as a <FONT STYLE="white-space:nowrap">sub-adviser</FONT> for the Allocated Portion and approving the form of this agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Advisory Agreement; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Code of Ethics of the Trust and of the Adviser as currently in effect; and </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">current copies of the Fund&#146;s Prospectus and Statement of Additional Information. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Adviser shall furnish the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> from time to time with copies of all material amendments of
or material supplements to the foregoing, if any. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has furnished or will
furnish the Adviser with copies of each of the following documents: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> most recent registration statement on Form ADV;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(ii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> most recent balance sheet or equivalent
financial information; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iii)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">separate lists of persons whom the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> wishes to have
authorized to give written and/or oral instructions to the custodian (the <B>&#147;Custodian&#148;</B>)<B> </B>and accounting agent of the Fund&#146;s assets; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(iv)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the Code of Ethics (defined below) of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> as currently in
effect; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(v)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> proxy voting policies as currently in effect;
and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="9%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(vi)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">complete and accurate copies of any compliance manuals, trading, commission and other reports, insurance
policies, and such other management or operational documents as the Adviser may reasonably request in writing (on behalf of itself or the Board) in assessing the Sub-Adviser. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall furnish the Adviser from time to time with copies of all material amendments of
or material supplements to the foregoing, if any. Additionally, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall provide to the Adviser such other documents relating to its services under this Agreement as the Adviser may reasonably
request on a periodic basis. Such amendments or supplements shall be provided within 30 days of the time such materials became available to the <FONT STYLE="white-space:nowrap">Sub-Adviser.</FONT> </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-3 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PROVISION OF INVESTMENT <FONT STYLE="white-space:nowrap">SUB-ADVISORY</FONT> SERVICES.
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Subject to the supervision of the Board of Trustees and the Adviser, the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall manage the investments of the Allocated Portion in accordance with the Fund&#146;s investment objective, policies, and restrictions as provided in the Fund&#146;s Prospectus and Statement of
Additional Information, as currently in effect and as amended or supplemented from time to time and provided to the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> and in compliance with the requirements applicable to registered investment
companies under applicable laws, including, but not limited to, the 1940 Act, the Commodity Exchange Act (the <B>&#147;CEA&#148;</B>)<B> </B>and the rules of the National Futures Association (the <B>&#147;NFA Rules&#148;</B>),<B> </B>and those
requirements applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended (the <B>&#147;Code&#148;</B>).<B> </B>From time to time, the Adviser or the Fund may provide the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> with written copies of other investment policies, guidelines and restrictions applicable to the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> management of the Allocated Portion, which shall
become effective at such time as agreed upon by both parties. Subject to each of the foregoing sentences above, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall have full discretionary authority to manage the investment of the assets of
the Allocated Portion, including the authority to purchase, sell, cover open positions, and generally to deal in securities, financial and commodity futures contracts, options, short-term investment vehicles and other property and assets comprising
or relating to the Allocated Portion. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In addition, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> will, at its own expense: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">make available to the Adviser and the Fund at reasonable times its portfolio managers as mutually agreed to by
the Adviser and the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> either in person or by telephone, in order to review the investment policies and to consult with the Fund and Adviser regarding the Allocated Portion&#146;s investment affairs,
including economic, statistical, and investment matters relevant to the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> duties hereunder; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">submit such reports and information as the Adviser or the Fund may reasonably request to assist the Custodian
in its determination of the market value of securities held in the Allocated Portion; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">furnish the Adviser or the Fund upon reasonable request with information regarding the investment strategies it
employs, individual companies whose securities are included in the Allocated Portion, the industries in which they engage, the economic, social, or political conditions prevailing in each country in which the Allocated Portion is invested, or
statistical and analytical information with respect to investments of the Allocated Portion; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">employ professional portfolio managers and securities analysts who provide research services to the Fund;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">place orders for purchases and sales of portfolio investments for the Allocated Portion; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">give instructions to the Custodian concerning the delivery of securities and transfer of cash for the Allocated
Portion; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-4 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as soon as practicable after the close of business each day but no later than 11:00 a.m. Eastern time the
following business day, provide the Custodian with copies of trade tickets for each transaction effected for the Allocated Portion by the Sub-Adviser, provide copies to the Adviser and the Fund upon request, and promptly forward to the Custodian
copies of all brokerage or dealer confirmations received by the <FONT STYLE="white-space:nowrap">Sub-Adviser;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as soon as practicable following the end of each calendar month, provide the Adviser and the Fund with written
statements showing all transactions effected for the Allocated Portion during the month by the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> a summary listing all investments attributable to transactions of the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> that are held in the Allocated Portion as of the last day of the month, and such other information as the Adviser or the Fund may reasonably request in connection with any accounting or marketing
