100 F Street, N.E.
Pursuant to Rule 17g-1, subparagraph (g)(1) of the Investment Company Act of 1940 (the “Rule”), as amended, attached for filing on behalf of the Hillman Capital Management Investment Trust,
Starboard Investment Trust, Leeward Investment Trust, and Spinnaker ETF Series (collectively, the “Trusts”) is:
If you have any questions, please do not hesitate to contact the undersigned.
Treasurer, Starboard Investment Trust, Spinnaker ETF Series, and Leeward Investment Trust
AGREEMENT CONCERNING JOINT INSURED BOND
This AGREEMENT CONCERNING JOINT INSURED BOND among the Hillman Capital Management Investment Trust, Starboard Investment Trust, Leeward Investment Trust,
Spinnaker ETF Series and Modern Capital Funds Trust, each a Delaware business/statutory trust (individually, a “Trust” and collectively the “Trusts”).
Each of the Trusts has established various series of the Trusts (“Funds”) and may establish additional Funds from time to time in the future. The Trusts are
named as insureds under a joint insured bond in accordance with Rule 17g-1 of the Securities and Exchange Commission under the Investment Company Act of 1940. In order to comply with paragraph (f) of such Rule, the Trusts hereby agree that, in the
event recovery is received under the bond as a result of a loss sustained by more than one of the Trusts, each Trust shall receive an equitable and proportionate share of such recovery, but at least equal to the amount which the Trust would have
received had the Trust provided and maintained a single insured bond with the minimum coverage required by paragraph (d)(1) of Rule 17g-1.
A copy of the Agreement and Declaration of Trust or Trust Instrument of each Trust is on file with or has been made available to the Secretary of the State of
Delaware and notice is hereby given that this instrument is executed on behalf of the Trustees of each Trust as Trustees and not individually, and that the obligations of or arising out of this instrument are not binding upon any of the Trustees or
shareholders individually but are binding only upon the assets and property of the Trusts.
IN WITNESS WHEREOF the parties hereto have caused this Agreement to be signed and their respective seals to be affixed by their respective officers thereunto duly authorized.
HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST
President
STARBOARD INVESTMENT TRUST
President
LEEWARD INVESTMENT TRUST
President
SPINNAKER ETF SERIES
President
MODERN CAPITAL FUNDS TRUST
President
CERTIFICATE
HILLMAN CAPITAL MANAGEMENT INVESTMENT TRUST (the “Trust”)
I,
Tracie A. Coop, Secretary of the Trust, hereby certify that the following is a true copy of the resolutions adopted by the Trustees of the Trust at a meeting held on
December 17, 2020:
RESOLVED, that it is the finding of the Board and a majority of the Independent Trustees, voting separately, that the amendment to the
joint insured bond (“Bond”) written by Traveler’s Bond & Specialty Insurance in the amount of $2,000,000 covering, among others, the Trust, in accordance with the requirements of Rule 17g-1 under the 1940 Act, is reasonable in form and
amount, having given due consideration to all relevant factors, including but not limited to, the value of the aggregate assets of the Trust to which any such covered person under Rule 17g-1 may have access, the type and terms of the arrangements
made for the custody and safekeeping of such assets, the nature of the securities in the Trust’s portfolio, the number of other parties named as insured parties under the Bond, and the nature and size of the business activities of such other
parties; and it is further
RESOLVED, that the amended Allocation Agreement as presented at this Meeting between the Trust and the other named insureds under the
Bond is approved in substantially the form presented to the Board at this Meeting and that the appropriate officers of the Trust are authorized and directed to execute said Allocation Agreement on behalf of the Trust; and it is further
RESOLVED, that the premium on the Bond to be allocated to the Trust is approved by a majority of the Independent Trustees, voting
separately, taking all relevant factors into consideration, including but not limited to, the number of other parties named as insured, the nature of the business activities of such other parties, the amount of the Bond and the amount of the
premium for the Bond, the ratable allocation of the premium amount to all parties named as insured, and the extent to which the share of the premium allocated to the Trust is less than the premium the Trust would have had to pay if it had
provided and maintained a single insured bond; and it is further
RESOLVED, that the Secretary, Treasurer, Assistant Secretary, or Assistant Treasurer of the Trust is designated as the officer who
shall make the filings and give the notices required by paragraph (g) of said Rule 17g-1 and Regulation S-T; and it is further
RESOLVED, that any one of the officers of the Trust is authorized and directed to take such actions and execute such documents as may
be necessary to amend the Allocation Agreement; and it is further
RESOLVED, that any one of the officers of the Trust is authorized and directed to take such other action as may be necessary or
appropriate to comply with the provisions of the 1940 Act and the rules and regulations thereunder; and it is further
RESOLVED, that any and all actions of the officers of the Trust in connection with the issuance and amendment of the Bond and
Allocation Agreement are approved, ratified, and confirmed in all respects.