services that the Adviser provides for the Fund. The Adviser and the Fund acknowledge that <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and Custodian may use different pricing vendors, which may result in valuation discrepancies;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">to the extent reasonably requested by the Trust or the Adviser, use its best efforts to assist the Chief
Compliance Officer of the Trust in respect of Rule <FONT STYLE="white-space:nowrap">38a-1</FONT> under the 1940 Act including, without limitation, providing the Chief Compliance Officer of the Trust or the Adviser with (a)&nbsp;current copies of the
compliance policies and procedures of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> in effect from time to time (including prompt notice of any material changes thereto), (b) reports of any violations to the
<FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> compliance policies and procedures that occurred in connection with the provision of services to the Fund, (c)&nbsp;a copy of the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT>
annual compliance report as required by Rule <FONT STYLE="white-space:nowrap">206(4)-7</FONT> of the Advisers Act, (d)&nbsp;summaries of any correspondence between the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> and a regulatory agency in
connection with regulatory examinations or proceedings, and the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> will make a copy of any such correspondence available to the Adviser or the Trust&#146;s Chief Compliance Officer to review and/or
discuss with the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> during normal business hours, at offices of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> and (e)&nbsp;upon request, a certificate of the Chief Compliance Officer of
the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to the effect that the policies and procedures of the Sub-Adviser are reasonably designed to prevent violation of the Federal Securities Laws (as such term is defined in Rule <FONT
STYLE="white-space:nowrap">38a-1);</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">comply with all applicable policies and procedures adopted by the Board that are applicable to the Fund and any
amendments to those procedures that are provided to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> by the Adviser or the Fund (&#147;Board Procedures&#148;) and notify the Adviser as soon as reasonably practicable upon (a)&nbsp;detection of
any breach of such Board Procedures or (b)&nbsp;determination that a Board Procedure conflicts with a procedure adopted by the <FONT STYLE="white-space:nowrap">Sub-Adviser;</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">maintain a written code of ethics (the &#147;Code of Ethics&#148;) that it reasonably believes complies with
the requirements of Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> under the 1940 Act, a copy of which will be provided to the Adviser and the Fund, including any amendments thereto, and institute and enforce procedures reasonably necessary to
prevent Access Persons (as defined in Rule <FONT STYLE="white-space:nowrap">17j-1)</FONT> from violating its Code of Ethics; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-5 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(l)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">promptly complete and return to the Adviser or the Trust any compliance questionnaires or other inquiries
submitted to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> in writing; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(m)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">furnish to the Trustees such information as may reasonably be requested in order for the Board to evaluate this
Agreement or any proposed amendments thereto for the purposes of approving this Agreement, the renewal thereof or any amendment hereto; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(n)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">as reasonably requested by the Fund, provide the Fund with information and advice regarding assets in the
Allocated Portion to assist the Fund in determining the appropriate valuation of such assets and the appropriate pricing sources for such assets and whether pricing information provided by the Fund&#146;s pricing agents is reasonable;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(o)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">file with the SEC any report on Form 13F or Schedule 13G and any amendments thereto, required by the Exchange
Act (as defined below), with respect to its duties as are set forth herein; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(p)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">except as permitted by the Board Procedures, shall treat confidentially, and shall not disclose without the
consent of the Fund, all information in respect of the portfolio investments of the Fund, including, without limitation, the identification and market value or other pricing information of any and all portfolio securities or other financial
instruments held by the Fund, and any and all trades of portfolio securities or other transactions effected for the Fund (including past, pending and proposed trades) and; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(q)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">upon request, will review the Fund&#146;s summary prospectus, prospectus, statement of additional information,
periodic reports to shareholders, reports and schedules filed with the Securities and Exchange Commission (the <B>&#147;SEC&#148;</B>) (including any amendment, supplement or sticker to any of the foregoing) and advertising and sales material
relating to the Fund (collectively, the <B>&#147;Disclosure Documents&#148;</B>) in order to ensure that, with respect to the disclosure about the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> the manner in which the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> manages the Fund and information relating directly or indirectly to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> (the <B><FONT STYLE="white-space:nowrap">&#147;Sub-Adviser</FONT>
Disclosure&#148;</B>), such Disclosure Documents contain no untrue statements of material fact and do not omit any statement of material fact required to be stated therein or necessary to make the statements therein not misleading.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In providing services under this Agreement, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall
(i)&nbsp;maintain all licenses and registrations necessary to perform its duties hereunder in good order; (ii)&nbsp;conduct its operations at all times in conformance with the Advisers Act, the 1940 Act, the Code, the CEA, the NFA Rules and any
other applicable state and/or self-regulatory organization regulations; and (iii)&nbsp;maintain errors and omissions insurance in an amount at least equal to that communicated by the Sub-Adviser to the Adviser in connection with the Board&#146;s
approval of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Fund or its agent will provide timely information to the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> regarding such matters as inflows to and outflows from the Fund and the cash requirements of, and cash available for investment in, the Fund. The Fund or its agent will timely provide the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> with copies of monthly accounting statements for the Fund, and such other information as may be reasonably necessary or appropriate in order for the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to
perform its responsibilities hereunder. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-6 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Adviser will be responsible for all class actions and lawsuits involving the Fund or
securities held, or formerly held, in the Fund. <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> is not required to take any action or to render investment-related advice with respect to lawsuits involving the Fund, including those involving
securities presently or formerly held in the Fund, or the issuers thereof, including actions involving bankruptcy. In the case of notices of class action suits received by <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> involving issuers
presently or formerly held in the Fund, <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall promptly forward such notices to Adviser and, with the consent of the Adviser, may provide information about the Fund to third parties for purposes of
participating in any settlements relating to such class actions. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Proxy Voting </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Adviser hereby delegates to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> the Adviser&#146;s discretionary authority to
exercise voting rights with respect to the securities and investments of the Allocated Portion of the Fund, provided however, that the Fund may request that the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> vote proxies for the Allocated
Portion in accordance with the Fund&#146;s proxy voting policies. Absent specific instructions to the contrary provided to it by the Adviser or the Fund, and subject to its receipt of all necessary voting materials, the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> shall vote all proxies with respect to investments of the Fund in accordance with the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> proxy voting policy as most recently provided to the
Adviser and the Trust. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> proxy voting policies shall comply with any
rules or regulations promulgated by the SEC. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) The Sub-Adviser shall maintain and preserve a record, in an easily-accessible place for a
period of not less than three (3)&nbsp;years (or longer, if required by law), of the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> voting procedures, of the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> actual votes, and
such other information required for the Fund to comply with any rules or regulations promulgated by the SEC. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall supply updates of this record to the Adviser or any authorized representative
of the Adviser, or to the Fund on a quarterly basis (or more frequently, upon the request of the Adviser). The Sub Adviser shall provide the Adviser and the Fund with information regarding the policies and procedures that the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> uses to determine how to vote proxies relating to the Allocated Portion. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ALLOCATION OF EXPENSES. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each party to this Agreement shall bear the costs and expenses of performing its obligations hereunder. In this regard, the Adviser
specifically agrees that the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall not be responsible for the following expenses: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">fees and expenses incurred in connection with the issuance, registration and transfer of its shares;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">brokerage and commission expenses incurred by the Fund; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">all expenses of transfer, receipt, safekeeping, servicing and accounting for the cash, securities and other
property of the Trust for the benefit of the Fund including all fees and expenses of its Custodian, shareholder services agent and accounting services agent; </P></TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-7 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">interest charges on any Fund borrowings; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">costs and expenses of pricing and calculating its daily net asset value (including, without limitation, any
equipment or services obtained for the purpose of pricing shares or valuing the Fund&#146;s assets) and of maintaining its books of account required under the 1940 Act, except for the expenses incurred by the
<FONT STYLE="white-space:nowrap">Suh-Adviser</FONT> in connection with its services under Paragraph 13 hereunder, which are expenses of the <FONT STYLE="white-space:nowrap">Sub-Adviser;</FONT> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(f)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Fund taxes, if any; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(g)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">except as stated below, expenditures in connection with meetings of the Fund&#146;s shareholders and the Board;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(h)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">salaries and expenses of officers of the Trust, including without limitation the Trust&#146;s Chief Compliance
Officer, and fees and expenses of members of the Board or members of any advisory board or committee; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(i)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">insurance premiums on property or personnel of the Fund which inure to its benefit, including liability and
fidelity bond insurance; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(j)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">legal, auditing and accounting fees of the Fund and trade association dues or educational program expenses of
the Trust or the Board of Trustees; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">(k)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">fees and expenses (including legal fees) of registering and maintaining registration of the Fund&#146;s shares
for sale under applicable securities laws; all expenses of maintaining and servicing shareholder accounts, including all charges for transfer, shareholder recordkeeping, dividend disbursing, redemption, and other agents for the benefit of the Fund,
if any. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> specifically agrees that with respect to the operation
of the Fund, the Sub-Adviser shall be responsible for (i)&nbsp;providing the personnel, office space, furnishings, equipment and personnel reasonably necessary to provide its <FONT STYLE="white-space:nowrap">sub-advisory</FONT> services to the Fund
hereunder; and (ii)&nbsp;the costs of any special Board meetings or shareholder meetings convened for the primary benefit of the <FONT STYLE="white-space:nowrap">Sub-Adviser.</FONT> Nothing in this Agreement shall alter the allocation of expenses
and costs agreed upon between the Fund and the Adviser in the Advisory Agreement or any other agreement to which they are parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Additionally, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> agrees that the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT>
shall be responsible for reasonable expenses incurred by the Fund or Adviser in responding to a legal, administrative, judicial or regulatory action, claim, or suit involving the <FONT STYLE="white-space:nowrap">Sub-adviser</FONT> to which neither
the Fund nor the Adviser is a party. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-8 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><FONT STYLE="white-space:nowrap">SUB-ADVISORY</FONT> FEES. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Each Fund shall pay to the <FONT STYLE="white-space:nowrap">Sub-adviser,</FONT> and the <FONT STYLE="white-space:nowrap">Sub-adviser</FONT>
agrees to accept, as full compensation for all services furnished or provided to such Fund pursuant to this Agreement a fee, based on the Current Net Assets of the Allocated Portion, as set forth in Schedule A attached hereto and made a part hereof.