IN WITNESS WHEREOF, I have signed this certificate and affixed the corporate seal of the Trust on this 4th day of February 2021.
CERTIFICATE
STARBOARD INVESTMENT TRUST (the “Trust”)
I,
Tracie A. Coop, Secretary of the Trust, hereby certify that the following is a true copy of the resolutions adopted by the Trustees of the Trust at a meeting held on
December 10, 2020:
RESOLVED, that it is the finding of the Board and a majority of the Independent Trustees, voting separately, that the amendment to the
joint insured bond (“Bond”) written by Traveler’s Bond & Specialty Insurance in the amount of $2,000,000 covering, among others, the Trust, in accordance with the requirements of Rule 17g-1 under the 1940 Act, is reasonable in form and
amount, having given due consideration to all relevant factors, including but not limited to, the value of the aggregate assets of the Trust to which any such covered person under Rule 17g-1 may have access, the type and terms of the arrangements
made for the custody and safekeeping of such assets, the nature of the securities in the Trust’s portfolio, the number of other parties named as insured parties under the Bond, and the nature and size of the business activities of such other
parties; and it is further
RESOLVED, that the amended Allocation Agreement as presented at this Meeting between the Trust and the other named insureds under the
Bond is approved in substantially the form presented to the Board at this Meeting and that the appropriate officers of the Trust are authorized and directed to execute said Allocation Agreement on behalf of the Trust; and it is further
RESOLVED, that the premium on the Bond to be allocated to the Trust is approved by a majority of the Independent Trustees, voting
separately, taking all relevant factors into consideration, including but not limited to, the number of other parties named as insured, the nature of the business activities of such other parties, the amount of the Bond and the amount of the
premium for the Bond, the ratable allocation of the premium amount to all parties named as insured, and the extent to which the share of the premium allocated to the Trust is less than the premium the Trust would have had to pay if it had
provided and maintained a single insured bond; and it is further
RESOLVED, that the Secretary, Treasurer, Assistant Secretary, or Assistant Treasurer of the Trust is designated as the officer who
shall make the filings and give the notices required by paragraph (g) of said Rule 17g-1 and Regulation S-T; and it is further
RESOLVED, that any one of the officers of the Trust is authorized and directed to take such actions and execute such documents as may
be necessary to amend the Allocation Agreement; and it is further
RESOLVED, that any one of the officers of the Trust is authorized and directed to take such other action as may be necessary or
appropriate to comply with the provisions of the 1940 Act and the rules and regulations thereunder; and it is further
RESOLVED, that any and all actions of the officers of the Trust in connection with the issuance and amendment of the Bond and
Allocation Agreement are approved, ratified, and confirmed in all respects.
IN WITNESS WHEREOF, I have signed this certificate and affixed the corporate seal of the Trust on this 4th day of February 2021.