Such fee shall be accrued daily and payable monthly, as soon as practicable after the last day of each calendar month. In the case of termination of this Agreement with respect to the Fund during any calendar month, the fee with respect to the
Allocated Portion accrued to, but excluding, the date of termination shall be paid promptly following such termination. For purposes of computing the amount of <FONT STYLE="white-space:nowrap">sub-advisory</FONT> fee accrued for any day,
&#147;Current Net Assets&#148; shall mean the Allocated Portion&#146;s net assets, managed by the <FONT STYLE="white-space:nowrap">Sub-adviser,</FONT> as of the most recent preceding day for which the Fund&#146;s net assets were computed. For the
avoidance of doubt, notwithstanding the fact that the Agreement has not been terminated, no fee will be accrued under this Agreement with respect to any day that the value of the Current Net Assets of the Allocated Portion equals zero. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> voluntarily may reduce any portion of the fees due to it pursuant to this
Agreement. Any such reduction shall be applicable only to such specific reduction and shall not constitute an agreement to reduce any future compensation due to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> hereunder. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PORTFOLIO TRANSACTIONS. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with the investment and reinvestment of the assets of the Fund, the Sub-Adviser is authorized to select the brokers or dealers
that will execute purchase and sale transactions for the Allocated Portion&#146;s portfolio (the <B>&#147;Portfolio&#148;</B>)<B> </B>and to use all reasonable efforts to obtain the best available price and most favorable execution with respect to
all such purchases and sales of portfolio securities for said Portfolio. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> may take into consideration, among other things, the best net price available; the reliability, integrity and financial
condition of the broker-dealer; the size of and difficulty in executing the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Fund on a continuing basis. The price to the Fund in any
transaction may be less favorable than that available from another broker-dealer if the difference is reasonably justified by other aspects of the portfolio execution services offered. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall
maintain records adequate to demonstrate compliance with the requirements of this Paragraph. Such records shall be made available to the Fund or Adviser upon request. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In evaluating the best overall terms available, and in selecting the broker-dealer to execute a particular transaction, the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> may also consider the brokerage and research services provided (as those terms are defined in Section&nbsp;28(e) of the Securities Exchange Act of 1934 (the <B>&#147;Exchange Act&#148;</B>)).<B>
</B>Consistent with any guidelines established by the Board of Trustees of the Trust and Section&nbsp;28(e) of the Exchange Act, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> is authorized to pay to a broker or dealer who provides such
brokerage and research services a commission for executing a portfolio transaction for the Fund which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if, but only if, the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> determines in good faith that such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer &#151; viewed in terms of that particular
transaction or in terms of the overall responsibilities of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to its discretionary clients, including the Fund. In addition, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> is authorized
to allocate purchase and sale orders for securities to brokers or dealers (including brokers and dealers that are affiliated with the Adviser, <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or the Trust&#146;s principal underwriter) if the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> believes that the quality of the transaction and the commission are comparable to what they would be with other qualified firms. In no instance, however, will the Fund&#146;s assets be purchased from or
sold to the Adviser, <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> the Trust&#146;s principal underwriter, or any affiliated person of either the Trust, Adviser, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or the principal
underwriter, acting as principal in the transaction, except to the extent permitted by the SEC and the 1940 Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-9 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Adviser and the Fund authorize and empower the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to direct the Custodian to open and maintain accounts for trading in securities and other investments (all such accounts hereinafter called <B>&#147;brokerage accounts&#148;</B>)<B> </B>for and in
the name of the Fund. In addition, in connection with establishing such brokerage accounts, the Adviser and the Fund authorize and empower the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to execute for the Fund as its agent and <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">attorney-in-fact</FONT></FONT> reasonable and customary customer agreements and other documentation in connection therewith, such as ISDA agreements and futures and options account
agreements, with brokers, dealers, and/or futures commission merchants as the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall select as provided above. Subject to applicable law, including the custody requirements under the 1940 Act, the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> may, using such of the securities and other investments of the Fund as the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> deems necessary or desirable, direct the Custodian to deposit for the Fund
original and maintenance brokerage and margin deposits and otherwise direct payments of cash, cash equivalents and securities and other property into such brokerage accounts and to such brokers or to a collateral account established with the
Fund&#146;s custodian as the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> deems desirable or appropriate and as is required by applicable law. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall cause all securities and other
property purchased or sold for the Fund to be settled at the place of business of the Custodian or as the Custodian shall direct. All securities and other property of the Fund shall remain in the direct or indirect custody of the Custodian, except
as otherwise permitted by applicable law. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall notify the Custodian as soon as practicable of the necessary information to enable the Custodian to effect such purchases and sales. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> further shall have the authority to instruct the Custodian (i)&nbsp;to pay cash for
securities and other property delivered to the Custodian for the Fund, (ii)&nbsp;to deliver securities and other property against payment for the Fund, and (iii)&nbsp;to transfer assets and funds to such brokerage accounts as the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> may designate, all consistent with the powers, authorities and limitations set forth herein. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall not have authority to cause the Custodian to
deliver securities and other property, or pay cash to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> except as expressly provided herein. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>LIABILITY; STANDARD OF CARE AND INDEMNIFICATION. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall comply with all applicable laws and regulations in the discharge of its duties
under this Agreement; shall (as provided in Paragraph 3 above) comply with the investment policies, guidelines and restrictions of the Fund; shall act at all times in the best interests of the Fund; and shall discharge its duties with the care,
skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of a similar enterprise. The
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall be liable to the Fund and/or the Adviser for any loss (including brokerage charges) incurred by the Fund as a result of any investment made by the
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> in violation of the first paragraph of Paragraph 3 hereof. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall have responsibility for the accuracy and completeness (and liability for the
lack thereof) only of Disclosure Documents furnished to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> by the Adviser or the Fund, and only with respect to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> Disclosure in such
Disclosure Documents. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as set forth above, in the absence of willful misfeasance, bad faith, gross negligence, or reckless
disregard of the obligations or duties hereunder on the part of the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> the Sub-Adviser shall not be subject to liability to the Adviser or the Fund for any act or omission in the course of, or
connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation for any error of judgment, for any mistake of law, for any act or
omission by the <FONT STYLE="white-space:nowrap">Sub-Adviser.</FONT> Notwithstanding the foregoing, federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore
nothing herein shall in any way constitute a waiver or limitation of any rights which the Adviser or Fund may have under any federal securities law or state law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-10 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall indemnify and hold harmless the
Adviser and the Fund from and against any and all claims, losses, liabilities or damages (including reasonable attorney&#146;s fees and other related expenses)&nbsp;(i) arising out of or based upon any untrue statement or alleged untrue statement of
a material fact contained in any Disclosure Document or the omission or alleged omission from a Disclosure Document of a material fact required to be stated therein or necessary to make the statements therein not misleading, in each case solely with
respect to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> Disclosure; and (ii)&nbsp;resulting from the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> willful misfeasance, bad faith or gross negligence in connection with the
performance of the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> obligations under this Agreement, or from the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> reckless disregard of its obligations and duties under this
Agreement; provided, however, that the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> obligation under this Paragraph 8 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the Adviser,
is caused by or is otherwise directly related to the Adviser&#146;s own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of the obligations or duties hereunder on the part
of the Adviser or Fund, the Adviser or Fund shall not be subject to liability to the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that
may be sustained in the purchase, holding or sale of any security by the Fund, including, without limitation for any error of judgment, for any mistake of law, for any act or omission by the Adviser or the Fund. Notwithstanding the foregoing,
federal securities laws and certain state laws impose liabilities under certain circumstances on persons who have acted in good faith, and therefore nothing herein shall in any way constitute a waiver or limitation of any rights which the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> may have under any federal securities law or state law. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Adviser shall indemnify and
hold harmless the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> from and against any and all claims, losses, liabilities or damages (including reasonable attorney&#146;s fees and other related expenses) resulting from the Adviser&#146;s
willful misfeasance, bad faith or gross negligence in connection with the performance of the Adviser&#146;s obligations under this Agreement, or from the Adviser&#146;s reckless disregard of its obligations and duties under this Agreement; provided,
however, that the Adviser&#146;s obligation under this Paragraph 8 shall be reduced to the extent that the claim against, or the loss, liability or damage experienced by the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> is caused by or is
otherwise directly related to the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> own willful misfeasance, bad faith or gross negligence, or to the reckless disregard of its duties under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No provision of this Agreement shall be construed to protect any Trustee or officer of the Fund, or officer of the Adviser or <FONT
STYLE="white-space:nowrap">Sub-Adviser,</FONT> from liability in violation of Sections 17(h) and (i)&nbsp;of the 1940 Act. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> shall not be obligated to perform any service not described in this Agreement, and shall not be deemed by virtue of this Agreement to have made any representation or warranty that any level of investment
performance or level of investment results will be achieved. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-11 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>TERM AND TERMINATION OF THIS AGREEMENT; NO ASSIGNMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) This Agreement shall become effective once all of the following have occurred: (i)&nbsp;approval of the Agreement by the Trust&#146;s Board
of Trustees; (ii)&nbsp;its execution by the parties hereto; and (iii)&nbsp;the closing of the transaction pursuant to which an employee partnership group of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> will purchase the Chicago-based
business from Piper Jaffray Companies via a stock purchase transaction, which is expected to occur on or around September&nbsp;30, 2019 (<B>&#147;Effective Date&#148;</B>). Pursuant to the exemptive relief obtained in the SEC Order dated on or about
August&nbsp;6, 2013, Investment Company Act Release No.&nbsp;30592, approval of the Agreement by a majority of the outstanding voting securities of the Fund is not required. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) This Agreement shall continue in effect for a period of more than two years from its execution only so long as continuance is specifically
approved at least annually in conformance with the 1940 Act; provided, however, that this Agreement may be terminated with respect to the Fund (a)&nbsp;by the Fund at any time, without the payment of any penalty, by the vote of a majority of
Trustees of the Trust or by the vote of a majority of the outstanding voting securities of the Fund, (b)&nbsp;by the Adviser at any time, without the payment of any penalty, on not more than 60 days&#146; nor less than 30 days&#146; written notice
to the <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> or (c)&nbsp;by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> at any time, without the payment of any penalty, on 90 days&#146; written notice to the Adviser. This Agreement shall
terminate automatically and immediately in the event of its assignment, or in the event of a termination of the Advisory Agreement. As used in this Paragraph 9, the terms &#147;assignment&#148; and &#147;vote of a majority of the outstanding voting
securities&#148; shall have the respective meanings set forth in the 1940 Act and the rules and regulations thereunder, subject to such exceptions as may be granted by the SEC under the 1940 Act. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) In the event of a termination, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall cooperate in the orderly transfer of the