CERTIFICATE
SPINNAKER ETF SERIES (the “Trust”)
I,
Tracie A. Coop, Secretary of the Trust, hereby certify that the following is a true copy of the resolutions adopted by the Trustees of the Trust at a meeting held on
December 16, 2020:
RESOLVED, that it is the finding of the Board and a majority of the Independent Trustees, voting separately, that the amendment to the
joint insured bond (“Bond”) written by Traveler’s Bond & Specialty Insurance in the amount of $2,000,000 covering, among others, the Trust, in accordance with the requirements of Rule 17g-1 under the 1940 Act, is reasonable in form and amount,
having given due consideration to all relevant factors, including but not limited to, the value of the aggregate assets of the Trust to which any such covered person under Rule 17g-1 may have access, the type and terms of the arrangements made for
the custody and safekeeping of such assets, the nature of the securities in the Trust’s portfolio, the number of other parties named as insured parties under the Bond, and the nature and size of the business activities of such other parties; and it
is further
RESOLVED, that the amended Allocation Agreement as presented at this Meeting between the Trust and the other named insureds under the
Bond is approved in substantially the form presented to the Board at this Meeting and that the appropriate officers of the Trust are authorized and directed to execute said Allocation Agreement on behalf of the Trust; and it is further
RESOLVED, that the premium on the Bond to be allocated to the Trust is approved by a majority of the Independent Trustees, voting
separately, taking all relevant factors into consideration, including but not limited to, the number of other parties named as insured, the nature of the business activities of such other parties, the amount of the Bond and the amount of the
premium for the Bond, the ratable allocation of the premium amount to all parties named as insured, and the extent to which the share of the premium allocated to the Trust is less than the premium the Trust would have had to pay if it had provided
and maintained a single insured bond; and it is further
RESOLVED, that the Secretary, Treasurer, Assistant Secretary, or Assistant Treasurer of the Trust is designated as the officer who shall
make the filings and give the notices required by paragraph (g) of said Rule 17g-1 and Regulation S-T; and it is further
RESOLVED, that any one of the officers of the Trust is authorized and directed to take such actions and execute such documents as may be
necessary to amend the Allocation Agreement; and it is further
RESOLVED, that any one of the officers of the Trust is authorized and directed to take such other action as may be necessary or
appropriate to comply with the provisions of the 1940 Act and the rules and regulations thereunder; and it is further
RESOLVED, that any and all actions of the officers of the Trust in connection with the issuance and amendment of the Bond and Allocation
Agreement are approved, ratified, and confirmed in all respects.
IN WITNESS WHEREOF, I have signed this certificate and affixed the corporate seal of the Trust on this 4th day of February 2021.
CERTIFICATE
LEEWARD INVESTMENT TRUST (the “Trust”)
I,
Ashley H. Lanham, Treasurer of the Trust, hereby certify that the following is a true copy of the resolutions adopted by the Trustees of the Trust via unanimous written consent dated
February
4, 2021:
RESOLVED, that it is the finding of the Board and a majority of the Independent Trustees, voting separately, that the amendment to the
joint insured bond (“Bond”) written by Traveler’s Bond & Specialty Insurance in the amount of $2,000,000 covering, among others, the Trust, in accordance with the requirements of Rule 17g-1 under the 1940 Act, is reasonable in form and
amount, having given due consideration to all relevant factors, including but not limited to, the value of the aggregate assets of the Trust to which any such covered person under Rule 17g-1 may have access, the type and terms of the arrangements
made for the custody and safekeeping of such assets, the nature of the securities in the Trust’s portfolio, the number of other parties named as insured parties under the Bond, and the nature and size of the business activities of such other
parties; and it is further
RESOLVED, that the amended Allocation Agreement as presented at this Meeting between the Trust and the other named insureds under the
Bond is approved in substantially the form presented to the Board at this Meeting and that the appropriate officers of the Trust are authorized and directed to execute said Allocation Agreement on behalf of the Trust; and it is further
RESOLVED, that the premium on the Bond to be allocated to the Trust is approved by a majority of the Independent Trustees, voting
separately, taking all relevant factors into consideration, including but not limited to, the number of other parties named as insured, the nature of the business activities of such other parties, the amount of the Bond and the amount of the
premium for the Bond, the ratable allocation of the premium amount to all parties named as insured, and the extent to which the share of the premium allocated to the Trust is less than the premium the Trust would have had to pay if it had
provided and maintained a single insured bond; and it is further
RESOLVED, that the Secretary, Treasurer, Assistant Secretary, or Assistant Treasurer of the Trust is designated as the officer who shall make the filings
and give the notices required by paragraph (g) of said Rule 17g-1 and Regulation S-T; and it is further
RESOLVED, that any one of the officers of the Trust is authorized and directed to take such actions and execute such documents as may
be necessary to amend the Allocation Agreement; and it is further
RESOLVED, that any one of the officers of the Trust is authorized and directed to take such other action as may be necessary or
appropriate to comply with the provisions of the 1940 Act and the rules and regulations thereunder; and it is further
RESOLVED, that any and all actions of the officers of the Trust in connection with the issuance and amendment of the Bond and
Allocation Agreement are approved, ratified, and confirmed in all respects.
IN WITNESS WHEREOF, I have signed this certificate and affixed the corporate seal of the Trust on this 4th day of February 2021.