Fund&#146;s affairs and, at the request of the Board of Trustees or the Adviser, transfer any and all books and records of the Fund maintained by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> on behalf of the Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall promptly notify the Adviser of any proposed transaction or other event that
could reasonably be expected to result in an &#147;assignment&#148; of this Agreement within the meaning of the 1940 Act. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SERVICES NOT EXCLUSIVE </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The services of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> to the Adviser and the Fund are not to be deemed exclusive and it shall
be free to render similar services to others so long as its services hereunder are not impaired thereby. It is specifically understood that directors, officers and employees of the Sub-Adviser and of its subsidiaries and affiliates may continue to
engage in providing portfolio management services and advice to other investment advisory clients. The Adviser agrees that Sub-Adviser may give advice and take action in the performance of its duties with respect to any of its other clients which
may differ from advice given or the timing or nature of action taken with respect to the Fund. Nothing in this Agreement shall be deemed to require <FONT STYLE="white-space:nowrap">Sub-Adviser,</FONT> its principals, affiliates, agents or employees
to purchase or sell for the Fund any security which it or they may purchase or sell for its or their own account or for the account of any other client. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-12 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AGGREGATION OF ORDERS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Nothing in this Agreement shall preclude the combination of orders for the sale or purchase of portfolio securities of the Fund with those for
other accounts managed by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> or its affiliates, if orders are allocated in a manner deemed equitable by the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> among the accounts and at a price
approximately averaged and if such combination of orders and the allocation thereof is consistent with applicable law. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> agrees that (i)&nbsp;it will not aggregate transactions unless aggregation
is consistent with its duty to seek best execution; (ii)&nbsp;over time, no account will be favored or disfavored over any other account; each account participating in an aggregated order will participate at the average share price for all
transactions in that security on a given business day, with transaction costs shared <FONT STYLE="white-space:nowrap">pro-rata</FONT> based on each account&#146;s participation in the transaction; and (iii)&nbsp;allocations will be made in
accordance with the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> compliance policies and procedures and applicable law. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> also agrees to provide such documentation and/or
information to the Fund or Adviser as is reasonably necessary to allow the Fund or Adviser to determine whether orders for the Fund have been aggregated and allocated equitably. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AMENDMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">No provision of this Agreement may be changed, waived, discharged or terminated orally, and this Agreement may be amended only by an instrument
in writing signed by all parties and only in accordance with the provisions of the 190 Act and the rules and regulations promulgated thereunder. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>BOOKS AND RECORDS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In compliance with the requirements of Rule <FONT STYLE="white-space:nowrap">31a-3</FONT> under the 1940 Act, the <FONT
STYLE="white-space:nowrap">Sub-Adviser</FONT> hereby agrees that all records which it maintains for the Fund are the property of the Trust and further agrees to surrender promptly to the Trust copies of any of such records upon the Fund&#146;s or
the Adviser&#146;s request, provided, however, that <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> may retain copies of any records to the extent required for it to comply with applicable laws. The
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> further agrees to preserve for the periods prescribed by Rule <FONT STYLE="white-space:nowrap">31a-2</FONT> under the 1940 Act the records relating to its activities hereunder required to be
maintained by Rule <FONT STYLE="white-space:nowrap">31a-1</FONT> under the 1940 Act and to preserve the records relating to its activities hereunder required by Rule <FONT STYLE="white-space:nowrap">204-2</FONT> under Adviser for the period
specified in said Rule. Notwithstanding the foregoing, <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has no responsibility for the maintenance of the records of the Fund, except for those related to the Allocated Portion. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>14.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NONPUBLIC PERSONAL INFORMATION; CONFIDENTIALITY. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notwithstanding any provision herein to the contrary, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> hereto agrees on behalf of itself
and its directors, trustees, shareholders, officers, and employees (1)&nbsp;to treat confidentially and as proprietary information of the Fund (a)&nbsp;all records and other information relative to the Fund&#146;s prior, present, or potential
shareholders (and clients of said shareholders) and (b)&nbsp;any Nonpublic Personal Information, as defined under Section&nbsp;248.3(t) of Regulation <FONT STYLE="white-space:nowrap">S-P</FONT> (<B>&#147;Regulation
<FONT STYLE="white-space:nowrap">S-P&#148;</FONT></B>),<B> </B>promulgated under the Gramm-Leach-Bliley Act (the <B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">&#147;G-L-B</FONT></FONT> Act&#148;</B>),<B> </B>and
(2)&nbsp;except after prior notification to and approval in writing by the Trust, not to use such records and information for any purpose other than the performance of its responsibilities and duties hereunder, or as otherwise permitted by
Regulation <FONT STYLE="white-space:nowrap">S-P</FONT> or the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">G-L-B</FONT></FONT> Act, and if in compliance therewith, the privacy policies adopted by the Trust and communicated in
writing to the <FONT STYLE="white-space:nowrap">Sub-Adviser.</FONT> Such written approval shall not be unreasonably withheld by the Trust and may not be withheld where the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> may be exposed to civil
or criminal contempt or other proceedings for failure to comply after being requested to divulge such information by duly constituted authorities. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-13 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each party to this Agreement shall keep confidential all Confidential Information concerning the
other party and will not use or disclose such information for any purpose other than the performance of its responsibilities and duties hereunder, unless the <FONT STYLE="white-space:nowrap">non-disclosing</FONT> party has authorized such disclosure
or if such disclosure is compelled by subpoena or is expressly required or requested by applicable federal or state regulatory authorities. The receiving party may disclose or disseminate the disclosing party&#146;s Confidential Information to its
employees and agents that have a legitimate need to know such Confidential Information in order to assist the receiving party in performing its obligations under this Agreement. The receiving party shall advise all such foregoing persons of the
receiving party&#146;s obligations of confidentiality and <FONT STYLE="white-space:nowrap">non-use</FONT> under this Agreement, and the receiving party shall be responsible for ensuring compliance by such persons with such obligations. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each party shall take commercially reasonable steps to prevent unauthorized access to the other party&#146;s Confidential Information. In
addition, each party shall promptly notify the other party in writing upon learning of any unauthorized disclosure or use of the other party&#146;s Confidential Information by such party or its agents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The term &#147;Confidential Information,&#148; as used herein, means any of a party&#146;s proprietary or confidential information including,
without limitation, any <FONT STYLE="white-space:nowrap">non-public</FONT> personal information (as defined in Regulation <FONT STYLE="white-space:nowrap">S-P)</FONT> of such party, its affiliates, their respective clients or suppliers, or other
persons with whom they do business, that may be obtained by the other party from any source or that may be developed as a result of this Agreement and <FONT STYLE="white-space:nowrap">non-public</FONT> financial information that is disclosed,
directly or indirectly, to the other party by or on behalf of the disclosing party, whether in writing, orally or by other means and whether or not such information is marked as confidential. Confidential Information shall not include information a
party to this Agreement can clearly establish was (a)&nbsp;known to the party prior to this Agreement; (b)&nbsp;rightfully acquired by the party from third parties whom the party reasonably believes are not under an obligation of confidentiality to
the other party to this Agreement; (c)&nbsp;placed in public domain without fault of the party or its affiliates; or (d)&nbsp;independently developed by the party without reference or reliance upon the nonpublic information. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Each party acknowledges and agrees that due to the unique nature of Confidential Information there can be no adequate remedy at law for any
breach of its obligations under this Paragraph 14, that any such breach or threatened breach may allow a party or third parties to unfairly compete with the other party resulting in irreparable harm to such party, and therefore, that upon any such
breach or any threat thereof, each party will be entitled to appropriate temporary (until the matter may be resolved) equitable and injunctive relief from a court of competent jurisdiction without the necessity of proving actual loss. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The provisions of this Paragraph 14 shall survive any termination of this Agreement. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>15.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CERTIFICATIONS; DISCLOSURE CONTROLS AND PROCEDURES </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> acknowledges that, in compliance with the Sarbanes-Oxley Act of 2002 (the
<B>&#147;Sarbanes-Oxley Act&#148;</B>),<B> </B>and the implementing regulations promulgated thereunder, the Trust and the Fund are required to make certain certifications and have adopted disclosure controls and procedures. To the extent reasonably
requested by the Trust, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> agrees to use its best efforts to assist the Trust and the Fund in complying with the Sarbanes-Oxley Act and implementing the Trust&#146;s disclosure controls and
procedures. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> agrees to inform the Trust of any material development related to the Fund that the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> reasonably believes is relevant to the
Fund&#146;s certification obligations under the Sarbanes-Oxley Act. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-14 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>16.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>REPORTS AND ACCESS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">To the extent not otherwise identified in this Agreement, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> agrees to supply such other
information and documentation to the Adviser and to permit such compliance inspections by the Adviser or the Fund as shall be reasonably necessary to permit the Adviser and the Fund&#146;s service providers to satisfy their obligations and respond
to the reasonable requests of the Trust. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>17.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>COOPERATION WITH REGULATORY AUTHORITIES OR OTHER ACTIONS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The parties to this Agreement each agree to cooperate in a reasonable manner with each other in the event that any of them should become
involved in a legal, administrative, judicial or regulatory action, claim, or suit as a result of performing its obligations under this Agreement. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>18.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NOTIFICATION </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> agrees that it will provide prompt notice to the Adviser and Fund about developments
relating to its duties as <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> of which the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> has, or should have, knowledge that would materially affect the Fund, including but not limited to
material changes in the employment status of key investment management personnel involved in the management of the Fund, material changes in the investment process used to manage the Fund, any changes in senior management, operations, financial
condition or ownership of the <FONT STYLE="white-space:nowrap">Sub-Adviser&#146;s</FONT> firm, and the occurrence of any event that would disqualify the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> from serving as an investment adviser of an
investment company pursuant to Section&nbsp;9(a) of the 1940 Act or otherwise. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall immediately notify the Adviser and the Trust in the event that the
<FONT STYLE="white-space:nowrap">Sub-Adviser:</FONT> (1)&nbsp;becomes subject to a statutory disqualification that prevents the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> from serving as an investment adviser pursuant to this Agreement; or
(2)&nbsp;is or becomes the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority (including, without limitation, any self-regulatory organization). The
<FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall immediately forward, upon receipt, to the Adviser any correspondence (or portion of such correspondence) from the SEC or other regulatory authority that relates to the Trust or the Fund. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>19.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>NOTICES </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Notices and other communications required or permitted under this Agreement shall be in writing, shall be deemed to be effectively delivered
when actually received, and may be delivered by US mail (first class, postage prepaid), by facsimile transmission, by hand or by commercial overnight delivery service, addressed as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94.8%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">ADVISER:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">General Counsel</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Edward D. Jones&nbsp;&amp; Co., L.P.</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">12555
Manchester Road</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">St. Louis, MO 63131</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">and</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Olive Street Investment Advisers, LLC</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">1245 J.J.
Kelley Memorial Drive</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">St. Louis, MO 63131</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Attn: Alan
Herzog</P></TD></TR></TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-15 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="94.8%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="22%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="77%"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>

<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><FONT STYLE="white-space:nowrap">SUB-ADVISER:</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Advisory Research, Inc. 180 N. Stetson, Suite 5500</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Chicago, IL 60601</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Megan Croal and</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Kenton Pettit/Foreside Consulting Services,</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">LLC, Chief Compliance Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">TRUST/FUND:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Bridge Builder Trust</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On behalf of Bridge Builder Small/Mid Value Fund</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">12555 Manchester Rd.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">St. Louis, MO 63131</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Attn: Secretary</TD></TR>
</TABLE></DIV> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>20.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>ASSIGNMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement shall automatically terminate, without the payment of any penalty, in the event of its assignment (as defined in section 2(a)(4)
of the 1940 Act). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>21.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SEVERABILITY AND ENTIRE AGREEMENT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If any provision of this Agreement shall be held or made invalid by a court decision, statute or rule, or shall be otherwise rendered invalid,
the remainder of this Agreement shall not be affected thereby. This Agreement embodies the entire agreement and understanding between the parties hereto, and supersedes all prior agreements and understandings relating to this Agreement&#146;s
subject matter. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>22.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CAPTIONS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The captions in this Agreement are included for convenience of reference only and in no way define or limit any of the provisions hereof or
otherwise affect their construction or effect. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>23.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CONSULTATION WITH OTHER <FONT STYLE="white-space:nowrap">SUB-ADVISERS</FONT> </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In performance of its duties and obligations under this Agreement, the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall not consult
with any other <FONT STYLE="white-space:nowrap">sub-adviser</FONT> to the Fund or a <FONT STYLE="white-space:nowrap">sub-adviser</FONT> to a portfolio that is under common control with the Fund concerning transactions for the Fund, except as
permitted by the policies and procedures of the Fund. The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> shall not provide investment advice to any assets of the Fund other than the assets managed by the
<FONT STYLE="white-space:nowrap">Sub-Adviser.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>24.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CHANGE IN THE <FONT STYLE="white-space:nowrap">SUB-ADVISER&#146;S</FONT> OWNERSHIP
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> agrees that it shall notify the Trust of any anticipated or
otherwise reasonably foreseeable change in the ownership of the <FONT STYLE="white-space:nowrap">Sub-Adviser</FONT> within a reasonable time prior to such change being effected. </P>
<P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt">&nbsp;</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-16 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>25.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>COUNTERPARTS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which together
shall constitute one and the same instrument. Signatures on this Agreement may be communicated by electronic transmission (which shall include facsimile or email) and shall be binding upon the parties so transmitting their signatures. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>26.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>MISCELLANEOUS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Where the effect of a requirement of the 1940 Act or Advisers Act, as amended, reflected in any provision of this Agreement is altered by a
rule, regulation or order of the SEC, whether of special or general application, such provision shall be deemed to incorporate the effect of such rule, regulation or order. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>27.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>GOVERNING LAW </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This agreement shall be governed by, and construed in accordance with, the laws of the state of Delaware without giving effect to the conflict
of laws principles of Delaware or any other jurisdiction; provided that nothing herein shall be construed to preempt, or to be inconsistent with, any federal law, regulation or rule, including the 1940 Act and the Advisers Act, as amended, and any
rules and regulations promulgated thereunder. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>IN WITNESS WHEREOF, </B>the parties hereto have caused this Agreement to be executed as
of the day first set forth above. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">OLIVE STREET INVESTMENT ADVISERS, LLC</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">(Adviser)</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Ryan T. Robson</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Ryan T. Robson</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">BRIDGE BUILDER TRUST</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">On behalf of the series listed on Schedule A hereto</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Julius A. Drelick</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Julius A. Drelick</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: President</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">ADVISORY RESEARCH INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Matthew K. Swaim</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Name: Matthew K. Swaim</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Title: Managing Director</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-17 </P>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ADVISORY AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Schedule A </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Funds and
Fees </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="51%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Series of Bridge Builder
Trust</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Annual
<FONT STYLE="white-space:nowrap">Sub-Advisory</FONT> Fee Rate</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" ALIGN="center">Bridge Builder Small/Mid Cap Value Fund</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">A-18 </P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>